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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

LONG-AWAITED BITCOIN ACCOUNTING RULES TO CAPTURE RISES, DIPS

The U.S. Financial Accounting Standards Board has ruled that companies holding cryptocurrencies will need to start marking their crypto assets to market in 2025. This approach provides a more accurate reflection of the current values of their holdings compared to the existing method of recording historical purchase prices. These standards will not apply to NFTs, stablecoins, or wrapped tokens. Despite potential increased earnings volatility, the decision was hailed as a step forward in mainstream crypto adoption.

EQUILIBRIUM

Blockchains by their very nature are not great for privacy as they provide a public ledger of all transactions. Protocols like Tornado Cash that allow people to ‘hide’ their transactions were invented to address this. Until now, these protocols have been scrutinized for enabling criminal activity like money laundering. This paper, put together by an all-star cast including Vitalik Buterin, proposes a solution to this problem. The paper’s solution would allow people to create private transactions that are provably disassociated from criminal activity.

ON PSYCHOLOGY OF TRADING WITH THE MASSES

This thread goes over the psychology of trading in cryptocurrency and how it is influenced by understanding individual and collective human behavior, personal bias, and maintaining a vigilant mindset. The thread warns against cognitive biases that can negatively impact decision-making. It also suggests that maintaining healthy paranoia about potential risks, both technical and human, can help traders safeguard investments.

SYNTHETIX, A NEW HOPE

Synthetix has launched Synthetix v3, which aims to unify its protocol across multiple chains and question past assumptions about its SNX token and its role in the ecosystem. This blog discussed the challenges of ensuring smooth and efficient cross-chain communication, which is increased particularly as the number of supported networks expands. It proposes potential solutions to these challenges, including the option of leveraging Ethereum as collateral and the creation of a separate AppChain via the Optimism superchain.

GOOGLE WILL ALLOW ADS FOR NFT GAMES STARTING SEP 15

Google will update its policy to allow advertising of blockchain-based NFT games starting on September 15 as long as they don’t promote gambling. NFT casino games and related gambling activities using real-world prizes will continue to be banned. This is another step forward. Google banned all cryptocurrency-related ads in 2018, later relaxing the rule in 2021 for certain US-targeted cryptocurrency exchanges and wallets.

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