A few notes on @TheProspect article on "The China Hack"
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A thread of very good, wonderful, truly Super Bowls.
Translucent agate bowl with ornamental grooves and coffee-and-cream marbling. Found near Qift in southern Egypt. 300 - 1,000 BC. 📷 Getty Museum https://t.co/W1HfQZIG2V
Technicolor dreambowl, found in a grave near Zadar on Croatia's Dalmatian Coast. Made by melding and winding thin bars of glass, each adulterated with different minerals to get different colors. 1st century AD. 📷 Zadar Museum of Ancient Glass https://t.co/H9VfNrXKQK
100,000-year-old abalone shells used to mix red ocher, marrow, charcoal, and water into a colorful paste. Possibly the oldest artist's palettes ever discovered. Blombos Cave, South Africa. 📷https://t.co/0fMeYlOsXG
Reed basket bowl with shell and feather ornaments. Possibly from the Southern Pomo or Lake Miwok cultures. Found in Santa Barbara, CA, circa 1770. 📷 British Museum https://t.co/F4Ix0mXAu6
Wooden bowl with concentric circles and rounded rim, most likely made of umbrella thorn acacia (Vachellia/Acacia tortilis). Qumran. 1st Century BCE. 📷 https://t.co/XZCw67Ho03
Translucent agate bowl with ornamental grooves and coffee-and-cream marbling. Found near Qift in southern Egypt. 300 - 1,000 BC. 📷 Getty Museum https://t.co/W1HfQZIG2V
Technicolor dreambowl, found in a grave near Zadar on Croatia's Dalmatian Coast. Made by melding and winding thin bars of glass, each adulterated with different minerals to get different colors. 1st century AD. 📷 Zadar Museum of Ancient Glass https://t.co/H9VfNrXKQK
100,000-year-old abalone shells used to mix red ocher, marrow, charcoal, and water into a colorful paste. Possibly the oldest artist's palettes ever discovered. Blombos Cave, South Africa. 📷https://t.co/0fMeYlOsXG
Reed basket bowl with shell and feather ornaments. Possibly from the Southern Pomo or Lake Miwok cultures. Found in Santa Barbara, CA, circa 1770. 📷 British Museum https://t.co/F4Ix0mXAu6
Wooden bowl with concentric circles and rounded rim, most likely made of umbrella thorn acacia (Vachellia/Acacia tortilis). Qumran. 1st Century BCE. 📷 https://t.co/XZCw67Ho03
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So the cryptocurrency industry has basically two products, one which is relatively benign and doesn't have product market fit, and one which is malignant and does. The industry has a weird superposition of understanding this fact and (strategically?) not understanding it.
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.
If everyone was holding bitcoin on the old x86 in their parents basement, we would be finding a price bottom. The problem is the risk is all pooled at a few brokerages and a network of rotten exchanges with counter party risk that makes AIG circa 2008 look like a good credit.
— Greg Wester (@gwestr) November 25, 2018
The benign product is sovereign programmable money, which is historically a niche interest of folks with a relatively clustered set of beliefs about the state, the literary merit of Snow Crash, and the utility of gold to the modern economy.
This product has narrow appeal and, accordingly, is worth about as much as everything else on a 486 sitting in someone's basement is worth.
The other product is investment scams, which have approximately the best product market fit of anything produced by humans. In no age, in no country, in no city, at no level of sophistication do people consistently say "Actually I would prefer not to get money for nothing."
This product needs the exchanges like they need oxygen, because the value of it is directly tied to having payment rails to move real currency into the ecosystem and some jurisdictional and regulatory legerdemain to stay one step ahead of the banhammer.