StanChart Chairman: Financial Institutions Need Cryptocurrency Presence

José Viñals – Chairman of the British financial institution Standard Chartered – believes that the cryptocurrency space is an area where every financial institution “needs to be present.” According to him, businesses dealing with digital assets will go through a significant growth period in time.

‘Crypto Is Here to Stay’

In a recent interview for CNBC, the Group Chairman of Standard Chartered – José Viñals – revealed his support for the cryptocurrency industry. He opined that monetary institutions engaged in digital asset endeavors would see “extraordinary development” in the future.

The 67-year-old Spaniard also expects large companies and prominent banks to follow StanChart’s example and jump on the crypto bandwagon in the following weeks:

“The cryptocurrency space is an area where the financial institutions need to be present. We are present. We have recently agreed to start a partnership for a custody venture for crypto assets. Crypto is here to stay.”

Viñals added that companies offering digital asset services need to provide maximum security for investors in terms of financial stability. He also urged for enhanced regulations in the cryptocurrency market.

“It is much better to have a regulated crypto market than having it being the wild west that will have all sort of problems.”

Supervision in the space is essential for another reason. Without it, criminals could employ digital currencies in their illicit activities, the executive added.


José Viñals
José Viñals, Source: Bloomberg

StanChart’s Crypto Endeavors

The British multinational banking institution recently joined forces with the financial technology company – Linklogis – to launch a new blockchain-based digital trade finance platform. As CryptoPotato reported, the project would be called Olea. It would aim to bring together “institutional investors seeking opportunities in an alternative asset class.”

Amelia Ng – the CEO of the platform – opined that the collaboration could turn to be highly beneficial for the finance sector:

“By marrying Standard Chartered’s international trade and risk management expertise and unparalleled knowledge of Asia, Africa, and the Middle East with Linklogis’ innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and be a force for good.”

StanChart also became the first bank to join the Global Digital Finance (GDF) Patron Board. The union, which has over 100 organizations and 350 professionals as associates, welcomed aboard the British bank at the beginning of September.

The GDF’s mission, together with StanChart, is to support the cryptocurrency industry through a network of strategic innovators. They also work in favor of better governance standards and facilitate engagements between market participants, regulators, and policymakers.

Featured Image Courtesy of Reuters


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Shiba Inu Token Is Up 25% Following Coinbase Listing

Key Takeaways

  • Coinbase has listed Shiba Inu (SHIB) on its main exchange.
  • The coin’s price rose by approximately 25% within hours of the listing. It now has a market capitalization of $1.2 billion.
  • SHIB is one of many similar tokens that attempted to capitalize on the success of Dogecoin earlier this year.

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Coinbase has listed Shiba Inu (SHIB) on its main exchange, according to an announcement from the crypto trading company.

Coinbase Lists Shiba Inu

Today’s listing means that investors will be able to buy, sell, and send Shiba Inu on Coinbase’s web exchange. The same features are also available to users of Coinbase’s iOS and Android apps.

Coinbase noted that the token “aspires to be an Ethereum-based alternative to Dogecoin (DOGE), the popular memecoin.”

The exchange drew attention to Shiba Inu’s economics, noting its finely-denominated supply of one quadrillion tokens. It also acknowledged the coin’s ecosystem, which currently features an NFT project and a decentralized exchange.

It remains to be seen whether Shiba Inu will maintain its legitimacy. It is one of several nearly identical tokens that were created to capitalize on Dogecoin’s success earlier this year.

Arguably, Shiba Inu is not notable in its own right; rather, it is notable for the fact that it has beat out its various competitors.

SHIB Price Is Up 25%

Coinbase’s listing has benefited SHIB’s market value. The coin’s value rose roughly 25% in the hours following the addition and reached a value of $0.00000841 (8.4 cents per 10,000 tokens).

