Ethereum Breaks $2,000, What You Should Prepare For

Ethereum has been struggling a lot in the past months. Following the general crashing pattern of the market in recent months. The coin reached a new high of over $4,000. Before falling back down following the market crash over a month ago. Losing over 50% of its value in a matter of weeks. But despite this, the coin has persevered.

A week ago, Bitcoin fell below the $30K stronghold. Following this, Ethereum lost its footing at its $2,000 stronghold and fell below.

Related Reading | Ethereum 2.0 Contract Reaches 100,000 ETH Milestone

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At first, it looked as if the coin would not recover. The whole market seemed to be sinking further into a bear. But all is not lost.

Ethereum has since regained back some control. Its price is back up in the green.

Bull Run After $2,000?

A bull rally for Ethereum does not seem unlikely at this point. There are projects going on on the Ethereum blockchain that encourages the use of the coin. The scalability alone of Ethereum puts it in a remarkable position to post another recovery. Projects like ETH 2.0 will completely revolutionize the crypto industry.

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Once the lower fees are implemented, it means that the bottleneck with small transactions will be solved. Lower fees mean the coin can be used more as a currency instead of an investment asset.

Ethereum chart from

Ethereum chart from

Ethereum breaks $2,000 | Source: ETHUSD on

$2,000 has been the major hold point for Ethereum since the decline. Traders have battled to keep the coin above this point. Speculations being that another bull rally is more likely above this price point than it is below it.

Staking is also another big driver for Ethereum. People can stake their ETH in liquidity pools and get rewarded in tokens. Given this, more people are buying ETH coins for the sole purpose of staking.

Staking ETH is less complicated than trading too. It gives investors a low entry point to get into the market without risking too much. These little entries, albeit small individually, add up over time to increase the market cap of Ethereum.

Ethereum London Hard Fork

Ahead of the London hard fork, Ethereum has seen a bit of increase in the past days. The London hard fork is scheduled to take place in July. It is scheduled to happen packaged with the EIP 1559 as part of efforts to scale the network.

This is targeted to make transactions easier for the users. With a proposal of the gas fee to be sent to the network as sort of a burn. With an optional tip being paid to miners.

Obviously, this has come with opposition from minters. But users and investors alike are excited about this.

Related Reading | StakeHound Loses Investors Private Keys, $72 Million Worth Of Ethereum Gone

High gas fees have been burdensome for a while now due to networks being congested by the large number of new tokens being issued. The London hard fork is part of the plan to solve this congestion problem.

Prior to this was the Berlin hard fork. It took place in April earlier in the year.

According to market speculations, if ETH holds the $2,000 resistance point, then there could be another recovery on the horizon.

But with so little momentum, it is possible that the coins fall back below. This could mean that the coin will experience further downturns before there could another recovery.

Ethereum still maintains a price higher than its previous all-time high. If it breaks, the next major resistance point would be at $1,500.

Developments are still ongoing in Ethereum to ensure the total scalability of the entire network. A complete overhaul to ETH 2.0 is scheduled for 2022.

Featured image from Press Insider Daily, chart from


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China crackdown shows industrial Bitcoin mining a problem for decentralization

Bitcoin’s reliance on large-scale mining infrastructure and geographic concentration has been thrown into sharp relief by China’s recent mining crackdown. In May, China announced that it would be getting tough on crypto mining and trading as a response to financial risks. The nation’s crackdown on crypto is not new, rather it’s a reiteration of previous standings on the risks of digital currency to economic stability, in response to recent price fluctuations.

For the first time, cryptocurrency miners are being targeted to enforce the existing guidelines. Mining hardware still presents a potential risk, even if mining moves to other locations. This could prove that the Ethereum blockchain’s switch to proof-of-stake (PoS), which can run on consumer-grade equipment, is a more reliable path to decentralization and offers greater resilience against such risks.

Bitcoin (BTC) mining is reliant on large-scale, industrial cryptocurrency mining farms and has been largely concentrated in China, which accounts for 65% of the global hash rate. The manufacture of custom hardware in China has supported this trend, with one in two ASIC miners produced being distributed to Chinese miners. The crackdown has caused significant turmoil in Bitcoin markets.

The Bitcoin network’s hash rate has dropped to a 12-month low, with more provinces directing miners to shut down. Uncertainty about what may happen with confiscated mining hardware has hit the overall network hard. This is a massive loss to what was a multi billion-dollar industry for Chinese miners.

China’s policy position on Bitcoin seeks “financial stability and social order” and is possibly the result of geopolitical interests related to the desire to remove competitors to its own national digital currency, the digital yuan, in addition to its stated goals of lowering carbon emissions and redirecting energy toward other industries. The swift crackdown has shown that Bitcoin’s reliance on industrial-scale mining farms, hardware supply chains and electricity — all of which are reliant on government policies — may be its Achilles’ heel.

Miners are now seeking to migrate to cool climates, cheap energy and “crypto-friendly” jurisdictions. This may open up healthy competition for other crypto-friendly policy positions in other jurisdictions to attract industry participants — as we’ve seen, for example, with Wyoming’s embrace of legislation friendly to decentralized autonomous organizations and crypto in general. Yet, it is unclear whether moving the hardware will keep it out of the reach of policy crackdowns.

Are we decentralized yet?

Hardware has always been a major vulnerability in decentralized infrastructure. In blockchain-based cryptocurrency networks that run on a proof-of-work (PoW) consensus algorithm, such as Bitcoin, the commonly agreed record of transactions relies on a distributed network of computers.

This is vulnerable to structural exploitations, including concentration of hardware mining in industrial-scale factories in certain geographies (such as China), “premining” cryptocurrency with upgraded hardware that is not yet available to the broader market (such as new model ASICs), or supply chain delays.

Having a majority of hashing power concentrated in one country, reliant on expensive hardware setups, and subject to regulatory crackdown is antithetical to the “decentralized” ethos of Bitcoin that was outlined by Satoshi Nakamoto. The initial vision of Bitcoin in its white paper was a peer-to-peer system, whereby infrastructure could be run by individuals on a general-purpose computer in a distributed way (via CPU mining), so that the entire network could not be shut down by targeting a single point of failure.

