Key concepts, people, activities and thoughts of Bitcoin in crypto in 2022

Four years ago on New Years Day, this investment idea started in a tweet message. The size and complexity of reporting in the cryptocurrency market is exploding every year. I am writing this letter to my team. This report aims to highlight the great things they've accomplished over the years and provide a comprehensive overview of the cryptocurrency chaos for every new hire. I write to organize my red thinking and create the best cryptocurrency and research ideas.

Of course, I also wrote for you. Whether you are a cryptocurrency newbie or a veteran of multiple circles, we're here to provide you with complete, free 201 grade cryptocurrencies with 101 step advice and product integration. Annual holiday gifts for those who think they can help.

Before going into details, let me tell you a few negatives.

The alpha of this report is free, many people are paid by writing information from previous sources, but there is no investment information here. Be an adult.

· I stand on the shoulders of giants. Some chapters borrow heavily from the reflections of other writers who have already reserved a few surprises for the special work. Nic Carter and Lyn Alden are in the Bitcoin section. Punk6529 and Ben Yu are in the NFT segment. Watkins and Wilson, Mason and Roberto in the DeFi, ETH & Friends, DAO section. Balaji and Chris Dixon run. By reading, you agree to my terms of use, including the indications that the fault of the authors mentioned above is not intentional and will be changed later.

This report runs for approximately 250 hours (at 8-10% of my annual bandwidth). I secretly pray that I won't be tempted to write another annual proclamation. If you like this post you can thank the Messari team for their continued work when I was away last month.

· I have the tools discussed in this report. My major investments appeared at the end of the first chapter (along with other members of the Messari group). All angel or float investments that I have made so far are marked with stars. No problem, no interest.

This report closes the epic year for cryptocurrency and Messari. By 2021, the size of the group will quadruple and revenues will increase eightfold. We will announce Intel in Q1, Analytics Center in Q2, Mainnet in Q3 and next week. Several new CAD devices will be released next week. announcement.

why we are here

Chapter 1 Top 10 Marketing Tips in the Cryptocurrency Industry

1. Destruction of trust

Why do we have to understand this?

You are probably one of the many “Millennial” and “Gen X” traders. This generation often says, “You can only rest after a miracle. Because everyone is worried about rising inflation and instability. You never know what the future holds. If you are one of them, cryptocurrency is a liferaft in the torrents of this era.

70% of Americans today disagree with Congress, and you will be one of them. You don't believe that policymakers will do the right thing because they spend their money dishonestly, and even internal affairs won't be penalized. You might be looking for a non-intermediary organization, so cryptocurrencies are for intermediary organizations.

You may be just a "left" or "right" populist, and you may be outraged by the "violence" on Wall Street. They were obviously born during the last financial crisis, but they were never touched by its effects. , and also want to benefit from government laws. Or you are concerned about the privacy of large companies doing business, censorship, and personal information. For you, cryptocurrency is the “silver bullet” that goes through it all.

The image below can cause most people to think similarly.

(来源: A16z: How to win the future)

Of course, entering the cryptocurrency market to make quick cash like memes or jpegs isn't a problem at all.

Whether you are an “expert” or an expert in the crypto world, you will find that the driving force behind this crypto power is our research and distribution.Web3 (an organic combination of a decentralized network and a financial system) is a great solution to change the downstream business process..

It reminds me of my first prediction for 2022. Everything would be worse if we weren't all in the real world. Inflation will remain above 5% (70% probability) throughout 2022, an increase last year that will affect economic and commodity growth (60% percent). In the short term, this signal will enhance the growth of cryptocurrencies, but in the medium term, the risk in the cryptocurrency market will increase as more and more users will have to 'look' on the crypto market and companies. -money will be faced. Good reviews from various types of banks and governments.

2. The encrypted world / The advent of Web3 is inevitable

This is just a drop in this ad. Long term in the crypto world (the term 'Web3' which has become popular recently) the growth momentum is unstoppable.

Chris Dixon described it as "an Internet application that uses tokens as a vehicle and is shared by developers and users". EshitaDescribe the transition from Web1 to Web2 to Web3 as "Write, Read, Write, Read, Read Only". Whichever model you prefer, in the long run, Web3 users will earn more income than Web2 (monopoly internet marketing).

In this report, we are going to identify and define a lot of things slowly, but only for one topic.

We are moving from an era of “land rent” cyber-hegemony to a new one that never ends. The growth of cryptocurrencies in the border arena was the start of an inevitable revolution in a monopoly economy that feared everyone would benefit.

In fact, we already have all the essential ingredients that need to be supplemented.

·Awareness: Young, intelligent, passionate and visionary young people come together to create the world of cryptocurrency.

·Investment: The cryptocurrency market benefited a lot from the investment market, cryptocurrency started to rise, and the number of profitable contracts that appeared on the internet increased rapidly.

·the: At the end of the bear market, at a time when all the important processes of the crypto world are in place, the "crypto movement" (technological change with certain political owners) is more and more adopted and adopted by the people .

In a recent article by Eric Peters, he said that we are in a time of social change. Young people are passionate about emerging investments and are reluctant to invest in the traditional investments that adults love. Because schools today still help the elderly who have a lot of money to support themselves. "" Create a budget. "These new ways of investing offer the possibility of impacting even financial losses) existing investments.

DeFi has an annual savings yield of 5%, while Wall Street is only 0.5%. The emergence of non-homogeneous tokens (NFTs) gives developers the opportunity to make more money, and they don't have 50% stakes like Hollywood. With the advent of GameFi and SocialFi, integration has exploded, internet companies will lose 100% of their business and business risk will be reduced.

We are 99% convinced that the cryptocurrency market will experience tremendous growth by 2030. We are in the midst of a global economic transition, and the emergence of cryptocurrencies will have a huge impact as phone communication and even the Internet.

Although the cryptocurrency market has been rocked by a special cycle, the market does not appear to have experienced all of its overheating yet and the investment market is still not doing well.

So I paved the way for our situation.

1) The market could enter the private market but long and bearish after a meteoric growth before the end of the first quarter of 2021.

2) The industry as a whole has gained height, creating a direct bubble of $ 20 trillion, which lasts about a year, compared to the current Internet market. It sounds like a joke, but given the loose global returns skeptical politics have increased and the cryptocurrency market has grown, it cannot be without.

3) Economic growth is slow and steady. ("super cycle" theory).

Ironically, the market downturn here (in the bearish market after the events of Q1 2021) may be the biggest obstacle to long-term investing. At this point in our development, the "high level of Bitcoinization" and the constant rise of the cryptocurrency industry only occurs in the "dystopian situation".

3. Bridges, NFT and DAO

"Web3" can be considered all inclusive. Cryptocurrencies (digital gold and stability coins), smart bonds (L1 and L2), decentralized hardware infrastructure (video, storage, sensors, etc.) and heterogeneous NFT tokens (digital identities and property rights), DeFi (exchange of 'web3 assets and mortgage financial services), Metaverse (creation of digital real estate in a gaming environment) and community governance (DAO, decentralized autonomous organization).

NeedsWhile the development of Web3 as a whole involves many industries, our areas of specialization include poor infrastructure: NFT infrastructure, DAO related infrastructure, and interconnects..

We are seeing the rapid growth of new developments in the field of NFT like the Cambrian Explosion, and this is just the beginning. We don't know how many bubbles a single NFT can create in the market, but we do know that there is still a lack of reliable and global NFT infrastructure.NFT business platforms, key financial data, design tools, community business models, and self-management / credit management are all their infants. This step will be one of the hottest investments in 2022.

The same goes for creating a large DAO, an issue that all fast-paced cryptocurrency communities need to solve. The community enterprise is long overdue. If you're like me, I'd love to see a token-dominated open marketplace to replace businesses over the next ten years, but today community participation needs to be improved 100 times to be better. The market has to go through a board election, so you can see why 2022 will be a year of development and rebuilding for the DAO. (I developed the resources and features to participate in Web3 on (sign) Messari contract betting.)

A key issue is the cryptocurrency 'channel', a scalability and interoperability solution.

Ethereum hit the maximum capacity limit this year, and other state-owned companies started trading at prices Ethereum couldn't afford. The price of many public channels has fallen 50 to 100 times, and investors have paid for the products as well. new public channel A ecology and benefits. However, since all public channels (such as Ethereum's L2) need to communicate with each other,The tragedy in the cryptocurrency world today would be the lack of chain links.. If the future is a multi-chain architectureWho can teach better interconnect products and help the treasure of interconnect freedom of strings, extension cords and secondary stages, and realize the richness of the world's digital future?.

If you are not satisfied with this content, you are advised to carefully read the NFT section (Section 6), the DAO section (Section 9) and the L1 Interaction section (Section 8) of the document.

