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Long Reads Sunday - Issue #42

Hi all - I'm on the road again, so in lieu of a summary opening, I've got something better for you.
Long Reads Sunday - Issue #42
By Nathaniel Whittemore • Issue #42 • View online
Hi all - I’m on the road again, so in lieu of a summary opening, I’ve got something better for you.
The fine folks at Delphi Digital just released their first Global Macro Outlook for Q12019. I had a chance to contribute my latest Narrative Watch piece, looking at five conversations I see shaping the crypto discourse. The report is usually subscriber only, but for contributing I get to share the full thing with all of you. To download it, simply go here and use the password #narrativewatch. If you have any trouble, email me and I’ll shoot you a copy.
Thanks as always and happy long reads! Winter is here! - NLW

Image: @CryptoScamHub
Image: @CryptoScamHub
Long Reads Sunday #42. Who woulda thunk it, that after all the tension, infighting, and tribal bickering, the thing that gets us to lay down arms and unite against a common foe is a threat to dox a spacecat. Saddle TF up, it’s an up in arms long reads time.
2/ Here’s the TL;DR. Craig Wright, who is absolutely and most definitely Satoshi, upped the stakes on his campaign against those who claimed otherwise by offering a $5000 bounty to reveal the identity of @hodlonaut (aka the person who kicked off the #LNtrustchain)
3/ It was a step too far. Pomposity, outlandish claims, and outright scams are par for the course in crypto. But an outright attempt to dox someone is a straight up “fuck you” to everything anyone legitimately in this space believes in. 
4/ #WeAreAllHodlonaut was born. First, legal CT joined the cause. https://twitter.com/prestonjbyrne/status/1116799403979870214 Baltic Honeybadger, an event that was targeted responded https://medium.com/@hodlhodl/official-statement-from-baltic-honeybadger-organizers-92920dbea501 and even CZ stepped in. 
5/ Of course, with threats of lawsuits flying around like plagiarized ICO white papers in December 2017, some took the opportunity to point out the absurdity of the whole thing. Here’s @PeterMcCormack with both the threat he received https://twitter.com/PeterMcCormack/status/1116733748794540033 and his response https://twitter.com/PeterMcCormack/status/1117448742892986368
6/ At the end of the day, I think @jchervinsky got it right with this take. It’s good too see moments when, despite all the disagreements, the community finds common cause when a core value is threatened. https://twitter.com/jchervinsky/status/1116861835804913664
7/ Us: Okay, enough of this UNITY bullshit! Today’s the premier of the last season of Game of Thrones! Where the hell is our disagreement and battle for crypto coin supremacy? Crypto: hold my beer https://twitter.com/LUKACACIC/status/1117401863907942405
8/ First up, let’s hope on over to Ethereum where the @AragonProject community is debating whether to buy DOTs required for a parachain on @polkadotnetwork. @Ameensol fought back through the process https://twitter.com/ameensol/status/1116361514531704832 but for @econoar, it’s a reminder of why onchain governance is dumb. @Ameensol fought back through the process itself https://twitter.com/econoar/status/1117114336823013376
9/ Over in the land of #DeFi, there are large and growing questions about Dai’s ability to maintain it’s peg (and whether the stability fee is enough to manage it). @WarcMeinstein’s comments on @bennybitcoins threads are reflective https://twitter.com/WarcMeinstein/status/1116162491036459010
10/ Then, of course, there are the barely launched projects with nine figure ecosystem funds and endlessly recursive relationships between protocol teams and capital allocators. https://twitter.com/DoveyWan/status/1116097301464768513
11/ Indeed, one of the major issues at the moment is protocol level funding and treasury management. Back in Ethereum, there is a serious and sometimes heated ongoing conversation about protocol level funding and the right ways to incentivize developer contributions. https://twitter.com/ameensol/status/1115369399504916480
12/ Questions of treasury aren’t unique to Ethereum, of course. @Shaughnessy119 breaks down recent trends in project funding approaches. https://twitter.com/Shaughnessy119/status/1116449686997610500
13/ Tom provides an LRS takeaway, noting that 1) projects need money to continue; 2) treasuries = fork resistance; and 3) that community-allocated treasuries are likely to be a continuing trends. 
14/ Finally in this quick rundown of controversial conversations, if you’d just like the crib notes on the key question for each community, @RyanSAdams has you covered with this thread on hard questions. https://twitter.com/RyanSAdams/status/1116521932516667392
15/ Another great place to get a sense of everything trending - controversial and otherwise - is the brand new Quarterly Macro Outlook from @Delphi_Digital. I contributed my latest #NarrativeWatch piece about 5 conversation I see shaping the crypto conversation. https://twitter.com/Delphi_Digital/status/1116717547485892609
16/ One of those conversations I see picking up steam is the return of token sales in the form of Initial Exchange Offerings or IEOs. This week, @derek_hsue from @BlockchainCap shines a light on IEOs in the context of what they do for the underlying exchange’s native token. https://medium.com/blockchain-capital-blog/analyzing-the-ieo-phenomenon-and-the-impact-on-markets-and-token-models-456b92b004f4
