1/ Long Reads Sunday #6. On the same day that NYSE/ICE announced a new crypto ecosystem w/ Microsoft & Starbucks, a bomber drone tries to assassinate the leader of a country with a bitcoin/currency black market at the center of turmoil. So, you know, just another week in crypto.
2/ Let’s start big. On Friday, the parent group of the New York Stock Exchange announced a new crypto ecosystem with partners like Microsoft and Starbucks. Some called the announcement - and the institutional validation it implied - the news of the year.
https://twitter.com/msantoriesq/status/1025377535255822337
3/ Those expecting a price bump were soon disappointed. Ryan argued that this was b/c the new @Bakktapp offered new supply but not new demand. In the great conversation that followed @novogratz argued that the partners like SBUX accelerate new audiences.
https://twitter.com/twobitidiot/status/1025486044282675202
4/ @CaitlinLong_ made the interesting point that this sort of Wall Street involvement actually had another hidden downside - financial claims to bitcoin not backed by actually bitcoin that effectively decrease BTC scarcity. forbes.com/sites/caitlinl…
5/ For more good discussion on this topic, you can also check out this podcast with @CaitlinLong_
https://twitter.com/TraceMayer/status/1025798522636054529or this discussion between @MustStopMurad @garybasin @timevalueofbtc (h/t @yassineARK)
6/ A lot of this discussion comes down to what market narratives we use to make sense of what's happening around us (“interest on the part of institutions will drive price higher”) and how we’re left scrambling when the world doesn’t seem to align with them.
7/ I wrote a piece for @TokenDaily about the market narratives that I believe are competing to dominate the next bull market, whenever it comes - Fat Monies; Tokenized Securities; Protocol Wars; Dapps, and Whales. tokendaily.co/blog/which-nar…
8/ When it comes to *when* that bull market comes, @TuurDemeester offered a different narrative altogether, arguing that Bitcoin is unlikely to see new highs in 2018. Must read for recent historical perspective on the industry medium.com/@tuurdemeester…
9/ One upshot of a continued sideways market is more signal around smart discussion. An example is the convo exemplified here by @fernandoulrich around whether what eventually becomes digital money will start as a medium of exchange or a store of value.
https://twitter.com/fernandoulrich/status/1023941652468195330
10/ Related, @csheffield3 wrote a really interesting piece on Token Economy looking at ETH as a long term national security asset. This one might be better with a whiskey than a coffee. tokeneconomy.co/ether-as-a-sto…
11/ Speaking of national security, Venezuela is really pressing the gas to become the case study for the dystopian future version of hyperinflation. @backus summed it up nicely:
https://twitter.com/backus/status/1025912902501289985
12/ To dig deeper into the currency black market specifically, check out this piece on NPR’s @planetmoney
https://twitter.com/theairtm/status/1025546835375443968
13/ Then again, today the fundamental conception of a nation-state is up for grabs. Check out this interesting discussion w/ @ali01 @devonzuegel @jessewldn @Iiteraturelikens that likens crypto networks to the bottoms-up organization of cities
https://twitter.com/ali01/status/1025556971414466560
14/ Also consider this thread from @cburniske that takes the dimensions of crypto polity up another level, arguing that there is a supranational “Republic of Value” emerging that significant restricts any one national jurisdictions ability to stamp it out
https://twitter.com/cburniske/status/1024298177346891776
15/ If at this point you feel like your head is swirling at about 10,000 ft, you’re not alone. Arianna perfectly capture the delight in the demand for continuous learning that crypto provokes:
https://twitter.com/AriannaSimpson/status/1025518301995196417
16/ In that spirit, here are a few more great pieces from this week.
17/ @nic__carter and @hasufly wrote this friggin’ majestic history of the narratives of Bitcoin. Again, narratives shape how we understand and engage. Don’t believe me? Go ask bitcoin pizza guy about the BTC-as-cheap-p2p-payments-network narrative. medium.com/@nic__carter/v…
18/ In Token Economy this week, @yanroux and @stefanobernardi highlighted a conversation prompted by @jbrukh about how the narrative of “crypto investor" is evolving to mean something closer to “network builder” tokeneconomy.co/60-the-redefin…
19/ This is part and parcel of a growing sophistication of our conversation about crypto network design. As time passes, we’re learning how different crypto networks are from other types of human organizing systems. See this piece by @wycdd @tokenfoundry medium.com/tokenfoundry/m…
20/ Then, if you’re prepared, get ready to go real deep with this 4,000 word tome on crypto governance by @Steven_McKie which argues that a set of different, loosely-coupled groups all have different roles to play to advance protocols medium.com/amentum/the-cr…
21/ For a follow up on the whole #Fomo3D phenomena, check out this super educational thread from @RhysLindmark on the game theory that shapes it
https://twitter.com/RhysLindmark/status/1023657025648119808
22/ I also really liked this conception by @daltonan of an NFT category of “Cosmetic Collectibles” - skins/avatars that could be ported across games in an interoperable way without disrupting in-game economies. medium.com/@angelabdalton…
23/ For more of your weekly dose of NFT’s, Erik has you covered with another great podcast featuring @amittm of @rarebits_io and @tonysheng of @decentraland.
https://twitter.com/eriktorenberg/status/1025437049069813760
24/ I literally couldn’t decide which of @Melt_Dem’s ⚔️🔥🤘 threads to focus on, so screw it. Here are three. Read all of them.
+ on token holder activism & Tezos
+ on liquidity
+ on the role of VCs
+ on token holder activism & Tezos
https://twitter.com/Melt_Dem/status/1024038504060334081
+ on liquidity
https://twitter.com/Melt_Dem/status/1024995796977115136
+ on the role of VCs
https://twitter.com/Melt_Dem/status/1023730038422859777
25/ Finally, I would be remiss to not flag the launch of Handshake.org, which has captured a ton of attention. @ericmeltzer has promised to write more which I’m excited for. In the meantime, I’m going to start learning more about the project
https://twitter.com/ricburton/status/1025052975943884800
26/ Phew. Like I said, just another week in crypto. What’d I miss? What were the best things you read this week? What conversations do people need to be a part of?
Just noticed a new format from @mdudas and @TheBlock__ that recaps/summarizes great Medium writing. All about this and excited to see it evolve. medium.com/the-block-cryp…
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