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What you need to know today in crypto and beyond June 18, 2021 Sponsored By: Welcome to The Node.
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–Daniel Kuhn
Today's must-reads Top Shelf MISINFORMATION: MicroStrategy’s CEO Michael Saylor argues that the problem around bitcoin’s bad environmental reputation isn’t bitcoiners, but the press spreading “misinformation” about it, he said at a meeting of the new Bitcoin Mining Council Wednesday. He also reiterated that the council’s responsibility is to provide an informative space to educate people about bitcoin mining.
CHINA: China is increasingly pro-digital money but anti-crypto. On Friday, the Industrial and Commerce Bank of China, a state-owned Chinese commercial bank, introduced a feature that allows users to convert digital yuan to cash at ATMs. This can be done at more than 3,000 locations in Beijing. At the same time, the ban of mining operations in China continues, with the most recent one happening in Sichuan.
SWITZERLAND: BBVA will open bitcoin custody and trading to private banking clients in Switzerland, the Spanish banking giant said Friday. The move comes after a six-month trial with a select group of users. The bank plans to expand into other cryptocurrencies. The service will be available only in Switzerland because of the country's clear regulations and widespread adoption of digital assets.
MORE DEFI TOKENS: Crypto-asset manager Grayscale added 13 more tokens to the list of potential investment products, the company tweeted Thursday. Among those are tokens from DeFi protocols 1inch, Bancor, Curve, Polygon and 0x. The news comes as DeFi continues to get “weird,” with a new era of building novel protocols on top of novel protocols, CoinDesk’s Brady Dale reports.
IRON IS HOT: Billionaire Mark Cuban is calling for tighter regulation of DeFi and stablecoins following a massive drawdown in the partially collateralized, algorithmic stablecoin protocol Iron Finance. Nearly $2 billion vanished in what has been called “the world’s first large-scale crypto bank run,” including Cuban’s stake, which he said "was [large] enough that I wasn't happy about it."
–Helene Braun
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“I think it was actually quite negative that when Michael Saylor announced his recent $500 million raise to buy more bitcoin, the price of bitcoin did nothing. That was an indicative of how little buying power is left in the market.”
–Richard Byworth, CEO of EQONEX Group, on “First Mover.”
A message from CoinDesk CoinDesk's new reward token soft-launched at Consensus 2021, but $DESK lives on. Attendees can still cash in at the $DESK store, or hodl and accumulate. Join the Telegram group for announcements and airdrops.
What others are writing... Off-Chain Signals Tim Copeland’s guide to setting up a Lightning node using a Raspberry Pi (The Block) A new venture fund backed by IDEO CoLab Ventures and Electric Capital plans to invest in 100 African crypto startups (Decrypt) A virtual plot of real estate in the Ethereum-based game Decentraland has sold for a record $913,000 worth of MANA (Decrypt) A Swedish, AI-driven hedge fund says it won’t touch bitcoin because it lacks “fundamentals,” and “when there is a crisis, markets generally move towards fundamentals.” (Bloomberg)–D.K. & H.B.
A message from Concordium Concordium leads the Blockchain and Crypto industry to a new era! Concordium is a layer 1, public and permissionless Proof-of-Stake-based blockchain with a unique Identity layer at the protocol level. Concordium's core features solve the shortcomings of classic blockchains by introducing built-in identity management at the protocol level and zero-knowledge proofs, which are used to replace anonymity with perfect privacy.
Putting the news in perspective The Takeaway The Infinite Tomato Economy It’s been another wild week, so let’s ease back to talk about something entertainingly dumb: This tweet from Thursday about how to turn $50 into $3.9m in two years by planting tomatoes. It’s very hard to know where to start with this. It’s a kind of nth-dimensional object melding hustle-culture brain rot and venture capital pitch-deck anti-math. It encapsulates some of the most pernicious ideas of our economic era, particularly the fetishization of “scale” and a total, unexamined contempt for actual labor. The author’s unrestrained self-importance and manifest ineptitude at real-world business thinking, all while trying to sell himself as a business and investing coach, would be completely at home in the most shameless corners of the crypto hype machine.
–David Z. Morris
Sponsored Content
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