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Palihapitiya Replies to Munger’s Bitcoin is a “Scum Ball Activity” Assessment

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The Founder of Social Capital, Chamath Palihapitiya said Buffett, Munger, and Gates are wrong about their negative assessment of Bitcoin. Like Buffett and Munger, the Canadian venture capitalist is also considered something of a savvy investor. However, when it comes to cryptocurrency, that’s where the similarities end.

Palihapitiya Defends Bitcoin

During a CNBC interview, a series of short clips featuring Buffett, Munger, and Gates was shown.

On Bitcoin, Buffett said, “the asset itself is creating nothing.” Whereas Munger led with “I think it’s a scum ball activity.” While Gates holds little hope of sustained price appreciation saying, “I would short it if there was an easy way to do it.”

Responding to the comments Palihapitiya said he thinks all three are wrong. Explaining further, he was quick to credit Buffett and Munger, adding that he considers himself a disciple of their achievements. But he also pointed out that technology falls outside of their “circle of competence.”

“Look, not everybody is right all of the time, and I think we have to acknowledge that we all have biases. And look, I’m a disciple of Buffett and Munger, and one of the things that they have said for years, which I believe, is you define a circle of competence and you stay within it.”

Answering the argument that Bitcoin is not technology, rather it’s a nonproductive asset similar to gold, Palihapitiya acknowledged this comparison. But in true Michael Saylor fashion, said he believes Bitcoin is a replacement for gold.

Sharing his own investment strategy, Palihapitiya said he holds 99% risk on and 1% risk-off. Saying holding 1% Bitcoin in the risk-off bucket is ultimately about buying insurance.

“The people that own Bitcoin in 2012 all the way up to now, the majority of those people view it as a hedge to the traditional financial infrastructure. Whether that’s true or not is unclear, but that’s how we’ve all viewed it.

2020 is The Most Correlated Year on Record

There is debate on whether Bitcoin is a hedge asset or not.

Data from Morningstar going back to 2013 shows an overall weak correlation between major asset classes and Bitcoin. This lends support to the argument that Bitcoin is a hedge asset.

However, last year saw a greater degree of positive correlation between all major asset classes and Bitcoin, with gold being the most correlated.

Source: etftrends.com

Analysts put this down to increasing Bitcoin adoption, citing record volumes and increasing activity from payment networks.

“This rise in correlation may be a result of its increasing adoption, as evidenced by record volumes traded, the rise in OTC-traded bitcoin funds and an increasing number of payment networks enabling bitcoin and digital asset buying and selling on their networks.”

If so, would mass adoption mean the loss of Bitcoin’s hedge status?

Bitcoin daily chart

Source: BTCUSD on TradingView.om

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/bitcoin/palihapitiya-replies-to-bitcoin-is-a-scum-ball-activity-assessment-by-munger/

Blockchain

Coinbase CEO Brian Armstrong Urges for Fair Crypto Regulations

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Ahead of the long-anticipated public listing for his company, Coinbase’s CEO Brian Armstrong asserted that US regulators are wrong in believing cryptocurrencies are primarily used for illicit transactions. He added that the industry wants to be treated on the same playing field as traditional finance when it comes down to legislative frameworks.

Armstrong on Crypto Misconceptions

The belief that digital assets are mainly used for illegal transactions has been going on for years, perhaps since bitcoin’s usage in some dark web marketplaces starting almost a decade ago. Regulators have used it as a good bashing point, and US-based watchdogs have been at the forefront of those attacks.

US Treasury Secretary, Janet Yellen, has repeatedly outlined the alleged massive usage of bitcoin and other cryptocurrencies for terrorist financing, Ponzi schemes, buying illegal goods, and everything in between. Naturally, the Treasury’s FinCEN department proposed quite restrictive legislation, which, however, has been indefinitely postponed.

Brian Armstrong, the CEO of the largest US-based crypto exchange preparing for its direct listing today, touched upon these concerns during a CNBC interview. However, he asserted that cash and even the highly-regulated banking sector are more frequently utilized in illegal transactions than crypto.

He referred to a report published today by the recently launched Crypto Council for Innovation indicating that “less than 1%” of all digital asset transactions have illicit roots. Simultaneously, PwC estimations showed that the percentage is more than 4x higher with the traditional economy, and more specifically cash.


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“The data we have just indicates that crypto is really not uniquely crime written. In fact, the data suggests it’s better than cash in that regard.”

Treat us Equally

Armstrong further outlined the significance of adequate regulation for his company, especially now that it will become public, but also for the entire industry. He suggested that the US should treat the crypto space as other financial sectors.

“We want to be treated on the level playing field with traditional financial services at the very least and not have any kind of punishment for being in the crypto space.”

