20 - The Ethereum Opportunity | Chris Burniske

Jul 6, 2020

Chris Burniske, a partner at Placeholder and co-author of "Cryptoassets," dives into the transformative potential of Ethereum and decentralized finance (DeFi). He explores how DeFi can address capital inequality and foster better governance structures. The conversation touches on the evolution of token valuations and the innovative features of Balancer as a case study. Burniske also examines the balance between automation and tribalism in crypto communities while sharing his bullish views on ETH and future investment strategies.

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INSIGHT

Valuing Stake-Based Assets

Stake-based assets are capital assets, yielding ongoing value.
Value them based on expected returns, using models like DCF.

INSIGHT

Healthier DeFi Token Valuation

DeFi tokens have on-chain cash flows, making them fundamentally stronger.
Valuing them with discounted cash flow models is more accurate than past methods.

INSIGHT

Relative Valuation in DeFi

Relative valuation metrics in DeFi, similar to price-to-earnings ratios, are emerging.
Standardizing these metrics is crucial for meaningful comparisons between assets.

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Episode: #20 July 6, 2020

We sit down in this episode with Chris Burniske to talk about crypto, DeFi, and the Ethereum opportunity. Why are we here? How will crypto make the world better? Where are we going next? Oh...and is ETH money?

Chris has the incredible ability to drill deep into intricate analysis one moment then zoom out across history to tell us what is means for the future of humanity. Enjoy this conversation with our favorite crypto analyst-philosopher.

We cover:

Evolution of token valuations
Fixing the inequality of capital
Is DeFi a better system for the world?
Balancer as a case study
Have his views on governance changed?
Tribalism!
The reason we're here
Going west toward the Infinite Whitespace
The Ethereum opportunity!
Bullish ETH?
Chris's next book

Join us next Monday for a fresh episode!

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----- Resources discussed:

Read our favorite writings by Chris:
Follow Chris on Twitter
Listen to Chris Read "A Blank State of Slate"
Check out Crypto Assets Book

----- Episode Actions:

Read our favorite articles from Chris (see above)
Listen to episode 4 on ETH as a Triple Point Asset
Subscribe to State of the Nation on YouTube!

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Chris Burniske is a partner at Placeholder, a New York venture firm that invests in decentralized information networks. Prior to Placeholder, he co-authored, Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond, and spearheaded ARK Investment Management’s crypto efforts, including its 2015 bitcoin investment. His commentary has been featured on national media outlets, including the Wall Street Journal, New York Times, Financial Times, and Bloomberg. Twitter @cburniske.

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----- Not financial or tax advice. This podcast is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Do your own research.