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Chris Burniske Profile picture
@cburniske
Jun 13, 2018 • 5 tweets • 2 min read • Read on X
Now that #crypto is lush with cash and talent, focused execution will separate the wheat from the chaff.
Users, developers and investors will only wait so long. Being a few months behind schedule is tolerable, but beyond that eyes start to wander to better executing alternatives.
Those alternatives then gain mindshare, creating a self-reinforcing cycle as user, developer and investor momentum builds. If the prior leader continues to not execute, this momentum can achieve escape velocity where the prior leader becomes the alternative and vice-versa.
I’m not pointing fingers at any particular #cryptonetwork. Lack of execution is an epidemic throughout the space right now given how distracting 2017 was. As a result, teams that do execute standout.
Given the small scale adoption of current crypto systems it’s too early to say anyone has locked down a market segment already, including #bitcoin.

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More from @cburniske

Chris Burniske Profile picture
Oct 7, 2018
1/ A PoS industry is rapidly emerging that will someday rival PoW in profits and wealth creation.
2/ That's billions in profit and tens of billions in wealth creation for PoS providers (at current PoW levels), with at least an order of magnitude of headroom.
3/ This is despite PoW & PoS having a shared destiny as commodity industries with thin margins.

PoW will converge on the cost of electricity and PoS on the cost of crypto-capital (?).
Read 13 tweets
Chris Burniske Profile picture
Oct 6, 2018
1/ While new crypto value capture mechanisms can rise to prominence in bull markets, they are tested, hardened and de-risked by bear markets.
2/ Only those that survive multiple crypto bear markets establish themselves as reliable “value capture mechanisms.”
3/ Store of value (SoV) = only crypto value capture mechanism that's significantly de-risked, but that doesn’t mean SoV is the only one that will ever work.
Read 15 tweets
Chris Burniske Profile picture
Sep 23, 2018
1/ Many tokens currently face stagnant cryptoeconomies, as supply was never spent or earned, but instead brought into existence via balance sheet swaps.
2/ “Balance sheet swaps”= investors in ICOs swapping assets with the issuer, giving birth to a native token without it ever having to go into *circulation.*
3/ Most ICO investors then held the token on their balance sheets, as they never planned to be on the supply-side or demand-side of the network.
Read 8 tweets
Chris Burniske Profile picture
Sep 22, 2018
1/ @alexhevans recently dug into the numbers behind forks of #Bitcoin, #Ethereum, #Monero & #Zcash.

Main conclusion: Value can’t be forked away as easily as people like to think. placeholder.vc/blog/2018/9/17…
2/ Secondary conclusion: Despite parent #cryptonetworks retaining users, devs & value, the child forks trade at (puzzling) relative valuation premiums.
3/ To follow are graphs and conclusions from @alexhevans that are relevant to specific actors or ratios (if you're not a fan of long form writing 😉)
Read 11 tweets
Chris Burniske Profile picture
Sep 16, 2018
1/ When studying non-fungible #cryptoassets, I'm seeing two types discussed: "functionals" and "investment instruments."
2/ "Functionals" are non-fungibles that are meant to be used, a means to access services like ticketing, voting, payment, and more. Best existing examples?
3/ "Investment instrument" non-fungibles are held for their store of value characteristics, be they solely digital things, or derivations of meatspace assets (real estate, art, cars, etc).
Read 5 tweets
Chris Burniske Profile picture
Sep 10, 2018
1/ Get ready for a predictable #crypto pattern: in the coming months, we will see an increasing number of #Bitcoin maximalists tormenting “altcoin investors” for straying from the mother ship.
2/ The maximalist drum will get louder as we go deeper into the bear market, with #bitcoin falling less than most other coins, and its dominance index growing. coinmarketcap.com/charts/#domina…
3/ #Bitcoin is the benchmark after all, the market beta of crypto, with most everything oscillating at a higher amplitude than $BTC.
Read 18 tweets

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