Long Reads Sunday #53. Volatility is back on the menu baby! Up 20% one day and then back down the next. Then again, maybe BTC price is just a metaphor for an increasingly volatile world? Smack a little go go juice in yo cup, it’s Long Reads Time!
2/ In case you were on an Ayahuasca retreat or something and happened to miss it, the price of Bitcoin rocketed up all the way up from $11k to almost $14k before coming back down. The whole beginning of the week was about asking why? @krugermacro tweaks the classic “more buyers than sellers” https://twitter.com/krugermacro/status/1143772514344165377
5/ As the price leveled, media started looking for the debrief. Was it Libra? Tether? China? Speaking with @Cheddar, @Pierre_rochard pointed out that this is simply the natural action for Bitcoin after rocketing up 4x it’s low from just a few months ago https://twitter.com/pierre_rochard/status/1144586302869954565
11/ Iran was actually all over the discussion. @maasalan’s tweet about Iranian Bitcoin mining as a way to overcome economic difficulties caused by sanctions went viral (although she later pointed out there are questions about the photo’s origin). https://twitter.com/maasalan/status/1143786641909342209
16/ Bitcoin wasn’t the only cryptocurrency that has China buzzing, however. @DoveyWan here translates the highlights from an article in the official gov’t newspaper that starts to set out some very specific arguments against Facebook’s new Libra. https://twitter.com/doveywan/status/1144709654120787968
20/ In one of his rare blog posts, @CryptoHayes makes a similar point about the impact of Libra on retail banks, central banks, and fiat currencies - albeit somewhat more emphatically. https://blog.bitmex.com/libra-zuck-me-gently/
21/ As another aside, @Bitmexdotcom just hit a TRILLION dollars traded in a year. That shit got Arthur like (video)
22/ One more on the Bitcoin (or other crypto X) vs. State money front. Check out the fascinating conversation kicked up by @twobitidiot around what could kill Bitcoin (and in particular, the degree to which it’s about sovereign attacks) https://twitter.com/twobitidiot/status/1145036543372996609
26/ As we discussed last week, one of the biggest unclear issues with Libra has to do with privacy. In this thread, Zcash founder @zooko argues that Libra is part of the last cohort of cryptos that will be able to launch without putting privacy front and center. https://twitter.com/zooko/status/1145011167682846725
29/ Zcash wasn’t the only banner event with videos for those unfortunate to not attend. Last week also saw @bitcoinmagazine produced @bitcoin2019conf. The event was livestreamed and the individual vids like this great talk from @BMBernstein on macro tailwinds are popping up https://twitter.com/BMBernstein/status/1143985654843543553
33/ Man oh man. Is it me or are these things getting longer and longer every week? It’s like this industry is..you know..growing or something. A bit more on DeFi, institutions, retail onramps, data, and we out!
36/ Hey and here’s a #NarrativeWatch - Bitcoin starting to take back some of the decentralized finance narrative from Ethereum. We’ve already seen people asking whether things like BlockFi loans are DeFi, and this conversation is just going to increase https://twitter.com/jimmysong/status/1144517622924337152
39/ One of the most interesting parts of the story of @PoolTogether_ was, when the community pushed hard on why the project was closed source, they were open about reasons and decided to shift them. That’s the right type of network pressure. https://twitter.com/lay2000lbs/status/1143562386164482048
44/ Alright team, I think 44 tweets is just about enough. As always, let me know what you loved, what I missed, and happy long reads! Watch for the LRS video Top 5 tomorrow with @blocktvnews and sign up to get LRS via email here: https://www.getrevue.co/profile/nlw