4. Separation of the cryptocurrency market

Many parts of the crypto world have different markings of value. Our understanding of marketing can be divided from “everything is cryptographically” to “tokens, smart contracts, DeFi applications, decentralized network platforms, NFTs and the work to be obtained”. W2E) industry.…

Many entrepreneurs have been fully satisfied with the practical application of the different networks involved in the market and microeconomic concepts and are starting to market according to these standards. It's still a memes-driven industry, but how many memes affect the basics? (Probably) Ari Paul wrote a great article on the recent divide in the cryptocurrency industry.

“In this cycle, the market has proven that digital advantages are still viable. In the previous cycle, we did not understand that as an expert four years ago, Défi and NFT did not exist. The other "Department" did not exist either. and meaningless, in the past it was believed that the relationship between "decentralized file storage" "," smart contract platform "and" privacy "and cryptocurrencies had been severed, and in fact. It's amazing, now a definition farmer or NFT speculator could become They work full time, and they also need small teams to go all the ways of entrepreneurship. "

It is an important stage of development, and it is also a stage of personal integrity which can be difficult and lasting. The current 'card' market consensus includes multiple data asymmetries, advanced technical knowledge, and low risk management, all of which make it the starting point for a very high cryptocurrency investment.

Cryptocurrencies are now at a critical point in their lives and these trends will continue into the new year.

5. Permanent (risky) investment: enter the market, disappear, grow and don't leave.

The value of capital flowing into the cryptocurrency market this year is staggering.

The size of these cryptocurrency deposits has been increased and the growth of their core assets has been documented. Some of these funds (like Multicoin) may be the most profitable businesses in history. It's not hard to see why they are making so much money without getting frustrated.

(Source : Crypto Fund Research)

Now, it's hard to imagine the size of the private cryptocurrency market. While DCG raised $ 25 million in 2015, it was the largest cryptocurrency industry at the time. So far Polychain, Paradigm, a16z, Multicoin, 3AC, and some companies have all managed millions of dollars (sometimes over $ 10 billion), sometimes with 2,500 Tens in the middle market. Thousands of dollars in cash flow. The hedge fund plans to invest 7% of its assets in the cryptocurrency market in five years, and the repo can be used for direct purchases.

In terms of negative interest rates, huge investments continue to improve the performance of asset allocation, and most people cannot ignore the crypto industry.

The cryptocurrency market has generated $ 3 trillion in cash value over the past 10 years, which is now comparable to the total cost of all other investment recovery startups. Admissions bodies have seen this and appear to use their capital in various ways to avoid business accidents between the ages of 14 and 18. When a new entrant enters the market, there are usually two changes in capital: entry and exit (disaster) from the market, but not exits. During this time, capital may flow into high beta tokens, but when the market rallies and capital returns, they usually don't leave the market (except for tax returns). In exchange, they will be on the "blue chip" of cryptocurrencies such as BTC, ETH or SOL.

If you don't want to contact the cryptocurrency market directly, great. The demand for cryptocurrencies has led to the success of the crypto industry, and the impact of risks has been felt in the market.

According to data from Dove Metrics,Quarterly private investment was $ 8 billion for 423 jobs, nearly half of total investment ($ 17.8 billion) since the start of the year.. Almost 90% of the largest transactions in the history of the crypto world took place this year, and that doesn't include Coinbase's direct listing. About 75% of the revenue was focused on real estate and medium-term trading, all of which occurred before the FTX and DCG announcement (and future Binance financial announcements).

In fact, these organizations already exist today.

6. What are the maximum limits for the cryptocurrency market?

We all know the "crash" is coming, and although the cycle will be slower this time around than in the past, there is always a "hotter" in the market, it's like we said before, there is. there will be plenty of room for business to grow. before cracking? What are the signs of "topping"? Does Shiba Inu have a market cap of $ 30 billion? Or is there an NFT ad in Times Square?

Now, starting with Bitcoin, let's talk about what I think are the 'top' symbols.

1) Bitcoin:The king has no real enemies (the reasons will be explained in chapter 3). As a nonprofit asset, Bitcoin is often used for price and measurement, so it is often compared to its “cousin” gold. However, Bitcoin still has some value to follow. The best decision would be “market value to know value” sponsored by Coinmetrics. This is an example obtained by comparing the market value of bitcoin freedom (the value of money in circulation over the past five years) to its “known value” (the value of each bitcoin transaction in chains). the current time). If the achievable price increases, the market price will remain the same and vice versa. One is a 'snapshot' of the current price of Bitcoin, and the other is a dynamic metric with more traffic.

If you are not a HODLer and can't stand the 4 year bear market, now is the best time to make a profit when MVRV hits 3 (when MVRV drops below 1 you can sell both kidneys and will). Our previous "double bubble" - the old "bubble" contains a small amount of price charts, and as the time for MVRV to pass 3 gradually increases, we can only buy an MVRV type instrumentation industry. shorter than in 2011, the MVRV was greater than 3 to 4 months. They stayed 10 weeks in 2013 and 3 weeks in 2017. At the start of this year I only stayed 3 days.

If history repeats itself, what does it mean? When MVRV reaches 3 again this year, the value of Bitcoin will reach the level of $ 100,000 to $ 125,000!

If everything improves at this level, Bitcoin's next goal is to measure the market value of gold! Based on the current price of gold, the market value of gold could reach $ 500,000 for Bitcoin. Bitcoin can therefore still have 10x capital. However, judging from Bitcoin's historic recovery rate, that recovery rate is not high. (Of course, unless the cap goes, that means the decree has expired. We are already using Bitcoin for a default. 1 BTC = 1 BTC)

2) Ethereum :Recently, the ETH giants have been making a lot of “hyped” remarks. Can ETH hold BTC in this cycle? There will be no response. Not only because Ethereum is facing some serious issues, but also because the competition from the public chain is very strong right now and the market likes to create more chain links in the future. I still want. Are all other public markets like FAMGA valued for “sharing” Bitcoin? Can it be compatible with M1? (h / Anapo by Arthur Hayes)

So can Ethereum beat Microsoft, Apple, or Google? Now Ethereum is 3-5 times worse than them. Can ETH outperform all FAMGA outlets? There is a difference of 15-20 times, which is very high. After all, Ethereum is now 5% of FAMGA's total market value, while ETH is still “cheap”.

3) Solana and other public channels:Cryptocurrency startups are vying for third place ($ 60 billion) in the cryptocurrency market by market cap. Ditto for Polkadot ($ 40 billion) and Avalanche ($ 30 billion). If we decide that the public policy chain that is trying to replace Ethereum has a higher beta than ETH, it will eat Ethereum's business and undermine its lead role. Have you ever thought of Terra ($ 16 billion), Polygon ($ 120 billion)? , Algorand ($ 11 billion) or Cosmos ($ 7 billion)? There are two main points of competition: industrial development (design and submission of applications) and ecological flows (although it can attract industrialists to create non-profit jobs). The "Ethereum Killers" all have enough money to compete fiercely, but your choice to become an entrepreneur is to win or buy the basket (against the direction of Ethereum). However, these devices connect to ETH.

4) Support:DeFi's long-term outlook is positive. DeFi made the best profits in 2020, but DeFi's market share is less than 1% of the global market value.In the long run, the DeFi industry still has plenty of room for growth.Once the prices of some of the best DeFi protocols have come to a halt, if you firmly believe that the cryptocurrency market will change the middle ground, it could provide a good opportunity for a reward of risk opening (more than risky gifts in stores today). Competition for current contracts is fierce, management control is approaching, conflicts are everywhere, risk is fatal for the entire business, and high fuel prices make the house more efficient. On a few metrics (only trade and price / earnings comparisons) DeFi still stands out, but current calculations only apply “whale”.

5) TVN:It is difficult to define the “market value” of NFTs because they are not fake and very liquid.DappRadar estimated the market value of NFTs at $ 14 billion in early September, and that number has grown since then. The prospects for growth in this area are very good, as NFT has opened up space for cryptocurrency users and created another crypto industry. Meltem estimates that the market value of NFT industry can reach the minimum level of LVMH ($ 375 billion), while Su Zhu estimates that the market value of NFT industry can reach 10% of total turnover ( 225 billion dollars). I don't think they are wrong, but on a larger scale it shows that there is still a good opportunity for NFT casters and there is still plenty of room for the construction industry. The capital of most NFT special operations cannot be counted. . . . (See chapter 6).

7. Business time

We love the cryptocurrency market and we love the long term and the short term, but the most appealing is the medium term.

“When will the business fall? I don't think you can fully understand this unless you are faced with a long term market in the cryptocurrency world.

During the winter crypto world (long bearish market) many will lose confidence and will not be able to withstand the bursting of their souls and years of adversity. "The government can interfere with the surveillance." "It's too early to release stuff like that."

“You said it was a bubble. There is no end to these negative comments. In addition to the huge documents (or facts) lost, people have lost, losing money due to overspending (or poor tax planning), causing negative and unsatisfying thoughts, leaving others with the promise and often lost long term expectations. crypto business. To make matters worse, the next bear market could be a nightmare resulting from surveillance, consumer rights protection, market fraud, manufacturing fraud. , and the risk of physical, ESG and market compliance will be reduced. Because if you lose 90% of your savings, you have to find a real job and it will be difficult to "struggle" with it. Marketing.

