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Satoshi&Co Daily Crypto Newsletter

August 28 · Issue #228 · View online
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Check out past issues of the newsletter along with more interesting crypto content as well as short (but great) conversations with leading crypto industry participants at our newly-launched website www.satoshiand.co

“May we live in interesting times” - Anon.
Source: xkcd
Certain features of bitcoin lend themselves very well to the perpetual fight against censorship.
Some time ago, we had touched upon the wide-spread prevalence of Bitcoin as the de facto currency in Venezuela. In July this year, BTC was trading at a 600% premium in Zimbabwe. 
The use of cryptocurrencies as a hedge against political and economic distress is picking up once again as the ongoing civil unrest in Hong Kong is leading to corporations accepting payments in cryptocurrencies. The protests are beginning to have an economic impact with thousands of protesters flocking to ATMs to withdraw HK dollars and converting them to USD. A leading department store announced on its Facebook page that it would start accepting payments in BTC, ETH and LTC across all its stores. The department store wants to leverage the lightning network to transact in BTC and convert them into fiat dollars in real time. 
Enough has been said here and elsewhere about the role of cryptocurrencies, especially BTC, as a hedge against the risk of currency deflation and transaction censorship; what is not emphasized often enough is its feature as a hedge against bad governance and bad government. With China seemingly determined to have its way with Hong Kong, cryptocurrencies can be (and are being) used to support dissent. By enabling transactional pseudonymity/anonymity, cryptocurrencies allow individuals to make economic choices while deciding how to selectively reveal themselves to the world. Their global, distributed nature makes it extraordinarily hard for a nation-state to enforce norms or censor transactions, as we saw with Wikileaks.
In further evidence supporting the case for investing in cryptocurrencies, we urge all our readers to read this blog post; This one shines a harsh light on the various fault lines emerging in the current global economic landscape and explores how bitcoin is the perfect hedge against the impending economic cataclysm that has been brewing for a while.
Tomorrow, we will touch upon PBOC’s crypto (CBDC) play; been expecting this for a while, and it is finally here.
Meanwhile in Crypto Wonderland....
“Eight Institutions To Be A Part Of China’s Digital Currency”
According to sources, the People’s Bank of China is giving its first round of central bank digital currency (CBDC) to online retail giant Alibaba, Internet giant Tencent, five banking organizations and one unknown entity. Forbes reported the news on Aug. 27. The sources named are Paul Schulte, who previously worked as head of the China Construction Bank, and an anonymous individual identified as part of China’s CBDC project. According to Schulte, the first beneficiaries of China’s CBDC are Alibaba, Tencent, China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China and Chinese banking association Union Pay.
“Quadriga Under Scrutiny From Various Regulators”
At least four different law enforcement and regulatory agencies are investigating defunct Canadian crypto exchange QuadrigaCX, a new report by bankruptcy trustee Ernst & Young (EY) said. George Kinsman, the court-appointed bankruptcy trustee and EY employee overseeing the exchange’s shutdown and the return of funds to its users, wrote a new report Monday sharing some information about EY’s ongoing attempts to recover crypto and fiat for its creditors. The document outlines the different investigations surrounding the exchange, as well as EY’s motion to transfer QuadrigaCX’s ongoing bankruptcy proceedings from Nova Scotia to Ontario, which the Big Four auditor says will reduce costs moving forward.
“Telegram To Distribute Gram Tokens Before Oct 31st”
Telegram’s cryptocurrency— the Gram — may be going public after all. The encrypted messaging app company plans to deliver “the first batches” of the coin in the next two months, according to a report at The New York Times. The last time we reported on the Gram, it was to note that Telegram was canceling its initial coin offering (ICO), so the news may come as a bit of a surprise unless you’ve been following Telegram and cryptocurrency closely. But if you have, you’ve probably heard a rumor that Telegram has a hard deadline to make it happen: if it doesn’t deliver by October 31st, it legally forfeits the $1.7 billion it raised to make those coins a reality.
“Facebook Announces A Bug Bounty Program”
As Facebook’s ambitious plans for its forthcoming crypto project faces intense scrutiny by regulatory bodies both in and outside of the United States, the social media platform has just launched its Libra Bug Bounty Program, in hopes of getting through to people. Rewards will provide strong incentive with payouts scaling up to $10,000 for finding critical issues on the testnet. According to reports, the bounty bug program isn’t just some tactic that the Libra Association pulled out last minute; in fact the program was going through beta testing and after more than 2 months, is now available to the public. The newest program was announced via post on Libra’s website, according to which is intended to strengthen the security of the blockchain.
Crypto Twitter Pick
Travis Kling
Took an Uber with my mom recently

Shes 66 and new to Uber. She spent the whole ride asking the driver basic questions about Uber. Shes fascinated by the entire concept

Millennials dont ask questions like that. We take Uber as a given

The same will eventually be true for crypto
8:45 PM - 26 Aug 2019
What We Are Reading / Listening To
Overnight Performance of Top 10 Currencies
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