"Alright, it's January 3. Everyone post your keys. You do want to prove you have 'em, don't you?"
- Andrew on the Proof of Keys celebration which takes place today, on the anniversary of bitcoin's genesis block.
If you were wondering why bitcoiners have [Jan/3➞₿ 🔑∎] in their Twitter handles lately, it's to show support for Proof of Keys, an event where participants withdraw their cryptocurrencies from trusted third parties to their own private keys as a symbolic and grandiose declaration of their monetary sovereignty. Trace Mayer explains more here.
BitTorrent, the cypherpunk darling that survived the regulatory bludgeoning that wiped out Kazaa, eDonkey, and other p2p filesharing protocols in the late 1990s and early 2000s (a la inducement rule), ultimately met a fate far worse than death: being acquired by Tron.
Fast-forward several months post-acquisition, BitTorrent now has a token, BitTorrent Token (BTT). It'd be too predictable to explain why BitTorrent proper, which has survived nearly two decades, wouldn't need a token. It's also too predictable to point out the shamelessness of BTT being launched via Binance's Launchpad (when Binance's initial Tron listing gave the cryptocurrency significant liquidity which facilitated the Tron pump and ultimately enabled Tron to fund the BitTorrent acquisition).
No, I think what upsets me most is "Tron" is such a cool-sounding company name that was wasted on the lousiest of projects. Tron sounded like something Elon Musk could have been behind. Something out of a Transformers or Avengers movie. But instead, we got vaporware whose only chance of achieving microlevel success is contingent on great marketing.
I reached out to BitTorrent creator and friend Bram Cohen, who left BitTorrent years ago, and asked what he thinks about the tokenization (read: bastardization) of his project. He said simply: "I have nothing to do with it."
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TD READS OF THE DAY
📖 Why Building a Quant Fund in Crypto is Harder Than People Think A comprehensive list of challenges that Ali Hamed and Ateet Ahluwalia have identified which prove quant trading in crypto - while still an attractive strategy - is more nuanced than you might think.
📖 Bitcoin: Two Parts Math, One Part Biology A post from Hugo Nguyen that covers Proof of Work, Cryptography, and human behavior.
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🚀 EthHub A new site that helps you learn about ethereum via open source documentation, Into the Ether podcast, and the EthHub weekly newsletter.