Myth Of Money: The Gift of Love

Welcome to this week’s edition of the Myth of Money, a weekly newsletter on all things money, economics and technology read by 10,000+ investors, curated by Tatiana Koffman.

Disclaimer: The following is not intended as investment advice. Do your own research.

Dear Investors,

We missed last week’s edition of the newsletter as I was at offline at Burning Man.

It was an amazing time to both disconnect from the world as well as to reconnect to why so many of us have chosen to enter the crypto industry. Some of us are here for the money sure, but many of us have chosen to believe in this space because we crave a better world. A world where we are responsible for ourselves and for each other, without a higher power telling is what to do and how to do it. We want to believe that when push came to shove, we could create a better world as a decentralized community with a free exchange of value. After all, Burning Man is a place where there is no traditional money changing hands. We all come to the desert as equals, contributing what we can and everything we can to our greater community. It is a place where we get to share our greatest gifts from art to music to stories with old friends and new. It is a place where we get to open our hearts, after standing guard all year, and try to take a little bit of that love back into the world.

When someone asks me why I believe in our industry, the answer is simple. I believe that we can do better. I believe we have it in us to take care of each other rather than take from each other. I believe that we will overcome this trying time in history because at the end of the day, we are tied by one thread - a thread of love for the world we have and hope for a better one tomorrow.

This Week By the Numbers 📈

Top Stories  🗞 

Tezos Makes a Move to NFTs

OneOf, the music-focused non-fungible token (NFT) platform on the Tezos blockchain, released the initial drop of rapper/singer Doja Cat’s first NFT collection, “Planet Doja,” on Wednesday. The release includes two tiers of tokens and 26,000 collectibles starting at $5. Every purchase of a digital collectible unlocks access to the “Planet Doja’' Discord channel, with select NFTs being bundled with tour tickets and in-person VIP experiences. The release culminates in an auction for a single “OneOf” token that grants its buyer an all-expenses-paid trip to see the artist on tour. Read Full Story.

SEC Sets November Deadline for Final Decision on VanEck Bitcoin ETF

The Securities and Exchange Commission (SEC) has once again delayed ruling on VanEck’s bid for a bitcoin exchange-traded fund (ETF). The U.S. regulator on Wednesday gave itself until Nov. 14 to approve or reject “VanEck Bitcoin Trust,” one of the earliest bitcoin ETF hopefuls to try its luck this filing cycle, and the first whose judgment day has been delayed three times. That’s an important distinction: The SEC can only extend its consideration period for prospective ETFs three times. Unless it rules on one of the many other bitcoin ETF applications in the interim, Nov. 14 will yield a final answer on where VanEck’s offering stands. Read Full Story.

El Salvador's bonds suffer as Bitcoin Law takes effect

Bond investors appear to be betting against El Salvador’s controversial Bitcoin Law, but other factors need to be taken into account. El Salvador’s move to embrace Bitcoin has ruffled the feathers of bond investors, with yields spiking as investors signal uncertainty for the emerging economy. A Wednesday report published by Bloomberg notes that recently, the yield curve on El Salvador’s bonds has inverted, meaning bonds with short-term maturities are now yielding more than is due from the instruments. It stated: “That’s generally considered a bad sign as it means investors see shorter-term debt as riskier, and most yield curves will slope upwards given the inherent uncertainty of pricing things over the longer-term." Read Full Story.

Coinbase-SEC Clash: ‘Don’t Apply 90-Year-Old Statutes’

Coinbase’s tussle with the U.S. Securities and Exchange Commission (SEC) highlights the need for clearer rules for digital assets, according to former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo. His comments come in the wake of Coinbase’s revelation that the SEC threatened to sue the cryptocurrency exchange should it introduce a proposed savings account-like product. Coinbase said it disagreed with the agency’s contention that the product would meet the definition of a security. Uniswap Labs, the development group behind a decentralized competitor to Coinbase, also is reportedly under investigation by the SEC. “Ultimately, it will be the courts that will have to determine jurisdiction and apply the security laws to these asset classes, and I’m optimistic that Congress steps in,” Giancarlo said in response to a question about Coinbase’s situation. “Congress in the last few months has really recognized crypto [...] and has woken up to this technology and its power and potential.” Coinbase also claimed that it had approached the SEC for feedback on the proposed product and never got any feedback until the agency opened an investigation. Read Full Story.

Thank you for reading this week’s edition of the Myth of Money.🚀

Until next week,

Tatiana Koffman

By Tatiana Koffman

Hi there and thanks for reading. If you stumble upon my newsletter, you will notice that I write about money, economics and technology. I hold a JD/MBA and spent my career in Capital Markets working across Mergers & Acquisitions, Derivatives, Venture Capital and Cryptocurrencies. I believe in empowerment through closing the financial education gap and creating equality of opportunity for the next generation. Check out my articles in Forbes here.

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