Macro woes are worsening, as Venezuelan BTC volumes grow
By Wei Lin
Dec 12, 2018
As an investment product, Bitcoin has little chance of a escaping a global depression, but its use as a medium of exchange is growing--at least in Venezuela and Argentina, where volumes have skyrocketed as local fiat money hyperinflates. The government of Venezuela is also getting out of fiat, denominating oil and other state transactions in the country's ERC-20 coin, the Petro, starting next year. Are other second-tier economies soon to follow? Janet Yellen, for one, went on record this week saying she fears another financial crisis, which (if it came to pass) would put many more endebted economies on a failing track.
You Don’t Have to Dance Every Dance
"I’m saying that you do not have an accurate picture of the upside and downside risks to your portfolio so long as the US-China trade war game of Chicken is the Story of the Week in markets. Not because you’re missing any crucial piece of information, but because the equilibrium outcome is unknowable. I’m saying that when large institutional portfolios see more uncertainty in markets – not greater risk, but more technical uncertainty – they do not buy dips and they do sell rallies. They rebalance by selling winners, not by adding to losers. They take down their book."
Yellen warns of another potential financial crisis: 'Gigantic holes in the system'
"Yellen cited leverage loans as an area of concern, something also mentioned by the current Fed leadership. She said regulators can only address such problems at individual banks not throughout the financial system. The former fed chair, now a scholar at the Brookings Institution, said there remains an agenda of unfinished regulation. 'I’m not sure we’re working on those things in the way we should, and then there remain holes, and then there’s regulatory pushback. So I do worry that we could have another financial crisis.'"
Some good BTC news for a change :) Bitcoin trading volume in Argentina climbed to the highest since March 2017, soared to a record in Venezuela last week in P2P exchange LocalBitcoins. Crypto use case is strong where there's fast inflation, fx controls. Vol still tiny in Arg, tbf pic.twitter.com/LbHQNSCSSm
Not Everyone Wants a Bitcoin ETF
"Although Bhatia said he would nevertheless welcome a regulator-approved ETF because it might increase public trust in this new asset class, some crypto veterans went as far as to say an ETF could actually be harmful to the broader ecosystem. To them, an ETF contradicts the vision of a peer-to-peer financial network fueled by self-custodied assets."
In the Mesh – Reaching Everyone, Pt. I
"The possibility of secure digital money has unbridled potential for both those living under authoritarian regimes, as well as those seeking to escape them. While it may take decades to see Bitcoin cannibalise fiat currencies, it already has great potential as a contender to them. A monetary system operating in parallel to a state-enforced one redistributes the power from the incumbent issuer to the population, and dampens the effectiveness of the state printing press."
Exclusive: Samsung bitcoin app to offer a cold wallet for cryptocurrencies
"Samsung’s cryptocurrency service will essentially have two parts. A cold wallet for saving cryptocurrency, public and private keys as well as signing private keys for cryptocurrency transactions and a crypto wallet for transfers, viewing account information and transaction history. Names for Samsung’s cold wallet and crypto wallet have not yet been finalized."
Bitcoin is a Decentralized Organism (Mycelium) — Part 1 / 3
"To make matters more complicated, bitcoin is a living system constantly changing based on environmental stimuli. True understanding is a moving target unlikely to ever be hit. Attempting to answer the question “what is bitcoin,” I found exploring parallels to the natural world to be particularly illuminating. In particular, some of bitcoin’s best characteristics are simply reflections of successful evolutionary strategies found in nature, specifically in the fungi kingdom."
Beyond 10nm: Intel's New Tech Strategy
"From a compute standpoint, some customers like best of breed components in a box and are smart enough to stitch everything together and may even want to do their own chips. Other customers will want an 'easier button,' where CPU, GPU, FPGA, NPU, and their own IP are fused together with easier programming tools than they have today on larger workloads. This is where if Intel can execute, will do very well. This is classic 'embrace and extend.' Intel is “embracing” acceleration and “extending” to every compute type and stitching it together with its 'magic API.'"
Many 10-100x improvements waiting to be implemented in LN: Routing can be 10x better with historical data Graph sync can be 10x more efficient with INVs, set reconciliation Autopilot can be 10x smarter with graph analysis Forwarding can be 10x more successful with rebalance tools
Looking Down Under for a Back Door
"Once enacted into law in Australia, these powerful new tools could help provide the United States with a back door to an encryption back door. The U.S. government cannot ask the Australian government to collect and hand over data that the United States is legally prohibited from collecting on its own, but some data may be shareable under the secret terms of the Five Eyes alliance. Beyond that, if Australia gains the tools to force providers to undermine the security of their products, the United States and other governments could exploit those same tools."
Breaking: Kraken Preparing a Private Listing at $4B Valuation
"The valuation at which Kraken is listing shares for sale is $4 billion, and the minimum investment size is $100,000, the company said in the email. 'The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment,' the emails states."
FCC approves new text message rules, giving carriers more power
"The agency’s Republican leadership has pushed for the measure, which would classify text messaging as an information service. The move will give carriers leeway to stop spam texts without fear of breaking the law, Chairman Ajit Pai and his Republican colleagues have argued, and will keep robotexts from taking over phones the way robocalls have."