This may also show why Ethereum’s move to PoS consensus is important — and why it has the potential to be more reliable and decentralized in the long term. Attacking a PoS network is more costly in time and money than the cost of hiring or buying hardware to attack a PoW blockchain, as an attacker’s coins can be automatically “slashed.”

Furthermore, it is much less conspicuous to run a PoS validator node on a laptop than it is to run a large-scale hardware mining operation. If anyone can run a node from anywhere with consumer-grade equipment, then more people can participate in validating the network, making it more decentralized, and regulators would find it almost impossible to stop people from running nodes. In contrast, the huge energy-consuming factories found in Bitcoin mining are much more easily targeted.

What’s happening to the hardware?

Mining is on the move, with miners moving their hardware to nearby areas, including Kazakhstan and Russia. Some crypto-friendly jurisdictions — such as Texas, which is offering legal clarity for companies — are racing to attract miners. Hardware is also on sale, with logistics firms reporting thousands of pounds of mining machines being shipped to the United States to sell.

Although China’s policy has caused some fear, uncertainty and doubt in the market, it may help to remove structural vulnerabilities from the network, which is why some Bitcoin supporters have welcomed the crackdown. The aim here for Bitcoiners is long-term decentralization. Yet, moving hardware is not the same as further decentralizing the network and removing vulnerabilities to regulatory crackdowns on miners.

Moving hardware vs. removing vulnerabilities

Hardware is a hard problem in decentralized networks. Bitcoin’s requirement for large-scale infrastructure has made it vulnerable to the policies and politics of countries like China. Even if mining moves elsewhere, it may not be decentralized, meaning it could come under threat in other jurisdictions in a way that PoS networks relying on software that can run on a standard laptop likely will not.

Related: Hashing out a future: Is Bitcoin hash rate drop an opportunity in disguise?

These events demonstrate the interdependencies between blockchains and nation-state politics and interests. How jurisdictions respond to the opportunity to attract hardware mining, along with how they approach blockchains that are transitioning to PoS, will have significant implications for the structure and risks to blockchain networks in the long term.

Kelsie Nabben is a researcher in the RMIT Blockchain Innovation Hub and a Ph.D. candidate in the Digital Ethnography Research Centre at RMIT University. She is also a board member of Blockchain Australia.


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Institutional Investors Losing Interest in Bitcoin: Report

In brief

  • A new report shows Bitcoin is flowing out of crypto ETFs.
  • The report concludes that this is because big investors are losing interest.
  • But a crypto ETF CEO thinks differently.

Institutional demand for cryptocurrency—which was partly behind Bitcoin’s phenomenal run—is slowing down, according to new findings from blockchain analytics company, Glassnode.

The firm said today in a report that institutional investors (big organizations that have lots of money to throw around) are losing interest in the biggest cryptocurrency by market cap. Proof of this can be found by looking at the Grayscale Bitcoin Trust (GBTC), the report noted. 

GBTC, a popular investment product which allows investors to trade shares in trusts holding large pools of Bitcoin, is now constantly trading at a persistent discount to net asset value (NAV), Glassnode said. What that means is that shares in Grayscale’s Bitcoin Trust are now less expensive to buy that Bitcoin itself. But this wasn’t the case until recently; for years, investors paid a premium to buy into GBTC.

“A primary driver for Bitcoin price appreciation in 2020 and 2021 was both the narrative, and the reality of institutional demand,” the report read. “One of the largest factors in this was the one-way flow of coins into Grayscale’s GBTC trust fund as traders sought to arbitrage the high premium observed in 2020 and early 2021.”

“Since Feb 2021, the GBTC product has reversed to trade at a persistent discount to NAV, hitting the deepest discount of -21.23% in mid-May,” it added. 

The report went on to add that the combined amount of Bitcoin for two popular exchange-traded funds (ETFs)—Purpose and 3iQ—has decreased. Currently, the combined net flows for both ETFs over the last month shows that a total of 8,037 BTC has flowed out of the products.

3iQ’s holdings have declined by 10,483 BTC (over $381 million at today’s prices), the report said. 

Cause for concern? Not according to the 3iQ CEO, Fred Pye, who told Decrypt that it was simply a sign of successful investors cashing out their gains. 

“There is no slowing down at all,” the CEO of Toronto-based ETF said, adding that his firm had met with hundreds of potential clients in the past two weeks alone. 

“The request we’re getting is still real and significant,” he continued. The outflow, according to Pye, was investors cashing out who had already made profits. 

The 3iQ ETF is one of North America’s only crypto ETFs. An ETF is an investment product that tracks the price of an asset—in this case, Bitcoin. Investors can buy shares that represent the asset. 

While the U.S. still awaits a crypto ETF, Canada has approved several. 3iQ, Canada’s first crypto ETF, launched on the Toronto Stock Exchange last April. 

Glassnode added that coin balance on Coinbase, the biggest crypto exchange in the U.S., had remained stagnant. Previously, the San Francisco-based exchange was pumping out Bitcoin as it was the preferred way for institutions to buy the coin—a sign of demand. But since December, the balance has been flat.  

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lacklustre,” the report concluded.


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.


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Top Crypto Analyst Sees Another Bitcoin Collapse on the Horizon – Here’s When

A closely-followed trader and analyst who twice pinpointed local tops in Bitcoin is outlining when we may see a second collapse in the world’s biggest crypto asset.

The pseudonymous analyst known as Dave the Wave tells his 67,500 followers that Bitcoin is lacking strength as it trades within the range between $30,000 and $40,000. According to the crypto strategist, a downward break of the range could be close on the horizon.



“Price continuing to look weak in this trading range. Wouldn’t be surprised to see it break down to another level in the not too distant future… Buy the dip.”

Source: Dave the Wave/Twitter

Based on his chart, Dave the Wave’s buy zone appears to be around the $20,000 level, implying a further 41% drop from Bitcoin’s current price of $34,140

The analyst also says that he sees Bitcoin staying stuck in the wide range for the near future before finally collapsing and hitting the $20,000 level sometime in the third quarter of this year.

“A trading range as long at the top would see price in this range through to August…” 

Source: Dave the Wave/Twitter

The crypto trader partially creates his analysis based on the concept of diminishing returns, or the idea that each bull cycle becomes less volatile than the one before it and therefore, peaks at lower and lower levels. Based on this concept and the logarithmic growth curve, Dave the Wave says $64,804 was the top of the bull run, and BTC bulls will have to wait longer than expected before any new all-time highs.

