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Token Daily Newsletter #16


"Idea: Bitcoin confirmation market - bet on whether a tx will get confirmed or not.

- Let the market judge double-spend risk
- Allows instant txs funded by betters (minus a premium)
- Senders know there can't be a double-spend if they only sign once, and can stake coins on it" 

- Matt Bell.



⚡️ Why Bitcoin is Never Looking Back

Timothy Peterson coins the metric "Never Looking Back" Price (NLB) to describe a specific behavior bitcoin's price has exhibited over the past 10 years and plots them on a lognormal scale to reveal something pretty cool. 

⚡️ Bitcoin Is Not Backed By Nothing

Unchained Capital's recent article argues that Bitcoin is not backed by nothing and is actually backed by something - in fact, backed by three things: Network Consensus & Full Nodes, Mining & Proof of Work, and Private Keys. 

⚡️ Bitcoin Dev Spotlight

Shout out to Amiti Uttarwar who was recently funded by Xapo to continue her critical work on Bitcoin Core.



🔹  Ethereum 2.0 Composability

The most discussed topic during Devcon 5 was Ethereum 2.0 composability. In the simplest sense, composability is the ability to use other dapps as a part of your dapp, e.g., using Uniswap to liquidate collateral on MakerDAO. In Ethereum 2.0 where dapps could live on different shards, this kind of composability may break. Many of Vitalik's research post during Devcon addressed this topic.

🔹  Multi-collateral DAI is Coming

MakerDAO announced MCD will go live November 18th. Additionally, a number of changes are coming to MakerDAO that include replacing liquidations with auctions, updating risk models, implementing a new governance framework, and the rolling-out of DAI Saving Rate.



💰 OpenLibra

Imagine showing up to a meetup to learn about a crypto project, sitting in the back half-listening to claims on how this will change the world, going home and forgetting about the whole thing only to attend DevCon a few weeks later and see your name pop up as one of the project's members. It's weird and questionably legal but it happens apparently!

OpenLibra recently came under fire during DevCon for presenting slides which listed a handful of public crypto figures as "members of OpenLibra" though they had minimal to no significant involvement in the project. 

As you may have gathered from the name, OpenLibra is a fork of Facebook's controversial project, and it's technically compatible with Libra. Devs behind the fork seem to like the technology Facebook implemented for Libra but fundamentally disagree with the project governance structure and direction. Now I'm sorry to say but if you've read up until here then you, too, are officially an OpenLibra project member and we reserve the right to use your name in all their materials.

 A Crypto Venture Fund (Read: Not an Exchange), Got Hacked

Algo Capital, a venture fund created to support the Algorand ecosystem, was recently hacked when the CTO's phone was compromised. More than $1M in cryptocurrencies has been stolen. The incident probably marks the first time a crypto venture fund is hacked. Until now, large scale hacks were largely limited to crypto exchanges. 



Neon District

Neon District has announced a Loadout phase leading to the game's official launch in December. In this phase, gamers can buy unique pieces of armor and weapons minted as NFTs and uplevel their characters before launch.



Asset-Backed Securities vs. Cryptocurrencies, San Francisco

On Tuesday 10/15, Token Daily Capital is participating in the investor focused event: Briefing for Investors on Blockchain: Asset-Backed Securities vs. Cryptocurrencies?  

The event has a phenomenal line up of panelists and industry leaders: EisnerAmper, Smith/Kranz & Associates, Tezos, Scalar Capital, Unbank Ventures, and Andra Capital. Register for the event here. We hope to see you there!




The amount of BTC stored in exchanges is constantly increasing. In TokenAnalyst's recent analysis, the team shows that only 8 of the major exchanges hold upwards of 6.7% of all BTC in circulation. Considering that this list of exchanges doesn’t include Coinbase or any of the major custody providers, we can estimate that the percentage of BTC held by third-party crypto banks is much higher.



Disclosure: Token Daily Capital and/or its partners may have exposure to some of the cryptocurrencies mentioned in this newsletter.

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