It all sounds awful, but it's not that bad at the moment.

After a downturn in business, you must first come back to your mind. Do you still believe in everything in the crypto world? You should keep the following questions in mind.

1) Is the centralized world really lost?

2) In the future, is Web3 worth the wait to protect nature?

3) Is the equipment in the new area we are considering (bridges, DAO, NFT) still worth the investment for the next step?

4) Will it be easier to find projects with a solid foundation in the next cycle?

5) Do you still have enough money to help the development of the project?

6) Do you still believe that the cryptocurrency market will return to the bull market in 5-10 years?

If you still believe in it all, wear a helmet, embrace the winter chill, and look forward to the next “Winter Survival”. Improve your income ASAP, do your taxes, cash in on time, and estimate “topping” times.

About leverage: This is self-explanatory. For non-professional investors, leverage simply becomes the gaze of a professional. Cryptocurrency is very volatile and has a lot of room for growth. No need to gamble on your luck here. You don't need to be blessed.

·Tax: Most people know that they don't go into debt for unreasonable investments (like buying Dogecoin with a debit card), but they ignore "leverage" because they have no way of prepare accordingly. Make sure to sell and make money in December. because you will have to pay taxes. If you start holding $ 10,000 by trading on January 1, 2021, you will hold $ 100,000 on December 31, and lose 25,000 yuan on January 1, 2022. Then you owe the government more money than you have. active. Your "fulfillment" ends here. Thank you for your collaboration.

About short: Don't cut it short. Even if you are right, you will "have fun" more often because you didn't have the chance. If you fall, others will dance and celebrate at the grave because they are making money. Even if you win, no one will love you and you will lose your hopes in the long run. PS: I am here to tell you that you have nothing to do.

One more thing, keep in mind that people think this would be a good time to buy cheap coins in a bear market. But the market may crash more than you think, the price will be lower than you think, and the bear market will last longer than you think. The crypto industry in a dating state, like medicine from hell, is easy to laugh at.

If you are a new team in the cryptocurrency business, do your best to protect your team and its members from the “nuclear attack” of a losing company. Many groups have compromised their resources and are not doing their jobs well. Messari wants to warn you "don't waste your money".

If you are a business in need of Web3, earning a lot of money and finding a job in an “electrical company” is not a bad choice. Remember to ask hiring staff about company performance and financial issues before you sign up for the job.

Those who make big bucks in the short term evaporate, but the next cycle of unicorns will occur during the cold winter of business downturns. Surprisingly, the success of cryptocurrencies lies mainly in their persistence. “We'll all be successful” is a fun bull market meme, but in a bear market, it would be better to yell “We will all stay” because everyone is laughing at you. The industry has lost 80%. Competitors will lose money and consumers will gradually disappear.

In the bear market, you don't have to think about the digital advantages of your personal balance sheet.

8. Public options: Coinbase opens traditional trading

Is the cryptocurrency market better than the companies that back them?

Although Coinbase's market value has hit a real blast of US $ 70 billion, since its B-round funding in 2013, Coinbase's market value has not kept pace with Bitcoin. And these examples are not uncommon, and many other real estate companies considered 'blue chips' have also struggled to keep pace with cryptocurrencies. In the case of Bitcoin, the decentralized investment firms Digital Currency Group are a veritable incinerator of cryptocurrency assets, with the market value of BTC having fallen 80% since 2015. If you compare this company to major tokens public phones such as ETH, these numbers are only increasing.

On the other hand, Binance's BNB has the highest rating in its four-year history, as it encouraged BNB to register on the exchange and trade around 20% of Binance's agents. BNB's market value is over $ 90 billion, and the market capitalization of the company as a whole is three to four times the total.

The birth of cryptocurrency IPOs and ETFs is more important than helping investors raise money to attract organizations and increase awareness of the cryptocurrency market. Coinbase hopes to become a trillion dollar company. BITO ETF is the fastest ETF to raise $ 1 billion. Open to the public, this ETF is your ticket to the world of crypto, perhaps important to your parents (see previous generation) but not so much to your peers. and other clues).

When it comes to these new ETFs (COIN and BITO), their main role is to help cryptocurrencies go free, and outsiders can read about the crypto industry below. By following the non-trading lines with Coinbase, you can better understand managed services. The SBF also likes this free information. By using commodities such as BITO and futures ETFs as backers for the first time, it is possible to earn the mercy of Gary Gensler, director of the US Securities and Exchange Commission, and introduce it like a liar. Therefore, it is advisable to maintain additional security for numerical results.

(Read more about Gary Gensler in Chapter 4 and more about the skepticism that arises with ETFs in Chapter 5)

9. Disc imitation and wind direction

Sometimes you don't need to think too much in the crypto industry.

The crypto industry is generally social and dating. See how fast retailers follow new initiatives supported by the stock market. The investment itself is very fluid. Thousands of dollars have been invested in these “everyday investments” this year. Whether it's a project or a meme, there are plenty of knockoffs and constant income from popular knockoffs.

Venture capital positions in the crypto industry are volatile and manufacturers and investors who rush to hotspots benefit. Trading is not profitable but can affect you quickly, so you need to limit the winners and eliminate the losers. As SOL rates recover, more money flows into the Solana ecosystem. virtue continues. This is all driven by the best traders, but skeptics believe it is a Ponzi scheme.

The growth of the cryptocurrency market has its own voice. If your project immediately becomes popular and becomes a runner, urgent tasks like the following can happen quickly. Because now people think of a business goal like something like this (in a sense, this also applies to an asset (investment). Diversification.means). Now, the rotation of access points is faster, more precise and more stable. All of the activity has now peaked, and for some people setting up a new hotspot is as easy as shouting “Big BTC, Big ETH, Big XXX”.

You can listen to descriptions of the legacy hype from FTX, read Big V's posts on social media (Twitter, etc.), or view and compare top 20 assets. a property that supports your investment resources.

(Source: Analysis of the Messari Pro 3Q fund)

10. Publications (thinking is not an investment)

Our team of inspectors publishes its insurance plans on a monthly basis. Part of this theme gets longer and longer as our team gets bigger and bigger. The analysts listed below have a summary of each.

1) You now own more than 5% of your investment.

2) 2021 good / bad years;

3) Their hopes and aspirations for 2022.

The following information is not investment information, so please do not sue us for disclosing these risks. Also, don't accept second-party suggestions. Past performance is no guarantee of future benefits.

TBI

The best of the year:Moon 5.746%

The worst of the year:52%

Job status:BTC, ETH, LUNA, PERP, RUNE, ZEC, TRIBE/TBI

FEI, OpenSea

Assets are marked as marked in my record

Expectations or feelings: the team's expectations are my vision

Aidan

The best of the year:AXS (YTD yield or difficulty going 23.621%)

The worst of the year:YAX -80% (Aidan selects the best and the worst teams of the year)

Employment status:AXS, BTC, ETH, RUNE, FTM, RGT, MKR, YFI, TOUT, MLN, renZEC

Expectation or speculation: The "Renaissance" of DeFi1.0 (profit in the bull market but lower in stock), ATOM: bearish, RON> SLP forecast, but hard to say (if Ronin's first LM giveaway was gone) This would be difficult to control SLP)

run after

Employment status:ETH, SOL, ALCX, HNT, OHM, TOKE, OCEAN, RUNE

hope or wish: Decentralization of Ethereum, history of Solana, SBF, multi-user influx, infrastructure protocol (wireless, liquidity, data, etc.), non-clearing loans, DeFi developers

fromSteen

Employment status:ETH, SOL, RGT, AURY,

Expectations or feelings:Modular ecosystem ETH expansion solution (bearish monolith). Despite the benefits of the metasite infrastructure (RON is one example), the current game is crap. I am happy with cloud computing (RNDR, AKT, etc.). Optimistic about the treasury chain (super liquidity carries no liability)

Éric

The best of the year:Support 739%

The worst of the year:CVP -22%

Employment status:BTC, ETH

Expectations or feelings:We're bullish on all multi-chain ecosystems and side apps, and bearish because all of Ethereum's killers are highly rated.

leshita

Employment status:ETH, SOL, BTC

Expectations or feelings:Web3 update, NFT application development (data storage, DeFi use case, music game), DAO design, BTC

Jack

Best of the year: TNT 3.046%

jerry

Employment status:BTC, ETH, SOL, Om, Cake

Expectations or feelings:Rise of Ethereum, several public L1 channels, commitments, integration of DeFi and TradFi (automobile warranty, protection against over-sizing, tokenization of real assets, etc.) DeFi will be seen to diversify the web3 infrastructure by 2022., GameFi Aggregator and Metaverse infrastructure

