Signal = Self-custodial bitcoin. A peer-to-peer self-custodial payments and savings network.

Noise = Most cryptos, trading, leveraging, etc. There is interesting tech exploration happening, but once "VC tokenomics" are involved, avoid it.

Good segment from @jackmallers here:

Even more-so, @coryklippsten was an aggressive critic of SBF prior to the collapse.

People outside of the industry assume "bitcoin/crypto" is the same industry.

People inside the industry know that bitcoin vs crypto is a big divide.

Watch this:

Cory called out Luna before it imploded, called out Celsius before it imploded, and called out FTX before it imploded.

For broad macro people, this is a crypto ecosystem problem rather than a bitcoin protocol problem. Bitcoiners keep calling this out.

I repeatedly called out Luna before it imploded and wrote about the contagion it could have, and warned about Celsius and crypto stadium naming rights, but I didn't focus on opaque balance sheets.

Cory has a sense for people, and called them out aggressively. As a bitcoiner.

Ross Stevens of the multi-billion dollar Manhattan-based firms Stone Ridge and NYDIG, is also a source of signal through the noise.

He purposely barely does any interviews, but he writes occasionally.

Read this:

To my macro investor audience that isn't quite "into crypto" (understandable).

The bitcoin-only realm is kind of like the "value investor" space. People focusing on utility over speculation.

Crypto folks call bitcoin-only folks "luddites", and then the crypto folks blow up. 🤷‍♀️

As a macro/value analyst, I'll say this to fellow crypto-skeptic analysts that I like:

It's about bitcoin, not "crypto". There's a useful tech here, and a sea of scams built around it.

@ttmygh @DoombergT @jessefelder @DiMartinoBooth @chigrl @SantiagoAuFund @JulianMI2 @kofinas