22 May

“Top Chinese political advisers have proposed a regional digital currency that would be backed by four major Asian currencies including the Japanese yen, Korean won, Hong Kong dollar and the yuan.

The basket of underlying collateral would follow the special drawing rights (SDR) model of the International Monetary Fund (IMF), where each country’s currency is assigned a different weight based on its economy.

The proposal describes the currency as a “stablecoin,” although it does not explicitly mention crypto or blockchains.

The stablecoin could be launched ahead of China’s national digital currency and pave the way for its rollout by testing use cases to identify potential risks and technical problems. If launched, the stablecoin could be “seamlessly” connected with the digital yuan, the proposal said.”

“Today, the Baseline Protocol published a demo of multiple companies digitally managing purchase orders and volume discount agreements across disparate systems. The demo uses an approach called “baselining” to prevent data inconsistencies and workflow errors that often lead to problems in revenue recognition.

The demo released today highlights how two Enterprise Resource Planning (ERP) systems, Microsoft Dynamics and SAP can maintain consistency with each other using blockchain technology without exposing information about business activities or relationships to competitors or the public.

Baseline’s goal is to accelerate the development and adoption of the Ethereum Mainnet as an always-on, tamper-resistant, low cost integration fabric.

The Baseline approach is a windfall for global enterprises looking to boost security and performance.”

“We are entering a “sunrise period” where some jurisdictions will have regulation and some will not. A shadow network of unregulated exchanges might be created, operating from countries that have not yet implemented the FATF recommendations.

The crypto space is fast to adapt and lower-tier exchanges and unregulated liquidity platforms will accelerate in the face of FATF’s recommendations. In the extreme case, such a bifurcation of crypto would affect fungibility of coins.

We are going to see a bifurcation in the crypto space. We are going to see white crypto; we are going to see gray crypto. And those different forms of crypto will most likely trade at different prices.”

“Other than the new BLS spec, much of the substance is handling edge cases in the network spec and refactoring rewards/penalties for enhanced testing. […] Expectation of only introducing security critical breaking changes from here on out.”

See Also: Eth1 ‘Berlin’ Updates

“In many ways, ETH trades like a venture investment. Investors believe Ethereum will be the underlying technology for the future of decentralized apps. Staking is the key to making ETH function as a value store.

Staking may be the killer app that allows ETH to become a “positive carry asset.” In other words, it generates a positive return for holding it as opposed to, say, gold, which is negative-carry, as it incurs storage costs. Long term, positive carry stimulates demand and creates an incentive to borrow cash to purchase and earn yield.

The magnitude of this shift, I believe, is not reflected in the price of the token.”

“Judy Shelton, President Trump’s nominee for the Federal Reserve board of governors, has advocated for getting back to a gold standard, possibly ‘in a very cryptocurrency way.’

I think that what a gold standard stands for is monetary discipline for its own sake. Money is supposed to be a unit of account, a reliable measure and a dependable store of value.”

“The legislative proposals were reportedly written by staff at the Digital Economy think tank [and] seek a new version of the bill on digital assets, which has been stuck in the Duma for more two years now.

The first draft bill would prohibit the issuance of, and operations with, digital currencies in the nation. Even distributing information about such activities would be banned.

Buying crypto for cash or via a bank transfer from a Russian bank would be subject to a fine up to one million Russian rubles ($14,000) or up to seven years in prison.

Dollar Milkshake Theory (Good Interview)

“The address in question, 17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh, is among the 16,000 listed in a court document in the Kleinman v. Wright case, that Wright claims as his own.

The Catch-22 in this situation is that Wright has denied in court he has access to the private keys to the addresses, so if he said he moved the 50 BTC he’d be in trouble. However if someone else moved the coins, that would indicate the address does not belong to him, again leaving him in a potentially sticky legal situation.

The judge has already questioned Wright’s credibility on more than one occasion.”

“The Cayman Island-based company, which controls 100 million EOS tokens, just under 10% of the current total supply, outlined the criteria it would use to decide on which block producer (BP) candidates to support and vote for.

Block.one wants a BP candidate to disclose where it’s based before it will lend it its hefty support.

The geographical locations of nodes can be easily gamed – it doesn’t make much sense to me.”