“Diminishing macro volatility + Diminishing cycles + Diminishing returns = Price discovery. Buy the buy zone.”

Source: Dave the Wave/Twitter

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Why Paraguay Isn’t Going to Make Bitcoin Legal Tender

Nayib Bukele’s political moves in El Salvador earned the president the support of a large part of the cryptocurrency industry, as the Central American country opened its doors to Bitcoin as legal tender.

The news, of course, piqued the interest of several politicians around the world, causing a wave of pro-Bitcoin intentions across Latin America. One of those politicians who quickly jumped on the wave was Carlos Rejala, a Paraguayan congressman from the Hagamos Party. 

In early June, a series of tweets from Rejala positioned him among observers as the next politician to push for adopting Bitcoin as legal tender—Paraguay could become the “next El Salvador,” eager Bitcoiners speculated.

Rejala later laid out his plans more concretely, promising to introduce legislation with regard to Bitcoin by mid-July. But the lawmaker has since clarified in an interview with Reuters that he has no intention of attempting to pass anything close to a “Bitcoin legal tender” law. It would be politically “impossible” to do so, he said.

But that isn’t stopping Rejala from attempting to make Paraguay a more “Bitcoin friendly” nation, and draft legislation to introduce pro-crypto regulation in the country is already well underway. In fact, the CEO of says he is helping with its development, presumably with the assistance of other active members of the Paraguayan crypto community

But that might be as far as even this endeavour ever gets.

Paraguay a Bitcoin nation? Slow down

Paraguay’s diplomatic, economic, and legal reality differs significantly from that of other countries such as El Salvador or Venezuela, and conditions are currently far from ideal to change the country’s stance on Bitcoin and other cryptocurrencies.

“There is something to understand when talking about cryptocurrencies in Paraguay: there is a [legal] gray area, since they are not regulated,” Joaquin Fiorio, founder of CriptoPy and CCO of Arapy Network, Paraguay’s first blockchain network, told Decrypt

Another critical difference, according to Fiorio, is that Paraguay has “one of the most stable fiat currencies in the region and inflation is very low.” In other words, it has no need for Bitcoin in the same way that El Salvador might. Fiorio says that the country’s banks are very conservative and have no interest in fixing what is not broken.

Moreover, unlike El Salvador or Venezuela, where the adoption of cryptocurrencies was arguably a necessity from a geopolitical standpoint, Paraguay is in a comfortable position on the global chessboard. There is no danger of unilateral sanctions that would affect its economy, and its conservative-leaning president does not represent a problem for the U.S. and its plans for regional influence.

And all of this says nothing of the still very early and limited influence of Carlos Rejala, the young deputy leading the charge.

His Hagamos Party has only two seats out of 80 within the lower house of the legislature. Getting the votes needed to pass this kind of legislation is going to be virtually impossible. “Rejala does not have the power to get his bill passed,” Fiorio said.

Rejala did not respond to Decrypt’s requests for comment, but the lawmaker told Reuters that the point of his draft bill is to make it so that “Paraguayans or foreigners can operate with these assets legally.”

Does Bitcoin need to be legalized in Paraguay?

It’s unclear what, exactly, Rejala intends to “legalize,” since there is currently nothing in Paraguayan law that explicitly makes purchases and sales of and with cryptocurrencies a crime.

According to Luis Benitez, an open-source software activist in Paraguay who was among those invited to a meeting by Rejala just days ago to discuss the bill, the legislation will likely aim to make it easier for banks and financial institutions to offer crypto services in the country. This could mean providing custody for crypto assets, for example.

Benitez, who’s been active in the crypto industry since 2010, told Decrypt that he reviewed Rejala’s original draft of the bill at the meeting, which has yet to be introduced or made public. The original draft, said Benitez, has many flaws that could make it difficult to approve.

“This draft seems to me one of the most unfortunate documents I have seen in matters of technology in the last 10 years.” Benitez said. “It is not even clear on the concepts of what a wallet is, and other important issues; it proposes crypto taxes and [even] a fund against losses.”

According to Benitez, that first draft of the bill has already been scrapped and an updated version based on feedback from the meeting is in the works.

Hope and Bitcoin

There is, however, some glimmer of hope for the Bitcoin faithful in Paraguay. Trading activity in the country has exploded as of late, and while not on par with Bitcoin volume in places like Venezuela, the peer-to-peer trading scene is much more dynamic in the country since BTC broke $20,000. Fiorio claims there is also increased activity from cryptocurrency communities within the country, such as Bitcoin Paraguay, Hashpy, and Team Mineros Sarambi.

Paraguay also has cheap energy, relatively low taxes, and very little regulation over the crypto sector at present. As such, it’s not a bad place to look if you’re a recently exiled Bitcoin miner looking for a new place to set up shop.

On this, Rejala and Fiorio agree.


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Institutional Bitcoin Selloff Leaves Retail With Bloody Aftermath

Bitcoin price is trading at around 50% down from 2021 highs set around the Coinbase stock market debut. According to data, the rally fueled by institutions finally getting into crypto came to an end by the same entities who drove up prices in the first place.

Here’s why institutions left the crypto market and retail investors with a bloody aftermath, even though they helped drive prices up in the first place.

Crypto No Longer A Fad, Institutions Buying Causes Bullish Breakout

Up until the last couple of years, the cryptocurrency market was considered a fad, or a sector segregated from traditional finance that’s more associated with ransomware, the dark web, and tax evasion.

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Related Reading | What The Last Leg Up In The Crypto Bull Market Could Look Like

Over the years, retail investors adopted Bitcoin with the hope of disrupting traditional finance, and today it is starting to work. Institutions and even big banks and governments can no longer ignore the technology, and many are taking the plunge in their own way.

bitcoin CME

bitcoin CME

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Data shows institutions took profit at local highs | Source: Arcane Research: The Weekly Report

PayPal and other payments brands now support crypto; national governments are considering central-bank issued digital currencies; and institutions are finally buying, selling, and trading Bitcoin.

These high wealth players with decades of market experience and all kinds of tactics on their side were paramount to driving prices up to $60,000 per coin. Unfortunately, the data above suggests they were also instrumental to the selloff that left retail traders with a bloody aftermath.

