, 40 tweets, 153 min read Read on Twitter
Long Reads Sunday #66.

It was *SUPPOSED* to be a great week. @Bakkt futures launching, Binance.US cranking...and a 20%+ price dip?

On the upside, for some reason crappy prices tend to bring the best content - so buckle TF up it's Long Reads time! 👇
@Bakkt 2/ If you’re reading this, you are (perhaps painfully) away that prices dropped from ~$10k to ~$8k in about 45m earlier this week. The question is why. For some, the answer was obvious .

For others, inscrutable:
@Bakkt 3/ Interestingly, some wanted to point to Bakkt as explanation - reminding that better price discovery doesn’t mean better prices.
@Bakkt 4/ Beyond simply why the price dropped, the question was, what does it mean for bitcoin on the whole. @MessariCrypto pointed out that BTC had fallen more than 10% in a single day 70 times previously - i.e. this isn’t out of the range of normal
@Bakkt @MessariCrypto 5/ Even more reassuring for the worriers out there, @hansthered went through fundamental indicator by fundamental indicator…365 daily moving average of transactions, hash rate, code commits and more - finding them all in spectacular health
@Bakkt @MessariCrypto @hansthered 6/ Of course, that didn’t stop the skeptics from coming out in force, as the professional hater class came out in force not seen since we were back around $4k. That was stage 2 in my 10 Twitter stages of a dump.
@Bakkt @MessariCrypto @hansthered 7/ On the other hand, @zhusu argued that this is a healthy market movement that prepares us to look to higher levels.
@Bakkt @MessariCrypto @hansthered @zhusu 8/ Proving that any press is good press, the price got @APompliano back over to @SquawkCNBC where he wrenched the conversation away from short term price to the much bigger emergent competition for the future of digital money and global reserve currency.
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC 9/ Indeed, this week saw an undercurrent of discussion around not only Libra but the rapidly changing landscape of government-backed digital currencies. @DavidMarcus added Libra’s voice directly in his latest essay
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus 10/ @ercwl triggered some meaningful portion of Crypto Twitter by suggesting that, far from being a flop if it gets to launch, Libra will be more like the Netflix of Money.
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl 11/ It’s not just Libra being discussed in this realm though. ING’s Chief Economist predicted that governmental digital currencies were just 2-3 years out. coindesk.com/ings-chief-eco…

This speed is a result of Libra, which an ECB exec called a “wakeup call” coindesk.com/libra-crypto-i…
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl 12/ What’s more, the idea of a synthetic hegemonic currency as introduced by the Bank of England’s Mark Carney last month is also getting some intellectual support from places like the IMF
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl 13/ As usual, @NeerajKA hits the nail on the head with both what a cashless society means and what the “choice” between different central bank digital currencies actual means
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA 14/ Just in case these arguments of the dangers of surveillance money felt too theoretical, news broke that Facebook and WhatsApp would have to share messenger messages with police in the UK
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA 15/ That wasn’t the only frustrating thing to come out of the UK last week. The UK’s Financial Conduct Authority is also looking to ban bitcoin products, with potential regulatory implications everywhere
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA 16/ Speaking of regulators, there *was* a Congressional hearing touching on crypto this week, as all 5 SEC commissioners testified. TBH, there wasn’t a whole lot new, but @nikhileshde live tweeted the whole thing so you can see for yourself
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde 17/ Outside of this big picture global future of money stuff, there were also a number of interesting bits of crypto product news. First, while it didn’t set the markets ringing, the Bakkt launch did represent some important milestones. See:
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde 18/ As a quick aside - the rise of more bitcoin derivatives is making some wonder what potential threats they create, in addition to their upside. @notsofast has been doing some interesting polls along those lines
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast 19/ Back to the product world, I perked up when @MrHodl called the launch of @fold_app more bullish than Bakkt.

Going back to the above conversation on surveillance, I love their description as “incognito mode for payments.”
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app 20/ In the world of “decentralized alternatives to leading social networks” @AudiusProject announced the launch of a decentralized SoundCloud competitor and by the end of the week said that 20,000 people had signed up
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app @AudiusProject 21/ If you’re interested in the evolution of the norms of software from closed to open, check out @spencernoon piece in @CamiRusso’s The Defiant on the topic

@Balajis covers similar ground in this viral tweet, as well
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app @AudiusProject @spencernoon @CamiRusso @balajis @BinanceAmerica @VentureCoinist @cryptocoley 23/ One of the more interesting things going on in the world of tokenization is Brooklyn Net’s @SDinwiddie_25 attempt to tokenize his contract and create a template for others to do the same. @lawmaster goes deep:
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app @AudiusProject @spencernoon @CamiRusso @balajis @BinanceAmerica @VentureCoinist @cryptocoley @SDinwiddie_25 @lawmaster 24/ As of right now, the NBA doesn’t look particularly keen to let @SDinwiddie_25 attempts go through. But Spencer’s team looks to be pretty on top of this and it seems likely that we haven’t seen the end of this story.
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app @AudiusProject @spencernoon @CamiRusso @balajis @BinanceAmerica @VentureCoinist @cryptocoley @SDinwiddie_25 @lawmaster 26/ Speaking of existing power structures combatting the new….there are some…interesting? accusations of weirdness and impropriety from the @CFTC going on from the Ledger camp. Follow @paul_l_chou for more or read @coindesk’s article
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app @AudiusProject @spencernoon @CamiRusso @balajis @BinanceAmerica @VentureCoinist @cryptocoley @SDinwiddie_25 @lawmaster @CFTC @paul_l_chou @coindesk 27/ And speaking of weirdness…Kik’s sorted crypto tale took a new turn this week when the company announced that it would be shutting down its messenger app to focus on Kin adoption. I got into all of that on Tuesday’s Crypto Daily 3@3
@Bakkt @MessariCrypto @hansthered @zhusu @APompliano @SquawkCNBC @davidmarcus @ercwl @NeerajKA @nikhileshde @notsofast @MrHodl @fold_app @AudiusProject @spencernoon @CamiRusso @balajis @BinanceAmerica @VentureCoinist @cryptocoley @SDinwiddie_25 @lawmaster @CFTC @paul_l_chou @coindesk @CaitlinLong_ @EpsilonTheory 31/ And while we’re on the topic of larger connections, one of the most fascinating discussions this week was whether news of Venezuela’s government looking to crypto as a way to work around sanctions was good or bad for BTC.
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