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Chris Burniske Profile picture
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23 Apr, 4 tweets, 2 min read
For those worried I don’t like $BTC:
My earliest work in crypto was all around $BTC at @ARKInvest, and while I focus on a number of networks these days, I’m still fascinated by #Bitcoin.
I’m confident $BTC pulls through here and on a 5-10 year time frame keep my eyes on gold parity: $10T+ network value, ~$500K per coin.
This is not new thinking. At @ARKInvest we dimensioned these scenarios back in 2015, and while parameters change, the core conviction in $BTC hasn’t changed: research.ark-invest.com/hubfs/2_Downlo…

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More from @cburniske

Chris Burniske Profile picture
10 Apr
Right now it’s murmured that “decentralized governance” slows down decision-making.

What if that’s a temporary truth?
Perhaps we haven’t standardized the right forms of “distributed governance” that accelerate group decision-making through flexible consensus rules.
Watching some of the boutique investment DAOs — which can out execute traditional investment firms due to lightweight gov structures 👀 — this distributed & accelerated decision-making is already possible in some contexts.
Read 12 tweets
Chris Burniske Profile picture
3 Apr
For crypto, an original sin we regularly observe is insiders owning too much of systems that are marketed as public, egalitarian networks.

placeholder.vc/blog/2021/4/1/…
While “fair distribution” is a normative judgment, it flows from what we see as a consensus belief within crypto: creating level playing-fields where everyone has a chance at financial sovereignty.
If a small group of insiders regularly take ~half of the fully-diluted upside (which is common), we’re seriously kneecapping the redistributive effects of this technology in order to make a handful of people obscenely rich.
Read 7 tweets
Chris Burniske Profile picture
22 Feb
Everything a company can do, a #DAO will do better.
While the current reality of #DAOs is a long way from the promise, speed of progress is 👀👀
Wait until the "composability" that is much-touted in #DeFi starts hitting mainstream realization for #DAOs.
Read 4 tweets
Chris Burniske Profile picture
20 Feb
#Cryptoassets going through their first bull are likely to draw down 95-99% in their first bear.
If you think your asset is so high quality it’ll be excluded, look at $ETH’s first bear (2018-20).
Keep these #’s in mind as you gawk at “how rich you are.” If you just hodl, you may end up with 1-5% of what you have at the peak.

If holding BTC, maybe 15-30%.
Read 5 tweets
Chris Burniske Profile picture
17 Feb
$DCR in beast mode.
For a while, skeptics asked what $DCR's raison d'être was.

Sure, @placeholdervc had put out that "Decred’s killer feature is good governance, and with good governance, you can have any feature you want," but what feature(s) was @decredproject providing the world?
IMO the turning point for people realizing @decredproject's ability to bring valuable services to the world was #DCRDEX, which has seen rapid uptake as a privacy-preserving, hard-money #DEX: dex.decred.org
Read 12 tweets
Chris Burniske Profile picture
11 Feb
We're in a bullish flywheel.

Bullish news leads to more bullishness, which leads to the release of more bullish news ♾
I'm continually shocked at how driven by *hope* and *fear* all markets are. At their core, humans are so... human.
Capitalism's creation of capital is inherently speculative, try as we may to obfuscate the speculation beneath formality and formulas.
Read 6 tweets

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