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Crypto still has a long way to go to live up to Coinbase’s latest ad
If what Coinbase says is true — that crypto is a legitimate financial alternative — then it must kick its addiction to supply inflation
December 11, 2023
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Crypto has a terrible track record when it comes to ads. Coinbase clearly isn’t phased.

The most awkward ads of recent memory — Matt Damon’s Super Bowl spot for Crypto.com and FTX’s anti-ad starring Larry David — played up a fear of missing out.

“Fortune favors the brave,” Damon said, so you’d better buck up and buy bitcoin before that fortune runs out. 

A time-traveling Larry meanwhile missed out on groundbreaking technologies like the wheel, forks and toilets, and now doesn’t get the big fuss about crypto. 

Don’t be like Larry, FTX said, invest in digital assets while they’re still the next big thing. FTX went bankrupt one year later under the weight of Sam Bankman-Fried’s fraud.

The ads were unfortunately timed, debuting near bitcoin’s all-time high only for the coin to crash 60% over the next six months. Damon and David were dragged by the media as a result, with the latter even sued for promoting FTX. By the time the FTX scandal hit, the whole notion of crypto Super Bowl ads felt a little embarassing.

It’s no surprise, then, that Coinbase’s latest campaign opts for a bit more substance than its own Super Bowl ad, which featured only a bouncing QR-code that led to a sign-up page and a $15 bitcoin giveaway that crashed the app due to demand

The new ad leans more into the philosophical and is conspicuously celebrity-less. A little girl tells us that we’re born into a system — a system with “numbers and papers and lines and waiting.” 

You work hard in that system, get good grades, go to college and still take on loads of debt. Starting a family means working two or three jobs, but you still can’t afford rent, let alone buy a house. Not to mention, used cars cost as much as new ones!

“Breaking news — everything is terrible. But does it have to be this way? What if it was different?” Coinbase asks.

Crypto (or more specifically, the crypto you can buy on Coinbase) gives us an out — a way to raze and rebuild a financial system that’s rapidly pricing us all out. 

Or, at the very least, crypto might help you afford a used car. “Because you’re born into a system, doesn’t mean you have to live with it,” according to the Coinbase ad.

It’s all very “we live in a society” and even a little Marxist. Still, rather than overintellectualize an already very edgy ad, this is a great moment to check in on how the alternative crypto financial system is really doing.

  • All of crypto is currently worth two Apples, or more than 10 BlackRocks.
  • Ethereum’s annualized revenue is just under $3 billion — about 15% of what the average US casino brings in per year.
  • That’s nearly one-tenth of Visa’s yearly profit and about one-eighth Mastercard’s.

Those metrics are cute, but don’t really capture the spirit of Coinbase’s ad. In Coinbase’s world, crypto supposedly evens the financial odds to such a degree that houses suddenly become affordable and debt becomes mostly useless.

Crypto indeed can bank the unbanked. For those without easy access to traditional finance rails, much of blockchain’s promise is that it offers a permissionless sandbox in which to store value, transfer funds, own protocols and unlock generational wealth by investing in a tidal wave of digital assets.

To some degree, all that is true. And Coinbase’s advert actually hinges on the idea that crypto is an inflation hedge. Inflation is a massive rolling boulder, and we’re Indiana Jones in Raiders of the Lost Ark desperately hoping to outrun it.

Opting into crypto — and the myriad token economies that come with it — is a cheat code for dodging it. These are internet-native currencies that may well outperform the dollar, after all.

It’s enough to make a crypto exchange want to film a dramatic advertisement about it. But one key detail missing is crypto’s own addiction to printing money. 

Comparing circulating supplies for the top 100 or so cryptocurrencies over the past two years shows nearly three quarters have supply inflation greater than US dollar inflation.

  • About 40% have seen supplies increase by 50% or more since December 2021. 
  • Almost a quarter of token supplies have more than doubled.
  • Their average supply inflation over the past year was 43%, compared to a US dollar inflation rate of 5.55%.

In some instances, the increases in supply converted to market cap growth even where token prices went down.

Take budding layer-1 blockchain Kava: The supply of its native token has multiplied seven times over the past two years, while its price lost 80% of its value. Its market cap still grew more than 40%.

Similar stuff for Immutable (IMX), the Ethereum layer-2 network focused on gaming NFTs: Its supply has also multiplied seven times while its token price has collapsed 75%. IMX’s market cap — determined by multiplying price versus circulating supply — grew by two-thirds. 

In crypto’s defense, token unlock schedules and supply distributions are usually communicated somewhere online, with maximum token supplies often outright defined by code, which can’t be done for the US dollar.

And token supply inflation isn’t exactly the same as the consumer price inflation seen in the US over the past couple of years. 

In many cases, supply inflation is a feature, not a bug. Tokens are added to the circulating supply to incentivize usage, pay salaries and allround fund development. 

This makes token supply inflation more similar to the stock options employees at Web2 tech companies receive, rather than anything like the Federal Reserve’s quantitative easing throughout the pandemic — on which recent US inflation has been blamed

(Although I wouldn’t describe tokens like that around the SEC, which might get the idea that they’re tokenized equity.) 

For now, crypto’s addiction to inflation isn’t totally noticeable. Less than one third of tokens with more than zero supply inflation over the past year have seen falling token prices over the same period.

Because the number goes up despite the additional supply, your average crypto investor might not even realize their tokens are being watered down by the fresh tokens regularly unleashed on markets. 

Just like how the average wage earner might not see their dollars are worth less the longer they sit in a bank account, even though the US dollar is worth more and more.

The raw censorship resistance of Bitcoin and the permissionless nature of the decentralized finance economy supported by other prominent networks are certainly worth celebrating. They may even be enough to base an advertisement on.

But if what Coinbase says is true — that crypto is a legitimate alternative to our current system — then it must kick its addiction to supply inflation, or else continue to speedrun the worst of what legacy finance has offered us so far.

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At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

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2. Automated Txns: Complex trades + streamlined on-chain activity
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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

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In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

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The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

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💳 PayPal: 
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The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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