Productizing bitcoin maximalism and the emergent of "digital assets not blockchain"

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 17 December 2019

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

More crypto businesses are transitioning to or choosing to focus exclusively on bitcoin only from the beginning, in some ways representing a productization of bitcoin maximalism. In China, however, the government is cracking down fiercly on resurgent crypto businesses that have taking President Xi’s positive comments about blockchain as an excuse to operate more openly. Interestingly, the attitude of many US financial firms seems to be shifting from a version of “blockchain not crypto” to “digital assets not blockchain” as they begin to adapt to demand from customers.

Transcript

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0:00.0	Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond, with your host, NLW.
0:15.0	The Breakdown is distributed by CoinDesk.
0:20.1	Welcome back to The Breakdown.
0:22.5	It is December 17th Tuesday, and we're continuing our exploration of narratives that defined
0:30.1	2019 but framed in the context of news that closes out the year.
0:34.6	So today we're going to be talking about Bitcoin only and Ethereum's
0:38.2	opportunity cost of change. And then we're going to be looking at a little bit of a battle
0:42.9	between blockchain, not crypto on the one hand, versus digital assets, not blockchain on the other.
0:49.1	Okay, so let's dive into Bitcoin only and Ethereum's opportunity cost for change.
0:54.1	Ethereum recently went through its Istanbul hard fork. It wasn't a contentious fork.
0:58.0	It was a technical update in a lot of ways.
1:00.0	For the Ethereum community, it was just sort of business as usual, although there were some disruptions, right?
1:06.0	Aragon, the Dow software, had a bunch of smart contracts that were temporarily broken and so on and so forth.
1:10.0	But more or less, it went off without a hitch, at least according to that community. However,
1:14.7	there were a number of folks who were watching from the outside to think about or see
1:18.5	what this idea of hard forks, whether contentious or not, meant in terms of the implications for
1:24.3	Ethereum. So Sushu, the CEO of Three Arrow's Capital, said,
1:29.1	so a lot of exchanges of OTC brokers are halting deposits and withdrawals of ETH and ERC 20
1:34.1	during a certain window for the upcoming hard fork. This was on December 4th, he said this.
1:38.1	They warned funds sent during the window may be lost. How does this tie in with Ethereum as a
1:42.8	global sediment layer? By the way,
1:44.6	I'm not footing Ethereum here, just saying this is objectively super annoying slash dangerous
	...

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