Monday, 20th March 2023

The Daily Spin. Mid-size Monday Edition. Continuing coverage of the US/Europe banking collapse, all eyes on the FOMC meeting this week, and a basket of interesting developments on how the central banks are approaching this. The MSBC in America has written a letter to the US Treasury asking for FDIC deposit insurance to be increased and extended, showing grave concern that the risk to smaller, regional banks is heightened and may be in clear danger of being the next dominoes to fall – which would be catastrophic to the US and world economy.

While Majority Whip Rep. Tom Emmer accuses the Biden administration for “weaponizing the banking crisis to attack crypto,” force the use of CBDC’s and countries such as Indonesia have already brought crypto exchanges completely under the government ownership and mandate, there are other things happening outside of the G7 aside from Bitcoin’s massive rally touting its originally-designed for use case. While US allies have met and agreed to uphold the status of the USD as the global reserve currency, China and the BRICS nations have also been making moves of their own – many of which are ahead of the West in its creation.

Conflict at Defillama between founders and one founder who wants to launch a token leads to a possible fork of the widely popular platform used by the crypto community. Coinbase is looking off-shore to get portions of their business away from the US regulations and is a harbinger of what the effect of the US SEC’s position and “regulation by enforcement” is impacting the country’s potential instead of capitalizing on crypto technology and innovation. Vitalik comes out to re-state his advice to self-custody. The Paraswap hack is reviewed, and potential relisting of XRP is under consideration by Coinbase. First Republic Bank gets a $30B bailout, Signature Bank gets acquired by NYC Bancorp and Credit Suisse is acquired by its rival, UBS, for an estimated $3.2B.

Many nice articles in the TL section as usual, today covering the history of monetary systems, the end of “Pax Volckerinas,” and the shaping of a new world currency led by China and the BRICS nations. Also, Jameson Lopp presents in his Cypherpunk Cogitations how to take greater ownership of your web2 content and provides a tutorial on how to bulk transcribe & archive videos in YouTube. Binance Academy visits “How to Create a DAO” as a basic primer for anyone who is interested in this special field of blockchain technology and governance, and lasty Coinmarketcap’s Alexandria on the top ten protocols on Optimism… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

Ongoings at Coinweb

“A Thread on Refereed Delegation of Computation” by Kawin on Twitter
https://twitter.com/CoinwebOfficial/status/1635952081302589441?s=20

Coinweb to bring cross-chain tokenisation to Layer 2
https://cryptoslate.com/coinweb-to-bring-cross-chain-tokenisation-to-layer-2/

“A Thread on L2 Scalability, Network Efficiency and Throughput/TPS” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1633424957693915137

The Coinweb Monthly Spin - Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3
https://coinweb.beehiiv.com/p/coinweb-monthly-spin-fifth-edition

A Leading Layer 2 Platform Looking To Tackle Crypto's Interoperability Issue
https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue

Toby Gilbert takes the stage at the Thai Technology Investment Summit 2023, “On the future of Web3” and Ain Mohd represents Coinweb on a panel discussing “The Role of Women in Web3”

“The Reality of Large-scale Enterprises Adopting Blockchain Technology” an article by Toby Gilbert for CityAM Magazine
https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/

Coinweb Labs is proud to unveil LinkMint ⛓️🍃, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander.
https://www.youtube.com/watch?v=CSKA3cAB15U

“A Thread on Guaranteed Liveness and the Coinweb Routing System” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1630052477579169793?s=20

“A Thread on Rollups, Monolithic, and Modular Blockchains” by Kawin on Twitter
https://twitter.com/rukawin/status/1616342851507613696?s=46&t=BjBOK3soH3kOMbsWEa_jlg

Coinweb to Deliver Cross-Chain Smart Contract Architecture and Blockchain Loyalty Programme to BMW
https://cryptoslate.com/bmw-to-bring-blockchain-loyalty-program-through-coinweb-and-bnb-chain/

KuCoin Labs launches incubation program to accelerate builders (Coinweb, DoraHacks, Ava Labs)
https://cointelegraph.com/press-releases/kucoin-labs-launches-incubation-program-to-accelerate-builders

Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c

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On the Radar

Ethereum Shanghai Upgrade, Delayed (On-chain)

FOMC Meeting, Mar 21-22 (Washington D.C.)
Arbitrum Airdrop, Mar 23
Polygon zkEVM Launch, Mar 27 (On-chain)
WOW Summit, Mar 29-30 (Hong Kong)
ASEAN Web3 Summit, Mar 30-31 (Singapore)

