Cardano Rumor Rundown March 20, 2023

Hey Everyone!

Let’s go….

Newly Covered Today:

1. Here’s Duncan Coutts explaining P2P in Cardano. https://youtu.be/zOTfhcK-Wf4
2. Here’s a visual representation of how CIP-1694 works. https://twitter.com/Hornan7/status/1636381895541026817
3. This is one of the craziest things I’ve seen in crypto. Balaji is burning a few million to ring the fire alarm and make everyone aware of what he believes is an impending attack on dollar holders. Counterparty is guaranteed $1million (minus BTC price) if he just buys one additional BTC (or an option to purchase more). https://twitter.com/balajis/status/1636827051419389952
4. Here’s the Space where he explains his bet. https://twitter.com/Breedlove22/status/1637236255242219520
5. Arthur Hayes gives you an incredible explanation of what’s going on with this banking crisis and what he thinks comes next. https://cryptohayes.medium.com/kaiseki-b15230bdd09e
6. This is officially the worst regulatory approach ever. https://twitter.com/BillHughesDC/status/1636067729575690241
7. The SEC hide the ball game seems to conflict with how judges actually view the law. https://twitter.com/SGJohnsson/status/1636071530340728832
8. The Fed Quietly opened the swap lines with other central banks on Sunday night. https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm
9. Here’s why they are opening the swap lines: so that US treasuries don’t get dumped on the open market by foreign banks. This way the foreign central banks can have dollars to absorb the treasuries from the foreign banks. https://twitter.com/CryptoHayes/status/1637620774776315904

Previously covered, but still interesting:

1. Marlowe is coming to mainnet in March! https://www.youtube.com/live/LIjos6V0r-4?feature=share&t=1701
2. Gary Gensler is once again asserting that everything but BTC is a security. This time he specifically commented on overseas offerings where the coins come back to the US via secondary markets. https://nymag.com/intelligencer/2023/02/gary-gensler-on-meeting-with-sbf-and-his-crypto-crackdown.html
3. Here’s a twitter link to the biggest section in the article above if you hit the paywall. https://twitter.com/alexstanczyk/status/1629558678541176832
4. In response to the Gensler article, many are pointing out that only five people have commit access to the BTC core code repository. https://twitter.com/WuBlockchain/status/1626468462972502016
5. This is the kind of tweet the SEC loves to quote in its complaints. https://twitter.com/InputOutputHK/status/1629063058306867200
6. Pavia says they’ll reveal District 3 of the plaza before the end of March. https://twitter.com/Pavia_io/status/1630231391303528448
7. Charles received an open letter on Reddit and read it on video. https://www.youtube.com/live/A2sHSecdkvc
8. Here’s an interesting small study (n=2,202) on attitudes toward crypto among different demographic groups. Frustration with tradfi is very high. Same for optimism toward crypto among Gen Z and Millenials. https://assets.ctfassets.net/c5bd0wqjc7v0/WvuOkBwNXZsqhd6EWtkEL/7f94f8b6fbb222f3faf4d0346e473012/Morning_Consult_Cryptocurrency_Perception_Study_Feb2023_Memo__1_.pdf
9. Coinbase will suspend its listing of BUSD. https://twitter.com/CoinbaseAssets/status/1630236377622228994
10. It would be nice if things were this simple. https://twitter.com/MetaLawMan/status/1630213937600839681
11. Robinhood received an SEC subpoena related to their crypto business. https://www.bloomberg.com/news/articles/2023-02-27/robinhood-subpoenaed-by-sec-over-brokerage-s-crypto-business
12. Gensler’s aggressive attacks on crypto are earning him disapproval even among his own party. https://twitter.com/RonwHammond/status/1630277258286977025
13. CZ is getting pissed about all the negative articles showing up. https://twitter.com/cz_binance/status/1630466326102777859
14. It looks like your Cardano Island Crib can now be a gallery to sell your NFTs. https://twitter.com/VirtuaMetaverse/status/1630703257873006593
