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@
nathanielpopper
San Francisco, CA
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technology reporter @nytimes; author of Digital Gold, a history of Bitcoin; nathaniel.popper@nytimes.com; dm me for signal or pgp
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3.377
Tweetovi
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40.151
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Nathaniel Popper
@nathanielpopper
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18 h |
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Novogratz, the CEO of Galaxy Digital, says all the things that Ripple has been trying to push back against for years.
In return, Ripple says Novogratz "didn’t take time to read what we make publicly available every quarter."
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Nathaniel Popper
@nathanielpopper
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18 h |
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One of the biggest players in the crypto world -- and a big investor in both Ripple and XRP -- talks some serious smack about the company and the coin in an unauthorized recording that @Coindesk got. coindesk.com/galaxys-novogr…
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Casey Newton
@CaseyNewton
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3. velj |
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MasterCard CEO:
“Every time you talked to the main proponents of Libra, I said ‘Would you put that in writing?’ They wouldn’t.”
ALSO:
“When you don’t understand how money gets made, it gets made in ways you don’t like.” twitter.com/nathanielpoppe…
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Nathaniel Popper
@nathanielpopper
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3. velj |
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'I’m like: ‘this doesn’t sound right’
Pretty sure this is the most biting criticism of Libra from someone who was actually a member of the Libra coalition. The CEO of MasterCard, Ajay Banga, throws all kinds of shade and inside details in this interview
ft.com/content/16bec8…
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Nathaniel Popper
@nathanielpopper
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3. velj |
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pick the thing up and move it!
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Nathaniel Popper
@nathanielpopper
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3. velj |
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This new chart from @Chainalysis is a helpful starting point for talking about how Bitcoin is being used today. pic.twitter.com/TwNHXEb7mF
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Nathaniel Popper
@nathanielpopper
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3. velj |
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This thread, among other things, amounts to my best effort to break down the major categories of Bitcoin transactions and what has been happening with them recently, aided by a whole bunch of new data from @chainalysis. twitter.com/nathanielpoppe…
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Nathaniel Popper
@nathanielpopper
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1. velj |
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Nathaniel Popper
@nathanielpopper
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1. velj |
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I don’t an expose is needed for something that is widely and popularly known.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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These are good questions that people should write about.
twitter.com/nathanielpoppe…
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Nathaniel Popper
@nathanielpopper
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31. sij |
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That is a great question that someone should try to answer. I do doubt it is as easy as one-way harm reduction given the way dark markets have made it easier to access deadly drugs like fentanyl. In any case, this question doesn’t change the need to cover the underlying trade.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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I think if you read the story you will also see that a discussion of prices was not a primary or even a secondary focus of the story.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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Our story talked about several ways in which Bitcoin activity had slowed down over the past six months, one of which was the price going down. The fact that the price has been heading back up over the last month doesn’t change that.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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That is based on Chainalysis data on Bitcoin drug transactions over total drug traffic
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Nathaniel Popper
@nathanielpopper
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31. sij |
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It is in line with the other data that I've seen -- from both private analysts and academics -- but Chainalysis tends to be more precise, complete and have better data over time. Is there someone you think is putting out better data on this?
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Nathaniel Popper
@nathanielpopper
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31. sij |
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It's not the only thing we are going to write about in the crypto realm, but it certainly seems worthy of coverage.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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These #'s start to provide a picture of why we write about this. It is not just because the black market stuff is sensational. It is also one of the most steadily growing and interesting experiments in how BTC can be used in the real world.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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(The dollar also enabled lots of other kinds of transactions, like foreign trade, capital markets activity and lending that have no analogue in the Bitcoin world and that probably make many people more willing to tolerate the illegal transactions.)
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Nathaniel Popper
@nathanielpopper
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31. sij |
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The dollar, meanwhile, enabled around $100 trillion in legal payments last year (acc. to the Fed), so total global drug sales would only account for around .5% of all dollar payments.
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Nathaniel Popper
@nathanielpopper
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31. sij |
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Some of the rest is legitimate payments — $1.7 billion last year, acc. to Chainalysis. But when you add that to the $748 billion in drug transactions, drugs could be said to be responsible for 31% of all Bitcoin payments.
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