Crypto's Consumer Era

Back after a long hiatus, hello to all 725 of you! I’ll be sharing more regular thoughts on crypto & consumer here. Thank you for following along with me!


A few years ago it was common to hear the phrase, “we’re still waiting for crypto’s killer app.”

Crypto markets weren’t quite ready for mainstream attention. The past five years of crypto were heavily focused on financial infrastructure and technological foundations.

But we’ve now experienced early product-market fit in DeFi, an explosion of projects like NBA Topshot, Axie Infinity, Cryptopunks and onboarded the first ~100M users to crypto. The next 100M crypto users will be driven by consumer protocols, DAOs and applications.

Traditional consumer has gone through a transformation in the past thirty years. Consumer was about the physical -  food, beverages, media and entertainment. But eventually, the internet offered a digital business model for everything physical. Consumers now access virtually any product or service with a few clicks. Consumer brands have vastly expanded their distribution and business economics due to the internet.

So what will define the next consumer transformation? Crypto. There are 3 major reasons why crypto is poised to do this:

Ownership

Crypto enables ownership from day one-- a powerful concept. For the first time, users can partake in the growth and success of the products and communities they are a part of, from the beginning. Ownership changes the model from extractive to additive. The main mechanism for ownership has been via tokens - whether they are fungible or non-fungible. Tokens offer users the ability to partake in governance, access user benefits, and more. Tokens turn users into advocates. Each additional user in a given network benefits alongside the entire network. Rather than providing content, time, attention for free, they are rewarded for making products and services successful.

24/7 Markets

Second, is the nature of crypto markets. Crypto never sleeps. Similar to how the internet trained millions of users to fast instant community, 2-day delivery, and simple UX, crypto will train users to expect 24/7 markets. The past decade has seen exchanges like Coinbase and Binance grow a user base that’s come to expect 24/7 global markets. DeFi is accessible to anyone with an internet connection. We’re now taking this to the next level by making the internet ownable. Marketplaces like OpenSea provide exposure to non-fungible tokens at any time of day. Consumers are shifting expectations to meet this cadence.

Open Access

Lastly, a defining pillar for crypto is around open global access. The internet turned e-commerce, advertising, and media into global all-consuming models. Advertisers are able to personalize and target users while social media launched the influencer career model. However, the beneficiaries of the internet continue to be limited to a smaller set of stakeholders. Geographical constraints will continue to fall away, giving users opportunities to work and play online in manners that weren’t previously available. The focus is now on the long tail of creators and communities.

But isn’t everything “Consumer”

The first decade of crypto was about finding our footing. We saw the highs and lows of an emerging asset class and a (still developing) smart contract ecosystem.

We still have a long way to go when it comes to scaling, infrastructure, and user experiences. But, I’m certain that we’re reached a point where narratives and stories will allow us to scale.

Until we shift away from our past shadows, it’ll be challenging to resonate with what’s to come. What’s better than telling? Showing.

Over the next decade, we’ll start to see bottoms-up brands, business model reinvention, and community ownership take off. The consumer category in crypto will create opportunities we haven’t even thought of yet. The outcome, I hope, will be one that is fairer and more equitable to all participants.

The old rules do not apply and I’m excited to be a part of the new playbook. To make this more real, here are 5 breakout categories I’m watching:

1 | Curation-as-a-Service

The internet made it so we are all consumers, creators and curators. As we are constantly reminded in our online lives - we are the product. Curation implies taste, and requires effort and skill to do so correctly. But that being said, we are all curators. We curate with our likes. We curate with our comments. We also curate via promotion. Sharing within our network and beyond. While the internet has created a business model around affiliate programs and links, ultimately, the curation space remains relatively untapped.

Web3 offers an opportunity to curate with clear financial incentives and social status. What once took place across blogs and newsletters will soon find ways to curate where you can tip creators, earn money via curation, and create massive economic graphs. For example, Yup, is a curation protocol that provides an opportunity for users to curate and build their influence accordingly. Collector DAOs are curating NFT investments and making a bet on the future success of these projects. Curation-focused products allow digital content to become organized irrespective of the platform it lives on. Social token design can create a system where users earn for curating content and split the benefits with both the curators and creators. Being early has always had value, but web3 allows you to benefit from it.

