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A Message from Alexander Höptner, CEO of BitMEX


Before I introduce Serf No More, Arthur’s latest piece, I’d like to mention a significant development from the world of BitMEX this week. 

On Tuesday, Chainalysis removed the ‘high risk’ label it had held in place for BitMEX for less than a year. Although we disagreed with Chainalysis’ assessment at the time, we kept channels of communication open. We’re glad to get this result, and are very proud of the progress we’ve made on matters of compliance, AML, and user verification in the meantime.

Speaking of progress, this week’s Crypto Trader Digest has Arthur tracking El Salvador, the first country to make bitcoin legal tender. In his signature irreverent style, we go deep into how Arthur thinks El Salvador could create a bitcoin-backed currency, and how meaningful that might be for countries most at risk by the quickening pace of automation in the labour markets. 

Like the entire crypto community, I’m bullish on El Salvador. You’ll be too after reading the latest Crypto Trader Digest, Serf No More. 

- Alex (@AlexHoeptner)

From the Desk of Arthur Hayes

Serf No More 
 


(Any views expressed in the below are the personal views of the author and should not form the basis for making investment decisions, nor be construed as a recommendation or advice to engage in investment transactions.)

The greatest nation states and civilisations efficiently use energy to create economic prosperity for their subjects. Up until recently, energy meant human labour. The state constructs a system where labour is provided and an economic energy surplus is created. 

There are various ways in which the great societies of past and present “paid” for labour.

Pre-Industrial Revolution

Rome - Captured slaves from conquest

America - Transatlantic African slavery

Pre-Industrial Western Europe - Feudal serfs


Post-industrial revolution, most societies moved away from implicit or explicit slavery towards a system where the wages of labour were not allowed to grow at the same rate as the overall economy. That is a long-winded way of saying savers are financially repressed. Workers save at a depressed rate, and the difference allows a country to direct national savings towards heavy industrialisation.

Modern China, Taiwan, South Korea, and Japan are excellent recent examples of post WWII nations that quickly industrialised using the savings of their labourers. I will repost this chart of the China 10-year government bond yield vs. real GDP growth. 

These negative rates have allowed China to internally finance the creation of the industrial behemoth that supplies most of the world’s stuff...

Click here to continue reading this edition of Crypto Trader Digest  

–  Arthur Hayes, Co-Founder of BitMEX (@CryptoHayes)

From BitMEX Research


The Blocksize War - Chapter 19 and 20


The latest chapters of The Blocksize War cover the emergence of both Bitcoin Cash and Segwit2x, adding further conflict to the war.

If you want to get ahead and read the full book, it's available on Amazon. Half of any profits from physical book sales will be donated to Médecins Sans Frontières, a charity that provides medical assistance to people affected by conflict, epidemics, disasters, or exclusion from healthcare.


New Open Source Bitcoin Developer Grant for Sjors Provoost 


BitMEX is delighted to announce that we will be providing a part time Bitcoin developer grant to Sjors Provoost until the end of May 2022, a commitment of US$37,500. Sjors will join the other three Bitcoin developers currently financially supported by BitMEX: Michael Ford, Gleb Naumenko and Calvin Kim.


 

Latest News from BitMEX


Chainalysis Removes High Risk Assessment of BitMEX Platform

A message from Malcolm Wright, Chief Compliance Officer at BitMEX. Chainalysis has revised its risk assessment of BitMEX, removing the ‘high risk’ label it had held in place for less than a year.  This followed an internal review of the criteria for the High Risk Exchange category by Chainalysis. The revision comes amid our continuous work to deliver industry leading compliance, AML, and user verification programmes.

The BitMEX Partner Programme Expands into Phase Two With 17 New Additions

Earlier this year, we successfully launched our official BitMEX Partner Programme. Now, we are thrilled to announce phase two of the programme with the addition of 17 new firms into the BitMEX ecosystem. As official partners, they will offer their services to our users, and also be rewarded based on the activity they refer to BitMEX.

Ethereum (ETH) London Hard Fork and Impact on BitMEX ETHUSD Perpetual, ETHUSDU21, and ETHU21 Futures Contracts 

Ethereum will undergo the scheduled London Hard Fork on 5 August 2021. Three BitMEX contracts (ETHUSD, ETHUSDU21 and ETHU21) and two BitMEX indices (.BETH and .BETHXBT) will be impacted and these markets will be open during the fork.

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No articles in this email should be copied or reproduced in whole or in part. The information contained does not constitute research or a recommendation. 

Neither HDR Global Trading Limited nor any of its affiliates make any representation or warranty as to the accuracy or completeness of the statements or any information contained in these articles and any liability therefor (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This is not providing any financial, economic, legal, accounting or tax advice or recommendations. In addition, the receipt of this email is not to be taken as constituting the giving of investment advice nor to constitute such person a client of the BitMEX trading platform.






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