CoinDesk Reports

This week, “Opinionated” hosts Anna Baydakova, Danny Nelson and Ben Schiller,  are talking to Anita Posch, an Austria-based bitcoin educator, advocate and bilingual podcaster. Anita has just published a book about the leading cryptocurrency basics entitled “(L)earn Bitcoin.”

This episode is sponsored by Unique One Network.

We invited Anita to talk about the topic she knows so well – cryptocurrencies in Africa. 

LocalBitcoins said that Africa delivered 12% of its $600 million in global volume between January and March and that demand is growing. Countries like Nigeria are seeing an increased interest in crypto even as the banks block crypto-related transactions in the country. 

Anita traveled Africa and interviewed crypto influencers there like no other bitcoiner has. She knows what people think about bitcoin in Ghana, Senegal, South Africa, Eritrea, Nigeria and Zimbabwe, and is keen to share her insights. 

What can crypto do in a country where less than a half of the population has access to the internet? Why is it easier for Africans abroad to send money back home via crypto? The KYC/AML (know-your-customer/anti-money-laundering) policies in crypto around the world are getting stricter – how will that affect people in Africa, where personal IDs aren’t widespread?

Anita shares her thoughts on how crypto use in Africa is different from that in Europe and the U.S., and a possible future for African central bank digital currencies under China’s influence, and she gets into a heated debate with Ben on bitcoin’s viability as a form of payment given its volatility. 

Listen to Anita, Ben, Anna and Danny discuss the optimistic – and disturbing things about crypto in Africa.

Anita Posch’s Twitter handle is @AnitaPosch

Mentioned in this episode:

Anita’s podcast “The Anita Posch Show”

Anita’s book “(L)earn Bitcoin”

Anita’s YouTube channel 

LocalBitcoins: Bitcoin in Africa: Top 5 Countries

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s crosschain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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This week on “Money Reimagined,” we reflect back on the “Nixon Shock” of Aug. 15, 1971 - 50 years ago this week – when the dollar was removed from its peg to gold and the world of finance was turned upside down.  

This episode is sponsored by Unique One Network.

Eswar Prasad, an economics professor at Cornell University, senior fellow at the Brookings Institution and author of a number of books on currencies and the international monetary system, joined Michael Casey and Sheila Warren to discuss the legacy of this moment. Also chiming in was CoinDesk’s managing editor of podcasts, Adam B. Levine. 

When President Richard Nixon made his drastic decision to remove the dollar from its peg to gold, it prompted all other countries to de-peg their currencies from the dollar, thereby ending the Bretton Woods managed exchange rate system that had been in place since 1944. By extension, it kickstarted the era of fiat currencies that we still live in.

The world that emerged out of that move – one in which the supply of currencies was now at the discretion of monetary officials – set the tone for the current challenges of the global financial system and the powerful role that central banks now play. This monetary history also provides vital context for the efforts by bitcoin and cryptocurrency advocates to build an alternative to that system. 

Prasad recognized the disruption that digital currency technology seems poised to bring to the world of money and sees a competition for supremacy emerging. However, he was lukewarm about the utility of bitcoin in that future, in part because he believes the element that most bitcoiners are drawn to – its fixed supply – is more of a bug than a feature. The real risk in the global economy, he says, is a fall in prices, not inflation. To stave off the threat of a self-destructive deflationary spiral, he said, monetary issuers need discretionary power to increase money supply

That set up a healthy debate with Levine, who argued for the superiority of the Bitcoin protocol’s predictable supply function to generate public “trust” over the discretion of central bankers and who claimed that inflation has been severely understated ever since the Nixon Shock.

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Unique One Network is an interoperable platform for DeFi-enabled NFT marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s cross-chain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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In this week’s episode, CoinDesk’s Christine Kim and Consensys’ Ben Edgington are joined by cybersecurity and privacy litigator Sean C. Griffin to discuss the regulatory environment of non-fungible tokens (NFTs). 

This episode is sponsored by Unique One Network.

Edgington bought his first NFT from English contemporary artist Damien Hirst. Hirst is expected to raise up to $20 million by selling 10,000 tokens worth $2,000 each. Upon purchase, the NFTs can be redeemed for a physical painting but only for a limited time period of one year. At the end of the year, Hirst will burn the corresponding NFT or painting that the buyer decided not to keep. 

