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  • As adoption occurs, the token price will go up and the project will have more capital to fund development.
  • Prices reflect whether the market thinks the bond has become more or less risky since it was issued.
  • If a bond has positive convexity, the bond will experience larger and larger price increases as the yield falls.
  • Put simply, if you are long convexity, your risky exposure increases as the market moves in your direction and decreases as it move against you (yay!)
  • Here’s the problem: right now, token projects — despite their talk of antifragility (another word for convexity) — are all short convexity in their overall business models.
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  • In its recent quarterly review, the Bank of International Settlements asked central banks to consider whether cryptocurrencies might make sense for them. Central banks, however, are intrinsically conservative bureaucracies.
  • I’m worried about central banks taking on unnecessary risky projects, thereby rendering them too cautious in other areas. An additional reason for skepticism stems from the nature of crypto assets.
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  • According to new research from Chainalysis, a digital forensics firm that studies the bitcoin blockchain, 3.79 million bitcoins are already gone for good based on a high estimate—and 2.78 million based on a low one.
  • While others have speculated about the number of lost bitcoins, the Chainalysis findings are significant because they rely on a detailed empirical analysis of the blockchain, where all bitcoin transactions are recorded.
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  • North Korean engagement with bitcoin and cryptocurrency appears to be ever growing, with recent reports indicating that university students are now able to access courses on cryptocurrency in the Hermit Kingdom.
  • Despite mounting accusations that the North Korean administration has been actively stealing and mining bitcoins, the existence of the course is being cited as “the first hard evidence” of North Korea’s increasing fascination with cryptocurrency by media.
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  • The amount of energy used by computers “mining” bitcoin so far this year is greater than the annual usage of almost 160 countries, according to new research.
  • Research by energy tariff comparison service PowerCompare.co.uk shows that the amount of energy expended mining bitcoin globally has already exceeded the amount used on average by Ireland and most African nations.
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  • According to Nicolas Morgan, a former lawyer for the U.S. government agency tasked with regulating the securities industry, the SEC is likely to roll out a sort of “assembly line” of enforcement actions against the nascent industry in the coming years.
  • While the SEC has issued guidance to the ICO industry, recently laying out why it classified tokens issued by The DAO (a now-defunct ethereum smart contract that sold its token to investors) as securities, the agency has yet to announce formal rules.
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  • While capital is extremely important, the ICO has another powerful effect: It gets your tokens into the hands of people who are incentivized to help your network grow.
  • The only way to ensure that everyone who wanted to participate had an opportunity to do so was to run an uncapped ICO, which led to ridiculous amounts of money being raised at absurd valuations for seed stage projects.
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  • A draft decree on the Belarusian High-Tech Park which would legalize cryptocurrencies is awaiting the president of Belarus to sign into law.
  • In addition, exchanges can trade rubles for cryptocurrency, ICOs can be used for financing, and mining will also be allowed by law in Belarus.
  • This draft decree, which has already been presented to Lukashenko to sign into law, includes provisions for cryptocurrencies and ICOs at the legislative level.
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  • Swissquote Bank, an online banking service, has launched a bitcoin exchange-traded certificate that it claims will curb the cryptocurrency’s volatility.
  • Swissquote said in a statement: “Our strategy is focused on reducing volatility by increasing the amount of cash held during periods of uncertainty and downturns.
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  • The government of Bermuda has launched a blockchain task force to foster cryptocurrency commerce in the British overseas territory.
  • The task force comprises two groups – the Blockchain Legal and Regulatory Working Group, and the Blockchain Business Development Working Group – which will work to assist development of the technology, a press release states.
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  • Sberbank CEO Herman Gref has expressed his belief that cryptocurrencies are “a fact” of life, and that no amount of regulation can turn back the clock on this emerging phenomenon.
  • The CEO of Russia’s largest bank, the -owned Sberbank, has said that cryptocurrencies are now a feature of the modern world, like it or not.
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  • The European Parliament has issued a report on odometer tampering which suggests that blockchain technology could be an effective means of combating the practice.
  • In November 2017, the Structural and Cohesion Policies Department (aka Policy Department B) of European Parliament’s Directorate-General for Internal Policies concluded a report on odometer tampering.
  • The document included blockchain technology in a list of possible remedies to the problem.
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  • Last week it emerged that a fake BTG wallet which had been promoted on the bitcoin gold website was fraudulent.
  • The team’s developers removed “mybtgwallet” once the scam came to light, but not before scores of innocent users had been duped.
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  • If you’ve tired of trying to red-pill your mom on bitcoin, and your mailman isn’t feeling your frequent pitches on decentralization, perhaps it’s time you relocated elsewhere.
  • Cast your gaze further afield and you’ll find districts, both urban and suburban, where bitcoiners reign supreme.
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  • Exchange operator Nasdaq announced yesterday that it is developing an electronic shareholder voting system based on blockchain technology for the South African capital markets.
  • To be delivered to South African central securities depository Strate, Nasdaq’s blockchain solution aims to bring greater voting efficiencies and shareholder participation by offering a “secure and user-friendly” tool for remote participation, a press release says.
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  • Digital asset platform KyberNetwork is teaming up with a University of California, Berkeley, blockchain group to study ways to build better decentralized exchanges.
  • The group, Blockchain at Berkeley, announced the new research partnership yesterday, stating that the two groups would be looking at aspects of trading, such as diversity, strategies and sustainability, specifically within KyberNetwork’s early-stage exchange model.
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  • An obscure provision tucked into a defense spending bill could serve as a springboard for blockchain adoption across U.S. government agencies.
  • It authorizes agencies to use the working capital funds for modernization projects that fall into one of three buckets: cybersecurity, migrating legacy systems to the cloud and “other innovative platforms and technologies.”
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  • This week the largest bitcoin exchange by volume in Europe, Bitstamp, decided to begin listing bitcoin cash between its popular currency pairs traded on the platform.
  • Right now there are 19 BCH wallets, 5 full node clients, and lots of other services and merchants who now accept bitcoin cash.
  • The Bitcoin Cash network has seen 26,730 blocks mined since the first hard fork on August 1, 2017.
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  • A senior official for Zimbabwe’s central bank is casting doubt on the legality of bitcoin in the country.
  • As quoted by local news source Chronicle, Norman Mataruka, director and registrar for the Reserve Bank of Zimbabwe, said that “bitcoin … is not actually legal” for use within the country.
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  • A subsidiary of global banking giant Intesa Sanpaolo is taking steps to reimagine what the $1.2 quadrillion derivatives market might one day look like on a public blockchain.
  • Instead of risking delays and relying on courts to resolve possible disputes, Morini said the team’s derivatives workflow builds the terms of resolution into the smart contract itself.
  • The project, which is only in its earliest stages, is designed to ease concerns about privacy by only interacting with the public blockchain when a derivative terminates.
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