Episode 226 - Corona-mania!

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By Brent Philbin, Karim Baruque, and Adam "Roothlus" Levy - The Cryptocurrency news nerds, Brent Philbin, Karim Baruque, and Adam "Roothlus" Levy - The Cryptocurrency news nerds. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Welcome to Flagship Friday! This week the gang is all together and ready to talk about... mostly the coronavirus and Brent's provisions. No panic though because we also talk crypto - as we always do. We went over Warren Buffet going over crypto, fresh new hacks, and new shots being fired. Eventful week - tune in to learn more!

  • Rapid Fire
  • CZ Talks Craig Wright“He claims to be the founder of Bitcoin, Satoshi Nakamoto, which is a lie. He hurts the credibility of Bitcoin and is a disgrace to our entire industry.”
  • Enjin launches game development platform on Ethereum Mainnet (altcoinbuzz)
  • Previously, only early adopters and members from the Enjin Spark program had access to the Mainnet tools. Now, anybody will be able to mint their own ERC-1155 tokens for their own use.
  • Over 2,500 projects adopting ERC-1155 have already been created on the testnet version of the Enjin Platform.More than 1% of the total ENJ supply is locked into over 50 million ERC-1155 assets.
  • ERC-1155 has become an official Ethereum token standard.
  • Lionel Messi-led FC Barcelona set to have its own token for ‘over 300M’ fans worldwide (theblockcrypto)
  • Lionel Messi-led soccer club FC Barcelona is set to have its own token in Q2 of this year
  • The club has partnered with blockchain startup Chiliz for the initiative
  • Alexandre Dreyfus, founder and CEO of Chiliz, told The Block that the deal took 17 months to close
  • Winklevoss-led Gemini Custody to add Filecoin, trading may be next (Decrypt)
  • Filecoin will be added to Gemini custody. remember Filecoin? One of the biggest ICOs that was completely private in 2017
  • “The Simpsons” Predict that Cryptocurrency and Blockchain will Gain in PopularityRead more at TheCryptoTime.com: (TheCryptoTime)
  • Shopify joins Facebook’s cryptocurrency Libra Association - K
  • Last time we left them Visa, eBay, Stripe had left Libra
  • Scored a win getting Shopify (Rev -1.58b, Net -.12, Total Assets 3.02B, 5000 employees)
  • Will contribute at least $10m towards Libra and will operate a node
  • Seems like a significant incentive is gaining a way to process transactions without paying credit card fees (helps their merchants too)
  • As part of Libra Association Shopify will
  • Become a validator node operator
  • Get one vote on Libra Association Council
  • Can earn dividends from interest earned on Libra reserve (proportional to investment)
  • Still lots of work to do, US gov skeptical
  • The French Finance Minister Bruno Le Maire said, “the monetary sovereignty of countries is at stake from a possible privatisation of money . . . we cannot authorise the development of Libra on European soil.”
  • Whale gets hacked for $30M in Bitcoin Cash - asks Roger Ver to "Roll Back the Chain" lol.
  • Apparently this was in a SIM Swap, similar to what happened to me.
  • The guy who had it stolen was apparently a security pundit of some kind.
  • The hackers immediately went to a bunch of addresses and headed to mixers.

Coronavirus and it's affect on the economy, crypto, everything. (Everyone)

  • Bitcoin, Vitalik, and Stock to Flow - K
  • vitalik Tweet that had a pic of two articles regarding Coronavirus, arguing opposite sides of price action.
  • "Your daily reminder that 95%+ of articles of the form "event X will make crypto go (up | down)" are post-hoc rationalized bullshit."
  • Guy counters with Stock to Flow model chart, and Vitalik disagrees
  • Which predicts avg BTC/USD to be around $100k between 2021-2024
  • Got me interested, especially since we dont often discuss price prediction, and apparently its a popular valuation model.
  • Bitcoin Stock-to-Flow model was published first in March 2019, and it essentially treats BTC like gold, silver, or platinum.
  • Stock-to-flow ratios are used to evaluate the current stock of a commodity (total amount currently available) against the flow of new production (amount mined that specific year).
  • S2F really seems to be a measure of scarcity,
  • Gold has the highest stock-to-flow ratio with 62, as it would take 62 years of production to reach the current level of gold stock.
  • Silver has a ratio of 22, while Bitcoin is currently at 27
  • Of course this also draws a lot of criticism, how can we just use supply to try to predict price?
  • Joe Weisenthal (bloomberg markets editor) makes the point that if you wanted more btc you could just bid it up rn, without extra supply or less supply
  • "If you believe that there's some mathematical relationship between the supply of new coins and the price of the coins, then you have to explain how the supply of new coins changes peoples preferences to hold BTC within global porfolio."
  • It also doesnt account for demand-side shocks....What if nobody wants to hold bitcoin in the long run?
  • But has been realtively accurate so far, seems to not consider demand which may be just luck with BTC but wouldn apply to something else, or just works till it doesnt and it breaks down
  • Warren Buffet does an interview- Adam
  • Charlie Lee, Yoni assia (etoro CEO),
  • "I don't own any cryptocurrency. I never will"
  • Sun gifted Buffett some BTC and Tron which Buffett immediately gave away LOL to the same charity foundation of the $4.6 million
  • During his CNBC interview, Buffett also jokingly suggested that he could issue his own cryptocurrency called "Warren Currency." His words were used as another marketing trick by Sun who now proposed to issue WARRENCOIN on the Tron blockchain without any monetary value.
  • Bitcoin Drove Half of Square’s Cash App Revenue in the 4th Quarter
  • Shots Fired! (GOT ONE - nevermind)
  • https://twitter.com/cz_binance/status/1231846420392685569
  • CSW is a fraud. Investing in a fraud never ends well. See below. Time will tell.
  • I rarely called out anyone, with exceptions. On Chinese social media, I called FCoin a pyramid scheme in mid 2018. Their founder call his own plan a "better invention than #Bitcoin". That did it for me. Who would say such a thing? About themselves? except scammers.
  • "#fcoin, a crypto exchange that adopted the controversial "trans-fee mining" model, has paused trading and withdrawal after revealing a shortage of #Crypto assets worth up to $130 million."Neutral face
  • Exit
  • Please join the conversation in the Discord. We're in there all the time.
  • Rate us on iTunes.
  • Follow CryptoBasicBrent on Reddit.
  • We are not Financial advisers.

249 episodes