Messari's (Long) Weekend Reads 😎

reading, sleep, and self-care

Your daily snapshot from our OnChainFX markets dashboard.

We are off for the rest of the week to celebrate the 4th of July holiday here in the States.

Don’t worry, we have you covered with an extra serving of weekend reads until we see you again on Monday.

📚 Messari’s weekend reads:

Have a good weekend y’all.

- The Messari Team

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Messari Compression Algorithm

Content and thoughts from around the web as summarized by the Messari team.

🔎 [Analysis] Investigation into the legitimacy of reported cryptocurrency exchange volume - Alameda Research (July 2019)

Quantitative trading firm Alameda Research followed up Bitwise's 'Real 10' exchange report presented to the SEC with an exchange volume valuation criterion set. Minus criteria one, no single measure condemns an exchange as a data manipulator according to Alameda.

  1. Manual investigation of website trading history if available and decipherable

  2. Algorithm check of price and size movements compared to self-reported data

  3. Hourly volume changes of suspect exchanges versus hourly volume of verified exchanges

  4. Alameda Research's own volume compared to an exchange's typical volume

  5. Total exchange order book depth compared to the exchange's volume

  6. The fraction of an exchange's market with order book depth compared to its own volume

Among others, BitMEX, Coinbase Pro, and Bitfinex were a handful of exchanges to pass the test. (share or read more)

💵 [Analysis] As cash fades, will Bitcoin keep protest alive in the surveillance age? - Alex Gladstein

VPNs, burner Sim cards, and cash are the mainstays of modern protest movements but they won't work forever writes the Human Rights Foundation's Alex Gladstein. Only eight percent of global daily transactions use physical cash with the trend is set to continue. Free government services mean surveillance and consumers show a knack for valuing convenience over privacy. Bitcoin ($BTC), Lightning, and privacy coins like Zcash ($ZEC) or Monero ($XMR) are steps in the right direction that need more development. (share or read more)

Quick Bits (Don't read that, I read it for you)

Choke Points (Exchange News)

  • 💰 Bitfinex has repaid $100 million of its reported $700 million loan from sister company Tether ($USDT). The exchange prepaid the amount plus interest on the loan's entirety up to June 30th, according to CoinDesk. Bitfinex parent company IFinex is due back in court July 29th following NY AG allegations against the nature of Tether's loan to Bitfinex. (share or read more)

  • 🇺🇸 BAM Trading Services, the firm behind Binance's incoming U.S. branch, has tapped ex-Ripple executive Catherine Coley. Coley was the head of XRP ($XRP) Institutional Liquidity at Ripple before her hire at BAM. “I am confident that with Coley’s leadership and Binance’s leading technology platform," Binance CEO Chanpeng Zhao said in a release, "Binance.US will be able to provide valuable services to the U.S. community.” (share or read more)

Startup Signals (ICOs, Cryptos, and Startups)

  • ♎️ Crypto wallet provider ZenGo has developed a non-custodial Proof of Concept Calibra alternative wallet for Facebook's Libra token, according to The Block. The wallet uses a threshold signature scheme (TSS) creating a seamless transaction pathway. ZenGo currently supports Bitcoin ($BTC) and some Ethereum ($ETH) based tokens with more on the way. (share or read more)

  • ☁️ CDN provider CloudFlare's brief outage took down Coinbase, CoinMarketCap, and numerous other top crypto websites early Tuesday morning. CoinDesk's Bitcoin ($BTC) spot price dropped to $26 per coin on due to the outage. TechCrunch reports an unusual spike in CPU usage momentarily knocked out primary and backup systems. (share or read more)

The Powers That Be (Legal/Reg/Policy)

  • ✋ Five members of Congress have called Facebook to half Libra development in an open letter to CEO Mark Zuckerberg and executive David Marcus. The letter cites Facebook's track record with private user information as well as the implications of a global currency. (share or read more)

Did I miss something?

Send me the link, your twitter handle and your best imitation compression algorithm write up. If I like it, I’ll include your bit next issue (with attribution).

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