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THOUGHT OF THE DAY
Flossing & Crypto Eric Wall recently commented on how he didn't expect bitcoin's price to go this low, but he doesn't see any reason for the dip to change his fundamental analysis, which he's intentional about decoupling from price. His thread reminded me of a story from GV's Joe Kraus where he recounts a trip to the dentist's office.
There, his dentist asks him how often he flosses to which he responds: "not very often." She then says, "That's okay. Just floss the teeth you want to keep." This remark gets him thinking about goal-setting in companies. Just as we should only floss the teeth we want to keep, we should also only measure the goals we want to meet.
Price is not a goal.
Sure, it can be yours personally - traders and speculators need to make a living somehow. But high market cap does not a successful cryptocurrency make. The goals worth measuring include the number of different nodes running, community growth (including subreddits like r/bitcoin which recently hit one million subscribers), the stability of price over time, number of qualified talent joining the industry, and activity on the network. As long as those are moving up and to the right, choosing price as a north star is futile at best and masochistic at worst.
READS OF THE DAY
📖 Products, Platforms, and Protocols An oldie but goodie from Jill Carlson on the simple but fundamental differences between products, platforms, and protocols.
LAUNCH OF THE DAY
🚀 Tippin Still in beta, Tippin helps you receive tips and micro-payments everywhere with a Lightning Network wallet. Plus, you can cash out anytime.
🇻🇪 Airdrop Venezuela Every penny/satoshi/zatoshi you donate goes directly to a Venezuelan.
WATCH OF THE DAY
Fireside chat with Elizabeth Stark
A few days ago, Lightning Labs CEO Elizabeth Stark and I were in Finland for Slush conference. In case you missed it, here's a replay of our fireside chat where we discuss building the financial system from the ground up and how Lightning Labs has been thinking about scaling solutions and the cryptocurrency space at large.