The Bank of Italy, the country’s central bank, is backing a platform looking to get institutions started on DeFi and tokenizing assets. Cetif Advisory, a consultancy spinoff of the Università Cattolica del Sacro Cuore of Milan’s Cetif Research Centre, will lead the platform’s development, which will see support from Polygon Labs, crypto infrastructure provider Fireblocks, tech developer Reply, legal and tax consultant Linklaters and Web3 studio DVRS. “We believe it is vitally important to create the conditions for DeFi to become a safe and open operating environment for supervised entities as well,” Imanuel Baharier, general manager of Cetif Advisory, said in a statement.
A message from Foundry
An in-depth look into the latest advancements and current challenges in crypto and bitcoin mining
A recent report by Coin Metrics has news for fans of energy efficiency: ASIC miners overall are reducing their energy consumption per coin produced. But which are the most efficient? CoinDesk examines which of the 11 most popular miners were the most competitive.
Miners are prioritizing the inclusion of next-generation mining rigs in their operations to prepare for the next Bitcoin halving.
It Ain’t Wright
Craig Wright, the Australian computer scientist who claims he invented Bitcoin, must pay 400,000 British pounds ($516,000) in security for legal costs, if he wants to pursue lawsuits against crypto exchanges Coinbase and Kraken. Judge James Mellor, of the England and Wales High Court, reportedly doubts Wright can fund his many legal costs, in part due to inconsistent statements Wright has made about his financial position. Wright says he owns the goodwill in the term “Bitcoin,” and that Coinbase and Kraken, by allowing trading in bitcoin (BTC) and bitcoin cash (BCH), are damaging the brand of rival cryptocurrency bitcoin satoshi vision (BSV).
Crypto Property
Singapore’s High Court ruled that crypto can be recognised as property, as part of a case involving Seychelles-based exchange Bybit and a contractor. Bybit sued a former contractor Ho Kai Xin, citing a breach in her contract after she allegedly transferred over 4.2 million USDT to her wallet. The exchange sought a declaration that Ho was holding both the USDT and fiat currency on trust for Bybit, in an attempt to have the funds returned. In a move that could have further implications, Judge Philip Jeyaretnam said “[w]hile some people are skeptical of the value of crypto assets,” they can be treated as property.
The Takeaway: Twisted Twitter
(CoinDesk)
I spent a few moments this morning exploring my Twitter archive. I’m reflecting on what the social media site has meant for the world of cryptocurrency – and contemplating what the possible end of “Crypto Twitter” means for the future.
Now, Elon Musk seems to have lost all interest in the actual social media product, announcing that Twitter would become the core of an ill-defined “everything app.” (Explaining these impulsive moves is beyond my scope here, but there is one compelling thesis I would invite you to contemplate.)
Scrolling back through these ancient scribblings, I also found a timeline of the evolution of my own thinking about crypto. That was driven by conversations and interactions with people smarter than me, starting with Andreas Antonopoulos.
I connected with Andreas and many other vital thinkers largely via Twitter, and it continues to function as both a better version of LinkedIn and an archival rolodex of practically all the smart people in crypto I’ve ever interacted with. Right at my fingertips, I have a catalog of experts on various topics, whose expertise I’m confident in because I’ve been communicating with them for weeks or months before I tap them for help with a story.
My experience is just one small node in a constellation of similarly productive connections made through Twitter, including important debates, but also hiring, strategic alliances and dealmaking. That utility is unlikely to disappear completely, but moves like limiting direct messaging for non-subscribers seem almost certain to reduce it.
The decline of Twitter has had crypto types eyeing alternatives for months. Once enough people head for the exits, we could suddenly find that the real Crypto Twitter is no longer actually on the site formerly known as Twitter.com.
There are about a half-dozen sites attracting refugees from Twitter/X.com. They all have some appeal, but after months of widespread taste-testing, there are a few clear winners – and some that seemingly aren’t going to make it.
The winners
Bitcointalk.org – The most venerable and important discussion board in the cryptocurrency ecosystem has never gone away. Yes, it’s almost exclusively focused on bitcoin (BTC), but it and other old-school forums deserve a revitalization as Twitter drains users. Not only does it feature a historically invaluable archive of the foundational discussions that created today’s crypto world, its solid reputation system helps clarify who’s worth listening to. More generally, the forum format of threaded discussion encourages reasoned and detailed debate rather than engagement-farm shouting.
Nostr – Many bitcoiners seem to be congregating here. Nostr is a true decentralized protocol that uses a familiar (to coiners) public-private keypair system, and a network of relays that doesn’t rely on a central server to distribute content. It has been broadly praised by no less a crypto titan than Jameson Lopp, though it’s not without its shortcomings. This seems like a necessary add for the most serious cypherpunks in crypto.
Bluesky – Bluesky is shaping up as the most attractive Twitter alternative for people who are Smart and Normal. Its user experience is effectively identical to Twitter’s, though with fewer features. It has already attracted a critical mass of the coastal media and policy establishment that first made Twitter great (and who Elon aggressively alienated with his verification changes). This is where I foresee myself spending the most time in a worst-case future (davidzmorris.bsky.social).
Discord – The shift of the crypto world to narrower and less public Discord servers began long before Twitter’s decline, but it seems almost certain to accelerate post-Elon. That tracks what could be a broader shift of internet discussion to more private and exclusive settings, which I see mostly as a net benefit to the formation of strong communities rooted in deep understanding and longer-term relationships.
Reddit – Reddit remains an incredible place to talk seriously about almost anything, including crypto. Like Bitcointalk and other forums, its reputation system and format are ideal for nuanced discussion. That said, it’s important to remember that each subreddit has its own mods and agenda, exemplified by the generational feud between r/Bitcoin and r/BTC.
The losers
Mastodon – “You think you want it, but you actually don’t,” encapsulated as a social media network. Mastodon’s “federated” model embodies some ideas that crypto types should love. But reports from users have generally found the experience clunky, and while it’s interesting, the federated server model seems a bit too isolating, limiting the potential for networking.
Threads – While Mastodon may be too technically wonky for many, Threads seems flawed in the other direction: too accessible, and too limited. Perhaps above all, the requirement of associating a Threads account with an Instagram account makes pseudonymity more difficult, a huge negative for crypto users. By many accounts, the quality of Threads content is also very low, and seems likely to stay that way for structural reasons.
All this also drives home a larger point, one that should be no surprise to crypto adherents: this kind of public infrastructure should not be so easily co-opted and dismantled by one very rich guy. If there’s one huge upside to the fall of Twitter, it may be that the general public starts thinking more seriously about data portability and other issues that we’ve been shouting about for a solid decade.
It is now more important than ever to set industry standards and align on practical short-term and long-term objectives through pointed conversations with the best legal minds and Washington D.C.’s most important decision makers.
Join us at State of Crypto: Policy and Regulation on October 24 in Washington D.C. for an unprecedented opportunity to evaluate, dissect and ultimately shape crypto regulatory frameworks that support a vibrant, secure and healthy future for the digital economy.
