Signaling is everywhere in the animal kingdom. The instinct that drives a peacock to show off his feathers is the same compulsion that brings the 50-something to the corvette dealership. Signaling is the act of distinguishing oneself from the rest of the group. …

Shortly after publishing my last article (which you should probably read first), I started to feel bad. Not because my thesis was wrong, or my prediction would be off, but because I had no data proving that I was wrong in the first place. …

NFTs first crossed my radar in 2017 with the launch of CryptoKitties. I felt it was an interesting concept for gaming, like “Neopets for adults”, but in the end I didn’t give it much attention. …

“Sometimes, history needs a push” — Vladimir Lenin The above quote touches on a long debated historical question: can history be explained by the outsized impact of “great” people or heroes? Or do bottom-up human and social dynamics govern the course of events? Leo Tolstoy had a strong opinion on…

Unless you have been living under a rock, you have surely heard about deepfakes. You also may think that they are a “threat to democracy”, or a “powerful [new tool] for misinformation”, and you may be right about those things. …

Being long overdue for a good mind-fucking, I recently saw Chris Nolan’s new movie Tenet. In true Nolanesque fashion, I left the movie with no idea what I had just watched, I just knew I liked it. But this won’t be a movie review. I instead want to go through…

In Part I of this series we went into the value propositions for some of the popular crypto assets. In Parts II & III we looked into the returns, volatility, and correlation of bitcoin compared with traditional asset classes. …

The markets have gone into turmoil in the last few weeks, with the S&P dropping >25%. The obvious catalyst for this drop is the black swan that is COVID-19. With equities in freefall, how are our uncorrelated assets doing? Answer: poorly. Gold: -12%, Bitcoin: -47% I believe there are two…

In Part II of this series, we looked at the returns and volatility of bitcoin versus traditional assets. In this article, we will look at bitcoin’s correlation with equities, gold, and other crypto assets. Modern Portfolio Theory Modern Portfolio Theory (MPT) tells us that we can maximize the expected return of a portfolio…