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

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)