Notable projects: YupBitcloutVerse

2 | Social DAOs

Social DAOs are tokens backed by the reputation of an individual, brand, or community. These DAOs typically have the following structure: a shared mission or purpose, a strong community, and tokenized ownership. Web3, and more specifically tokenized incentives, allow for social communities to quantify their value and share in the upside.

Today, there are a few dozens of social token DAOs, with FWB taking center stage as the leading player. FWB, Friends with Benefits, provides a window into some of the coolest creators and thinkers in Web3. Together they’ve created a digital space that fosters conversation and translates that into digital and IRL events, editorial content and more. Infrastructure providers like Rally and Coinvise are providing the tools to allow these social token communities to thrive, with token infrastructure as well as creator support. It’s still early days for social token DAOs but I’m bullish this category will grow extensively in the coming decades.

Notable projects: FWBCoinviseRally

3 | Play-to-Earn Games

Play-to-earn games are the newest gaming business model to take the spotlight. Although the model has been for decades, blockchain applications are unlocking ways to earn and own in-game assets. Virtual in-game assets are plentiful but are confined to a one-way economy, where game publishers create and users buy. Despite spending millions on virtual assets, users ultimately have no ownership rights over these assets. With the play-to-earn category, users are working within games to earn in-game assets in the form of NFTs, tokens or otherwise. As more people play the game, the collective value increases while benefiting users. This introduces digital property rights, two-way markets, and in-game scarcity

Axie Infinity is the most popular play-to-earn game in the blockchain world, with nearly $500M in protocol revenue generated to date. Yield Guild Games, is an organization of players, who all play games where they can earn in-game currency or assets. Play-to-earn games allow users to participate in the upside while growing the games they enjoy playing.

Notable projects: Axie InfinityYGG

4 | Digital Spaces & Showcases

NFTs are a tool. They allow users to tell a story, share context, collaborate, raise funding and more. As NFTs become increasingly popular, the next question arises - where do we put them? As the concept of the metaverse takes off, I’m interested in digital spaces and showcases where users can share their NFTs, socialize with others and build deeper connections. Whether it is about incorporating virtual reality (like CryptoVoxels), developing museum style exhibits (JPG Gallery) or combining the physical and digital (CryptoVenetians) there are significant opportunities to explore.

Notable projects: CryptoVoxelsSuper Rare SpacesCryptoVenetiansGalleryJPG

5 | Bottoms Up Brands

I’m fascinated by the concept of bottoms up brands. I define bottoms up brands as community driven, mission-oriented brands with distributed IP. This could be a particular type of PFP and the IP around it, products like PartyDAO or entertainment like Crypto Punk Comics. We’re in a world where communities are crowdsourcing product roadmaps, DAOs are spinning up to support a particular project and IP is becoming decentralized. Bored Apes Yacht Club, has done over $500M in GMV, and $100M + in revenue in a short four months.

Loot project, is another great example, of IP that starts in the hands of the community who then build games, avatars, media around the original IP that was distributed. Rather than having a team or a top-down vision, it’s entirely driven by the community of lootbag holders and supporters.

The success of a bottoms-up brand starts and ends with the community that supports it. Communities come together to make a particular product recognizable and known for something.

Notable projects: PartyDAOBored Apes Yacht ClubLoot

As John discussed, Web3 changes the internet’s logic. In doing so, its turns users into owners, with an inventory of tokens, NFTs, communities that represent their online presence. Consumer brands will emerge from this landscape in new ways, economic graphs will be explored, and ultimately, participation will drive consumer adoption. These are simply a few examples of what the future will look like, but I imagine we’ve only scratched the surface.

If you’re building at the intersection of crypto x consumer, please reach out!

Many thanks to Cooper Turley and Brian Flynn for their feedback. This post was originally published on Mirror.

08 | Defining Internet Culture

Gamestop, Dogecoin, NBA Topshot...what's next?

Welcome back to Two Cents! I cover crypto broadly with a focus on questions around adoption, product design & business. If you haven’t subscribed yet, follow along by subscribing here:


image of Beeple’s “Everydays - The First 5000 Days” NFT

Eight weeks ago, a majority of the tech industry didn’t know or care what a non-fungible token was. Non-fungible token is quite possibly the least sexy internet term we could’ve come up with.

So - what happened? I’d say the real trigger point was NBA Topshot’s success and virality. This was followed by a wave of influencers discussing NFTs on Twitter and Clubhouse. The “sudden rise”, was preceded by 4+ years of development and grinding by the crypto industry. The real backdrop is a shift in online culture, powered by a few underlying ideas.

