In case it’s not clear from my previous post, I’m an unrepentant crypto bear. At the same time, I’m fascinated by crypto’s culture and by its technical edifices: great walls of complex code all in service of… well, I’m not sure what, exactly.

One thing I haven’t done is backstop my bearishness with a financial position. Thankfully, I can live vicariously! Paul Butler’s rationale for and approach to shorting bitcoin by shorting publicly traded miners is a breath of fresh air.