Other Side Of The Bitcoin: Institutions Selling Can Be Devastating

Institutional investors are sometimes referred to as “smart money” due to their ability to spot trend changes early, or perhaps due to their size they’re the ones behind the trends themselves.

Institutions aren’t typical traders behind a three-monitor setup filled with altcoin charts galore. The likes of hedge funds and more all have teams dedicated to technical analysis, fundamental analysis, macroeconomics, and much more. Using their combined intel, strategies are devised.

They buy assets they expect to do well, and they take profit when there’s profits to secure. Institutions don’t “HODL” hoping for hundreds of thousands of dollars per coin. Instead, they recognize they’re up by a few hundred percent in only a handful of months, and took profits before retail investors realized what was going on.

bitcoin CME

bitcoin CME

CME gaps could potentially be targets for where BTC goes next | Source: CME-BTC1! on

Bitcoin might have made it to $1 trillion but crypto is still speculative, sensitive to sentiment changes, and can be extremely volatile. Institutions know all these things and took some risk off the table before the market collapsed – and it did.

Related Reading | Bitcoin Bear Market Comes Down To Pivotal June Close

Realized losses were the highest in history according to on-chain data, and as the rest of this info shows, institutions weren’t the one suffering in the red.

Retail crypto investors dreamt of the days when institutions would drive up prices of the low supply asset, and its here. What they didn’t realize was the nightmare that would result when these big players begin to sell their coins.

Featured image from iStockPhoto, Charts from


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HashKey Unveils $10 Million Liquidity Investment in Harmony’s (ONE) DeFi, NFT Ecosystems

Hong Kong-based blockchain VC, HashKey, has revealed the injection of $10 million worth of liquidity to Ethereum-scalability and cross-chain protocol Harmony. 

A Significant Investment 

HashKey revealed this significant investment in a press release today in which it highlighted its commitment to the development of the Harmony ecosystem. The blockchain fund was one of the key investors in Harmony in its early stages before the mainnet launch and has watched it grow into a significant stakeholder in the rapidly budding DeFi landscape. 

Harmony recently celebrated its 2nd mainnet anniversary on June 28, with the platform well-positioned for the future. For example, to date, 59 million blocks have been created on its smart contract, with over 24 million transactions conducted during this period. 

It further gained prominence with the launch of Sushi’s full suite of products which has driven more users to the protocol. Harmony has more than 128,000 wallet accounts registered and 50+ dApps integrated on its platform. It has also attracted $20 million organic TVL on the ETH-Harmony and ETH-BSC bridges as well as $50 million in TVL across 5 community DEXs, which include Viper, Mochi, Openswap, Lootswap, Lockswap, and SushiSwap.

The influx of liquidity from HashKey will be channeled towards expanding the Harmony ecosystem, with more products expected to be released in the future. 

Deng Chao, the Managing Director of HashKey stated:

“Harmony and its team has kept impressing us since the day we connected. HashKey is proud to join in making contributions to develop the Harmony ecosystem much further.”

Similar sentiments were echoed by Stephen Tse, founder of Harmony:

“HashKey has been a strong champion of our project and is one of the leading investors in the entire blockchain ecosystem. They bring insights as a global investor and have immense connections to many more companies that are looking for blockchain partners who can scale with them.”

About Harmony

Build on one, run on all chain, Harmony is an open platform for digital assets, collectibles, identity, and governance. Harmony’s mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance, and other chains. 

About HashKey

HashKey is a Hong Kong-based, professional, and fully compliant fund with a focus on applications, dApps, protocols, and their underlying technologies. It also manages a diverse and selective portfolio of forward-looking companies with great potential to drive true innovation in the blockchain, fintech, IoT, and other industries. 

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Bitcoin Blowback: A History Of Dollar Hegemony, Economic Warfare And A Bright Orange Alternative


The United States dollar dominates world commerce. In 2019, it made up 88% of global trade, and no other currencies came close. This dominance gave the United States power over any other country that exports anything from anywhere. For example, due to the mechanics of the petrodollar, oil is settled in dollars regardless of where it comes from. Consequently, not only does this frustrate U.S. rivals by making them vulnerable to trade sanctions, but ultimately causes them to craft savvier innovations to conduct commerce. This is what the Central Intelligence Agency (CIA) calls blowback.

Blowback (a term which originated within the CIA), explains the unintended consequence and unwanted side effects of a covert operation. The effects of blowback typically manifest themselves as “random” acts of political violence without a discernible, direct cause; because the public—in whose name the intelligence agency acted—are unaware of the affected secret attacks that provoked revenge (counterattack) against them.

This article will chronicle the history of America’s dollar hegemony, the strides taken to achieve that position, and the unintended consequences that followed to this day. The main goal of this piece is to demonstrate how much of a fool’s errand it is for a single nation to maintain supremacy over the world reserve currency, and how the world is reframing the technological innovation of money as we know it. The short answer: #BitcoinFixesThis.

The Roots Of Dollar Hegemony: Economic Warfare And Debt As A Weapon

“Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.” – John Maynard Keynes

Even before the dollar became the world reserve currency, America was able to wield it as an economic weapon and make other nations abide by its monetary policy. The dollar as a monetary system and network is unfair to those who are forced to abide by its dominance. However, history shows us that a single world currency was the best solution the global economy needed, mostly to win wars. It’s crucial to understand how we got to this point. Let’s look at the roots of how dollar hegemony came to be.

The root cause of other countries depending on the dollar was due to their decision to print more money to fund war efforts. Arguably, the only thing war is good for is printing more money. World War I demonstrated that Germany was forced to destroy their currency through hyperinflation. The German Deutsche mark was fully pegged to gold until it entered the First World War. Going to war is expensive, and printing unlimited amounts of money was (is) the only way Germany could finance their military actions. Economist Carl Hellfrick stated in 1915, “The only way to finance the cost of war is to shift the burden into the future via loans.”

Germany (and as every other government state does during times of war) defended their monetary policy by saying it was an “economic necessity,” and that once they secured victory over Europe, there would be an economic boom as they ruled over resource-rich nations and charged reparations to the countries they defeated. A fair argument in theory, but even the Marxist theorist Ed Bernstein understood in 1918 that “there’s a point in which printing money destroys purchasing power by causing inflation.” A Marxist, of all people!

