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November 13, 2020 Sponsored by: By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf Crypto lender Cred's bankruptcy is more than it appears. Two publicly traded bitcoin mining firms reported this week: Neither are profitable. ECB President Christine Lagarde has a"hunch" about the digital euro.
Chapter...12? Bleeding BTC? CBDC 'hunch' Audited and attacked Exchange flows Goodbye, dai and bitcoin sv. Hello, kyber and cosmos. A swelling in volume in the crypto markets over the third quarter has changed the list of noteworthy digital assets beyond bitcoin and ether that matter most to traders and investors. That change is reflected in the CoinDesk 20.
In the latest revision, five assets were replaced by crypto assets that saw volume surges outpacing even the double-digit gains posted in market volume as a whole.
The new assets are algorand (ALGO), cosmos (ATOM), cardano (ADA), kyber (KNC) and omg network (OMG). On average, incumbent CoinDesk 20 asset volume increased by 22% from Q2 to Q3. However, these crypto assets' trusted market volume increased by much more.
These five new crypto assets replaced incumbent assets that are well-known to crypto investors. Read more about how they displaced incumbents bitcoin sv, dai, zcash, monero and dash on CoinDesk 20's latest update.
SPONSORED BY POLICY 4.0 Policy 4.0 is a research and advisory body working on policy strategy for the new economy, with a deep focus on the future of money and data. Our team of blockchain engineers, financial sector and policy experts has spent several months reverse engineering and analyzing the implications of China’s digital currency system. This 4-part research series is being launched on Nov. 18.
Join us on this day at our exciting launch event with CoinDesk at 15:00 -16:30 UTC. The event comprises an exclusive first look of our deep dive report series on China’s DCEP, an address by the governor of Bahamas on the world’s first retail CBDC – the sand dollar – perspectives from the IMF, fintech thought leader David Birch and Internet pioneer Pindar Wong, and a rich interaction moderated by Michael Casey.
Quick bites Ant Group's suspended IPO was the work of slighted CCP officials – but it also links back to China’s digital yuan experiments. (CoinDesk) Uniswap farming ends in four days, potentially freeing up $1.1 billion in ETH (Cointelegraph) Sythentix now has a Brent Crude oil future trading pool. (CoinDesk) “Severe” bug found in core library for Ethereum and Ethereum Classic has been fixed. (Decrypt)Webinar: How to Value Ethereum In the second episode of the live webinar series How to Value Ethereum, CoinDesk Research unpacks the many quirks of Total Value Locked – the most popular metric for measuring decentralized finance growth.
Sign up for How to Value Ethereum, episode two, on Nov. 17. At stake Dignity and bitcoin “The systems don’t always work,” Robby Gutmann, co-founder of Stone Ridge Holdings Group, told NLW in his first public interview since the company made waves by investing heavily in bitcoin. That’s why the $10 billion alternative asset manager has placed its "primary treasury reserve” in bitcoin. In short, bitcoin is an exit from an inflating monetary base that has failed to serve the public. Last month, Stone announced it would stash more than 10,000 BTC with its crypto subsidiary NYDIG. This follows other corporate firms like MicroStrategy and Square moving some of their cash treasuries into bitcoin, also citing monetary debasement. “The expansion of the money supply in the U.S. hasn’t shown up in growth of CPI in a measurable way, but in other measurements of inflation,” Gutmann said. Notably, Gutmann considers the prospect of living a “dignified” retirement as an ideal marker for inflation.
“The idea of financial security is much broader in bitcoin,” he said, when claiming that only a “single-digit number” of fiat monetary systems are functional or scale. “Can I save my day’s labor in something I can spend tomorrow next week,” isn’t a question most U.S. workers are confronted with, but it may be a legitimate concern elsewhere.
That’s why a bitcoin-based world economy could better serve nations that weren’t part of the industrializing processes of the 19th and 20th centuries.
Gutmann further explained NYDIG’s thesis is in fostering the “long-term development of an open source monetary system.” This includes opening some of its in-house bitcoin infrastructure up to other companies – “we won't be the last people that have this challenge” – and applying for New York State’s “BitLicense '' and a limited trust charter.
“To the extent we can move the bitcoin project forward, it feels like we can do something measurable in society today around this idea of financial security for people outside the first world,” he said.
The full, hour-long interview can be found here.
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