2/ The point was to ask which market narrative is likely to drive the next bull market? I wanted to play out the market mental models that might shape how different people look at crypto: Fat Monies; Tokenized Securities; Protocol Wars; Dapps, and Whales. https://t.co/3pHeapKUNY
— Nathaniel Whittemore (@nlw) August 3, 2018
4/ The poll leader (and the one I most think will shape the narrative) is Fat Monies, which is the idea that whatever becomes digital money is going to capture the lion’s share of the value. One of the first articulations was in this piece by @arjunblj https://t.co/Fu7fY7WjXg
— Nathaniel Whittemore (@nlw) August 3, 2018
6/ @BMBernstein wrote this seminal piece trying to create a crisp divide between investments in equity and investments in currency that helps explain why so much energy would be concentrated on Bitcoin (or a small basket of realistic SOV competitors). https://t.co/cQf2QrRTYE
— Nathaniel Whittemore (@nlw) August 3, 2018
8/ The second possible narrative is around tokenized securities. For the essential background – check out this piece by one the most thoughtful and outspoken boosters of the potential impact of tokenized securities @APompliano https://t.co/HwpsPe1XJ6
— Nathaniel Whittemore (@nlw) August 3, 2018
10/ That said, the interesting thing may not be those early use cases, but “allocating capital on-chain to cash flows." Read @lwsnbaker Q&A on @tokendaily for more of this future-thinking with regard to tokenized securities. https://t.co/zEnBq3duFL
— Nathaniel Whittemore (@nlw) August 3, 2018
12/ An interesting counterpoint to the idea that tokenized securities will drive a bull market that has subsequently come up is the notion that they are a distinct asset class and not likely to drive new money to native crypto assets https://t.co/8Byb0mXDSW
— Nathaniel Whittemore (@nlw) August 3, 2018
14/ A 3rd narrative that could shape the market is the Protocol Wars. The importance of smart contract protocols has been near gospel since @jmonegro wrote 'Fat Protocols’ https://t.co/2TwzU57kpX. Read it, then listen to Joel on @laurashin’s Unchained https://t.co/EXQIRQhxAt
— Nathaniel Whittemore (@nlw) August 3, 2018
16/ For a more general check in on all the big players in the smart contract and overall crypto space, it’s also worth a catch up with this piece by @Adam_Tache A https://t.co/81irqFhq32
— Nathaniel Whittemore (@nlw) August 3, 2018
18/ The 4th market narrative possibility is a breakout Dapps. Among all the narratives, this would be the least marketing and the most based on fundamentals. Still, designing consumer apps is incredibly hard and unpredictable – they just have a ways to go. https://t.co/J7jnJogScT
— Nathaniel Whittemore (@nlw) August 3, 2018
20/ If I had to bet on a app sector most likely to beat out expectations and build something that captures serious consumer attention, it’s NFTs. Rather than posting one of the numerous great primers, I just suggest you follow @Flynnjamm @toddg777 @mattdlockyer @mattgcondon
— Nathaniel Whittemore (@nlw) August 3, 2018
22/ I think the opportunism of some whales to take advantage of the aspirational “stock market of coins” retail investors is inevitably part of any bull movement, but I hope that the more sophisticated we get as an industry, the less power they will have to drive behavior.
— Nathaniel Whittemore (@nlw) August 3, 2018
24/ To read more and start thinking about this whole global political dimension, a really good place to start is @alegw’s feed and Petronomicon by @_jillruth https://t.co/FLG80QN4R8
— Nathaniel Whittemore (@nlw) August 3, 2018
26/ In that spirit, what did I miss? What narratives do you think will dominate the next bull market?
— Nathaniel Whittemore (@nlw) August 3, 2018
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