{"id":15054,"date":"2019-11-22T23:31:38","date_gmt":"2019-11-22T23:31:38","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=15054"},"modified":"2019-11-22T23:31:38","modified_gmt":"2019-11-22T23:31:38","slug":"news-libra-and-stablecoins-and-fincen-china-still-hates-crypto-trading-tether","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2019\/11\/22\/news-libra-and-stablecoins-and-fincen-china-still-hates-crypto-trading-tether\/","title":{"rendered":"News: Libra and stablecoins and FinCEN, China still hates crypto trading, Tether"},"content":{"rendered":"<ul>\n<li>I&#8217;m doing another Intelligence Squared panel discussion \u2014 this one&#8217;s called &#8220;Blockchain: Paradigm Shift or Passing Fad?&#8221; It&#8217;s in the afternoon of <strong>Thursday 5 December,<\/strong> as part of <a href=\"https:\/\/www.eventbrite.co.uk\/e\/new-economy-meet-new-city-tickets-76021728035\">New Economy, Meet New City,<\/a> at the Royal Albert Dock, E16 2YP. This one is <em>free!<\/em> The <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/07\/03\/intelligence-squared-blockchain-quantum-leap-forward-or-digital-snake-oil-last-night-monday-2-july-2018\/\">last one<\/a> was <a href=\"https:\/\/www.youtube.com\/watch?v=XMmYvOaehx8\">really good<\/a> \u2014 I expect this will be enjoyable, and if you&#8217;re free that afternoon, you should definitely come along.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/11\/22\/news-libra-and-stablecoins-and-fincen-china-still-hates-crypto-trading-tether\/new-economy-meet-new-city\/\" rel=\"attachment wp-att-15057\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-15057\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/11\/new-economy-meet-new-city.jpeg\" alt=\"\" width=\"540\" height=\"270\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/11\/new-economy-meet-new-city.jpeg 720w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2019\/11\/new-economy-meet-new-city-300x150.jpeg 300w\" sizes=\"auto, (max-width: 540px) 100vw, 540px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Libra \u2014 we&#8217;re <a href=\"https:\/\/developers.libra.org\/blog\/2019\/11\/15\/5-months-and-growing-strong\">not dead yet!<\/a> Outside developers have been making blockchain explorers, wallets and so on. I asked if there were non-Facebook companies putting staff, money or engineering effort into Libra \u2014 and was told that this totally counted.<\/p>\n<p>There&#8217;s a bipartisan <a href=\"https:\/\/sylviagarcia.house.gov\/media\/press-releases\/rep-sylvia-garcia-and-rep-lance-gooden-introduce-managed-stablecoins-are\">bill in US Congress<\/a> to firmly rule that managed stablecoins \u2014 they mean Libra \u2014 are securities. Sylvia Garcia (D-TX) and Lance Gooden (R-TX) are pretty sure that Libra-like tokens would be securities already \u2014 it was immediately obvious that this would constitute an exchange-traded fund or synthetic foreign-exchange derivative \u2014 but they want to nail it down. Whether this has legs depends how deeply pissed off the government is at Facebook, and the whole House Financial Services Committee pretty much is, so&nbsp;&#8230;<\/p>\n<p>The EU is ready to <a href=\"https:\/\/www.euractiv.com\/section\/economy-jobs\/news\/eu-maintains-option-for-blocking-facebooks-libra\/\">\u201cprevent the development\u201d<\/a> of risky digital currencies \u2014 they mean Libra \u2014 until all concerns have been addressed. So, never then.<\/p>\n<p>Central banks are responding to Libra \u2014 the Bank for International Settlements (the central bank for central banks) has tapped <a href=\"https:\/\/www.ft.com\/content\/c7739de6-03e7-11ea-a984-fbbacad9e7dd\">Beno\u00eet C\u0153ur\u00e9, <\/a>formerly of the European Central bank, to head up a new &#8220;Innovation Hub.