Owning a piece from Hirst’s NFT collection gives the buyer rights to a physical painting and comes with the assurance of limited token supply, which Griffin explains is not always the case with all NFTs. 

The underlying technology of blockchain is able to prove that each NFT token is one of a kind. However, linking NFTs to a physical piece of art requires off-chain trust and verification. Griffin said he often sees NFT buyers “believe they are getting the associated artwork, too,” which is typically not true. According to Griffin, fraudsters have been selling NFTs of valuable artwork and leading people to believe they are buying the rights to the underlying artwork. 

Griffin also highlighted the importance of private key security and avoiding malicious phishing attacks. As the cryptocurrency markets grow in value, so do the privacy and security risks associated with investing in digital assets. 

Griffin hopes increased regulation over NFTs in the U.S. will enforce standards that benefit all market participants. His concern is that regulators will come in from a “zillion” directions and create unnecessary regulations that do more harm than good. 

Kim asked Griffin, “When it comes to holding [individuals] accountable and liable, do you think the main people responsible for abiding to these guidelines are the developers of the marketplaces and developers of the protocol? [Are these] the people that justice authorities go after?”  

Griffin believes the marketplaces facilitating the trading of NFTs are the most at risk of penalties. However, in such a new and changing space it is difficult to judge how regulators will go about governing the industry. 

To hear the full conversation featuring Griffin, Kim and Edgington, check out this week’s episode of “Mapping Out Ethereum 2.0.” 

Links:

Damien Hirst NFTs -- https://www.heni.com/

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s crosschain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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This week, “Opinionated” hosts Ben Schiller, Anna Baydakova and Danny Nelson are talking to Grant Gulovsen, a private attorney specializing in crypto space.

This episode is sponsored by Unique One Network.

Grant is fascinated by the story of Tether, and so are we. Tether is the $62 billion stablecoin powering much of the liquidity in the crypto markets. What would happen if that mammoth project went belly-up? 

Grant has been watching Tether for years and has a few thoughts on the checkered history and unclear future of crypto’s favorite controversy. Why is tether’s backed/unbacked status so contentious? Why are so many in the crypto space skeptical of its centralized issuer? Why aren’t so many others?

Listen to Grant sharing his thoughts on Tether’s recent (and long awaited) treasury disclosure, how it looks compared to other stablecoins, rumors about bank fraud allegations, what actually can happen if USDT loses its peg to the U.S. dollar, and more.

Mentioned in this episode:

CoinDesk: Tether’s First Reserve Breakdown Shows Token 49% Backed by Unspecified Commercial Paper

CoinDesk: Tether Executives Facing Criminal Bank Fraud Charges: Report

Unchained podcast: Is Tether a Fraud? Its Bank Says It's Not

CoinDesk: Tether Confirms Its Relationship With Auditor Has 'Dissolved'

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s crosschain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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In this week’s episode, we go to Ireland. 

“Money Reimagined” co-hosts Sheila Warren and Michael J. Casey are joined by Michael O’Sullivan, the author of “The Levelling,” which describes the post-globalization era, and Lory Kehoe, director, Digital Assets & Blockchain at BNY Mellon and the founder of Blockchain Ireland.

This episode is sponsored by Unique One Network.

The topic, nominally, is the Biden Administration's proposal to harmonize international tax rates and Ireland’s resistance to that. 

What does this have to do with crypto? A lot, it turns out. 

A common concern among regulators of cryptocurrencies is that a lack of international harmony across jurisdictions creates “regulatory arbitrage” for developers of what is a global, borderless 24/7 technology and market. 

The idea, flagged by Securities and Exchange Commission Chairman Gary Gensler in his impactful speech this week, is that if there’s no consistency in rules around the world, crypto businesses will pick and choose where they base their operations and tend toward the most lax regulatory regime. Regulators like Gensler fear this fosters a race to the bottom, opening the door for criminals and the worst actors to find their way in.

Makes sense, right? 

But there’s another side to the story about the policy variance around the world. That is, it allows smaller countries to find opportunities they might not otherwise have to attract international investors and to build their own vibrant domestic economies on the back of that. 

As we learn from Sullivan and Kehoe, Ireland’s use of competitively low corporate tax rates had a sweeping impact on the Irish economy that went far beyond multinationals setting up headquarters there. It was the spark that generated a vibrant ecosystem of innovation, a holistic growth machine that continues to underpin Ireland’s decades-long economic expansion. 

