Max Bibeau, Preston Sledge, Matthew Kimmell
We hope you are staying safe! We are still looking for ways to stay connected with our members, so stay on the lookout for that, but for now enjoy this week’s SOTM!
Market Summary
Dotted lines represent non-trading days (weekends, holidays, and “emergency shutdowns”) extrapolated to the next trading day’s close price.
Top Stories
Trump signs $2.2T stimulus after swift congressional votes
A breakdown of the Federal Reserve’s $2.2T economic stimulus package, its largest ever:
Grants/Loans to Corporations: $500B ‒ Ban on stock buybacks for the duration of loans plus one year
Grants/Loans to Small Businesses: $367B
Direct Cash Payments: $300B ‒ $1,200 per person earning up to $75,000 per year plus $500 per child
Unemployment Insurance: $250B
State & Local Governments: $150B
Hospitals & Healthcare: $130B
Grants/Loans to Airlines: $58B
Schools & Universities: $30B
Food Stamps & Child Nutrition: $25B
Farmers: $24B
Department of Defense: $10.5B
The stimulus comes in response to Coronavirus wreaking havoc on supply chains, workplaces, and stock prices.
Silk Road Founder Ross Ulbricht Spends Seventh Birthday in a Row in Jail
On Friday, Ross Ulbricht turned 36, marking his 7th birthday spent in jail. Ulbricht is currently serving two life sentences plus 40 years for his role in the creation and upkeep of the Silk Road, an online market primarily known for illicit drug sales. Many figures in the cryptocurrency space have spoken out in Ulbricht’s defense, arguing that he was treated unfairly by the legal system.
Russian Bitcoin (BTC) Miners Caught Stealing $200,000 Worth of State Electricity Every Month
Russian police have taken down an elaborate Bitcoin mining scheme that is alleged to have involved up to 10 people. The miners connected mining rigs to state electricity in 8 different locations, and over 1,500 pieces of mining equipment were seized.
Top Charts
@KANTBOT20K posted these charts showing the increasing financialization of the US economy. The user comments, “...Financialization is the core of our modern economy, and it explodes prices, drives down productivity, and grows through debt…”
Top Tweets
A blog post written by @allenf32 (in good company), which he titles “This Is Not Capitalism”. The post outlines financialization and its effect on the economy.
@balajis posted these charts with the caption, “Taleb’s Thanksgiving chart in real life.” Nassim Taleb is a statistician notorious for calling out authority figures on their bullshit. His Thanksgiving Turkey chart portrays why past results can’t predict future performance.
@balajis also pwned @teddyschleifer from Vox for slamming Silicon Valley.
@ne0liberal posts the Meme of the Week, comparing the government’s “compassion” in welfare spending to the Church’s “piety” in indulgence granting ‒ in order to extort wealth from people under their protection.
@ledgerstatus commentates on Boeing’s price action during their tumultuous bailout: “+33% on the day. +75% off the lows. I was too scared at $95, RIP me.” Some stonks are beginning to look like shitcoins.
Mass Quarantine: A perfect cover for maximum surveillance? Or a proper response to a crisis?
@chrislhayes threads a response to the “it’s just the flu” people that don’t think the quarantine is worth a recession. Worth the read.
@rob_sheridan and @mr_ian meme the health vs. economy debate.
@lopp echoes @ErikVoorhees’ concern of ceding our civil liberties to the government for a one-time check.
@CryptoCharles__ questions the point of paying taxes when the government can just print however much everybody owes. Lord knows they’ve got the surveillance to do it.
@nic__carter posts a chart showing the total transaction value (in $) of all stablecoin tokens on Ethereum, which is ~2X the total transaction value (in $) of ETH.
From @AwardsDarwin
Finally, some good news. Pressure makes diamonds.
Top Videos
Inspiring clip from @goldstein that sums up the week’s events in relation to Bitcoin.
@CountDankulaTV threads a list of Youtube channels that are “great for binging” for the perpetually bored.
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Texas Blockchain’s ‘State of the Market’ is a student-led editorial. None of the views expressed by the authors should be taken as the view of the University of Texas at Austin or the Texas Blockchain organization. Furthermore, none of the views expressed should be taken as financial advice in any circumstance.