&#8221; They&#8217;ll be working on a central bank digital currency that runs on &#8220;so-called distributed ledger technology&#8221; for settlements between banks. The following paragraph should fully communicate that this is going nowhere useful:<\/p>\n<blockquote><p>In Hong Kong, the hub will work with local monetary authorities on ventures to solve supply chain problems. And in Singapore, it will look to apply its resources to so-called \u201csuptech\u201d \u2014 regulation and supervision innovation \u2014 utilising big data and artificial intelligence.<\/p><\/blockquote>\n<p>Let&#8217;s create a <a href=\"https:\/\/www.ft.com\/content\/476d85f8-07cf-11ea-a958-5e9b7282cbd1\">central digital bank euro!<\/a> To solve the problem of &#8230; <i>(checks Banker&#8217;s Excuse Calendar)<\/i> &#8230; a lack of unified deposit insurance. Um, OK.<\/p>\n<p>The Fed has <a href=\"https:\/\/www.wsj.com\/articles\/feds-powell-says-in-letter-to-congress-fed-not-creating-digital-currency-11574356188\">no plans to follow suit<\/a>\u00a0\u2014 &#8220;we are not currently developing a central bank digital currency.&#8221; They&#8217;re more interested in their <a href=\"https:\/\/www.frbservices.org\/financial-services\/fednow\/index.html\">FedNow<\/a> real-time gross settlement initiative, which will fix a huge range of problems with US consumer banking, and immediately obsolete Venmo.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Is there are a new term for open source projects that have prematurely massive governance structures for what amounts to a few hundred lines of code that no one uses?<\/p>\n<p>&mdash; Stephen Diehl (@smdiehl) <a href=\"https:\/\/twitter.com\/smdiehl\/status\/1195381328407146497?ref_src=twsrc%5Etfw\">November 15, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>FinCEN will now be <a href=\"https:\/\/www.reuters.com\/article\/us-crypto-currencies-fincen-idUSKBN1XP1YR\">strictly enforcing<\/a> anti-money laundering rules for cryptocurrency transactions \u2014 just as they <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/05\/09\/fincens-guidance-on-crypto-business-models-are-you-a-money-transmitter\/\">told you they were<\/a> in May. The <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/06\/21\/news-quadriga-was-even-worse-than-we-thought-fatf-crypto-guidance-finalised-facebook-libra-roundup\/\">FATF travel rule<\/a> applies to &#8220;convertible virtual currencies&#8221; \u2014 that is, cryptos.<\/p>\n<p>The crypto industry was &#8220;confused&#8221; by the May ruling, in the evident belief that it wouldn&#8217;t apply to them if they just  wished hard enough \u2014 FinCEN Director Kenneth A. Blanco told the crypto industry, in a <a href=\"https:\/\/www.fincen.gov\/news\/speeches\/prepared-remarks-fincen-director-kenneth-blanco-chainalysis-blockchain-symposium\">speech on Friday,<\/a> to stop pretending not to understand these really pretty simple concepts.<\/p>\n<p>Blanco said &#8220;accepting and transmitting activity denominated in stablecoins makes you a money transmitter under the BSA. It does not matter if the stablecoin is backed by a currency, a commodity, or even an algorithm \u2014 the rules are the same. To that point, administrators of stablecoins have to register as MSBs with FinCEN&#8221; \u2014 he means all the others as well, not just Libra.<\/p>\n<p>Remember that FinCEN has been dealing with &#8220;stablecoins&#8221; since the early 2000s \u2014 but back then, they were called <a href=\"https:\/\/en.wikipedia.org\/wiki\/E-gold#Criminal_prosecution\">&#8220;e-Gold&#8221;<\/a> or <a href=\"https:\/\/en.wikipedia.org\/wiki\/Liberty_Reserve#Criminal_investigation_and_charges\">&#8220;Liberty Reserve.&#8221;<\/a><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The BSA and FinCEN are, have been and will remain the 10,000 pound elephant for crypto for the next 2 to 3 years.