Your daily snapshot from our OnChainFX markets dashboard.
This week we hit on macro trends in the industry like the de-americanization of Bitcoin, global currency trends, and our take on Bitcoin being used by North Korea (hint: it makes for a good headline but thats about it). We also dove into “Blockchain” ETFs and how they deviate from their stated goals.
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Over the last few weeks our community analysts have been hard at work building out the “Investopedia” of crypto. More than 80 pages have been completed with many with additional boards to take your learning to the next level.
We have big things in store for our analysts, and are excited for what’s to come! If you’re interested in joining email firstname.lastname@example.org with some examples of work you’ve written.
Across projects on the Messari Registry there were a few significant updates this week. Check them out on our weekly updates board and remember to create and share your own boards for a chance to be featured in Monday’s newsletter.
Messari's own Ryan Selkis (aka TwoBitIdiot) will be leading a panel on Market Infrastructure and Data Transparency on September 17, 2019 at the second installment of The Path Forward for Digital Assets in NYC. Check out the event here.
We will also be at the CoinAlts Fund Symposium in Chicago on September 26. If you will be at the event let us know on Twitter.
Now, onto our weekend reads.
Messari’s weekend reads:
Is the dollar's "exorbitant privilege" coming to an end? - Craig Cohen
Mr. Nakamoto goes to Washington - Evan Feng
All the best engineering advice I stole from non-technical people - Marianne Bellotti
I am a time-traveler from the future, here to beg you to stop what you are doing - u/Luka_Magnotta
Future of Zcash dev funding — megathread / everything in one place - Zcash Community
Who needs ICBMs? - Jessica Sleight
Debunking the Laziest Argument Against Crypto Investments - Jeff Dorman
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] North Carolina congressman reintroduces the Virtual Value Tax Fix Act crypto tax bill (August 2019)
North Carolinian congressman Ted Budd has reintroduced a tax bill aimed at refining the Internal Revenue Service’s treatment of cryptocurrencies. The Virtual Value Tax Fix Act would effectively end the double taxation on cryptocurrency transactions by amending 1986’s Internal Revenue Code. Under the 1986 Code, gains and losses in transactions of real property of like-kind remain unrecognized. “The use of digital assets is already treated as a sale of the asset, even though the economic reality of the transaction is a purchase of a simple consumer good,” Budd said. If passed, the act would free cryptocurrency transactions from double taxation and record-keeping immediately. (share or read more)
Quick Bits (Don't read that, I read it for you)
Choke Points (Exchange News)
🇸🇬 Bithumb is reportedly entering the Singaporean market via a deal with local crypto platform BitHolic, according to a report from News1 Korea on Thursday. BitHolic changed its name to Bithumb Singapore this month. BitHolic is represented by Park Jeong Hun, a former director at Bithumb, per the report. (share or read more)
♊️ Market data from Gemini, the cryptocurrency exchange founded by the Winklevoss twins, is being added to eight crypto indices offered by CF Benchmarks. CF Benchmarks said Thursday that the addition of Gemini as a data source, alongside existing exchanges Bitstamp, Coinbase, itBit and Kraken, will boost the quality of market data underlying the indices. (share or read more)
Startup Signals (ICOs, Cryptos, and Startups)
💰 After their $30 million investment in MoneyGram, Ripple is looking to sign “multiple” investment and acquisition deals. “We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” Brad Garlinghouse, the CEO of Ripple, told Yahoo Finance UK on Friday. The Block reports that Garlinghouse did not provide specific details about potential investments, as deals are “always very, very hard to predict.” (share or read more)
⏸ Dharma, a San Francisco-based crypto lending startup, announced via Twitter that it is "pausing new deposits and loans" on its platform. In February, Dharma raised $7 million in funding to enable users to borrow and lend cryptocurrencies peer-to-peer. (share or read more)
The Powers That Be (Legal/Reg/Policy)
🔌 Tenaga Nasional Bhd (TNB), one of the largest electricity suppliers in Malaysia, has raided 33 bitcoin mining premises suspected of stealing power, Malay Mail reported Wednesday. The miners bypassed meters and used electricity directly from TNB, which resulted in a loss of 3.2 million Malaysian ringgit ($760,736) for the supplier, according to The Block. One location, for instance, was using 1,500 Amp (ampere) of unmetered electricity while the meter was only showing 3 Amp. (share or read more)
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