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!
Very productive weekend on here. Glad to see people so focused on moving the ball forward— Neeraj K. Agrawal (@NeerajKA) August 18, 2019
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.
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.
Oh wait, what? I thought the story everyone’s been pushing is that bitcoin and other asset classes were inversely correlated...? 🤔— Arianna Simpson (@AriannaSimpson) August 14, 2019
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?“
Lots of talk about BTC as a safe haven lately. Hasnt acted like that last few days. Why?— Travis Kling (@Travis_Kling) August 14, 2019
Could be crypto specific mkt structure issues. We see those right now
Could also be BTC is strong enough to act as a safe haven to an extent and for certain types of stress, but not all.
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
JUST IN— Dovey Wan 🗝 🦖 (@DoveyWan) August 14, 2019
as per sir @loomdart ‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH
I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells pic.twitter.com/uIjgrzwHET