SHIB token prices, via CoinGecko

The SHIB token was previously listed on the company’s professional exchange, Coinbase Pro, on Sept. 9. The token’s price saw a similar boost shortly after that listing began.

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This growth is not so noticeable in comparison to the coin’s earliest prices. In May, shortly after its launch, SHIBA reached its all-time high of $0.00003532 (35.3 cents per 10,000 tokens).

Regardless, Shiba remains among the top 50 largest tokens. It has a market capitalization of $1.2 billion, according to CoinGecko.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Cardano Sees Over 40,000 Smart Contracts Deployed 4 Days After Alonzo HFC, How This Affects The Price

Smart contracts have become a reality on the Cardano network after September 12th. After the Alonzo Hard Fork Combinator launch, developers could now go ahead and start creating smart contracts on the ecosystem. This would aid in developers creating decentralized applications (DApps) to provide decentralized finance (DeFi) services to the users of the blockchain.

With the number of smart contracts that have been created on the network, it is no doubt that we are about to witness an influx of new decentralized apps on the network. The project has said that they are supporting developers in bringing their projects to life on the platform. By making the Cardano ecosystem as safe and developer-friendly as it possibly could. The developers, in turn, have shown their confidence in the network with the number of smart contracts already live on the ecosystem.

Related Reading | Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents

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Cardano Sees Over 40K Smart Contracts In Four Days

The first day after the launch was completed saw over 100 smart contracts created in the first 24 hours. This number in itself was impressive. But the subsequent days have shown an even accelerated timeline for the creation of these smart contracts. Thursday 16th September marks the fourth day after the Alonzo HFC and the current count for the smart contracts on the network now sits at almost 41K.

While most of these smart contracts are not going into effect now, developers are creating them in a bid to lock their tokens ahead of the release of their decentralized applications. It evidences the number of projects developers are already working on to bring to the Cardano ecosystem. With the rise of decentralized finance still continuing, and as more people move away from other leading smart contracts platforms in favor of a cheaper and faster alternative like Cardano, more protocols are expected to launch their smart contracts on the network.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

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Currently, these smart contracts are in a timelock contract, effectively locking them up for a specific period of time until the developers are ready to make use of them. This will provide the developers the time they need to develop their protocols while having secured their smart contracts for their uses ahead of time.

How This Affects This Price

The effect of this many smart contracts being created on the Cardano blockchain may not be apparent immediately. But there is no doubt that the rate at which the smart contracts are being created will have long-term positive effects on the price of its native asset ADA.

Cardano (ADA) price chart from

Cardano (ADA) price chart from

ADA price trending around $2.4 | Source: ADAUSD on

The rise of decentralized finance has been one of the major driving forces behind Ethereum’s success, and most recently, Solana’s success. In the same way, DeFi protocols on the Cardano blockchain will also effectively increase the value of its token. This is because once these decentralized applications are up and running, users will need to use ADA to carry out transactions on the blockchain.

Whereas users do not necessarily need to hold ADA coins, they will need to be purchased to trade and pay for transaction fees. This will create demand for the coin, in the long run, leading to a higher value of the digital asset.

Featured image from Decrypt, chart from


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The State Could Try To Leech Off Of Bitcoin Rather Than Banning It

I think at the end of the day if it’s really successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it. -Ray Dalio on Bitcoin

Banning Bitcoin is a practical impossibility. The incentives are such that Bitcoin will prevail in the long term as the savings technology of choice, but that doesn’t mean the state will give up its power as a monetary monopolist without a fight. The brighter minds among the ruling class will attempt to emerge undefeated from the upcoming turbulent times.

Government Bans Don’t Work

One of the best definitions of the state was formulated by Max Weber, calling it entity that has “a monopoly on violence.” The state uses this monopoly to further entrench and strengthen said monopoly, with the goal being to attain more power over society. Direct state monopolies have been pretty much discredited by economic disintegration whenever tried throughout history. So the modern approach for the state to control various industries is to do it indirectly. Two popular ways to achieve indirect control are to either ban the particular industry or to steer it via a combined force of taxation, regulation and surveillance.