Hong Kong Web3 Festival, Apr 12-15 (Wan Chai, Hong Kong)
Consensus 2023, Apr 26-28 (Austin, Texas)

AIBC Asia, Jul 19-22 (Manila)

TOKEN2049, Sep 13-14 (Singapore)

Blockchain Events curated by CryptoNomad
https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

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On the Block(chain)

Bitcoin surges 10% hitting 9-month high
https://cryptoslate.com/bitcoin-surges-10-hitting-9-month-high/

BlackRock CEO Larry Fink says US is lagging behind in crypto developments
https://cryptoslate.com/blackrock-ceo-larry-fink-says-us-is-lagging-behind-in-crypto-developments/

Ethereum founder urges self-custody – recommends use of multi-sig, social recovery wallets
https://cryptoslate.com/ethereum-founder-urges-self-custody-recommends-use-of-multi-sig-social-recovery-wallets/

ParaSpace hack in retrospect: $5M rescued, large withdrawals time-locked, hacker wants fees back
https://cryptoslate.com/paraspace-hack-in-retrospect-5m-rescued-large-withdrawals-time-locked-hacker-wants-fees-back/

Ethereum voluntary exit count explodes in wake of Shanghai upgrade
https://cryptoslate.com/insights/ethereum-voluntary-exit-count-explodes-in-wake-of-shanghai-upgrade/

Crypto projects raised over $4m despite US banking crisis
https://crypto.news/crypto-projects-raised-over-4m-despite-us-banking-crisis/

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Competitive Landscape

DefiLlama website splits as one founder pushes for crypto token launch
https://cryptoslate.com/defillama-website-splits-as-one-founder-pushes-for-crypto-token-launch/

Coinbase eyeing offshore exchange to escape US regulatory pressure
https://cryptoslate.com/coinbase-eyeing-offshore-exchange-to-escape-us-regulatory-pressure/

Coinbase’s Grewal hails Ripple’s defense efforts: XRP relisting possible
https://cryptoslate.com/coinbases-grewal-hails-ripples-defense-efforts-xrp-relisting-possible/

Binance removes BUSD from SAFU fund — adds TUSD, USDT
https://cryptoslate.com/binance-removes-busd-from-safu-fund-adds-tusd-usdt/

Banks resume slide as First Republic gets $30B in deposits. When was throwing money at a problem the answer?
https://cryptoslate.com/insights/banks-resume-slide-as-first-republic-bank-gets-30b-in-deposits-when-was-throwing-money-at-a-problem-the-answer/

Stealth QE: Feds balance sheet grows $300B, Bitcoin breaks $26,000
https://cryptoslate.com/insights/stealth-qe-feds-balance-sheet-grows-300b-bitcoin-breaks-26000/

Signature Bank Taken Over By New York Community Bancorp After Sudden Collapse
https://www.forbes.com/sites/joewalsh/2023/03/19/signature-bank-deposits-bought-by-new-york-community-bancorp-after-sudden-collapse/?sh=2aaba7285d34&utm_medium=browser_notifications&utm_source=pushly&utm_campaign=2793907

World

UBS completes Credit Suisse deal for $3.2B following offer from Justin Sun
https://cryptoslate.com/ubs-completes-credit-suisse-deal-for-2b-following-offer-from-justin-sun/

Midsize US Banks Ask FDIC to Insure Deposits for Two Years
https://www.bloomberg.com/news/articles/2023-03-18/midsize-us-banks-ask-fdic-to-insure-all-deposits-for-two-years

Rep. Tom Emmer (R-MN) says President Biden administration is weaponizing market chaos to kill crypto
https://cryptoslate.com/us-lawmaker-says-president-biden-administration-is-weaponizing-market-chaos-to-kill-crypto/

Belgian foreign minister calls for crypto ban
https://cryptoslate.com/belgian-foreign-minister-calls-for-crypto-ban/

LBank & Encryptus to Host Crypto Friday After-Party at Hong Kong Web3 Festival
https://cryptoslate.com/press-releases/lbank-encryptus-to-host-crypto-friday-after-party-at-hong-kong-web3-festival/

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Thought Leadership

Searching for Money’s New Standard
https://www.bnnbloomberg.ca/searching-for-money-s-new-standard-1.1561695

