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Sushi Chef Deletes Private Conversation with Coinbase Listing

Chef nomiChef Nomi, the Head Chef of SushiSwap, briefly revealed on Twitter a private conversation with Zach Segal, the Head of Listings at Coinbase. In the now deleted tweet Nomi said…

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Chef Nomi, the Head Chef of SushiSwap, briefly revealed on Twitter a private conversation with Zach Segal, the Head of Listings at Coinbase.

In the now deleted tweet Nomi said that for the sake of transparency he was revealing the head of Coinbase listing direct messaged him.

He also said he never asked any exchange to list sushi, but 15 minutes later he deleted it, stating:

“After second thought, I don’t think it’s appropriate to share DM without asking for permission.”

The cat is now out of the bag however and everyone is now speculating whether sushi will be listed on Coinbase.

Sushi chef leaks Coinbase contact, Sep 2020
Sushi chef leaks Coinbase contact, Sep 2020

Coinbase recently announced they perform “a thorough security review of each token before it can be listed.”

As such it sounds like Segal reached out perhaps to better understand the code and the project with Binance, Huobi and many other exchanges listing this token in the past few days.

Coinbase however remains the main fiat gateway for Americans with the exchange and broker being one of the earliest backer of ethereum and its wider dapp ecosystem.

Now four years later, one such dapp, Uniswap, overtook Coinbase in trading volumes, showing significant demand for open finance.

SushiSwap is a fork of Uniswap with their given reason for forking being because Uniswap LLC, the company behind the dapp, recently raised $11M in Series A funding led by Andreessen Horowitz with additional investments from USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital. SushiSwap has distributed a token instead.

Coinbase also has a USDC Bootstrap Fund which “invests directly into smart contract protocols, providing important, early liquidity for entrepreneurs and developers looking to grow their protocol.”

Late last year they provided about $1 million in liquidity to Uniswap, with the exchange assisting the ethereum ecosystem in numerous ways over the years.

It’s no wonder therefore they may well want to get a piece of the action in sushi, with this new token currently very volatile, dropping by some 50% before recovering to now nearly $7 with a market cap of $250 million.

They’re increasing by 5x the token distribution to the sushi/eth pool tomorrow at 11 am UTC, up from the current 2x. They also multiplying from current 1x:

USDT-ETH => 1.918x
USDC-ETH => 2.320x
DAI-ETH => 2.320x
YFI-ETH => 2.320x

Due to impermanent loss, this is affecting eth’s price as well with an entire financial ecosystem now developing on eth.

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Facebook’s Libra Could Reportedly Arrive in January 2021 in a Scaled-Down Version

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  • Although Facebook failed to launch Libra in mid-2020 as initially planned, the social media giant could do so in early 2021.
  • Finance Times cited three people working on the project claiming that Libra’s long-awaited launch could come in January 2021 but in a scaled-down version.
  • CryptoPotato reported before that Libra already changed its original idea from being a “single global digital currency” to creating a series of various digital coins. 
  • The FT coverage asserted that Libra could see the light of day after receiving approval to operate as a payments service from the Swiss Financial Market Supervisory Authority (FINMA). However, the Libra Association would initially release just a single coin backed one-for-one by the dollar. The other set of currencies would be rolled out later, should the FINMA application is successful.
  • Facebook rattled the financial world last year after announcing plans to launch its own cryptocurrency called Libra. After receiving scrutiny from world watchdogs, the Libra project underwent numerous changes, including executive replacements.
  • Libra suffered more blows when several notable partners left. Those included PayPal, Mastercard, eBay, Vodafone, and more.
  • In an attempt to salvage the project, the Association decided to make further changes by renaming Libra’s wallet provider from Calibra to Novi.

Featured Image Courtesy of AlJazeera

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Source: https://cryptopotato.com/facebooks-libra-could-reportedly-arrive-in-january-2021-in-a-scaled-down-version/

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Bitcoin Worth $500 Million Withdrawn From OKEx as Users Look for Other Alternatives

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Users withdrew a record 29,300 BTC from OKEx after the Malta-based cryptocurrency exchange resumed withdrawals yesterday. This comes after bitcoin (BTC) price kickstarted its epic freefall dropping to levels near $16,500 before bouncing back up again. But what is the reason behind the massive bitcoin exodus out of OKEx?