Bans aren’t very effective. The history of major bans is a testament to the futility of banning an activity or resource that has strong demand.

The U.S. alcohol prohibition that was in effect between 1920 and 1933 is a prime example. A research paper from 1991 summarizes its effects as follows:

Although consumption of alcohol fell at the beginning of Prohibition, it subsequently increased. Alcohol became more dangerous to consume; crime increased and became “organized”; the court and prison systems were stretched to the breaking point; and corruption of public officials was rampant. No measurable gains were made in productivity or reduced absenteeism. Prohibition removed a significant source of tax revenue and greatly increased government spending. It led many drinkers to switch to opium, marijuana, patent medicines, cocaine, and other dangerous substances that they would have been unlikely to encounter in the absence of Prohibition. Mark Thornton: Alcohol Prohibition Was a Failure

The War on Drugs, which began in the 1970s, saw similar results. According to a 2017 Cato Institute analysis, these are the effects of 50 years of drug prohibition:

  • Overdose deaths increased from 1 per 100,000 in 1971 to 12 per 100,000 in 2008.
  • Drug potency increased, with consumption shifting from softer drugs like marijuana to hard drugs like opioids.
  • New synthetic drugs such as crack cocaine and fentanyl emerged with a devastating effect on its users and their communities.
  • Enforcement costs taxpayers $50 billion annually; the initial budget approved in 1972 for drug-related policies was $1 billion for a three-year program.
  • The 50-year war gave rise to ruthless Mexican drug cartels and aviolent government response — the Mexican drug war itself has claimed an estimated 300,000 lives since 2006.
  • A policy known as civil asset forfeiture became normalized, under which enforcement agencies can seize any assets belonging to a drug-related suspect. The amount of such seizures is staggering: “In total, the Department of Justice’s Asset Forfeiture Fund confiscated nearly $94 million in assets during 1986, its second year of operations. By 2011, this number had ballooned to approximately $1.8 billion [annually]. State and local seizures have followed similar trends.”
  • Other consequences include police militarization, widespread corruption, increased oppression of minorities and foreign military interventions.

The drug trade is also the main source of illicit funds and money laundering problems, similar to how illegal alcohol was the major source of illicit funds during the alcohol prohibition.

Now the purpose of this article isn’t to comment on alcohol or drug policy. The point of this rather lengthy introduction is to illustrate that government bans are ineffective when aimed at curbing activities that are in high demand. Wherever persistent demand exists, supply will, uh, find a way.

life finds a way

A classic line from Jurassic Park.

Failed attempts at banning a particular industry gradually transform into the second type of state control: indirect, by way of taxation, regulation and subsidies. We have seen this development with the alcohol industry and the same is happening with the drug industry; cannabis use and trade is already legal in 18 US states and all types of drugs decriminalized in Oregon. The alternative to bans for the state isn’t to declare a free market, but rather to dominate via licensing requirements and to extract rent via taxation.

Are You A Good Citizen Or A Money Launderer?

Contrary to what Ray Dalio thinks, it’s becoming clear by now that Bitcoin isn’t going to be banned in the way alcohol or certain drugs were banned. Governments, or rather experts in appropriate agencies, have done their homework. They know they can’t ban Bitcoin in any meaningful way.

There won’t be a war on Bitcoin. Not in the sense of an eradication attempt.

Instead, the state is going to go straight to indirect control, while it still can — before the process of bitcoinization reaches an event horizon, before the emergence of the bitcoin circular economy and widespread sats-based wages and before we can do away with fiat on-ramps.