When Germany lost the war, they were forced to pay reparations, which was paid for with borrowed money to pay on top of the debt they were already in. By 1923, the German economy went from having 8.6 billion to 40 quintillion Deutsche marks in circulation, all from printing to fight the war. Germany received between 27 and 38 billion marks in loans during the reparation period. By 1931, German foreign debt stood at 21.514 billion marks, with the main sources of aid stemming from the United States.

As for the German people, the rich got richer, while the poor suffered. The German middle and lower classes were left with no other choice but to barter for actual goods because their money became worthless. The rich on the other hand prospered because they owned assets and financed it with debt, which became worthless since they could easily pay it off due the hyperinflation.

Even Britain, who held the dominant currency at the time, began borrowing money for the first time to fund the war. Their banker of last resort was the United States of America, a foreshadow of the dollar hegemony to come in the next war. America used its monetary policy as a war strategy by forcing both their opponents and allies to bleed themselves into bankruptcy. As the economies of warring nations were destroyed, so were any chances of a military victory. In Germany’s case, the economic unrest from hyperinflation was a catalyst to the rise of populism, and eventually Hitler’s Nazi regime. Although a dependency on a single fiat currency was helpful in economic aid and cooperation in wartime, the strategy of dollar hegemony as a weapon would lead to more unintended consequences (blowback) in the future.

Bretton Woods: Dollar Hegemony Comes To Fruition

Since the end of World War II, the dollar has been the dominant leader in international trade and cooperation. It officially began in 1944, where 45 allied nations met in New Hampshire at the Bretton Woods conference.

The conference was an effort to avoid the consequences (blowback) that ensued following the end of WWI during the Treaty of Versailles in 1919. Britain owed the U.S. substantial sums of debt by the end of the war, which could not be repaid because the funds were used to support allies like the French. Since the Allies could not pay back Britain, Britain could not pay back the U.S. In response, it was decided at the conference in Versailles that Germany would make reparations to the French, British, and Americans for the debts. However, it was unrealistic for Germany to meet these demands having just destroyed their economy through hyperinflation to fund war efforts. If Germany couldn’t pay up, neither could the Allies. Thus, many nations’ “assets” on bank balance sheets internationally were actually unrecoverable loans, leading to a banking crisis in 1931. Continued insistence by creditor nations for the repayment of Allied war debts and reparations caused a breakdown in the international financial system and a world economic depression.

To avoid similar blowback, the political basis for Bretton Woods consisted of two key conditions: a failure to deal with economic problems after the First World War had led to the second and the centralization of power in a small number of states. The representatives of each nation agreed to peg their currencies to the U.S. dollar, while the dollar would be pegged to gold (hence, the gold standard). Similar to the First World War, America acted as Britain and France’s bank by selling them arms and supplies and lending them money to fight WWII. Once again, the Allies turned to America to help rebuild their countries after the war. Most of this financing was paid for in gold, and the U.S. became the dominant superpower by accumulating two-thirds of the world’s gold reserves from the allied countries.

As the dust cleared from the battlefield, the dollar was the most stable and plentiful currency remaining and the U.S. became the biggest economy on the global stage. America became the bank of the world as nations continued to deposit their gold reserves at the Federal Reserve in exchange for dollars (or treasury bills). Countries used these dollars to store their value by buying U.S. debt à la treasury bills. This created a U.S.-backed “gold standard” and worked fairly well with a gold-pegged dollar. This sound monetary policy created a golden age of capitalism, resulting in a post-war boom as trade flourished via a universal agreement for scarce money.

As global trade grew, so did the use of the dollar for conducting business to regrow the global economy. Even after the U.S. went off the gold standard in 1971, the dollar still remained the global currency of choice. But why?

Josseled In The Jungle

With the privilege of holding the world’s reserve currency, America continued to assert its dominance through funding war efforts. In 1965, the U.S. quietly launched a bombing attack in North Vietnam. For the next three years, the U.S. continued dropping bombs on the Ho Chi Minh trail under what would be revealed as Operation Rolling Thunder. The Vietnam Conflict was bloodier, longer, and much more expensive than expected. Naturally, the U.S. began rapidly borrowing money to fund the war and turned the money printer back on.

Having suspicions of having their gold reserves rehypothecated and the incessant printing of dollars caused other nations to worry about the state of America’s economy. Fearing debasement of the dollar, the Allies began requesting to have their gold reserves back. France’s Charles DeGaul was most aggressive on this by converting $150 million of reserves back into gold and threatened another $150 million. Consequently, this triggered a bank run on Fort Knox as more nations converted into gold, and the U.S. began making the same mistake Germany did as they continued to print more money and watch their ice cube of gold reserves melt away. In reaction to the blowback, Nixon “temporarily” suspended the convertibility of dollars into gold in 1971, and the dollar officially became a fiat currency. The hegemony of the U.S. dollar was hanging in the balance.

Enter The Petrodollar

In 1974, the Petrodollar was created as a last-ditch effort to maintain the dollar’s dominance. The Nixon administration made a deal with Saudi Arabia where they would only allow other countries to buy oil from them in U.S. dollars. In return, the U.S. would protect them by providing military support and selling them weapons. Furthermore, unbeknownst to the American public, America would provide Saudi Arabia preferential deals on treasuries if they promised to use dollars to buy back U.S. debt. This arrangement led to the formation of the Organization of the Petroleum Exporting Countries (OPEC) where the combined parties controlled 80% of the world’s oil reserves in dollars and would rush that profit back into U.S. treasuries—or a form of Petrodollar “recycling.” With OPEC, the U.S. was allowed to continue running up ginormous deficits to finance social welfare programs and the Military-Industrial Complex. Due to this newly created artificial demand for dollars, America could not devalue her currency. The dollar’s exorbitant privilege of hegemony over global economic cooperation was restored once again.

America’s position of dollar hegemony was threatened most notably during this time by the Saudi Arabian oil embargo in October 1973. The U.S.’s stranglehold on dollar supremacy was nothing compared to Saudi control of the oil supply. Although it only lasted until March 1974, the embargo had a massive impact on the world economy as gas prices soared from $1.39 in 1970 to $8.32 a barrel by 1974. This shock strengthened the bond between three main sectors: big corporations, international banks and the government. These sectors comprise the corporatocracy and were the catalyst of many policy changes and how the global economy would view oil moving forward in order to maintain the flow of petrodollars back into the United States.


