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:
Full reserve banking with Bitcoin - Tamas Blummer
The Jony Ive obsessions that built Apple - Timothy L. O'Brien
Monero and Zcash conferences showcase their differences - Leigh Cuen
The fall of certificate authorities and the rise of handshake - Imran Khan
Degrees of architectural (de)centralization: To Infura and beyond - Circle Research
The creation of SIOP-62: More evidence on the origins of overkill - William Burr
Bringing Bitcoin to Ethereum - David Hoffman
[YouTube] Macro tailwinds for Bitcoin - Brendan Bernstein
Libra, 2 weeks in - David Marcus
Conviction voting: A novel continuous decision making alternative to governance - Jeff Emmett
Superhuman is spying on you - Mike Industries
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.
Manual investigation of website trading history if available and decipherable
Algorithm check of price and size movements compared to self-reported data
Hourly volume changes of suspect exchanges versus hourly volume of verified exchanges
Alameda Research's own volume compared to an exchange's typical volume
Total exchange order book depth compared to the exchange's volume
The fraction of an exchange's market with order book depth compared to its own volume
💵 [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)
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