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Invest Like the Best with Patrick O'Shaughnessy
Chris Burniske - How to Value a Cryptoasset - [Invest Like the Best, EP.62]
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Show Notes
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This episode is a continuation of the Hash Power series. It is the first of what we will call a Hash Power single—a series of conversations each with a single guest on a specific topic. In this case my guest is Chris Burniske, and the topic is cryptoasset valuation. This conversation is loaded with information, I think you are going to love it.
Chris recently released book called Cryptoassets, which is a must read for those interested in this field. Chris was at one point the only tradintional buy side analyst covering bitcoin, and is now a partner at a new crypto firm called Placeholder. Chris has developed new frameworks for evaluating and valuing cryptocurrencies, marrying techniques and ways of thinking for several different asset classes to assess the newest asset class. Chris prefers the term cryptoassets because as you’ll hear, several of these tokens aren’t really currencies at all. We discuss the differences between cryptocurrencies, cryptocommodities, and cryptotokens. We begin our conversation with a deep dive into the equation of exchange, which Chris has been using as a starting point for understanding utility value.
You can see all crypto related conversations at investorfieldguide.com/Hashpower. Please enjoy this conversation with Chris Burniske.
Hash Power is presented by Fidelity Investments
For more episodes go to InvestorFieldGuide.com/podcast.
To get involved with Project Frontier, head to InvestorFieldGuide.com/frontier.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub.
Follow Patrick on Twitter at @patrick_oshag
Books Referenced
Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
Links Referenced
Hash Power Podcast Documentary
Nic Carter (twitter)
Cryptoasset Valuations (Medium)
Show Notes
(First Question) – Chris’s overall method for evaluating cryptocurrencies
– Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond
– The equation exchange
– Bonding
– How bonding may represent a more efficient way of representing consensus over proof of work
– Why the amount being bonded and held should be taken out of the float
– Using bitcoin as an example to figure out remittances in the PQ side
– Looking at the velocity of various crypto-assets
– Chris’s impression of the different way of categorizing various crypto assets
– Explaining Auger as an example of a cryptotoken
– How could these networks be impacted by not having any censorship
– Exploring the gap between expectation vs reality in the value of crypto currency
– Other ways of valuing these crypto assets
– Hash Power Podcast Documentary
– Explaining the idea of billion dollar a day onchain transactions
– How to measure the value of the underlying network
– Nic Carter (twitter)
– What are the variables that matter when investing in cryptocurrency on a long-term horizon
– Determining when it’s better for a network to be centralized vs decentralized
– Networks that Chris is most excited about
– Understanding the consumption side of the steam marketplace
– Deep dive into the Aragon network
– How does Chris evaluate existential risk of networks
– Could these assets really ever go to zero?
– Is there a scenario in which velocity gets so high that it negatively effects the price
– What are the unknowns of cryptocurrency that Chris is most interested in
– Cryptoasset Valuations (Medium)
Learn More
For more episodes go to InvestorFieldGuide.com/podcast.
Sign up for the book club, where you’ll get a full investor curriculum and then 3-4 suggestions every month at InvestorFieldGuide.com/bookclub
Follow Patrick on twitter at @patrick_oshag
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