In addition to OPEC, America and Saudi Arabia had another arrangement. To avoid another economic catastrophe, the U.S.-Saudi Arabian Joint Economic Commission (JECOR) was formed as a strategic agreement for American corporations to provide infrastructure projects in Saudi Arabia. Former reporter Thomas W. Lippmann describes the agreement as such:

“JECOR’s mission was twofold: first, to teach the Saudis—who had no tradition of organized public agencies—how to operate the fundamental bureaucracy of a modern state; and second, to ensure that all the contracts awarded in pursuit of that mission went to American companies. JECOR would operate for 25 years, channeling billions of Saudi oil dollars back to the United States, but would attract almost no attention in this country because Congress ignored it. The Saudis were paying for it, so there was no need for US appropriations or congressional oversight.”

The interest Saudi Arabia made in their U.S. treasuries would be paid to American corporations to build their new infrastructure and paid for by the treasury department. This would reinstall the dollar’s dominance and strengthen American and Saudi relations by liberalizing the Saudi Arabian economy via the amount of money the oil embargo produced for the Saudi kingdom.

By the end of Bill Clinton’s presidency, JECOR discontinued operations. Saudi Arabia is now, by all technological measurements, a fully modern country. However, this new relationship with Saudi Arabia would complicate U.S. relations with neighboring countries in the Middle East and determine foreign policy decisions from here on. Dollar hegemony was restored, but it would not remain without its consequences.

Through strengthening relations with the Saudi royal family, the U.S. made an ally out of Osama Bin Laden, who had close ties with the Mujahideen, the guerrilla-type militant groups led by the Islamist Afghan fighters in the Soviet–Afghan War. In what would be documented as Operation Cyclone, the CIA would go on to train and fund the Mujahideen to fight the Soviets in Afghanistan. Although these efforts aided in the collapse of the Soviet Union in the 1990s, members of the Mujahideen would later join al-Qaeda and participate in the attacks in New York on September 11, 2001. Countless other unintended consequences (blowback) have followed, all for the sake of maintaining the economic interests that maintain the petrodollar and solidify America’s dollar hegemony.

How The Dollar’s International Transactions Work

Once the U.S. forced countries to settle crucial commodities like oil, coffee, and gold in dollars, the world became used to this coercive form of business. The dollar became very liquid, making it easier than any other currency to buy and sell goods all over the world. Bitcoiner criticisms of centralization and fiat chicanery aside, the U.S. banking system is still very efficient to this day. Thus, both its liquidity and banking efficiency are the two key points that make it easier and cheaper to buy and sell in dollars, but what exactly are the mechanics of the dollar hegemony system that makes it so efficient?

Imagine a Canadian Lumber Company sells boards to a French Home Builder. The seller’s bank (Canada) and the buyer’s bank (France) settle the payment in dollars via correspondent banks in the U.S. The correspondent banks have accounts with the U.S. Federal Reserve. The money is transferred seamlessly between the correspondent banks’ Fed accounts because their status as correspondent banks means they are seen as safe counter parties. In the eyes of the United States, the use of all the correspondent banks in other countries means that every transaction is being conducted (technically) on U.S. soil, giving it legal jurisdiction and compelling foreign countries to abide by its laws on money laundering and corruption.

The Dollar As A Weapon Today

The dollar still dominates global trade and causes friction between the U.S. and other nation states. The only benefactor of this system is America and her allies. You can see this in the standoff between the U.S. and Iraq. In a Wall Street Journal article by Ian Talley and Isabel Coles, it describes the following scenario: Iraq says it wants to throw U.S. troops out of the country, since the U.S. has occupied the country since the second Gulf War. In response, the U.S. can use the dollar as a weapon and just cut Iraq off from receiving dollars and remove Iraq from the U.S. monetary system entirely. One of the main reasons the U.S. invaded Iraq in the first place was because former Iraqi leader, Sudam Hussein, priced oil in euros instead of dollars. This protest was a direct threat to the dollar’s legitimacy.

Since the attacks on 9/11, the U.S. uses the power of the dollar to advance its foreign policy goals. The idea? Cut out the sources of funding for terrorist organizations. The U.S. uses its control of the dollar to

1. increase surveillance of global money flows, and

2. curb financing toward bad actors.

The U.S. accomplishes this by imposing sanctions on rivals. Under this system, if a business or country tried to trade with a sanctioned entity in dollars, the U.S. has the power to cut off their access to U.S. currency. However, other countries have been building workarounds.

Resistance To Dollar Hegemony

We have now arrived at the inevitable blowback of the dollar’s dominance: resistance. Some European Union countries oppose the U.S. sanctions against Iran. Sanctions on Iran were put in after the U.S. withdrew from the 2015 JCPOA (Iran Nuclear Deal) in 2018 and included banning dollar transactions with Iranian banks. As a result, the EU developed a euro-backed system, the Instrument In Support of Trade Exchanges (INSTEX) without having to send money across borders. However, the system didn’t prove to be as successful as planned and was disbanded.

In retrospect, the dollar has had a decent run for over half a century as the global reserve currency.

  • The U.S. makes up 20% GDP.
  • 40% all debt issued is in the U.S. dollar.
  • 60% of exchange reserves is in U.S. dollars.

However, we can expect this to drop. Russia just announced they will completely remove U.S. dollar assets from its National Wealth Fund. In a research note after the announcement, Russian President Vladimir Putin stated that their messaging is “’we don’t need the U.S., we don’t need to transact in dollars, and we are invulnerable to more U.S. sanctions.”

Russia’s central bank governor, Elvira Nabiullina, told CNBC that digital currencies will be the future of financial systems because it “correlates with this development of digital economy.” Russia aims to have a prototype of their digital ruble out by the end of 2021, a sure sign that other countries suffering from the dollar’s policy will follow in Russia’s footsteps. Countries victimized by sanctions and strict trade laws will create alternatives beneficial to them.