With many in Ireland looking to create a crypto-friendly regulatory framework to encourage innovation in digital assets and fintech, that experience poses real questions about how far governments should go toward harmonizing their rules.

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Unique One Network is an interoperable platform for DeFi-enabled NFT marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s cross-chain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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In this week’s episode, CoinDesk’s Christine Kim and Consensys’ Ben Edgington discuss Uniswap Lab’s contentious decision to censor assets on its website and the release of a new Ethereum 2.0 software client called Lodestar. 

This episode is sponsored by Unique One Network.

Uniswap is the largest decentralized exchange (DEX) on the Ethereum blockchain by both market capitalization and trading volume, facilitating nearly $340 billion in trades annually. The DEX has become a cornerstone of the decentralized finance (DeFi) industry by enabling any token issuer to list their assets on the exchange. 

A recent decision by Uniswap Labs, the development firm behind Uniswap, resulted in the delisting of several tokens from the Uniswap.org website. CoinDesk Research intern Teddy Oosterbaan stated that it was important to note the tokens are “delisted from their front end, which is basically just the Uniswap Labs website for interacting with protocol.” There are additional access points to listing and trading tokens on Uniswap through DEX aggregators such as 1inch. 

The decision by Uniswap Labs was controversial for three main reasons. First, censorship goes against the ethos of decentralization. In addition, there was no vote on the decision with UNI governance token holders, and finally, the decision may be one of several forthcoming actions taken by Uniswap Labs in its bid to partner with mainstream consumer finance applications.  

While discussing Uniswap’s connection with venture capital and a potential look toward consumer finance, Edgington compared Uniswap with one of its largest competitors, SushiSwap. He said, “It’s definitely a hint of corporatization of Uniswap … and this seems to set a more respectable trajectory for them, whereas Sushi is perhaps a bit more like the Wild West.” 

The future of decentralized finance could very well have tiers of decentralization, with certain applications built for the individual DeFi user and others built for institutions and mainstream inventors, sometimes called centralized DeFi (CeDeFi). 

Edgington and Kim also discussed the official release of a new Ethereum 2.0 software client dubbed Lodestar. The addition brings the total Eth 2.0 client number up to five and offers users looking to run validators on the Ethereum Beacon Chain more “lightweight” options for their computers. 

Speaking to the importance of lowering the barrier to becoming a validator on Eth 2.0, Kim said, “I do think it is very important to maintain a sense of ability to keep on that course of trying to make this technology do what it's supposed to do, which is cut out reliance on centralized providers and centralized businesses.”

Tune into the full episode of “Mapping Out Ethereum 2.0” to hear Kim, Oosterbaan and Edgington discuss the latest news about Ethereum and Ethereum 2.0.

Links: 

DEX aggregator that bypasses Uniswap Lab’s front-end - https://app.1inch.io/#/1/swap/ETH/DAI

Public Ethereum blockchain explorer - https://etherscan.io/

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s crosschain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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This week, “Opinionated” hosts Ben Schiller and Anna Baydakova are talking to Sebastian Serrano, who is the CEO of Ripio, a popular crypto wallet and exchange in Latin America.  

This episode is sponsored by Unique One Network.

Ripio was founded in 2013 and since then has been expanding in the region with offices in Argentina, Brazil, Uruguay as well as Mexico and Spain. Ripio bought Brazil’s second-largest exchange, BitcoinTrade, in January. (Full disclosure: One of Ripio’s early investors was Digital Currency Group, CoinDesk’s parent company.)

Latin America has been in the middle of the crypto community’s attention after El Salvador adopted bitcoin as a legal tender. But is it actually a good thing for bitcoin and for El Salvador, and will it benefit the country’s citizens? Serrano has his own take on this.

Listen as Ben and Anna talk to Sebatian about crypto use cases in Latin America, his thoughts on whether other countries would follow El Salvador’s lead and accept bitcoin as money, and what Latin American nations should do about bitcoin.

Sebastian Serrano’s Twitter handle: @sserrano44

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s crosschain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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Stablecoins are suddenly all over the news, with their explosive growth posing all sorts of questions for investors and regulators alike. 

