September 17

“According to a filing dated Sept. 17, a proposed rule change to publicly list shares of the VanEckSolidX Bitcoin Trust was withdrawn on Sept. 13. The U.S. Securities and Exchange Commission (SEC) faced a final deadline of Oct. 18 to determine whether to approve or reject what could have been one of the first bitcoin ETFs in the country.

The SEC is still reviewing two other bitcoin ETF proposals. One, filed by Wilshire Phoenix, would include both bitcoin and U.S. Treasury bonds in the Trust, and faces an initial deadline at the end of September, while the other, filed by Bitwise Asset Management with NYSE Arca, will be approved or rejected on Oct. 13.”

Repo rates spike as liquidity on Wall St dries up..

“Unlike the Microsoft-owned GitHub, which requires a quick workaround in order to use smart contracts, Web3 developers will be able to deploy software directly from the Terminal platform. The hub quietly went live over the summer and is undergoing a soft launch this week.

Once that smart contract is actually deployed on the blockchain, it is a live object that lives on one of these decentralized protocols. People need an interface to surface them, view data about them and interact with them. You can’t do that on GitHub.”

“As Bloomberg reported on Sept. 16, JPMorgan Chase is facing an inquiry over the behavior of at least a dozen precious metals traders.  According to investigators, the employees willfully engaged in price-fixing of precious metals on thousands of occasions. 

The irony of the precious metals scandal was thus not lost of crypto commentators. 

They were charged with wire fraud, bank fraud, and market manipulation. But I was told by the CEO that Bitcoin is the fraud.”

“The tech opens up the possibility of “embedded supervision,” – a regulatory framework that allows regulators to automatically monitor a tokenized market by reading its ledger, ‘thus reducing the need for firms to actively collect, verify and deliver data.

However, for that to happen, regulators need to be sure the market data on a distributed ledger is trustworthy.

[Wait for it…]

To address this risk, Auer proposes a design for a ‘distributed and permissioned market in which ‘blocks’ of financial contracts are verified by third parties.‘” 🤣🤦‍♂️

“Dubbed Wells Fargo Digital Cash, the tokenized dollar will be used in a pilot initially for internal settlement across the company’s business.

Wells said its DLT is built on Corda Enterprise. This raises the (at times uncomfortable) question of interoperability since the JPM’s interbank payment system and coin are all built on Quorum, the private version of ethereum the bank has open-sourced.

Regarding JPM Coin, Wells Fargo Digital Cash runs on a proprietary internal DLT network that is not connected to any other digital cash solutions emerging in the financial services market today.”

“With the public network now live, the Hedera treasury is set to begin distributing the system’s HBAR tokens. The first tokens – more than 379 million – will go to investors who participated in a $124 million crowd sale. The balance of the 50 billion supply of HBARs is to be released over the next 15 years by the network’s governing council.

Hedera’s code is patented rather than open-source, a condition the network says it will enforce to deter copying of the codebase or forking. ‘A dapp requires smart contracts and since Hedera is currently throttling 10 transactions per second with smart contracts, then it doesn’t make this any more interesting than ethereum.’

I can’t predict the future of what Hedera will transition to in the future, but moving away from a model that is based on economic and game theory guarantees to a trusted model is a severe reduction in the neutrality model of the system.”

“LiquidApps is building a second-layer solution for EOS that runs on the company’s DAPP token, which has been sold in daily auctions since February 2019. At the end of its 233rd auction cycle on Aug. 19, the DAPP sale had raised just $2.8 million worth of cryptocurrency.

The LiquidApps solution is meant to take pressure off the EOS blockchain’s RAM system, which has gotten bogged down.

If $4 billion was not enough to yield an EOS network that is functioning smoothly, the thing to do is not to seek additional funds for more work in the same vein, but to question what went wrong with the original design of the RAM market in EOS.”

“The developer grant provided by MakerDAO will enable Opolis to process DAI payments, give companies and freelancers the choice to pay and be paid in DAI, and allow for Opolis members to pay their membership fees in DAI.

Maker is looking forward to seeing how Dai can help de-risk this emerging workforce.

Through the MakerDAO collaboration, Opolis will also be able to offer health insurance, cryptocurrency and traditional retirement plans, and tax compliance automation to its members.”