Market

Employment status:BTC, ETH, CRV

Expectations or feelings:ETH, broadcast and entertainment with large capacities, DeFi and TradFi integration, DAO design, crypto.com, Special purpose DAO

Mason

The best of the year:AXS 23,621%

The worst of the year:52%

Employment status:BTC, ETH, ATOM, HNT, INDEX

Expectations or feelings:Modularity, NFT platform (RARI, RARE), MVI, Web3 infrastructure (AR, GRT, AKT, LPT), POOL, customization (eg Mirror), integration of NFT and DeFi (including NFTX, Fractional.art), Cosmos Hubs (ATOM , OSMO), Information Systems (Ceramic, Celestia), ZK-Rollups, Coinbase and USDC, Infrastructure Meta Universe, Quality Management. PS I am not happy with my big investment in the bull market

Thomas

Employment status:BTC, ETH, Runes, Lunes

Expectations or feelings:Various campaigns, meta-universes and games (P2E game finance), Ethereum extension solutions (especially ZK-Rollups), DeFi blue chip stocks, liquidity mortgages

Watkins

The best of the year:Moon 5.746%

The worst of the year:Crème - 39%

Employment status:ETH, LUNA, SOL, SYN, HNT, AR

Expectations or strategies: Cash, multiple chains (long modularity), Web3 infrastructure (Web3 before "Web3"), ZK-Rollups, Cosmos ecology, decentralized Stabilitécoin protocol and DAO infrastructure (hard but solid). Finally, I have been very careful with DeFi and I think it will be back in 2022.

Wilson

The best of the year:HNT 3.046%

The worst of the year:BTC 92%

Employment status:HNT, ETH, ATOM, OSMO, DOT, ACA / KAR and some SOL-LUNA-AVAX

Expectations or feelings:Modular L1 with personalized processing (Solana is the most powerful), several chains and tools, "heroes" that bring changes (fixes like Arweave, shared security as well as Celestia, indexers and data request protocols as well as available data) Graph and Covalent, Count (e.g. Akash), liquidity guarantee protocols (Lido, Rocket Pool, Acala, Umee), DeFi Hubs and Cosmos Ecosystems (Osmosis, Terra, Umee), ZK-Rollups, StarkWare, ZKSync and pay for projects like Aleo. can open new types of cryptocurrency trading applications.

Chapter 2 10 key people

1. Yes

I avoided the idea of ​​putting “everyone” on this list because in the past it was like a hiding place and a corporate symbol. The difference right now is that they're starting to talk about education, making money, and making money, rather than myth.

“We Will All Do It” is my favorite form of cryptocurrency of the year. He says "it's too early", but it's not like the disgusting MLM start. This is a reminder of a compromise for my favorite, Balaji poking fun at "it helps you win and win". And it embodies more ideals and altruism than any other crypto-twitter favorite, "Up Only". WAGMI embodies the changing culture of cryptocurrency, from a group that "opposes the government and brings us into a new era" for those who "develop better technology, a similar stimulus and others designed to solve the future".

If you still don't believe in cryptocurrencies, that's okay. Do not open your heart or close your abilities. A bad reviewer like Jamie Dimon is NGMI.

[But to be fair, Dimon's thinking about cryptocurrencies over the years has been… consistent and wrong. He called it a "dangerous market" (2014), "will not survive", "will always hold" (2015), "no way out" (2016) and "liar" (2017). ) told the interviewer: "I never cared" (2018). Then, after announcing the JPMCoin test (in 2019) and acknowledging “it's not my car” (2020), this fall he repeated “dislike” and “stupid” over and over. "Gold" and "worthless". Don't be like Jamie. It's NGMI. ]

2. Adultes: Samani, CMS, Su Zhu

It is the new year of these giants.

Yes, many of the best technologies have been developed, and yes, there are manufacturers that deserve praise (noted in this section and elsewhere in the general guide). But honestly, it's mostly a good year for the whales, especially the big investors who escaped the 201 bear market. The 2018 bear market is going well and it's alive until 2021 to get the biggest. gain.

Kyle Samani's Multicoin Capital has turned into a landmark year with many winners taking home $ 1 billion in various cryptocurrencies. Graph, Helium, Arweave, and Solana all hit $ 1 billion in network events this year. And by the way, there are rumors that Multicoin has over $ 10 billion in assets under management. Investors pay on their own for the popularity of cryptocurrencies, and there is nothing better than multicoin for getting seed money investments. They "talk a lot" about the capital's public memo, but I learned a lot from them.

Another big thing is happening on the other side of the world. Su Zhu's "Capital of the Three Arrows" has grown into one of Asia's biggest companies and one of the best. They were also one of the biggest investors in Grayscale Trust's business in 2020, earning double their large sum of money most of the time. Their income increased in Solana, Avalanche and Polkadot. Su Zhu did not hesitate to change his justice.

Next, CMS Holdings. No one is more fun than Penguin in the cryptocurrency space, and they like to put a lot of effort into everything. Earlier this year, CMS launched the popular “hotball” memo. She submitted one of our reviewers for the $ 5,000 Girl Scout Cookie. He ruthlessly criticized the bear market and the newspaper traders. It will be a 7 inch cube. He paid people to contribute Twitter comments to the live forum. Rumor has it that he was involved in a dinosaur race (if true, it was only a rumor this year). CMS and its team may also be the fastest growing companies and / or the fastest cryptocurrency traders. This is a great advantage without having to deal with other people's money. Happy New Year like CMS Day.

3.Emily Choi, Coinbase

One of the strengths of Coinbase is that it has maintained a strong presence despite almost all of the trading in recent years. Aside from Brian Armstrong, a few early entrants. Fred Ehrsam is still a member of the board of directors, but his vision is focused on expanding Paradigm's capital. Many other "Coinbase Mafia" employees are starting new businesses or starting a financial business.

In my opinion, the two people most responsible for the success of the business besides Brian were former CTO Balaji Srinivasan (despite his small size, he helped run the At present, 50% of the revenues of Coinbase come from business partners other than BTC and ETH) and Emilie Choi, its business development company.

The history of Coinbase Ventures is fascinating. Emilie, who is not fully staffed, brought the idea to Armstrong just a day after his birth and is now one of the most active entrepreneurs in the cryptocurrency space. But the firm's larger mergers and acquisitions were better. The company acquired by Earn.com is best known for its $ 100 million acquisition of former CTO Balaji. But now profits have generated $ 43 million in sales in the first nine months of the year (high margins). Bison Trails, which the company sees as an AWS-level stake in its managed blockchain infrastructure, now operates on its Coinbase Cloud product. The company acquired Xapo for $ 55 million in 2019, acquired Grayscale customers, and doubled its Coinbase assets. The annual income from accommodation is currently $ 120 million.

For the foreseeable future, the exchange rate market will continue to be the engine of the economy. However, Coinbase's distribution and management position means it could make another big addition to purchases in the New Year. Neutrino (tech buy-in) and Agara (tech learning for consumers) could adjust their backends, but hope the bigger deal opens up new revenue streams such as "Plaid for crypto" (Zabo) or permission to home (Skew). .

Inorganic development strategies are not unique to Coinbase. But Emilie's early victory is impressive. What startups should keep in mind is that it takes time and is threatening.

4. Open Sea, Devin Finzer

As one of the company's first lucky marketers (Humblebrag), I can say that I have never seen a finance company like OpenSea. The NFT market, which is the world leader, is not making money despite the competition. Coinbase has 30,000 users on the waiting list for its future NFT platform (four times all previous OpenSea users). FTX has announced its NFT platform based on Solana. Gemini already has Nifty Gateway. Almost all other exchanges will follow and showcase their products. Then there are open source tokenized contests like Infinity and Fantastic, and the Andre Cronje project based on Fantom Artion.

As I already know some personal information, I can't say for sure what it will look like next year. However, I will give some suggestions on the current and future development of the NFT industry in Chapter 6.

Now I want to show you what an OpenSea extension looks like amidst the confusion. Keep your website up to date for monthly trading terminal growth, malfunctions, and ethereum gas spikes. The NFT competition, which the company is preparing for the website, is causing controversy among employees. The announcement of the new candidate is a distraction. Devin and the team continued to advance uninterrupted.

I think OpenSea will eventually turn into a $ 100 billion company (or network), and their detractors are wary of their executives (I see Coinbase doing the same). It's hard to be an unfair critic, but betting on a board with a good team in the past is a failure. This is the meaning of OpenSea.

5. Dan Robinson & Dave White, Paradigme

Last year, we included Paradigm hat free hacker samczsun in the top 10. It saved DeFi users from nine hackers this year, despite this negative from a direct competitor (samczsun is currently the revenue ranking of the ether Fang Foundation). He is no ordinary general practitioner.

We will be screening Paradigm elections the same way this year, as Paradigm is very useful for researching the market for key brands on DeFi and NFT.