This episode is sponsored by Unique One Network, Mimo and Quantstamp.

To discuss, co-hosts Michael Casey and Sheila Warren are joined this week by Caitlin Long, founder and CEO of Avanti, a Wyoming-based digital assets bank, and George Selgin, director of the Center for Monetary and Financial Alternatives at the Cato Institute.

We start with a striking fact: the supply of the top 10 stablecoins pegged one-to-one with the U.S. dollar is up fourfold from the beginning of the year, at $109 billion. That’s more than three times the combined value of PayPal and Venmo’s outstanding customer accounts at the end of last quarter. 

This spectacular growth is encouraging stablecoin issuers to play it big. 

Circle, the issuer of the highly successful dollar-pegged token USDC, is going public via a merger with a special purpose acquisition company. Tether, the controversial issuer of USDT, has settled a lawsuit with the New York attorney general’s office and is providing regular updates on its token’s reserve backing. It is also now branching out into other markets, including a euro-backed stablecoin. And Paxos is expanding a digital asset servicing agreement with PayPal that’s sure to bring opportunities for PAX and Binance’s BUSD, the two stablecoins it manages, to play a back-end role in a growing market of consumer crypto transactions. 

Regulators are getting nervous. 

Federal Reserve officials are worrying about potential systemic risk from economy-wide exposure to de facto dollar substitutes that may not be sufficiently backed by reserves to stand up the value investors expect them to hold. And anti-money laundering enforcement agents are worried that these tokens will facilitate illicit transactions among criminals. 

So, with U.S. Treasury Secretary Janet Yellen convening a high-powered meeting of the most important financial regulators this week to discuss the topic, it seemed like an opportune time to dive into the outlook for stablecoins and the evolving regulatory framework.

Will regulators strike the right balance by using smart disclosure and management rules to give customers and investors confidence to use stablecoins? Or will they adopt a draconian, restrictive posture that kills off the sector’s huge innovation potential? 

Long and Selgin are ideally placed to discuss these issues. Both are steeped in crypto knowledge, the structure of the banking system and regulation. 

Long’s company, Avanti, is issuing its own digital dollar token, the Avit, for which it is seeking support from the Federal Reserve. Selgin, a monetary historian, is finding that his expertise in the United States’ free-banking era of the 19th century is proving especially relevant to the outlook for stablecoins in the 21st century.

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s cross chain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

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Mimo is home of the world’s #1 euro-algorithmically pegged token minted at an interest rate of just 2%. Lock in your crypto assets, access their liquidity, and stabilize your portfolio by hedging against inflating coins. Open a Vault and experience the power of Mimo today at mimo.capital.

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Quantstamp is the leader of blockchain security, having secured over 100 billion USD worth of digital assets. Visit quantstamp.com to learn why top DeFi projects like Maker, Compound and BarnBridge trust Quantstamp to secure the financial infrastructure of tomorrow. Learn more at quantstamp.com/blog.

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You can think of this week’s episode as a nod to what crypto people call the “no coiners,” an effort to listen to the community’s critics and weigh the value of their analysis.

This episode is sponsored by Unique One Network, Mimo and Quantstamp.

To do so, “Money Reimagined” co-hosts Sheila Warren and Michael J. Casey are joined by Noelle Acheson, head of Market Insights at Genesis. (A trading company, Genesis is owned by CoinDesk parent Digital Currency Group.) The trio take a couple of crypto-critical essays and dissect them.

At a time when cryptocurrencies seem to be under attack, especially from government officials, it’s tempting for people in the crypto community to drop into defensive mode, which mostly translates into dismissive mode. 

Whether it’s criticisms of bitcoin’s energy usage, complaints about illicit activity through crypto, or people pointing out how many outrights scams are run through this technology, the industry’s response is typically to mock the critic for their ignorance or hypocrisy in ways that can sound to outsiders like whataboutism. 

Sure, sometimes it’s warranted, as with Crypto Twitter’s response to Sen. Elizabeth Warren’s (D-Mass.) claim earlier this week that a crypto-based financial system would be run at the “whims of some shadowy, faceless group of super-coders.” Some memes were acutely on point; many others were just downright hilarious.

But often the knee-jerk dismissiveness backfires against the community. It can come across as cult-like, a failure to embrace and learn from criticism and a reluctance to consider the views of others. This is not how you bridge divides and expand adoption. 

