HOW DOGECOIN BECAME THE BOOMER MEMECOIN

For the @markets newsletter, I wrote about how Doge is boring old dead money, and why other dog-tokens like Shiba Inu are what's cool right now.

With thoughts from @Lauren_invests and @ericspiegelman

bloomberg.com/account/newsle… $SHIB $DOGE
@markets @Lauren_invests @ericspiegelman Everyone talks about $SHIB like it's just some joke derivative of a joke.

But unlike $DOGE, it has a fast moving development roadmap, its own decentralized exchange, NFTs, and advanced smart contracting capabilities.

And of course it's WAY cheaper nominally.
Of course, nominal cheapness was for awhile $DOGE's big selling point over Bitcoin and Ethereum.

But it's hard to maintain a cheapness as a sustainable edge, when it's trivially simple for any new project to just add a few zeroes to the total supply.
Even Bitcoiners fret about this point, which is why they continually want people to think in terms of "Sats" (There are 100 million sats in a Bitcoin). It doesn't change anything of course, just like with stock splits, apparently people have an aversion to high nominal prices.
Anyway! Looks like the real flippening could happen any day now. Memecoin community is on the verge of all out chaos if so.
Anyway, sign up for the newsletter.

Tomorrow I'm going to write about crypto or MMT or tungsten or stocks or the Fed or supply chain issues.

bloomberg.com/account/newsle…
I didn't include it in the piece, but also bear in mind this thread from @Dogetoshi.

$HOOD beat $COIN to listing Doge. But then with Shiba Inu it was the other way round. Coinbase got there first.
Lmao

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More from @TheStalwart

26 Oct
LET'S TALK ABOUT THE ECONOMIC BOOM

People are talking these days like we did some huge MMT experiment and now we're stuck in a stagflationary quagmire.

In today's @markets newsletter I wrote about how that's nonsense. For one thing, we're seeing a boom.
bloomberg.com/account/newsle…
@markets Somehow we're in a situation in which a record S&P 500, a rapid labor market recovery, a surge in household wealth, surging demand for consumer goods, rapid wage gains (particularly at the low end), manufacturers working non-stop is being depicted as evidence of a policy mistake.
@markets Anyway, it's not like MMTers designed the fiscal response. And in retrospect, you can always come up with some things that could have been better. But the economy is booming, despite the pandemic. Robust fiscal policy looks to have been more than vindicated.
Read 4 tweets
25 Oct
NOW IS THE PERFECT TIME TO RETHINK 'FISCAL SUSTAINABILITY'

For the Odd Lots blog, I wrote how trying to match spending and taxes on a dollar-for-dollar basis is a very poor way for Democrats to think about paying for their infrastructure bill. bloomberg.com/news/articles/…
Included a bunch of thoughts from @typesfast @StephanieKelton @JWMason1 and others.

Even if our current inflation does prove to be, in fact, "transitory" it's still sending us a warning that our infrastructure lacks the capacity for fast growth.
Taxing billionaires unrealized capital gains isn't going to create any more berths at the Port of Los Angeles.
Read 5 tweets
21 Oct
NEW ODD LOTS:

@tracyalloway and I returned to the crypto beat to talk about one of this year's insane mega winners Axie Infinity, whose token $AXS is up over 200x in 2021 alone.

We discussed its "play to earn" model with co founder @Psycheout86

bloomberg.com/news/articles/…
@tracyalloway @Psycheout86 One of the interesting things about Axie is that it's legitimately popular. A lot of tokens are worth a lot of money, but don't actually have that many users in the grand scheme of things. Axie, on the other hand, has millions of players.
So we talked about the core model. Scaling challenges. The future roadmap. Whether the game is actually fun to play, or whether it's just a scheme for early entrants to make money from the people who came later into the game. Interesting stuff all around.
Read 5 tweets
21 Oct
Incredible. One of the most crucial links in the supply chain, has been for years, built on the premise that some workers would provide labor for free. bloomberg.com/news/articles/…
I missed it at the time, but USA Today did a big investigative piece (HT: @rrpre) in 2017 on the poor treatment of the port truck drivers, including financing arrangements that often drove them into bankruptcy. Piece was a Pulitzer finalist. usatoday.com/pages/interact…
Seems like there's lot of parallels, in terms of market structure, financing, and treatment of workers, between the condition of port truck drivers and the NYC taxi cab industry that @brianmrosenthal won a Pulitzer for reporting on two years later. nytimes.com/2019/05/19/nyr…
Read 6 tweets
21 Oct
The sheer chaos here. Did not know about the Hayes coin. Also some very interesting stuff on a forthcoming Odd Lots about why the Susan B. Anthony coin was such a flop.
According to @PhilipNDiehl, the Susan B. Anthony coin was such a disaster for the mint, that the entire agency was scarred by the episode for over a decade afterwords.
@PhilipNDiehl (Basic problem was the coin was the same color and almost the same size as the quarter, so consumers never really got comfortable with them. Issue was rectified when they made the Sacagawea dollar coin gold-colored)
Read 4 tweets
8 Oct
MISS: Just 194K jobs created in the month.

However, the unemployment rate fall to 4.8%

Ongoing story of seemingly slow job creation and tightening labor markets at the same time.

bloomberg.com/news/articles/…
Not a huge market impact at all from the data. Just seems consistent with how the market has been seeing things lately.
Basically no change to the long end of the curve
Read 5 tweets

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