Long Reads Sunday #63. A week that should have been exuberant - BTC prices sustained above $10k, Bakkt begins warehousing as planned, interesting new announcements - instead seemed muted, if not downright glum. What the hell is going on?
2/ @Melt_Dem nailed this sentiment when sharing @FredWilson’s post “Some Thoughts On Crypto” - which argued that 1) bitcoin is closest to product market fit as digital gold; 2) ethereum is confounding; 3) regulation & lack of use are disappointing.
8/ @prestonjbyrne was not impressed will the LAO’s plans, effectively saying it’s an overly and unnecessarily complex version of existing legal structures. Even if you disagree with his conclusions, his essay on the topic will help you understand key points of skepticism https://prestonbyrne.com/2019/09/03/the-lao-demystified/
12/ For a more overarching take on the evolution of Ethereum and DeFi in the larger historical context of crypto, check out @jessewldn’s latest, in which he updates his “eras” model from last year and suggests that we think in terms of blockchain layers. https://twitter.com/jessewldn/status/1168938990273277952
13/ Yet for all the discussion of the state of DeFi, it does feel like the big questions in the industry at the moment lay elsewhere. In particular, to me there is no bigger question than the trifurcated battle for global digital money between permissionless bitcoin, corporate coins, and central bank digital currencies.
17/ Because he hates his mentions, @TheStalwart wrote in the @markets newsletter that one of the biggest reasons that bitcoin is likely to have a hard time replacing the dollar on the global stage is the lack of a lender of last resort https://twitter.com/TheStalwart/status/1168840327903531013
21/ A similar sentiment in a couldn’t-be-more-dissimilar-delivery-package came from this Epic-Rap-Battles-Of-History-esque debate between Hamilton and Satoshi produced by @reidhoffman and featuring cameos from @zooko @soonaorlater @SatoshiLite and many others https://twitter.com/reidhoffman/status/1169599231075577856
22/ Perhaps then, to return to the question that started this thread, the strange unease that surrounds crypto isn’t just unwatered bagholders moping, but a recognition (or reminding) of the stakes of this industry. It is easy, in the hullabaloo of price action and in the rhetoric games of Twitter, to lose sight of the forest for the trees.
23/ Keeping it a little shorter this week, so let’s wrap with this: yesterday was my 35th birthday, so I asked people to create a list of 35 things they wished they’d known getting into bitcoin/crypto. Some phenomenal insights https://twitter.com/nlw/status/1170385711511547906
24/ So there you have it. What do you think? Are you also feeling the malaise? Is it larger global economic issues? Poor alt performance? Something else? Thanks as always for reading, and sign up to get LRS via email: https://www.getrevue.co/profile/nlw