Just finished reviewing Biden’s Executive Order on Digital Assets… Here are a few thoughts:

I have gotten a few questions about value accrual on layers. Hate to break it to you: - Execution layer: highly competitive, tight margins, a race to the bottom. We can see this from alt-L1s, where the sole gimmick is accruing as little value as possible.

Hot take: Everyone is wrong about the Metaverse. here's my 3 part theory..

@alexisohanian @cdixon …this may make Ayn Rand fans excited, but it incentivizes yet another concentration of power to those who can most efficiently deliver those computationally expensive services.

5) Which means that: a) most of the current energy usage will decay away as block rewards go down b) the rest of the energy usage will scale ~linearly with BTC price

I am often asked if I will “return to cryptocurrency” or begin regularly sharing my thoughts on the topic again. My answer is a wholehearted “no”, but to avoid repeating myself I figure it might be worthwhile briefly explaining why here…

"Blockchains change cap tables from a list of stakeholders into a community of believers." — @PatrickWStanley ↓ joinfreehold.com/posts/blockcha… pic.twitter.com/1WpQfiEMbP

The reason many people don’t get crypto is because they’re too busy looking for technical innovation rather than institutional innovation. The most exciting attributes of blockchains are about how we design and run internet institutions, not computational performance.

Tether Price Manipulation Thread: Tether has been manipulating #Bitcoin's price upwards for years now by printing unlimited, and unbacked $USDT. This thread will cover the controversial aspects surrounding Tether, and how it will eventually meet its demise. pic.twitter.com/vMwJxG35gF

Important Thread: If you don't think Central Bank Digital Currencies are coming, you are missing the big and important picture. This is going to be the biggest overhaul of the global financial system since Bretton Woods.