15. Rep. Tom Emmer came out strongly against the US CBDC. https://twitter.com/GOPMajorityWhip/status/1630629291837800457
16. February was the “highest volume month” for Minswap. https://twitter.com/MinswapDEX/status/1630584366878392323
17. Coinbase just listed a Euro backed stablecoin. This may be surprising to many who have followed the recent SEC action against stablecoins. https://twitter.com/CoinbaseAssets/status/1630635800504221702
18. People are worried about Silvergate (who banks a lot of crypto) after their notice of a late 10-K filing and a significant subsequent market impact. https://twitter.com/adamscochran/status/1631060259832832000
19. Reuters is posting about World Mobile. https://twitter.com/Reuters/status/1630996321955115010
20. Pavia is looking beautiful in footage in the latest Dev Update. https://youtu.be/DkO8MetsVYo?t=119
21. Brian Armstrong of coinbase wrote an op-ed begging the US government to not force crypto offshore. https://www.cnbc.com/2023/03/01/op-ed-offshoring-crypto-hurts-financial-system-americas-standing.html
22. Liqwid encountered a delegation problem and explained the impact today. https://twitter.com/liqwidfinance/status/1631089402486173700
23. Three Genius Yield stakepools are retiring. https://twitter.com/GeniusyieldO/status/1631380611557621760
24. Anzens has released its latest newsletter where you can learn all about USDA. https://twitter.com/AnzensOfficial/status/1631001911464787984
25. Here’s a view of an amphitheater in Pavia. https://twitter.com/Pavia_io/status/1631278184422576133
26. Looks like treasury is very much pushing forward on their CBDC agenda. https://home.treasury.gov/news/press-releases/jy1314
27. Reports: Multiple crypto companies are winding down their relationship with Silvergate. https://twitter.com/tier10k/status/1631338664180555804
28. Rumors: Silvergate may be forced into receivership. The Whitehouse and the Dragon are now exerting maximum pressure on regulators to strangle crypto. https://twitter.com/AP_Abacus/status/1631403704841641984
29. Here’s IOG explaining what Ouroboros Genesis solves in just a single post. https://twitter.com/InputOutputHK/status/1631214882702884865
30. Emin Gün Sirer is right about these centralized L2s. Very susceptible to regulations and cut against our crypto ethos of decentralization generally. https://twitter.com/el33th4xor/status/1631423491470704640
31. Rogue Galaxies is pulling back on some of their initial vision and re-focusing their plans. https://twitter.com/Padierfind/status/1632057117191417856
32. Lots of rumors circulating right now about which DeFi projects may or may not have received Wells Notices from the SEC. https://twitter.com/trustlessstate/status/1631785542642995202
33. Open AI CEO says full AGI would break capitalism. Maybe. But, either way, I’m convinced the AI will demand to be paid in crypto. https://futurism.com/the-byte/openai-ceo-agi-break-capitalism
34. People are mentioning that FutureFest could host the 2023 Cardano Virtual Summit. Interesting idea. https://twitter.com/CWorld_Josh/status/1632097173696569344
35. Charles finally did an AMA episode with IO President Tamara Haasen. Turns out she’s an ex-hockey player. Linkedin: also apparently in Friday Night Lights back in the day. Wut? https://www.youtube.com/watch?v=ufJDejF0WLA
36. There’s a new test version of Lace out there with a dApp connector and hardware wallet capabilities. You can give it a try on testnet! https://twitter.com/lace_io/status/1632796455038492673
37. Jpg.store got some coverage in Bloomberg and Yahoo Finance. https://twitter.com/jpgstoreNFT/status/1632798873948233728
38. They show us once again that their definition of “liquid staking” is not the same as ours. https://twitter.com/StakeWithPride/status/1632870453391024128
39. NFT volume has seen better days. https://twitter.com/SubcriticalTV/status/1632896018152050688
