Crypto, 2018.
Cryptonetworks, tokens, decentralization, identity
- A Visual Guide to the Howey Test
Disclaimer: I am not a lawyer, and I am not your lawyer. I have been in an uncountable number of conversations over the past few years discussing the question of what defines a “security” in the context of cryptocurrencies, cryptonetworks, and token offerings. Here is my current understanding, in...
- Crypto fundamentals
Our good friend Chris Burniske was on Squawk Box this morning. I got up and watched it. You can see the video here. Of course there is interest in the crypto market right now, as it is falling hard. I suspect there are many out there who are enjoying the drop, waiting for the bubble… Continue readi...
- The dangers of unstoppable code
With real-time, interconnected, self-executing systems, sometimes when things wrong, they go really wrong. I wrote about this general idea previously here. Yesterday, while I was writing my post on Trusted Brands, I was doing a little searching through my blog archives, so as to link back to all th...
- The Myth of The Infrastructure Phase
Dani and I wrote this post together. Continue reading
- Layers
A central concept on the internet is Layering. Each of the protocols in the internet stack talks to the layer directly above and below it — new protocols can be added as long as they speak the language of their layer. Protocols at one layer can be upgraded so long as they don’t break compatibility...
- Minimum Viable Economy
One of my favorite things about the cryptocurrency / blockchain space is that our conception of “what it all means” is still very much in flux. Nic Carter just published a nice analysis of how the functional narrative around bitcoin has changed over time – (roughly) from e-cash, to e-gold, to privat...
- The path to decentralization: self-destructing companies
In June, the SEC gave some of its most concrete guidance to date that cryptoassets can start out as centralized projects, possibly initially sold under securities laws, and eventually become “decentralized” and thus no longer sponsor-controlled, and no longer sold or transferred under securities law...
- Trust and fairness
I was at an event last night, where the moderator, Preeti Varathan from QZ observed that there seemed to be a lot of cynicism in the blockchain / crypto space — in other words, that the whole thing was essentially premised on a distrust of existing systems (fiat currencies, large internet companies,...
- just_work = true
One of my former colleagues, Rob Marianski, and I used to have a running joke — we would be building and debugging something, and he’d finally say, “Oh, so you just want me to set just_work = true?”. That was over 10 years ago, but it still gets me every time for some reason. (as… Continue reading
- Digital scarcity
As readers of this blog can tell, I’ve been spending a lot of my time recently focused on cryptonetworks and blockchains, and in particular, working through the complex legal and regulatory issues involved. Explaining what cryptocurrencies, cryptonetworks and blockchains are is hard to do. As Naval...
- Zombies eating kitties
On Tuesday we announced our investment in Cryptokitties, and, as you might expect, received a combination of enthusiasm and skepticism in response. Bitcoin and cryptocurrencies already sound ridiculous to most people, and virtual “real” kittens made out of cryptocurrency take it a step further. But...
- Cryptonetworks and why tokens are fundamental
“Cryptonetworks” can help us build a more competitive, innovative, secure and decentralized Internet. “Tokens” (also known as cryptocurrencies or cryptoassets) are integral to the operation of cryptonetworks. As we design new laws and regulations in this emerging space, we should keep these concep...