A New World Currency is Shaping, And Now it’s One Step Closer
https://medium.com/yardcouch-com/a-new-world-currency-is-shaping-and-now-its-one-step-closer-af51617f824f

Cypherpunk Cogitations: How to Archive & Transcribe YouTube Videos in Bulk
https://blog.lopp.net/how-to-archive-transcribe-youtube-videos-bulk/

Binance Academy: How to Create a DAO?
https://academy.binance.com/en/articles/how-to-create-a-dao

The Ultimate Guide to the Top 10 Protocols on Optimism
https://coinmarketcap.com/alexandria/article/the-ultimate-guide-to-the-top-10-protocols-on-optimism

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https://preview.redd.it/0htviun4ztoa1.png?width=837&format=png&auto=webp&v=enabled&s=954e383d321a17378bd8774c7306536c0f0507ed

$18 Trillion Is Needed to Get BTC to $1M Within 3 Months

I can't check the precision of the case made by the examiner without more unambiguous data about who the expert is and the technique used to come to that end result. Notwithstanding, it is essential to take note of that foreseeing the future cost of Bitcoin or some other digital currency is a profoundly speculative and capricious undertaking.

The cryptographic money market is known for its high unpredictability, and the cost of Bitcoin can vacillate quickly founded on various elements, like financial backer opinion, worldwide monetary circumstances, administrative turns of events, and innovative headways. Subsequently, it is prudent to move toward any cost expectations with alert and to direct careful exploration prior to pursuing any venture choices.

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Besides, it is vital to consider that the idea of a specific sticker cost being arrived at inside a particular time period is simply speculative and doesn't consider the complicated elements of the digital currency market. It is in every case best to move toward venture choices in a reasonable and informed way, with an emphasis on long haul development and broadening of resources.

21 March= 21/3--Fake Trump Arrest= 213---what they are really signalling

18 March--Trump announced he will be arrested on Tuesday

21 March= 21/3

FAKE TRUMP ARREST= 213

Exactly 115 weeks after the Fake Insurrection

FREEMASONS= 115

5 Nov 2024---US Presidential Election

Nov 5= 11/5

21 March= 225 days after the FBI raided Trump on 8 August

DONALD TRUMP RAIDED BY FBI= 223

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why did Trump choose 18 March to make the announcement--

18 March= 77th day of the year*

Trump will be 77 years old

2 months 23 days after his arrest on 21 March

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22 weeks 3 days later-

25 August

9 months 11 days after Trump announced his next run for President on 15 Nov 2022

(Same day as the Poland Missile Strike )

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25 August 2001

Bush jr pledged US military support in the event of a Chinese attack on Taiwan

2023 CHINESE ATTACK ON TAIWAN= 223

UNITED STATES NAVY= 213

FAKE TRUMP ARREST= 213

POLAND INVASION= 213

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Trump & Xi Jinping share the same birth date

(14 June in US = 15 June in Asia)

Trump's arrest is signalling China

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21 March= 97 days before Day 888 of Biden's Presidency on 26 June

97 days later--

1 Oct-- People's Republic of China will be 888 months old

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As i have said before-- Trump is a signalling stooge--just like Macron

using other ciphers--

DONALD J TRUMP= 888

EMMAUEL MACRON= 888

DESTRUCTION= 888

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Keep an eye on Bitcoin

ONE WORLD CURRENCY= 213

BITCOIN= 213 (jewish cipher)

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* 18 March= 9 years 11 days after MH 370 crash

Satoshi Nakamoto is the kill chord

In light of recent events I thought I'd post a little update to a thread from a year ago

Original post:

https://www.reddit.com/r/conspiracy/comments/t0yni3/wef_crypto/

"Good day fellow useless eaters.

I've often wondered the legitimacy of a single creator of Bitcoin, for one individual to have created BTC without leaving any form of digital trail and without a single person knowing their true identity seems impossible in this day and age.Know we know the WEFs plans to crash the current financial model, which is likely to happen around the time CBDCs are introduced.

So where does crypto fit into this? Is there a possibility that crypto was introduced by the WEF themselves as a means to familiarise the population with digital currency and also enable an 'organic' move to a cashless society which in turn allows for a smooth transition to the great reset, social credit systems and a living wage? The greater the percentage of the population invested in digital currencies, the easier it is for the them to stage a cyber attack and essentially devalue everything.

