The Week To Be In Crypto [02/04/2019]
read and tip on cent: https://beta.cent.co/+mh33yr
Market Overview
As the crypto community has contracted with the protracted price depression from the overall high its only natural that the opinions distill further and become more intense. “Maximalism” is one of the major themes of the last couple weeks with plenty in the
- bitcoin maximalist — All other tokens are garbage at best and scams at worst
- ethereum maximalist — Ethereum has all of the developers, game over
As with all things in life these arguments lack nuance but I hope all of the arguing helps both sides hone their pitch for why crypto is so powerful from their perspective and long term yields some strong foundations for us to build the next wave of adoption on. It is frustrating that everyone cant get on the same page, understand no one knows exactly how this is going to play out, and focus on the overall end goal we all seem to agree on. Like most grand ideals that would require people to stop being people so Im not holding my breath. In the meantime it’s my take that the different sides aren’t even arguing about the same thing, and one of the biggest pieces of news this week that came out of the least populated state in the United States breaks it down pretty well.
CHAPTER 29
DIGITAL ASSETS
34‑29‑101. Definitions.
(a) As used in this chapter:
(i) “Digital asset” means a representation of economic, proprietary or access rights that is stored in a computer readable format, and includes digital consumer assets, digital securities and virtual currency;
(ii) “Digital consumer asset” means a digital asset that is used or bought primarily for consumptive, personal or household purposes and includes:
(A) An open blockchain token constituting intangible personal property as otherwise provided by law;
(B) Any other digital asset which does not fall within paragraphs (iii) and (iv) of this subsection.
(iii) “Digital security” means a digital asset which constitutes a contract, transaction or arrangement where a person invests money in a common enterprise and is led to expect profits from the efforts of a promoter or a third party, and does not include any other asset within the meaning of security under W.S. 34.1‑8‑102(a)(xv);
(iv) “Virtual currency” means a digital asset that is:
(A) Used as a medium of exchange, unit of account or store of value; and
(B) Not recognized as legal tender by the United States government.
(b) The terms in paragraphs (a)(ii) through (iv) of this section are mutually exclusive.
This legislation buckets digital assets in 3 categories and this is where I see the market in each of them.
- Money — Bitcoin is likely to be the winner if anything is to “win” (BTC maximalist)
- Securities — Better tool for managing existing financial instruments (settlement layer) — ethereum has a massive lead here for out-of-the-box security issuance, trading, etc.
- Usage/Utility — Applications, games, marketplaces can simplify operations with a native token. This is where the majority of junk/scam tokens live but I think it will be part of the future digital economy. Ethereum has a lead here but I don’t think the moat is very wide or deep. Both sides are right here imo.
All of the crypto community in California and New York were so excited they took the time to praise the legislation but ended up questioning the very existence of the state. Guess this is why we cant have nice things.
What I’m Buying
Nothing new on the radar this week. Happy to look into any new projects and post a short review next week if you want to drop a request in the comments.
Recommended Media
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From the Slack
A collection of content from The Bitcoin Podcast slack group the past week
Introducing Plasma Group
TLDR: We’ve created a simple way to deploy your own plasma chains.
medium.com
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