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Comparing and Contrasting: DeFi vs ICOs Decentralized Finance tokens have been leading this general crypto bull run in much the same way that ICOs were a focus of the 2016-2017 bull run. But is that where the analogy ends? Here’s a walkthrough of some similarities and differences. Similarities They reduce ETH circulating supply. Bullish for ETH […]

Is the Bitcoin halving priced in?  If so, when did that happen?  Are all future bitcoin halvings priced in today?  I promise to come back to these questions, but first I’ll explore the idea of information and events being “priced in” in traditional asset classes. Pedantry Disclaimer: I oversimplify a bit in this essay, in […]

(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 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 […]

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 […]

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 […]