W3J Daily (9/18): Fed cuts interest rates by quarter point, North Korea is building its own cryptocurrency
Editor’s Commentary:
Fed Attempts To Keep Interest Rates Low: Today’s news reminds us of the message written in the BTC genesis block: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”
ETH Flips BTC in Daily Fees. Important to observe that ETH hit ~$204.6k in daily fees in the last 24 hours, beating BTC’s $182.4k, according to Messari. Binance switched Tether address from Omni to ERC-20 on 7/4/19.
- Andrew and Grigor
web3journal.com
W3J Daily Editors
Top News Of The Day
Federal Reserve votes to cut interest rates by a quarter percentage point for the second time this year amid concerns of potential global economic slowdown. - Link
Federal Reserve Bank of New York injects another $75B into U.S. money markets in an attempt to keep interest rates from moving higher, adding to a total of $128B after $53B was just added yesterday. - Link
North Korea is building its own cryptocurrency in an effort to circumvent the U.S.-dominated financial system, VICE reports. - Link
Germany passes strategy to block currencies issued by private companies, including Libra: “A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies,” Germany’s Finance Minister Olaf Scholz said. - Link
Zilliqa CTO steps down from project to seek new challenges, following the CEO’s departure last August. - Link
US law enforcement charges crypto advisor Steven Nerayoff with extortion against an undisclosed Seattle-based ICO; FBI arrested Nerayoff today. - Link
Binance adds BNB trading to Binance.US, causing a ~12% jump in price to a daily high of $22.89. - Link
Alts continue to jump in last 24 hours: $XLM up 26.10%, XRP up 8.19%, $ADA up 7.18%, $LTC up 4.43%. - Link
Top Tweets Of The Day
“Ethereum flipped Bitcoin in daily fees today - yay
You know what's even more striking about this image? The fees paid on the other blockchains don't even come anywhere close to Bitcoin & Ethereum which signals to me that there is practically zero demand for these platforms.” - Anthony Sassano (@sassal0x)
“Bitcoin's market cap is now ~2% of gold's market cap. I think it's fair to project growth to 20% in next 5-10 years.
If you believe in hard money, in tech, and in the future purchasing power of millennials, imo bitcoin is the perfect complement to an existing gold position.” - Tuur Demeester (@TuurDemeester)
“thread - VC backed tokens have launched with the heavy burden of:
1. The market justifying the valuation
2. Preventing dumps
3. Managing liquidity with a limited supply of the coins in circulation” - Maya Zehavi (@mayazi)
“Bitcoin is too good at being a store of value right now to be a good method of exchange, nobody wants to be the Bitcoin Pizza guy that spent 10k Bitcoin on a pizza,” says @Travis_Kling of @Ikigai_fund” - Julia Chatterley (@jchatterleyCNN)
“Odds of the SEC approving a bitcoin ETF in the foreseeable future have always been extremely low. The market fully priced this reality in a while back. This ETF proposal withdrawal is irrelevant as far as $BTC price goes.” - Alex Krüger (@krugermacro)
“They knew Ethereum wouldn't scale, yet marketed it as scalable for years. Completely unethical and dishonest.” - grubles (@notgrubles)
“Did you read Vitalik's article from 2014?
He made it very clear that Ethereum 1.0 doesn't scale, and that scaling will require research and radical changes.
The article which Grubbles referring to actually says:
"This is a hard problem; a truly scalable and effective solution””- Alex Mizrahi (@killerstorm)
“Crypto may be an industry that is more valuable with a small set of users that don’t attract nation-state attention than a with a large set who do.” - Naval (@naval)
“Welcome to DevCon!
Sponsored by the Ethereum Killers!” - Ryan Sean Adams (@RyanSAdams)
“#1: Ethereum (actually being built on, doing a bunch of DeFi and stablecoin (but Tether lol) TX)
#2: BTC (transitioning to a store of value meme, but obv not valueless now)
#3-1,208: what even is this
A next gen SC could still flip eth, but the current contenders are worthless.” - adanthar (@adanthar)
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