1 August

The United States printed more money in June than in the first two centuries after its founding. Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.

Morehead made it clear that Pantera Capital sees Bitcoin as the solution for the current crisis.”

See Also: Bloomberg: Americans Trade Depreciating Dollars For Bitcoin

“The Universal Protocol Alliance — a consortium of crypto firms comprising Bittrex Global, Ledger, CertiK, and Uphold — has launched a token backed by the Western Australian government-owned Perth Mint.

The tokens, dubbed ‘Universal Gold’ or UPXAU, can be purchased on Uphold and spent using the firm’s debit card. Investors can purchase UPXAU from $1 with no investment limits. Unlike mainstream gold products which often have 0.4% monthly custody fees, the token is free to hold.

Other gold backed tokens appearing recently include Tether Gold which launched in January, and Paxos’ PAX Gold which commenced trade in September 2019.”

“The BSN, a state-backed blockchain infrastructure project from China aims to be the dominant internet services provider for decentralized applications (dapps). Its first-mover advantage is significant.

Few may realize the network is supported by U.S. technology companies. Amazon Web Services (AWS), Microsoft and Google are among the major cloud service providers for BSN’s overseas data centers.

The network’s reliance on U.S. cloud service providers makes it vulnerable to geopolitical risks.

If I were the Chinese company, I would be careful about setting up a system that really depends on continued services in the U.S. Anybody who wants to use the global version of this Chinese network should take into account the risk that a data center in the U.S. could get taken off the network because of geopolitics.”

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“Bitcoin’s price jumped to a fresh 11-month high on Friday, with the options market betting on a sustained bull move.

The one-, three- and six-month put-call skews, which measure the price of puts relative to that of calls, are negative. This is a sign calls, or bullish bets, are drawing higher value than puts, or bearish bets.”

“The MakerDAO community approved and executed a vote on Thursday to almost double the total debt ceiling, which indicates how much Dai (DAI) can be minted by its users. This raises the maximum supply of DAI to 568 million, out of which 367 million have been minted so far.

The Maker community is currently discussing a direct arbitrage mechanism called the Peg Stabilization Module, which would create the possibility of directly swapping between DAI and USDC at a forced 1:1 rate.

The idea is nevertheless finding some opposition, as many voiced concerns of excessive reliance on USDC and a fundamental change to the mechanism of the DAI peg from collateral-backed to market-based peg interventions.”

See Also: KeeperDAO Raises Seven-Figure Seed Investment

“Non-fungible token (NFT) trading cards featuring images from William Shatner’s personal life and career, from the 1930s to today, sold out in nine minutes according to WAX.

The online marketplace for virtual items offered 10,000 “packs” for sale, featuring roughly 125,000 digital collectibles in total. Collectors can now buy, sell, and trade the cards amongst themselves.

The cards themselves represent a beautiful past. The verification of being on the blockchains represents a great future.”

“Cash App is paying Joe Rogan big bucks to talk up Bitcoin according to his scripted spiel on his most recent podcast.

Bitcoin is a transformational digital currency that acts as a decentralized peer-to-peer payment network powered by its users, with no central authority.

I love it. I wish it was the way we exchanged currency, and maybe it will be in the future. Get on board.”

“The exchange mitigates the issue of impermanent loss, where liquidity providers could lose some of their money as prices for particular assets fluctuated. The solution involves a combination of incentives and oracle-driven price feeds.”

See Also: Elrond Launches Onto Mainnet, Reduces Token Supply by 99%