Bitcoin itself cannot be banned but people interacting with it can be surveilled, prosecuted, fined or jailed. Plus, most of the massive value that bitcoin will generate over the coming years can be siphoned away from the holders. This can be done by dividing prospective bitcoin holders into two categories:

  1. Good citizens: everyone wishing for bitcoin’s price exposure can do so in a compliant manner via exchanges and similar service providers. Good citizens don’t come in direct contact with the Bitcoin protocol and are discouraged from withdrawing bitcoin into their wallets. Transactions among regulated service providers are allowed; good citizens would be able to send bitcoin from Coinbase to PayPal, for example. Everything is fully KYC’d and custodied so the government has an easy time taxing away most of the value gains while the honeypot of personal data grows ever larger.
  2. Money launderers: direct interaction with the Bitcoin protocol is effectively illegal due to regulatory requirements that cannot be met on the individual level. Violators will have their bitcoin confiscated.

I believe establishing such an environment is the dominant motivation for the cryptocurrency provisions in the recent U.S. infrastructure bill. As many have pointed out, the definition of “brokers” in the proposed legislation is technically ignorant and doesn’t take into account how the Bitcoin protocol works. Yet there was no will to acknowledge these shortcomings and bring the provisions closer to reflecting the technical reality.

The vagueness of this text means that everybody running their own node or mining on U.S. soil could potentially violate the law. The full text of the bill is available here, with specific sections on reporting for digital assets on page 2433.

I don’t think this is a case of incompetence. From the state’s point of view, a regulation of this kind isn’t a problem — it’s a solution.

The state isn’t aiming to have “regulatory clarity” (whatever that means), or to ensure consumer protection or to curb money laundering. The aim is to scare coders and businesses in the Bitcoin ecosystem into adopting bitcoin in an approved manner, via surveilled venues from which there won’t be any escape, and to siphon off the value that bitcoin will generate in the coming year, both from exchange-held IOU bitcoin and from sovereign bitcoiners.

Siphoning Off Bitcoin Value Gains

According to a recent survey conducted by NYDIG, about 46 million Americans, or 17% of the US adult population, “own” bitcoin; it’s unclear how many of these simply have an account on Coinbase instead of truly holding bitcoin, but let’s assume that at least half of them hold their own keys (a very optimistic assumption). This would mean that less than 10% of the U.S. adult population hold any bitcoin.

If we further assume that bitcoin is going to keep on winning against fiat as a supreme store of value, it’s only natural that the majority of the American population will look to gain some sort of exposure to bitcoin in the coming years. And the way that this precoiner majority gets exposure is what’s at stake today. The state still has the chance to drive the majority into compliant walled gardens. It’s kind of similar to legalizing cannabis via regulated dispensaries, where everything is done in a regulated, recorded and thoroughly taxed manner.

The truth is that the majority of the population will be satisfied with having some exposure to bitcoin’s price, without having anything to do with Bitcoin the protocol. Most won’t even mind very much when the withdrawal process is greatly limited or disabled “for user safety.” The small minority of cypherpunk bitcoiners will be subject to prosecution, because they will always be in violation of the law — by running their node or mining without following the technically infeasible KYC requirements, or by developing or using an anonymous open source wallet.

Thus the state can siphon off most of the value that bitcoin will generate in the coming years.

Once the majority is captured in compliant walled gardens and the minority can be prosecuted at will, it’s pretty straightforward:

  1. Bitcoin on exchanges will be subject to an annual unrealized capital gains tax. This may sound outrageous now, but there are ways to propagandize this into acceptance. We are currently heading into the greatest economic recession since the Great Depression. Everyone will be asked to do “their share” — and taxing half of the annual gain (in fiat terms) won’t be viewed as such a great sacrifice. The tax would be automatically deducted from the user’s account balance.
  2. Bitcoin held by sovereign hodlers would be subject to civil asset forfeiture — a process already widely used in the war on drugs and cheered on by good citizens. Everyone can choose to follow the law, after all.

