GM. This is Milk Road, the daily crypto newsletter that wakes you up faster than an early morning ice bath.
Btw, The Milk Man is on Day 3 of morning ice baths. Not a fan...
Here's what's going on in crypto today:
- Winklevoss calls out Barry Silbert on Twitter
- It's Bitcoin's 14th Birthday
- Milky Meme
CAMERON WINKLEVOSS CALLS OUT THE GENESIS CEO, BARRY SILBERT
We just had our first crypto fight of the year.
Who were the fighters?
In the red corner, we have….Cameron Winklevoss.
He’s ½ of the
Winklevosses Winklevossi Winklevii twins. (wtf is the plural of Winklevoss??)
He's also the Fumbler of Facebook. Leader of the Anti-Zuck Social Club. An Olympic Rower. And Aspiring Rock Star.
In the blue corner, we have….Barry Silbert.
He’s the CEO of DCG and Genesis. Self-proclaimed “Crypto King”. Wearer of the Bowl Cut. And one of the youngest people to ever pass the Series 7 stockbroker exam.
Where’d the fight happen? Twitter. Crypto's equivalent of the octagon.
Cameron threw the first punch by tweeting an open letter to Barry.
Here's the TLDR:
- 47 days ago, Genesis halted withdrawals due to liquidity issues
- Because of it, Gemini (Cameron's company) had to halt their Earn program (a program that let users deposit funds to get 7.4% APY returns)
- 340k users have been locked out on their Earn accounts & $900m+ in assets have been frozen
- Cameron says he's been trying to get answers for 6 weeks but hasn't heard back
- Cameron alleges Genesis can’t pay Gemini back because Genesis lent out ~$1.675b to its parent company, DCG, and other subsidiaries like Grayscale (my brain is in G overload)
Cam went for the haymaker here. Of course, Barry countered.
Cameron isn’t fazed and says Barry has until Jan 8th to figure it all out and pay them back. Or else….
Jk. Who knows what’ll actually happen but Cameron and the Gemini team are done playing games. It looks like they might take Barry & DCG to battle in the legal ring - public court.
I don't know about you, but it's getting hot in here.
Here’s the best from Twitter to cool us down:
Crypto is like one long episode of Jerry Springer. Except instead of finding out if he is the father, we're finding out if he is solvent...
THE FIRST BITCOIN WAS MINED 14 YEARS AGO
Today’s a big day…
14 years ago, the first ever Bitcoin was mined by Satoshi Nakomoto. That's right... it's Bitcoin's 14th birthday. *Alexa, play “In da Club by 50 Cent”
It was called the Genesis Block. It has a timestamp from January 3, 2009, at 2:15 pm EST. (My wife tells me Bitcoin is a Capricorn)
The Genesis Block also included the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”.
Why? Well, that was the title of The Times newspaper that day.
And Satoshi releasing Bitcoin on the same day was a statement to the financial world.. "Here's a new money asset, without the government & their money printer".
Fast forward to today and Bitcoin is...
- A legal tender in multiple countries like El Salvador and the Central African Republic. With more countries on the way...
- The largest cryptocurrency with a ~$320b market cap
But the most impressive thing is... 14 years later, Bitcoin is still here. It's like a cockroach, it can't be killed.
Cheers to Bitcoin and its first 14 years of life. Here's to 14 more.
TODAY'S EDITION IS BROUGHT TO YOU BY DX SOFTWARE
Let’s play a game. I’m going to guess who you are.
You probably work in business.
You’re at least partially interested in crypto.
And… you’ve thought about how crypto could help your business.
The problem? You haven’t built a blockchain application before. So you don’t know what’s possible or how to build it.
That is why we are introducing DX Software, a blockchain consulting and development firm.
They started a coaching program called, Bit by Bit, Get your Brain Fit, that teaches business leaders how blockchain technology can create new sources of revenue, tap into new markets, and grow customer engagement.
After you decide on the crypto strategy for your business, DX Software will help you build the product (they’ve built token reward systems, NFTs, API integrations or decentralized apps for dozens of companies).
Milk Road Rule #37: Do the opposite of whatever that Jim Cramer guy says😂
That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter (@MilkRoadDaily)
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A ROADERS REVIEW
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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