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Knowledge Protocol. Daily curated links from the space of blockchain, bitcoin, tokens, cryptocurrencies and protocols. No news, no bullshit, deep knowledge only.

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There are likely at least 10,000 blockchain millionaires ("only" $10B of the $300B market cap). These are people who placed early, large, contrarian bets against the system. Today they are funding technology, but tomorrow they will be funding philosophy.

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Interesting to see the fintech industry chugging along on fiat/bank rails. I wonder if any of them realize those rails are terminal. Tomorrow's financial order will be built on blockchains, digital assets, and open networks.

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Thanks to crypto, the kinds of people who hung out on bitcointalk in 2012 are going to be allocating a *lot* of capital in coming decades. One of biggest spillover benefits of the space may be all the weird stuff they choose to back next.

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Treating "medium of exchange," "store of value," and "unit of account" as truly distinct properties has caused a lot of muddied thinking. They are deeply inter-related concepts, and one hardly makes sense without the others. That's why we describe money as all three.

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At scale, a Turing-complete blockchain can be a platform for extremely expensive trust-minimized computations. Not a "World Computer" or "Web3.0". With very carefully written & very small no-library programs, it would be suitable for large-sum financial smart contracts.

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“We are just one scandal away from Bitcoin collapsing entirely.” New York Times, April 2013

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Bitcoin is one of the most tightly regulated currencies on the planet. Fortunately, Bitcoin is regulated by algorithms, which are pure; fiat currency is regulated by politicians, who are corruptible. I know which one I trust more.

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Run like the plague from "blockchains" that are based on the politeness of strangers rather than on minimizing the need to rely on the goodwill of strangers. A seamlessly global blockchain can be successfully run and used by people who hate each other.

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Why does Bitcoin keep growing? Because it's time to separate money and state.

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Anti-Bitcoin latest: "Have you seen how many freaking calories brains consume?"

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I just predicted a giant-epic-mind-blowing shitstorm that I'm sure will arrive in the ICO market at some point. When/if it happens I will quote-tweet this and be like: yeah, that's the thing.

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Protocols start undercutting banks and scaling up very fast. Mortgages, personal loans, credit cards, business loans all start to speed up and run on protocols instead of banks. The banks cannot compete with their low costs and risk algorithms. The interfaces are beautiful.

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Blockchains' open and merit based markets can replace networks previously run by kings, corporations, aristocracies, and mobs.

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SF will do fine but decline in relative importance. LA is too similar to SF, Austin is small, China isn’t free. Luckily, ICOs have decoupled Venture Capital from geography and we have finally begun the transition to the Internet as the home for the tech business.

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No single coin will "moon" by itself. Either the entire ensemble goes up together, or they all mop the floor, mired in regulations, scams and lawsuits. It's essential for the communities to work together.

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OH: “Silicon Valley used to be a counterculture. It’s not anymore. It is the establishment. The crypto community is the new counterculture.”

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I recommend crypto discourse changes emphasis from "eliminating the middlemen" to some combination of "shackling the middlemen" and "making the market for middlemen more competitive".

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One amazing thing about crypto is that if you say or write something insightful, people (for the most part) listen to you. Credentials, age, and social proof/status are all secondary.

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