Some bad news for Bitcoin lately. We’re not talking about the China ban. That happens so regularly you could set your clock to it. This last happened exactly one financial quarter ago 🙄.
Make sure you read the fine print on China’s various Bitcoin announcements. It’s like getting an advance copy of Elizabeth Warren’s next speech.
Nor does the Bitcoin bad news have anything to do with its tightening association with a sketchy social media site. Bitcoin really deserves a better allies than the man forced to camouflage himself as a homeless person to sneak into his office by the Tenderloin.
He may not the ideal cheerleader at a time when Bitcoin’s trying to clean up its image. Still, we’ll accept anybody into our movement, even if he won’t reciprocate.
Besides, who knows. Changetip didn’t exactly work out last decade, but maybe a reboot would be different this time because reasons.
No, the real bad news to hit Bitcoin is that it’s losing the Curve bribe wars, and badly.
To my knowledge, the best yielding use case for Bitcoin over the past several years has been to bridge it to Ethereum and take advantage of DeFi offerings there. Bitcoin yields on DeFi were never superlative, but some people were really scrapping to get that 8% to get them to $130K by the time they hit 65.
Well, lest you worry we’re peddling BTC FUD, far from it. Looks like the democratized nature of DeFi may soon correct the problem. BadgerDAO has been quietly accumulating $CVX. All indications is that this sudden nosedive is pushing the Badger team to flex its lobbying might.
Political bugs get ironed out far faster in the cryptocurrency space than the real world. We’re lucky enough to watch democracy form in real time as protocols redesign themselves to focus their influence towards Curve.
We sometimes look back at quirks in representative democracies like the electoral college, only to dig and and become transfixed by the meandering story of how such institutations came to exist. A century from now, schoolchildren may look at the symbiosis between Curve and Convex the same way.
The jockeying for the future is taking place now. We’re watching this unfold in realtime and enjoying the feeling of our $CRV maximalism being again validated.
If you’re still bearish on $CRV, firstly we’re honestly quite impressed you made it so far into the newsletter. We also have to ask you, what’s you best argument against Curve’s long-term dominance at this point?
Also for that matter, watching the swift nature of on-chain democracy, what’s the bull argument for politics as usual?
All proceeds from subscriptions go to support crypto activism at PAC DAO, where the community is manifesting the power of digital democracy upon democracy v1.x. Nothing in our newsletter can be construed as financial or legal advice. The newsletter is the author’s independent opinion, no opinions are affiliated with that of Curve. Author is a maximalist of the Pareto frontier of $CRV and $CVX.