1/ some insights from our amazing speakers

Ian Lee from IDEO VC / SyndicateDAO

"we are building a new social graph that reflects what you believe in based on what you invest in and who you choose to back."

influence isn't about likes + RTs, its about how you allocate $$$!
2/ Kinjal Shah from @blockchaincap / Komorebi Fund

"today, a career is a collection of activities, a portfolio. DAOs are an amazing way for people to build this portfolio based on their participation in different communities."

DAOs can help reshape traditional career paths!
3/ Erikan from Audacity Fund

"people should be paid for their passion, their time, their creativity - so many creators are exploited and left empty handed while platforms and their investors are enriched. what's the value of time? DAOs can help people earn money for their time."
4/ such an inspiring conversation - here's to the next 10 years bringing us 10 billion DAOs!
5/ ok here's what's amazing about these conversations - i mentioned casually that if anyone was building a social graph and curation layer for DAOs to ping me, three projects in my DMs already!

i love this industry so much 🥰❤️🥰

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More from @Melt_Dem

30 Jun
1/ house hearing on cryptocurrencies



brad sherman just stated he believes it is more beneficial to society that people play the California lottery than invest in cryptocurrencies, ladies and gentlemen this is your elected representative
2/ now on to witness testimonies - Eva Su from the Congressional Research Service reminding everyone that bitcoin and ethereum are *not* securities, good start

she's focusing on securities regulation and potential changes to securities laws
3/ ok next witness @alexisgoldstein

kicking off with archegos capital and form 13-F issues and then extrapolating to crypto - this is nonsensical since exposure today is on-chain and fully collateralized?

she claims "dire risks" from forced liquidations in crypto (how?)
Read 18 tweets
20 Jun
1/ the #Bitcoin network is a complex, dynamic ecosytem, and the latest changes to the distribution of the network are interesting, but not unpredecented

let's look at the data - here is how market share has evolved over the last three months
2/ total hash rate on the network fluctuates in response to a number of factors including the cost and availability of ASICs (capex), the cost and availability of power (opex), and the price of bitcoin

looking at the last six months, we've seen a lot of volatility in global hash
3/ the size and rate of this decrease is consistent with other previous drops. migratory mining has been a trend for the last 3-4 years!

long-term, hash rate will respond to these variables and seek jurisdictions where there is clear, consistent policy and ample renewable energy
Read 8 tweets
14 Jun
1/ paul tudor jones suggests a 5% allocation to #bitcoin as an effective portfolio diversifier

our team @CoinSharesCo did the research, and our recommendation? 4%

why?

let's delve into portfolio construction and the numbers - see the full report here coinshares.com/research/a-lit…
2/ over the last 18 months, bitcoin has been increasingly financialized as an asset

our weekly digital asset fund flows report shows AUM in crypto products is nearly $50B, a sharp increase from $5B a year ago when PTJ first talked about bitcoin 😎

medium.com/coinshares/vol… Image
3/ behavioral analysis of bitcoin holders also shows that investors holding bitcoin longer than a year has risen from ~30% in 2012 to ~55% today

in 2020 alone, ~22% of all bitcoin in existence were moved off exchanges (presumably into LT custody + ETPs) Image
Read 8 tweets
8 Jun
1/ there is now over $100B of dollars on-chain

there are seven stablecoins with >$1B in market cap

while market cap is an important metric, there are a few other insights we can glean from looking at velocity and collateralization rates

a short thread 👇 on crypto dollars
2/ velocity is the rate at which money is exchanged in a financial system

high velocity money tends to be associated with more developed systems

$USDT is HIGH velocity with one tether changing hands more than 1.5x per day

the USDT/BTC trade pair is *BY FAR* the highest volume
3/ some stablecoins have virtually no velocity, meaning once issued, their use as a medium for exchange is very limited

notably UST (trueUSD) and TUSD (terra USD) are the lowest velocity - this will be an interesting area to explore further
Read 6 tweets
28 May
1/ excited to launch the Pleb Mining Council

individuals have always been the backbone of the bitcoin network

the bitcoin network has 150,000 petahashes of compute.

0.15% of global hash rate, or ~220 PH, is run by plebs. help us take it to 5%!

compassmining.io/education/pleb Image
2/ our relationship w/ @compass_mining is driven by getting more individuals into mining bitcoin, and distributing global hash rate more broadly

we thought it would be fun, educational, and timely to create a Pleb Mining Council to help drive this effort

POWER TO THE PLEBS!
3/ since starting my self-mining experiment w Compass a few months ago, *so* many of you have reached out to me about your desire to learn more about mining

see my experience below, month 4 update coming shortly 👇

Read 6 tweets
18 May
1/ "at @CoinSharesCo, we use data to inform our perspective of the #bitcoin market"

thanks to @CNBC for having me and @jillruthcarlson on. let me just drop some facts here so we can stop talking about elon & other trivial BS and focus on FACTS

📹👇🏾
cnbc.com/video/2021/05/…
2/ over the last few weeks, BTC option skew was relatively bearish.

in #bitcoin, the tail (ie futures / options) wags the dog. this past week, we saw BTC spot prices drift lower, which proved options skews to be right.

TL;DR - traders were bearish

h/t @GenesisVol for data
3/ let's zoom out

in the last five months, bitcoin more than tripled its prior 2017 all time high of 20k, hitting 65k at one point.

ethereum has yet to triple its 2018 all time high of 1400, and is currently trading around 3400

traders are positioned to capture $ETH upside!
Read 12 tweets

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