No longer are foreign countries buying the majority of U.S. treasuries. The buyer of last resort is the Federal Reserve. The Fed will continue lowering interest rates and treasury yields will fall until monetary manipulation takes place and owning U.S. debt will become unattractive to foreign countries. On the domestic level, printing and monetizing debt will continue and asset price inflation (as well as health/welfare programs) will price out the middle class and poor. As for America’s economy, the Triffin Dilemma states holding the reserve currency means there will be less jobs at home since the U.S. exports cheap labor and more imported goods. America is dependent on the rest of the world for goods and is much less self-sufficient. As the reserve currency continues to inflate asset prices and dilute the value of investments, the only rational economic decision for American investors will be to store their wealth in bitcoin.

China still exports to the U.S. but doesn’t recycle their dollars like Saudi Arabia. They are losing faith in the value U.S. treasuries hold and are selling them to fund their own economic imperial efforts such as the Belt and Road initiative. The dollar hegemony has created geopolitical and economic blow back where more countries are doing business with each other outside of the dollar system.

Eventually, currency wars lead to real wars. China and Europe are competing with the U.S. by pumping more money into their systems. Every country is incentivized to devalue their currency to stay competitive. It’s a race to the bottom: the beggar via neighbor policy. Eventually, a country will run out of ways to weaken the currency, and hyperinflation is, therefore, inevitable. It is only a matter of time that every country will react to the dollar’s dominance and search for a greater alternative.

Bitcoin: The New Monetary Hegemony

In the future, the U.S.’s monetary hegemony faces a much larger threat, now that it’s victim-countries have found a new tool to chip away at the power of the dollar: bitcoin. The points mentioned above demonstrate how other nation states and Americans themselves will, and are, beginning to lose faith in the dollar.

The area in the world that is primed for using bitcoin as a monetary escape is Central America. With countries like El Salvador adopting bitcoin as legal tender, people can trade openly and freely anywhere in the world without having their savings diminished before their eyes. In the Kingdom of Tonga, remittances make up 40% of their economy but, in real terms, that’s approximately 20% after fees are paid to Western Union. Bitcoin will enable the elimination of all fees and bring more money into the pockets of the country’s people and yield real economic growth and prosperity. Talk about an unintended consequence.

Bitcoin has rules, not rulers. Instead of a nation state hegemon, there are strict rules of the Bitcoin network’s protocol that all participants of the network must abide by in order to participate in the world economy. These characteristics are what make bitcoin the ultimate form of blowback against dollar hegemony.

If the power of the dollar falls, it could hurt the United States’ ability to control the global trading system. All efforts before bitcoin have been proven futile. Now, with a completely open, permission-less, censorship-free, confiscation-resistant monetary network, any and all countries around the world can trade with each other.

Like the dollar, bitcoin is an economic weapon. Unlike the dollar however, bitcoin is a weapon of self-defense. Before bitcoin, countries had no other viable choice but to peg their economies to the dollar and depend on America for economic cooperation. As mentioned above, this has led to countless examples of economic hardship. Bitcoin gives people an option. Opting into the Bitcoin network guarantees the protection of one’s wealth and property regardless of any entity. Trade within the Bitcoin network cannot be stopped, and economic cooperation can flourish. Bitcoin is the inevitable blowback the world has desperately needed for over a century. Now, the wait is over.

Special thanks to @newzealandhodl.

This is a guest post by Phil Gibson. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Moonriver (MOVR) Begins Producing Blocks on Kusama Network

Ethereum-compatible smart contract platform on the Polkadot network, Moonbeam has successfully secured a parachain slot for its sister network Moonriver on Kusama.

Moonriver Blocks in Production

Today, Moonriver bagged the second parachain slot on the Kusama network with a successful community-oriented crowdloan of more than 205,935 KSM raised from 5,977 contributors from the world over. The U.S. dollar equivalent value of the raised KSM is close to $45 million.

Shortly after securing a parachain slot, Moonriver is now successfully producing blocks on the Kusama network and has also commenced a steady rollout of its Ethereum-compatible smart contract platform.

Akin to its sister network Moonbeam on Polkadot, the Moonriver smart contract platform offers robust features beyond Ethereum compatibility and basic EVM support, such as making it easier for developers to build applications in the Kusama ecosystem.

It is worthy of note that projects powered by Moonriver will be able to leverage the same smart contracts languages, Ethereum-based accounts, developer tools, base-level integrations, and all other required services that they would require. All of this, in the new extended Kusama environment.

Once live on Moonriver, will be able to natively interact with Kusama as well as with other parachains connected to the network.

Commenting on the development, Derek Yoo, Founder of Moonbeam, said:

“The Moonriver launch is the result of a huge amount of effort from a large number of contributors, extending far beyond the PureStake development team.We are grateful to our technology and ecosystem partners who helped make this happen, including Parity, Web3 Foundation, our collator community, our ambassadors, and all of the contributors to the Moonriver crowdloan.”


“As Moonriver completes its launch sequence and enables full functionality in the coming weeks, we look forward to supporting all of our ecosystem partners who plan to deploy to the network.”

Phases of the Launch

Although Moonriver has secured a parachain slot on the Kusama network with its block production already having commenced at 11:30 AM UTC, it is actually the first phase of Moonriver’s launch. Notably, the Moonriver network will gradually introduce new functionalities in line with the four-phase launch process to ensure network stability post-deployment.

Currently, the Moonriver network is in Phase 0 and is expected to take about 1-2 weeks to complete each phase.

In Phase 0, the network is essentially centralized as the genesis block is launched. At this point, the Moonriver team controls network governance and infrastructure. Next, in Phase 1, after ensuring the network is stable enough, third-party collators will be added and the network starts the decentralization process. Notably, Moonriver is the first network to have a decentralized collator set and a custom parachain staking pallet.

Phase 2 of the launch is concerned with governance where the Moonriver team will issue a runtime upgrade and enable governance.

In Phase 3, after ensuring the stability of network governance, the Sudo key (which grants the Moonriver team control) will be eliminated to transfer the control of the network to token holders.

Finally, Phase 4 will witness the full launch of the network where balance transfers and EVM will be enabled. During this phase, developers and end-users will have seamless access to all functions of Moonriver, which includes the ability to transfer funds, participate in the Moonriver staking system, deploy smart contracts, and claim crowdloan participation rewards.

