Good morning,

A few updates on prior posts.

I spoke with one of the writers of the Sia community proposal and he shared some fascinating color on the events preceding the fork. Most interesting was that Nebulous originally intended to dedicate 20% of Obelisks to funding Nebulous. More recently, they’ve taken the position that manufacturer mining is unhealthy. In his words “It seems good on the surface but what drove their decision was hard economics, not protecting the blockchain.” In related news, Sia Classic is now a thing.

I received a lot of interesting responses to my post on games. Most interesting was Devin Finzer’s great point that using crypto doesn’t require “real scarcity.” You could mint more. So a game using crypto still has the “supply” lever in the biz model. I don’t think this is a reason for a successful incumbent game to use cryptogoods. But it does give crypto native projects more biz model options.

On to the update. Everybody’s favorite topic to hate: stablecoins.


As all of you know, USDTs (Tether’s stablecoin) has had a hell of a week. Fear of a USDT unwinding reached unseen heights, with the market pricing USDTs at $0.85 (a 15% discount to its peg) just yesterday. Today, it’s again trading at $1 on Bitfinex.

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Member updates

November 6, 2018

Coinbase tries to drive adoption of USDC (plus IDEX, CryptoKitties)

October 31, 2018

Keynesian Beauty Contest follow-up, regulatory grey areas and alegal projects

October 23, 2018

The (web3) client is in the hands of the enemy