Podcast Notes: Reddit's Alexis Ohanian

Inside Cryptocurrency .

Inside.com Part of   Network April 23, 2020

Dear subscribers, Today's Inside Crypto newsletter is focusing solely on Podcast Notes, our new feature that summarizes talks given by leaders in the Crypto space. I cover a Pomp Podcast that features Alexis Ohanian, co-founder and executive chair of social news website Reddit. He's also the co-founder of Initialized Capital, along with Garry Tan. If you lack the time to watch the full podcast, these notes will give you a rundown on what Alexis and Anthony Pompliano spoke about regarding building and investing in a digital world. To read the notes, which are available to paid subscribers, you can sign up to the premium issue here for just $10 a month, or $100 per year. Click here to upgrade to premium! In the meantime, if you have tips or suggestions on content that is valuable to you, hit reply. I’d love to hear from you. Rebecca

Podcast Notes: Pomp Podcast with Alexis Ohanian, co-founder and executive chair of social news website Reddit. Failure to take seed investment was "dumb" 6:20 - Ohanian said that every startup is dysfunctional in its own way. The following April after Reddit launched in June 2005, Ohanian said that they weren't making any progress with the platform. The advice he received, at the time, from investors, was to get the company sold. After a YC Demo day, he went on to note that they only managed to raise between $60,000 and $70,000, which Ohanian believed was a lot of money. So much so, that he turned down a possible offer to raise a $1 million during a Series C found because he said they didn't need that much money. He admitted that the move was "dumb," adding that they didn't think ahead to hiring people. How does the partnership work with Garry Tan? 17:30 - Ohanian said that the "bromance" he has with Initialized Capital co-founder Garry Tan works due to hard conversations. He said that it takes work, whether it's romantic or professional, it's an investment. In order to maintain, Ohanian and Tan have two-on-two sessions with their coaches, at least quarterly, to review the mini one-on-one sessions the two regularly have. Ohanian said that it's important to have alignment on values otherwise this is where a lot of the tension can originate and things start to breakdown. "Plus-some" mentality 20:00 - Ohanian and Tan see the world as "plus some," in that they don't think someone else's success means... To read the rest of the podcast notes, sign up to Inside Crypto Premium for just $10 a month or $100 a year. SUBSCRIBE NOW TO FIND OUT MORE

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Today's headlines in Crypto Starbucks, McDonald's, and Subway could test China's central bank digital currency (CBDC). InterChain Pulse reports that it was "exclusively informed" of a pilot promotion meeting in the Xiong'an New District. Tokenized security and issuance platform Securitize launched a peer-to-peer security token trading service. Instant Access allows users to trade digital securities that are compliant with regulators and doesn't pose any counterparty risk. LG CNS, the IT arm of LG, revealed that it's testing a digital currency payment system that enables employees to pay with their face in one of its cafeterias. The technology combines AI, blockchain, and cloud technologies. Bakkt CEO Mike Blandina is stepping down four months after taking on the role. Blandina is leaving to pursue another opportunity, replaced by David Clifton, VP of M&A and integration. Crypto platform Binance rolled out social payments app Bundle, targeted toward the African market. At launch, the supported fiat currency is the Nigerian naira and supported crypto assets are Bitcoin, Ether, and Binance Coin. More fiat currencies will be supported soon.

This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three.  Editor Beth Duckett is a former news and investigative reporter for The Arizona Republic who has written for USA Today and other publications. A graduate of the Walter Cronkite School of Journalism, she won a First Amendment Award and a Pulitzer Prize nomination for her original reporting on problems within Arizona's pension systems.

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How China's Rainy Season Is Affecting Bitcoin Miners

