Qualitative Research

Wences Casares, CEO of the Bitcoin wallet company Xapo makes a case for allocating a small amount of every portfolio to Bitcoin because of the unique value Bitcoin has via its sovereignty, and the potential for large returns relative to the risk taken.

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Highlights the Velocity Problem for utility tokens, makes the comparison of utility tokens to working capital and proposes that any crypto asset that is not viewed as a store of value will have a difficult time accruing value over the long-term.

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A formative thesis on the investment opportunity set of the crypto asset landscape.

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Introduces the concept of productive and non-productive crypto asset classifications and presents differing valuation characteristics for each.

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A foundational taxonomy of token characteristics and framework for assesing crypto asset utility.

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An hour long conference call with slide presentation on crypto asset valuation fundamentals. Some of this material has subsequently been disproven.

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Introductory overview of two types of utility token models that may be promising: 1) Work Tokens; and 2) Burn-and-Mint Equilibrium.

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A reworking of MV=PQ into a form more fitting for crypto assets and a discussion of velocity characteristics and implications.

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A concise review of existing crypto asset valuation methodologies and ideas around additional methodologies that could be explored. Excellent reference appendix included.

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An important qualitative valuation framework that introduces the concept of Total Value being the summation Current Utility Value and Discounted Expected Utility Value. The growth and oscillation expectations of these factors are reviewed.

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An in-depth critique of MV=PQ and commentary around the characteristics of the components.

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Detailed examination of Velocity in the context of MV=PQ. Discusses velocity in terms of too high, too low and just right. One of the first articles to shine a spotlight on the Velocity Problem.

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A brief review of existing commentary on Velocity and new incremental examinations of the characteristics and implications of Velocity.

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A foundational taxonomy of crypto asset categories including examples of each, the valuation implications for those categories and a helpful appendix of references.

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