<\/p>\n<p>&mdash; Palley (@stephendpalley) <a href=\"https:\/\/twitter.com\/stephendpalley\/status\/1197181975985082368?ref_src=twsrc%5Etfw\">November 20, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>The People&#8217;s Bank of China <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2017\/09\/16\/china-tethers-and-whats-happened-to-the-bitcoin-price-in-the-past-few-days\/\">pushed the crypto exchanges out of the country<\/a> in late 2017 \u2014 but, after <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/11\/04\/news-libra-stumbles-on-bitmex-leaks-customer-list-crypto-capital-corp-arrest-and-indictment-tether-appeal-blockchain-for-china-kleiman-v-wright-settlement-fails-telegram-tokens-delayed-uk-tax\/\">Xi Jinping&#8217;s speech<\/a> last month, there&#8217;s been a new &#8220;blockchain&#8221; frenzy. So the PBOC will be <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/11\/04\/news-libra-stumbles-on-bitmex-leaks-customer-list-crypto-capital-corp-arrest-and-indictment-tether-appeal-blockchain-for-china-kleiman-v-wright-settlement-fails-telegram-tokens-delayed-uk-tax\/\">pushing the remaining trading out<\/a> \u2014 and shutting down any such &#8220;essentially unauthorised illegal public financing,&#8221; <a href=\"http:\/\/shanghai.pbc.gov.cn\/fzhshanghai\/113571\/3926566\/index.html\">as it discovers it.<\/a>\u00a0 They worry that cryptos are a threat to financial stability \u2014 &#8220;Investors should be careful not to mix blockchain technology with virtual currency.&#8221; Good luck with that one, given that being a bit like magical internet money is literally the selling point of &#8220;blockchain.&#8221;<\/p>\n<p>There are 32,000 &#8220;blockchain&#8221; companies in China \u2014 and <a href=\"https:\/\/www.theblockcrypto.com\/linked\/47449\/chinese-state-media-over-32000-companies-in-china-claim-to-use-blockchain-but-less-than-10-actually-do\">less than 10% of them<\/a> use the technology in any way.<\/p>\n<p>Blockchain voting is like some parody idea of &#8220;worst possible use for a blockchain.&#8221; Angela Walch does a nice <a href=\"https:\/\/twitter.com\/angela_walch\/status\/1197575109910773760\">talk summary<\/a> \u2014 &#8220;Exploits are incredibly cheap (estimates $60k Android zero day), very hard to detect, and may be removed without a trace. So many parties to trust along the way &#8230; many potential points of failure.&#8221; See also this lovely paper from May this year: <a href=\"https:\/\/cse.sc.edu\/~buell\/blockchain-papers\/documents\/WhatWeDontKnowAbouttheVoatz_Blockchain_.pdf\">What We Don\u2019t Know About the Voatz \u201cBlockchain\u201d Internet Voting System.<\/a><\/p>\n<p>After two years, AXA cancels its much-vaunted <a href=\"https:\/\/cryptomode.com\/axa-cancels-fizzy-its-ethereum-smart-contract-insurance-project\/\">blockchain insurance experiment, Fizzy.<\/a> 434 total transactions of any sort went through the smart contract in the life of the experiment. It&#8217;s not clear any real money was involved at any point.<\/p>\n<p>Another insurance on the blockchain story \u2014 <a href=\"https:\/\/www.forbes.com\/sites\/davidblack\/2019\/11\/21\/i-learned-how-much-we-need-blockchain-from-a-falling-branch-destroying-my-car\/\">I Learned How Much We Need Blockchain From A Falling Branch Destroying My Car.<\/a> I urge you to read all the way through \u2014 this one has the <i>good<\/i> ending.<\/p>\n<p>An ICO for &#8230; <a href=\"https:\/\/www.ft.com\/content\/46547c2e-0c3b-11ea-bb52-34c8d9dc6d84\">chess?<\/a> &#8220;Sure why not,&#8221; as Matt Levine would say. World Chess will issue security tokens \u2014 a digital representation of equity \u2014 at \u201chundreds of dollars\u201d apiece using &#8220;blockchain technology.&#8221; The idea is to get a London Stock Exchange listing on <a href=\"https:\/\/en.wikipedia.org\/wiki\/Alternative_Investment_Market\">AIM,<\/a> at which point the tokens are converted into listed shares. They plan to turn chess into a <a href=\"https:\/\/www.ft.com\/content\/f1037eb5-34bd-4b44-bd6a-7a7c1e398369\">popular e-sport,<\/a> apparently.