The decreased cost of hydropower usually draws investors... usually

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April 23, 2020 By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.  TOP SHELF China's rainy season reduces the costs of Bitcoin mining, yet, investors aren't biting, Starbucks and McDonald's will pilot the "digital yuan" and Openfinance is threatening to delist tokens on its platform. Here's the story: Miner Hardships Spring usually draws in a crowd of miners and investors into the Bitcoin network, as China’s rainy season drives down the costs of hydropower making mining more profitable. However, bitcoin’s recent price drop, the cost of buying the latest mining rigs and the upcoming halving have collided and now, this season, miners aren’t investing.  Leaseback Rig Private investment firm Arctos Capital has acquired $1 million in assets from Blockware Mining LLC, but will lease them back to the company so it can continue operating as usual. In what’s known as a leaseback transaction, Arctos will lease Bitmain Antminer hardware to the firm allowing the company to continue its mining and hosting operations. China's Pilot Chains Starbucks and McDonald's are reportedly among 19 restaurants and retail shops that will be involved in testing China's central bank digital currency in the country's Xiong'An district. The move signals China's wider efforts to test out the digital currency project, with state-owned commercial banks already developing wallet applications for the digital yuan, also known as DC/EP. Token Threat Openfinance, a security token trading platform, is threatening to delist all tokens and suspend trading next month unless issuers cough up more funds to cover its costs. The company has not seen transaction activity on its platform grow quickly enough to cover operating costs, and is now raising fees to close its budget shortfall.  Roadmap to Recovery E. Glen Weyl, founder of the RadicalxChange Foundation and a researcher for Microsoft, collaborated with Harvard professor Danielle Allen and other experts to write a roadmap for reopening the economy. The "Roadmap to Pandemic Resilience” charts a course for scaling up testing, tracing and supported isolation in a way that protects health while preventing permanent injury to regular people's livelihoods. Loan Origination Driven by coronavirus-led market speculation dYdX, a decentralized margin trading exchange, has lent $700 million worth of ether, dai, and USDC in February and March, bringing its 12 month originations past the $1 billion mark. "People like to trade (and especially trade with leverage) when there is volatility," founder Antonio Juliano said. Newspaper Provenance  Italy’s largest news wire service is using an Ethereum-based registration system called “ANSAcheck” to combat fake news copycats. The Agenzia Nazionale Stampa Associata (ANSA) newswire distributes 3,000 articles a day to 24 shareholder publishers and 87 news partners every day.  Reversing Circulation Digital dollars can reduce unemployment, Marcelo M. Prates, a lawyer at the Central Bank of Brazil, argues in a CoinDesk op-ed. He proposes a new form of monetary circulation, enabled by a central bank digital currency, that is issued by employers when paying wages and would reach the central bank only after circulating among persons and businesses. “The [MoneytothePeople] model directly tackles unemployment by granting the power to issue the new currency to public and private institutions responsible for paying wages,” he said.   Refuting Research  Researchers with the University of California Berkeley’s Haas Blockchain Initiative have found stablecoin issuances do not pump crypto markets, but instead serve as tools for investors to hedge their positions during periods of risk or price depreciation.This refutes claims of research published in 2018 that concluded stablecoin issuances, specifically lead by Tether and sister company Bitfinex, “are timed following market downturns and result in sizable increases in bitcoin prices.” Crypto Culture Crypto art, and its supporting blockchain-based infrastructure, is presenting a way for artists and collectors to manage the closure of museums and galleries amid shelter-in-place mandates. Nifty Gateway, a Winklevoss-backed non-fungible token platform, has held three exhibitions featuring the works of renowned artists with a functioning secondary market.  “Crypto Rush,” a documentary about the culture, tech and iconoclasts of crypto, is now live on Vimeo. Directed by former Russian broadcaster Liliana Pertenava, the film explores the crypto boom of 2017, its subsequent crash and the ever evolving story of decentralization. (TechCrunch) Prediction Provider Data provider Nomics has launched a free price prediction service for cryptocurrencies. The 7-Day Asset Price Prediction feed will give an outlook on future crypto prices based on purpose-built algorithms, machine learning and data scraping from major exchanges.  Venmo of Africa Binance’s newly unveiled social payments app Bundle targeted towards the African market allows users to transfer cash, and buy, sell and store cryptocurrencies. (Forbes) Crypto for Cuba The Qbita Exchange, a decentralized Bitcoin exchange, has launched in Cuba, reports Decrypt. The app is mobile-friendly, features a built-in wallet and requires little bandwidth, meaning it might succeed where other exchanges have failed on the island nation beset by sanctions and poor internet service. (Decrypt) Libra's Timeline The Libra Association’s recent decision to scale back its hopes of a fully decentralized global currency to meet the demands of hostile regulators and governments is just the latest turn in a two-year saga. CoinDesk has been tracking the project every step of the way and now provides the comprehensive timeline. "Bookmark this article, because we’ll keep updating it as the story continues to unfold," writes CoinDesk’s dogged reporter and editor Nikhilesh De. Paywall Provider, Popper You can now get paid to use Zoom, thanks to a new Ethereum-based protocol called SmartSessions. Developed by 2key New Economics, the system generates a personalized Zoom link, sets up a paywall and allows people to enter the chat after an ETH payment.  New Feature  Securitize will now allow retail investors to buy and sell security tokens by clicking a web link. The “Instant Access” peer-to-peer trading feature runs on the Ethereum mainnet. COINDESK LIVE: LOCKDOWN EDITION CoinDesk Live: Lockdown Edition continues its popular twice-weekly chats with Consensus speakers via Zoom and Twitter. Here you'll get a preview of what’s to come in Consensus: Distributed, our first fully virtual - and fully free - big-tent conference May 11-15.  On the show, we chat with developers from the most exciting crypto projects, unpack the industry’s nuances and hear from entrepreneurs disrupting traditional industries. Then we’ll open the floor for you to ask questions directly to our guests. Register to join our third session Thursday, April 23, with speaker Magdalena Gronowska from the QuadrigaCX Bankruptcy Board of Inspectors and a Committee Member of the Official Committee of Affected Users to discuss the defunct crypto platform Quadriga CX’s bankruptcy estate and what's next for users, hosted by CoinDesk editors Nikhilesh De and Zack Seward. MARKET INTEL Outcompeting Currencies After swinging wildly for most of this year, the price of bitcoin is now back to roughly where it started 2020 – around $7,100. The flat year-to-date indicates the cryptocurrency is keeping pace with the U.S. currency, and even outperforming national currencies like the euro, British pound and Canadian dollar. This insight is from First Mover, CoinDesk's daily markets newsletter. You can sign up here.  MULTIMEDIA History of Money Luke Gromen, founder of Forest From The Trees, joins NLW on the latest episode of The Breakdown to discuss the history of money – from Bretton Woods to the rise of quantitative easing – and how it came to pass that the Federal Reserve is the only sugar daddy left. Bitcoin in Africa In the final episode Bitcoin in Africa series, we join Anita Posch as she travels to Botswana and speaks with Alakanani Itireleng on bitcoin's present and potential future in the "original home of the honey badger.”  WHO WON #CRYPTOTWITTER Copyright © 2020 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences here.