“Come for the technology, stay for the memes” describes my relationship with crypto on most days. And thanks to Craig Wright, Hodlonaut, Peter McCormack, and every crypto exchange you care about, the memes were spicy this last week.

Brief context:

  1. Craig Wright (who claims he is Satoshi) filed a defamation lawsuit and declared a $5K bounty for the real world identity of Hodlonaut, a twitter personality that promoted the hashtag #CraigWrightIsAFraud
  2. Hodlonaut left twitter, inspiring a movement where people changed their names to some version of “Hodlonaut” and adopted their astronaut cat avatar
  3. Peter McCormack calls Craig Wright a fraud and also receives a defamation lawsuit
  4. The Bitcoin community rallies around McCormack, who issues this hilarious reply
  5. Binance delists BSV (the fork of Bitcoin backed by Wright) in support. Shapeshift and Kraken delist soon thereafter.

This article from Breaker summarizes the happenings in more detail.

The “serious” conversation following this saga revolves around “censorship.” Is a mass delisting of BSV “deplatforming” comparable to PayPal blocking Wikileaks from their payments platform? Or is a centralized exchange like Binance private property, affording CZ (the CEO) uncritiqueable control over the list of supported coins?

Already a member? Read the full update here

Become a member to get posts like this

Support the site and get members-only benefits

Subscribe for $100 a year

or subscribe monthly for $12 a month

Members receive a members-only analysis each week that is timely and substantial. I've been asked to be more opinionated and responsive to current events, so I'll try to do that in this more private forum. If you want my critical take on what matters in the industry, you might enjoy these analyses.

You can see a sample of a members-only analysis here. And a list of all of them here. Don't take it from me, check out these tweets from members:

  • "@tonysheng's writing is the best out there and this is worth every penny" --Myles Snider, CEO of Aurora EOS
  • "Highly recommend signing up for a membership if you're full-time in crypto or passionate about the space" --Spencer Noon, Managing Partner at DTC Capital
  • "All signal, no noise" --Zach Segal, Product at Coinbase

Over time, I'd love to develop more benefits like transcripts of podcasts (maybe host my own), a members-only discussion forum, AMAs with industry leaders, and more.

Thank you. I hope you'll stick around.


If you aren’t already familiar with my work, I write long-form analyses on building and investing in crypto, and the impact of crypto on society.

My readers include investors at Union Square Ventures, a16z, Village Global, Multicoin Capital, Scalar Capital, and Polychain and builders of Bitcoin, Ethereum, Zcash, EOS, Tezos, 0x, and Coinbase.

Some awfully nice things people have said:

Tony’s blog is one of the best hidden gems in crypto. The content is regularly some of the most insightful out there. I read every post with a fine toothed comb.

–Kyle Samani, Cofounder and Managing Partner, Multicoin Capital

Tony is one of the most insightful and independent writers in the space. His newsletter consistently provides original perspectives on crypto/blockchain fundamentals that inspire you to think more critically.

–Soona Amhaz, Cofounder and CEO, Token Daily

If you read one person’s writing in the space, make it Tony’s. Tony breaks down complicated crypto concepts and economic theories in ways that educate both the beginner and expert alike.

–Erik Torenberg, Cofounder and Partner, Village Global

Not a member? You're missing out.

Join thousands of crypto insiders who make reading my analyses a part of their weekly routine.

Subscribe for $100 a year

or subscribe monthly for $12 a month

Member updates

May 23, 2019

Ingredients for a good crypto game (Cheeze Wizards)

May 9, 2019

Are bitcoin reorgs bad? (plus on-chain cashflow)

May 2, 2019

Understanding Chamath Palihapitiya's optimism about cryptocurrrencies (plus Tether stuff)