Digital Slowmad newsletter
13 August 2021
Crypto portfolio update
Invested in: Bitcoin (BTC), Ethereum (ETH)
Net return: +4.9%
Comments: The bear markets in BTC and ETH are over, and I've been buying into both cryptocurrencies again.
The surprisingly strong momentum of the recent price rallies have resulted in practically no drawdown on my investment positions... is a new bull market underway?
I'm hopeful that this is the case, but the realist in me is prepared to be surprised.
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₿ Crypto news
- Ethereum EIP-1559 is up and running.
- I wrote about EIP-1559 in my Ethereum investment thesis, and since its launch on Aug 4, the market has so far reacted favourably.
- At the time of this writing, almost $100M in ETH has been "burned".
- The US government is looking to tax the cryptocurrency industry.
- This comes as a surprise to no one.
- The main worry is that the government will move on to regulate the crypto industry and stifle innovation.
- This is mostly a US-centric problem, because globally decentralized blockchains cannot be regulated by a central authority (that's the whole point of them).
- If the US government implements onerous regulations, talented people will simply move out of the US to other countries that have a more favourable stance towards the crypto industry.
- This would be similar to what happened following China's ban on crypto mining. In the end, the miners simply continued their operations in other countries.
- A hacker stole $600M from blockchain site Poly Network.
- In response, many of the semi-centralized parts of the crypto ecosystem are coming together to deny the hackers of the stolen funds.
- It's an ongoing issue so there's been no conclusion yet.
- Regardless of the outcome, it's heartening to see the the industry coming together to punish bad apples (as much as possible, anyway).
- Update: The hacker has returned some of the funds.
Quote of the week
What looks like chaos at one level is harmony at another.
- Alan Watts
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Thanks for reading, and have a great weekend.
P.S. If you have any questions or feedback, let me know at: chris[at]digitalslowmad[dot]com