The End Game Is To Own As Much Bitcoin As Possible

It’s fully plausible that people in the government understand the end game that hodlers play. Some might even be well-versed in the writings of Saifedean Ammous, Vijay Boyapati or Robert Breedlove. They know they have to do something, while also knowing that banning bitcoin is a fool’s errand. Embracing bitcoin in a compliant manner and scaring away people from a sovereign approach is the one shot the state has at surviving hyperbitcoinization.

The winning scenario for the state isn’t to ban bitcoin, but rather confiscating as much of it as possible and controlling the flow of the remainder. This doesn’t mean that all nation-states will do this; some will rather seek to attract Bitcoiners fleeing from those predatory regimes. It’s important to stay vigilant, hold your own keys, care about your privacy and be open to a scenario where relocation may be necessary in future.

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


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What Robinhood and GameStop Taught Us: ‘Bitcoin Billionaires’ Author Ben Mezrich

In brief

  • Robinhood is an online trading app for stocks and cryptocurrencies.
  • It’s extremely popular with amateur traders.
  • The impact of Robinhood has positives and negatives, says author Ben Mezrich.

It’s been nearly eight months since the GameStop short squeeze of January 2021, and the effects of the event still linger.

Robinhood, which halted trading of GameStop stock (which traders under the symbol GME) on January 28, has faced fines and blowback for its outages and trading halts on stocks and hot cryptocurrencies like Dogecoin—though its crypto business continues to be a success. WallStreetBets, the Reddit forum where young “YOLO” traders pooled their energy to buy up 90s nostalgia names like GameStop and AMC and send them to the moon, is no longer a well-kept secret.

Ben Mezrich has made a living chronicling the sort of traders and techies who take big swings and wind up with boatloads of cash. His book “Accidental Billionaires” became the movie “The Social Network,” and he later profiled the Winklevoss brothers in “Bitcoin Billionaires.” In his new book, “The Antisocial Network,” Mezrich describes Robinhood as a double-edged sword for young investors.

“Robinhood created this app that’s very fun. It certainly does gamify Wall Street to a point where it makes it as easy as a video game, there’s no fees, and with very little education, you can go on and buy and sell stocks,” he told The Decrypt Daily podcast. “The double edge of that sword … is that regular people also can lose a lot of money if they don’t have their eyes open and see what can happen.”

Mezrich sees Robinhood as the great equalizer, bringing the tools of Wall Street to Main Street. But that doesn’t mean that the neighbors next door have the same protections as the traders in the tower. Wall Street investors are working with large sums of other people’s money—and have hedges in place to minimize their downside; they can afford to take risks. But, he said, “A regular person who put $1,000 into a stock to watch it go down doesn’t get that money back and doesn’t go home to their mansion, they just lost the money they were going to use for their rent.”

Robinhood has taken heat for targeting younger traders who may lack the experience to understand the risks. (Though, ironically, the 2008 financial crisis stemmed from experienced people not understanding the risks, or ignoring them.)

Earlier this year, the company paid a $70 million fine from the Financial Industry Regulatory Authority, which found, among other violations, that Robinhood had consistently “communicated false and misleading information” to consumers, including downplaying the risks of trades and sometimes providing incorrect data. FINRA specifically called it out for the death of Alex Kearns, a 20-year-old college student who committed suicide in 2020 after believing he had lost over $700,000 on the platform via options trading.

Moreover, if Robinhood is a game, it’s a bit rigged, isn’t it? When Robinhood decided to temporarily halt purchases on certain stocks, citing cash flow issues, the anger bubbled up all the way to D.C., where politicians from both sides of the aisle called out the company for picking winners and losers.

“When Robinhood ‘needs to stop’ trading on this stock, it wasn’t clear to anyone that uses Robinhood that this could even happen, that suddenly they could say you can’t buy any more,” Mezrich said. “All of that has to be made clear at the outset.”

It’s enough to make Mezrich—a self-described libertarian—advise some form of oversight or protection: “The problem is, without any level of regulation, with this just being the Wild West, you’re going to see regular people get hurt a lot more than you see hedge funds get hurt.”