So, in its own humble attempt to take a more reflective stance, “Money Reimagined” takes a look at two noteworthy criticisms of the crypto space. 

One is a thoughtful essay entitled “I, Token: The untold story of the hole in Bitcoin's heart” from Brett Scott, an essayist who explores the intersection of money and society, often with the bent of an anthropologist. The piece argues that bitcoin enthusiasts fail to imbue the cryptocurrency with true meaning because they focus on the “function” of bitcoin (what it does) and not its structure (what it is). Along the way, he makes some compelling points about the difference between “price” and “value.”

The other is a blog post by International Monetary Fund staffers Tobias Adrian and Rhoda Weeks-Brown, in which they argue cryptoassets are not viable for governments to explore as alternatives to state-run currencies.

We hope you enjoy listening. 

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s cross chain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

-

Mimo is home of the world’s #1 euro-algorithmically pegged token minted at an interest rate of just 2%. Lock in your crypto assets, access their liquidity, and stabilize your portfolio by hedging against inflating coins. Open a Vault and experience the power of Mimo today at mimo.capital.

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Quantstamp is the leader of blockchain security, having secured over 100 billion USD worth of digital assets. Visit quantstamp.com to learn why top DeFi projects like Maker, Compound and BarnBridge trust Quantstamp to secure the financial infrastructure of tomorrow. Learn more at quantstamp.com/blog.

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In this week’s episode, CoinDesk’s Christine Kim and Consensys’ Ben Edgington are joined by Flashbots researcher Alex Obadia to discuss the noble yet futile fight to vanquish Miner/Maximal Extrable Value (MEV) on Ethereum. 

This episode is sponsored by Unique One Network and Mimo.

MEV is the additional rewards earned by miners as a direct result of their ability to reorder, censor or insert transactions into a block. Since November 2020, Flashbots has created research and built software to assess the impacts of MEV on the network, its users and decentralized applications (dapps). 

The research shows, according to Obadia, that MEV cannot be stopped fully. 

“At Flashbots we definitely believe that MEV should be mitigated, but we also believe that it can't be fully mitigated down to zero,” said Obadia. 

There will always be financial incentives for miners to rearrange transactions within a block due to the auditability and permissionless nature of decentralized blockchains like Ethereum. 

In efforts to mitigate the negative impact of MEV on users, Flashbots created a separate channel for transaction and block ordering earlier this year known as Flashbots Auction. 

Roughly 85% of Ethereum mining computational power, also called hash power, now uses Flashbots Auction to extract MEV rewards. Obadia described Flashbots Auction as a “communication channel between Ethereum users and miners, where they can express their preference over transaction ordering in a more granular way than simply by upping their gas price.” 

While it is difficult to measure the precise impact of the channel on reducing high fees on Ethereum, Edgington asserts that the introduction of Flashbots Auction has been working positively. 

“We can see that gas prices are much better than they were two, three months ago. It seems like Flashbots is working in that sense,” said Edgington. 

Looking ahead, Obadia and his team are figuring out ways to decentralize Flashbots Auction and create mechanisms within it to distribute MEV rewards in a “democratic” way. 

To learn more about Obadia’s work, listen to the full episode of Mapping Out Eth 2.0. 

Links:

Ethereum Community Conference Panel Recordings - https://ethcc.interspace.chat/

Flash Boys 2.0 Paper - https://arxiv.org/abs/1904.05234  

Flashbots Data Dashboard - https://dashboard.flashbots.net/network

Vitalik Buterin’s Proposal on Fee Market Designs to Mitigate MEV - https://ethresear.ch/t/proposer-block-builder-separation-friendly-fee-market-designs/9725

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Unique One Network is an interoperable Platform for DeFi enabled NFT Marketplaces, in a variety of sectors, built on Polkadot Parity Substrate. Unique One Network’s cross chain NFT hub facilitates transfers between a variety of blockchains and ecosystems, unleashing the power of NFTs with myriad innovative capabilities. Find out more at Unique One Network.

-

Mimo is home of the world’s #1 euro-algorithmically pegged token minted at an interest rate of just 2%. Lock in your crypto assets, access their liquidity, and stabilize your portfolio by hedging against inflating coins. Open a Vault and experience the power of Mimo today at mimo.capital.

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