Ten31 Timestamp 765,944
Bitcoin is the long game.
The dominoes of bad news for Digital Currency Group (DCG) continue to fall as we learn where “The Yield” came from. Gemini is forming a creditor committee to try and recoup anything of the $900mm owed by DCG and Genesis, and this is in addition to ~$2B in debt DCG owes to Genesis from assumed liabilities and borrowings for share repurchases. The yield turned out to be only another example of Peter robbing Paul.
For anyone needing a daily affirmation on staying away from high time preference activity Matt Odell personally writes this each morning:
Selected Portfolio News
Casa announced upcoming support for Ethereum, making Unchained the only bitcoin-exclusive collaborative custody provider:
Unchained unveiled its new Unchained Inheritance Protocol, specifically designed to make bitcoin estate planning as intuitive and secure as possible:
Impervious launched its browser for Windows after rolling out for Mac and Linux earlier this year:
Swan opened up the waitlist for Swan Premium, which will offer exclusive discounts, content, and more:
Tom Masiero of Standard Bitcoin (formerly ABG Energy) joined Max Gagliardi on the Talk Energy podcast to discuss the current bitcoin mining landscape and the evolution of Standard Bitcoin.
IBEX Mercado was featured in an ESPN article detailing the Perth Heat (of the Australian Baseball League) integrating bitcoin payments into player salaries, concessions purchases, and more.
Bitcoin Magazine listed portfolio companies Strike, River, and Swan as among the best bitcoin-exclusive on-ramps.
Following the collapse of would-be acquirer FTX, BlockFi filed for Chapter 11 bankruptcy. Filing documents indicate they have $1-10bn in liabilities.
Federal Reserve Chairman Jay Powell suggested the central bank may slow its pace of rate increases as soon as its December meeting.
Credit Suisse credit default swaps climbed to new highs as fears about the bank’s solvency returned.
Wrapped Bitcoin (WBTC), a token on Ethereum that seeks to clone bitcoin’s price movements, temporarily traded near a 150bps discount to bitcoin as fears about custodial risk spread throughout the market. WBTC custodian Bitgo noted that the instrument is backed 1:1 with underlying bitcoin.
Head of the CFTC Rostin Behnam suggested bitcoin is the only cryptocurrency that should be treated as a commodity, walking back prior comments that Ether may also fall into this classification.
Sherrod Brown, Chairman of the US Senate Banking Committee, sent a letter to Treasury Secretary Janet Yellen outlining for the first time his willingness to work on comprehensive legislation for cryptocurrencies.
Brazilian legislators approved a regulatory framework for bitcoin and cryptocurrencies that recognizes bitcoin as a means of payment. The framework needs Presidential approval before becoming law.
The ECB once again rattled its saber with a questionable report suggesting bitcoin is on its last leg.
The number of bitcoin addresses holding a balance of more than 1 bitcoin has continued to climb to new highs, with the last month seeing a particularly notable uptick.
The team at Crypto Garage announced that they had successfully opened and closed the first Lightning channel with an embedded Discrete Log Contract (DLC, a type of smart contract) on the bitcoin blockchain. This is the latest example of developers and entrepreneurs extending the utility of UTXOs and a preview for what may be on the horizon.
Several prominent Lightning developers released an extensive technical guide to Lightning privacy and potential pitfalls.