That doesn’t mean he believes the concept is fatally flawed. “The positive side is that everyone should be a part of the economy. The more there are people on Main Street taking part of Wall Street, I think the better for everyone.”

Just don’t think that you’re going to beat Wall Street. Mezrich, who has covered upstarts in every venue—from casinos to online poker parlors—knows that the house usually finds a way to win.


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This Fast-Rising Altcoin Is Set To Rise 200%, Could Become Most Important Crypto Asset on the Market: Coin Bureau

The head of the cryptocurrency outlet Coin Bureau says that Cosmos Network (ATOM) could be the most important digital asset on the market.

The pseudonymous analyst, who goes by the name Guy, tells his 1.3 million YouTube subscribers that the crypto network is invaluable because it allows different blockchains to communicate in a decentralized fashion.



Cosmos Network finalized its inter-blockchain communication (IBC) protocol in March, which allows different cryptocurrency platforms to trade and transfer tokens with each other.

Guy says that this function makes ATOM a game-changer for the industry.

“Cosmos is probably one of the most, if not the most, important cryptocurrency projects out there. This is simply because, without widespread interoperability, cryptocurrency is doomed to fail.

With the completion of the IBC, Cosmos has cemented itself as the leader in a niche that almost no other cryptocurrencies are competing in.”

Guy says the altcoin is also in line to see a 200% surge in price.

“In terms of how high ATOM could go, I’ll start by saying that I will be very surprised if it doesn’t hit at least $100.

This is simply because Cosmos’s fundamentals continue to hit all-time highs, with additional blockchains connecting to its hub almost every other week.

This has not yet been fully reflected in ATOM’s price, nor its market cap which is [still] minuscule.”

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ATOM is trading at $34.61 at time of writing, according to CoinGecko.

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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 Generation Z Loves Bitcoin

A generation whose known nothing but mounting government debt finds the value in absolute scarcity.

I am a zoomer, you may have heard of us — self entitled, spoiled and good at tech. I recently graduated from high school, attended university and entered the workforce. If you have done any of these things in your life then there is a good chance that you’re a human, and this article is relevant to you. Although this writing is tailored to younger demographics it still applies to everyone.

I’ll begin bluntly: you are operating your life at a loss — surprise! Now let me explain. Time is money and money is time, literally. Every day that you go to work you trade your time and energy for yet-to-be-redeemed credits of other peoples’ time and energy. This technological innovation is called money.

As a zoomer, I have many daily purchases and some life goals. I buy a coffee most mornings and one day I would like to own a house. I also have a savings account full of yet-to-be-redeemed credits. If I choose to not redeem (spend) these credits immediately, then they continuously lose value. With every second that goes by, the morning coffees and that future house get more expensive. As a result I’m able to ask less and less of other people’s time. Why is that?

These items get more expensive because governments use expansive monetary policies like low interest rates and money printing. I have no control over these expansionary monetary policies nor do I benefit from them. A cup of coffee, if I were alive in 1970 might have only cost me 25 cents; today it costs me upwards of $5! If we continue along the government’s targeted rate of inflation, that cup of coffee may end up costing me more than $10 before I even retire.

It’s an uphill battle!

I have to run faster and faster just to stand still and so do you. The current financial system is designed around “growth” at all costs. The economy is dependent upon debt-fueled consumption for consumption’s sake.

Consider the impacts of this on the environment. If the incentive is to quickly spend the money you earn today before it loses value, then resources are being dug up and mined before they would otherwise need to be. The “live for today” mentality comes at the expense of a better tomorrow. By today’s measurements of growth, or Gross Domestic Product (GDP), a cyclist ruins the economy because they do not buy cars, gasoline, insurance, or have car crashes. However, a fast-food outlet is great for the economy because it creates cardiologists and sick people who demand medicine and treatment.

