Thread by @MessariCrypto

Cycles come and go, but how do you navigate them? We’ll hear from @cburniske in conversation with @twobitidiot for the long view on crypto market cycles.

#Mainnet2022

@placeholdervc's view on tech history:
Hardware era (IBM, microprocessors) -> Software era (Microsoft, Linux, TCP/IP) -> Data era (Google) -> Crypto era.

@placeholdervc @twobitidiot: How would you amend the fat protocol thesis today? (usv.com/writing/2016/0…)

@cburniske: It's holding up pretty well ... We'll end up with a minimum of four base layers, and a war to get to eight.

#mainnet2022

@placeholdervc @twobitidiot @cburniske Here's a book recommendation from @cburniske: @CarlotaPrzPerez's classic 'Technological Revolutions and Financial Capital'.

This is a framework to understand how technology gains adoption, from irruption to frenzy to synergy and consolidation.

#Mainnet2022

@placeholdervc @twobitidiot @cburniske @CarlotaPrzPerez "The crypto markets are open at least 5x more than the traditional financial markets ... crypto is 24/7, 365 days a year, and so crypto is very boom-bust," — @cburniske

#Mainnet2022

@placeholdervc @twobitidiot @cburniske @CarlotaPrzPerez @twobitidiot: How do you manage the psychology of these cycles?

@cburniske: The key is to remain calm. You can see people losing their minds to the upside or downside ... At the bottom, people are more depressed or without hope, so for me that's an easier time to be hopeful.

@placeholdervc @twobitidiot @cburniske @CarlotaPrzPerez We're still in the infrastructure installation phase. All the layer ones, layer twos. The analogue is laying fibre, in the mid to late '90s ... it became really cheap to provision the services of the Web, and gave rise to Facebook, Twitter and so on. — @cburniske

@placeholdervc @twobitidiot @cburniske @CarlotaPrzPerez Burniske: "All the money going into layer ones, layer twos..."

Selkis: "...Will be incinerated so the apps can rise?"

Burniske: "Exactly, exactly"

#Mainnet2022

@placeholdervc @twobitidiot @cburniske @CarlotaPrzPerez Placeholder invests in the public markets (ie. tokens) for infrastructure, and runs a venture practice for applications, says Burniske.

#Mainnet2022

@placeholdervc @twobitidiot @cburniske @CarlotaPrzPerez Bitcoin is a conservative mirror that will never change that reflects the craziness of society. And society is very crazy ... It's an unchanging thing in an ever-changing world, which makes it valuable. — @cburniske

#Mainnet2022