Forbes - A "limited supply of nothing" 🗇

CryptoCodex


	Good Tuesday morning. Billy Bambrough here with what you need to know from the world of bitcoin and crypto.

24-hour crypto market snapshot

$47,818

$3,340

$0.2764

$118.59

The star, sol ☀️


	Cryptocurrency prices are painting a mixed picture today, with bitcoin still trading sideways, along with much of the crypto top ten. Good to know: Betting on a bitcoin bull run? Not in September, BTC price data says Solana, after rallying almost 300% through August alone, is continuing to be the market bright spot and has seen its sol tokens surge a further near-20% on this time yesterday. Ethereum is also on the up today, adding almost 5% even as traders and investors continue to heap praise on its many rivals—with cardano now the alt coin darling ahead of its smart chain functionality upgrade next week. The meme-based dogecoin has resumed flailing around after a strong period through August despite Tesla billionaire and meme-master Elon Musk keeping doge at arm's length. 👀 NFT watch: ‘Rare Pepe’ steeped in bitcoin history fetches $500K on NFT market OpenSea

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Bitcoin bubble fears return 😨



	Legendary investor John Paulson trashed crypto on Bloomberg TV Getty Images


	Bearing up: Crypto bears are this morning cheering the legendary investor and billionaire John Paulson who yesterday trashed bitcoin and cryptocurrencies in a widely-reported Bloomberg interview. 🗣️ "I would say that cryptocurrencies are a bubble," said Paulson, who made a cool $20 billion during the 2008 subprime mortgage crisis. "Cryptocurrencies, regardless of where they're trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn't recommend anyone invest in cryptocurrencies." Money for nothing: He described crypto as a "limited supply of nothing," referring to bitcoin's fixed 21 million tokens, and warned that investors appear to be chasing "investments that are going up, and ultimately those investments deflate. And then they lose money." Gold bugbear: Paulson, who last year quit the hedge fund world to focus on turning his business into a family office investment firm, recommended investors instead look to gold to hedge against inflation. 🗣️ "As inflation picks up … the logical place to go is gold. But because the amount of money trying to move out of cash and fixed income dwarfs the amount of investable gold, the supply and demand imbalance causes gold to rise." But but but... Paulson is, however, reticent to short bitcoin due to its volatility. "The reason we shorted subprime in size was because it was asymmetrical—shorting a bond at par that has a limited duration that trades at a 1% spread of Treasuries. So you can’t lose more than the spread in the duration. In crypto, there’s unlimited downside. So even though I could be right over the long term, in the short term, I’d be wiped out. In the case of bitcoin, it went from $5,000 to $45,000. It’s just too volatile to short." Now read this: Cryptocurrency investing has a big gender problem

Hackers hit Defi platform Cream Finance


	🥛 Cream Finance, a decentralized finance (DeFi) borrowing and lending protocol, has suffered a hack that appears to have erased more than $29 million. 🔍 The attacker reportedly took advantage of a loophole in the implementation for adding the amp token to the protocol. 🖥️ This is the second time the platform has been involved in a hack. The first breach happened in February when Cream lost $37 million.

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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Forbes - A "limited supply of nothing" 🗇

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