Ep 20. Rich people problems

Woohoo! This is my 20th edition! I started writing on a whim without a plan. I knew I wanted to learn more about crypto and share with others interested and so I just started. Thanks for coming along on this ride. Be sure to invite others who might get a kick out of this too. There is room at the table. Quick rant: I intentionally do not spend a lot of time talking about the price of bitcoin or other cryptocurrencies. Developments in this ecosystem are going to transform our lives, the products we buy and build. Sometimes, I feel like the price is a distraction. #DollarCostAverage #BuyTheDip #StackSats #HODL News * Luxury goods get on blockchain * Over $600B of fake goods are sold each year. How would you feel if you unknowingly bought a fake $5,000 Rolex watch or $50,000 Birkin bag? * LVMH (ex Louis Vuitton), Prada, and Richemont (ex Cartier) formed the Aura Blockchain Consortium to provide customers with proof of authenticity and ability to track ownership and post-sale repairs. * This is huge for the pre-owned market for luxury goods. Maybe one day you could whip out a phone and scan watches, bags, jewelry to find if its real. * Binance US names Brian Brooks as CEO * Binance US is the American arm of the world’s biggest crypto exchange. The company has a big vision with projects in payments and stocks. * For example, the US stock market is closed more hours than it is open, Binance has tokenized Tesla stock so that you can buy and sell it 24/7/365 * However, Binance US needs a steady hand to navigate complex regulatory environment. Brian is the crypto-loving former head of a bank regulator. Sounds like a win-win! * Venmo goes crypto * Do you remember writing checks or using cash to pay your nanny? Person-to-person payment solutions like Venmo and CashApp have changed the game. * Venmo is owned by PayPal. Last year, PayPal announced it’s grand vision for digital assets like bitcoin and stablecoins. * Now Venmo enables users to buy, hold, and sell a few cryptocurrencies. They have over 52 million users in the US. This is a big advantage over crypto exchanges like OKCoin who have to work hard to acquire new users * Crypto mining to subsidize renewable energy * Electricity from wind and solar is now cheaper than natural gas. However, it is not consistent. The wind is variable and sun only shines during the day. * Building bitcoin mines at wind and solar facilities would enable them to gobble up any surplus electricity. It could subsidize these investments. * Square and Ark Investment partnered on a research project exploring this topic. If implemented, it would be a win for the climate and the bitcoin network. It would end the narrative that crypto is bad for the environment. * NYDIG acquires bitcoin mine financier * The supply of bitcoin mining machines has not kept up with the surging demand. The price of machines has more than doubled in the past year. * Time is of the essence if operators want to capture record high bitcoin mining revenue. Arctos Capital provides financing for bitcoin mine investments and leasing of mining equipment. * This week, NYDIG acquired Arctos Capital. NYDIG provides a range of services including custody for institutional investors like Mass Mutual. Explore * Did you know you could passively earn bitcoin by shopping? * This week my Fold card arrived! Fold is a bitcoin rewards debit card. I’ve been using the app to buy Amazon gift cards which I use for my regular shopping. Now, I have the card so it’s easier than ever. * I’m excited to #StackSomeSats (FYI: sats are the subunit for bitcoin like cents is to dollar except 1 bitcoin = 100 million sats) * Check it out: Fold * Did you know there are also crypto credit cards too? * I used credit card points to pay for my honeymoon at a 5-star luxury island resort. It was amazing. * But wouldn’t it be cool to get rewards for an appreciating asset? Enter crypto credit cards. * BlockFi, Gemini, and Crypto.com have or are launching crypto credit cards. Check them out and get in line! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit afolabio.substack.com