<\/p>\n<p>Valery Kovalevskiy, a dog breeder in Wollongong, New South Wales, Australia, got a federal grant of AUD$205,000 for an aquaculture project, under the Regional Jobs and Investment Packages scheme. He had no comment for the <a href=\"https:\/\/www.theguardian.com\/australia-news\/2019\/nov\/14\/wollongong-dog-breeder-given-205000-for-aquaculture-project-under-regional-grant-scheme\">Guardian journalists who discovered his ICO, iAqua<\/a> \u2014 in which his company, which is literally called All T&amp;A Consulting Pty Ltd, asked for AUD$5 million \u2014 4 million Aqua Tokens, at AUD$1.40 each \u2014 to build a \u201clarge scale, sustainable freshwater aquaculture facility.\u201d The return from the Aqua Token would depend on the sale price of 100 grams of Murray cod. <a href=\"https:\/\/icobench.com\/ico\/iaqua\">The ICO<\/a> was cancelled.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">That\u2019s the main reason we only do a modest amount of research in the field. Digital money is an interesting problem to study. People who promote digital money are not interested in solving that problem. They\u2019re interested in getting rich in the major non-digital currencies.<\/p>\n<p>&mdash; Eleanor McHugh (@feyeleanor) <a href=\"https:\/\/twitter.com\/feyeleanor\/status\/1194995778424586240?ref_src=twsrc%5Etfw\">November 14, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>Patrick McKenzie walks you through the S-1 filing for Silvergate Bank \u2014 <a href=\"https:\/\/twitter.com\/patio11\/status\/1193626583774351361\">the first national bank of crypto.<\/a> The US exchanges solve their cash interchange problems by &#8230; <a href=\"https:\/\/www.bloomberg.com\/amp\/opinion\/articles\/2019-11-13\/you-can-t-just-call-loans-options\">all banking at the same bank.<\/a> <i>Decentralised!<\/i><\/p>\n<p>Tether has put in a <a href=\"https:\/\/tether.to\/tether-submits-intent-to-file-motion-to-dismiss-frivolous-class-action-law-suit\/\">pre-motion,<\/a> asking to put in a motion to dismiss as frivolous the <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2019\/10\/16\/news\/\">class action suit<\/a> against Bitfinex\/Tether for manipulating the price of Bitcoin in 2017. (Pre-motions are unusual, but not unheard-of \u2014 some courts and judges prefer them.)<\/p>\n<p><a href=\"https:\/\/www.wsj.com\/podcasts\/the-journal\/bitcoin-comes-untethered\/879a0b61-93ff-4ec8-bf92-5a609fe67a47\">&#8220;Bitcoin Comes Untethered,&#8221;<\/a> from Paul Vigna at the Wall Street Journal, is a good 20-minute explainer on the fuss about Tether as a way to manipulate the price of Bitcoin. One thing they don&#8217;t cover \u2014 that there has <i>never<\/i> been a verified redemption of tethers.<\/p>\n<p>The Crypto Space Has Shockingly Low <a href=\"https:\/\/cryptoiq.co\/the-crypto-space-has-shockingly-low-total-liquidity-of-500-million-or-less-and-numerous-top-exchanges-caught-faking-their-volume\/\">Total Liquidity of $500 Million or Less,<\/a> and Numerous \u2018top\u2019 Exchanges Caught Faking Their Volume \u2014 DID I <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/2018\/01\/04\/why-you-cant-cash-out-pt-3-bitcoin-is-not-a-ponzi-scheme-it-just-works-like-one\/\">TELL YOU SO<\/a> REPEATEDLY OVER THE PAST TWO YEARS, WHY YES I BELIEVE I DID INDEED DO THAT THING. This is just the liquidity of cryptos they&#8217;re looking at, too \u2014 nothing to do with actual dollars.<\/p>\n<p>The usual counterargument when someone brings up how incredibly awful the observable crypto markets are is for true believers to say &#8220;OTC&#8221; \u2014 they appeal to an invisible iceberg of over-the-counter trading. The visible data looks terrible, and has looked terrible since the 2017 bubble popped \u2014 and the behaviour of the markets is just as if the visible data is telling the truth \u2014 but apparently there&#8217;s all this healthy high-volume trading, and institutional customers with real dollars, just out of the frame? Despite zero evidence for it having any effect. <i>You can&#8217;t prove it isn&#8217;t true!