31st May 2023 > > Crypto adoption.

tl;dr

Social commentary, and an exciting graph, which makes for a good Wednesday.

Market Snap (at time of writing)

Market Wrap

It was reported overnight that the price for BTC on Binance Australia dropped to $22k. Binance Australia recently announced that it would no longer accept AUD:

“We regret to inform you that with immediate effect we are unable to facilitate PayID AUD deposits for Binance users due to a decision made by our third party payment service provider. We understand from our third party payment service provider that Bank Transfer withdrawals will also be impacted and we will advise users on timeline when this is confirmed.”

However, the announcement also made clear that credit and debit cards could still be used.

This kind of price discrepancy makes no sense at all except in one very specific situation – that BTC cannot be moved off the platform. This is indeed what happened with Mt. Gox in 2014. Withdrawals were frozen and the price dropped – if I recall correctly – to about one-third of the market price.

There is no suggestion that Binance has halted withdrawals, which would of course be devastating news for the entire crypto market.

I do hope our Antipodean readers have bagged themselves a load of cheap BTC.

Occasional Series – Professor George Gao

Georgie boy has told the BBC that “the question is still open” about where Covid came from.

This is news to the head of the WHO, Tedros Adhanom Ghebreyesus – a self-confessed Marxist – who pronounced shortly after the emergence of the virus that it was an entirely natural phenomenon despite having zero evidence to support his claim, though his sudden acquisition of a luxury penthouse apartment in downtown Beijing might have something to do with it (*).

Unfortunately for Georgie boy he is a former director of the Chinese Centre for Disease Control and Prevention. Which makes him a very brave man, speaking out like this.

It suggests that not only does he know more than his masters are letting on to, but also that President Xi and his murderous henchmen are planning on sending him to experience the misery endured by Uyghur Muslims under their watch.

…

(*) Yeah ok, I made up that last bit.

Curious Cryptos’ Commentary – US debt ceiling

Curious Cryptos’ Commentary – Crypto adoption (note the log scale)

Source: https://www.2036.io/c/start-here