TLDR Crypto 2022-06-03

FTX surpassed Coinbase in terms of Bitcoin trading volume in May. Coinbase boasted a record number of sales, but its average dollar value per trade was lower than on FTX. FTX has grown in market share from 5% to 44% over the past 18 months. The difference between hourly Bitcoin prices on Coinbase and Binance turned negative in May after being positive for almost six months. The shift in market structure is partly due to USDT trading at a small, persistent discount to USD.

Alchemy is expanding its services to the Solana ecosystem. The blockchain API has been used to develop popular web3 products such as OpenSea, Aave, and 0x. Alchemy raised $200 million in February and was valued at $10.2 billion. The platform claims to have tens of thousands of developers. The beta version of Alchemy on Solana is now live and a wider release is planned for the coming weeks.

Trust is the cornerstone of any organized society. We need to be sure that our peers will follow the same rules or we hamper our ability to cooperate with each other. Socialware are mechanisms that create assurances through human relationships, which has a high social coordination cost. Trustware are mechanisms that create assurances through technology, which has a low social coordination cost. This article discusses Trustware and Socialware in terms of decentralized autonomous organizations and how these mechanisms can be used in combination depending on the needs of the organization.

Private keys are king in crypto. Correctly signed transactions are treated as valid regardless of intent. Blockchain development uses a sea of API tokens, key files, and service credentials that can sprawl out of control if not managed correctly. This tutorial discusses how to establish secure management practices for private keys when developing blockchain applications. It covers how to work directly with the Ethereum blockchain and its API using Python.

Money can be used as a store of value and as a medium of exchange. People exchange their time for money in a job, which then allows them to capture other people's time in the form of goods and services. For layer 1s to become money they must capture and trade labor time. It is more likely that Ethereum becomes a productive asset rather than a currency.

This guide covers the fundamentals of online security when using crypto, DeFi, and web3. It takes users through the necessary steps in order to be safer as they learn and progress through web3. The guide talks about how and why to set up two-factor authentication, hardware wallets, seed phrases, phishing, things to avoid, and much more. It contains detailed instructions on how to implement the security measures it discusses.

This thread is a summary of Delphi Digital's Hitchhiker's Guide to Ethereum. It covers decentralization and Vitalik's endgame, danksharding, rollups, the types of data in Ethereum and ways to deal with them, and MEV. Links to resources for background information are available.

The 'new idealistic movement' from 10-15 years ago was much less adversarial and it felt possible to be on all of the good-guy teams at the same time. Many of these movements got much bigger in the last decade, so there is more competition and more incentive to point out problems. Crypto began with just decentralization enthusiasts, but now there are many types of money people in the mix. Today's culture is driven by a fear of dystopia so people are more concerned with the effects of technology. Peacekeeping and cooperation needs to be an explicit effort. We're all in this together.

Coinbase has announced a hiring freeze and it will rescind some job offers from employees who have accepted positions but haven't started working yet. It will continue hiring for roles that are necessary for security and compliance and other mission-critical roles. The company was promoting the fact that it was hiring less than a month ago. Coinbase posted a $430 million loss for Q1 and its stock price is down more than 40% in the last month. The firm will offer severance to those with rescinded offers and help them find jobs elsewhere in the industry.