This would also explain the allegations that Tether and Bitfinex artificially manipulated the price of BTC. Was it really Tether or was it the WEF inflating the price to draw us all in?"

So a year on and now we're in the midst of a seemingly manufactured banking crisis, the goals of TPTB are becoming a little clearer. We've seen a fairly substantial uptrend in BTC which appears to be spot driven and ties in with the theory that they are forcing people into digital assets in order to prepare them for CBDCs. As we've seen from the proposals of various central banks, CBDCs will expire and will accrue no interest. That means you have to spend your money on whatever you're told you can spend it on within a predetermined time frame. If BTC remains an openly accessible market and you are therefore able to accrue interest and speculate on PA then CBDCs are useless.

For CBDCs to work BTC has to go to 0 or close to it. That's where Satoshi comes in. So, a theory;

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• Increase distrust in traditional banking system and encourage moving into digital assets as a safe haven from the bad bankers.
• BTC goes parabolic, banks continue to collapse. With a meaningful percentage of the global populations wealth now invested in a single currency it's time for CBDCs.
• CBDCs arrive but are somewhat unappealing to the general population due to the restrictive nature and centralised control. Time to devalue BTC so CBDCs can save the day.
• Satoshi's wallets start moving and mass panic ensues, BTC collapses and central banks step in to offer a paltry sum in a respective CBDC in return for your now next to worthless BTC.
• That's everyone forced into CBDCs, social credit system etc. TPTB plans of stakeholder capitalism come to fruition, BTC eventually becomes the global reserve currency but is inaccessible to the general public.

Another clarification about Balaji's $1mn bet

I had posted an article earlier today titled "Clarification about Balaji's $1mn bet (misinformation)" where I was making a point that his $1mn bet was against hyperinflation of dollar and not $1mn btc price in 90 days; all of this based on all his visible tweets which I had linked to. Even though many others on the sub said otherwise, I thought so since no one around spoke of what and where he said until u/angry_koala_26 quoted his $1mn bet terms.

It so happens that he linked one of his tweets to a longer post which is as follows:

Here are the remaining references, as Twitter has a limit on the number of links in one post.

I am moving $2M into USDC for the bet. I will do it with Medlock and one other person, sufficient to prove the point. See my next tweet. Everyone else should just go buy Bitcoin, as it'll be much cheaper for you than locking one up for 90 days.

Terms of the bet: ideally someone can set up a smart contract where BTC is worth >$1M in 90 days, then I win. If it's worth less than $1M in 90 days, then the counterparty gets the $1M in USD.

HYPERBITCOINIZATION We have to define hyperinflation in BTC vs USD terms because all other fiat currencies can and will be inflated away. That is hyperbitcoinization.

This is the moment that the world redenominates on Bitcoin as digital gold, returning to a model much like before the 20th century. What's going to happen is that individuals, then firms, then large funds will buy Bitcoin. Then sovereigns like El Salvador (@nayibbukele) and tiny crypto friendly countries.

The big move will be when a US state like Florida or Texas, or a "normal" country like Estonia, Singapore, Saudi, Hungary, or UAE buys BItcoin. And when @narendramodi tells India's central bank to buy Bitcoin, even as a hedge, it's over.

Why will it be so fast? Well, hyperinflation happens fast. We've seen digital pandemics (COVID), digital riots (BLM), and digital bank runs (SVB). Everything will happen very fast once people check what I'm saying and see that the Federal Reserve has lied about how much money there is in the banks. All dollar holders get destroyed.

The thing is, people are still tuned to an analog world where things get gradually worse rather than all at once. But there isn't much forewarning for a digital event — it's 1 and then it's 0. Just like the bank runs, except this is the central bank.

There are however two sources of forewarning. First is the chart of the long-term depreciation of USD vs BTC, from less than $1 USD per BTC to $25k USD per BTC. Much of the smart money has been voting against the dollar since the financial crisis. The end is a digital drop off a cliff, almost invisible on the chart — but highly visible in the world.

This tweet is the second forewarning. It'll be ignored and mocked by people who still trust the US establishment, even after the last few years. Who can't imagine that the US banks and media could be lying to them to this extent.

But they are. Just as they did in 2008, and over the last ten years. The digital devaluation of the dollar is coming and it's going to be intense.

