G’day Folks,
Today I jumped on the phone with Murad Mahmudov, who has been around the Bitcoin and onchain world for a very long time. Back in 2018, Murad was the guest on a podcast with Pomp titled the Ultimate Bitcoin Argument, which was one of the key orange pill moments for me personally. I highly encourage everyone who hasn’t heard this discussion, to add it to your listening list.
Murad was also the original co-creator of the MVRV Ratio, alongside David Puell, two of the original onchain thinkers, from whom I have learned a great deal.
In this podcast, we start with Bitcoin and its role as a monetary asset. We also venture into the weird and wacky world of meme coins. Now, I know a majority of the Checkonchain audience are Bitcoiners at heart, however I encourage you to think beyond the silliness of the tokens, and think about how Murad frames up modern market structure.
Whilst I personally am not an altcoin, nor memecoin investor, I still find the intellectual exercise of thinking through why crypto markets value certain idea more than others fascinating. In my opinion, the crypto world has rebuilt, bug-for-bug, many of the systems which underpin Wall Street and global finance. They offer us a lens into how the incentives behind the fiat system led to it becoming what it is today, just on an accelerated timeline.
Think beyond the tokens, and try and consider how the emergence of memecoins represents a social, and cultural shift, and a direct reaction to the VC funded techno-babel nonsense which is all too prevalent in the crypto world.
I found this conversation really helped solidify many of the ideas and reason why the broader crypto market trades the way it does, and paints a unique picture for how capital rotation may or may not evolve this round.
I’d love to hear your thoughts in this one, so let me know in the comments if any light-bulbs go off during this conversation (and what you agree/disagree with).
Thanks for listening!
James
Other ways to listen:
Spotify (available ~1 hr after article is published on Substack)
Apple Podcasts (available ~1 hour after article is published on Substack)
Youtube:
Disclaimer: This podcast is general in nature, and is for informational, and entertainment purposes only, and it shall not be relied upon for any investment or financial decisions.
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