A boring week of little note…Aside from unfolding global market chaos and central bank money printing to the tune of trillions. Overnight US repo markets are now set at one trillion dollars. The Bank of England has slashed rates to 0.1% the lowest since its founding in 1694. On and on the money printing responses go. Of course, volatility is at extreme levels and shows no signs of abetting. The dollar is crushing other fiat as dollar demand sky-rockets.
Crypto has rebounded somewhat but it would be highly optimistic to assume the cryptosphere will escape further market turmoil.
Bitcoin, in particular, is beginning to look like an opportunity. The contrast between BTC and fiat is becoming ever starker and perhaps just perhaps a moment of inflection is approaching. Remember, first and foremost, this is a time of opportunity and or planning - you can worry later.
Picks of the Week
Much to be learned from this thread by Alex Kruger. Also of great value is this discussion of the systemic failures embedded in the current financial house of cards. Beyond the chaos - Nick Szabo is always worth listening to/learning from.
Collecting bullish-bearish metrics and contextualizing each (highly recommended):
https://twitter.com/krugermacro/status/1241032465038422017
- krugermacro
Ari Paul’s observations on recent crypto price action (recommended):
https://twitter.com/AriDavidPaul/status/1238488177347891209
- AriDavidPaul
Caitlin Long dissects current financial market chaos (highly recommended):
https://twitter.com/CaitlinLong_/status/1238915150368792576
- CaitlinLong_
Dump then moon?
https://twitter.com/woonomic/status/1240196283920515073
- woonomic
An opinion on the BitMex ‘hardware issue’:
https://twitter.com/lowstrife/status/1238818943147507713
- lowstrife
BTC continues to function as intended:
https://twitter.com/ChrisEspley1/status/1238827992127868928
- ChrisEspley1
Bitcoin sayings:
https://twitter.com/TheStalwart/status/1111336990358810624
- TheStalwart
More on BitMex and their possible role in crashing the crypto market:
https://twitter.com/SBF_Alameda/status/1238306306043162625
- SBF_Alameda
On simultaneous demand and supply shocks:
https://twitter.com/jdorman81/status/1237919443734282240
- jdorman81
A snapshot of recent central bank rate cuts (already out of date):
https://twitter.com/charliebilello/status/1239379398308114433
- charliebilello
This is not a drill - economic chaos is here and now (highly recommended):
https://twitter.com/RaoulGMI/status/1240330972039700480
- RaoulGMI
Reflections on central bank policy/economic chaos through the lens of 2008:
https://twitter.com/EdConwaySky/status/1239861925724422146
- EdConwaySky
Articles
Analyzing cryptos recent price collapse (highly recommended):
https://multicoin.capital/2020/03/17/march-12-the-day-crypto-market-structure-broke/
In this moment of crisis, Bitcoin shows its superiority over Wall Street:
https://medium.com/in-bitcoin-we-trust/in-the-midst-of-the-crisis-bitcoin-shows-its-superiority-over-wall-street-d9d8584526b3
What happens to Bitcoin in a financial crisis (highly recommended):
https://www.tokendaily.co/blog/what-happens-to-bitcoin-in-financial-crisis
Who sold off?
https://blockfoliorefresh.substack.com/p/solid-evidence-that-the-btc-selloff
A basic overview of Bitcoin’s design/purpose:
https://www.spectator.com.au/2020/03/everything-you-always-wanted-to-know-about-bitcoin-but-were-afraid-to-ask/
Play the long BTC game:
https://medium.com/shiftcrypto/prepare-your-bitcoins-for-your-heirs-dfc537811df2
Smart contracts and the insurance industry:
https://blog.chain.link/how-smart-contracts-can-decrease-information-asymmetry-build-trust-and-revolutionize-the-insurance-industry/
Discussing EOS token policy changes:
https://www.eoswriter.io/167603_eos-token-burn-wps-and-governance-featuring-ryan-bethem-of-chintai-io.eos
Arguing that the Corona virus is providing cover to failed government policies:
https://mises.org/wire/governments-are-using-coronavirus-distract-their-own-failures
Is the Corona virus about to call America’s bluff?:
https://www.theatlantic.com/ideas/archive/2020/03/coronavirus-showed-america-wasnt-task/608023/
Podcasts
A true titan of the cryptosphere - listen and learn (highly recommended):
https://www.whatbitcoindid.com/podcast/nick-szabo-on-cypherpunks-money-and-bitcoin
Discussing the stock to flow model pre-price collapse but just as relevant (recommended):
https://open.spotify.com/episode/5j6IBksfCZIEqyjAyqCxFP
YouTube
Alessio Rastani on when to buy (recommended):
Where to now post-crash discussion (recommended):
Sell, stay the course?
Caitlin Long on the range of deep structural financial issues which are now being exposed (highly recommended):
Focused on Australia but nonetheless provides a good overview of the current market challenges (non-crypto but relevant):
On central banks (hilarious presentation but highly recommended):
Infographics
Central banks scrambling to cut rates - historic lows abound:
https://twitter.com/charliebilello/status/1240750881294807041/photo/1
- charliebilello
Volatility anyone?
https://twitter.com/lawmaster/status/1241313291105964033/photo/1
- lawmaster
This was the state of the BitMex order book when they had their ‘hardware issue’ 19 million dollars to zero…:
https://twitter.com/lowstrife/status/1238283621816889345/photo/1
- lowstrife
Let’s not forget there’s a sea of opportunity out there:
https://twitter.com/Brad_Laurie/status/1239352477662605312/photo/1
- Brad_Laurie
Website / Utility
Useful DeFi comparison site:
Stay strapped in - plenty of ups and downs to come. As always, opportunity will present itself.
Note on Sources:
Twitter & Reddit (cryptos current meta-brains) / Medium / Trybe / Hackernoon / Whaleshares / TIMM and so on/ YouTube / various podcasts and whatever else I stumble upon. The aim is a useful weekly aggregator of ideas rather than news. Though I try to keep the sources current – I’ll reference these articles and podcasts etc. as I encounter them – they may have been published just a couple of days ago or in some cases quite a bit earlier.