Long Reads Sunday #52. THE BULLS ARE BACK IN TOWN BABY. BTC smashed through $10k. Algorand raised $70 billion at a Trillion $ valuation. Oh, and Facebook launched Libra, totally redefining the crypto landscape. BUCKLE TF UP It’s the one year anniversary of LRS time!
Quick note! Speaking of LRS 1 year anniversary, because I’m a masochist I also published a full one year retrospective - featuring the vibe, time and most important content of every single week of the last year. Check it out here:
Okay, back to this claim that Facebook Libra “totally redefines the crypto landscape.” Ima stand by this. Whether it fails or succeeds, this launch divides crypto into before and after like almost no event since “running bitcoin.” So let’s dig into it.
First, for those who somehow haven’t seen it yet, Libra is the new crypto project initiated by Facebook. It launched this week with 27 Founding Members who are running nodes and investing at least $10m into it. Start with the thread from project lead @davidmarcus https://twitter.com/davidmarcus/status/1140909513316302849
Okay, but what about the response? The news dropped like a bomb, and eeeeeerry body in crypto had an opinion. The next few tweets are some of the more notable responses I saw. Since it’s my thread, I’ll start with mine (muahaha) with @BlockTVnews https://twitter.com/BLOCKTVnews/status/1142310245445918727
18/ And then of course, there was the regulatory response. Almost immediately, politicians in France, Germany and the US were up in arms. Interestingly, the reaction understood it was a threat to their ability to print money https://twitter.com/nlw/status/1141795728282542080
23/ Interestingly, the “second day story” was skepticism that Libra will ever actually launch, given the regulatory headwinds. I summed up tweets from @TheStalwart @AriDavidPaul @hasufl @mdudas about this point (links in the thread) https://twitter.com/nlw/status/1141490548815093760
31/ Privacy and surveillance are at the heart of another one of the most important issues this week - the “Financial Action Task Force” guidance that would compel crypto exchanges to share user data https://t.co/kJAcbqthNM
34/ Okay, this is now something like the 90th tweet I’ve published today, so let’s rip through a few last details and then get the hell outta dodge.
42/ Okay, and with that, we RAP! I’m sure I missed a ton in the Libra madness and in the midst of reviewing the last year. To see the full LRS Year 1 Retrospective, check it out here:
43/ Thanks for a great first year of LRS! Sign up to get it every week here;