📉 After the bitcoin boom: Hard lessons for cryptocurrency investors. The New York Times recently profiled individuals that took out loans and put their savings into cryptocurrencies during the bull run, only to lose over 70% of their holding's value.
⚡️ Stop worrying about how much energy Bitcoin uses. Clean energy researcher Katrina Kelly-Pitou asserts the debate around bitcoin energy consumption is oversimplified, walks through how we count consumption, different types of energy generation, and the more productive discussion we should be having.
💰 Blockchain firm to raise $24B Blockchain and AI company Seven Stars Cloud Group is entering a contract with plans to raise $8.75b and $15b over a three year time period, respectively, to fund electric bus upgrades.
🤝 Lightning's own hacker camp Chaincode is launching a "residency program"in New York that helps developers build their own Lightning apps.
🚨 We're actually giving away BTC 800 dollars worth to be exact. And you only have to submit your email to be in the running.
🚀 BlockFuse TD'er Andrew Yang is on a mission to make bitcoin and Litecoin app development easy.
READS OF THE DAY
📖Federation is the worst of all worlds Sarah Jamie Lewis on the inherent risks baked into federated systems, and why building privacy-preserving peer-to-peer infrastructure is our only path to a decentralized future.
📖Credit and Crypto Alexis Aiono reflects on her time at BTCjam in 2014 and how the P2P crypto lending landscape has transformed.
📖The Store of Value thesis Qiao Wang and Dan McArdle unpack the properties that make an asset a good store of value in their latest post.
📖An evolving market Bakkt CEO Kelly Loeffler's latest update shares learnings from the past few weeks, outlines the company's immediate priorities, and explicitly states "the daily Bitcoin contract will not be traded on margin, use leverage, or serve to create a paper claim on a real asset."
THOUGHT OF THE DAY
Opinions and observations from our readers. Have a thought you'd like to share? Reply directly to today's issue, and we'll review your submission.
"As cryptocurrencies have begun to capture mainstream interest, the industry’s witnessed a Cambrian explosion, with more and more entities investing and building out the ecosystem. Although the cryptocurrency community may seem homogenous to the casual observer, especially in the case of Twitter and Reddit subgroups like /r/ethereum or /r/bitcoin, the truth is that the landscape is growing more diverse by the week.
Actors in each category have different paradigms, different incentives, and, ultimately, different policy goals. This means that some actors may promote certain policies that will help them gain adoption, while the same policies will lever collateral damage on tangential ecosystem actors.
This throws a new wrench in policymaking for cryptocurrency and blockchain: regulatory tribalism."
Read Lindsay's full post on how crypto narratives influence (and muddy) policy-making over here.
QUESTION OF THE DAY
"Have you seen any existing marketplaces (ie Uber or Airbnb) look at decentralization/blockchain technology?" - Regan Bozman
Baked into Ethereum shortly after the network launched, the difficulty bomb makes mining a block increasingly difficult over time. The goal is to reach a state where mining Ethereum will become nearly impossible and unprofitable (and switching to proof-of-stake becomes the only logical option).