Musings on Technology
A personal collection of notes, reflections, and essays on technology, finance, and building — written over the years as I made sense of the ideas shaping our industry.
My Blockchain Thesis After Eight Months
After eight months studying and writing about blockchain, my view has crystallized: crypto prices are noise; infrastructure is signal. Here is the thesis I’m carrying into 2018 — and the questions I still don’t have answers to.
Bitcoin Futures Launch: Wall Street Enters the Arena
With CBOE and CME preparing to launch Bitcoin futures, the boundary between crypto markets and traditional finance is dissolving. Futures will change market structure, invite institutions, and introduce a new phase of price discovery — for better and worse.
CryptoKitties and the Unexpected Use Case for Blockchain
A game about collecting cartoon cats has congested the Ethereum network. It sounds ridiculous — and it is — but CryptoKitties reveals something important: consumer demand is a forcing function for infrastructure.
Bitcoin at $7,000: Bubble or Paradigm Shift?
Bitcoin has crossed $7,000 and shows no signs of slowing down. The bubble comparisons are inevitable — tulips, dot-com, South Sea. But what if the better analogy is not a bubble at all, but the early adoption curve of a transformative technology?
Stablecoins: The Bridge Between Crypto and the Real Economy
Crypto's volatility makes it unsuitable for everyday commerce. Stablecoins — cryptocurrencies pegged to fiat currencies — solve this problem and may become the most important innovation in the blockchain space.
The Institutional Investor's Dilemma: Ignore Crypto or Engage?
CME Group is preparing to launch Bitcoin futures. Fidelity is exploring crypto custody. The institutional world can no longer pretend crypto does not exist — but engaging with it requires navigating unfamiliar risks and uncomfortable questions.
Ethereum's Roadmap: From Frontier to Metropolis
Ethereum's Byzantium hard fork is approaching, bringing significant upgrades to the network. But the real story is the ambitious multi-year roadmap that aims to transform Ethereum from an experimental platform into global financial infrastructure.
China Bans ICOs: What It Means for Global Crypto Markets
China's decision to ban Initial Coin Offerings is the most significant regulatory action in crypto's short history. The immediate market impact is severe, but the long-term implications are more nuanced — and potentially positive.
Crypto Exchanges: The New Investment Banks?
Binance launched in July and is already processing billions in daily volume. Crypto exchanges are becoming the power brokers of a new financial system — listing tokens, providing liquidity, and extracting fees that would make Wall Street blush.
The SEC, the Howey Test, and the Future of Token Sales
The SEC's DAO Report has sent shockwaves through the crypto industry. By applying the 1946 Howey Test to digital tokens, the regulator has drawn a line that will reshape how projects raise capital — and that is probably a good thing.