The Sunday Crypto Recap - Down the Rabbit Hole 53
Last week's price action was a bit of a tease though trading volumes have remained somewhat elevated. Price lacks direction but sentiment has shifted bullish. All that's required is another catalyst. Whether that transpires or not in the near term is, of course, impossible to know. However, China's apparent embrace of blockchain has certainly ignited the crypto space with many a competing narrative hashing it out on Twitter and beyond.
My own take - this is all good for Bitcoin as centralized blockchain(s) can only ever be good for the real thing. It's likely bearish for Chinese projects that aspire to be decentralized though bullish in the short-term for most China-based crypto. In the long term (a few years out), bearish for local projects barring the select few who ultimately receive government backing.
As to China's intent - this is never in doubt - control and more of it - political, financial and social.
Investment potential and authoritarian intent are quite separate considerations…..and BTC could care less what any individual state actor desires.
Picks of the Week
Bitcoin as freedom in the making and outlining a new position between Alt-coiner and BTC Maximalist. This roundup of pending developments for Ethereum is another highlight.
A somewhat casual dismissal of the China pump thesis:
https://twitter.com/nic__carter/status/1188111623782830081
A local’s perspective on their role in blockchain - bias very clear:
https://twitter.com/PatrickXDai/status/1188689901392252928
A perhaps more nuanced perspective on the same topic:
https://twitter.com/zhusu/status/1188204407529148416
Chinese media seems to have joined the blockchain party:
https://twitter.com/DoveyWan/status/1188654013215993856
Important Chinese figures are now ‘talking’ blockchain:
https://twitter.com/mg0314a/status/1188846745268015104
The Federal Reserve and its mandate (highly recommended):
https://twitter.com/ObiWanKenoBit/status/1118191700805963776
On Libra and Bitcoin:
https://twitter.com/CryptoEcon_Li/status/1189038718033768448
Articles
BTC transaction fees just hit a milestone:
https://www.coindesk.com/bitcoin-just-hit-1-billion-in-all-time-transaction-fees
Bitcoin as freedom ‘Hidden in plain Sight’ (highly recommended):
https://rhythmofbitcoin.substack.com/p/blockchain-is-the-censored-word-for
Bakkt is expanding its range of crypto products:
https://medium.com/bakkt-blog/unlocking-the-value-of-digital-assets-bdda43214720
https://www.wired.com/story/whats-blockchain-good-for-not-much/
Crypto in 2025 a very brief speculative tour:
https://www.cryptoglobe.com/latest/2019/10/cryptocurrency-in-2025-what-does-the-future-hold-for-digital-money/
Atomic swaps unpacked:
https://www.binance.vision/blockchain/atomic-swaps-explained
EOS may be comparatively user-friendly but work remains to be done:
https://medium.com/@bensig/eos-accounts-are-the-user-friendliest-accounts-on-any-blockchain-but-still-not-friendly-enough-9e1b5865010e
Yet another reason - Bitcoin:
https://www.theblockcrypto.com/linked/45009/argentina-further-imposes-capital-controls-sharply-cuts-usd-buying-limits-to-200-a-month?utm_source=cryptopanic&utm_medium=rss
Podcast
Outlining a new position between Alt-coiner and BTC Maximalist:
YouTube
On China and blockchain (recommended):
https://www.pscp.tv/w/1YqKDnjQPaEJV
Calling out folks for flipping on China simply because 'Number go up':
Alessio Rastani on BTC'S Bounce (recommended):
An excellent roundup of pending developments on Ethereum (highly recommended):
A brief guide to dollar-cost averaging:
Demystifying Forex:
Infographics
Visualizing and explaining BTC node propagation:
https://twitter.com/BlackHoleKeys/status/1189170849955237888/photo/1
That's a hell of an ecosystem. A city clearly not sleeping on previous success:
https://fintechnews.sg/wp-content/uploads/2019/10/Blockchain-Ecosystem-Singapore-IMDA.png
A fascinating and challenging week. Lots to look forward to in the coming week/months/years. As always, looking forward to your comments and suggestions.
Note on Sources:
Twitter & Reddit (cryptos current meta-brains) / Medium / Trybe / Hackernoon / Whaleshares / TIMM and so on/ YouTube / various podcasts and whatever else I stumble upon. The aim is a useful weekly aggregator of ideas rather than news. Though I try to keep the sources current – I’ll reference these articles and podcasts etc. as I encounter them – they may have been published just a couple of days ago or in some cases quite a bit earlier.
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