HyperLinq : Weekly Digital Asset Digest 13
The HyperLinq Weekly Digest is the one-stop source for the HyperLinq community to access relevant news involving digital assets, where we essentially outline key industry updates that our members may have missed. We are always open to suggestions and feedback so please do not hesitate to let us know what you think!
Winklevoss Twins Double Down On “Bitcoin Is Gold 2.0” Narrative : Nick Chong | NewsBTC
Although the crypto industry has changed dramatically in its decade-long lifespan, the narrative surrounding Bitcoin, along with its cardinal value proposition has been steady, more or less. Yet, there have been a few nuances. Case in point, over recent years, proponents of the cryptocurrency have been wishy-washy with the asset being a Store of Value or a Medium of Exchange. As both arguments have their merits and proofs, a sometimes volatile dichotomy has formed between commentators, researchers, analysts, and investors touting the distinct thought processes. In a recent tweet, Tyler Winklevoss, one of the Winklevi twins and the chief executive of Gemini, noted that he sees Bitcoin as "gold 2.0". He states that the cryptocurrency "matches or beats" gold across the board. As he said in a previous interview, the only thing that gold has over BTC is a "3,000-year headstart". Factual data would confirm this. As Grayscale Investments explained, unlike the metal, BTC is
- Mathematically scarce
- Capped at 21 million units
- Verifiable through the Internet
- Portable and divisible through digital technologies
- Cannot be confiscated.
Grayscale released a 45-second advertisement that depicted two youngers physically "dropping gold" as those around them struggle with the heavy, cumbersome commodity, escaping to what is assumed to a society predicated on the use of digital assets. Let’s say the world realizes the potential that Bitcoin holds, resulting in the world looking to store their value in BTC compared to gold. What would this hypothetical world look like? According to HodlWhale, a Seattle-based cryptocurrency investor, a world where Bitcoin has absorbed all the value of the gold in circulation would see BTC valued at $350,000.
Crypto Market Wrap: Bitcoin Steady Before ETF Ruling, What’s Expected? : Martin Young | NewsBTC
As of May 20, 2019, Crypto markets have held on to their weekend gains as Bitcoin remains buoyant. The correction that never was ended in early Sunday trading when BTC surged back towards $8,000. On May 20, 2019, market capitalization remains close to $250 billion but a big regulatory decision due tomorrow could create some big moves soon. Bitcoin revisited its 2019 high of $8,250 on the same date. BTC sharply pulled back to just above $7,900 after hitting resistance but has since regained composure and climbed back up to $8k, trading marginally higher than the same time yesterday. Only XRP and Bitcoin Cash have added a couple of percent to trade at $0.40 and $408 respectively. The rest are unchanged aside from Cardano which has pulled back marginally. The top twenty has more red than green during Asian trading this morning. Only Dash is pumping as 10 percent takes it to $165. South Korean markets are getting the majority of Dash trade at the moment as Bithumb is top exchange. Japan Content Token is also getting a 40 percent spike as it too enters the big 100. These two relatively obscure altcoins are the only ones pumping at the moment. At the messy end of the table is Decred dumping ten percent today. Digibyte and Crypto.com’s MCO are also sliding with a loss of over 7 percent each. Total market capitalization is currently at $248 billion which is marginally higher than the same time yesterday.
JPMorgan Finally Admits Bitcoin Has Value, Here is How They Measure it : Priyeshu Garg | CoinSlate
Bitcoin’s latest rally caught many by surprise, not to say that it wasn’t a welcome development in the crypto community. With the value per BTC exceeding $8,200 at one point, many saw this as an indicator that the dreaded bear market is finally over. The incredible price jump didn’t go unnoticed by JPMorgan, the US banking giant and previously one of Bitcoin’s most vocal critics. Nikolaos Panigirtzoglou, in a note said that Bitcoin has surged beyond its "intrinsic value." The note explained that the intrinsic value of Bitcoin was decided by treating the cryptocurrency as a commodity and then calculating its "cost of production." Inputs such as estimated computational power, electricity expense, and hardware energy efficiency were used to calculate the total "intrinsic value." JPMorgan’s note seen as a major win for the crypto industry. Jamie Dimon, the CEO of JPMorgan, is infamous for his criticism of Bitcoin. However, JPMorgan’s latest report contradicts the bank’s overall position on cryptocurrencies, as it essentially acknowledges Bitcoin’s value. Anthony Pompliano, the co-founder and partner at Morgan Creek Digital, noted this in a tweet, warning that one should be wary of what banks say about cryptocurrencies in general. While many laughed off JPMorgan’s report as being ridiculous, others have seen it as being very dangerous for the market.
Craig S. Wright has been granted U.S. copyright registrations for the famed original Bitcoin white paper, and most of the original Bitcoin code. Importantly, the registrations issued by the U.S. Copyright Office recognize Wright as the author – under the pseudonym Satoshi Nakamoto – of both the white paper and code. This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin. In addition to being Bitcoin’s creator, Wright is currently Chief Scientist of nChain, the global leader in advisory, research and development of blockchain technologies, which focuses on massive adoption of Bitcoin in the form of Bitcoin SV. After receiving confirmation from Wright that he is Satoshi Nakamoto, the Copyright Office granted the following registrations:
- U.S. copyright registration no. TXu 2-136-996, effective date April 11, 2019, for the paper entitled Bitcoin: A Peer-to-Peer Electronic Cash System, with year of completion 2008. The registration recognizes the author as Craig Steven Wright, using the pseudonym Satoshi Nakamoto.
- U.S. copyright registration no. TX-8-708-058, effective date April 13, 2019, for computer program entitled Bitcoin, with year of completion 2009 and date of first publication January 3, 2009. The registration recognizes the author as Craig Steven Wright, using the pseudonym Satoshi Nakamoto. Wright wrote most of version 0.1 of the Bitcoin client software, and the registration covers the portions he authored.
Wright is now legally establishing that he is Bitcoin’s creator after being dismayed to see his original Bitcoin design bastardized by protocol developer groups – first by Bitcoin Core in 2017 and then again by Bitcoin Cash developers in 2018. Those non-Satoshi protocol changes were made by developers who disagreed about whether or how the blockchain should massively scale. Importantly, Wright notes that «bitcoin was designed to be a monetary system that works within existing legal frameworks». This differs from the path other developer groups are trying to follow where they are creating an anonymous system along the lines of E-gold and Liberty Reserve.