"At the start of 2020, the dollar’s run had endured 100 years. That would have been reason to question how much longer it could continue." This crude instance of the gambler's fallacy is one of many reasons why I find Ruchir Sharma's FT piece unconvincing:

Another is his suggestion that, although "When the pandemic hit, the US dollar was as mighty as ever," the pandemic has changed that. To paraphrase Mark Twain, rumors of the end of the dollar's "exorbitant privilege" are much exaggerated.
In fact the demand for dollars rose to exceptional levels early in the crisis; if it has declined somewhat since, it is only from that unusual peak: https://t.co/0kUWbMDI8v
Then there is this glaring non-sequitur: "US officials were thus confident that...they could print the dollar in limitless quantities without undermining its reserve currency status. ...But a new class of contenders is emerging: cryptocurrencies."
But? The rise of cryptos has practical no bearing on how many dollars the Fed can create without undermining the dollar's int'l appeal or otherwise resulting in its "debasement." Sure, many Bitcoin fans _think_ the dollar is going to crash. But that hardly means it will!
In short, it simply isn't true that "The pandemic has made those crypto-pitches sound less like pure digital hype." The only change is that the FT is now adding to that hype!
Ruchir then appeals to growing U.S. indebtedness."The dollar’s reign is likely to end," he says, "when the rest of the world starts losing confidence that the US can keep paying its bills." It's enough to make this MMT skeptic think, where's @StephanieKelton when we need her?"
If he take Prof. Kelton's word for it that the world isn't about to quit paying its bills, Mr. Ruchin ought to read @dandolfa's more mainstream treatment of the limits of U.S. indebtedness: https://t.co/1p02e9dp0p
Ruchir assures us that "Bitcoin is also starting to make progress on its ambition to replace the dollar as a medium of exchange." Well, if you watch a snail long enough, you will see it "make progress on" circumnavigating the globe.
For a recent, down-to earth assessment of Bitcoin's (very limited) medium of exchange progress, I recommend this @jillruthcarlson essay: https://t.co/2xABXBdpfO
Finally, like too many Bitcoin enthusiasts, Mr. Ruchir seems not to appreciate the powerful "network effects" that make it exceedingly difficult for any upstart would-be monetary standard to pose any great threat to the bad-old USD: https://t.co/BiSBAnhsGA
@DanAwrey @dandolfa @DavidBeckworth @nic__carter @norbertjmichel @michaelsderby

More from Crypto

Lots of people are sleeping on one the biggest things @quant_network is currently involved in-ODAP (Open Digital Asset Protocol).

So what is exactly #ODAP and why this makes $QNT one of the most significant and, regarding #crypto mcap, undervalued projects?

Time for a THREAD⬇️


1/ODAP is the protocol for communication between gateways, primarily with an enterprise focus.
So banks, central banks etc. would run a gateway in Overledger Network and ODAP would be the protocol for gateways to communicate with each other in a secure and trustless manner. $QNT


2/ #ODAP Interfaces are the open source connectors that will connect a gateway to #blockchains and any existing network / API. That is based on the standards from work done at ISO TC 307 which 57 countries are working towards.
$QNT CEO Gilbert Verdian is the founder of TC307.


3/We know from the submitted drafts via #IETF (the Internet Engineering Task Force) $QNT is working on #ODAP with:

✅@MIT

✅@intel

but, there’s more to the story as we found out from Gilbert that US Government, Juniper, payment and telecom companies are also there.


4/So how it all started with #ODAP?
Let’s go back to $QNT CEO Gilbert Verdian’s interview with Santiago Velez on #RealVision (October 14th) and try to put all the pieces of the puzzle together.
I’ll forward his words ⬇️
1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets

https://t.co/PbjQkSlTT3

@quant_network are collaborating with MIT in the creation of ODAP

$QNT

2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"

Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces


3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...

4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"

You can read more about the gateway protocol ODAP in this 21 tweet


5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:

✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...

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#24hrstartup recap and analysis

What a weekend celebrating makers looks like.

A thread

👇Read on

Let's start with a crazy view of what @ProductHunt looked like on Sunday

Download image and upload

A top 7 with:
https://t.co/6gBjO6jXtB @Booligoosh
https://t.co/fwfKbQha57 @stephsmithio
https://t.co/LsSRNV9Jrf @anthilemoon
https://t.co/Fts7T8Un5M @J_Tabansi
Spotify Ctrl @shahroozme
https://t.co/37EoJAXEeG @kossnocorp
https://t.co/fMawYGlnro

If you want some top picks, see @deadcoder0904's thread,

We were going to have a go at doing this, but he nailed it.

It also comes with voting links 🖐so go do your


Over the following days the 24hr startup crew had more than their fair share of launches

Lots of variety: web, bots, extensions and even native apps

eg. @jordibruin with