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The Highlight of the Week

Argentina reiterates the macro bitcoin investment thesis

On Sunday, the government of Argentina announced extraordinary measures to “ensure the normal functioning of the economy, to sustain the level of activity and employment and protect the consumers.” Argentina has imposed restrictions on various entities to hold the domestic currency. Commodity exporters have to withhold the product for at least two weeks before they receive permission to sell abroad. To maintain currency stability individuals cannot convert Peso more than USD 10,000.

Source: https://www.bloomberg.com/quote/USDARS:CUR

Does the IMF support this? Yes, they do, Argentina being one of the biggest borrowers, IMF has skin in the game to support the government’s decision.

Argentina’s economy has contracted by about 5% in the first half of 2019 and inflation running at 22% in 2019.

For the wealthy in Argentina, who make more than $10k in a month, it is natural to seek other avenues of storing their wealth. Probably the most obvious alternative is bitcoin.

As of now, there is no evidence that the 7% jump in bitcoin’s price is due to Argentina. However, this form of government control and wealth destructive inflation is a reminder for people across the world that such chaotic financial conditions could be one bad election away. Bitcoin is Government neutral, censorship-resistant investment which could prevent wealth deterioration.

Top News From Last Week


Litecoin and the hash-rate woos

Litecoin hash-rate dropped from a recent high of 523TH in July by around 40% to 309TH in the last week. It is especially important because the reward halving did not have any impact on the price. The price dropped over 30% from the recent high of around $100. The decreased hash-rate indicates that miners either do not want to operate in losses or do not have confidence in the project in the long term.


Source: https://bitinfocharts.com/comparison/litecoin-hashrate.html

Dropping hash-rate is even more concerning in the light of reducing difficulty level. There have been talks around Litecoin’s stagnant development. Lowered hash-rate may be a reflection of the same concern shared by the miners.


Source:https://www.coinwarz.com/difficulty-charts/litecoin-difficulty-chart

One of the primary reasons for the stagnant development is the lack of funding. Unlike other prominent projects, Litecoin does not have full-time developers. Though Charlie Lee recently reiterated that he would continue to fund the development until the Litecoin Foundation becomes self-sufficient, it has not yet reflected in the development.

Binance launches Binance X, a platform for developers

One of the biggest challenges of decentralized systems has been to attract top-notch developer talent to build the ecosystems. There are a couple of reasons for Bitcoin and Ethereum to have nurtured the most number of developers. First, they have been around for quite some time, and the novelty of decentralized systems attracted devs. Second, companies have been built around bitcoin that benefit from bitcoin’s growth. These companies have enough incentives to support developers to work on bitcoin.

Binance Chain is new and will probably take time to attract developers organically. This new platform will help Binance get quality developers on-board. Binance launches new products at warp speed. Just last week Binance announced venturing into the lending business.

Top Performing Tokens

Top performing tokens from AUG/24/2019 to AUG/30/2019 were:

Worst Performing Tokens

Worst performing tokens from AUG/24/2019 to AUG/30/2019 were:

ROI of Recent IEOs

ROI of recent IEOs until AUG/28/2019:

Tokens with Most Volume

Tokens with the most volume from AUG/23/2019 to AUG/29/2019 were:

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