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November 16, 2020 Sponsored by: By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Top shelf A Citibank managing director thinks bitcoin could hit $318,000. MIT Researchers resoundingly reject blockchain-based voting. And Bitcoin Cash's latest fork looks set to fail.
Technical comparison? Six criticisms Expanding Galaxy Downvoted Flash attack Goodbye, dai and bitcoin sv. Hello, kyber and cosmos. A swelling in volume in the crypto markets over the third quarter has changed the list of noteworthy digital assets beyond bitcoin and ether that matter most to traders and investors. That change is reflected in the CoinDesk 20.
In the latest revision, five assets were replaced by crypto assets that saw volume surges outpacing even the double-digit gains posted in market volume as a whole.
The new assets are algorand (ALGO), cosmos (ATOM), cardano (ADA), kyber (KNC) and omg network (OMG). On average, incumbent CoinDesk 20 asset volume increased by 22% from Q2 to Q3. However, these crypto assets' trusted market volume increased by much more.
These five new crypto assets replaced incumbent assets that are well-known to crypto investors. Read more about how they displaced incumbents bitcoin sv, dai, zcash, monero and dash on CoinDesk 20's latest update.
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Quick bites If data is the labor form driving capital creation in the modern economy, then its producers ought to unionize, James Felton Keith argues. (CoinDesk – op-ed)China’s crypto miners struggle to pay power bills as regulators clamp down on crypto to fiat trading. (CoinDesk) Grayscale bought another 15,114 bitcoin ($241 million) in its largest raise to date. (Decrypt) SEC Chairman Jay Clayton is stepping down, months ahead of his scheduled departure. (CoinDesk) Binance will discontinue its U.K. pound stablecoin, an "experiment" that obviously wasn't a success. (CoinDesk) Market intel Bonds and BTC
SPONSORED BY POLICY 4.0 Policy 4.0 is a research and advisory working on policy strategy for the future of money and data. Our team of blockchain engineers, financial and policy experts have spent some months reverse engineering China’s digital yuan. This four-part research series will be unveiled on Nov. 18 with CoinDesk at 15:00 -16:30 UTC. The event comprises an address from the governor of the Bahamas Central Bank and perspectives from the IMF, David Birch and Pindar Wong.
Webinar: How to Value Ethereum In the second episode of the live webinar series How to Value Ethereum, CoinDesk Research unpacks the many quirks of Total Value Locked – the most popular metric for measuring decentralized finance growth.
Sign up for How to Value Ethereum, episode two, on Nov. 17. At stake The fork that wasn't Bitcoin Cash’s latest divide looks like a dud. In the latest “hard fork” of the network, two of the blockchain’s major clients, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN), are hashing it out over control of the sixth largest cryptocurrency by market cap.
A dispute between the parties arose after BCHA developer Amaury Séchet proposed an 8% “tax” on miner profits to fund his groups development of the network. This so-called Infrastructure Funding Plan (IFP faced strong opposition from the Bitcoin Cash community, including its most prominent advocate, Roger Ver, leading up to the hard fork.
Ver said the proposal would lead to greater centralization of the network, and said there were alternative ways to fund Bitcoin Cash’s development rather than a tax.
Now, one day after the contentious split, it appears that Séchet’s proposal will fail. According to coin.dance data, the BCHN chain is currently 129 blocks ahead of the upstart chain, with no miners supporting BCHA. If BCH ABC does not attract enough hash power to produce a viable blockchain, the ABC blockchain would in theory “disappear,” CoinDesk’s Muyao Shen reported this weekend.
Until the situation is resolved, a number of major exchanges and crypto service providers have paused BCH functionality. "We’ll re-enable sends/receives once we’ve determined the upgrade is stable," Coinbase, for one, said. Additionally, Decrypt reported that the majority of exchanges will support whatever blockchain has the most hash power behind it.
Bitcoin Cash is no stranger to disputes. The network came into existence in 2017, after a contentious dispute among Bitcoin developers over block size. At the time, Roger Ver led a group of stakeholders that believed Bitcoin was failing as a payment system, and proposed a marginal increase of the number of transactions that could be confirmed in a single block.
Following BCH’s hard fork from Bitcoin, a group led by Australian cryptographer Craig Wright wanted to further bump up the block size, resulting in Bitcoin SV (short for Satoshi’s Vision, as Wright has claimed he is Bitcoin’s pseudonymous founder).
Many have criticized Bitcoin Cash’s “fork first” governance, which often introduces uncertainty into the market.
As Cointelegraph reports, Grayscale Investments’ Bitcoin Cash Trust fell $1.6 million following the announcement that the crypto asset would be forking on Nov. 15. Grayscale, like CoinDesk, is a unit of Digital Currency Group.
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