There are 3 demand drivers for crypto, and understanding them helps me make sense of decisions people /projects in this space make. They are Freedom Use Speculation Shown diagrammatically on a standard distribution of people’s interests, it looks like The important bits from this Very few people care about freedom/decentralization as their goal – this […]

This is best read as state capacity fan-fiction, rather than any actual policy prescription. India should monopolize bitcoin mining, purely for political reasons. This is not something India should do to give Indian citizens better financial infrastructure or keep up with other countries in vague innovations. India should monopolize crypto to further its ambition of […]

This was originally posted to my old and now defunct Medium page. State of Play Blockchain data analysis firm, Chainalysis added Dash and ZCash to their transaction analysis product Electric Coin Company, the firm that develops ZCash, commissioned Rand to analyze the use of Zcash for illicit purposes.[pdf] Electric Coin Company tweets about Wilcox’s intent […]

This was originally posted to my old and now defunct Medium page. Blockchains generate a lot of data, transactions, addresses, fees, smart contract state updates, and more. Combine that with market data and trading data from the exchanges, and you have a glut of data sources to analyze and try to generate some insights. To […]

This was originally posted to my old and now defunct Medium page. In August 2016 Joel Monegro (then at USV) wrote about value capture for blockchain vs web protocols. It gave folks a mental model of how to value blockchain protocol tokens. According to this thesis, applications built on top of web protocols captured more […]

This was originally posted to my old and now defunct Medium page. Decentralization as a feature is multiplicative in nature. This creates a bottleneck where your network is only as decentralized as your least decentralized component. Code Let’s take bitcoin, for example, there is one code-base that accounts for more than 90% of nodes. This […]

This was originally posted to my old and now defunct Medium page. One way of categorizing networks is by their “connectedness”. The easier it is to get from and to any node in the network, generally the more connected it is. This property is very good for analyzing a network’s structure. The more connected networks […]

This was originally posted to my old and now defunct Medium page. I wanted to understand the core issues involved in the dispute between Aragon and Autark. I think they give an insight into how decentralization and transparency entangle with current jurisdictions. State of Play Aragon Association has claimed to initiate litigation against Autark for […]

This was originally posted to my old and now defunct Medium page. Every blockchain network can be broken down into the following components: entities, client software, mining network, and ledger. Entities do not transact directly but via the network. Each blockchain network has a way to identify entities uniquely. This is usually a public-private key […]

This was originally posted to my old and now defunct Medium page. The blockchain space, when seen as a monolith, is very confusing. It has parts whose priorities are opposite other parts. Each niche while lightly conforming to the ideals of a superset have wildly different views on what decentralization means, which compromises are ok […]