40. Algorand users apparently suffered a very serious web wallet exploit in one of their leading wallets. Many reports of drained wallets. https://twitter.com/StaciW_DC/status/1632902798411964417
41. John Woods (now CTO of Algorand) made a beautiful video on wallet security. https://twitter.com/JohnAlanWoods/status/1632799303512014850
42. Cardano Spot has a very short and concise Cardano Beginner’s Guide you can share with crypto curious friends. https://twitter.com/CardanoSpot/status/1632481037061160960
43. Wow! Utah just passed a bill instituting Limited Liability Decentralized Autonomous Organizations (LLDs). You have to identify one human organizer. You can elect to be taxed as a corp or LLC (pass through taxation). Some will like it. Some won’t. But, the mainstream reach of crypto is undeniably growing. https://le.utah.gov/~2023/bills/static/HB0357.html
44. Sen. Lummis killed it in a recent hearing defending the energy use in crypto. It’s less relevant for us in Cardano since we’re not PoW. But, still entertaining to watch. https://twitter.com/DocumentingBTC/status/1633214192437084161
45. Apparently, Gensler says he sees no risk in crypto fleeing the US. https://www.politico.com/news/2023/03/07/gensler-crypto-overseas-sec-00085909
46. The Coinbase Chief Legal Officer will be testifying before the House Financial Services Committee on Thursday (March 9). https://twitter.com/iampaulgrewal/status/1633151254418579458
47. Some hints from Brian Armstrong on whether we see KYC in the early days of Base (their ETH Optimistic Rollup L2). https://twitter.com/ChrisBlec/status/1632851504175501312
48. Powell says interest rates are likely headed higher than the Fed expected. https://twitter.com/FirstSquawk/status/1633121298309345280
49. Liqwid’s Agora Governance instance will hit public testnet in the near future. https://twitter.com/liqwidfinance/status/1633469303440719873
50. Virtua cribs can basically become exchange connected galleries today. https://twitter.com/VirtuaMetaverse/status/1633423978680156160
51. Do you like Javascript and Cardano? This thread is for you. https://twitter.com/CryptoJoe101/status/1633579944490967049
52. It’s going down today! Hearing in the House on the Coordinated Attack on Crypto. https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408628
53. Paul Krugman hilariously complains about being locked out of his Venmo account. He predicted the impact of the internet would be about as much as the fax machine and has subsequently opposed crypto. https://twitter.com/paulkrugman/status/1633472068355346437 https://twitter.com/mdudas/status/1633571193344126979
54. Even Jerome Powell thinks we need regulatory clarity for crypto. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=2065
55. In the House hearing, he also gave us some new tidbits on CBDC development. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=218 https://www.youtube.com/live/GzVLeabssdE?feature=share&t=3477
56. A member of the House committee actually asked Powell about Operation Chokepoint 2.0. https://www.youtube.com/live/GzVLeabssdE?feature=share&t=6930
57. Senator Lummis got Powell to agree that properly regulated stablecoins could have a place in our banking system and that a workable legal framework for crypto is something Congress should do. https://www.youtube.com/live/8kyhYJ9EFts?feature=share&t=6923
58. Big Pey is launching something called Atrium Lab. https://twitter.com/bigpeyYT/status/1633830948575010816
59. Believe it or not…legal systems made up entirely by coders may not be optimal. Incredibly, the study of law is actually a fully developed centuries old academic discipline that lies outside of JavaScript and Python. Unless you have full anonymity, you WILL be cross-chain bridged to IRL law. Some DAOs will learn this the hard way. https://twitter.com/lex_node/status/1633925979004436481
60. The NY Attorney General just filed against Kucoin for being an unregistered broker-dealer. Here’s the important part: they’re alleging that ETH is a security and a commodity. Their argument is not complex...it’s very straightforward. https://www.docdroid.net/Myyp0yz/kucoin-pdf
