Saturday, May 26, 2018

Havven, my newest favourite project

Aites guys, here it is, my declaration of love.

Havven is currently the project that I am most excited about in the crypto space right now.

There are A LOT A LOT A LOTTTTT of critics of stablecoins, but meh. I've read their opinions and views. I don't agree with most of them. So here I am, swimming against the tide again. As usual.

So what is Havven? Crypto Lark, one of my favourite, no bullshit YouTuber, talks to Havven's founder, Kain in this interview below.


If you remember one of my previous articles about the crypto path to trillions, I linked Multicoin Capital Kyle Sumani's article which mentioned that one of the possible paths is through stablecoins (the other two being Store of Value and Utility).

Again, like I said, stablecoins have LOTS of very vocal critics. But I am no fool, so I've done my own readings.

Reading 1 - Multicoin Capital's "An Overview of Stablecoins"
Reading 2 - Haseeb Qureshi's "Stablecoins: Designing a price-stable cryptocurrency"
Reading 3 - Anthony Xie's "The Instability of Stablecoins"

Unless you're a team member in a stablecoin project, I can probably school you on stablecoins.

But alas, I am not here to preach or shill you muh bags. Tbh, idgaf if you believe in this thesis or not. I'm just publicly putting it out here so that I can be smug about it later if I'm right. If I'm wrong, you can laugh at me for losing money. Good thing though is that almost nobody is looking into the stablecoin space, thanks to all those vocal critics, which means that if a stablecoin does succeed, it will be massive. The alpha is massive. Remember the skewed risk and rewards I was talking about? This is one of them. A stablecoin WILL reach the market cap of billions. The question is which one, and when? I'm betting on Havven.

Why not Maker DAO? I have used Maker DAO before. It's a real pain in the arse. What Kain says in the interview echoes my opinion very closely - DAI will never, ever, possibly scale up to a big enough circulating supply to be useful. It's basically a decentralized, weak self-leveraging system that creates Dai stablecoin as a by-product - and that is what is important. The only incentive to create Dai is to created a leveraged position, and that's it. They aren't gonna scale up. Trust me. Great guys, good team, but their model really doesn't match with Havven's design. The main thing that they've got going for them is that Dai is market tested while the full nUSD implementation of Havven isn't.

Last month, I did update my portfolio. One of the new entrants has been Havven. Since then and now, I have been accummulating a pretty sizeable position. Unless Havven flops due to a legitimate competition eating its lunch, I'm actually very comfortable with the whole thesis and I'm planning to hold onto my HAV tokens and stake them to earn network fees.

Yes, this is a staking token and you get rewarded for providing collateral and stabilizing the network.

So, I kind of have a shit ton of HAV right now. And you know what? If the nUSD launch which happens on the 11th of June goes well and adoption takes off very nicely, I'd actually happily continue to increase my position size and climb up the ranks.

Anyway, I just wanted to let everyone know that I have a pretty big bet on HAV which is a pretty small market cap coin.

Let's see how things go. All the best to me.

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