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Long Reads Sunday #58 - Dystopia In Paradise edition
We’ve got regulatory intrigue, Bitcoin declarations of independence, a convergent macro narrative, and the "dystopian af" use of lasers to avoid facial recognition.
That can only mean one thing...it's Long Reads time! 👇
We’ve got regulatory intrigue, Bitcoin declarations of independence, a convergent macro narrative, and the "dystopian af" use of lasers to avoid facial recognition.
That can only mean one thing...it's Long Reads time! 👇
2/ Remember the whole saga where the NYAG is investigating Bitfinex for allegedly borrowing money from Tether reserves to cover up $1B in losses? Well, on Monday a Judge heard a case to determine if they could even proceed.
3/ Tether v NY was not the only regulatory drama for the week, as the Senate Banking Committee held it’s second crypto-related hearing in 3 weeks. The day kicked off with @Melt_Dem and @Apompliano on @SquawkCNBC
4/ One of the witnesses was Circle leader @jerallaire who argued that the company’s recent move to Bermuda was driven not by regulatory arbitrage but by a lack of regulatory clarity. @BrianBrooksCB explains
5/ For me, there were three themes that stuck out.
1) This is still all about Big Tech and Libra
2) calling BS on “banking the unbanked”
3) the emerging sense of inevitability.
1) This is still all about Big Tech and Libra
2) calling BS on “banking the unbanked”
3) the emerging sense of inevitability.
6/ That sense of inevitability has two dimensions.
First, that Bitcoin and what it unleashed are an unstoppable force.
Second, that Zuckerberg and Facebook are likely to do whatever the hell they want, so we better adapt.
First, that Bitcoin and what it unleashed are an unstoppable force.
Second, that Zuckerberg and Facebook are likely to do whatever the hell they want, so we better adapt.
7/ When it comes to Bitcoin, part of that sense of inevitability stems from the convergence with a larger macro narrative looking uncomfortably to a world of rate cuts, negative yields, & money printing, and the hedge represented by a provable scarcity.
8/ On that point of the Macro-Crypto convergence, do yourself a favor and do the mini binge of @RaoulPal podcasts this week.
Start with @HiddenForcesPod for the wider view
Then zoom in to Bitcoin specifically with
Start with @HiddenForcesPod for the wider view
Then zoom in to Bitcoin specifically with
9/ I also recommend this thread from prominent hedge fund manager @hussmanjp that makes an argument why the economy is “overvalued, overbought, overbullish."
10/ The macro conversation also wasn’t just theoretical this week either. The Fed cut interest rates for the first time since 2008 - in other words, for the first time since Bitcoin was born. @Kevin_Kelly_II sets the context
11/ One more macro tweet before we move on. Much has been made of the growth of negative yield government debt. For the sake of great debate, check out @TheStalwart’s argument for why that might actually be natural
12/ Okay, now let’s move to something less contentious (lol) - the 2 year anniversary of UASF! Nominally about block sizes, as @kyletorpey shows, how the battle was as much about network vs. corporate control Bitcoin. forbes.com/sites/ktorpey/…
13/ For the full history of the block size war and UASF, I highly recommend this episode of “To The Moon" from @stacyherbert @maxkeiser, featuring @lopp @TraceMayer @theonevortex and more rt.com/shows/to-the-m…
14/ Or, if you want to go *really* deep, check out this great compilation of @AaronvanW’s coverage of all the shenanigans, courtesy of @BitcoinMagazine
15/ The question of power in crypto networks is playing out elsewhere, as well. Over in the Zcash community, the discussion around what to do when the founders reward ends in Oct 2020 ratcheted up with @zooko’s letter to their community medium.com/@zooko_25893/a…
16/ Part of what makes questions like the one facing the Zcash community so challenging is that we’re still trying to figure out just what decentralized governance looks like, as @AriDavidPaul explores here
17/ When it comes to questions of power, however, not everything is just debates on Twitter. The standoff between protestors and authorities in Hong Kong continues to intensify. Faces and identities have become a weapon.
See
And
See
And
18/ In many ways, Hong Kong right now feels like ground zero in the global battle against surveillance. In a poignant essay, @jbrukh calls this the “political issue of our time” blog.coinfund.io/digital-privac…
19/ Here’s another China related crypto story I thought was fascinating. In her piece for @CoinDesk, @baidakova write how Chinese importers in Russia are buying up to $30m Tether each day as a way to get around strict capital controls. coindesk.com/tether-usdt-ru…
20/ This capacity that crypto provides to get around economic policies is one of the main reasons that governments continue to eye crypto warily. This article was notable particularly in the fact that Zero Hedge is covering crypto again. zerohedge.com/news/2019-08-0…
21/ Still, for as much chatter as there is around the idea that regulatory pressure might make it so that Libra never launches, @NelsonMRosario argues that they may decide it’s a better horse to bet on than an uncontrollable public network.
22/ Interestingly, in the US regulators seem to currently be operating with the idea that while Libra is a threat to the USD, Bitcoin is too small scale and too SoV focused to make a dent. Maybe they want to check Square’s Cash App sales of Bitcoin
23/ Seriously, on their earnings call, Square (and Twitter) CEO @jack said “We love you bitcoin.”
24/ Alright, with that exciting note, let’s look at a few more before we break. Let’s start with your quintessential New Yorker style long read - in this case literally from the New Yorker. newyorker.com/magazine/2019/…
25/ For a different type of long read, the last couple weeks have been chock full of data. Let’s start with @Delphi_Digital, whose Q2 Quarterly Macro Outlook argues that “The Perfect Storm for Bitcoin is Brewing”
@Delphi_Digital 26/ For a broad look across the industry from network activity trends to the rise of DeFi and derivates, @ResearchCircle’s Q2 report by @riabhutoria @WilsonWithiam is fantastic
27/ Both of these reports cover IEO performance, and @lawmaster goes even deeper on the phenomenon. The whole thread is worth a read, but definitely spend some time with #6
28/ @crypto_voices just put out its great quarterly look at the global monetary base. According to their numbers, Bitcoin currently sits as the 11th largest money in the world!
29/ For Friday’s Crypto Daily 3@3, I did a quick, 20-minute rip through some of the data I found most interesting across all of this awesome research. For those of you who want the highlights on the go
30/ If you’re in the opposite position, however, and want the full firehose of community insight, this month’s @_cryptowords of the best essays in Bitcoin and crypto reprinted in one place hits 170 minutes!
31/ Alternatively, if you’re in the mood for some good old fashion discussion and debate, check out the conversation kicked up about “feel good stories in crypto” by @twobitidiot
32/ Okay okay, one more similarly ponderous “what if” thread - this time, from @udiWertheimer - and this one involved TIME TRAVEL!
33/ Finally, for those who are well and truly over the overly-politicized rhetoric around tech, I can’t recommend enough @allenf32 piece for @AreoMagazine. The Internet is dead! Long Live the internet. areomagazine.com/2019/07/31/tow…
34/ Before we wrap, one quick announcement. To make it easier on folks, I’m now sending out the Video, Podcast, and Summary of the Crypto Daily 3@3 via email. nlw.substack.com
35/ As always, you can also get LRS delivered via email by signing up here: getrevue.co/profile/nlw
36/ And finally, for those who just want to go straight to the source material, check out the @MessariCrypto Linkboard where I curate everything throughout the week boards.messari.io/b/lrs58---week…
