A few themes stand out this week:
First, the battle between surveillance and privacy. Get used to this as a theme, because it’s likely to be one of the defining conversations of the next decade. This week, we saw: a tremendous new Coin Center report
on the importance of cash; a great threat about the difference between Bitcoiners and Keynesians
that connects the dots around cash; and some interesting conversations around the just revealed Zcash vulnerability
Second, the farther into the bear market we get, the more we’re taking the time to consider the macro context we’re operating in. See for example: this assertion that the pain of the correction
is actually due to the disparity between how relevant crypto is as a counterweight to emerging discourse and how ready it is for prime time; and, the rising specter of MMT
as the mortal enemy of the Bitcoin ideal.
Lastly, just because everyone was talking about it, don’t sleep on Jack Dorsey taking on the Lightning torch, and all of the JD BTC convo that followed. When the leader of one of the largest and most important content networks in the world is talking positively about adding BTC-based tipping to said network….well, that’s not nothing
Thanks as always for reading, and happy long reads. -NLW
Long Reads Sunday #33. Jack takes the Lightning torch. An exchange founder death strands $190m. A new plan to resuscitate Mt. Gox. Skirmishes in the ongoing battle between privacy and surveillance. Crypto finds a new moral enemy in MMT? Strap in, fam, it’s long reads time.
3/ Speaking of Gox, @TuurDemeester did an interesting little exercise comparing BTC circulating supply to gold reserves. By analogy, the Mt. Gox Trustees currently control an amount of BTC bigger than the gold reserves of the Swiss Central Bank. https://twitter.com/TuurDemeester/status/1094264444677443584
7/ If Gox & Lightning aren’t enough to spice up your week, how bout $190m of funds being locked up forever after the founder of Canadian exchange QuadrigaCX passed away? Boy oh boy is there a lot going on with this story. Start here: https://twitter.com/nikhileshde/status/1093269267754205184
10/ I’ve said before that I think the battle between privacy and surveillance is one of the most important battles of the coming generation. @coincenter released a phenomenal report this week arguing that cash - i.e. private transactions - are essential to an open and free society https://twitter.com/NeerajKA/status/1093166026974466048
12/ One of the projects at the heart of that battle for privacy is Zcash, who were themselves all over the discourse this week after revealing the successful addressing of a flaw that could have opened the crypto up to counterfeiting https://twitter.com/zooko/status/1092814766979145729
14/ Governance continues to be one of the themes of this year. @Melt_Dem built on thoughts about governance from her recent #Aracon2019 presentation in this post/thread, arguing that, currently, on-chain governances are trending towards oligopoly https://twitter.com/Melt_Dem/status/1092889683657277440
17/ @avichal wrote about prospective crypto disruptions to traditional financial infrastructure not from a Wall Street perspective but from Silicon Valley, looking at seed capital, founder vesting, liquidity lockups and more https://twitter.com/avichal/status/1092514809197678593
20/ I’m always glad to see a week with so much chatter about engaging with investors outside of crypto. This is going to get even more important as Modern Monetary Theory - which is basically diametrically opposed to Bitcoin’s philosophy on inflation - becomes more prominent https://twitter.com/raynesteinberg/status/1093635077278294017
22/ Speaking of the macro market context, I found this thread by @CMcgarraugh fascinating. The argument is in part that crypto is actually such a natural response to the macro times that the viciousness of this correction is in part about disappointment that it’s not ready for prime time. https://twitter.com/CMcgarraugh/status/1092504487074381824
23/ And speaking of the correction…as always, we’ve gotta ask…how close to the bottom are we? In this thread, @MustStopMurad looks at a slightly different type of indicator - tweets about Bitcoin - and finds himself just as gloomy as with price charts https://twitter.com/MustStopMurad/status/1092191811282583552
24/ Still, if the market isn’t great, the march of building, discovery and learning continues unabated. @jbrukh checks in on what we’ve learned about crypto protocols and value capture since the Fat Protocols thesis from a couple years back https://twitter.com/jbrukh/status/1093709719586381824
25/ On the theme of learning and improving, @twobitidiot takes the broad and growing critique of market cap as an indicator to the next level and suggests some tangible ways to improve it - specifically to improve how we measure token supply. https://twitter.com/twobitidiot/status/1092573851605716992
27/ These sort of improvements are an essential part of the development of the industry, as is better regulation. On that front, check out @PatBerarducci’s recap of SEC Comissioner @HesterPeirce’s recent speech touching on crypto innovation. https://twitter.com/PatBerarducci/status/1094297385239568384
28/ Finally, to the extent that the implications of crypto aren’t just about new investment opportunities but improving people’s lives, it’s worth keeping track of where that’s actually happening.
30/ And that’s it for Long Reads Sunday #33! As always, let me know what else was great and what I missed. Subscribe to get LRS via email here: https://www.getrevue.co/profile/nlw