Nathaniel Whittemore
@nlw

1/ Long Reads Sunday #13. What a week it was. We saw: XRP surge and (momentarily) flip ETH; a massive ratchet up in scrutiny around exchanges; a significant Bitcoin bug and so much more. Get your coffee black and steaming, it’s long reads time. twitter.com/BullyEsq/statu…

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2/ Firstly, damn XRP. Ripple went crazy this week, doubling its market cap Thursday-Friday and bringing back echoes of 2017. @crypto_macro pointed to a couple of the better attempts at explanation. twitter.com/Crypto_Macro/s…

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3/ One part of the XRP surge story seems to have been significant volumes on BitMEX. If 2017 was the year of altcoins buying on Binance et al, 2018 has been all about leveraged trading, shorts, and perpetual swaps on BitMEX. twitter.com/crypto_bobby/s…

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4/ BitMEX is also one of the major topics of what many have called one of the best podcasts of the year with @Travis_Kling & @APompliano. They discuss how retail $ gets killed by quants; the decoupling of US & Asian ICO markets & how wash trading. Getit: twitter.com/APompliano/sta…

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5/ Scrutiny of exchanges is a growing market narrative, and got a major kick in the pants with the NY Attorney General’s Virtual Markets Integrity Initiative report, released this week and summarized below. twitter.com/NewYorkStateAG…

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6/ Now, if you’re wondering why a state-level attorney general is getting involved, and what the context for the report is, @katherineykwu and @MessariCrypto have you covered. They shared this grimoire of essential info via their new newsletter messari.substack.com/p/about-the-ny…

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7/ Of course, not everyone was all that impressed with the report. Jesse Powell, CEO of Kraken - one of three exchanges cited for potentially operating illegally in NY - served this peach of a post. twitter.com/jespow/status/…

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8/ To some extent, the end game of this scrutiny would be best as self-regulation and arming crypto buyers with the info they need to vote with their feet. In this, the best piece this year is @nic__carter’s “Dark Underbelly Of Cryptocurrency Markets” medium.com/s/the-crypto-c…

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9/ The NYAG report wasn’t the only regulatory intrigue bubbling. People are still waiting with baited breath around a promising Bitcoin ETF. For a full background on how ETF decisions get made and what the hurdles are, @jchervinsky summarizes here: twitter.com/jchervinsky/st…

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10/ On the flip side, there was also some positive regulatory movement, in the form of a set of proposed bills in Congress that would create “safe harbors” for 1) non-custodial use, and 2) tax improvements for people who benefit from hard forks. twitter.com/Melt_Dem/statu…

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11/ Maybe the most interesting institutional event this week was a letter from @christophera @kanzure @CaitlinLong_ @anguschampion @ckayakr urging the SEC to treat Bitcoin/crypto in a fundamentally different way, avoiding “commingle” among other things forbes.com/sites/michaeld…

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12/ Another big piece of Bitcoin news was the disclosure of a vulnerability that could have allowed a hostile entity to shut down part of the network or event create new BTC beyond the 21m hard-cap. The Bitcoin Core developers CVE report on the bug: twitter.com/pwuille/status…

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13/ There has been a tremendous amount of conversation about the bug, ranging from measured to hysterical. Seems to me that the most thoughtful parts of the BTC community are more interested in learning lessons and improving. twitter.com/pierre_rochard…

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14/ One more good thread related to the bug - this time about how the marketing of Bitcoin as sound money might actually make it more likely to be subject to attack. H/t to @saifedean for this thread: twitter.com/ferdousbhai/st…

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15/ For anyone who is interested in the current state of thinking in the Bitcoin community, I can’t recommend following along with the talks at Baltic Honeybadger 2018. Hashtag is #bh2018, livestream is youtube.com/watch?v=66ZoGU… and @kanzure is literally live transcription it.

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16/ One big announcement from #bh2018 is the creation of @TheB_Foundation to support Bitcoin development & education. There has been some mixed reaction (particularly around the word “marketing”) but there are enough heavies involved that it’s one to watch twitter.com/ToneVays/statu…

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17/ Speaking of self-funding mechanisms, check out moloch.vc, an open source DAO for token ecosystems to use to coordinate funding around the development of public infrastructure. Really interesting experiment in resource coordination. twitter.com/ameensol/statu…

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h/t @max_bronstein for getting this notion all up in my head this week.

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