Here’s the real kicker: the debt that has been generated is what we are about to inherit. We are on track to pay for all of the existing debt from past generations. Tax rates will be hiked, cheaper credit will be enforced, and dollars will be helicoptered into our financial system. Whether through taxes or inflation we will trade our time to pay for someone else’s mistakes. Unless, of course, we hold bitcoin.

A boomer told me once that he had solved the world’s debt crisis and explained that future generations would just pay for today’s consumption. I politely explained back that “I store my wealth in an unconfiscatable asset so that I can’t be forced to pay for your government’s egregious misallocation of resources.” I ask this question to you, the reader — do you?

Money is possibly the most important human construct after mathematics and language. For millennia, societies have employed either a token-based monetary system, like gold or seashells, or a ledger based system, like the fiat currencies of today. Throughout human history, the technology used for money has slowly and constantly evolved.

A fixed money supply means that human beings more intently vet their spending decisions, act less wastefully, and focus more on what’s important for the future. If your time and energy are stored in a non-confiscatable & non-inflatable asset, then you cannot be forced to pay for a previous generation’s decisions. How does that sound?

Bitcoin is a digital monetary network, native only to the internet. It has no physical form and crucially it has a verifiably limited supply. Bitcoin is the first iteration in human history of a proprietary token-based system backed by a distributed ledger. Because of the fixed supply, your claim on society’s time can not be diluted.

Bitcoin is one of the most risk-asymmetric trades anyone, especially a zoomer, can make. It has limited downside, yet it has an infinite upside. There is a non-zero percent chance that bitcoin will go to $1 million in our lifetime, but there is a 0% chance that your and my dollar savings will maintain value over the next 10 years.

With bitcoin in my pocket I run with the wind at my back and I swim with the current.

Special thanks to @BTCSchellingPt , @nikcantmine , @aurumbtc and Del for helping to edit this piece.

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


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OpenSea Executive Resigns Over Insider Trading

Key Takeaways

  • OpenSea’s head of product, Nate Chastain, has resigned from the company after allegations of insider trading.
  • The firm admitted to the trading incident yesterday but did not confirm Chastain’s departure until today.
  • OpenSea says that a third party has reviewed the incident and that it is working to improve transparency.

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OpenSea’s head of product, Nate Chastain, left the company today after he was found to have engaged in insider trading yesterday.

Head of Product Leaves Company

On Tuesday, head of product Nate Chastain was publicly accused of buying soon-to-be promoted NFTs before they were shown on the platform’s front page. Twitter user Zuwu brought Chastain’s behavior to light by inspecting the Ethereum ledger.

OpenSea quickly admitted that one of its employees had engaged in the alleged behavior. However, it did not confirm that the employee would leave the company until today.

“The behavior of one of our employees violated [our obligation to the community] and, yesterday, we requested and accepted his resignation,” OpenSea said in an update.

Despite these admissions, silence remains on both sides. The firm has not officially identified Chastain as the employee in question.

Meanwhile, Chastain has not posted to social media for several days, only noting his past role at OpenSea on his Twitter byline.

OpenSea Continues to Succeed

OpenSea says that it is taking this opportunity to improve its operations. It says that it has commissioned a third party to review the incident and recommend new controls on its activities.

The company says that it will provide updates as it changes its policies and improves transparency. It also says that it “wants OpenSea to be a level playing field” for buyers and sellers.

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OpenSea is the largest public NFT marketplace in operation today. It reached $3 billion in monthly trading volume in August, and it handles trades for several popular lines of blockchain collectibles including CryptoKitties and CryptoPunks.

The company also rolled out its trading app for the Google and Apple stores today, which will likely attract new investors.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins and has not invested in NFTs.

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OpenSea’s Head of Product Is Out Following Accusations of NFT Insider Trading

Nate Chastain, Head of Product at popular NFT marketplace OpenSea, appears to have stopped working with the company after being accused of NFT flipping using insider knowledge.

