1/ "the first structure that stood taller than the Great Pyramid of Giza was erected nearly four thousand years later.

it was a cathedral."
2/ "religion is not always about God.

someday scholars will study Federal Reserve papers with the academic detachment with which we study ancient papal bull.

at the time, it meant something.

but in hindsight, it was arrogant gibberish."
3/ "the fact that we keep thinking and talking in terms of the rational (economics) to explain the irrational (the divine) reflects the inability of our society to experience a reality exists between these two poles."
4/ "bitcoin is not an asset class. bitcoin is a cathedral for the digital age.

in time, it will tower to the sky, and establish itself as a powerful and deeply moving monument of man's struggle for enduring permanence."
if you liked that you should subscribe to my substack blog so you get my next post when i finish it.

as you may have guessed its about cathedrals.

it has a lot of pretty pictures.

meltdem.substack.com

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More from @Melt_Dem

17 Feb
1/ #Bitcoin FUD-busting time!

claim: bitcoin ownership is heavily concentrated.

@business published an article claiming "2% of accounts control 95% of all Bitcoin" 🤣

truth: the facts, my friends, simple don't line up. let's dive in!
2/ interrogating on-chain addresses is tricky.

address =/ account.

one person can control multiple addresses.

one address can hold bitcoin belonging to multiple ppl.

exchanges and trading firms will have addresses with large balances that represent client funds.
3/ the fine folks @glassnode published an excellent analysis of on-chain address balances in January

the ownership distribution of bitcoin among wallets is actually much more diverse than one might expect.

full piece here:
insights.glassnode.com/bitcoin-supply…
Read 10 tweets
7 Feb
1/ how to manage your investors - a short thread

i am always talking to my portfolio company founders about how to work with investors.

remember, founders, investors work for you!

a great place to start - @briannekimmel's piece

wfh.substack.com/p/three-ways-t…
2/ at a minimum, send out investor updates. they're as much for you to track your progress as they are for investors.

here's a simple template i use @CoinSharesCo Ventures and my angel portfolio.

quarterly is a must, but monthly helps in the early days.

coinshares.com/assets/resourc…
3/ you cannot lead if you are unwell! manage your mental state.

get sleep. get sunlight. create space to do the things that nourish you.

DMs are always open. a coach, therapist, or mental health pro is a great resource!

kudos to @alexisohanian for leading the way w 776 VC.
Read 6 tweets
25 Jan
1/ outlook for bitcoin: positive 🚀

in this thread, i'll quickly outline key data points on #bitcoin sentiment, demand, market structure, and macro conditions

disclosure: i own BTC, obvi. this is not investment advice. DYOR. further disclosures at coinshares.com
2/ let's start w sentiment ☺️

first, investor sentiment:
@blackrock filed to add BTC to 2 funds, CIO has 400k price target
@RayDalio's Bridgewater reportedly issuing BTC research report
✅JPM, Goldman, and other bulge brackets initiated research coverage
3/ next, trader sentiment:

🚨 most important indicator is the forward curve

normally BTC futures trade in backwardation after a price drop.

this time, the curve stayed in contango following drop, meaning market makers are bullish 🐂📈 despite funding rate increase!
Read 9 tweets
24 Jan
1/ let me give an example of how deals are going down in crypto VC - i’ll do a sample equity deal and token deal

deal 1: early stage company raising equity w/ ~$0 revenue in nov 2020

deal 2: token project bootstrapped by anon founders in oct 2020

let’s go 🧠🪐
2/ let’s start w the equity deal. early stage co that was just getting started w monetizing in november. will obfuscate all detail ofc - this is directional.

we negotiated terms to raise $2-3M at a sub $15M valuation w expected revs of $2-3M in 2021.
3/ in Dec, the co did over $1M. Jan to date, the co has beaten its entire 2021 revenue and profit goals.

they cut the round to strategic investors only + raised way less b/c they don’t need money, just help. firms got cut entirely or allocation dropped to $25k (too small!)
Read 11 tweets
24 Jan
1/ crypto VC is going through an explosive 🧨 phase

there are big funds (>$500M AUM), a lot of small funds (<$50M AUM), and *tons* of prop firms + angels

i’ve done 15 deals in the last 3 months as an angel + small fund @CoinSharesCo VC.

observations + implications... 👇🏾
2/ the big firms need to deploy in size - $5M checks and up

a $250M fund could do a $5-10M deal every month for two years and still be under-allocated

and there aren’t enough companies raising series B / C / D rounds!!!

every deal i’ve done lately is under $50M valuation
3/ so we see firms competing to take down entire rounds.

a recent series A financing had two firms competing to take down the ENTIRE ROUND, and it eventually got upsized, a LOT.

if a company is putting up user acquisition / growth and a revenue story, it’s highly competitive
Read 11 tweets
18 Dec 20
1/ as evidenced by the recent corruption of all US systems, from gov't to corporate, securing networks is very difficult to do persistently.

bitcoin is a global telecommunications network that secures financial information.

mining is what keeps it secure.

a short thread!
2/ power in our world is changing

the world's largest and most powerful companies used to own, make, and finance physical inputs and things.

not anymore.

today's behemoths own, maintain, and manage digital networks. and they're bigger than most nation-states.
3/ in the coming decade, we will see a rapid proliferation of digital networks in the energy, compute and connectivity, and capital markets and finance world

as a result, nations will spend trillions of dollars on securing their data and access to global systems and networks
Read 17 tweets

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