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Mira Christanto Profile picture
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27 May, 5 tweets, 2 min read
#Bitcoin has never experienced an equities / credit bear market. Are we at risk of one?

With institutional adoption, crypto investors can no longer ignore what's going on in fiat markets and cross-asset flows. Let's look at the macro picture

Thread 👇🏻
1/
Private sector leverage (households + corporates) growth is low.
Unlike the Nikkei 1980s, 1990s dotcom and 2008 Subprime bubbles where the 5year change was much higher
messari.io/article/macro-…
2/5
Leverage is a key indicator of a macro bubble as it has a way of amplifying balance sheet weakness. What's the status of corporate BS?

Cash levels and net debt levels are the strongest they've been in 20 years
3/5
 messari.io/article/macro-…
There's an on-going risk that we may face tighter monetary policy conditions that could catalyze a sell-off, but it's unlikely that equities or credit markets are in bubble territory.
4/5
For an indepth macro update to understand cross-asset flows between credit, equities and crypto markets, check out
messari.io/article/macro-…
5/5

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Mira Christanto Profile picture
27 May
Macro Update: The crypto selldown of the past couple weeks has seen the most amount of value wiped out. Crypto investors underrated the Fed's statements because we've largely been dancing to our own tune the past 10 years. This formula doesn't work anymore
1/
But with institutional adoption, we now need to pay attention to cross-asset flows. #Bitcoin is viewed as a risk-on, growth asset, at the extreme end of the risk spectrum.

What happens when inflation prints much higher than expected?
2/
 messari.io/article/macro-…
The Fed said that it was only thinking-about, thinking-about tapering. #Bitcoin and risk-assets love quantitative easing and egregious money printing. It hates quant tapering and tightening belts.
3/
Read 15 tweets
Mira Christanto Profile picture
20 May
The @Polkadot parachain auctions is setting the stage for a vibrant apps ecosystem with practical interoperability.
What are the biggest projects? Who will be the first to launch on @kusamanetwork?

Thread 👇🏻👇🏻👇🏻
1/
If you'd like a deeper dive into each major project, see our report --> messari.io/article/the-po…

Onwards...
2/
1️⃣ @AcalaNetwork (for DOT) & @KaruraNetwork (for KSM) are cross-chain DeFi hubs offering users the ability to stake, swap, borrow, lend, and earn interest.

It'll have an oracle, stablecoin $aUSD and will port Polkadot to other chains like @compoundfinance's Gateway.
Read 18 tweets
Mira Christanto Profile picture
20 May
Kusama and Polkadot are soon launching their parachain auctions. Cross-chain composability and scalability have never been so important.
How does an auction work for users? What does it mean for $DOT, $KSM price & circulating supply?

Thread 👇🏻👇🏻👇🏻
Why do developers want to do this?
The benefits of connecting to the @Polkadot or @kusamanetwork network includes full control over your environment -- but with a cheap & secure way for blockchains and apps to launch.

2/
 Full report here-->
messari.io/article/the-po…
Kusama is a low-value version of Polkadot, but important as a testbed. Getting a @kusamanetwork parachain is a stepping stone to the big leagues.

The community will lock $DOT & $KSM to participate. We could see circulating supply drop by half.
3/
Read 9 tweets
Mira Christanto Profile picture
10 May
Dfinity's $ICP is the most well-funded project you've never heard of. Mostly because it's technically complex and the vision is abstract. The token will be freely traded today and its code base was just released

Let me ELI5 $ICP and @dfinity
1/
 messari.io/article/an-int…
Dfinity is building the “Internet Computer”. It's not going after $ETH or $DOT. It's going for a "new internet" -- an open Facebook, Tiktok, AWS.

Why? Becaue big-tech platforms are gated and slow entrepreneurship.

With big dreams, @dfinity is one of the most well funded:
2/
There have been 3 main funding rounds ($160 million) and 1 airdrop. Funding is dominated by @polychaincap and @a16z.

Check out our spreadsheet for more details here: docs.google.com/spreadsheets/d…
3/
Read 15 tweets
Mira Christanto Profile picture
18 Apr
Crazy stuff happens in a liquidation waterfall. But if you want reasons for the selldown... the markets were levered very long. (@coinbase euphoria perhaps?)

Funding rates were about 2x the current 1/ Image
Then this (nonsense) was published —
the Treasury isn’t in charge of justice or criminal activity
2/
It didn’t help that, a couple days ago, #Bitcoin mining farms had to suspend operations — due to power outage safety inspections after a coal mining accident in Xinjiang
3/
bbc.co.uk/news/world-asi…
Read 4 tweets
Mira Christanto Profile picture
1 Apr
The problem with $ETH is that the more users there are, the slower and more expensive it gets. ETH's continued dominance as the de-facto smart contract layer depends on its ability to scale.

Let me ELI5 the scaling solutions & projects. 1/
@ethereum Power users: Even if you don't know about ZK-Rollups, Sharding, or Plasma, the future of the most active blockchain depends on it.
@VitalikButerin has been thinking about it for 7 years
2/
Scaling is a priority for ETH. Miners have been cashing in, seeing a 50% increase in revenues compared to the highs of 2017.

For users, ETH can be prohibitively expensive. This has been terrific for competitors like #BSC, $SOL and $DOT
3/
Read 11 tweets

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