First - a quick review of NFTs and the current state.

  • NFTs make it possible to have code attached to any digital media. This includes digital art, gaming items, music, collectibles, and more. This code provides authentication, transparency, scarcity, and transferability to these items.

  • Today, value primarily flows to intermediaries, with economics heavily skewed towards platforms

I like the way Jesse Walden describes NFTs:

NFTs represent a way for creators to create, own, sell and benefit from their work. NFTs provide independence, authenticity, and scarcity in a way unlike anything we’ve seen online before.

How will this evolve internet culture?

I have a few ideas. First, I think the creation of new schelling points will be a huge shift, as described by Alex Danco. Schelling point is essentially a fancy way of saying, where the masses congregate (I’m paraphrasing). Between 2009-2020, online communities have congregated on platforms like Facebook, Twitter, Reddit, Discord, and more. With NFTs, the platforms themselves are unlikely to be the schelling points. Instead, online communities and fanbases around NFTs will be the center of the discussion.

Here’s how Alex describes it

“So whether we’re talking about product traceability or authenticity; multiplayer digital art; or any new application we haven’t thought of yet, having NFTs as a Schelling Point for discussion is a fast and powerful way to get lots of different people - developers, artists, merchants, influencers, whoever - to a common gathering place. These are groups of people who, normally, do not speak the same language, and would not find each other at the same parties. So the fact that we now have a common, obvious, and fun gathering place that everyone knows about, in and of itself, is very cool.”

NFTs are quickly becoming the “it” category for how creators and brands will evolve.

Second, is the emphasis on working online. The rise of creators has been primarily fallen into two models: the mega-influencers who monetize their brand and micro-influencers who found a passionate online hobby. What are we really missing? A middle class for starters. A new economic model? As Packy puts it:

“People follow people, not companies, but companies have long had the advantage because of all of the coordination it takes to build scaled products. As a result, they capture a disproportionate share of the profits. Even Creator Economy platforms like Substack and TikTok treat creators themselves as commoditized supply. While people are making great livings through their work, which is a great step, I think the confluence of the Passion Economy, DeFi, and NFTs will mean that the creators themselves will capture the lions’ share of the profits.”

The person is the product. The evolution of internet business models points to favoring individuals > corporations. Internet culture will focus on finding your niche and doubling down. NFTs enable online social status by “discovering” the next famous artist, musician, DJ, or whomever and having proof that you backed them first.

Lastly, I want to talk about memes.

Proof of memetic culture grows with each passing year. It’s a defining quality of the best internet content and platforms. Now, it’s spreading to investing. Whether it’s Gamestop or Dogecoin, meme investing is becoming a legitimate, albeit risky, investing strategy. Finance is infiltrating our online culture. I’ve witnessed this firsthand with DeFi. But honestly, I think it’s about the get much bigger than anything we’ve seen. I really enjoyed John Luttig’s observations:

“Today, social media is a magnifying glass for wealth. Posts of wealth generation abound: from DFV’s reddit posts, to Chamath’s IRR tweets, to Elon’s Dogecoin memes. Social media acts as an emotional coordination layer, increasing the amplitude and frequency of culture. Jealousy, resentment, and fomo are more viral and powerful than ever, particularly when everyone is on their computer all day post-lockdown.

What Instagram did to body image, wallstreetbets and Twitter are doing to bank account image.”

The financialization of internet culture has long been underway. Up until recently, we’ve taken the physical and monetized it via platforms. Experiences, filters, blogs, vlogging. Moving forward, the content itself will be ownable. I suspect memes and virality will become a key component of how we value content you own.


Elsewhere

Female founders in crypto - please reach out! Would love to chat more!

I shared some views on Consumer & Crypto, if you’d like to dig further.


Signing off! Hope you all have a wonderful weekend.

07 | It’s bitcoin’s world. We’re living in it.

Hey all, thanks for subscribing. I’m back with Two Cents, after a hiatus late last year. I hope everyone had a safe and happy new year! 2021 is a banger already. This year I’ll be focusing on questions related to crypto products, adoption, and design. I’ll also be providing a few project updates through this newsletter. As always, would love to hear from you on how I can make this newsletter better or say hi!