[9]: Patient on hikes Nov 3 2021: https://archive.is/thPOu [10]: Renominated Nov 22 2021: https://archive.is/NWb25 [11]: Yellen admits not a tech issue: https://archive.is/8xzPO#selection-2467.421-2467.502… [12]: FDIC admits rate rises rekt banks: https://archive.is/yxd1u#selection-2043.19-2047.150… [13]: Presidents don't like hikes: https://archive.is/Aiayr#selection-7099.213-7099.330… [14]: https://archive.is/ZM2YK

ends here

As much as I have no clue about what btc's monetary valuation would be against usd due to events we've never seen before, I tend to think that his reasoning and references citing them hold valid. I'm surely rooting for the outlook of the current financial and political systems he has as I think of it similarly.

One aspect I tend to differ a bit about is the source of dollar's devaluation. I'm not sure if I differ exactly, since I'm not sure of what he thinks of this issue. It's about the nature of bubbles in general across decades/generations. If we look at the history of bubbles, the only common thing that sparks them is when drastic growth picks up in both the economy and one or more other aspects that tend to dominate most personal and social behavior.

The two most commonly know bubbles from the recent times are the dot com bubble and the housing bubble, both in the US. I don't think many people around the world know or atleast talk about Japan's real estate and stock market bubble of the 1980s. The general opinion both in media and general public is that Japan has a fairly sound monetary system. No one talks about or reacts as much to rate cuts or hike happening there even though it's the world's third largest economy, accounting for almost 8.6% of global GDP. All the messes we know of are from the US which is effectively spreading waves across the world via whatever happens with the dollar like we felt in the global recession. Just the housing bubble there due to a banking and valuation fraud sent the dollar spinning in the air and all nations feeling the effects since they use it as a reserve currency and partially where the own currency derives value from. And as a result, if all of them inflate against each other even in small proportions over long periods of time (decades), we can clearly sense something might go wrong with the notion of money if the US screws up somewhere. Especially in how it's been managing its $.

With the two recent banking collapses in the US, we saw how the government panicked and announced that they effectively fully insure all deposits. But only for these two banks though. It's beyond the mandate of FDIC and the secretary Jannet Yellen stepped in because she sensed "systemic risk" to the financial infrastructure of the economy. Econ words for "oh shit, stop that else the banking sector is gonna trip and fall." There's a reason they're scared. It's because everything been lent in multiples both to the world (both corporations and foreign governments) and itself. And all that the banks are supposed to keep as reserve are with the FED where they get exchanged for treasuries where the government effectively take that for a fixed period and use it for whatever they wish. One of the things it does with that is lend and fund the functioning of multilateral institutions like the IMF. It pretty much gets that to perform its duty as a government where it's also been using that to exercise power over the world and one of its biggest forms is the military spending. Pretty much what the general international consensus is for what backs the strength of dollar - that it can control and surf through the world events. No wonder they've been involved with every major war of the last century. Anyways, I'm rambling all of this to make the point of credit bubble. That a lot more is being spent that what can be afforded for whatever real value there is to back it - the real economy (!monetary economy). What those US economists won't be allowed to call a disequilibrium.

Everyone would know from econ 101 that wherever there's disequilibrium, the side that's inflated has to revert. It's scary to say it but it literally translates to 'the dollar has to crash to represent what the real American economy can actually afford.' There are many Americans on our sub, it'd be interesting to hear if you can bare the cost of every other diplomatic engagement around the world - military, financial (debt) and health are those big chunks. If the citizens can't, the government's gotta be crazy. It pulls out funds for this both from taxes and as well as fed backdoor. The whole world also takes their word for granted for if they're accounting everything right and not in alignment with their incentives. What could go wrong I guess lol?

If the banks start losing value of the stock market like they already have, people will slowly but surely start pulling out. Would you keep your money in if the bank is losing over 10% its market value in a week? Or even a month? Forget it, even a quarter? It guess that's where time is to tell what's to unfold.

Also wanted to stand corrected over the terms of bet where he's literally betting a lot to go down in the next 90 days including btc @$1mn. Interesting bet for sure despite being degen at best🤷‍♂️

Cardano Daily Discussion - March 19, 2023

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

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⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

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Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

See this post for more examples of what they look like

Do not be fooled!

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To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

​

​

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https://preview.redd.it/60ofludzpq8a1.png?width=284&format=png&auto=webp&v=enabled&s=7d58fc8aaa2eb5f125624608b97bdd7b943a1111

Midnight Subreddit

In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).

I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.

Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.

Cheers all