OKEx Sees Significant BTC Withdrawals And Deposits

As per the latest update from on-chain and market analysis firm Glassnode, OKEx users have withdrawn a record 29,300 bitcoins after the exchange gave the green signal for resuming withdrawals yesterday. These BTC transactions amount to roughly $5 billion (considering the current spot rates).

Glassnode also observed a deposit of 21,600 BTC on OKEx. Withdrawals and deposits together had a depreciating effect on the exchange’s overall bitcoin balance which reduced to around 212,000 BTC.

The potential cause behind the massive exodus of bitcoin holdings could be a result of users leaving OKEx in search of other alternatives. Binance, Huobi, and some third party wallets were at the receiving end of the initial bitcoin transfers from the exchange.

Users Dissatisfied With OKex; Seek Other Alternatives

OKex announced the resumption of withdrawals on November 19. Few folks welcomed the developments, but most of them seemed miffed with the exchange’s recent bitcoin and crypto withdrawal suspension, with a lot of users demanding compensation else they make their move to other platforms.

Large BTC Deposits Point To ‘Centralized Failure’ Risks

As reported by CryptoPotato, OKEx had more than 200,000 BTC stored in their wallets during the ‘withdrawal lockdown.’

Although OKEx CEO Jay Hao assured users that their funds are safe and that there’s no “cause for alarm,” the vastness of the above bitcoin stash is pretty alarming. Especially because it is controlled by one single organization.

What’s more disappointing is that the official who had access to the private keys was ‘out of touch’ with the management. The OKEx personnel wasn’t able to reach out to him. This is not desirable since it poses huge risks to these BTC stashes falling prey to coordinated attacks that target centralized points of failure.

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Source: https://cryptopotato.com/bitcoin-worth-5-billion-withdrawn-from-okex-as-users-look-for-other-alternatives/

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‘Retail s*ckers duped by manipulative whales’ – Roubini on Bitcoin’s price fall

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Bitcoin, the world’s largest cryptocurrency, is in the news again after American economist and popular crypto-critic Nouriel Roubini claimed that it had no intrinsic value, adding that BTC is heavily manipulated. Taking to Twitter on Thanksgiving Day, the crypto-skeptic, in fact, also went on to blame retail investor FOMO for the latest Bitcoin price drop. Roubini said, 

“See also the academic evidence that Tether is used to manipulate the Bitcoin market. And look at the recent indictment of BitMex and his criminal CEO & gang. It [Bitcoin] has no intrinsic value, it is not backed by any asset, it is not legal tender, it cannot be used to pay taxes.”

Roubini has been one of the industry’s oldest critics, with the economist going as far as lauding the CFTC’s charges against BitMEX CEO Arthur Hayes a few weeks ago, having claimed that Hayes and his firm were running a “massive criminal operation.”

In the past, the economist had also called out the stablecoin Tether for the “criminal manipulation” of Bitcoin rallies.  

Bitcoin has risen by 134% this year, hitting a record high of $19,293 this week, before falling by 12% on the price charts. The said fall came on the back of Bitcoin trading close to its ATH levels, with crypto-investors soon cashing in on their holdings, pulling the price of the cryptocurrency down. It should be noted here that experts in the field had already predicted this drop, labeling it as an inevitable and regular price correction. 

However, while influencers and Bitcoin bulls have noted BTC’s potential as a safe-haven asset, Roubini seems convinced that Bitcoin has “no role” to play in institutional or retail investor portfolios because it isn’t a currency, unit of account, or a scalable means of payment.  Roubini even argued,

“Retail suckers with massive FOMO have been jumping again into BTC as they did in late 2017 when price went from 10K to 19K only to crash down to 3K in 2019. Only winners were the manipulative whales that dumped their BTC to the retail suckers & led to its 85% price fall.”

What is interesting here is that Roubini seems to be discounting the scale of institutional participation during this bull rally. Over the past few months, the likes of Square and Microstrategy have invested millions in Bitcoin. While the popular economist might be quick to denounce them as “manipulative whales,” it should be noted that unlike back in 2017, many of these entities have been quick to highlight BTC’s potential as a more “ubiquitous currency in the future.” 

What is even more interesting is that with the latest series of tweets, Roubini seems to be backtracking on his recent statements. A few weeks ago, back when BTC was consolidating its position to climb on the charts again, the crypto-skeptic had conceded that Bitcoin was “maybe a partial store of value.” While many saw this as a sign of the economist warming up to Bitcoin and cryptocurrencies, it would now seem that this wasn’t to last for long. 

Source: https://eng.ambcrypto.com/retail-whales-roubini-bitcoin

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