<\/i><\/p>\n<p>Franz J. Hinzen, Kose John, Fahad Saleh: <a href=\"https:\/\/philadelphiafed.org\/-\/media\/bank-resources\/supervision-and-regulation\/events\/2019\/fintech\/resources\/bitcoin-fatal-flaw-john-saleh.pdf?la=en\">Bitcoin\u2019s Fatal Flaw: The Limited Adoption Problem.<\/a> &#8220;We demonstrate theoretically that this limited adoption arises as an inescapable equilibrium outcome rather than as a transient feature. We establish such a result for a wide class of blockchains that employ Proof-of-Work. Our results arise due to three features: (1) an artificial supply constraint, (2) free entry to the validator network,and (3) a need for consensus. Network delay precludes relaxing the supply constraint as a solution.&#8221;<\/p>\n<p><a href=\"http:\/\/ftalphaville.ft.com\/2019\/11\/18\/1574078128000\/Is-bitcoin-really-an--uncorrelated-safe-haven---\/\">Is bitcoin really an \u201cuncorrelated safe haven\u201d?<\/a> Of course it bloody isn&#8217;t \u2014 &#8220;uncorrelated&#8221; and &#8220;safe haven&#8221; contradict each other \u2014 you&#8217;re just saying words that you think sound like good news for Bitcoin.<\/p>\n<p>No, the <a href=\"https:\/\/www.coindesk.com\/no-royal-bank-of-canada-isnt-opening-a-crypto-exchange\">Royal Bank of Canada isn&#8217;t starting a crypto exchange,<\/a> you hopium-addled idiots.<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Coinmarketcap lists 4978 coins. Here&#39;s the top 50 by volume. Below the top 40 doesn&#39;t even register i.e. 4938 coins are illiquid.<\/p>\n<p>Investors want liquidity at entry and liquidity on exit. Very few coins have credible liquidity to be good investments. <a href=\"https:\/\/t.co\/3kXgn3NWjV\">pic.twitter.com\/3kXgn3NWjV<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/1194485407649394690?ref_src=twsrc%5Etfw\">November 13, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>The IRS is <a href=\"https:\/\/news.bloomberglaw.com\/corporate-law\/irs-turns-critical-eye-toward-crytpo-atms-kiosks\">eyeing up Bitcoin ATMs.<\/a><\/p>\n<p>The Block is now so <a href=\"https:\/\/www.theblockcrypto.com\/post\/47922\/binances-shanghai-office-shut-down-following-police-raid-sources-say\">JavaScript-heavy<\/a> that not only can <a href=\"https:\/\/web.archive.org\/web\/20191122014849\/http:\/\/www.theblockcrypto.com\/not-found\">archiving<\/a> <a href=\"https:\/\/archive.is\/O7fPk\">sites<\/a> not save anything, even Firefox can&#8217;t save the text. When you ARCHIVE THAT STUFF \u2014 as you should always do with crypto sources \u2014 you&#8217;ll need to resort to &#8220;print to PDF.&#8221;<\/p>\n<p>Password data for <a href=\"https:\/\/arstechnica.com\/information-technology\/2019\/11\/password-data-dumped-online-for-2-2-million-users-of-currency-and-gaming-sites\/\">2.2 million users of cryptocurrency and gaming sites<\/a> has been dumped online. LOL \u2014 I mean, what a terrible thing to happen!<\/p>\n<p>Check any Monero binaries you downloaded from getmonero.org in the past week \u2014 some <a href=\"https:\/\/www.reddit.com\/r\/Monero\/comments\/dyfozs\/security_warning_cli_binaries_available_on\/\">compromised binaries<\/a> were <a href=\"https:\/\/github.com\/monero-project\/monero\/issues\/6151\">uploaded.<\/a><\/p>\n<p><a href=\"http:\/\/www.wehuntedthemammoth.com\/2019\/11\/13\/what-to-do-if-your-date-brings-up-bitcoin-a-guide-for-ladies\/\">What to do if your date brings up Bitcoin: A guide for ladies.<\/a> Obviously this never happened \u2014 leaving the basement? A <i>female<\/i> might steal your <i>vital essence!