3 October

“Instead of hopping from city to city like past Devcons, catch the latest Ethereum updates from your laptop at home.

Friday’s segments are free online here. The conference continues every Friday including Oct. 9, 16, 23 and 30. Each day focuses on one area of interest for Ethereum developers and investors such decentralized finance (DeFi) or scaling Ethereum.”

See Also: ETHOnline Livestream

More than 32,200 BTC (worth around $337 million) has been moved from BitMEX – 19% of the exchange’s total funds. Open positions in bitcoin perpetuals (futures without expiry) traded on BitMEX have also declined by nearly 22% from $592 million to $462 million. Further, outflows are likely to greatly increase following BitMEX’s daily withdrawal time of 13:00 UTC.

More than 65% of the total outflow has been transferred to other exchanges, while the rest into unhosted wallets.

BitMEX’s reputation among large trading firms had already been dented by outages seen earlier this year. As such, its overall importance to the broader ecosystem is not as critical as was the case a few years ago.”

See Also: Binance, Gemini, Kraken So Far the Winners From BitMEX’s Legal Woes

Already launched, the new BDVE exchange is built to enable Venezuelan investors to trade stocks, bonds and real estate in digital form. It is said to run on the Ethereum blockchain digitizing traditional assets using the ERC-223 and ERC-721 token standards.

Authorized by the office of the National Securities Superintendence, the exchange will undergo a trial for 90 days, during which time authorities will decide whether to approve or revoke its trading license.”

“ConsenSys Codefi released details today for the Filecoin DeFi Bridge and Storage Market. The services are scheduled to launch alongside the Filecoin mainnet release, pegged for October 15.

Filecoin patrons use the protocol’s token, FIL, to buy and sell storage space on the network. The Filecoin DeFi Bridge will allow FIL to be transferred to the Ethereum blockchain, where it can be used for DeFi operations like funding loans and earning interest using a token bridge developed by Ren Protocol.

Codefi will also release Filecoin Storage Market on October 15, a simple application for reading through pricing and storage provider information.”

“To make their mobile apps more resilient, some Belarusian news organizations are using NewNode, a decentralized file-sharing service by the California-based startup Clostra, which basically runs on the same principle as torrents. This means users store bits of content on their devices, sharing them with others in a peer-to-peer fashion.

Devices will connect to one another automatically and build a network and use it to help one another get content using whatever means of Internet access exist. It’s a distributed self-healing network that automatically scales with the number of devices.

Firechat, which uses Bluetooth and WiFi to connect mobile phones into an off-line network, took off during the Hong Kong protests in 2014. NewNode uses these two plus the usual mobile internet. 800,000 new users in Belarus joined in one month since the election.”

See Also: Cosmos Gains Traction in India Amid Broader Crypto Resurgence

The next generation of the gig economy could look more like decentralized finance (DeFi) than Uber. Braintrust is a tech talent marketplace that will essentially be owned by the IT freelancers and companies using it.

While five guys in San Francisco became deca-billionaires, a third of all Uber drivers live below the poverty line, some of them even live in the cars they drive. So I wanted to figure out how we could create a marketplace that is owned and controlled by its users, instead of investors who just want to tax it.

Jackson describes Braintrust as a “labor protocol”, a kind of public good, he said, upon which other businesses and use cases will flourish, rather like the composability, or the Lego-like functionality of building with DeFi.

Our business model with Braintrust involves lowering the fees to almost zero. We charge talent zero; we charge clients 10%, that’s just meant to kind of pay our bills and sustain us.

What DeFi figured out was how to use a token as an incentive mechanism to bootstrap liquidity in a two-sided marketplace. A blockchain-secure token is a perfect value-capture incentive and governance instrument to replace a share of stock.”

“DeFi has grown from a science project into a $11 billion market, one in which there appears to be almost zero know-your-customer (KYC) provision and a considerable risk of potential manipulation.

Preliminary findings after the recent KuCoin hack suggest this new generation of decentralized exchange (DEXs) could be added to crypto mixers as an attractive service for crooks.

I think there’s a lot of concern that these platforms can be used as effectively the next generation of money-laundering mixing services.

It’s interesting to see what the governance of the platforms is, which often happens to be from venture capital-backed companies.’ This could be an avenue a regulator like the SEC might pursue, especially when faced with a U.S.-domiciled firm like Uniswap inhabiting a kind of decentralized lacuna.”

See Also: Yield farming platform APY Finance locks $67 million in first hour

“Bad news — the increase in the Bitcoin (BTC) price over the past decade may have been overstated because of the accompanying fiat inflation. Since Bitcoin is typically denominated in fiat — United States dollars usually — it is not immune to its depreciation.

In the decade that followed the economic crisis, the U.S. enjoyed some of the lowest inflation in history, which hovered around 2% annually. However, over the decade, this added up to almost 20%. Thus, if we use the 2010 dollar as our base and apply its subsequent depreciation to the price of Bitcoin, then the current price of $10,466 turns into $8,770.

On the contrary, if we compare the performance of Bitcoin and USD in the last decade (again adjusted for inflation), then there is no comparison. One dollar invested in USD would have turned into 84 cents, while one dollar invested in Bitcoin would be worth $274,000. Cryptocurrency has clearly done a much better job of value preservation.”

“ECB executive member Fabio Panetta, formerly head of the Italian central bank, said the envisioned aim of a central bank digital currency (CBDC) would be to ‘preserve the public good that the euro provides to citizens.’

But a digital euro would also ensure foreign-based issuers, whether that’s other central banks or private companies, don’t become too integral to the eurozone’s stability.

A digital euro could ensure “strategic autonomy” for the bloc, as well as bolster the euro’s international standing as a reserve currency.”

“Whether we like it or not, taxation – defined broadly as a means by which a community collectively redistributes resources toward defending its common interest – is vital to any governance system. And that includes blockchain governance systems.

The relevant question, then, is not whether we should pay taxes but how? What is the optimal balance between private interests and public interests? What is fair? Or, better put, how do we make that system reflect our shared interests and not those of the administrators of the taxation regime? Our goal should be to make tax a service, not a means to accumulate unidirectional power. On this, crypto may have some answers.

Most blatantly, taxes can be imposed by directly extracting individual users’ property. For traditional governments, this presents itself as income and property taxes, as well as sales taxes and usage fees for government services. In blockchains, it appears as the transaction fees demanded by miners and validators.

Tax can also be imposed more subtly via an increased money supply, which dilutes the value of users’ property by way of inflation while generating seigniorage income for whichever entity enjoys initial ownership of the currency. Currency-issuing governments monetize their debts this way, but it’s also how Bitcoin users are taxed when miners are rewarded with 6.25 bitcoins for securing a block.

The main point, though, is that doing nothing is not an option. The security of the system must be paid for, which means users must be taxed, one way or another.”