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A Message from Alexander Höptner, CEO of 100x Group


Even in the best of times, criticism of the crypto ecosystem is always present. When this prompts honest examination - and improvement - it can be healthy. But dishonest or misinformed FUD (fear, uncertainty, and doubt) can be dangerous. This brings us to stablecoins, which are the subject of so much debate and misinformation. 

In this week’s Crypto Trader Digest, Arthur shares his views on the future of Tether, Facebook’s stablecoin ambitions, and central bank digital currencies. 

Enjoy.

- Alex (@AlexHoeptner)

From the Desk of Arthur Hayes

Stablecoin Triptych
 

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(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)

The height of the northern hemispheric summer is here, and it’s vaxx-enabled party time. Don’t expect much in the way of volumes and/or volatility while traders get some well-earned time to spend their spoils.

Since the traders have taken much of the market intrigue with them as they frolic their way through the Mediterranean, I wanted to use this down time to explore one of the space’s most historically divisive topics – stablecoins. From Tether, to Facebook, to Central Bank Digital currencies, I’ll  take this opportunity to riff on some of my biggest stablecoin pet peeves and thoughts on what the stablecoin future might hold. Enjoy.

The Achilles Heel of Crypto

When doubting the viability of the crypto capital markets, turn up some Tether FUD. I become quite irked when I read Mickey Mouse analysis that proclaims irreparable harm will visit the crypto markets should Tether break the buck. To demonstrate how ridiculously shallow this argument is, follow me through a very simple thought experiment.

As I write this, Tether (USDT) has a circulating supply of $62.5 billion (according to CoinGecko). This is also its market cap, because each USDT is backed by a physical US dollar … supposedly. For the sake of argument, let’s assume that one day, Tether discloses that it has exactly $0 in physical assets, rendering each USDT worth absolutely nothing. To keep this hypothetical simple, let’s also assume that the crypto capital markets consist only of Bitcoin and Ethereum. What would happen to our ecosystem when all USDT holders are rugged?

Ethereum

USDT is an ERC-20 token, which means it uses the Ethereum blockchain protocol to juke and jive. In this scenario, all USDT holders have lost everything – so what happens to the Ethereum protocol?

Will blocks continue to be produced approx. every 10 to 15 seconds?

Yes, the loss of USDT does not mean that Ethereum miners cannot complete proof-of-work puzzles. Ethereum mining has no USDT dependency.

This means that after losing $62.5 billion in value, participants may still use the Ethereum blockchain.

Will any other ERC-20 tokens cease to work?

It is possible that any ERC-20 token that used USDT as collateral underpinning its value will see a near total collapse. However, these tokens will be sold using the still functioning Ethereum blockchain. Again, and most importantly, the Ethereum protocol will continue to work as designed.

Can anyone double spend Ether (ETH)?

No. Remember, the Ethereum blockchain has no USDT dependency. Therefore, a malicious actor will not be able to double spend ETH just because all USDT holders get rickety rekt.

Can projects still launch new ERC-20 tokens?

Yes. Again, the Ethereum blockchain continues to work just as before.

Can the Ethereum protocol still be updated?

Yes. Just because USDT no longer exists doesn’t mean smart engineers can’t improve the protocol. 

Bitcoin

USDT started as a pseudo Bitcoin sidechain using the Omni protocol, but then migrated mostly to ERC-20. What happens to the Bitcoin protocol?

Will blocks continue to be produced approx every 10 minutes?

Yes, the loss of USDT does not mean that Bitcoin miners cannot complete proof-of-work puzzles. Bitcoin mining has no USDT dependency.

Can anyone double spend Bitcoin (BTC)?

No. Remember the Bitcoin blockchain has no USDT dependency.

Can the Bitcoin protocol still be updated?

Yes. Just because USDT no longer exists doesn’t mean engineers can’t improve the protocol.

Click here to continue reading this edition of Crypto Trader Digest  

–  Arthur Hayes, Co-Founder of 100x Group (@CryptoHayes)

From BitMEX Research

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The Blocksize War - Chapter 15 and 16


In the latest chapters of The Blocksize War, we take a look at one of the most influential groups within the small blocker's camp - Dragon's Den. Then, the small blockers gain crucial momentum with the activation of SegWit on Litecoin. 

If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare.

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Latest News from BitMEX


Scheduled Temporary Downtime for 15 July (Testnet) and 29 July (Mainnet) for Upgrades to Operating System

As we continue to enhance the BitMEX platform for our users, we will be facilitating a major upgrade to our operating system that will temporarily halt trading in our Testnet environment on Thursday, 15 July at 02:15 UTC, and our production (Mainnet) environment on Thursday, 29 July at 02:15 UTC.

BitMEX Promotes Brian Rankin to Chief Information Security Officer

Brian Rankin has been promoted to the role of Chief Information Security Officer as we make good on our commitment to protect customers and stakeholders. In his new role, Brian will continue to build a world class team that can protect our information assets from the growing threat from a range of malicious actors.

What We’ve Learned, Six Months After Becoming the Largest Fully Verified Derivatives Exchange

It’s fair to say that our decision to implement comprehensive know-your-customer (KYC) last year was one of the most consequential decisions in our company’s history. Six months on, with the benefit of hindsight, we also think it was one of the best decisions for our long-term future. Here’s why.

BitMEX x HASH CIB: Crypto Asset Management Re-imagined

We are thrilled to once again expand our BitMEX Partner Programme ecosystem with the official addition of HASH CIB into our community. HASH CIB was established in 2017 and is currently one of the largest and most impactful crypto investment firms in the industry. The company focuses primarily on asset management and venture capital. 

Social Spotlight


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No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. 

Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform.






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BitMEX · Suite 202, 2nd Floor, Eden Plaza · Eden Island · Mahe · Seychelles

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