11 March

The financial relief is expected to contribute to ‘temporarily high’ inflation that may occur when most Americans are vaccinated and able to begin traveling and spending the way they did prior to when COVID-19 restrictions were put in place.

Bitcoiners have touted the stimulus as an opportunity for the limited-supply digital asset to shine as a hedge against inflation.”

See Also: US Inflation Rate Accelerates in February, Could Go Higher as Economy Reheats

Bitcoin and ether purchases by companies in Scandinavia and Hong Kong are fueling speculation a wave of non-U.S. corporate treasurers might follow MicroStrategy, Tesla and Square into buying cryptocurrencies, according to a new report by the Norwegian analysis firm Arcane Research.

According to Arcane, the new corporate buyers appear intent on keeping the cryptocurrencies for the long term.

The first wave, initiated by MicroStrategy, started in the U.S., but now the trend shows signs of turning global.”

See Also: Israeli Pension Giant Put $100M Into Grayscale Bitcoin Trust: Report
See Also: Digital Currency Group to Buy Up to $250M of Grayscale Bitcoin Trust Shares

Ethereum co-founder, Vitalik Buterin, believes the network is on the verge of scaling by a factor of 100, predicting the Optimism will release its layer-two solution in the coming weeks.

Speaking on the Tim Ferriss podcast, Buterin noted Eth2’s developers are focused on working toward the chain merge with Ethereum, and are confident that layer-two solutions can support the network until sharding is developed.

If you have rollups, but you do not have sharding, you still have 100X factor scaling [and] the ability for the blockchain to go up to somewhere between 1,000 and 4,000 transactions a second, depending on how complex these transactions are.”

The Dai stablecoin produced by decentralized lending protocol MakerDAO is getting some speed and fee enhancements with its forthcoming upgrade on [Optimisim’s] layer-two.

Currently, Optimism requires a seven day lockup period when withdrawing tokens back to layer-one (Ethereum). The Maker protocol can reduce this lockup period and allow near-instant withdrawals of Dai [and other assets].

With the Bridge, Maker has an opportunity to become the primary off-ramp for Optimism. The scaling solutions provider described it as an “extremely cool and technically elegant solution”.

This is a game changer not only for the Maker protocol, but the Ethereum ecosystem at large as we can finally offer a fast, trustless, decentralized off-ramp for optimistic rollups.”

See Also: Announcing the Optimism Dai Bridge with Fast Withdrawals
See Also: Dash rolls out Ethereum DeFi bridge with staking and yield farming

Contrary to popular opinion, ether’s unlimited coin supply does not disqualify its use case as a store of value. Like bitcoin, ether has a fixed issuance schedule. For every block produced on the network, Ethereum issues two new coins into circulation.

EIP 1559 introduces a base fee for all transactions that is automatically calculated based on network activity and once paid, immediately burned. Depending on the activity of the network, EIP 1559 could burn more ether through base fees than the amount of new ether issued into circulation through miner block rewards. While this is not a guaranteed outcome, it is a highly likely one, judging by the rise of transaction activity on Ethereum.

What’s more, PoS, dubbed Ethereum 2.0, is expected to reduce the issuance rate of ether from roughly 5% to less than 1% per annum. With a near-zero percent increase in the total supply of ether under PoS, there is even greater potential for asset demand to outstrip its growth in supply. In this case, the value of ether would increase over time.

These disinflationary forces on the supply schedule of ether – a fixed issuance schedule, EIP 1559 and Ethereum 2.0 – both current and projected, suggest that, like bitcoin, there could be a case made for its potential as a store-of-value asset.

“Legislation recognizing decentralized autonomous organizations (DAOs) as companies was approved by the Wyoming state senate on Tuesday. The bill now proceeds to a vote in the Wyoming House of Representatives, where it will become law if it is passed unaltered. Wyoming would be the first U.S. state to pass such legislation into law.

This legislation would allow DAOs to set up in Wyoming, adding greater legitimacy to cryptocurrency projects and further enhancing the state’s reputation as a blockchain-friendly jurisdiction for new companies.”

Nine new job postings indicate Grayscale is considering joining the race to win the SEC’s first bitcoin ETF approval. Notably, it would appear that these potential ETFs would not be limited to bitcoin vehicles.

The job postings all refer to Grayscale’s “ETF business,” though the firm does not currently offer any exchange-traded products. Grayscale has previously not applied for an ETF.”

“The New Zealand dollar stablecoin ($NZDs) is issued by Techemynt, a regulated company with ties to crypto hedge fund Techemy Capital. Reserves of the New Zealand dollar backing the stablecoin are to be confirmed by a “leading accounting firm” with reports delivered on a quarterly basis.

Launching today, the cryptocurrency is backed one-to-one by the New Zealand dollar and deployed on the Ethereum blockchain by Blockchain Labs. $NZDs’ code utilizes a framework developed by Coinbase and Circle-founded Centre group.

$NZDs combines the stability and value of the New Zealand Dollar with the intrinsic utility of cryptocurrency to allow arbitrage, remittance, and digital payments.”

Even though the NBA’s terms say “You own the NFT” that’s not exactly true. You don’t own the underlying copyright of the highlight; the NBA does.

That means you can’t use the images to create merchandise. You can’t “commercialize any elements” of the NFT without the “prior written consent” of the NBA. You also can’t modify the image without the NBA’s permission. And you can’t use the image alongside anything the NBA considers offensive or hateful.

If you truly owned your Top Shot NFT the way you own a piece of personal property, the NBA wouldn’t be able to prevent you from doing any of this. But what you have instead of property is a license to do a small handful of things—not quite the same as owning something outright.

The fine print explains that a violation will lead NBA Top Shot to ‘immediately suspend or terminate your user account and/or delete your Moments’ images and descriptions from the App.’ So they won’t quite take it away from you, but they can render it nearly useless.”