Uniswap v3 Automated Market Maker (discussed in detail in Chapter 7), primarily developed by Dan Robinson of Paradigm. There are Floor Perps, which allow NFT holders to borrow their assets, and RICKs & Mortys (NFT Fractional Primitives) are designed to address inefficiencies in the NFT market. Power Perps (similar to options risks, without the need for effort or expiration date), TWAMM (many AMM commands have been cracked over time) and Optional Infinity (co-authored with Sam Bankman Fried on FTX) includes : DeFi industry attracts larger and more profitable investors. The following lists were written or compiled by Dave White, who participated in January. The beneficial findings of the Paradigm team are insane. And that's what we know now. I look forward to what they plan to do in 2022.

6. Jeff Zirlin "Lub Jiho", Axie Infinity

Last year, Jiho rewrote the letter to create a cryptocurrency community. What is your purpose? Conquer the game world. Secret weapons? An obscure Trojan horse, similar to Pokemon's NFT card game, will bring Axie Infinity to the top of the cryptocurrency arena.

Jeff, director of development and community for Natural Mavis, the post-Axie game studio, finds and promotes new audiences, unnamed for Axie's revenue, to play in the Philippines. Thousands of people enjoy Axie entertainment every day and use it as a source of income. The Philippines now has 40% of all Axie users, and Sky Mavis currently has over one million daily users. There are very few Axie missionaries. Indeed, the first AXS token (developed by Jeff) was paid 1,250 times last year. However, some fans remember that Axie is a long-term game played by Jiho and the team.

Axie Infinity itself is the Ronin Exchange launcher from Sky Mavis, an Ethereum-linked side chain designed to support the video game industry. As of May, Ronin has generated $ 1 billion in revenue, over $ 9 billion in assets, and is the second-largest blockchain-based NFT vendor. Sky Mavis is one of the largest parks in history and recently received a $ 152 million Series B financial roundabout led by a16z. The company announced the token ($ RON) and the exchange rate (Katana) this fall. Now, they're planning to build a new Web3 games and apps studio for hungry (and wealthy) fans.

Axie's Success provides content for all new genres (crypto-play) and sub-genres (gameplay and monetization), with approximately $ 1.4 billion in funding for impacted NFT operations in the third quarter. At the same time, Ronin has become one of the research materials for the development of cryptocurrencies. Not bad for an item disguised as a furry cartoon deck of cards.

7. Jay Graber, Bluesky et Tess Rinearson, Twitter

If a tech company were to use Web3 technology to transform itself more efficiently, it would most likely be a business relationship that would rarely be run by a tech company designed with the user thinking crypto's best supporters. . The media company, run by its founders, has some of the best crypto sponsors. Of course I mean meta. (The packet!)

As I started writing this article, I was hoping for a 30 minute review and snapshot of Jay Graber's Bluesky campaign to take Twitter this summer. “Jay is decentralizing Twitter” and Mockingbird's profile picture was my place and an early injustice. When I started doing my real research on Bluesky, I noticed a few differences. So far there has been little work in Bluesky "communities" (compare Github / Gitlab with Diem's!). So I think Twitter is really trying to destroy itself and open user data honeypots. Jay is good, but is it really Bluesky or is it a shallow sandbox?

Perhaps the "full stack decentralized media" gameplay is not appropriate. Given the current restrictions on cryptocurrencies, Twitter's short-term goals are not worth it. It is too early to give up the hopes of a first project like Bluesky. Instead, the task seems to focus on making the initial data connection to other platforms like Mastodon, IPFS, Audius, etc.

8. Kristin Smith Association and Katie Haun of the Blockchain Association, a16z

We have prepared a guide to the law this year, and why. Biden executives have been around for three years and have completed an infrastructure bill of over $ 1.2 trillion (and damage to the cryptocurrency clause). This is no small task as they are a small group now.

This makes Kristin Smith and Katia Haun important for the New Year.

Christine runs Blockchain, the largest business organization in the industry. Following efforts by Washington DC's most trusted partners, Kristin's group is one of the driving forces after an angry 11-hour discussion to resolve the industry's cryptocurrency problem this summer. Although this (rare) effort failed, this challenge helped BA increase its financial resources and skills. Payments have tripled and this fall they added full-time staff such as former lawyer Jake Chervinsky and new government chief Dave Grimaldi.

But the problem with the Alliance is that different self-regimes take time and energy. For example, the BA considers Ripple a member, which is a puzzle. We were very disappointed with Coinbase when we planned to join Binance US as a member in 2020. After finally abandoning their sponsorship, they decided to work with Ribbit, Square, Paradigm and others to support their own political process. to support another organization, the Cryptocurrency Innovation Committee. However, I have heard that CCI has not yet elected a president. Therefore, the organization still has several months to develop its infrastructure before concluding an agreement with the National Administration of Radio, Film and Television.

This describes Katia Haun and the painting she created at 16z. Former federal attorney general, director of Coinbase and now partner of cryptocurrency giant 16z, he sought out former advisers Hillary Clinton and Biden, former cryptocurrency expert, former member of the Securities and Exchange Commission (SEC) of United States and Biden. . United States Commodity Exchange (CFTC).

16z has a mic that has a huge impact and so far their policy has worked quickly. The Web3 Policy Center recently announced that it is providing policymakers with a strong start-up, especially since the game explains why cryptocurrencies should be focused on the law. What specific laws (and what terms work!) Can form the backbone of new cryptocurrency laws, address key issues, train employees, and catch up on things cryptocurrency? No commercial impact?

9. SEC President Hester Peirce

“Mother of Crypto” may have been a nickname for Peirce during Jay Clayton's career. Today, he is more of a leader in encrypted night vision.

In Klaytn's day, the United States Securities and Exchange Commission did not illustrate regulatory cryptocurrency improving growth, but at least avoided avoiding the impact on struggling markets, has a management. and beyond the industry which the Commission still does not understand. Today winter is coming. Peirce is the last line of defense against Gensler, the soulless, melanin-tolerant White Walker. His mission is to become treasurer and do whatever it takes to keep the economy afloat and get America's tech community back on track for ten years or more.

Peirce criticized the United States Securities and Exchange Commission policy against Poloniex for its imprecision. Since 2018, it has been the buzzword of ETF cryptocurrency sites. He spoke honestly about improving the capital of non-millionaires, knowing where the private sector has been, where all of the growth of the US economy has been in recent years. In doing so, he supports the role of the US Securities and Exchange Commission in protecting investors, advocates for updates on securities regulation and oversees "the world" (with protection) and takes care of the bins. sand (preferably adults and children).

Peirce's voice has always been the epitome of self-awareness, ability, and self-control in Washington DC. According to the voice of someone who has done their homework, they are looking for solutions instead of blindly forbidding them. Hit all new and useful. what :

"When new technology, new products, and no risk" and not "no" non-commercial new business that has tried new assets using new tools using new resources and knowledge of the new success and unnecessary information eight by fraudulent, using the most convenient work experience. But I would like to interfere with a new technologian. Please let me get the resources you need money that you can learn to be happy than legal positions. The businessman measured health instruments are involved in the same intensity April. "

Cryptocurrency traders remember and appreciate good thinking. The crypto market has also cautioned. Crypto lawyers like authorities to offer legal solutions.

Regarding token trafficking, "selling securities without disclosing payments and decisions is a violation of [the law] ... but disappointed with the Commission's resolution ... this is a problem security of digital assets for sale. Security Issue We indicate that we are unable to provide further information to determine if a token is secure, whether to provide guidance. Learn more. "

like that!

Regarding the coercive action "Registration only":“Illegal registration alone is very serious. Our rule of law can prevent crime and prevent traders from being affected. But the rule of law Bridges and sanctions bring new developments and we must work hard to avoid them. “Being a police officer is the goal. Safe Harbor can solve this unfortunate problem. "

About the patriarchy:“We are not a performance manager, so we should not judge the pros and cons of the company. Customers look at all the data and sometimes the issues. alone with the product itself. We forget that people create their wallets.

Most cryptocurrency experts welcome the idea of ​​legalization as long as it is used fairly and consistently, to the extent possible, and does not violate the Code. Peirce is starting to open up to decision makers because his work is truthful, collaborative, and non-judgmental. We hope and need it to protect this wall.

10. Kwondo, Laboratoire Terraform

As of this writing (November 8th), I know I am referring to this year's "Speed ​​Horse" in the "Series 1" race. Ethereum has fallen nearly ten times this year. It shouldn't come as a surprise, but the real story of 2021 is Ethereum's blockchain space congestion, high costs, and the subsequent spread of a Series 1 competitor.Avalanche increased 25 times, Solana and Polygon increased 110 times, and Fantom increased 160 times. However, Terra is the winner with a surprising yield of 170x.

I gave Do this to different things.

1) Terra is one of the biggest cryptocurrency investing games in Asia and one of the top 10 positions in level 1., the deepest part of the great Korean cryptocurrency market.

2) Terra is used on a small scale as a liability for the second largest cryptocurrency guaranteed stability coin, UST., fixed income securities currently have a market value of $ 7.2 billion, up from $ 0 last fall (see chart).

