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August 19, 2020 | Issue #131

 MUST READS 

Is Bitcoin the World’s Safest Reserve Asset?


Amid recent globalized uncertainty and supply chain disruptions, companies are hoarding cash. For example, companies in the NASDAQ 100 have built up nearly $1 trillion in reserves, up from $405 billion in 2012.

But here's the problem: global stimulus is killing cash.

Businesses cutting costs to manage risk end up raising their excess cash reserves. But now, they must also ensure these reserves are not excessively devalued in the face of aggressive quantitative easing (QE) programs.

Massive monetary expansion is leading large public companies to reconsider the long-term real value of cash and start considering Bitcoin. This is glaringly obvious with the moves made recently by Microstrategy (we covered this last week here).

As our friend Kuppy puts it: "MicroStrategy isn’t just saying they are making an investment; they are saying they are leaving the US Dollar behind."
 

Hot Off The Press


Davey Day Trader Portnoy of Barstool Sports finally met up with the Winklevoss Twins to talk all things Bitcoin (watch the full clip here). And ever since, he's been vowing to send the market to the moon.

Key Takeaways:
  • When comparing gold to BTC, the twins claimed "gold's supply isn't fixed like BTC..." explaining that a key risk to the value of gold is asteroid mining ventures. No further comment.
     
  • Moving right along, Portnoy claimed he’ll be a crypto millionaire by September.
     
  • Portnoy then started shilling altcoins like Orchid (OXT) and Chainlink (LINK) on Twitter.
     
  • He also managed to call out the SEC and then blatantly stated: "In crypto, you can pump and dump all day long." For the record, this isn't true whatsoever.

Related: The former CEO of a $1.4 trillion financial company has flipped the script and is now telling investors to buy Bitcoin. Watch the interview here.
 

Earning Crypto


The Binance-Coinbase rivalry just intensified.

Binance's CoinMarketCap launched its own Earn program last week to compete with Coinbase Earn. Their first course will reward users for learning about Band Protocol (BAND), a booming DeFi darling.

Now for starters, these Earn courses are little deceptive...

They are educational courses rewarding customers with free cryptocurrencies, while actually encouraging trading activity so that the exchange earns commissions and fees.

Nevertheless, Earn programs have arguably been one of the most effective customer acquisition tools in crypto. Binance is obviously looking to copy this widely successful marketing strategy.
 

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 DEEP DIVE 

Investor Revolt and Legal Dispute Delay Filecoins Plans


Filecoin is one of the blockchain world's most highly anticipated projects, promising to decentralize data storage.

But behind the scenes, an investor revolt has helped delay the big unveil and sparked a legal mediation over who owns what. Get the full story here.
 

The DeFi Fee Explosion: How YAM’s Collapse Drove Ethereum Fees to New Heights


Confused about crypto vegetables? Think it's just a fad? CoinMetrics tells the dramatic story of the YAM project, the impact it has had on ethereum fees and what that could mean for the network.
 

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 REGULATORY FRONT 

U.S. Dept. of Justice Announces the "Largest Ever" Seizure of Terrorist Cryptocurrency Accounts


Last week, the U.S. Department of Justice (DOJ) announced the disruption of two terrorism financing campaigns that utilized cryptocurrency donations, following a multi-agency investigation conducted by the FBI, HSI, and IRS-CI.

The investigation led to the largest ever seizure of cryptocurrency assets related to terrorism financing, with more than $1 million worth of cryptocurrency recovered from terror finance campaigns and financial facilitators operating unlicensed money services businesses (MSBs).

Get the TL;DR here.
 

Binance Secretly Helped Police Bust $42 Million Crypto Laundering Ring


Binance once avoided the law. Now it’s helping take down cybercriminals operating on its platform.
 

 TWEET OF THE WEEK 

Other Articles You May Enjoy

  • Now publicly-quoted: Grayscale Bitcoin Cash Trust & Grayscale Litecoin Trust
     
  • Coinbase is set to enter the lending space this fall, will enable cash loans for bitcoin collateral
     
  • China has over 10,000 new blockchain companies in 2020 so far
     
  • Akon is ready to build a $6 billion cryptocurrency city
     
  • Balinese cockfights & bitcoins: How one can help us understand the other
     
  • Bitcoins are being tokenized faster than they’re mined as DeFi craze continues
     
  • 15 ways to stay sane while trading crypto
     
  • Coinbase explains what it takes for an ERC-20 token to list on the platform
     
  • Apple becomes first U.S. company to reach a $2 trillion market cap
     
  • One small step for bitcoin – SpaceChain secured transfer from International Space Station
The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. The digest is curated by CoinSnacks employees and sent once a week.
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