Post the successful rollout of Phase 4, projects that have already been deployed to Moonbase Alpha, the Moonbeam TestNet, will start deploying to Moonriver.

Moonriver is committed to being decentralized through and, therefore, offering its crowdloan participants MOVR network tokens worth 30 percent of the total genesis network tokens. This will ensure the Moonriver community has a high degree of control over the network soon after its launch.

Moonriver’s parachain lease period will last for a total of 48 weeks, after which it will return the KSM received from crowdloan participants to the respective contributors.

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From CoinBurp to YOLOrekt: What CoinList Is Doing with Seed Projects

Nowadays in crypto, ICO is a dirty word, a reference to the era when startups raised fast cash by selling new tokens that often had no real project or purpose behind them. Many of the companies that conducted initial coin offerings eventually faced legal action from the SEC.

But ICOs never went away—companies simply started calling them something else, or offering them only to investors outside the U.S. As Faulkner wrote, “The past is never dead. It’s not even past.”

CoinList, which listed some of the highest-profile ICOs during the boom, including Blockstack (STX), Filecoin (FIL), and Dfinity (ICP), never went away either. It has continued to list an average of four token sales per year, even after the “crypto winter” of 2018. In 2019, CoinList offered the Algorand token sale ($60 million raised), in 2020 it listed Solana ($1.76 million) and Celo ($10 million), and in April of this year, it listed Mina Protocol ($18.7 million). 

CoinList has also built out its business beyond token sales. It now has an exchange that offers staking, borrowing, and lending. And then there’s CoinList Seed, where CoinList connects fledgling crypto projects with potential investors. Last month, CoinList announced its Spring 2021 batch of seed projects. This was the company’s fourth seed group (it started in Winter 2020), but CoinList Seed has flown under the radar in terms of public attention. 

The latest list has 12 early-stage crypto projects, and includes some highly entertaining names and descriptions. CoinBurp bills itself as a “Coinbase for NFTs” (its web site, which opens with an animation of a letter C burping out coins, looks just like Coinbase’s interface). YOLOrekt is a gamified liquidity provider for betting on crypto price predictions. Sarcophagus is an autonomous “dead man’s switch” that allows you to set instructions for your crypto holdings if you die (particularly useful in light of the Quadriga CX fiasco in 2019 and after John McAfee’s suspicious death last week). 

CoinList Seed gives project founders a chance to do a live pitch to a VIP group of CoinList users including crypto funds, angel investors, and previous CoinList token project founders. Here’s where it gets interesting: CoinList isn’t getting any money for the service, from either party.

YOLOrekt raised $1.75 million in February from investors including Pantera Capital and the former CEO of BetFair. YOLOrekt cofounder Yogesh Srihari (who is also a co-founder of SpankChain) tells Decrypt that $700,000 of the raise came from CoinList investors who watched his pitch—and CoinList got no money for the help. 

“They don’t pay us a fee, and we don’t get a cut of what they raise, which probably begs the question of why the hell are we doing this,” says CoinList head of sales Mike Zajko. “I’d say it’s most akin to an incubator like Y Combinator, and we’ve pared it down to just the demo day.”

Zajko says CoinList started CoinList Seed because they saw demand from both sides. They were hearing from early projects that were not ready to do a token sale but wanted to start getting the word out, and they were hearing from investors looking to invest in early-stage projects that didn’t yet have a tradable token. 

It’s clearly a bet that if and when these projects do go the token sale route, they’ll come to CoinList. Indeed, CoinList CMO Alex Topchisvili says, “We view this as a way to source potential candidates for future collaborations with CoinList.”

Of course, not all of the seed projects will conduct token sales, at least not in the current manner in which token sales are operating. 

coinlist homepage homepage

Zach Hamilton, one of the developers behind Sarcophagus, says CoinList has “huge reach” and connected him with great investors, but he also predicts CoinList’s core business model can’t last. “They’re sort of from the last cycle, but they can probably find a way to operate in this new cycle,” he says. “It’s for them to figure out the legal, I don’t wish that on anyone. This constant arbitrage between different jurisdictions to sell tokens, it’s not going to work long-term.”

Sarcophagus is currently in the process of raising $3 million through a DAO (decentralized autonomous organization), a new model that enables groups of strangers to pool crypto funds and get an equal vote in what to do with the funds, with no one person in charge. Some Sarcophagus DAO investors will receive SARCO tokens, but it won’t be the kind of token sale that CoinList could run. “It can’t work with their current structure, because there’s no company, and no equity to give,” Hamilton says.

Conducting a fundraising round on-chain “immediately saves us $50,000,” Hamilton says. “No lawyers, and no one is complaining. It just works. And it’s not some bullshit raise like $50,000, it’s $3 million, so it’s real money.”

Even as Hamilton extols the benefits of the new decentralized landscape for raising money, he has seen traditional VCs resist it. Hamilton says he had interest from a partner at a top-level firm, but when Hamilton told him the round will happen entirely on-chain, “He said, ‘No, it needs to all go through trusted custodians.’ And I said, ‘Well, I guess you’re not in the deal, man.’”

Srihari of YOLOrekt says that after money kept pouring in from his CoinList pitch, he had to keep doubling his valuation. “YOLOrekt launched in 2019, but we were not making enough money for me to sustain it myself,” he says. “I did not expect to see such a difference in markets between 2019 and 2021.”

YOLOrekt will issue its YOLO token in the next couple weeks on Ethereum and Polygon at the same time, with two different contracts running. Bettors on the protocol can contribute to liquidity by buying YOLO on either chain. And just like many other projects that don’t want to navigate the confusion of SEC token guidelines, YOLOrekt is only issuing YOLO outside the U.S. “We cannot control people making pools on Uniswap, stuff like that,” Srihari says. “We also will not give people the token until the project has launched, because we don’t want people to just speculate with it. Once the project is launched, if they want to speculate, that’s fine.”

Both Hamilton and Srihari say their projects could maybe be candidates for some kind of token issuance on CoinList at some point down the road. The help they got from CoinList will clearly keep the phone lines open. DeFi (decentralized finance), with its world of automated protocols and tokens, is hot, but total value locked in DeFi protocols peaked in early May at more than $120 billion. 

To stay relevant (and compliant) on the bleeding edge of the crypto industry, CoinList will have to continue to diversify its business beyond token sales.


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