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What you need to know today in crypto and beyond August 13, 2021 Sponsored by Welcome to The Node.
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Today's must-reads Top Shelf MAJOR ETH MINING: Major bitcoin miners are increasing their investments in Ethereum, despite the network’s upcoming change to proof-of-stake. Industry heavyweights are now aiming to move to break into Ethereum mining, which currently consists of more individual miners than large-scale companies, to cash in on bigger profits than expected from bitcoin mining.
FTX MAKES MOVES: FTX.US, the U.S. affiliate of crypto exchange FTX, intends to offer cryptocurrency derivative trading in less than a year. In an interview with Business Insider, FTX.US President Brett Harrison said it will achieve this goal by either launching its own service, which would require a license, or by acquiring a company.
–Eleanor Pahl & Eli Tan
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Overheard on CoinDesk TV Sound Bite “If you have these overly broad approaches to legislation, you’re going to set back ... how the industry is able to innovate”
–Former Utah legislator and Blue Castle Holdings CEO Aaron Tilton, on the infrastructure bill, on CoinDesk TV’s “First Mover.”
What others are writing... Off-Chain Signals This $1.5 million "women-led" NFT project was actually run by Russian dudes (Input) Inside Cuba’s Bitcoin Revolution (Bitcoin Magazine) US Immigration and Customs Enforcement plans to use Coinbase forensics tools (The Block) Poly Network offers $500,000 reward to crypto hacker who returned stolen assets (Yahoo Finance) The family that bet everything on bitcoin when it was $900 is now storing it in secret vaults on four different continents (CNBC)–E.P. & E.T.
Sponsored Content
Foundry: China is getting out of crypto mining. Is North America ready to embrace it? To strengthen Bitcoin through geographic decentralization of its mining network – the infrastructure that forms the coin’s backbone – Foundry launched Foundry USA Pool in February 2021. The pool serves as a strong, U.S.-based alternative to the China-dominated mining pool industry.
Putting the news in perspective The Takeaway The Dollar Is In the Doghouse This Sunday, Aug. 15, will be the 50th anniversary of the end of the Bretton Woods currency system. After World War II, major nations essentially agreed to peg their currencies to a gold-backed dollar. But by 1971, faith in the U.S. dollar was eroding, forcing President Richard Nixon to end the dollar’s convertibility to gold. This ushered in the current status quo of relatively free-floating “fiat” currencies.
Between that conundrum and the inconsistency of Chinese regulation, experts are generally skeptical that the yuan can climb much in the global reserve rankings anytime soon. Japan, meanwhile, doesn’t sell enough debt abroad for its bonds to take up a large share of global reserves.
–David Z. Morris
The CoinDesk DeFi Index (DFX), measuring the investable DeFi market, is now available for investors watching decentralized finance.
It is the latest index by CoinDesk Indexes, the market standard for crypto assets since 2014. The DFX provides a market-cap-weighted index for a representative basket of DeFi-sector cryptocurrencies that is designed to be investable and replicable for professional investors.
Find out more at coindesk.com/indexes/dfx, or email [email protected].
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