Weekly Bulletin (Dec 9, 2018)

CoinSheet #231

Let me never fall into the vulgar mistake of dreaming that I am persecuted whenever I am contradicted.

— Ralph Waldo Emerson


Weekly Bulletin

SEC delays VanEck Bitcoin ETF decision until February 27

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.

Source

So we might see about a month of Bakkt activity before this February 27 deadline (Bakkt has a target launch date of January 24).


Grayscale Trust continues to buy BTC

They now own over 1% of bitcoin circulating supply. (Source)

Grayscale-Bitcoin-Holdings.jpg

I don’t like the chart because it’s misleading (they've only bought ~23,000 of their 203,000 bitcoin in the past year).

But the meme is real folks.

Smart money buys when dumb money sells.


G20 leaders pledge crypto-asset regulation

After the G20 meeting in Argentina, the international forum of governments and central bank governors issued a declaration titled “Building consensus for fair and sustainable development.”

This made a few headlines last week because the word “crypto” appeared once in the 4,000 word declaration.

And here I was…thinking I should launder money and help fund ISIS.

Great work lads.

dos equis ok GIF by Dos Equis Gifs to the World
*Note, I should be clear here that my sarcasm is directed at folks giving this “news” any weight and significance.

Binance released a DEX demo

Changpeng Zhao (Binance CEO) said in a recent interview they are close to launching their proprietary decentralized exchange blockchain, known as Binancechain.

We’ll see if this is one of those decentralized exchange that has to introduce full KYC.


Coinbase adds a few more (shit)coins

Last week Coinbase added CVC, DNT, LOOM, and MANA to Coinbase Pro. (Source)

Coinbase also said that they are:

continuing to explore the addition of new assets, and will be working with local banks and regulators to add them in as many jurisdictions as possible. (Source)

Namely, the assets below.

Yes, I know.

You probably feel like this:

Or like this:

What I find interesting is how the general consensus shifted from 2017 to now.

2017 > Why isn’t Coinbase adding more coins?
2018 > Why is Coinbase adding more coins?

What is the right thing to do?

Is their business model to list random coins from their friends projects so they can all fill their coffers?

I don’t know. And I mostly don’t care.

And if you’re tilted, don’t fret.

The market will decide if they’re right or wrong.


Recommended Readings

Money as a social contract

Hasu thinks that understanding the connection between the social and protocol layer is *the* key to understanding Bitcoin.

The Bitcoin protocol automates the contract that is agreed upon on the social layer, while the social layer determines the rules of Bitcoin, based on the consensus of its users.

You can read his article here.


That’s all for now. If you think I missed anything important, mention it in the Telegram group.

Have a great week folks!