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LONG READS SUNDAY #65.
On the one hand, a serious builder week with @BinanceAmerica going live, @sqcrypto announcing hires, fiat-LN on Zap & more.
On the other, rate cuts & billions injected into overnight repo markets. What’s it all mean? Thread 👇
On the one hand, a serious builder week with @BinanceAmerica going live, @sqcrypto announcing hires, fiat-LN on Zap & more.
On the other, rate cuts & billions injected into overnight repo markets. What’s it all mean? Thread 👇
2/ Quick detour. Prefer audio/visual to reading? Watch or listen to my Crypto Daily 3@3, which covered Binance US opening, repo market and rate cuts, North Korea crypto talk and much more.
Youtube: youtube.com/nathanielwhitt…
Pod podcasts.apple.com/us/podcast/cry…
Youtube: youtube.com/nathanielwhitt…
Pod podcasts.apple.com/us/podcast/cry…
3/ Okay, let's dive in. You know there is no way we’re not starting this bad boy with a recap of the Fed’s massive, multipart injection into the overnight repo markets, which somehow overshadowed the second consecutive rate cut.
4/ If you’re aggressively Investopedia’ing repo and trying to figure out the significance of this, you’re not alone. Check out this thread from @moorehn for a bit of background
It was one of the reccos to @jillruthcarlson here:
It was one of the reccos to @jillruthcarlson here:
5/ His answer to where to park one's wealth in this sort of situation may be different, but @PeterSchiff summed up what a lot of bitcoiners were feeling after the Fed action
6/ Speaking of bitcoiners, the aggressive shifts in monetary policy plus “worrying political developments” have gotten some folks off the fences.
Check out this thread from @dailydirtnap for a great example
Check out this thread from @dailydirtnap for a great example
7/ The reality is that we’re simply in uncharted monetary policy waters, and no one can say they know for sure what happens next.
@Travis_Kling still has the best summation of this
@Travis_Kling still has the best summation of this
8/ Then again, just because we don’t know what comes next doesn’t mean we don’t stop moving. In that vein, @BinanceAmerica went live and did it with a surprise - answering the question of “why care” as BNB was among the supported assets
9/ Another movement among the notable companies with crypto announcements, Wells Fargo announced a stablecoin for internal cross-border transfers that they claim is faster than SWIFT
10/ To @APompliano, Wells Fargo’s announcement is exemplary of a larger phenomenon of Wall Street giants trying to create their own “Corporate Central Banks." This is a great breakdown of a key #NarrativeWatch
11/ Of course, not every company is seeking seignorage. @sqcrypto continues to put on a masterclass in what it looks like to be a good steward of an open source protocol. This week, they announced new hires from Lightning Labs, Libra & more
12/ On Thursday’s 3@3, I dug deeper on what our expectations should be for for-profit companies building on top of the open source protocols of the crypto ecosystem, citing @sqcrypto’s $100k grant to @btcpayserver nlwcrypto.libsyn.com/episode-919
13/ In the wide world of Lightning, Zap got the space fired up when they announced fiat onramps - a massive (and essential) UX upgrade
14/ That wasn’t the only payment channel news either. @BitPay this week announced support for Ethereum, allowing merchants to accept ETH.
15/ As you see above, the “ETH is money” meme has been rising for the past several weeks. On @MessariCrypto Unqualified Opinions on Friday, @TwoBitIdiot and I discussed this meme and the state of crypto meme warfare more broadly pscp.tv/w/1DXGypzMDELKM
16/ Interestingly, there was evidence that, at least for Argentines, “ETH is money” is more than a meme. @CamiRusso pointed out that, in the wake of new capital controls, Dai was trading at a 27% premium
17/ The fact that cryptos are being used to skirt currency controls is an example of what I discussed on this week’s Narrative Watch for @MessariCrypto - while the asset itself is apolitical, bitcoin (and crypto broadly) is an inherently political force.
18/ Another vector of the political battle around crypto could be the jurisdictional competition for talent (& the tax revenue that comes from people & businesses setting up shop) as a mobile generation is willing to move to find beneficial treatment.
19/ For yet more evidence that cryptos are political, OKEx Korea announced this week that they would be delisting all privacy coins in order to stay in line with FATF’s “Travel Rule” guidance. @secparam discusses
20/ FWIW, travel rule guidance is likely not as clear cut as OKEx decision would make it seem. @NeerajKA shared a piece on how privacy coins could actually be compliant
21/ On the topic of the battle between privacy and surveillance, @Snowden’s book was released this week and promptly subjected to a lawsuit from the US government (which, ironically, is probably the best way to ensure everyone reads it)
22/ To me, that battle between privacy and surveillance and the larger set of political issues that surround cryptos *are* the big game. Thrilled to see prominent voices like @PeterMcCormack putting this stuff center stage (do this event, sir)
23/ Okay, just a couple more interesting things and shout outs before we get out of here. First, an interesting moment this week as Ethereum had more daily fees than Bitcoin for the first time.
24/ And if you’re in the “Ethereum is money” spirit, go deep with this monster piece by @TrustlessState, shared via @CamiRusso’s The Defiant newsletter
25/ I’ve been following all the tweets coming out of @wyohackathon. I love seeing this sort of community-led event bring people together around bitcoin and crypto.
26/ Huge shout out to @martybent and @matt_odell. Their @tftc21 had a monster week, with pods with @JackMallers discussing the new Zap fiat-LN onramp, @RaoulPal discussing the generational bitcoin hedge - AND hit 1,000,000 plays!
27/ And finally, here is your moment of zen.
28/ And there we have it - LRS65 on the books! Let me know what you loved and what I missed. And as always, you can get LRS via email: getrevue.co/profile/nlw
29/ And for LRS-stlye content in a daily, commute-friendly package, check out the Crypto Daily 3@3.
In video form on Youtube youtube.com/nathanielwhitt…
or via podcast podcasts.apple.com/us/podcast/cry…
or get em all via email nlw.substack.com
In video form on Youtube youtube.com/nathanielwhitt…
or via podcast podcasts.apple.com/us/podcast/cry…
or get em all via email nlw.substack.com
