2021-12-03 14:53:26
COIN BUREAU NEWSFLASH! – (3/12/21)
Here are some of today’s most important headlines:
A research paper, published by academics at several Australian universities, has asserted that Ethereum is potentially a superior store of value to Bitcoin.
The EIP-1559 upgrade, that took place in August of this year, is the crux of this argument. I have talked about EIP 1559 and it’s impact on ETH supply ad-nauseum. But, the crux of the argument is that on some occasions, ETH burn rates exceed issuance which makes it deflationary. Currently, over 1 million ETH has been burned.
There is sound belief that, as demand for Ethereum rises due to the expansion of the DeFi ecosystem and dApp usage, Ethereum will become all the more deflationary - hence the term 'ultra sound money'
On the other hand, Bitcoin has advantages with regards to its hard-capped supply and lack of interference and changes to the network.
I believe that, as inflation fears mount, investors will be turning to high-cap cryptocurrencies, like BTC and ETH, as a hedge against such concerns
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3970338
Another major NFT collaboration has emerged, this time featuring Adidas…
The apparel-giant has been teasing communities with tweets hinting at NFT/metaverse partnerships and now details are beginning to emerge. Adidas will be partnering with the famous Bored Ape Yacht Club, as well as several others.
Adidas have purchased a Bored Ape NFT and have since been flexing. They plan to create a BAYC character named Indigo Herz. The ape was purchased for around 46 ETH…
Adidas have also revealed an additional partnership with metaverse giant, The Sandbox. That said, we are still waiting for specifics on this.
Check out this crazy BAYC teaser trailer that Adidas dropped yesterday…
https://twitter.com/adidasoriginals/status/1466443459951271939?s=20
You’ve probably been hearing all about India’s plans to ban various cryptocurrencies. Well, it has now emerged that cryptocurrencies will not be banned in India but instead, aggressively regulated. Surprise surprise
Indian media outlet, NDTV, claim to have accessed a cabinet note suggesting as such.
According to one of NDTV’s reporters, Indian investors will be provided a certain timeframe in which to accurately report their cryptocurrency holdings and, thereafter, will only be allowed to hold and trade their holdings via an exchange regulated by the Securities and Exchange Board of India. This seems to imply that private custody wallets may be banned.
Though this is certainly favorable to an outright crypto ban, it will massively limit Indian investors ability to interact with the crypto space.
Furthermore, the Indian government seem to have plans to develop a central bank digital currency – perhaps the most dystopian of all cryptocurrencies.
It frustrates me that various jurisdictions are looking to stifle innovation in this exciting sector using regulation and, worse still, seem to be designing such regulation from a place of ignorance.
And, more importantly, as I explained in my video a few months ago on India’s earlier proposed bans, you literally can’t ban a decentralised P2P currency
https://cointelegraph.com/news/cabinet-note-suggests-india-will-regulate-rather-than-ban-crypto
In the most shocking development since the SEC claimed that water was indeed wet, Gary Gensler has said that "Bitcoin is in competition with the US Banking System".
This statement was made at the DACOM conference this year that was attended by himself and the Ex Chair - Jay Clayton. For those that don't know, Jay was the chairman responsible for the SEC's case against Ripple.
The only thing that emerged from the conference is uncertainty around how the regulatory landscape will evolve. Which agencies will regulate it and how?
https://www.coinbureau.com/news/sec-chair-gary-gensler-says-bitcoin-in-competition-with-us-banking-system/
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