Janet Yellen goes after Bitcoin?! - CRYPTO FRIDAY

Fabian Klauder

Jan 22, 2021

Hey DEFI TIMES community,

Treasury Secretary nominee Janet Yellen was interviewed on Wednesday.

Yellen is known for appearing in the famous "Buy Bitcoin" photo.

One of the questions in the interview involved Bitcoin.

As you can guess, she wasn't very positive about it. She said that cryptocurrencies were mainly used for "illicit financing" and suggested that lawmakers should "curtail" Bitcoin use. You can listen to it yourself.

Documenting Bitcoin 📄 @DocumentBitcoin

Treasury nominee Yellen says cryptocurrencies like #Bitcoin are of particular concern.

For me, this is just another sign that regulators are going to give us a hard time. In last week's CRYPTO FRIDAY edition, we talked about Christine Lagarde claiming that Bitcoin was mainly used for money laundering.

Both Lagarde and Yellen are dead wrong. In fact, they couldn't be further from the truth. Only 0.5% of all Bitcoin transactions have been spent on the dark web.

Last week we also talked about the famous quote by Mahatma Gandhi:

"First they ignore you, then they laugh at you, then they fight you, then you win."

Yellen's negative comments are another confirmation that we are currently in the fighting phase. Big regulators, especially leaders of the central financial system, are increasingly going after Bitcoin.

Don't expect this to stop. The fight will become worse, and it will be brutal. But in the end, the best form of money will win.

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Synthetix Optimism transition

kain.eth @kaiynne

Check out the transition plan for Synthetix migrating to OΞ.

blog.synthetix.ioThe Optimistic Ethereum TransitionWith the launch of Optimistic Ethereum (OΞ) mainnet in a few days we are entering a new era for the project, OΞ presents an opportunity to scale the protocol but it also presents a number of challenges. One of the most critical is how to gracefully transition from L1 to a protocol running on both L1…

Synthetix has released its plan to migrate to the L2 solution "Optimism". Just like ETH 2.0, Synthetic will also migrate in several steps. The first step involves:

- One-way SNX bridge from L1 to L2 including escrowed SNX

- SNX & sUSD will be non-transferrable on L2

- Minting of non-fungible sUSD

- Claiming of SNX (funded via the sDAO)

YAM ends rebase

Yam Finance @YamFinance

To All YamV2 Holders. Yam.Finance will be ending the migration function on 2/15/2021 00:00 UTC. Yam has also ended the rebasing function of the token. The supply is no longer elastic. Migrating 1 YamV2 will return 2.5 Yams. yam.finance/migrate @HuobiGlobal

yam.financeFarm YAM tokens.For the YAM farming community.

YAM ends its rebase functionality. From now on, it will focus solely on the YAM ecosystem.

Optimism mainnet

Optimism @optimismPBC

Our knees are weak and our palms are sweaty, but Optimistic Ethereum is finally ready.

Optimistic rollups are now on the mainnet. Optimism hasn't rolled out all features yet. However, this is a big step in the right direction: a scalable Ethereum ecosystem. Optimistic rollups are currently the most promising L2 solution. This news could be a gamechanger for the whole DeFi ecosystem.