I just published the latest version of “An (Institutional) Investor’s Take on Cryptoassets”
John Pfeffer’s Tweets
The new issue of explores how #Uruguay became arguably Latin America’s greatest success story. No, it’s not perfect — but it looks pretty good right now.
I visited in November & came away with 4 main reasons why. A🧵
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Empezó la XIIIera edición del José Ignacio International Film Festival ¡Espectacular!
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To anyone out there reading this who owns #GBTC shares and who hasn't already done so: follow , visit redeemGBTC.com and get involved.
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I am at a loss for words for the trust and support we’ve received. There are so many people and institutions doing their part to help us… this is truly a grassroots campaign and I am honored to be a part of it. We are on the right side of history. We will win. #freethebitcoin twitter.com/DavidFBailey/s…
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Order Without Design by Alain Bertaud and Baron Haussmann’s Memoirs are interesting
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ETH's value relative to BTC peaked over 5 years ago. Considering it only achieved half that value in the most recent bull cycle, it would require a reversal of investor sentiment for it to surpass BTC in the next cycle. twitter.com/cburniske/stat
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Thrilled to share @getmash raised a US$6M seed rd. Abs elated w/ partners joining us remonetizing the web – co-led @CastleIslandVC @nic__carter & @Whitecapvp @RussSamuels plus @MapleVCFund @acharoo @SCV_Cyber @getaquanow @spacecadet @amasad @balajis @austinhill @jlppfeffer ++
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Thank you, Chad!
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Honored to have received a $50,000 donation to our developer funding efforts from @ChadCloutman
Thank you for your support!
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We’re delighted to share that our team has committed to a quarterly donation to @bitcoinbrink for the ongoing support of Bitcoin open-source development! Learn more about Silvergate’s engagement with Brink here: silvergate.com/about/company/
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"We're proving that #bitcoin mining can fund green energy infrastructure," says Blockstream CEO @adam3us discussing their fully solar-powered mining project with @blocks and @Tesla
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The former current tends to build relatively steadily and the latter current flips, accelerates and decelerates much faster. At some point, there will be no more speculative holders left to sell, but there’s no upper bound to safe haven buyers. You just have to be patient. 2/2
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There are two types of Bitcoin owners. Ones who use it as a safe haven and ones who see it as a speculative risk asset. The ascension of the price of Bitcoin is a function of the process of the latter selling to the former over time, so there are always two opposing currents.1/2
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I've never been more bullish about #Bitcoin . The whole world is now seeing what it's for and why it's important. Its financial value and its value to humanity.
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#Bitcoin has to-date been an early-stage tech venture aspiring to be a risk-off monetary store of value. It has traded as a risk-on asset, but there's an accelerating non-linear transition underway as those who see it as risk-on sell it to those who see it as risk-off.
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as the pace of collective mindsets seeing it as such. This could take centuries or only as long as it takes synapses to fire.
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In 2017 I wrote, "Provided a monetary store of value protocol and the network running it is technically capable of acquitting its function as a monetary store of value (as is the case of #Bitcoin ), the pace of it reaching its mature equilibrium value is as fast or slow
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Patrick, it was such a pleasure and so much fun to chat. Thank you for inviting me!
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I’ve wanted to record a conversation with @jlppfeffer since I met him years ago
He’s one of the most interesting people in the investing world
He’s lived, invested, and built things around the globe
I do the podcast for discussions like this
Enjoy!
joincolossus.com/episodes/26583
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1/ Launch day 
Superdao has raised $10.5M at $160M valuation to make it absurdly easy to start and operate DAOs.
Here’s why we are building an all-in-one DAO platform
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Superdao has raised $10.5M at $160M valuation to make it absurdly easy to start and operate DAOs.
Here’s why we are building an all-in-one DAO platform
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Q4 #Bitcoin Mining Council Survey Confirms Improvements in Sustainable Power Mix and Technological Efficiency. Estimated sustainable energy mix was 58.5%. Join us at 5pm ET today for a full briefing.
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Pretty obvious, but easier said than done.
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The best way to minimise both false negatives and false positives is perhaps to place the burden of proof on the new idea and require replicable, well-sourced supporting evidence while standing ready to flip your view in a heartbeat if/when that evidence is present.
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The risk of contrarianism for its own sake is of too many false postitives, ie, taking wrong ideas too seriously just because they differ from mainstream thought.
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The risk of deferring to experts/establishment is too many false negatives, ie, rejecting new/heretical ideas that are correct but run counter to mainstream thought.
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Chatting over lunch today with my friend about how best to navigate between the Scylla and Charybdis of deferring to experts and established ideas on one hand and gratuitous contrariansim on the other and settled on what seems a reasonable framework.
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👏🏼👏🏼👏🏼
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Very grateful to see @jack's support on the Bitcoin Developer Legal Defense Fund lists.linuxfoundation.org/pipermail/bitc Thank you @jack && @morcosa
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Uruguay never mandated lockdowns. We have over 90% vaccination rates, without restricting freedoms
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Such a good essay
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Bitcoin spends as much on electricity as Americans spend on Halloween costumes. h/t
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The problem with following anyone's advice in this space is that most people who take the time to produce content are trying to sell you something, maybe their content, maybe their fund, maybe their token. You have to filter according to their motivations.
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#Bitcoin is much easier. It's perfectly suited to the store of value use case, which is both valuable and lends itself to strong value capture. Its product market fit and its leadership are established, but it's still monetising, so still upside. And you may never need to sell.
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And tougher still is that the short-term lottery returns in crypto are not driven by any of those fundamentals but rather by memes, social media, narratives, ponzinomics and manipulation. I'm not the right person to help you play that game.
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The tricky part is that, just because something should have some value doesn't mean that buying it at any price is a good idea. You need to think about value creation, value capture, long-term equilibrium value, risk and discount rates, what price to buy and what price to sell.
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And as I wrote in my 2017 paper, some L1 smart contract / utility protocol cryptoassets will likely have positive value, just limited by their poor value capture mechanics.
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Gaming will likely generate things that have value for both reasons (claims on cash flows, unique digital assets).
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Tokens that represent claims on actual cash flows should have value, for example, securities tokens and certain DeFi protocols where the protocol charges fees that the protocol tokens share. Some DAO tokens may have reason to have value.
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There are so many exciting things happening in the space and a subset of them could/should have value. Some unique digital assets (NFTs) could have investment value in the same way that some unique physical assets do.
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