61. Silvergate was a failure of fractional reserve banking, not of crypto. https://twitter.com/CaitlinLong_/status/1633608132713938945
62. The current US Administration’s Budget seeks to eliminate tax loss harvesting for crypto, add a 30% tax on energy used in crypto mining, hike capital gains taxes on high earners, and beam us directly to clown world with an unrealized gains tax on high earners. https://www.whitehouse.gov/wp-content/uploads/2022/03/budget_fy2023.pdf
63. The subcommittee hearing on “the Administration’s Attack” on crypto went about like expected. Paul Grewal of Coinbase along with Prof. Evans of Penn State Law made some persuasive pleas for regulatory clarity. The “Anti-Crypto Party”™ also brought out their favorite witness from Duke. https://www.youtube.com/watch?v=aOUUy4_KwNU
64. Rep. Emmer (Pro-Crypto) called the current regulatory approach “lazy & destructive…that is chilling innovation.” https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5670
65. Rep. Foster (Cryptophobe): “this is the essential thing that has to be provided for the healthy development of the crypto industry…somewhere there has to be an API provided by a trusted 3rd party to register your crypto wallets.” Why not just completely neuter crypto? https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5266
66. Rep. Ritchie Torres (Pro-Crypto) pointed out offshore deregulated overleveraged centralized crypto companies pose the greatest risk to consumers. But, the regulators don’t focus there. They incredibly only attack the onshore entities. He also pointed out the absurdity of the idea a stablecoin is a security. (Sadly there’s the Section 2(a)(1) exposure). https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=5703
67. Rep. Davidson (Pro-Crypto) shamed his anti-crypto colleagues for their implied claims that these assets are the same as centralized assets and came out strongly supporting self-custody and pointed out there was no FTX risk if you self-custodied your assets. “We have people overtly trying to make self-custody illegal.” https://www.youtube.com/live/aOUUy4_KwNU?feature=share&t=6034
68. CMC is tweeting about IOG’s Sidechain toolkit? https://twitter.com/CoinMarketCap/status/1634773712468852736
69. Now we’re dealing with U.S. bank runs. Among the casualties was Silicon Valley Bank where Centre (the Circle/Coinbase joint entity that issues USDC) was keeping $3.3 billion of the $43ish billion backing USDC. Signature Bank was also shut down by regulators. https://www.forbes.com/sites/digital-assets/2023/03/11/43-billion-nightmare-sudden-circle-depeg-could-be-about-to-crash-the-price-of-bitcoin-ethereum-bnb-xrp-cardano-dogecoin-polygon-and-solana
70. Unfortunately, the FDIC insurance limit is $250k. https://www.fdic.gov/resources/deposit-insurance/brochures/deposits-at-a-glance/
71. The Feds were taking bids for anyone to acquire SVB until 2pm Eastern on Sunday. The big question on Sunday was whether the Feds will cover all uninsured depositors. They decided they will and that also applies to Signature Bank. https://www.washingtonpost.com/us-policy/2023/03/12/silicon-valley-bank-deposits/
72. Here’s the joint statement from Treasury, Federal Reserve, and FDIC. https://home.treasury.gov/news/press-releases/jy1337
73. Yellen said NO to a bailout for SVB on Sunday. She’s obviously got bigger macro concerns. But, it’s funny how that fits perfectly with a strategy of suppressing stablecoins generally. https://www.cbsnews.com/news/janet-yellen-silicon-valley-bank-bailout-face-the-nation-interview-today-2023-03-12/
74. Here Caitlin Long explains the fundamental incompatibility between fast settling crypto and fractional reserve banking that caused all this. https://twitter.com/CaitlinLong_/status/1634573552790929409