Bitcoin’s existence and future success, have become heavily derisked. In the U.S., ~90% of adults are aware of bitcoin, with growing conviction. As an investment - bitcoin generated the greatest returns of the past decade. But what I love about bitcoin, is that it keeps proving the world wrong. It’s multi-faceted, meaning something different to everyone, and has generated one of the most intellectually stimulating debates of the decade.

What does bitcoin ownership say about its history?

This question has a lot to unpack. Bitcoin is widely regarded today as an aspirational store of value, a gold 2.0. But it’s taken a decade of narratives to get to even this point. As a user-owned network - the people who hold or use bitcoin also participate in the value created. For some, bitcoin is simply a speculative bet. For others, it’s a way to opt-out of the traditional financial system or send value anyware. It’s a censorship-resistant technology. It’s more personal than simply an investment to some. Although it might seem obvious to those in the crypto industry, it's worth exploring at a high level how someone comes across bitcoin. Who owns it? What are the entry points for bitcoin today compared to a decade ago?

The first question has a few data points. Studies like the Cambridge Cryptoasset Benchmarking Report, suggest there are over 100M users of bitcoin. This likely represents the lower bound of users around the world. Bitcoin was a retail phenomenon early on. The first 5+ years of bitcoin was primarily driven by individual investors rather than larger institutions. But things are different now. The recent bitcoin rise points to a much more institutional investor base (e.g., hedge funds, family offices, public companies). We know, for example, Microstrategy, Square, and a few public hedge fund positions account for millions of 2020 bitcoin purchases.

What are the entry points for bitcoin adoption?

The market is quite diverse today. First we have crypto-native products & solutions, initially built to solve a market problem. Next we have products that aim to onboard users easily, such as earning bitcoin. Lastly, we have existing fintech brands integrating bitcoin services. I’ll describe each briefly - as well as how each addresses a different demographic.

Crypto native - this category deserves its own in-depth breakdown but I’ll keep it brief. Since the early days, crypto builders took to themselves to develop exchanges, wallets, custody to natively support these assets. Nothing else existed. This is where the cypherpunks, libertarians and early crypto enthusiasts quite literally built the infrastructure. Today, the most popular U.S. exchange is Coinbase, which services 43M retail users and hundreds of institutional clients. For those who do not want to use a 3rd party custodian like Coinbase, there are dozens of self-custody wallets available. The majority of new retail users are likely to find their way to a Coinbase, Gemini, etc. unless they have done serious homework.

Earn / Use It - This category encompasses those trying to seamlessly onramp new users to crypto. This includes earning bitcoin through browser extensions like Lolli or earning cash-back rewards on debit cards / credit cards like Fold or BlockFi. This adoption funnel is primarily retail-focused, where users get exposure to bitcoin without requiring a major shift in their behaviors.

Fintech meets bitcoin - Lastly, we have the availability of bitcoin on popular fintech platforms. This includes Robinhood, Square and most recently, PayPal. These services onboard users that are (1) crypto curious but not willing to go open a new account (2) offer differing demographics. PayPal has 300M+ users globally, while Square and Robinhood are more millennial / gen-z US-based. With the most recent bitcoin price surge, we saw a rise in interest for these products.

What are alternative ways to get exposure to bitcoin?

Grayscale’s GBTC bitcoin trust has been an institutional favorite despite them charging a premium on the price of bitcoin. Grayscale has $20B in AUM, doubling from $10B in the past few months. In the public markets, ARK Invest’s ETF offers exposure to bitcoin, as well as buying public company stock where they hold bitcoin as a part of their reserves (e.g., Microstrategy and Square). A potential ETF approval in the next 24 months, which would represent a major adoption funnel for retail investors.

What am I missing? How many people will get their hands on bitcoin and how do we ensure this is a distributed, decentralized technology in the hands of many. What will the next 100 million look like?

A few ideas:

  • While bitcoin is available to everyone - the next immediate phase of bitcoin adoption will largely be seen by sophisticated investors and institutional appetite. This is largely why I think consumer-facing products are incredibly important to continue to build diverse and accessible onramps.

  • Emerging market adoption of bitcoin has been slowly building, but I think will see an explosion in the next decade.

  • The financialization of bitcoin will extend the ways investors get access

  • Governments will begin quietly accumulating bitcoin, this may already be the case

  • Owning bitcoin will become part of the “model portfolio”


Until next time! If you enjoyed this post, please feel free to share it!

06 | The Perfect Storm

Are we at an inflection point for DeFi?

