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September 15, 2023

"Opportunity does not waste time with those who are unprepared."



- Idowu Koyenikan

Howdy investors!


Technology takes time.


Today's lead story reminds us that technology takes time because change takes time. Especially when that change challenges those in power. Today you'll learn about the battle over encryption in the 1990s, and the takeaways for today's crypto investors.


Additionally, courts have approved the sale of FTX's hoard of crypto assets, starting with a relatively small $100 million sell-off. The initial fear of market saturation seems to have waned as the courts and FTX are ready to unwind at least some of these assets slowly.


Finally, our own Mauricio Nogueira Silverio gives us a great ELI5 on "What is a DEX?"


Keep reading to find out more.


Tech Takes Time

by John Hargrave

Phil Zimmermann was a radical.

 

As an anti-nuclear activist, Zimmermann was troubled that the U.S. and Soviet Union had stockpiled enough nuclear weapons to each destroy the other. This idea of Mutually Assured Destruction (MAD), he believed, was indeed mad. It meant the world was constantly on the brink of a nuclear catastrophe.

 

Zimmermann was also a computer programmer. If the grassroots peace movement had a method for secure communication, he reasoned, citizens would be better equipped to organize and protest, without interference or surveillance from the government.

 

He developed a piece of software that would give ordinary citizens military-grade privacy. They could encrypt emails, spreadsheets, and documents with software that would take a supercomputer billions of years to crack.

 

In the understatement of the year, he called it “Pretty Good Privacy.”


There were many similarities between PGP and today’s cryptocurrencies: they both use public and private keys. They both let users trust each other without a centralized authority. And they both had terrible user interfaces.


Click here to read the full story >>

Must Read

Today's most important stories for crypto investors.

FTX Approved to Start Selling Its $3.4 Billion Crypto Hoard(Bloomberg)

Investor takeaway:FTX Trading Ltd. has gained court approval to sell up to $100 million of its $3.4 billion crypto assets weekly to settle debts with creditors. The sales will continue despite an ongoing lawsuit challenging FTX's ownership of the assets.


While these sales could impact markets slightly, the $100 million weekly cap should see that volatility remains in check, which is good news for investors worried about a tidal wave.

New DCG Plan Could see Gemini Earn Users get Back all Their Crypto (The Block)

Investor takeaway: Digital Currency Group (DCG) has proposed a new creditor agreement in Genesis's bankruptcy case, aiming to offer 70-90% recovery to unsecured creditors, partly in digital currencies. The proposal is pending creditor approval amid ongoing legal disputes and regulatory scrutiny involving DCG and Gemini.


While this proposal could offer significant recovery rates for investors and creditors, especially those in Gemini Earn, it also carries risks due to unresolved legal issues. However, investors must be made whole as best as possible when such incidents happen. Such an agreement could be an example for the rest of the industry.

Latest CFTC Enforcement Actions Challenge Core Tenets of DeFi (The Defiant)

The U.S. CFTC has ordered DeFi platforms Opyn, 0x, and Deridex to halt certain operations, highlighting regulatory inconsistencies and sparking concerns about stifling innovation.


 adds to the regulatory uncertainty in the DeFi sector, suggesting caution as evolving rules could impact project viability.


Best Stablecoin Interest Rates

The best rates for staking and lending stablecoins this week.

Click here to see our current rates, updated weekly.


Note: Nexo rates are dependent on your Nexo Loyalty Tier, which is based on the number of Nexo tokens held in your account. Your rates may vary.

ICYMI
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Blockchain Basics

Explain Like I'm 5

What is a DEX?

The Quick Guide for Crypto Investors

Click to learn.

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