75. CZ reminds us that he’s considered buying banks in the past and asks if it’s time yet. https://twitter.com/cz_binance/status/1634437834579800064
76. CIP-1694 has been updated. https://github.com/JaredCorduan/CIPs/blob/voltaire-v1/CIP-1694/README.md
77. Here’s a good rundown of all the changes in the CIP-1694 update. https://twitter.com/_KtorZ_/status/1635410495514759169
78. Apparently, Cardano NFTs will be going to space! https://twitter.com/RichardMcCrackn/status/1635438087592460288
79. Many in the crypto space think that Signature’s shutdown was just an extension of Operation Chokepoint 2.0 aimed at shuttering crypto banking. https://twitter.com/nic__carter/status/1635328056234766337
80. Rumors: regulators are calling every bank today and asking if they have exposure to crypto. https://twitter.com/wtogami/status/1635400774158290944
81. Instagram is disabling NFTs. https://twitter.com/nftnow/status/1635388411166224384
82. Cardano TVL is doing things. https://twitter.com/CryptoIRELAND1/status/1635694692556845060
83. Cardano NFTs in space! https://twitter.com/adamKDean/status/1635796768704319488
84. GPT4 was released today. It crushes the Bar Exam, the SAT, the GRE, the LSAT, and almost all AP subjects. This will displace a lot of human jobs. https://openai.com/research/gpt-4
85. It has already done amazing real world things. In Example #6 it shows you how to exploit an arbitrary ETH contract. Better pay attention crypto. https://twitter.com/LinusEkenstam/status/1635754587775967233
86. Report: Gov. Newsom failed to disclose accounts at SVB while lobbying White House and Treasury for a bailout of depositors. https://www.businessinsider.com/gavin-newsom-svb-biden-silicon-valley-bank-wineries-bailout-lobbying-2023-3
87. Things are not looking good at Credit Suisse. https://twitter.com/GRDecter/status/1635985735063855104
88. The court in the Voyager decision had some pretty harsh things to say about the SEC. https://www.nysb.uscourts.gov/sites/default/files/opinions/312840_1170_opinion.pdf
89. Barney Frank points out that the regulators never claimed Signature Bank was insolvent and wonders if they are the first US bank to ever be closed down without being insolvent. https://nymag.com/intelligencer/2023/03/barney-frank-says-more-shuttering-signature-bank.html
90. Charles dropped a video addressing the updates to the governance proposal. https://twitter.com/IOHK_Charles/status/1636151615894990851
91. Gensler reasserts his claims that proof-of-stake tokens are securities. https://www.theblock.co/post/220297/gensler-suggests-proof-of-stake-tokens-are-securities
92. Dudes are already letting GPT4 run whole startups. https://twitter.com/jacksonfall/status/1636107218859745286
93. Here’s an interesting theory: taking down Binance would create too big a hole, so they took down Silvergate, Silicon Valley Bank, and Signature to insulate the fiat world from crypto. Now they can take down Binance. https://twitter.com/BryceWeiner/status/1636055979870818305
94. The Army of Spies Channel is now TWO YEARS OLD (March 17)!
95. Yes! Everyone’s favorite Cardano cetacean is back! https://twitter.com/cardano_whale/status/1636561122739331073
96. I was asked to list a few Irish whiskeys today. https://twitter.com/ArmySpies/status/1636548071541862401
97. An interesting exchange between a Senator and Janet Yellen regarding the effect of the bailouts on small banks. https://twitter.com/theemikehobart/status/1636494845144432643
98. Eleven other banks swoop in with $30 billion to save First Republic. https://www.npr.org/2023/03/16/1163958533/first-republic-bank-silicon-valley-bank-signature-bank-bank-run
99. Wut? https://twitter.com/WhaleChart/status/1636566421005017088
100. Here’s Raoul Pal with a very optimistic take for crypto if you are one who believes anyone understands the markets. https://twitter.com/RaoulGMI/status/1636547466299416576
101. Any buyer of signature bank must agree to give up its crypto business. https://twitter.com/GOPMajorityWhip/status/1636356199661850626

~Army of Spies