Head of Product is Out

Since being called out two days ago, Chastain’s Twitter profile has been updated to include the phrase “Past: @opensea”, suggesting that he is no longer employed with the marketplace.

Though this is not definitive proof that he was released from OpenSea due to the accusations, the likelihood is high.

CEO Devin Finzer has already updated his previous blog post related to the incident with news that OpenSea “requested and accepted” the resignation of one of their employees just yesterday for violating their “obligation to the community”.

In the update by the CEO, Finzer claims that OpenSea immediately commissioned a third-party investigation after news of the incident arose and is actively implementing its recommendations as review of the incident continues.


Despite mounting evidence against him, Nate Chastain is yet to release a public statement on the matter. Meanwhile, the Twitter consensus appears to be that he is guilty, and some are even ‘celebrating his demise’ with a new CryptoPhunk giveaway. However, others still show appreciation for the work Chastain has contributed to the NFT community and wish him the best moving forward, despite his wrongdoing.

The Accusations and the Evidence

Nate Chastain was accused of using insider information to purchase OpenSea NFTs before they were released on the platform’s homepage; then, he sold them for far higher profits.

Chastain initially bought the NFTs using burner accounts to mask his identity; however, he was caught using blockchain data which revealed that his earnings from these accounts were all being transferred to his public address. OpenSea later released their blog post confirming that this “insider trading” indeed took place.

Chastain’s profits from the endeavor totaled 19 ETH, which is over $65k at press time.


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Coinbase Is Set To Increase Corporate Bonds Amid Rising Demand

In a recent development, Coinbase issued a junk bond, and the market seemed to be hungry for the instrument. Currently, the US crypto exchange is recording more demands for these bonds every day. With these demands, the crypto exchange’s sales have grown from $1.5B to $2B.

Bonds are fixed investments that yield interest monthly. But when we talk of junk bonds, investors make higher returns but face higher risks as well. Companies usually issue junk bonds to raise capital very fast for a major project.

Corporate Bond Orders Keep Rising

The orders have continued to troop in for the Coinbase junk bond. One of our sources reveals that the orders amounting to $7 billion are competing for 7 and ten-year bonds, with interests of 3.375% & 3.625% each. From our sources, we also learned that some claims have risen that the interest rates were lower than what Coinbase offered in the first quotes.

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This increasing demand proves that the exchange didn’t know the extent to which the public regarded its creditworthiness. If they offered higher rates in the quotes, it meant that Coinbase was unsure that many people would invest in the bonds.  So, the high demand showed them their worth, and the company reduced the rates.

Moreover, an analyst with Bloomberg stated that this high demand shows that debt investors have endorsed the exchange positively. But these bonds rank a bit lower than investment-grade bonds, according to Bloomberg bond indexes showing that debts offerings like what Coinbase issued get an average of 2.86% yield.

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Coinbase And The Junk Bond Journey

The US-based crypto exchange announced this junk-bond issue on September 13. According to that announcement, the company aims to use the capital for its products developments. Also, they aim to acquire other technologies, companies, and products that they might find in the time to come.

Coinbase is the second crypto company to offer this debt instrument. Before now, MicroStrategy issued Notes worth $500M to invest in Bitcoin following the June market crash.

So, the crypto community has seen the likes of junk-bond offerings before now. This might be the reason for the surging demand plus the popularity of Coinbase in the industry.

On its opening day, the bond traded at $342 while the company’s COIN Stock sold for $243. But the COIN has managed to gain 20% since the end of June. What surprised the community more is that the exchange is facing a lot of threats from the SEC, yet the investors pushed money into the bond.

Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting

The Securities and Exchange Commission threatens the crypto exchange with possible legal action if it launches a USDC lending product. Before this threat, Coinbase planned to launch the USD Coin. But it seems that the company is keeping the plans at bay for the time being.



Currently the USD Coin is trading sideways | Source: USDCUSDT on
Featured image from Business Insider, chart from


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