Tag: Bitcoin

SM Market Review (Sept 2021) Reflection, support and maintenance of fundamental value

October 1, 2021

Headline crypto markets were flat over the past month, which took me somewhat by surprise so in this months market comment I conduct a brief reflection. TLDR: Derivative markets, Evergrande fears and some regulatory fears put crypto on the back-burner. While I am reflective, I am unconcerned. Fundamentals are strong, bitcoin is deeply undervalued and … More SM Market Review (Sept 2021) Reflection, support and maintenance of fundamental value

SM (ed. 15) Bitcoin is the Reserve Asset of Crypto

September 24, 2021

There is immense value in the broader crypto ecosystem of decentralised financial technologies but the bright shiny lights of the fastest appreciating token also pose a risk. Desire to beat the market can distract us. Bitcoin remains the most important asset in the ecosystem because of its resilience to external attack. Bitcoin is a reserve … More SM (ed. 15) Bitcoin is the Reserve Asset of Crypto

SM Market Review (Aug 2021) 25% undervalued, substantial upside price risks

August 31, 2021

In the past we used to write more detailed and opinionated pieces on market conditions. We are veering away from that to a short and succinct monthly market comment. We’ll keep opinions more thematic in nature and release those separately. What has happened in the month of August? After reaching a low of $29,800 in … More SM Market Review (Aug 2021) 25% undervalued, substantial upside price risks

SM (ed. 14) Crypto yields are sucking in trad-fi

August 27, 2021

Traditional investors are confounded by the yields available in crypto. We earn next to nothing on traditional dollars but earn 5%+ on crypto dollars. I can imagine traditional investors look in from the outside and think “this is too good to be true!”, “Those bright shiny lights in the distance are going to blow up … More SM (ed. 14) Crypto yields are sucking in trad-fi

SM (ed. 13): Stablecoins - bitcoin’s Pandora’s box

August 13, 2021

Stablecoins are an important and revealing innovation. With deep liquidity, lightning-fast settlement, and dramatic user growth these crypto USDs pose important questions for regulators and traditional financial markets. TLDR: Stablecoins present both challenges and opportunities to regulators, the financial system, and investors. The unfolding regulation of these instruments provides insights for the clash between centralized … More SM (ed. 13): Stablecoins - bitcoin’s Pandora’s box

SMM: (ed.12) Illegitimate government policies raise self-custody imperative

July 9, 2021

The South African government is attempting to apply capital control regulations to the crypto industry. These regulations are an apartheid government relic and are difficult to apply to crypto. Bitcoin’s decentralized, permissionless and censorship resistant technology will find ways to circumvent regressive regulations. If government undertakes the large administrative burden required to execute these policies … More SMM: (ed.12) Illegitimate government policies raise self-custody imperative

The Book of Satoshi

June 7, 2021

Great to contrast bitcoin’s humble beginnings on a cypherpunk mailing list vs. the institutionally investable $1tn network today. Or perhaps we can contrast the collaborative atmosphere of the early contributors vs. the tribal warfare waged on twitter today. While many things have changed, many have not. Bitcoin scaling, transaction fees, privacy and numerous other topics … More The Book of Satoshi

SMM: (ed.11) The ESG Solution

June 4, 2021

The environment is precious, resources are scarce, and we are compelled to sustain this beautiful planet for future generations. Bitcoin’s detractors single out bitcoin mining as regressive and environmentally damaging, which catches the eyes of the increasingly powerful ESG and green movements. But this approach reveals a gross misunderstanding of the technology. This month’s article … More SMM: (ed.11) The ESG Solution

Hand writing FUD – Fear Uncertainty And Doubt with white chalk on blackboard.

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Bitcoin update: The bull-market is not over

May 20, 2021

Bitcoin and the rest of the crypto ecosystem experienced a hair-raising correction in the past week but I expect the bull-market to continue deeper into 2021. The market structure might be changing slightly as institutions play an important role so we have to wise up to the risks they introduce. But we cannot be fearful … More Bitcoin update: The bull-market is not over