One of the themes that stood out this week was power.
Indeed, after a year of prolific crypto blogging, Tony Sheng found that it was the question of power
that dominated his writing more than any other.
Of course, alongside all this great thoughtful high falutin’ power talk were some barn burners in the news. Notably, Morgan Creek Digital raised $40m that included investment from the first two pensions to invest
in crypto. And then there was JPM Coin
- JP Morgan’s “cryptocurrency” which some argue
isn’t a crypto at all.
Will it be good for the industry by legitimating it? Distracting by confusing the meaning of crypto or even creating more fodder for lobbying against open, permissionless networks? Or ultimately a big ol’ meh - just something that happens along the inexorable march toward wherever we’re headed?
That and more below. Happy long reads!
Long Reads Sunday #34. This week, some of the biggest news was around a project whose name references a god of blood and sacrifice. I’m referring, of course, to JP Morgan’s JPM Coin. That, plus ETHDenver, plus pensions getting off zero and more, it was a week!
2/ All joking aside, the real project I was mentioning above is Moloch, a new coordination DAO meant to help the Ethereum community better allocate resources to shared infrastructure projects. H/T to @neeraj for the joke I borrowed. https://twitter.com/NeerajKA/status/1095463749836779521
3/ To learn more about Moloch, check out this video one of the project’s builders @ameensol did with @twobitidiot of @messaricrypto at #ETHDenver. As regular readers of LRS will have noticed, Ameen is one of the most interesting thinkers in Ethereum and crypto so highly recommend https://twitter.com/twobitidiot/status/1096493762291863552
5/ Quick aside on governance. For those tracking this conversation, a few recommendations. First, @mrjasonchoi is in the midst of a series of great pods on the topic and second, highly recommend this podcast with @ali01 and @phildaian. https://twitter.com/ali01/status/1094589803897806850
9/ Another majorly bullish signal for the industry came this week with the news that Morgan Creek Digital had not only closed $40m but that @MarkYusko @APompliano and @JWilliamsFstmed had gotten pensions to get off zero for the first time in crypto. https://twitter.com/apompliano/status/1095477434076540928
10/ Of course, arguably the most discussed news of the week came when JP Morgan - previously known for its CEO’s dismissive take on Bitcoin - announced “JPM Coin” a new private..cryptocurrency? Some aren’t sure that term actually applies https://twitter.com/NeerajKA/status/1096427302563573761
11/ To explore the JPM story more, I did a poll to gauge people’s sentiment and, after reviewing dozens of takes, put together a short video arguing the positive, negative and meh sides of the argument. Scroll down for thread if you prefer to video. https://twitter.com/nlw/status/1096079004501606401
16/ @AriDavidPaul took the conversation even farther, arguing that the rise of state-backed crypto fiat monetary regimes will be a massive battleground for human rights. The right to privacy and people’s love for convenience will be in direct opposition https://twitter.com/aridavidpaul/status/1095687626059857923
18/ Speaking of global currency regimes, @adamscrabble wrote this excellent thread breaking down how China’s currency policy actually works with regard to international trade. Slightly orthogonal to crypto but really excellent information https://twitter.com/adamscrabble/status/1094717028009689089
20/ Finally on the global front, in this thread, @lawmaster breaks down some of the latest numbers from LocalBitcoins in Venezuela, and compares them to other places experiencing high inflation, including Argentina, Iran and Turkey https://twitter.com/lawmaster/status/1095383278578814976
27/ And speaking of Placeholder, the firm just announced a collaboration with @coinfund_io around their Grassfed Network initiative for generalized mining and other participatory engagements in decentralized networks. https://twitter.com/jbrukh/status/1095662587356733445
28/ After a year of blogging, @tonysheng looked back and found that the most common theme was the question of who has power. It’s not hard to see why, even taking this LRS as a sample. This is the fundamental question of our space. https://www.tonysheng.com/who-has-power
33/ And that, my friends, is Long Reads Sunday #34. What else was great? What did I miss? Let me know below and if you’d like to get LRS via email, sign up here: https://www.getrevue.co/profile/nlw