(this is a repost of an essay I wrote in 2016, perhaps more relevant today.) Investors, This is going to be a very strange commentary, almost entirely sociological in nature. I think I’ve found a useful lens to explain a wide variety of emerging social/political/economic puzzles. Why do 70% of Americans think the country is […]
Thoughts on Cryptocurrency Lending
Thoughts on Cryptocurrency Lending There’s two basic models, custodial and non-custodial. The vast majority of options are custodial, and that means a third party has your coins. This entails counterparty risk. What is a reasonable return to lend out your Bitcoin? Is 6% good? Is 15%? It entirely depends on the counterparty risk. You’re not earning […]
Some high level thoughts on cryptocurren...
This essay is an overview of some high level concepts in cryptocurrency governance, followed by some specific examples. Governance: Control and Power Governance is the process by which the members of a community or organization make decisions. More than any other topic, the question of “who runs Bitcoin?” is the one that takes newcomers to […]
Early stage valuations fall to earth
I initially wrote the following as an internal memo to our team this morning, but thought it might be interesting to the broader crypto world. We’re seeing something play out in real time (but slow motion) that we’ve long expected. The crazy valuations of early stage projects are falling to earth. 6 months ago, a […]
Education – University of Chicago Alumni
Education – University of Chicago Alumni Event About Ari Paul Ari Paul is co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago’s $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group (SIG). Ari earned a BA in political science from the University […]
Forbes Article: It’s 1994 in Cryptocurre
Forbes Article: It’s 1994 in Cryptocurrency About Ari Paul Ari Paul is co-founder and CIO of BlockTower Capital. He was previously a portfolio manager for the University of Chicago’s $8 billion endowment, and a derivatives market maker and proprietary trader for Susquehanna International Group (SIG). Ari earned a BA in political science from the University of […]