<\/i><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">all I\u2019m saying ladies is that if he brings up bitcoin or blockchain unprompted in the first date there shouldn\u2019t be a second.<\/p>\n<p>&mdash; Jessica Huseman (@JessicaHuseman) <a href=\"https:\/\/twitter.com\/JessicaHuseman\/status\/1193617446017675265?ref_src=twsrc%5Etfw\">November 10, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p>https:\/\/twitter.com\/anguschampion\/status\/1196416650058358784<\/p>\n<p>&nbsp;<\/p>\n<p>https:\/\/twitter.com\/anguschampion\/status\/1195668381304860677<\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It&#39;s a movie. She&#39;s trying to summarise the fork of Ethereum and Ethereum Classic for a non technical audience.<\/p>\n<p>&mdash; kikkogurl (@jiaf17) <a href=\"https:\/\/twitter.com\/jiaf17\/status\/1196231129168134144?ref_src=twsrc%5Etfw\">November 18, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I invented blockchain to make Roko\u2019s basilisk insanely mad and vengeful <a href=\"https:\/\/t.co\/1EwdHTGtZO\">https:\/\/t.co\/1EwdHTGtZO<\/a><\/p>\n<p>&mdash; Dyatlov Ass Incident \ud83d\udc80\u2620\ud83d\ude99 (@k_morrissey) <a href=\"https:\/\/twitter.com\/k_morrissey\/status\/1195500137847508993?ref_src=twsrc%5Etfw\">November 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The whole decentralization experiment is really just an attempt to figure out what&#39;s the maximum amount of control I can maintain over a system without having any legal accountability over what happens to it.<\/p>\n<p>&mdash; Jon Syu (@jonsyu) <a href=\"https:\/\/twitter.com\/jonsyu\/status\/1196867861328744448?ref_src=twsrc%5Etfw\">November 19, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">sir, you have defamed a wonderful project by not realizing that it&#39;s <a href=\"https:\/\/twitter.com\/hashtag\/blockchain?src=hash&amp;ref_src=twsrc%5Etfw\">#blockchain<\/a>, not <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a>. and the comprehensive list of the problems *blockchain* solves better than traditional databases, programming languages, ledgers, supply chains, etc., is actually:<\/p>\n<p>1.<\/p>\n<p>&mdash; David Cheems Golumbia (@dgolumbia) <a href=\"https:\/\/twitter.com\/dgolumbia\/status\/1194962211472580609?ref_src=twsrc%5Etfw\">November 14, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>And I&#8217;m doing another Intelligence Squared on Thursday 5 December \u2014 and this one&#8217;s <i>free!<\/i><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[1544,138,1539,1537,738,38,74,100,466,444,1515,1538,876,1540,1543,9,564,7,877,1536,1328,6,96,917,1546,1545,1449,1535,39,1086,745,1542,694,1541],"class_list":["post-15054","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-all-ta-consulting-pty-ltd","tag-australia","tag-axa","tag-benoit-coeure","tag-bis","tag-bitfinex","tag-blockchain","tag-china","tag-europe","tag-facebook","tag-federal-reserve","tag-fednow","tag-fincen","tag-fizzy","tag-iaqua","tag-ico","tag-intelligence-squared","tag-irs","tag-kenneth-a-blanco","tag-lance-gooden","tag-libra","tag-links","tag-monero","tag-paul-vigna","tag-royal-bank-of-canada","tag-silvergate-bank","tag-stablecoin","tag-sylvia-garcia","tag-tether","tag-the-block","tag-united-states","tag-valery-kovalevskiy","tag-voatz","tag-world-chess"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/15054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=15054"}],"version-history":[{"count":23,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/15054\/revisions"}],"predecessor-version":[{"id":15078,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/15054\/revisions\/15078"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=15054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=15054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=15054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}