Long Read Sundays Episode #60

1/ Long Reads Sunday #60 - Welcome to your Oasis. Join me on a journey through the most interesting & important conversations in crypto and bitcoin from the last week w/o a single accusation, recrimination, reduction or characterization. Ditch the drama, it’s long reads time!

2/ Let’s start with something fun. @russellOkung is hosting @Bitcoinis_ next month in LA. LRS is a big fan of their mainstreaming mission so we’re going to give away 3 “Rookie” tickets. R/T this and comment with why you want to go (or nominate someone) and I’ll announce winners in the next couple days.

Bitcoin Is

3/ Okay, let’s dive in. Last week, the discussion was all about the ‘safe haven’ narrative. This week, that narrative bubble seemed to burst as the bitcoin price deflated just like everything else.

4/ There was, of course, lots of speculation. @travis_kling explored whether BTC is suited as a safe haven in some circumstances, but not others. Then again “could also be the normal bullshit?“

5/ Echoing @Travis_Kling however, what’s interesting to me about this particular narrative shift is the growing alignment between bitcoinland and global macro, which @RaoulGTI summed up last week with his currency war thread culminating in “bonds. Bitcoib. Dollars. Gold.”

6/ Still, it’s a good reminder that, while narratives do provide good insight into how people are thinking, we do well to limit how much power we give them to shape our actions. I talked about this at @EtherealSummit earlier this year and on 3@3 this week.

7/ Meanwhile, while the Safe Haven snark was in full effect, some were exploring *why* BTC price went down. Notable was @doveywan’s thread on a Chinese Ponzi scheme that was surprisingly under the radar

8/ What’s more, it’s not like the global macro conversation has slowed down. If you were watching Twitter, you probably saw the words “inverted yield curve” enough to give you an aneurism. Awesomely, @TheStalwart does an ELI5 on it here.