Long Reads Sunday #66. It was *SUPPOSED* to be a great week. Bakkt futures launching, Binance.US cranking..and a 20%+ price dip? On the upside, for whatever reason crappy prices tend to bring the best content - so let’s dive in!
4/ Beyond simply why the price dropped, the question was, what does it mean for bitcoin on the whole. @MessariCrypto pointed out that BTC had fallen more than 10% in a single day 70 times previously - i.e. this isn’t out of the range of normal
https://twitter.com/MessariCrypto/status/1176587785790267393
5/ Even more reassuring for the worriers out there, @hansthered went through fundamental indicator by fundamental indicator…365 daily moving average of transactions, hash rate, code commits and more - finding them all in spectacular health
https://twitter.com/hansthered/status/1177012154924290048
6/ Of course, that didn’t stop the skeptics from coming out in force, as the professional hater class came out in force not seen since we were back around $4k. That was stage 2 in my 10 Twitter stages of a dump.
https://twitter.com/nlw/status/1176585754560143365
8/ Then, proving that any press is good press, the price got @APompliano back over to @SquawkCNBC where he wrenched the conversation away from short term price to the much bigger emergent global competition for the future of digital money and the global reserve currency.
https://twitter.com/SquawkCNBC/status/1177543601242484743
16/ Speaking of regulators, there *was* a Congressional hearing touching on crypto this week, as all 5 SEC commissioners testified. TBH, there wasn’t a whole lot new, but @nikhileshde live tweeted the whole thing so you can see for yourself
https://twitter.com/nikhileshde/status/1176503438248730624
17/ Outside of this big picture global future of money stuff, there were also a number of interesting bits of crypto product news. First, while it didn’t set the markets ringing, the Bakkt launch did represent some important milestones. See @WhiteAdamL w. @jchatterleyCNN
https://twitter.com/jchatterleyCNN/status/1176202613483855872
20/ In the world of “decentralized alternatives to leading social networks” @AudiusProject announced the launch of a decentralized SoundCloud competitor and by the end of the week said that 20,000 people had signed up
https://twitter.com/roneilr/status/1176539835747618816
26/ Speaking of existing power structures combatting the new….there are some…interesting? accusations of weirdness and impropriety from the @CFTC going on from the Ledger camp. Follow @paul_l_chou for more or read @coindesk’s article
https://twitter.com/paul_l_chou/status/1178045002754199556
27/ And speaking of weirdness…Kik’s sorted crypto tale took a new turn this week when the company announced that it would be shutting down its messenger app to focus on Kin adoption. I got into all of that on Tuesday’s Crypto Daily 3@3
https://www.youtube.com/watch?v=HKYv6QAGLd4
31/ And while we’re on the topic of larger connections, one of the most fascinating discussions this week was whether news of Venezuela’s government looking to crypto as a way to work around sanctions was good or bad for BTC.
https://twitter.com/nlw/status/1177663217411096576
36/ As always, you can get Long Reads Sunday delivered direct to your email. I highly recommend this, as Twitter loves burying threads these days.
https://www.getrevue.co/profile/nlw
37/ To get LRS style content all week long, check out Crypto Daily 3@3 - my daily news analysis video podcast. You can get it on YouTube, via any podcast app, or via email.
https://nlw.substack.com/