3) Width of Terra infrastructure (Anchor is used for loans., Vega for derivatives, Mirror for synthetic security, and Mars for AMM) can be placed on stable and integrated technology over the long term, compared to other non-Ethereum blockchains. (Cosmos cross-blockchain communication protocol).

The most important thing is to put your head in a fight against your opponent because he is able to fight back. Minutes before joining the onstage group chat with me, Mainnet 2021 was chased and left. And to counter it, I decided to file a complaint with the United States Securities and Exchange Commission. It's a fight he can win, and nonetheless, it's a support fight.

It is worth saying:

In the cryptocurrency realm, there are a lot of people who easily make it to the top 10 every year, but no one is on my list twice. An easy figure to repeat this year is Balaji Srinivasan, whose encyclopedic experience and raw materials are amazing. Sam Bankman-Fried, the world's richest man under 30, made his fortune, and Michael Saylor came close to winning one of the world's largest organizations in history.

Chapter 3 10 Think About Bitcoin

1. See the point of view of Peter Schiff

"The gold will be mistreated and your descendants will think the gold digger is a silver seller by picking up the leftovers from the trash." - - Xu Zhu

Bitcoin has been eating breakfast for ten years. It should be a boom time for gold lovers with high inflation, low confidence in government, and prosperity in commodities, but gold has gone faster, younger, and stronger than Bitcoin. If you've invested $ 100 in gold in the past 10 years, you can get $ 102 back today, at a much lower inflation rate. At the same time, investing $ 100 in BTC during this time brought in $ 1.7 million. Oh, Peter Schiff.

(Source : Unomics)

Bitcoin also shows no impact. Given the direction of the macro wind and the many flexible cycles, it's hard to imagine that Bitcoin would soon lose its place and other cryptocurrencies would return. By policy, investors are more confident than ever in digital gold. Many companies now have access to Bitcoin, other early consumers (Paul Tudor Jones, Microstrategy, Tesla, El Salvador, Miami, etc.) are leading the way, and "Institutions are coming soon" for "the institutional" no " .

Marty Bent best summed up the strong tail winds behind us. He pointed out, "Due to low commodity prices, the actual value of the contract is negative and inflation will continue. Bitcoin is still the best option. Investing in organizations to move into inflation and market protection. stock market at a cost. Only crypto assets, crypto It will continue to push the rest of the assets. Of course, because the results change rapidly in their different materials.

If much of the easing policy devalues ​​the currency (duh), as Raoul Pal pointed out, we would have more chart on this (the Standard & Poor's and Fed balances The simultaneous rise and housing costs are a new QE, etc.) have been delayed, and We are doing.

(Source : Raoul Pahl, Bloomberg)

coin-operated printer ... buy everything. Especially the orange pieces.

2. King or Kings: there is no major setback

No matter what Sotheby's says, it's not because ETH is money, but I think there is a 20% chance of "going back" next year. If ETH can outperform BTC, it's not because it's a high-level "currency", but because the market is profitable for the world's most unique consumers in terms of platform. counting and that its revenue and growth potential outweigh the numerical advantages. gold. In other words, we treat BTC and ETH like M0, Google.

It is not an old idea. BitMEX developer Arthur Hayes broke this comparison in an upside down discussion post, saying:

ETH is the best virtual machine in the world and cannot (I agree) be the best virtual machine in the world.

Bigger cryptocurrency profits will be bigger than the biggest decentralized tech 'company' (I agree).

In other words, there is also the assumption that "cryptocurrency" will outperform "Bitcoin" as a whole (i.e. BTC will lose control), while at the same time Bitcoin will be in the world ranking. For a top tier competitive counting platform, Ethereum is a simpler target than Bitcoin. Ethereum's insufficient capital limits the capacity of its global portfolio. This year, we have proven that if the Ethereum listing gets too expensive, another initial layer could be quickly removed for the need to tackle the cryptocurrency market. (Further details on this issue are provided in Chapter 8.)

On the other hand, Bitcoin companies are rarely just written notes. The competitors of the pure "money" game are not dangerous. Dogecoin, Shiba Inu, Bitcoin Money, Craig Money and their forks are useless. You can love Doge! Many smart entrepreneurs do it, like Su Zhu. He likes "Important" Doge because of word of mouth, community, fun, not the main user base. It will also do so in 2021. Send push memestocks to the moon.

I understand this argument, but it does not meet the criteria. Jokes are like a cliché too, and even early adopters will know they are sitting on real profit and looking for cheaper jokes. The reflections of the downtrend are not interesting. If things change, no company will buy a wall for the charming Shiba Inus. Once you have your taxes in place and you know the extent of their responsibilities, a non-heavy consumer group can put many consumers at risk in the first quarter. Bitcoin investors are not new to capital gains tax. There can be many Dogecoin players.

Of course, there are two pieces of evidence for the use of more coins, Zcash and Monero, in currency talks, but holding them requires a long-term commitment to some really friendly, private and passionate business at the base of the currency. pain. He said it might be a piece of furniture you need, “If the country is broken you have to run with a bolt bag and a brain ledger / wallet. However, the smartest thing I have done is to eliminate the "super long ZEC" in December of last year and reinvest in ETH. Privacy is fair, and I want more money than doing it well. ZEC still accounts for 1% of my data and I still love Zooko, but it's not in my top 5. (Others have passed the ZEC, it's not my fault!)

Aside from Ethereum, Bitcoin lacks credible hype competitors, but ETH also deserves its own flashback. Bitcoin's share has increased from 71% this year to 42%. it's a bad hand "which will be made public in early 2022.

(Source : CoinMarketCap)

Cryptocurrencies may have more advantages, but there is nothing wrong with owner General Electric during the internet boom. There is nothing wrong with the interest of General Electric. General Electric's prices fell from $ 100 in mid-1999 to $ 450 in mid-2000 and to $ 185 in mid-2003. In just four years, he was "bored" 85% above the level seen in bull markets. If Web3 goes crazy on Web1, it could very possibly be the development of Bitcoin. Would it be disgusting if BTC went from $ 275,000 to $ 125,000 next year?

3. Multi-chain reserve

We'll talk about collaboration in Chapter 8, but for now I think Udi is right. The application will run. Bitcoin holders will hold and use Bitcoin to trade digital gold without having to worry about the contents of the chain or the indexed Bitcoin derivatives they use in the process. As long as the basic Bitcoin blockchain is vibrating, a block is created as a payment layer every 10 minutes. More than 1.5% of Bitcoin devices have been wrapped in Ethereum via BitGo, doubling the closing price at the end of last year. However, that could be the end of the iceberg as millions of bitcoins begin to enter other blockchains as well.

Some needs to drive Bitcoin:

BTC becomes storage space for other L1s and ETH as competitors.

An inter-blockchain bridging protocol like Rune will free up more P2P exchanges.

Concerns about independence, resistance to censorship or guaranteeing stability coins could spark interest in the Bitcoin guarantee.

The good guys at Ethereum can argue that this is why ETH is such a great value and such an investment. ETH is compatible with other EVM chains and L2 rollups, and promises to be as durable as Maker's Dai. But it is a step backwards. The price of BTC is 2.5x before, its products are based on lower operating costs and therefore less expensive, and the new BTC cap based on DeFi guarantee is higher than that of ETH. We believe that the packaged / synthetic bitcoin that can be traded on other blockchains will double by 2022 (75% think we will see at least 3% wrap). Bitcoin holders have known for a long time that they can use their holders on DeFi. You can hire cheaper services in the middle. (More details on the DeFi assets driving Bitcoin interactions can be found in the report.)

4. Bitcoin ETF "Gifts"

Since ETF approval is one of the most important aspects of this year, we will take the time to discuss ETFs in Chapter 5. They also address the Securities and Exchange Commission's 10-year lack of capacity. United States (I know ... we are close to Chapter 4). about Bitcoin that all ordinary people should hate. It is a difficult, impossible and horrible investment that causes Wall Street to support rich and zero opportunity.

Bitcoin futures ETFs are highly toxic, but the US Securities and Exchange Commission has long prevented the stock markets (and Wall Street) from disrupting the approval process. The 'gray transactions' (Chapter 5) and its entry into one could support companies that require investors to invest in GBTC free market bonuses and some retailers must hold Bitcoin in tax-exempt pensions. So an eight-year delay by the United States Securities and Exchange Commission (SEC) limits Bitcoin's liquidity to 5% in assets like ETFs. Early approval can lead to moderate risk for Bitcoin deposits. Wall Street is manipulating the Bitcoin market.

I will post more estimates of my ETFs to others, but I bet all closed BTC funds on ETFs will be less than 10% of Bitcoin stocks over the next five years. As with other large design firms, experts will cut costs by making direct calls. If you see more than 10% of Bitcoin pegged to the ETF model, it may be because it is available in “other” ETF products. For example, Ark Invest owns $ 400 million worth of GBTC in ARKW.