Hi all, this is Kinjal! Welcome to Two Cents - a monthly-ish newsletter on my thoughts and favorite reads in crypto, tech & business. I’m still finding my groove so Two Cents earns a spot in your inbox - if you have suggestions on what you would like to read about please let me know! If this was forwarded to you and you want my two cents - subscribe below:


Stats From DeFi Pulse

It’s been really fun to watch the decentralized finance or “DeFi” space grow recently. For those of you who are less familiar, DeFi loosely refers to financial products & services built on public protocols and open-source software. What started out as an idea has taken off, with nearly $2B+ in assets locked in the ecosystem. Since 2017, the crypto industry has been growing strong, albeit without that same dangerous mania we witnessed with ICOs. Over the past two weeks though, people felt ICO level excitement.

We’ve started to feel some palpable energy. So what gives? Crypto projects are shipping at a crazy fast pace - new tokens, growth hacks, and excellent UI. Speculation is still the main use case for platforms bootstrapping liquidity, but in doing so, they hope to sustain longer-term growth. Despite the recent growth, DeFi is still in its “toy” phase - many cool projects are looking for that killer app. But to anyone watching closely, DeFi has proven itself to be resilient and crazy innovative over the past 18 months. Jesse Walden wrote up a great post about DeFi crossing the chasm and how DeFi might make its way to mainstream adoption. He discusses three popular narratives: (1) banking the unbanked (2) institutional adoption, and (3) a real crypto economy. I tend to think it’ll be a combination of all of the above. But there is a missing piece here - the context of the world DeFi is maturing within. There are three broader trends I believe are important to the success of DeFi.

(1) Memes | Investing culture is increasingly becoming a sport.
Meme investing is a hallmark of crypto and now, its found its way into the stock market. We have David Portnoy doling out advice on YouTube, Hertz brought back to life momentarily, and the stock market hitting all-time highs in the middle of the pandemic. Memes are mainstream and investing is increasingly becoming a sport. This behavioral shift from niche to mainstream audience behavior could alter how individuals engage with trading platforms of the future. This attitude lends itself well to DeFi, albeit with high degrees of risk.

(2) Content Creators | Own your distribution
The time for individual content creators to shine is here. However, unlike the early days of social media, there is a new mantra: own your distribution. Creators continue to rely upon aggregators but are constantly looking for ways to maintain control over who they reach and how they engage with communities. Crypto projects are poised to provide economic tools for the creator economy. Whether it’s monetizing a creator specifically or coordinating incentives for new product launches - crypto projects like Roll and Foundation are providing an economic incentive layer for creators that will increasingly be in demand.

(3) Globalization | First with communication, now with money.
The web made it easy for anyone to communicate with anyone around the world. Yet, financial markets remain relatively siloed. With the onset of financial companies removing global barriers for payments, infrastructure, and more (e.g., Stripe), markets are opening up. DeFi platforms take this idea of open access even further. While the globalization of the internet may not solve all the “unbanked” challenges, I do believe the macro trend will open up paths for adoption in DeFi that would not have been possible a decade prior.

It’s unclear if we have the perfect storm yet for DeFi to really cross the chasm, but it certainly feels like we are witnessing an inflection point in financial markets. Would love to hear other thoughts on why the DeFi ecosystem may or may not be successful - and what’s needed to get there.


Monthly Links

Crypto & creators

  • Foundation is experimenting with building markets on ethererum for creators. This paired with Jesse Walden, Fred Ehrsam and Blake Robbins’ podcast on crypto & creators is a great explainer on the opportunity space.

  • Li Jin touches upon critical crypto ideas with her thread on platforms vs. creators

Meme investing & the Robinhood casino

  • The markets saw some wild behavior with Hertz - I loved Alex Danco’s breakdown of this.

  • Howard Marks shares thoughts on the rally and risk vs. reward in this sobering memo.

  • Anuj Abrol is doing an experiment called The Witty Transparency Fund that I’m looking forward to following - the goal is to emulate Chamath’s investing style.

Odds & Ends

  • Tracey Young’s account of being a female founder is a must-read.

  • Laura Deming’s writing is mature beyond her years - this thoughtful post on how not to be sad is brave.

  • I’m working my way through this masterclass list of essays. Will Haynes kindly aggregated them in this Notion page.

