Long Reads Sunday #58! We’ve got regulatory intrigue, bitcoin declarations of independence, lasers to avoid facial recognition technology, and a convergent macro narrative. Yep, that’s right - it’s Long Reads time!
2/ Remember the whole saga between the NY Attorney General and Tether, where the NYAG is investigating Bitfinex for allegedly borrowing money from Tether reserves to cover up $1B in losses? Well, on Monday a Judge heard a case to determine if they could even proceed. https://twitter.com/nikhileshde/status/1155825302871801858?s=20
5/ For me, there were three themes that stuck out. 1) This is still all about Big Tech and Libra; 2) calling BS on “banking the unbanked” and; 3) the emerging sense of inevitability. https://youtu.be/vfzWkoqc4kg?t=31
7/ When it comes to Bitcoin, part of that sense of inevitability stems from the convergence between a larger macro narrative looking uncomfortable to a world of rate cuts, negative yields, and money printing, and the hedge represented by Bitcoin’s provably scarcity. https://twitter.com/RaoulGMI/status/1157254177942319104
19/ Here’s another China related crypto story I thought was fascinating. In her piece for @CoinDesk, @baidakova write how Chinese importers in Russia are buying up to $30m Tether each day as a way to get around strict capital controls. https://www.coindesk.com/tether-usdt-russia-china-importers
22/ Interestingly, in the US regulators seem to currently be operating with the idea that while Libra is a threat to the USD, Bitcoin is too small scale and too SoV focused to make a dent. Maybe they want to check Square’s Cash App sales of Bitcoin https://twitter.com/kerooke/status/1157020355556532247
29/ For Friday’s Crypto Daily 3@3, I did a quick, 20-minute rip through some of the data I found most interesting across all of this awesome research. For those of you who want the highlights on the go https://www.youtube.com/watch?v=lKJ2yVwpwlc
34/ Before we wrap, one quick announcement. To make it easier on folks, I’m now sending out the Video, Podcast, and Summary of the Crypto Daily 3@3 via email. https://nlw.substack.com/