Cryptonite September 2022
merge another level of difficulty
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
The Merge (ethereum)
The difficulty bomb is a mechanism intended to incentivize the network to move away from proof of work by exponentially increasing the difficulty level of puzzles required for mining—making continued mining unviable. (thehindu)
Binance plans to convert USDC and other stablecoins into their own BUSD stablecoin (coindesk)
Crypto lender Celsius looked a lot like a Ponzi, says state regulator (ft)
Volume Clock (stockviz)
MicroStrategy Chair Michael Saylor accused of evading $25 million in taxes by DC attorney general. (cnbc)
Inflation Reduction Act Will Restore IRS Staffing To 1995 Level By 2026 (forbes)
Why India's latest GDP numbers are deceptively high (qz). India's fast GDP growth doesn't mean it's ready for takeoff (economictimes)
Falling Rates are Likely to Continue Due to Low Vessel Utilization (maritime-executive). Container spot rates keep falling, but what will be the floor? (seatrade-maritime)
Rate hikes!
Interest Subvention Scheme for MSMEs (cleartax). Cabinet nod for 1.5% interest subvention on farming loans (livemint).
China cuts lending benchmarks to revive faltering economy (reuters).
New British PM Liz Truss announces a cap on energy bills to combat cost-of-living crisis (cnbc).
Russia 'secretly working with environmentalists to oppose fracking' (theguardian, 2014). Putin Is Funding Green Groups to Discredit Natural Gas Fracking (newsweek, 2017).
Iran makes first import order using cryptocurrency (reuters)
Nike Becomes World’s Highest-Earning Brand From NFT Sales (binance)
Crypto exchange targets Treasury sanctions in national security clash (washingtonpost)
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Other Links
Neoliberal political leaders such as Prime Minister Margaret Thatcher (1979-90) and President Ronald Reagan (1981-89) heralded entrepreneurs as capitalist heroes. Yet for the most part the policies they enacted did not help real entrepreneurs. Their ideology impaired their ability to promote entrepreneurship because they viewed support for entrepreneurs primarily in negative terms as the removal of government tax and regulatory burdens rather than in positive terms as the cultivation of a dynamic market infrastructure. (SSRN)
Are Paper Bags Really Better for the Environment Than Plastic Bags? (reason)
Rebalance timing luck. (tra)
Markets this Week
