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A Message from Alexander Höptner, CEO of BitMEX


Markets are ultimately built on human psychology. Even the best technical analysis can’t fully account for momentum, fear, or greed. That’s at least part of the reason why the world’s premier investment firms were taken for a ride - however brief - by Reddit investors in the Gamestop/ AMC saga. 

In the crypto markets, we’ve seen a resurgence of the NFT craze, with Apes, Rocks, and CryptoPunks commanding eye-popping figures on online marketplaces. There’s been a fair amount of discussion and disdain about the frivolity of it all by people who prefer more traditional shows of wealth, privilege, and taste at the centuries-old auction houses or well-marketed fashion brands. 

But as Arthur points out in the latest Crypto Trader Digest, these outwardly frivolous pursuits are all underpinned by the same thing - the innate human urge to Flex. “Just because robots take all of our meatspace jobs doesn’t mean that humans stop being humans in the metaverse,” he concludes. When we accept this and leave our biases at the door, we allow ourselves to learn a little more about the coming metaverse. Pack your Balenciagas and png pet rocks and come along for the ride in this piece. We’ll all be better for it.

- Alex (@AlexHoeptner)

From the Desk of Arthur Hayes

Rock, Paper, Scissors Says GO!
 



(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.)

Art is an expression of human civilisation’s energy abundance. When viewed in net energy terms, it is completely worthless. But when viewed as the purest expression of humanity beyond our basic functions of consuming calories, reproducing, and perishing, it is priceless. We “work” to enjoy leisure, and leisure is a personal pursuit that usually involves some art form. That encompasses music, film, paintings, sculptures, sports etc. All of these activities are energy sinks, but bring endless pleasure to the participant and the spectator.

The advent of super-intelligent networked thinking machines will herald an era where the vast majority of humans’ labour is economically worthless. Freed from the physical constraints of work, humans will turn to their new digital worlds and the complete expression of civilisation’s creativity and vitality. The metaverse is the future.

What, then, of the concept of “art” in a purely digital construct? How will money, which is just an energy abstraction, be “wasted” on the pursuit of digital art? Are NFT-based art forms both worthless and priceless at the same time, similar to all other “traditional” forms of art?

NFT-permissioned art is completely worthless from an energy standpoint, but it will represent the ultimate way to Flex social standing in a purely digital world. While it seems silly to those who think Art Basel and The Venice Biennale are the epitome of gatherings of like-minded cultured individuals, infinitely replicable JPEGs traded on the blockchain are no sillier than squiggles on a piece of canvas.

You Are Worthless

Compared with a self-learning intelligent machine, the vast majority of human labour is not worth the energy inputs it takes to sustain it. Regardless of how “smart” or “creative” you think you are, a machine will be better than you over the next few decades.

What to do now? Old people will play physical sports, hang out on the beach, go to physical nightclubs, etc. once we tire of COVID lockdowns. (By old I mean millennials and older.) Young people will play video games and create entire new worlds inside various digital metaverses.

The COVID shock just accelerated these trends. Now a large percentage of the world is locked in their dwelling; their only means of interaction is through internet-connected machines. Whether you like it or not, your online avatar will only grow in importance. The metaverse is now, and you are participating in its creation.

The metaverse will be anything the human mind can dream up and it won’t be held back by the traditional physical laws we take for granted in meatspace. Entire new economies and occupations we cannot imagine will come to be in these worlds. Hopefully these jobs create the same sort of self-satisfaction as traditional employment such that the population feels content with their lot in life. The alternative is billions of restless souls that will lash out at perceived and real inequalities especially as capital is further concentrated amongst our tech overlords...

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 21


In the final chapter of The Blocksize War, we conclude the retelling of this important saga. Over the two-year battle, we saw small blockers go head-to-head with their large blocker adversaries in what has proven to be one of the most unforgettable events in Bitcoin’s history. Read on to learn more about the result.

The full book is 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.


Fixing The Privacy Gap In Proof Of Liability Protocols


In this report, we examine the state of proof of assets and proof of liability schemes in the cryptocurrency space, systems whereby exchanges publish a list of user balances, which add up to the total exchange liability. BitMEX Research then proposes a new proof of liability scheme, which mitigates many of these privacy problems.
 

Proof Of Reserves & Liabilities


Following the publication of a new proposed Proof of Reserves-based system which preserves user privacy, we use this report to provide a working example using the BitMEX platform.

Latest News from BitMEX


BitMEX Teams Up With AC Milan As Its First-Ever Sleeve Partner

We are proud to announce our multi-year partnership with world-renowned football club AC Milan. This will make BitMEX AC Milan’s first-ever Official Sleeve Partner and the Official Cryptocurrency Trading Partner of the Rossoneri. Our sponsorship extends to both the men’s and women’s teams, as well as the Rossoneri’s eSports team – AQM.

BitMEX confirms it has reached settlements with CFTC and FinCEN

We have confirmed that we reached a resolution with both the United States Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) in relation to investigations by both agencies.

Crypto is changing, and BitMEX is changing with it

In this piece by BitMEX CEO Alexander Höptner, Alex adds further perspective on why our settlement with CFTC and FinCEN is a tremendous step in the right direction for us and our users.

Social Spotlight


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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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