This was a hell of a week.
First, we had everything surrounding Coinbase. Bet you didn’t think when they announced that XRP would be listed that that wouldn’t even be the thing people were really upset about, huh? Turns out acquiring a team who previously built spyware for authoritarians
and then justifying it by saying they were really smart and because your previous analytics team was selling customer data is a good way to get people pissed.
In response, a #DeleteCoinbase
movement has been sweeping across Twitter. Well, I guess it’s debatable to call it a movement. If it’s anything like previous spats of internet outrage at companies behaving badly, it won’t make a dent.
Still, I think it’s important. The point of free and open markets is to be able to vote with your dollars and exert your voice about what is and isn’t acceptable behavior. Just like Coinbase is free to acquire whomever they wish, we are all free to try our damndest to make those decisions come at a price.
Alright, enough on that. The other inescapable topic of the week was news that Facebook
was already in discussions with exchanges about a forthcoming native cryptocurrency. As you would expect, there were no shortage of takes, from arguments that it could be a major driver of adoption
even of non FB coins like Bitcoin to questions of how the company will possibly balance the need for privacy and safety
Beyond that, crypto marched on. Ethereum completed its Constantinople
hard fork; MakerDAO surged
across 2% of total ETH looked up; and Binance Launch Pad sold $6m of a token at an implied $100m market cap in 22 seconds
Two final thoughts:
First, don’t sleep on this essay about the history of transaction costs
. It is a quintessential long read and the type of thing that inspired me to start LRS.
Second, if you enjoy the big picture stuff - the global use of crypto as a day-to-day tool, the larger questions of the battle between privacy and surveillance; etc - I’ve just announced a new newsletter about exactly that. It’s called the Liberty Crypto Reader
and is a collaboration between myself and the crew at Coinmine. For me, crypto’s big game is about increasing liberty and sovereignty in the world, so thrilled about this and hope you check it out
Happy Long Reads
Read LRS36 On Twitter
Long Reads Sunday #36. This was a real “battlelines for the soul of crypto” kinda week. Will big players leech attention or inspire new adoption? Where will we draw the line with ethical business practices. Oh, and, uh..who gets to print money? Thread
5/ If history is any indicator, the number of accounts deleted through #DeleteCoinbase won’t really put a dent in the company’s user numbers. What the company should actually be concerned with is the poison pill of distrust they’ve now swallowed.
7/ I’m spending so much time on #DeleteCoinbase b/c I believe we all have to decide where we draw lines. The beauty of markets is that, just as Coinbase is free to buy who they wish, we’re free to exert as much pressure as we wish to make that a bad financial decision.
11/ When it comes to a possible Facebook cryptocurrency, there are about as many takes as their are people. In part of a longer thread on the permissioned blockchain trend, @AriDavidPaul demonstrates how FBCoin could drive Bitcoin adoption https://twitter.com/AriDavidPaul/status/1101496994709807105
28/ Here’s a thought: just because media loves to run articles of Warren B shitting on Bitcoin doesn’t mean we have to put any stock in them. In fact, @avichal argues that him not wanting to invest is actually a POSITIVE sign https://twitter.com/avichal/status/1100221876075298816
30/ And finally, a lil’ self shill. This week we dropped the first edition of the Liberty Crypto Reader, a newsletter focused on the global social crypto macro context, powered by muah and supported by @coinmine https://twitter.com/nlw/status/1101193945797877760
31/ At the end of the day, the big game for me is about how Bitcoin and crypto can increase liberty and sovereignty in the world. I’m incredibly stoked to be able to get some time each week sharing stories of how that happens. Check it out: https://coinmine.com/pages/liberty
32/ And there we have it! Another week down. What a doozy eh? As always, let me know what I missed and what you loved. To get LRS via email, sign up here: https://www.getrevue.co/profile/nlw