Table of Content
What happened this week in Crypto
It can be a very confusing space to follow and invest in. The myriad of tech is difficult to understand and the media in the main is not journalism but funded propaganda for specific projects and coins. Much of it is funded but undeclared to an unsuspecting public. We will attempt to provide you with a summary of the key events of the week and do a deeper dive into the topics with longer form interviews on our youtube channel so make sure to subscribe for that.
This week Fidelity Digital Assets released a survey of 800 institutional investors. The survey was conducted between November 2019 and March 2020. Key takeaways are;
- A third of respondents said they currently hold digital assets in their portfolio.
- 80% had a positive outlook on digital assets.
- Concerns about price volatility and market manipulation are still lurking, but should fall over time.
Having had some exposure to the OTC market I have seen the often unreported interest and action of institutional investors in the digital asset space especially to Bitcoin. This now is becoming much more public.
A key finding for me was the notable difference in answers given by investors in the US versus those in Europe. A quarter of European respondents found the lack of state control over digital assets to be an appealing aspect, while just 10% of US-based respondents felt the same. This leads to another very important piece of news this week.
Coinbase selling your data
Bitcoin for many is all about sovereignty over you own money. The rallying cry is “be your own bank” To what extent Bitcoin is unconforscatable, the word coined by Tone Vays, has always fascinated me. To be your own bank comes with a lot of responsibility. The things that potentially make Bitcoin so valuable are often cited as being its permissionlessness ie its your money and you can spend it when you want. It’s ability to be censorship resistance, the ability to spend it where you want and seizure resistance. These attributes are lost on many who just buy it and hope that the ‘number goes up’ and if your one of them your coins are likely sitting on an exchange. This is fraught with danger as we have seen so many hacks. But for the purist the news that Coinbase is selling information to the authorities has created a shit storm and a strong backlash from the Crypto community. Is your Bitcoin really yours. And what do you need to do to ensure this? We explore this in some detail in the video.
Is your Bitcoin really your Bitcoin
If it is true that the Drug Enforcement Agency (DEA) and the Internal Revenue Service (IRS) intend to buy licenses from Coinbase’s analytics unit called Coinbase Analytics then you really need to ask yourself what is Bitcoin to you. I personally see division within the Bitcoin BTC community with the likes of Matt Odell a popular figure in the community calling for all BTC to be mixed or tainted as he says. This would provide a level of anonymity that many want and would be required for it to keep the properties mentioned above. If on the other hand institutions are to adopt Bitcoin BTC enmass then I can’t personally see how this coin mixing will take place. Could this cause another coin split or a scenario where certian Bitcoins have a different value and use case? For me this is the number one issue for BTC at present. I suspect for many they just want to see the price go up and will not be concerned over privacy issue but this could ultimately spell the end of Bitcoin BTC in my opinion.
Is Satoshi a Columbian drug dealer?
To round things off this week Cointelegraph ran a story about the brother of Dorian Nakamoto, the man fingered as Satoshi a few years ago, being the real Satoshi.
Cointelegraph had the following to say.
Yasutaka Nakamoto was a high-ranking engineer for Pacific West Airlines who worked for Colombian drug lord Pablo Escobar, smuggling drugs into the United States from South America. Yasutaka disappeared completely from public view in 1992 after surviving an assassination attempt by his former employer. He then resurfaced years later to create and launch Bitcoin. He is also supposedly the brother of Dorian Satoshi Nakamoto.
At least that’s the story told to Cointelegraph by Olof Gustaffson, the CEO of Escobar Inc. — the multinational holding company associated with Escobar. Gustaffson is a 27-year-old Swedish entrepreneur who started his first business at age 13. By the time he was 21, he had become CEO of the Escobars’ multinational conglomerate based in Medellín, Colombia.
Wired magazine have run articles claiming a different drug dealer by the name of Paul Le Roux was in fact Satoshi. Here is a link to that article. We of course have the ongoing drama of the Dr Craig Wright vs the Kliemen case and weather Wright is in fact Satoshi. I personally have spent a lot of time and money looking into the Satoshi mystery as it is so fascinating. Will we ever know for sure or it is really a case of the beauty of Bitcoin is that we will never know.
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