5. The decline of the Chinese Bitcoin market

For many years, Chinese resources accounted for over 70% of Bitcoin's hashrate. China then implemented a direct packaging ban this spring, taking millions of dollars out of Western countries. Plus, it's an amazing recipe that I've seen in eight years.

(Source: University of Cambridge)

It's hard to overstate how incredible this development is. Since 2013, the Chinese shadow of the Bitcoin market has remained. Traders are concerned about the potential impact on network security if China's packaging capacity is shut down. The result is ... certainly nothing.

We have proven that our service providers can move manufacturing resources to the most profitable location, regardless of the power source. Every year during the rainy season, it can guarantee that the production capacity will be sent to clean and water-rich Sichuan province, and back to power plants last year. Research from the University of Cambridge reveals surprising results from this period.

(Source: University of Cambridge)

Last year, I learned that even if China maintains its dominance in the economy, "the United States like Fidelity and DCG could enter [compete] ... by wrapping them with (small) drop to show that they are at geopolitical risk. I can agree. Do it, really. “On the flip side, Foundry, where China gives us the entire DCG market, is also the first to dominate the global Bitcoin packaging category.

This is an unfortunate mistake and it is hard to imagine that China would not lift the volume limit. Despite the focus on marketing and investment management in 2022. It appears these policies have been reviewed, and why. The market is only expected to return to the continent around the middle of this year (70% confidence). In particular, it has been shown that proof-of-work packaging can be used as an energy source for clean energy.

6. Bitcoin as a clean energy booster

Senator Warren warned that we must "fight to destroy cryptocurrency mining" to protect the planet. The EU's leading economist has warned that the environmental costs of investing in digital currencies "are skyrocketing". We also reported that the “cost” of cryptocurrencies in ESG data has increased. As Bitcoin is really toxic.

I recognize that the global Bitcoin network uses a lot of energy as world leaders, media and responsible stakeholders have taken issues into account. It is optically bad. However, Bitcoin's energy consumption is only "problematic" because most politicians and key journalists are stupid, lazy, or dishonest. Most of us.

Let's talk about the role of Bitcoin in the clean energy of the future. tldr:

It is politically impossible to have global broadcasts on time.

However, we should try to limit the larger emitter to "curve the curve".

Bitcoin can help reduce emissions by recycling waste or shutting down energy.

Encapsulation of infrastructure can help support clean new infrastructure.

At the same time, Bitcoin also offers S and G ESG solutions.

1) Controlling emissions is politically impossible.For example, can someone be honest for a moment? China will not unilaterally limit its emissions under the framework, and its contribution to global emissions exceeds 50%. Some Chinese companies now pollute more than in China. In recent climate talks, China failed to make any meaningful commitments. Why are they doing this? Likewise, do you think Russia will unilaterally rush to the air summit? Turkmenistan has a population of 6 million people and 31 of the 50 highest methane emissions in the past two years. Oh, and that means the gates of hell. India, the largest independent country in the world, plans to reach an average carbon level by 2070. 50 years! very good! Who can 50-year forecasts reach net zero emissions before huge profits and negative costs (if not the end of consumer electronics and intelligence)? Carbon capture and clean cryptocurrency. Or time and political chaos. These are all optional.

2) Cryptocurrency is invading the world, but Bitcoin mining is not: The brilliant Lyn Alden identified it in a recent article, but the impact of Bitcoin on the environment is linked to its financial impact. The "problem" is that the proof of work will either disappear in the short term (if it fails) or rise to the global test level of $ 20 trillion. energy. That's a large number, but if cryptocurrencies can achieve mass automation of financial services in other ways, they won't.

A decrease in the appreciation of Bitcoin means a decrease in the share of secure transactions, which means a decrease in the strength of the hash number.

Source : Lynn Alden

First of all, we know that most of our Bitcoin holders are interested in Bitcoin's current financial plan. The ratio of blockchain rewards to total market value has been reduced, and the risk is that, in any case, the cost of blockchain rewards does not attract enough energy to keep the network secure.

(You'll have a hard time using the word "hyperinflation" in most business circles, many fear this will turn out to be selfish instructions. The fact "21 million" is.)

3) Zog Recycled Bitcoin:Facts have proven that some of the cheapest energy sources in the world have been kept "off the grid" pending improvements. It would be great if there were mobile users without any area restrictions! Proof service providers are consumers who are willing to absorb the lowest kilowatt-hour cost, such as the upper triangle water, as shown in the Sichuan figure. (Actually, Bitcoin providers are just nice to Daniel Plainviews). This is why Nick Grossman, Square, Ark Invest and others call Bitcoin "the battery of currency".

At first, I refused to use this framework. Sounds very simple, right? But I got it.

Carbon monoxide emissions (methane leakage) and combustion (methane to carbon dioxide) are prime examples of the role of batteries. The United States consumes more fuel daily (equivalent to 150 TWh) than Bitcoin peaks in annual consumption. It was Lynn again. “The University of Cambridge estimates that the global flue gas recovery potential by 2021 is eight times that of the Bitcoin network. In other words, almost the entire Bitcoin network will experience its peak. In the States - United by abandonment in May 2021, no matter from the other world, Burning converts 100% of unwanted products into Bitcoin, not theoretical, it's magic.

This is nothing new!

I wrote in my thesis two years ago about some companies doing this (like Crusoe). It is not a secret country. This dynamic cannot continue. For example, 20% of North Dakota's CO 2 is not collected and is arrested and burned. Bitcoin providers are unique because of their downtime and low bandwidth space drawbacks that allow them to capture value in remote locations such as North Dakota, even compared to d 'other difficult jobs such as operating server farms. higher.

Policy maker: My God, your question is not about Bitcoin energy harvesting, but about the energy behavior of American consumers and the electronics industry. I know this sounds like a really good story and it's honest, but Bitcoin can't do it all for America! (Bitcoin bears are a different story. All bears must die.) With some funding, Bitcoin mining in the United States could generate negative emissions in a few years.

Ted Cruz understands! !

“50% of the country's oil is burnt and now it's been burnt in the Permian west of Texas. I think now is the right time for Bitcoin as this energy is wasted. It is a waste. Because no. The equipment is contagious, they just burn it down in a place where it can be used. "

There can be a lot of potential here. We can never waste this gift.

4) Bitcoin is a green energy stimulus.Let's hold this house and consider bitcoin mining as a potential net zero emitter with the potential to generate large volumes of energy. The processor converts the waste into processed food. The elite of the coast will ridicule this idea. They don't need Bitcoin's red mud. Because they're not hungry for cash (or good beef). But what about communities where encapsulation of capital can help clean up capital spending? Or is it a new business with revolving capital, but consumers are now less demanding for this clean investment?

Bitcoin providers are unique market partners because they optimize for a single difference (as low as a kilowatt hour) and track the “ultimate power” of the cell phone for energy which is inconvenient for transportation. We can see that using new, clean electricity means less labor, and these cities must contribute to the slowdown in demand. So I took them to the neighboring village. The reverse is also true. In low-income countries where energy is affordable, resources can provide financial assistance or help build clean energy. In low-income countries, providers may be able to finance or support investments in exchange for cheaper policies. (Ark Invest reported on how this model works, so you can identify these ideas for yourself.)

Bitcoin encapsulation is already anecdotal, and its increasing frequency is boosting investment in clean energy. In addition to amalgamation, Niagara Falls also has a packaging facility that was once turned into a former power company and now uses electricity. The owner has built a coal-fired power station in China. North Vancouver also uses technology developed by Mintgreen to heat 96% of its renewable energy using its Bitcoin resources. Another new update will appear.

If you don't believe, I don't blame you. I thought it was more business than content. Ben Thompson pointed out in a recent article:

“One of the biggest mistakes we make in the community is to think that we are low on energy… The claim that Bitcoin actually provides incentives to invest in more energy is self-justified, but this doesn't mean it's wrong. The coins provide support for investing in energy, which in itself helps, but that doesn't mean it's wrong! "

Nic Carter has seen a similar shift from unsuspecting advertisers to advertisers this year.

“Bitcoin packaging combines the energy market at an all-time high to create an explosion of innovation that will decarbonize Bitcoin in the medium term and benefit more and more energy. Renew. Most importantly, only Bitcoin, no other companies Be a transporter - part of that goal is really being met.

This is considered to be the result of volume lifetime (using new chips on the network with longer runtime and older chips where the value is lower at marginal kilowatt hours) and slower growth of the ASIC method (30% of packaging from older chips). more than 5 years.). ), network-based hybrid packaging systems and back meter packaging systems (differences in customer service needs).

In a free statement on Bitcoin's own capacity, Square said, “As more people start using solar and wind power, [we] can announce potential new benefits for electricity, such as fresh water resulting from the elimination of CO2. It makes air, or green hydrogen. "

5) Price in USD:We can say that the financial economy (25 times the carbon footprint) and the military economy (50 times the carbon footprint?) Should at least be included in the analysis cycle. However, ESG activists are trying to eliminate the real problem with Bitcoin, unless their perception of negative "E" externalities is wrong, and in the process also ignored the "S" and "G" shape.

