Long Reads [Monday] #73. While Americans across the country are gearing up for our annual celebration of gratitude, Crypto Twitter is tearing itself to pieces as prices plummet and tempers run hot. Take that coffee break fam, it’s long reads time https://twitter.com/NeerajKA/status/1197524967614799882
2/ Bitcoin price drops do to Crypto Twitter what releasing a pack of Dementor’s does to Hogwarts Students, so let’s start with *why* people think the price is tanking. According to @Reuters, it’s a ‘China Crackdown’ https://twitter.com/skwp/status/1197891739706679296
4/ Then of course, there’s miner capitulation, that ol’ chestnut. I think miner capitulation is some of the most enduring FUD because 1) it seems so final; 2) its a mysterious external group to point to; 3) capitulation is fun to say. https://twitter.com/krugermacro/status/1197195799731548161
11/ Speaking of frustration with the sector, let’s talk about @TheBlock__ and @cz_binance. Actually, let’s not, as you’ve probably spent the last few days not being able to escape it unless you muted a bunch of words like “raid” and “sue” https://twitter.com/notsofast/status/1198237744348254208
12/ In all seriousness, completely outside this dust up, I do think it’s important to have fierce debate around journalistic integrity and the need for a truly free press. Crypto is being born into a world where assaults on the press aren’t frowned upon, but a business tactic.
13/ We are all consumers and customers in this industry. We get to vote with our attention and our money when we think companies or press are in the wrong. So, as frustrating as it may be, I think these debates are important.
18/ That use is exactly why, to my mind, we need to take seriously skepticism, warnings and critiques that relate to centralized points of failure within these ecosystems. That doesn’t mean we can’t be excited by possibilities too, but these use cases raise the stakes https://twitter.com/mayazi/status/1196882169827860481
19/ Speaking of points of failure, @la__cuen wrote about the limitations of cryptocurrencies as Protest Tech or #DissidentTech - specifically around being cut off from global infrastructure that makes them useable or simply cut off from the internet https://twitter.com/la__cuen/status/1197575279046213632
22/ Boy oh boy. We’ve already blearily looked at cratering prices (and the bearish theorizing to go with them), infighting with existential undertones and the potential problems of protest technologies, so I think it might be time to pack this one up. https://twitter.com/twobitidiot/status/1198805736777814018
23/ I’ll leave you with the one thought. You’re going to see a LOT of posts about why we shouldn’t have short memories, and that these dips and pessimism are just a part of this whole thing. And you know what? They’re correct.
24/ The best thing to do when the market barfs is just to remind yourself why you’re here and the future you’re trying to build. Oh, and double down on learning everything you can. Worse markets often mean better thinking and content.
25/ With that, I’ll leave you! Thanks as always for reading, and truly hoping you’re getting ready for an epic Thanksgiving with friends and family. Get LRS via email https://www.getrevue.co/profile/nlw