Best Twitter threads of the day – August 9th

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  TL;DR Breakdown Vitalik Buterin warns against misusing Ethereum’s social consensus, emphasizing the systemic risks involved. He discourages high-risk practices such as offloading disputes onto Ethereum and expanding validator duties. Buterin suggests tailor-made solutions for each challenge, while warning of geopolitical implications and legal risks. Ethereum‘s co-founder, Vitalik Buterin, has issued a warning to the Ethereum community regarding potential threats to the network’s consensus. Ethereum’s crypto-economic consensus is robustly fortified, with a staggering $34 billion worth of ETH actively validating blocks every 6.4 minutes. Buterin cautions, however, against the misuse of the consensus system, especially in scenarios where its stability could be jeopardized. Vitalik Buterin on misusing the Ethereum consensus system Proposals have been advanced over time suggesting alternative uses for Ethereum’s validator set and social consensus. Some of these concepts include ‘ultimate oracle’, a voting system based on ETH where the majority gets rewarded with the minority’s share; and ‘re-staking’, a system allowing Ethereum stakers to use their stake as a deposit in another protocol. Buterin, however, cautions against certain techniques he sees as potentially hazardous to Ethereum’s ecosystem. The…

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• Florida Governor makes bold promise to protect Bitcoin in US presidential bid

  TL;DR Breakdown Florida Governor Ron DeSantis has officially made a notable promise to “protect” Bitcoin if elected.  DeSantis expressed his commitment to preserving the ability to engage in activities related to Bitcoin. The governor also alluded to the ongoing jurisdictional battle involving the Securities and Exchange Commission (SEC) and cryptocurrencies. Florida Governor Ron DeSantis has officially announced his candidacy for the 2024 United States presidential election, and he has made a notable promise to “protect” Bitcoin if elected. During his announcement, which was live-streamed on Twitter and moderated by venture capitalist David Sacks, Elon Musk, the CEO of Twitter, joined DeSantis and approximately 520,000 live listeners. DeSantis expressed his commitment to preserving the ability to engage in activities related to Bitcoin, acknowledging that there are risks involved but emphasizing that those interested in the cryptocurrency are sophisticated and capable of making their own decisions. He criticized the politicians in Washington, referring to them as “central planners” who desire control over society, suggesting that their aversion to Bitcoin stems from their inability to manipulate or regulate it. According to DeSantis, these…

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• Crypto boom in Hong Kong puts major banks in a dilemma

  TL;DR Breakdown The cryptocurrency boom in Hong Kong is causing a dilemma for major banks like HSBC and Standard Chartered. These banks face the challenge of balancing the demand for crypto services with potential legal risks and a history of money-laundering issues. Hong Kong’s regulatory bodies are pressuring banks to provide services to crypto firms, despite these potential risks. Description With the surging popularity of cryptocurrencies, Hong Kong finds itself in the center of a global shift. The escalating growth of the digital coin market in this financial powerhouse has placed significant banking institutions, such as HSBC and Standard Chartered, in a complex quandary. Between a rock and a hard place These banks have to … Read more With the surging popularity of cryptocurrencies, Hong Kong finds itself in the center of a global shift. The escalating growth of the digital coin market in this financial powerhouse has placed significant banking institutions, such as HSBC and Standard Chartered, in a complex quandary. Between a rock and a hard place These banks have to balance the growing demand for banking services…

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• ZA Bank launches retail trading platform in Hong Kong

  TL;DR Breakdown ZA Bank has launched its retail trading platform in Hong Kong following regulatory approval. Hong Kong commits to strengthening regulations to protect retail traders. ZA Bank, based in Hong Kong, has announced its plans to offer retail virtual asset trading in the region. The bank revealed its intentions shortly after the Hong Kong Securities and Futures Commission (SFC) declared its acceptance of license applications for retail virtual asset trading platforms. In order to obtain regulatory approvals, ZA Bank will collaborate with locally licensed virtual asset exchanges, as stated in their announcement. Once the necessary approvals are secured, the bank’s customers will be able to trade virtual assets using fiat currency through the ZA Bank App. ZA Bank floats its virtual asset trading platform This move towards virtual asset trading is part of ZA Bank’s broader strategy, which also includes plans to facilitate trading in United States stocks in the future. The SFC’s decision to accept license applications for retail virtual asset trading platforms was accompanied by the implementation of new guidelines, effective from June, which focus on asset…

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• US Treasury Secretary Janet Yellen anticipates slow decline in Dollar’s reserve currency status

  TL;DR Breakdown U.S. Treasury Secretary Janet Yellen believes the dollar’s global reserve share will gradually decline, but no alternatives can fully replace it due to unique strengths like deep financial markets and strong rule of law. Yellen acknowledged that U.S. sanctions have prompted countries to explore currency alternatives, but no meaningful workaround to the dollar as a reserve currency exists. While diversification in reserve assets is expected over time, the dollar remains the dominant reserve currency, and meaningful alternatives are unlikely despite de-dollarization efforts. US Treasury Secretary Janet Yellen, during a House Financial Services Committee hearing, stated that while the US should expect a gradual decline in the dollar’s share of global reserves, there are no viable alternatives that can completely replace the greenback. Yellen highlighted the fundamental reasons behind the dollar’s prominent role in the global financial system, such as deep and liquid financial markets, a strong rule of law, and the absence of capital controls. She acknowledged that the use of US sanctions has prompted some countries to seek currency alternatives but stressed the difficulty of finding a…

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