Monthly Mood 😂 we all are just giving up

05 | User-Owned Networks

How Do You Know When Your Resilience is Low? » Community | GovLoop

I’ve been thinking about user-owned networks recently, and how covid has allowed their resiliency to shine. One example of user-owned networks are crypto networks. These networks rely on open source code, and anyone with a computer can participate. What does it mean to be a user-owned network? Here’s one definition.

User-owned / ownership, thus value, is distributed across participants.

Networks / a group or system of interconnected people or things

User-owned network / A group or system of interconnected users who are all also owners

The internet could be considered the best known “user-owned network.” There’s no CEO of the internet; its infrastructure abides by a set of common open-source protocols. All users of the internet contribute to the network effects it benefits from. You use the internet, and you also benefit from the fact that other people use it. However, the web is siloed, with value aggregated into applications built on these protocols.

Bitcoin is a true user-owned network. There are three attributes I believe are important for a user-owned network:

  • the ability to generate value

  • the ability to use shared infrastructure

  • the ability to secure the network.

On the internet, most of the value is generated by individual companies and applications built on top of internet protocols. In the bitcoin network, any user can generate value (by holding / using bitcoin), use its shared open infrastructure, and theoretically, secure the network.

User-owned networks are a powerful idea.
Many Web 2.0 companies have successfully built network effects: each additional user to the network contributes to the increasing value in the network itself. Facebook is a prime example. Every time a new user joins, the platform becomes more valuable. Most of the value, especially the monetary value, goes to Facebook.

Bitcoin and Ethereum are perhaps, truer user-owned networks. With these networks, individuals have monetary incentives to participate, without being part of an '“organization.” As Jesse Walden explored in Crypto Business Models, these incentives can further entrench the network effects. By tying financial participation with the network itself, the switching costs increase. If I leave Facebook, I don’t lose my friends. But if I leave the bitcoin network, I can’t benefit from bitcoin appreciation. This reinforces the ability for these networks to scale.

That said, there are a number of tradeoffs associated with UONs.

  • A lack of formal governance can lead to a ‘tragedy of the commons’ situation, where a few parties end up being responsible for most of the work.

  • Without proper incentive alignment, networks can struggle to scale.

  • The open-source nature of projects introduces a different competitive dynamic where ideas can be easily copied and modified, although it’s not as easy as copy & pasting code.

However, crypto networks as UONs might have mitigated some of these tradeoffs.

Crypto user-owned networks have strong incentives built into the system
In the bitcoin network, there are three types of users: miners, developers, and users. Each group has an incentive to participate in the network for its collective growth. Miners secure the network and make money from the fees associated with doing so. Developers, who usually also use bitcoin, maintain the code and make network / governance related decisions. Users can be defined as anyone who holds, buys, sells bitcoin, and believes in its value as a non-sovereign store of value asset.

Initially, bitcoin’s community was largely powered by ideology and values. There wasn’t much incentive to build or participate outside of philosophy. However, as the network grew, so did the monetary incentives. There are now financially motivated players; financial incentives are pushing people towards the network.

This makes the bitcoin network more resilient. Since it no longer simply belongs to a niche of the population, less depends on each individual user. Bitcoin means different things to different people, meaning there is a widespread incentive to sustain the system over the longer term. As long as these incentives continue to exist, bitcoin will have an inherent resiliency that will move the network forward as a whole.

The first decade of bitcoin was driven by a small group of hard-core believers whose belief in the system and commitment to securing the network, pushed the network forward. As the network continues to grow the diversity of its user base, in which every new user can share in the value generated from the network appreciation, I believe we will see a new era for the use of shared infrastructure and building on top of the bitcoin protocol. The resiliency of the network compounds over time, as users grow, network value grows and belief sustains.

Many thanks to Ellen Fishbein for working with me on this post!


Links

A few links on ways to help given the turmoil in our country:
This past week has been incredibly difficult, and my heart hurts for everyone in pain right now. I’m working on finding ways to contribute, be actively anti-rascist and support black communities. Here are a few things I’m doing right now:

If you have any other reccs, please send them my way.

On building in tech:

On crypto dollars & central bank digital currencies (CBDC):

  • The geopolitics around CBDC are increasingly coming under scrutiny and attention - this was an interesting read on China’s planned CBDC launch

  • JP Koning posted an update on Fedcoin, nearly six years after the initial idea. “Fedcoin” puts the spotlight on the messy role of anonymity in currency.

  • The digital dollar project released their white paper proposing a U.S. CBDC

  • Lastly this tweet from Nic is too real

Monthly Mood

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