TLDR Crypto Daily Update 2022-11-22

Record BTC & ETH shorts πŸ“‰, Genesis impending bankruptcy 🏦, OpenSea API goes multichain ⛓️

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Markets & Business

Investors Are Shorting Bitcoin, Ethereum in Record Numbers (2 minute read)

Institutional investor sentiment was deeply negative last week. Many are betting that the price of Bitcoin and other cryptocurrencies will go down. The interest in shorting cryptocurrencies is likely a direct result of the FTX debacle. FTX lost billions in investors' cash deposits in a highly-publicized crash. The exchange owes $3.1 billion to its top 50 creditors.

Genesis Warns Bankruptcy to Come Without New Funding (2 minute read)

Genesis has warned investors that it will go bankrupt without new funding. The platform recently stated its need for a $1 billion emergency fund by this week. It has reportedly had a difficult time raising the funds. Genesis held billions of dollars in FTT, FTX's native token.
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Innovation & Launches

OpenSea API is now β›“ multichain β›“ (2 minute read)

OpenSea's API now supports all EVM chains live on the platform. Users are now able to read and post orders using the API for any supported chain. A link to the OpenSea API v2 documentation is available in the thread.

Arbitrum has updated its Rollup implementation in a way that dramatically increases its decentralization (2 minute read)

Being a Validator for Arbitrum is not entirely permissionless as Validators need to be white-listed. A problem with this is that if all Validators went down, nobody would be able to submit L2 state roots, resulting in stuck funds for users. A new feature that was recently introduced drops the whitelist entirely if Validators do not submit new state roots in a 7-day period. Anybody can become a Validator after this period.
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Guides & Resources

Should Full Replace-By-Fee Be Merged Into Bitcoin Core? (43 minute podcast)

This episode of 'Bitcoin, Explained' discusses the replace-by-fee node policy. RBF is a method that lets users replace one version of an unconfirmed transaction with a different version of the transaction that pays a higher transaction fee. The upcoming Bitcoin Core release includes the option to switch on 'full RBF', which has caused some commotion in the Bitcoin community. The podcast discusses why the feature was created, the benefits of using RBF, and the problems that enabling full RBF may bring.

IF DCG is indeed the entity that owes 1bn to Genesis... (3 minute read)

It is rumored that Digital Currency Group, the company that owns Genesis, owes $1 billion to Genesis. If this is true, then DCG will not be able to continue operating Grayscale. Grayscale is a subsidiary of DCG, which means all of its assets can be garnished. If Grayscale is unwound, it will release significant selling pressure into the market.
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Miscellaneous

Coinbase’s Brian Armstrong: β€˜I’m just as bullish on crypto as ever’ (14 minute read)

This article contains a description of an interview with Coinbase's chief Brian Armstrong where he discusses how blockchain technology should be used to challenge centralized government power, improve financial infrastructure, and enable economic freedom. Economic freedom is important for growth, reducing war and corruption, and bringing about greater happiness. Despite the FTX crash, Armstrong remains as bullish on crypto as ever.

Coinbase Hits Record Low as Crypto Contagion Anxiety Intensifies (2 minute read)

Coinbase shares have hit an all-time low. Its shares have plunged by more than 80% year to date to $40.60 on Monday. They reached a high of $429.54 in April 2021. Many assets in the crypto ecosystem have dropped due to the fallout from FTX's insolvency.

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Quick Links

Vitalik Buterin: Bitcoin Fans 'Ignored' El Salvador's Undemocratic Government (3 minute read)

Vitalik Buterin has criticized the Bitcoin community's enthusiasm for El Salvador and its president, saying that they are ignoring the fact that the government is not very democratic.

Proposal ATOM 2.0 Has Been Rejected (2 minute read)

The proposal was rejected as community members were concerned it would negatively affect the price of ATOM tokens.

Decentralized Social Media - Has the Moment Come? (5 minute read)

Twitter's troubles have been good for decentralized social media experiments, many of which are seeing a jump in usage.

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