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IN CASE YOU MISSED IT
📖Bitcoin's dipped to ~$4200 Crypto analysts have never made fortune tellers look better. If there's anything to be learned from this most recent dip, it's to be equally suspicious of both price forecasters and market crash commentators. I recently came across a powerful line that cut through every think piece, post, and twitter thread I've read in the past few months. From Eric Meltzer's latest Proof of Work newsletter:
I honestly don't have a clue. How simple! How genuinely, mind-numbingly, soul-crushingly honest. None of us have a clue. More importantly, what this excerpt illuminates is the difference between knowing each turn point along the path exactly and knowing where that path is headed directionally.
The reason people get hung up on the former is twofold: one, they're often trying to rationalize their own price insecurities to death. And two, it's a cheap way to build an ardent following. As is often the case, but especially in times of great uncertainty, people don't necessarily seek leaders who are demonstrably right, but leaders who have high conviction.
Though attempts to predict each uptick and downturn of the market have been empirically futile, long-term trends, with more data points to pull from, tend to be called more accurately.
READ OF THE DAY
The Truth About the Crypto Crisis How Meltem Demirors learned to stop checking prices and love the struggle. Her latest post recaps 2018 and dives into investor psychology, market downturns, the start of capitulation, where "smart money" is going, and where we're headed.
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In case you missed it, last week we introduced a new process we hope becomes a standard more projects will start to adopt: Storecoin’s Chris McCoy recently launched an open Governance Peer Review & Working Group initiative where readers can read about specific areas of governance each week and openly discuss approaches to different governance models.
This Sunday, the team's revealing a high-level overview of their proposed checks-and-balances governance system for the public to review and send suggestions. If you want to learn more before Sunday, get in touch with Chris.