News: UST fallout, Central African Republic fallout, Coinbase Custody not safe in bankruptcy, Catalonia and Russian bitcoins
History always repeats, but only the dumb stuff.
Foreign Policy: The Cryptocurrency Crash Is Replaying 2008 as Absurdly as Possible
A version of my UST writeup for an audience that will understand that mentioning “2008” is the air-raid sirens going off.
Terra’s stablecoin does its own 2008 crisis — UST crashes and takes Bitcoin with it
A store of inflation, a hedge against value.
Boundary 2: Creationism on the Blockchain — review of George Gilder, Life After Google
The review is nine thousand words. But it’s considerably more coherent than the book, because I had an editor.
The Central African Republic adopted Bitcoin last week — full text of the law
The one question is: why?
News: Sam Bankman-Fried on DeFi ponzinomics, Grayscale ETF comments, Binance and Russia, El Salvador
You wouldn’t funge a car.
NFT news: Bored Apes hacked on Instagram; Sina Estavi’s $277 Dorsey tweet
All my apes, influenced.
El Salvador: Bukele goes full dictator, Chivo theft, Bitcoin Towers
Bitcoin is not the biggest problem in El Salvador right now — it’s Bukele using the gangs to go as full dictator as he thinks he can get away with.
Beanstalk DAO falls to a corporate raid, funded by flash loan junk bonds
The end of a long chain of slapdash and incompetent financial engineering, by people who just found out why regulations evolved. Also, LOL.
NBA Top Shot: a short history of the largest mainstream NFT project
Top Shot claimed to be about the cards — but it was all about the trading market. And it wasn’t so great at letting traders take out their money.