Alex Gladstein of the Human Rights Foundation writes it best in an excellent article on the hidden value of the dollar. In other words, even if policymakers think Bitcoin is hopeless, unnecessary, and destructive to the future of the world, the preference should not be any different as the oil dollar takes over the management of control. The process promotes greater consumption of fossil fuels. Many believe that the value of Bitcoin as an investment in new experiments and regulatory regimes, S and G, can be seen as contrary to the critics of the worst E. Bitcoin is political.

(Source : Jason Lowery)

There is, of course, another "E" which is a belief for policy makers. This is the impact on businesses. Crypto packaging in the United States is big business. US-listed vendors currently hold nearly $ 1.5 billion in BTC at current prices, with hundreds of millions of dollars held due to packaging capacity in China. Annual sales and revenues also improved. This is what Senator K Cruz said in his remarks on the matter at the Bitcoin conference in Austin this fall.

The encapsulation of the infrastructure can also result in an unusual combination of Ted Cruz on the right and AOC on the left. If you want to grow the business that cryptocurrencies can bring, and want to encourage and support investment in green energy, support clean packaging! It's a zero-sum global economy, which means sanitation can drive out more “dry” packages. The end result will be a low carbon, low consumption Bitcoin network run by Western countries.

(This does not have to be done at the government level!). Nic also pointed out that ESG investors can invest in utilities that only have renewable energy sources, like Iris Energy, and lower the cost of green packaging, which can have the same benefits as government subsidies.)

7. Proof of work works because proof of work is effective.

"PoW and PoS are not interchangeable. They are not complete. They are different and should never be compared or compared." - Meltem

This is one of the areas where the two sides clash, such as the claim that "BTC is money, ETH is not money". The proof of operational power stretches over time to prove that the network provides a guarantee of fair payment to the world without the trust of network owners who are easily compromised. The separation of market promotion and ownership responsibilities is essential for networks that do not have to compromise on profitability.

On the other hand, it is necessary to treat a proven network (using pass holders as a host) as a commercial analogue. Every witness network in play carries the risk of mediation, censorship, and abuse, but that doesn't matter.

True decentralization of PoS across thousands of interacting PoS blockchains, including long-term support tokens, emissions, policy management, usage plans, etc.

You don't want to have money like that. In this system, Elon Musk owns most of the income and voting rights. Core network companies are profitable and incur high costs and taxes. There is a lot of energy in half of every change. On the other hand, if we write the same weight in the shared taxi service, this may not be a problem because it is a Web3 application.

The proof-of-work realization paved the way for proof-of-work research and made it even more important. This does not mean that PoS is a better model of security than PoW. This does not mean that POW is invincible. This means that PoW is the first and probably still the best for non-state applications.

(Learn more about PoW and PoS security: only the strongest and most self-destructive).

8. Proof of minority protection work

Pete Rizzo, my former colleague at CoinDesk, wrote a thought-provoking article claiming that Bitcoin's preference for contracts, proof-of-work encapsulation schemes, and user-activated 'soft forks' do of Bitcoin the only cryptographic protocol that protects the law. . Couple in the "tyranny of the majority" that Fork has.

Reading a Twitter conversation can be like learning or talking, but it could be one of the most important new schools to understand. We are five years after the only controversy in Ethereum's history, and four years after Bitcoin's "user-activated soft fork", which ended years of years of trading, resources, users and hearts. . the developer. The dangers of political instability and how inaccurate the problem of political consensus will become can be explained unless you have experienced them.

For example, do you think the best way to check is to use validator activated soft fork code, and do you think the support mechanisms are regularly tied to the market? Or is the support mechanism an owner-activated hard fork code most often connected to the capital layer?

Bitcoin's preference for quiet transactions is essentially "user strength beyond isolation". It is to keep the family together, like the "draw" that the owner must do. If users have enough support for the fork, it will eventually get used to the new process. On the other hand, Ethereum looks like an iOS update. Yes, the new brackets are "optional" for users, but only in this sense will users be able to track changes or not access the root network. The internet blockchain is not run by Ethereum, this kind of industry of tyranny will fade over time. Exit = Select.

I have no good idea for this as I have investments in Bitcoin and Ethereum and I think both will be successful. If you are a beginner, it is worth doing your research further. It is also a strict part. Level 301 Sorry. It was a while, but after 800 hours of writing I didn't have time to make it easy for myself.

9. Bitcoin roadmap

Four years have passed since the massive Bitcoin reform and the sale of the fork, and this time around, it's rarely a problem. This spring, almost every Bitcoin packer in the world expressed support for the “Taproot” update, which went into effect in November.

(As a representative, I can easily follow the entire lifespan of Taproot BIP, regardless of the protocol upgrade to 200 other encrypted networks using Intel products.)

Taproot makes Bitcoin trading cheaper for beginners. Adopted by Taproot, "Schnorr Signature" improves Bitcoin's privacy by making all types of transactions (single payment, Lightning, and multiple signatures) the same. Prices and changes. And you can start the next step in the development of the Bitcoin Lightning network. The next step in the development of the Bitcoin Lightning Network, after many years of writing, could explode next year.

To be fair, Taproot is a big advocate of privacy and lightning, but not so much for the future of Bitcoin smart contracts (we've been talking about "sidechains" since 2014, however, but they're lost). As previously stated, Bitcoin can be presented as a liability slider over another platform's measurement, but technically that doesn't make Bitcoin payment part of the new smart contract. I have invested in a lot of businesses that depend on lightning (such as Kolider * and currency exchange over time) and hope Jeremy Rubin's Sapio succeeds. So I was very careful that there was a winner among them.

However, I've been here long enough to limit my interest in Bitcoin applications outside of the pay-as-you-go and buy-at-cost use cases. Only one option for Fedwire is big enough. Thank you. In fact, Bitcoin has 300,000 on-chain Bitcoin payments per day and currently 800,000 Fedwire payments per day. Bitcoin has already overtaken Fedwire in exporting, providing hosting services typically to hundreds of thousands or thousands of small businesses that all use it at once. lightning can make it faster.

The growth of Bitcoin is like building a rocket, and the growth of Ethereum is historically similar to the creation of a startup in Silicon Valley. There is more impact in Bitcoin (this issue will be discussed in Chapter 6), and establishing a reliable FedEx crypto alternative for Fedwire requires rocket-level research security. Bitcoin's constant updates and investments in its key figures and in-depth communications are exactly what I'm talking about.

V22.0 (released this fall) extends Tor integration by integrating Bitcoin into an anonymous online interface, secondary anonymous communication, and simplifying Bitcoin's security and data transfer capabilities, allowing users to anonymously delete . . Blockstream's efforts placed the Bitcoin satellites in a strange sound environment, but it ensured that network access from anywhere in the community (and the internet) would crumble.

That's not to say that betting on the future of Max Bitcoin is crazy. Instead, it's a liferaft for current and future refugees. "Slavery will not happen everywhere at once. It means there are over 190 countries and more borderless exchange rate processes." This work is very important.

10. Lightning strikes El Salvador

The Lightning Network appears to have clearly gone for the ERC-20 backed by the US dollar in terms of payments, and in 2020 the meteoric development of capital channels and nodes will be of no value. Although the potential channel broke this summer, YTD is three times higher than BTC, but the total potential is only $ 200 million, and ERC-20 stablecoins will solve the problem there. . limit.

Despite all the success they have had, neither the ERC-20 stable coin nor any other crypto device has done what the Bitcoin "currency" has done this year. Of course, this means that Bitcoin has gained ground in El Salvador. If you make a closed payment without logging into your fiat storage, everything starts to happen in its usage.

(Source: Arcane Research)

Compared to DeFi, the numbers we are talking about are still small, but we are talking about 6 million fiat laws, no fiat, cryptocurrency tracking, and it can be locked into one. .

I believe my opinion on lightning will be more false. However, thanks to campaigns sponsored by Twitter, Taproot and Ukele, Lightning capacity is expected to reach 30,000 BTC by the end of 2022 (10x next year). Other countries like Paraguay or Ukraine might be better off if they follow Bitcoin game theory.

I like "La Foudre". It's really cool. I really like the demo campaign. I love the news that 2.7 million Salvadorans will drop $ 30 in BTC when they release a new Chivo wallet and allow users to pay with Lightning on their phone. lightning charge with your phone. I believe this is all propaganda. I love that Twitter Quick Tips are available online to 186 million users. While Snowden estimates that there are 650 million uneducated seniors in the country who can take action similar to El Salvador that is part of the after-dollar financial plan, I'm sure he's seen it.

Additionally, I want Bitcoin to work as a fiat currency and I don't want to pay 20% tax on my coffee order. Just thinking about how stupid America's cryptocurrency policy is makes me happy.