Selected Cryptonomics News - Sibos 2019, DeFi, Bitcoin - 27 September 2019
I've been meaning to do this for some time, yet it is time itself that is in short supply. So, best to start and see what happens. The plan is an almost-daily review of some of the most interesting and important news in the cryptoverse.
Firstly, let me just say that I have no interest in lame posts by pump n' dumpsters, FUD and FOMO merchants and anybody who thinks that drawing lines on a chart is illuminating. Having dispensed with some 95% of the crypto news outpourings, we'll see what's left that is actually worth reading - or watching. I'm not a huge fan of videos as they strike me as a huge waste of time, but there are some good interviews and talks out there, delivered by people who actually have some insights, so expect some audio and video links as well as text.
Most news is old news; what I'm interested in is the news that shapes the future.
Opinion: The Dangers of a Cashless Economy
The biggest danger is the encroaching, silent tyranny that is the obvious aim of every military government.
But energy consumption is another serious issue. The amount of energy needed to power all the devices and the signal transmissions is growing. This is not just an environmental issue but, again, one of control.
Those who control the energy supply can thus influence those who control the signals.
Sweden, for instance, experienced a computer crash during a “cashless festival” and, with none of the guests having cash, the entire event was bungled. [lmao!] Payment networks rely on operating power networks, and functional communication lines, whereas cash payments work, no matter where or how. Thus, a cashless world is entirely vulnerable to cyber-attacks and infrastructure breakdowns, with no emergency back-up plans.
Buckminster Fuller stated, now many decades ago, that the first system that had to be decentralised was energy; all other systems would follow, but energy is fundamental to them all.
Sibos 2019: Contrarian Arguments - Payments will be a killer app for identity (Innotribe)
I may have missed it, but even the Indian speaker talking about India's digital payment system didn't quite spit out the obvious fact about linking payments to identity: it is designed to track and monitor everybody. Simple.
This is not a philosophical discussion about self-identity, that's going down the wrong cul-de-sac, this is about administrative identity: name, location, ID number, passport number. Who are you? Where are you? What are you doing? Is it safe? Are you safe?
Payments are ubiquitous, we all have to buy things or pay for things, so they are not exactly the "killer app", more like the "killer trap".
Introduction to Decentralized Finance (DeFi)
Decentralized Finance, known as DeFi, has been making waves in the crypto industry. Even Nasdaq has launched a new crypto index lately, called Defix, for the projects in the DeFi space, monitoring real-time information of DeFi protocols. With its enormous potential and ambitious growth of related projects over the past few months, it is believed that DeFi could undoubtedly be disruptive to the traditional financial institutions in just a matter of time.
Out of the many sectors in DeFi, the most fast-growing and promising one is borrowing and lending.[...] lenders can make passive income, or at least not make a loss since most crypto lending, so far, is over-collateralized.
This last sentence strikes me as the key between old finance and new finance. The world is awash with debt precisely because most of it is not collateralised. How can old finance reverse it's addiction to fractional reserve banking and over-lending? Or will DeFi be dragged into this at some point? Remember that even Tether finally admitted that it is not really, truthfully, fully backed 100%.
Bitcoin Is Being Manipulated by Institutional Markets, Data Suggests
Gosh! Really? I'm shocked.
I said this would happen as soon as futures contracts were launched - live with it.
The point about manipulated markets is that, if the manipulation is blindingly obvious, then any trader can use it to their own advantage - it becomes just another signal.
[BUY MAXUV] - [READ MAXUV]
Cryptoeconomics
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