'There was a young man named Vitalik...'

Also: A DeFi divorce, Ripple responds and another MicroStrategy buy.

What you need to know today in crypto and beyond  March 5, 2021 Sponsored By:     To unsubscribe from all CoinDesk mailings, click here.   Welcome to The Node, CoinDesk's newly redesigned flagship daily newsletter.   Formerly known as Blockchain Bites, The Node aims to be your daily pulse check for what matters in crypto and beyond. In every issue, you'll find a digestible summary of the day's most important news, a thoughtful take on current trends by one of our writers and, to wash it all down, our favorite trending meme or tweet. It's all part of a balanced information diet.   If you were forwarded this newsletter and would like to receive it, update your email preferences here.    Send feedback to marc.hochstein@coindesk.com – we'd love to hear from you!   – Marc Hochstein, Executive Editor Top Shelf Today's must-reads SNAP JUDGEMENT: After a single large holder triggered a flash crash in Polkadot's native DOT token on Binance, the exchange says it will consider marketplace controls. DOT prices collapsed from $33 to 25 cents in less than a minute, before quickly rebounding. There is an ongoing debate on whether centralized cryptocurrency exchanges should invest in circuit breakers to protect highly leveraged traders from freak market moves.    RIPPLE SAYS: XRP market participants, including exchanges, spoke with the U.S. Securities and Exchange Commission (SEC) regarding the cryptocurrency's regulatory status prior to listing it, Ripple alleges. In a response to the SEC's latest filing in an ongoing lawsuit against the cryptocurrency startup, Ripple reiterated its position that XRP is not a security and it had not violated federal law in selling XRP over the past eight years. Several prominent exchanges have delisted XRP, causing holders to lose $15 billion over the past few months, Ripple claims.    DEFI DIVORCE: Decentralized finance (DeFi) portal Yearn announced via Twitter that it will not merge with Cover, a peer-to-peer insurance marketplace. No reason was given for the breakup, though Yearn magnate Andre Cronje said in a now-deleted tweet: "I personally find it sad. I had very high regard, trust and faith in the Cover team. Lesson learned. Won't trust them again." Yearn, one of the breakout stars of decentralized finance, had started a program of rapid expansion through M&A, with some calling it the "Amazon of DeFi."   MICRO BUY? MicroStrategy bought another $10 million worth of bitcoin. It is now sitting on a trove of 91,064 BTC, purchased for an average price of $24,119 per coin. The business intelligence company turned quasi-bitcoin exchange-traded fund has seen its stock slump in recent weeks, though there are still those willing to pay an 80% premium for Michael Saylor's bitcoin.   – Daniel Kuhn Sound Bite Overheard on CoinDesk TV ROOM TO RUN    Fidelity Digital Assets Research Director Ria Bhutoria thinks there is plenty of runway for institutions to come into the crypto market.    "From the conversations that we're having, and what we're seeing in the market, we still think it's really early in terms of institutional adoption. All of the public announcements over the past year … continue to remove the career and headline risk of other traditional institutions getting involved," Bhutoria said on CoinDesk TV.    Fidelity was among the first major Wall Street firms to express interest in cryptocurrencies and blockchain technology, going as far to spin out a dedicated company for the industry.   Watch the rest of the interview here.   – D.K. SPONSORED BY NEXO     Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:    * Up to 12% interest on digital assets, paid out daily! * Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR. * No minimum or maximum limits on funds deposited, offering infinite opportunities to earn. * Full flexibility with no lock-in periods, so you can withdraw your funds anytime. * #ZeroFees on all transactions. * Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo.   Get started at nexo.io     Introducing "The Hash," news analysis on CoinDesk TV From the world leader in crypto news and events, the all-new CoinDesk TV covers the rapidly evolving world of digital finance and its role in the global economy.   We cut through the hyperbole and confusion to explain what's happening in this fast-changing industry and why it matters to investors, companies and governments.   On "The Hash," a daily panel show, CoinDesk journalists Zack Seward, Benjamin Powers and Will Foxley choose five of the day's big stories to hash out and analyze. With a personality-driven, fast-paced, entertaining format, it presents themes ranging from serious to fun.   Watch "The Hash" daily on YouTube or CoinDesk.com. Off-Chain Signals What others are writing.... GBTC is trading at a nearly 12% discount, its lowest ever, which some see as a bullish sign. (GBTC manager Grayscale is CoinDesk's sister company.) Suze Orman <3s bitcoin. Survey says: 1 in 3 crypto investors know almost zilch, though 40% of Goldman Sachs clients have exposure. "VR and blockchain are the perfect match; digital money for a virtual world."   - D.K. The Takeaway Putting the news in perspective 7 CRYPTO LIMERICKS   CoinDesk is publishing well over 30 stories a day now, reflecting the investments we've made in staffing as well as a busy news cycle in a roaring bull market. Most of what we cover is dead serious, and even in the absurd or fantastical stories there's serious money involved.   But it's Friday, so I thought I'd offer readers an amusing diversion....   There was a young man named Vitalik Who decided Bitcoin was a relic. He made his own token, Some say that it's broken But, then, those are Maxi smart alecks.   The wildest exchange they call BitMEX (Not to be mixed up with Bittrex). The chief's on the lam, But to CT, he's fam. One hundred times leverage? Don't get rekt.   An old cypherpunk known as Zooko Valued his privacy beaucoup. To keep transfers dark, Layered on zk-SNARKs: A math more complex than Sudoku!   I know of a ghoul named Gerard Who misreads CoinDesk like a 'tard. In sneers he rejoices, One day he'll be hoisted Sky-high, by his own petard.   There once was a man named Maduro Who sought to outdo Europe's euro. He minted a s**tcoin,  Exchanged it for bitcoin And left his bagholders with zero.   If more folks had listened to Palley They wouldn't fret now about jail-y. Now he chairs a whole practice, Got a Marmot to back this And another smart lawyer named Hailey.   BTC has rewards for the thrifty. Non-fungible tokens seem nifty. Retail buyers beware, DYOR, please, take care For much in this market is grift-y!    Have a good weekend.     – M.H.     What are bitcoin and ether's value propositions for investors? A new report by CoinDesk Research explains how the two most popular cryptocurrencies by market capitalization behave in the market, how their infrastructure differs, and what on-chain metrics say about them. Download "Bitcoin + Ether: An Investor's Perspective" from the CoinDesk Research Hub. The Chaser... ATTENTION: Scammers have been sending fraudulent emails with links to sites disguised to look like coindesk.com. If you are in doubt about a link, type https://www.coindesk.com directly into your browser; do not copy and paste. Remember, if something seems too good to be true, it probably is. The Node (formerly Blockchain Bites)   A newsletter from CoinDesk   See Previous Editions Copyright © 2021 CoinDesk, All rights reserved.    250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all CoinDesk email.