17/ When it comes to IEOs, I tend to agree with @cburniske’s assertion that we’re at the beginning rather the end of experiments in capital formation. How much momentum any particular approach picks up will depend quite a bit on the nature of the conversation we have about it. https://twitter.com/cburniske/status/1115022226745647106
18/ Regardless of one’s thoughts on IEOs, the relative power exchanges have in shaping the crypto markets right now is undeniable. To dig deeper with how one of the biggest players in the space things about things, check out @Venturecoinist vastest interview with @CryptoHayes. https://twitter.com/VentureCoinist/status/1116518727787450368
19/ Speaking of trying to track the forces shaping the industry, one of the things I spend the most time on is the global crypto landscape, which often tells a very different story than here in the US. Let’s dig in a bit on that. https://twitter.com/nic__carter/status/1115651578470567936
20/ As hinted with Nic’s tweet above, one of the big global “stories” was a rerun of China-bans-Bitcoin-mining. To get the details that go beyond either sensationalism or denialism, check out @katherineykwu’s essential thread https://twitter.com/katherineykwu/status/1115678209356500992
21/ @Boxmining had a slightly different take. Assuming the ban goes through, he thinks miners will “comply” in a very “let the government show that we’re complying” sort of way while mining goes on unabated https://twitter.com/boxmining/status/1116110435499958272
22/ Another interesting observation from the global crypto scene came from @AlexShin, who pointed out the disparity in financial user experience between crypto and traditional fiat in the Korean context. https://twitter.com/AlexShin/status/1117059203321909248
23/ Let’s bop on over to Europe for a second where the French National Assembly actually made it easier for life insurance companies and pensions to invest in crypto. Given how huge the resources those types of firms allocate, it seems like a big deal. https://twitter.com/Melt_Dem/status/1116741767909597185
24/ Speaking of Europe, @hasufl flagged this fascinating piece by @Galois_Capital on how a European debt crisis might impact the price of Bitcoin. https://twitter.com/hasufl/status/1115949915165818881
25/ And speaking of Debt, @_jillruth was tweeting from #DebtCon3 earlier this week during a conversation about central bank digital currencies (CBDCs), sovereign digital currencies, and state-ICOs. https://twitter.com/_jillruth/status/1116404443967315969
26/ Back home in the ol’ US of A @CaitlinLong_ lamented the current state of the #TokenTaxonomyAct, including the significant watering down of the definitions of digital tokens. https://twitter.com/CaitlinLong_/status/1115787678589517824
27/ In more positive regulatory news, however, @blockstack announced that it was filing for a fully compliant, Reg A exempted $50m token offering. Reg A is a more difficult compliance, and the sale could set a good precedent. https://twitter.com/muneeb/status/1116312227995357185
28/ With positive, regulatory compliant offerings like Blockstacks, the crypto space makes it more accessible to institutional actors. In this piece @wences argues why most allocators should have at least a small hedge into Bitcoin. https://www.kanaandkatana.com/valuation-depot-contents/2019/4/11/the-case-for-a-small-allocation-to-bitcoin
29/ To get a better sense of exactly what the state of the market is, as institutional investors see it, check out the livestream recap from @arca’s second annual #FO256 event, hosted by @DavidJN79 https://www.ar.ca/fo256-live-stream
30/ And if family offices getting hotter on crypto isn’t enough to get you going, how about the biggest YouTuber in the world moving his streaming to a crypto-focused platform? Lots to dissect here, but affirms the continued interest in alternatives to today’s centralized networks. https://twitter.com/mdudas/status/1116092279310229504
31/ Okay okay, we’re already in the 30s and this LRS is getting a little long. I know you have the GoT premier to get to, so let’s do just a few more sundry gems. 
32/ DEXes are one of the more interesting pieces of infrastructure coming online, complete with new arbitrage models that surround them. For some fascinating thinking around decentralized exchange arbitrage, check out this essay and thread from @phildaian https://twitter.com/phildaian/status/1116155236433956865
33/ From the new metrics and models files, the inimitable @woonomic and @kenoshaking share here two new models: Cumulative Value Days Destroyed (CVDD) and Balanced Price. https://twitter.com/woonomic/status/1115730399479644160
34/ Finally, as I was prepping this, I saw @nic__carter drop a new 27-minute-read essay on scaling Bitcoin and proof of reserves. I’ll be honest, I haven’t had a chance to read the full thing, but knowing Nic I’m pretty comfortable putting a downpayment on this as an essential long read. https://medium.com/@nic__carter/how-to-scale-bitcoin-without-changing-a-thing-bc4750dd16c7
35/ Okay, let’s call it there! There are even more good pieces I could point to this week and every week. With that in mind, you can now keep track of what I’m tracking via this @MessariCrypto board. http://boards.messari.io/b/long-reads-sunday-watchl-5jsbx5
36/ As usually, please let me know what I missed and what you loved. Sign up for LRS via email here - special goodies this week for email subscribers only. https://www.getrevue.co/profile/nlw  And now, it must be said…WINTER IS HERE! 
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Nathaniel Whittemore

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