Long Reads Sunday 64. This week’s story wasn’t some big flashy news, but the slow irrevocable shifting of the tectonic plates that underly money in the global order. With every day that passes, the stakes of this crypto enterprise grow.
3/ The context for this was news Wednesday from a speech by French finance minister Bruno Le Maire in which he said “I want to be absolutely clear: In these conditions, we cannot authorize the development of Libra on European soil.” https://twitter.com/coindesk/status/1172081374481829888
6/ The second takeaway is bigger than any one project - even one with the scale of ambition of Libra, for underlying the France and Germany announcement were plans to explore their own digital currencies. https://twitter.com/nlw/status/1172500604951957504
7/ Put differently, everyone knew, if they thought about it for a minute, that the future of money would be digital. Libra has made governments around the world wake up to the reality that, shockingly, they may have competition.
10/ Whatever the outcome, the game is now well and truly on. The story of the next few years will be written as permissionless public chains, corporate chains, and government surveillance monies compete for users - sometimes by allying with one another https://twitter.com/nlw/status/1160910154189168640
15/ “Peep it from the political point of view” The key point of all of this is that, if ever there were a question of this, bitcoin and cryptocurrencies can’t be viewed as simply a technological or economic phenomena. They are a political force. https://twitter.com/LilMoonLambo/status/1171902035677065216
16/ Importantly, this is not the politics of any one jurisdiction but politics at the highest order of the global crossroads. The string of events around the world last week and upcoming show just how omnipresent this emergent space is.
20/ @Coinbase meanwhile intimated that they were exploring an initial exchange offering platform. While some were quick to argue that the IEO moment felt over, this is in many ways emblematic of the influence of highly experimental Asia-based exchanges on the world https://twitter.com/VentureCoinist/status/1171862900602036224
21/ Next week, the Asia crypto story continues with Shanghai Blockchain Week, however as we speak, both Tel Aviv Blockchain Week (incl @EtherealSummit) and @hodlhodl #bh2019 are happening.
26/ I covered the @BinanceAmerica news on Crypto Daily 3@3 on Thursday. My guess is that people will try to judge its success (or failure) based on *immediate* adoption instead of viewing it as a long term force. https://t.co/4nwLE0pxe9?amp=1
28/ There was a fair bit of backlash - from arguments that VCs will always be incentivized to fund competing chains to questions of network effects - but also a sense that this might be a warning for those who care about the Ethereum ecosystem https://twitter.com/jemenger/status/1172187497171865600