Covering the technology, people, and culture of the cryptocurrency and blockchain world

Must-reads for August 20, 2018

Here are the crypto stories you should be watching today

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We scour the news so you don’t have to (via Pixabay)

Maduro orders 96 percent devaluation in hyperinflation-stricken Venezuela (Reuters)
The hell-on-earth created by Hugo Chavez and his equally noxious successor, Nicolas Maduro, has led to swaths of starving people eating their pets and zoo animals. However, for HODL bros, Maduro is an enlightened leader of a nation that now has a fiat currency officially pegged to its own cryptocurrency, the petro. That means a 96 percent instant devaluation of the bolivar. Remember, kids: Danish socialism is what they try to sell places like Park Slope and the suburbs but the reality usually looks like Venezuela.

 

The blockchain bonanza is over for graphics card makers (Ars Technica)
Remember when Nvidia’s revenues seemed to be tied to bitcoin prices? Well, times have changed. Now the company sees no effect going forward from miners. That’s good news for gamers who were frustrated from miners gobbling up graphics cards before they could get their grubby little hands on them.

 

Does Satoshi have a million bitcoin? (BitMEX Research)
The answer to every question in a headline is almost always “no” and this one is no exception. However, Satoshi may have an impressive 700,000 (about $4.5 billion worth). BitMEX builds off the research of Sergio Demian Lerner to come up with that number.

 

Airbnb Co-Founder Backs $22 Million Funding for Crypto Dealer SFOX (CoinDesk)
An exchange called SFOX raised money from the type of Silicon Valley people journalists love to like: Digital Currency Group, Y Combinator, and Airbnb co-founder Nathan Blecharczyk. All that money that came from people renting bedbug-infested sofas had to go somewhere.

 

Hawaii in Crypto: Latest US Representative Discloses Ethereum and Litecoin Investments (The Daily HODL)
The Hawaiian island chain is the most isolated inhabited place on earth so perhaps it’s appropriate they love crypto as much as people who isolate themselves from normal social situations. Also, Rep. Tulsi Gabbard has some crypto, so that’s interesting.

 

Artist Ai Weiwei Uses Ethereum to Make Art About ‘Value’ (CoinDesk)
A few years ago, Ai Weiwei flooded the Tate Modern in London with porcelain sunflower seeds. Shortly after that, the communist Chinese government tore down his house. Now he’s working with fellow artist Kevin Abosch to make an Ethereum-based token. It’s a whole thing. If we had to explain it, it wouldn’t be art.

 

2018 global blockchain survey (Deloitte)
As noted by Kevin Rooke (@kerooke on Twitter), “Over 70% of executives think they are ‘blockchain experts’ according to Deloitte’s 2018 Blockchain Survey… They also believe the biggest advantage of blockchain technology is speed.” This will turn out just fine.

 

 

Lawrence Lewitinn, CFA is editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.