#Web3 Weekly: Nov. 22–28, 2020

Photo by Simon Abrams via Unsplash

Re-sharing below the latest edition of #Web3 Weekly, my regular newsletter about decentralization. If you’d like to get it in your inbox every Sunday, subscribe here.

Not sure which I have more of right now — leftover turkey from our Thanksgiving holiday here in the U.S. or tech headlines from a very busy week indeed:

• The Ethereum 2.0 upgrade is set to go live on Tuesday. Launch of the new network, based on a new proof-of-stake consensus method that should provide much faster transactions, was set after its deposit contract secured enough funds to secure its deployment. (CoinDesk) Link: https://tinyurl.com/yyljqa47
• Bitcoin narrowly missed a new all-time high in a seesaw stretch of trading. At its apex for the week, the grandaddy of crypto tokens traded above $19,000, just shy of its 2017 record. Unfortunately, a sharp selloff followed on Thanksgiving, fueled by worries about possible new regulations from the outgoing Trump administration covering self-hosted wallets. But a bullish mood has returned to the market over the weekend, with bitcoin recently trading around $18,000, pushing its market cap near $330 billion, according to data from CoinMarketCap.
• Joe Biden unveiled several picks for top cabinet posts in his forthcoming term as president, including Janet Yellen as treasury secretary. It’s unclear how the veteran economist might approach crypto regulation in her new post. But CoinDesk’s Nikhilesh De points out that she clearly starts with a solid understanding of crypto, based on several public statements she made about the emerging technology in her previous role as chair of the Federal Reserve. Link: https://tinyurl.com/y36t8ahf
• Coinbase had a rough week. First, the exchange suspended all margin trading based on guidance from the U.S. Commodity Futures Trading Commission. (See https://tinyurl.com/y6q2v6po) Then the New York Times published a lengthy feature by reporter Nathaniel Popper detailing Coinbase’s rocky relations with its Black employees, more than three-quarters of whom left the company in a few months between late 2018 and early 2019. Several recounted to Popper discriminatory practices within the company. (See https://tinyurl.com/yxav6uwb) In a lengthy email to current employees, CEO Brian Armstrong denied the allegations.
• America’s spy chief detailed his concerns about China’s growing influence over digital currencies. The Washington Examiner’s Jerry Dunleavy reports that Director of National Intelligence John Ratcliffe wrote a letter to Securities and Exchange Commission Chairman Jay Clayton earlier this month, detailing his concerns about China’s sway over digital currency. More than half the world’s cryptocurrency “mining” operations are located in China, and the country’s government is mulling its own state-controlled digital currency that would make it tough for American companies and innovations to compete, Ratcliffe wrote. He also offered to have senior economic intelligence officials brief Clayton on the matter, though it’s not clear what came of that offer. Link: https://tinyurl.com/y2dl7hl7
• Former FBI deputy director Sean Joyce resigned from his post as Airbnb’s chief trust officer over concerns about how it shares data with Chinese authorities. (Wall Street Journal) Link: https://tinyurl.com/yyenzs3y
• Amazon has been on a hiring spree. The e-commerce giant has increased its total workforce by about a third, up 427,300 employees in total, in just the last 10 months. The push highlights how the company’s hold on digital shopping has grown stronger during the global coronavirus pandemic, writes Karen Weise of the New York Times. Link: https://tinyurl.com/yyvvo4fe
• Tony Hsieh, the former longtime CEO of Zappos, died tragically from injuries in a house fire. He was just 46. (Bloomberg) Link: https://tinyurl.com/y5pykrrf
• There’s an unlikely overlap between bitcoin fandom and adherence to the carnivore diet. CoinDesk’s Leigh Cuen delved into it to find some answers. Link: https://tinyurl.com/y3scrodd
• Public safety officials in Utah found a large metal monolith in the desert of unknown origin. They believe it’s some sort of art installation, though. (New York Times) Link: https://tinyurl.com/yxnw4s9o

That’s it for now. Thanks for spending some time with the newsletter today! Best wishes for a healthy and productive week ahead.

— Peter A. McKay

P.S: If you’re just beginning to learn about decentralization, please check out Web 3.0 for Newbies, my curated collection of links to help newcomers get up to speed. 😉