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I just published the latest version of “An (Institutional) Investor’s Take on Cryptoassets”
John Pfeffer
675 posts
John Pfeffer
@jlppfeffer
Free your mind. Your ass will follow.
Joined May 2011
- The first trillion is the hardest.
- There are two types of Bitcoin owners. Ones who use it as a safe haven and ones who see it as a speculative risk asset. The ascension of the price of Bitcoin is a function of the process of the latter selling to the former over time, so there are always two opposing currents.1/2
- The problem with responding to bad faith takes like this one is captured by Brandolini's Law. "The amount of energy needed to refute bullshit is an order of magnitude larger than is needed to produce it." And unlike @RaoulGMI, my business isn't selling podcast and newsletter subsFor the Bitcoin Maxi’s: when ETH launched it was at 0.0007BTC. 6 years later, it is at 0.07. That is 100x vs BTC over the period you called it a shit coin. The whole Pfeffer argument of utility value goes to zero has been proven wrong due to network effects Facts matter. 1/
- Replying to @jlppfefferI've never been more bullish about #Bitcoin . The whole world is now seeing what it's for and why it's important. Its financial value and its value to humanity.
- Replying to @jlppfefferThe former current tends to build relatively steadily and the latter current flips, accelerates and decelerates much faster. At some point, there will be no more speculative holders left to sell, but there’s no upper bound to safe haven buyers. You just have to be patient. 2/2
- Map of the internet in 1973. "Even 12 years after the first message was transmitted on the ARPANET, there were still only 213 computers on the network." Give #lightningnetwork some time. @lightning #bitcoin Source: visualcapitalist.com/paper-map-earl…
- Founders of the world: come to #Uruguay ! Welcoming, stable, secure, democratic, secular, business and tax friendly, great infrastructure, less corrupt than the US, good schools, quality public healthcare, great lifestyle, relevant time zone and a thriving tech sector.A potential danger to America I didn't consider till now. The Bay Area seems to be less attractive to founders. What if this makes America as a country less attractive to immigrant founders? What if instead of going to another US city, they don't go to the US at all?
- It's my pleasure to make a six-month grant to Antoine Riard github.com/ariard to continue working on #bitcoin #BTC #LightningNetwork open-source development following his residency @ChaincodeLabs
- The best democratic countries to move to - Business Insider - #Uruguay deservedly right at the top of the list! The article doesn’t mention that Uruguay is also super-easy to immigrate to and very tax-friendly. Perfect for tech founders. 🇺🇾💙🤍💛
- Replying to @jlppfefferWe're still in an almost purely speculative phase where there is little signal in price (see SHIB) and are far from anything ressembling a mature state. The forces of protocol competition and the efficient use of protocols by users have just begun to be felt. Let's see in 10 yrs!
- Replying to @cryptomanranDiversifying in crypto is like a world champion poker player hedging her earnings risk by playing slots on the way to the poker table. The way to diversify an investment in Bitcoin is to invest in a sensible portfolio of non-crypto assets.
