Cryptonite April 2022

Fuckery unlimited

Its time for Cryptonite - our monthly roundup of all things crypto - with Tejaswi Nadahalli.

You can follow Tejaswi on twitter @nadahalli and he blogs at tejaswin.com

Audio only version:

Show Notes

Bitcoin's Secret Sauce (stockviz)

What is Check Template Verify? (thebitcoinmanual, github)

Zero Knowledge (stockviz)

John Paul Koning @jp_koning

Even though El Salvador has imbued bitcoin with forced tender status and rewards subsidies to adopters (such as a $30 bonus, discounts, and no withdrawal or transaction fees), usage is minimal and declining.

Bitcoin Declared Legal Currency in Central African Republic (bloomberg)

Swiss Central Bank Owns Record $162 Billion of U.S. Stocks (swissinfo)

Day Zero: how and why Cuba unified its dual currency system (lse)

How much oil does the European Union import from Russia? (Reuters)

Europe’s Hypocritical Gas Policy Isn’t Sustainable (wapo)

An EU ban on Russian oil would be self-defeating (qz)

foobar @0xfoobar

$34 million, or 11,539 eth, is permanently locked into the AkuDreams contract forever. It cannot be retrieved by individual users or by the dev team. The refund processing, which is complete, sets each bid status to 1.

What Is a Flash Loan? (coindesk)

Beanstalk DeFi platform loses $182 million in flash-loan attack (bleepingcomputer)

Beanstalk founders dismissed concerns about governance attacks before losing $182 million (verge)

What Is a Flash Loan Attack — and How Do I Prevent It? (bybit)

Alex Svanevik🐧 @ASvanevik

15% of Tornado deposits are from the Ronin exploiter

Anonymity in the open with Tornado Cash (tejaswin)

Ohio Resident Pleads Guilty to Operating Darknet-Based Bitcoin ‘Mixer’ That Laundered Over $300 Million (justice.gov)

A new SEC proposal has a serious change hidden within its complex language (coincenter)

Is Axie Infinity a Ponzi Scheme? (every)

“Play-to-earn” and Bullshit Jobs (paulbutler)

Axie Infinity’s Ronin Network Suffers $625M Exploit (coindesk)

Sam Bankman-Fried reveals how DeFi works like Ponzi scheme (coingeek)

Sam Bankman-Fried Described Yield Farming and Left Matt Levine Stunned (bq)

SBF @SBF_FTX

to be clear this is _not_ how I describe yield farming--in context it was a toy model of what yield farming is *if you remove all useful parts of the protocol*

web3 is going just great @web3isgreat

FTX founder Sam Bankman-Fried tries to explain yield farming and it's just a ponzi April 25, 2022 https://t.co/mLkH8xTYCe https://t.co/exGaEgcn7I

Crypto exchange WazirX's founders move to Dubai (cnbctv18)

Enforcement Directorate issues notice to WazirX, directors over FEMA breach (business-standard)

Sebi - brokers - tax evasion (HT, IT, MC, BS)

Edward Snowden Reveals He Took Part in the Zcash Launch Ceremony (bitcoin)

The Snowden Files (Amazon)

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Markets this Week

Given that the Fed is in tightening mode and FIIs have been constant sellers, INDA outperforming SPY the past year is a headscratcher.

Uday Tharar @udaytharar

FII ownership of BSE500 in Mar-2022 fell another 50bp QoQ to 19.4%: -205bp since Dec-2020 and the lowest since 2013. MFs now own 8.3% of BSE500, an all-time high. FII ownership of Nifty stocks fell 220bp YoY, vs 80bp for non-Nifty.

Hard to believe NIFTY 50 ending mostly flat for the week given the day-on-day gyrations.

Links

Disruptive Iteration (linkedin)

Gen Z does not dream of labor (vox)

Bill Hwang, founder of collapsed multibillion-dollar hedge fund, arrested (courthousenews)

Amir Efrati @amir

🚘🥺Western automakers have announced plans to produce >40M EVs in 2030. Sorry, but the expected nickel supplies will only allow for 15.6M to be made—globally, across all automakers. ⁦@stevelevine⁩ subscriptions.theinformation.com/newsletters/th…

subscriptions.theinformation.comJust How Many EVs Can Be Made? Far Fewer Than ExpectedSave the date: In large parts of the world, when you say “electric vehicle” you don’t mean a car or an SUV, but a scooter—a two-wheeler, as they are better known. And today’s greatest two-wheeler mania of all is perhaps in India, pioneered by Hero Electric, the country’s largest manufacturer of ...

Biggest innovations by decade @verdadcap

Jason Goepfert @jasongoepfert

Internal Nasdaq damage: 😒More than 45% of stocks down 50% 😢More than 22% of stocks down 75% 🤬More than 5% of stocks down 90%. The only comparisons are Oct 2000 - Oct '02 and Nov 2008 - Apr '09.

European Central Bank @ecb

🧵 Globally coordinated efforts are needed to bring crypto-assets into a regulatory framework, says Executive Board member Fabio Panetta at @Columbia. We must not repeat past mistakes by waiting for the bubble to burst before acting ecb.europa.eu/press/key/date… 1/5

Bhad Bhabie made more money from onlyfans than DRAKE did from spotify

Wasteland Capital @ecommerceshares

Star of the day: $SPOT. Remember the “Joe Rogan will make this business hugely profitable!” pump? Thousands of delusional thought pieces and substacks published on the “economic miracle” that podcasts would bring, out of seemingly nowhere. Now -34% since IPO.

hy @TheMindOfHY

Bhad Bhabie posts proof she made more than $50M on OnlyFans in 1 year.

If anyone can understand what’s going on here, we would love to have you as a guest on our next Cryptonite!

misaka @0xmisaka

Trifecta of making money in crypto: MEV, Buildoor, and NFT 🧵👇 No BS; making $10m a year is not hard in crypto if you have skills + focus 1/x

Meme of the Week

Pat Dennis @patdennis

Sick of people calling everything in crypto a Ponzi scheme. Some crypto projects are pump and dump schemes, while others are pyramid schemes. Others are just standard issue fraud. Others are just middlemen skimming of the top. Stop glossing over the diversity in the industry.