He also joined Kraken’s CEO, Jesse Powell, saying that the world’s largest country by nominal GDP risks falling further behind other nations, such as China, in terms of crypto and blockchain adoption.

“China has really embraced cryptocurrency and blockchain in a big way – starting from about six years ago. They are substantially far ahead.” – Armstrong added.

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Source: https://cryptopotato.com/coinbase-ceo-brian-armstrong-urges-for-fair-crypto-regulations/

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MakiSwap Raises $1.4M to Build AMM Platform on Huobi Eco Chain

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[Press Release – St, John’s Antigua, Barbuda, 14th April, 2021]

MakiSwap, the number one decentralized exchange on Huobi Eco Chain (Heco), has raised $1.4 million in seed and private funding to build the most robust and feature-rich automated market maker exchange and yield farming platform on Huobi Eco Chain.

The oversubscribed round was led by Inclusion Capital, which incubated and supported MakiSwap in its development efforts. Other participants include Kenetic Capital, LD Capital, NGC Ventures, Polygon Network, DAO Maker, Momentum 6, AU21 Capital, Xend Finance and others. Jawad Ashraf, Founder of Terra Virtua, also joined the round as an individual investor.

MakiSwap is the leading AMM on Huobi Eco Chain, a high-performance blockchain supporting the Ethereum Virtual Machine. Heco was launched by the Huobi Global exchange and was met with formidable community support in China and the Asia-Pacific region. Heco projects are now shifting their focus to the global market, looking to bring in DeFi users from other regions and other blockchains.

MakiSwap was developed by Unilayer, a cross-chain DEX aggregator and DeFi ecosystem. The exchange offers unique features for an AMM designed with the professional trader in mind, including limit orders, advanced charting tools, analytics, and more. MakiSwap also features lucrative yield farming opportunities designed to incentivize users to make the jump into the new protocol and blockchain.

“We’re extremely excited to launch MakiSwap on Huobi Eco Chain and to the public, we do see a big potential for HECO to capture a lot of market share compared to other blockchains in the near future,” said Geo, Founder of Unilayer and MakiSwap.

“Makiswap is leading a new wave of Defi by empowering Huobi’s ECO chain community with key tools and infrastructure. We are excited to support Makiswap in helping to transform global finance through Defi.” Jehan Chu, Founder and Managing Partner, Kenetic

MakiSwap is powered by the MAKI governance token, which will be airdropped to holders of Unilayer’s LAYER token on Ethereum and Binance Smart Chain.

About MakiSwap

MakiSwap is the leading AMM exchange on Huobi Eco Chain, developed and launched by Unilayer, a cross-chain liquidity aggregator and unified interface for decentralized exchanges. MakiSwap’s governance token is MAKI, distributed fairly to all holders of Unilayer’s LAYER token. MakiSwap includes an advanced set of features like limit orders and advance charting to offer the best experience for professional DeFi traders.

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Source: https://cryptopotato.com/makiswap-raises-1-4m-to-build-amm-platform-on-huobi-eco-chain/

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The Message Coinbase Embedded in Bitcoin’s Blockchain on Listing Day

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Paying homage to Satoshi Nakamoto and his message embedded in the Bitcoin Genesis Block in 2009, Coinbase has done the same today. On the day they’re set to become a publicly traded company, the exchange asked a large Bitcoin mining pool to embed a note in the Bitcoin blockchain in regards to the latest stimulus bill. 

  • When launching the Genesis Block of the first-ever cryptocurrency in January 2009, the anonymous creator(s) embedded the following message referring to the financial crisis at the time: 
  • “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” 

  • More than twelve years later, Coinbase has followed the example set by Bitcoin’s creator. The exchange announced they had asked the mining pool F2pool to code the following text: 
  • “TNYTimes 10/Mar/2021 House Gives Final Approval to Biden’s $1.9T Pandemic Relief Bill.” 

  • The commonalities between the two messages spread more than being embedded on the Bitcoin blockchain. Both have referred to the economic struggles in 2009 and 2021 led by the aforementioned banking crisis and the COVID-19-induced crisis.  
  • More specifically, both messages have touched upon the governments’ somewhat controversial measures in trying to fight the consequences of the fallouts. Coinbase’s note cites this article published by the New York Times, which outlined the latest stimulus package aimed to alleviate some of the financial pain from the pandemic.  
  • The largest US-based crypto exchange has chosen today to pay homage to Nakamoto because of the significance of this day. As previously reported, Coinbase is set to become a publicly traded company on August 14th, 2021, through a direct listing. 
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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/the-message-coinbase-embedded-in-bitcoins-blockchain-on-listing-day/

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