The Weekly News Roundup, ending 20 November – Bitcoin is the Ark in an Ocean of Human Culpability

As we witness the aftershocks and contagion of the FTX episode unfold, we have been given THE use-case for bitcoin: decentralized, trustless, permissionless, censorship resistant. The code it operates on is the Law, and if you self-custody you bitcoin, no one can rug pull you. This became very clear the last two weeks.

  1. Use exchanges for trading/exchanging activity; don’t use it for custody.
  2. Stablecoins are centralized and as such, the operators can “turn them off,” locking you out.
  3. By extension, the decentralization in “defi” is the protocol itself. The stablecoins used within these protocols…see #2
  4. Humans are imperfect, capable of bad calls of judgement, and are corruptible to incentives that fulfill self-interest. Trust in others is third-party risk.
  5. If you don’t hold it, you don’t own it.

If there is another vector of risk to consider, it is the risk to coins for ecosystems that are managed by centralized entities. Two examples that come to mind are IOHK and Cardano and The Ethereum Foundation to ethereum. I think that the American Howey Test should not the template for deciding if a platform token is a security. I think that since those tokens (and those of other smart contract platforms) are used as fuel for the networks to perform transactions, guidelines should be split to separate the managing organization and the network itself. The dynamics are a completely new paradigm, and have to be seen as such. The price markets are a way to express relative value, but the question I’m turning over in my head now is: are they necessary for the network to function and evolve?

All to be determined.


Comments and suggestions, reach out -> hello @ tinycryptoblog.com

Be well, Everyone.


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Articles on Medium this week

Articles


Podcasts
The Cost of Crypto Podcast


Words of caution…

This Week In Twitter


Reports:
NYDIG: Implications of the FTX Collapse


Headlines

THE FTX HOLOCOST
‘Grayscale Discount’ Widens to Record 43% as FTX Contagion Spreads
Shares of Crypto Bank Silvergate Continue to Fall Despite CEO’s Remarks
CFTC Has ‘Boots on the Ground’ at FTX Subsidiary LedgerX
Crypto Firm Genesis Block Ceases Trading Services Amid FTX Contagion
Revolut Distances Itself from FTX While Pushing for Crypto
Crypto Fund Sino Global Had Deep Ties to FTX Beyond Equity Investment
Voyager ‘Shocked, Disgruntled, Dismayed’ by FTX Bankruptcy as Crypto Lender Searches for Another Buyer
Messari estimates up to 50% of FTX user funds recoverable
DeFi protocol Oxygen held 95% of supply on FTX
Over $8 Billion Withdrawn From Exchanges Following FTX Collapse
BlockFi Mulls Bankruptcy Filing and Layoffs in Wake of FTX Collapse, Met With Binance


Adoption


CBDC (are just Surveillance Tokens)


COMPANIES AND PROTOCOLS
Research: 78% of all staked ETH is across 4 centralized providers; 74% of all blocks are OFAC compliant


CRIMES AND SCAMS


DAO


DeFi and Lending
California Finance Regulator Moves to Suspend Crypto Lender Salt’s License
Nexo resolves real-time audit outage laying insolvency rumors to rest
Crypto.com becomes latest bank run victim, but CEO says it is business as usual


Exchanges


Fundraising and Sponsorships


GOSSIP
FTX Ends Bitcoins Relationship With Crypto – Bitcoin Magazine
The Collapse Of FTX Was Inevitable – Bitcoin Magazine
SBF is The Wolf of Wall Street of Crypto, Says Michael Saylor


Implementation and Infrastructure


Metaverse / Web3


Mining
Startup Arkon Energy Raises $28M to Further Expand Into Bitcoin Mining
Bitfarms sold more Bitcoin than it mined in Q3
Bankrupt Compute North Sells $1.55M in Assets to Flared-Gas Bitcoin Miner


Nation States (and other political jurisdictions)


NFTs


Regulation, Legislation & Legal Matters
LBRY Loses SEC Case, Calls Ruling a ‘Dangerous Precedent’ for Crypto


STABLECOINS


Taxation


The Wall Street
KEEP AN EYE ON THIS –> https://bitcointreasuries.net/
…AND THIS –> https://www.buybitcoinworldwide.com/treasuries/


Time Capsule


Outside News


You Do Not Change Bitcoin. Bitcoin Changes You.
“Bitcoin will eat the world.” And it is.


Buy store gift cards, earn bitcoin. Use the debit card, earn bitcoin. Get .00005 bitcoin when you sign up


SWAN BITCOIN – 1% FEE FOR BUYING BITCOIN AND EASILY SET UP RECURRING BUYS


The app that let’s you buy/sell/trade cryptos, earn yields on crypto deposits and take out a crypto-backed loans


Get $10 when you sign up with Strike. Send cash instantly around the world at no cost, and buy bitcoin with only a 1.5% fee


coinbase

If you’re new to crypto, Coinbase is the easiest way to get started

res-binance

Binance is a great exchange to buy and sell cryptos

changelly

Changelly is a good option for exchanging coins without having to use an exchange


lolli logo

Earn bitcoin while you shop online using Lolli


teepublic logo

Get crypto-themed shirts, stickers, mugs and more at Teepublic


brave-logo

Download the Brave browser and block unwanted ads and earn rewards whileen you browse online 


Exodus-Logo side

Download the Exodus wallet for you PC and smartphone

coinami

Download the Coinami wallet for your PC and smartphone



Categories: Weekly Headlines

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