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Long Reads Sunday - Issue #73

Bitcoin price drops do to Crypto Twitter what a pack of dementor's does to Hogwarts students. This we
Long Reads Sunday - Issue #73
By Nathaniel Whittemore • Issue #64 • View online
Bitcoin price drops do to Crypto Twitter what a pack of dementor’s does to Hogwarts students. This week’s (late) edition is all about sense making of the latest price dip; questions of power and press freedom; and the limits of crypto as dissident tech. I hope you enjoy it - and even more, I hope this week finds you heading to friends, family and gratitude for quiet moments for giving thanks. Happy long reads - NLW

Long Reads Sunday #73
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
3/ Meanwhile, according to @OJRenick, the price is tanking because bitcoin can only be successful if the world fails, people are realizing that and getting out accordingly. And oh, maybe they should get out of Gold too. https://www.forbes.com/sites/oliverrenick/2019/11/22/bitcoin-isnt-down-because-of-china-its-down-because-you-dont-need-it/#ec9358d7d46b
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
6/ Okay okay one more on mining just in case you want to dig a little deeper rather than just assess whether capitulation memes are bullshit or not, this time from @filbfilb https://twitter.com/filbfilb/status/1196734538799558656
7/ Other folks are defiant about the whole thing. @Excellion sees it as another occasional brush fire to clear out the weak hands https://twitter.com/excellion/status/1198436416293867521
8/ @dailydirtnap meanwhile thinks that benign neglect may be net better for bitcoin https://twitter.com/dailydirtnap/status/1197512048164388864
9/ @TheStalwart piles on and points to the reckoning with the narrative of bitcoin being simply a speculative bubble, but the “underlying technology” being somehow the interesting thing https://twitter.com/TheStalwart/status/1198934240223735808
10/ @fredwilson captures a sentiment that I think a lot of folks feel: “I think the crypto sector is progressing, but slower than I would like. I remain long term bullish but short term frustrated with the crypto sector.” https://avc.com/2019/11/history-doesnt-repeat-itself-but-it-does-rhyme/
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. 
14/ Last note on this situation: subtweet of the week award goes to @NeerajKA https://twitter.com/NeerajKA/status/1198276285438578689
15/ Before the price went to hell and everyone got all pissed off at each other, some actually exciting things happened - specifically Multi-Collateral DAI went live! https://twitter.com/runekek/status/1196527921562820609
16/ There is lots of good information out there about MCD, but as a clean comprehensive overview, check out @CamiRusso’s post in here newsletter The Defiant https://thedefiant.substack.com/p/defis-central-bank-is-becoming-much-ea9
17/ @CamiRusso also commented on the impact of protests in Chile on the value of the peso there. To her, it’s a reminder for the need for, as she puts it “un-seizable, stable digital currencies.” https://twitter.com/camirusso/status/1194661490445504512
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
20/ This sort of challenge is why, when we think about bitcoin as #DissidentTech, we need to think about the full suite or adjacent technologies that make it work https://twitter.com/neerajka/status/1196997282782154753
21/ Returning to stablecoins like DAI for just a second, @HRF released some research looking at them in the context of privacy, censorship resistance and more, which @ercwl sums up in this thread https://twitter.com/ercwl/status/1197808978551623681
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
























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Nathaniel Whittemore

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