Jason Choi Profile picture
Aug 5, 2018 7 tweets 3 min read Twitter logo Read on Twitter
Plenty of exciting stuff in crypto in Asia goes overlooked in the US.

Here are some updates this week from #Asia in #crypto amidst a bear market:
From the Philippines 🇵🇭:

SEC is looking to define all tokens as securities by default. Earlier, it also deemed crypto cloud mining contracts as securities. This increases false positives (non-securities deemed as securities).

Source: sec.gov.ph/wp-content/upl…
From Hong Kong 🇭🇰:

A bike-sharing startup has sold its majority stake in exchange for crypto. It will use its tokens to reward renters and promote bike usage. Convincing HK users to use bikes AND set up crypto wallets...hmm 🤔

From China 🇨🇳:

@Vechain1 is working on a traceability solution to combat vaccine fraud in China. According to their team, they are the only provider approved by Shanghai officials.

Source: medium.com/@vechainoffici…
From Korea 🇰🇷:

@HuobiGroup aims to target 30% of the local market in Korea by next year and has allegedly attracted 200K users within first 2 months. Besides being an exchange, Huobi has also set up a 100 billion won fund (~$885USD).

From Thailand 🇹🇭:

Bank of Thailand allows Thai banks to issue digital tokens, provide crypto brokerage, deal in crypto businesses and even invest in crypto - but only through subsidiaries.

On a personal note, I'm moving back to Asia to focus on crypto full time. If anyone is working on exciting projects, feel free to reach out via DM!

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More from @mrjasonchoi

Aug 23, 2018
Understanding blockchain technical scaling with <20 min videos (a thread) 🤔
0/ If you're having lunch/dinner/on the 🚽, here are some short vids to break down blockchain scaling from the best that you can bookmark.

Some of these vids are highly unappreciated, with ~100 views. Also good at 1.5x speed.
1/ First, a 20-min clear explanation of what the "scalability" challenge actually is by @thatBano:

Read 12 tweets
Jul 25, 2018
Using in-browser wallets (e.g. @metamask_io) may compromise your privacy significantly. /0
Advertisers can profile you as an eth user, and sites on all opened tabs can detect when you unlock your wallet and provide phishing prompt.

Here's a detailed post from @backus of @Bloom a while back on the subject: blog.hellobloom.io/using-an-in-br… /1
So, what can we do?

Using a different browser than your main one for eth transactions through an in-browser wallet (or using another browser profile) is a viable workaround. /2
Read 4 tweets
Jul 24, 2018
How do we stop money-laundering, drug- and terrorism-financing in bitcoin?

Committee responses at the recent Oversight of New Assets in the Digital Age public hearing:
"Trust FinCen to do their jobs." - @JoshFairfield of @wlulaw
"Rely on other law enforcement mechanisms that work around strong cryptography." - @AmberBaldet of @GrowClovyr
Read 8 tweets
Jul 9, 2018
Takeaways from 4 months of interviewing crypto investors (a thread):

Full summary episode: itunes.apple.com/us/podcast/les…
"Providing exposure" alone is not a defensible strategy for funds.

Fund managers have to take care of events with no public market analogues for traditional investors (e.g. custodianship, airdrops, staking, hard forks) too.

- from ep with @HHorsley of @BitwiseInvest
"Perfect" cryptoassets don't exist.

Investors need to bet on assets with local maxima of value and evaluate trade offs between censorship resistance, expressivity, throughput, latency, scalability, governance, privacy etc.

- from ep with @KyleSamani of @multicoincap
Read 12 tweets
Jul 9, 2018
Privacy is a not a good selling point for cryptocurrencies (compared to speed, low fees, security, decentralization etc), because:

1) Most people seem to value convenience over privacy

2) Public tolerance for forfeiting some privacy is high

Payment solutions are sticky.

As long as existing alternatives provide easier user experience (e.g. Venmo, Paypal), educating the public about the importance of fungibility and privacy in crypto won't be enough to promote mass adoption of privacy coins

Privacy is not binary.

Most people understand the value of day-to-day financial privacy from unknown parties (creepy stalkers), but are ok with a recognized company knowing their transaction histories (e.g. private transactions on Venmo). For most, Monero is an overkill.

Read 5 tweets
Jun 18, 2018
0/ Thoughts on crypto regulation from Gary Gensler, former Chairman of CFTC and central figure in regulating swaps in ‘08.

1/ On derivatives:

Derivatives for relatively illiquid cryptoassets are a bad idea.
2/ On accreditation:

It is “silly” but will likely stay as a way to tier investor protection.
Read 8 tweets

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