With bitcoin stuck below resistance at $4k and proudly resistant to moving much lower, we sit. Everybody’s standing around watching. It’s like when Iverson dominated hardwood floors at Georgetown or in Philly. It was one-on-five every time up the floor. OK – it’s nothing at all like that but he was one heck of a player.
One story probably not getting enough attention is the total devastation of what formerly was known as the “ICO” space. Projects are being abandoned globally as money disappears, scams proliferate, regulators flex, and a whole nascent industry – poof – is gone. To use the basketball analogy again, this is now a game of zero-on-five. But every action has a reaction – or however that expression goes. What I’m seeing is “strength-to-strength”. Real businesses are being formed contingent on the future existence of BTC & perhaps a modest number of additional coins. Infrastructure is being built. Rules regimes are coming together. Lending. Someday banking. Tech. The whole kit & caboodle. 5-5; full court, 94 feet.
Hoops is on my mind after seeing the Loyola Ramblers get a big W last night. My college pals from Loyola of Rome caught up with head coach Porter Moser (tie) fresh off last year’s brilliant Final Four stretch run.