The Disrupt Weekend

Recommended read.

“Today, two years after Uniswap’s humble beginnings, the dawn of the global decentralized finance renaissance is upon us. The world is waking up to the power and value of reallocating trust from people into programs. Bitcoin, with its fixed 21M BTC supply cap and issuance schedule, has memed its way into becoming a store-of-value asset so well that Tesla bought $1.5B of BTC last week, and even some central banks are accumulating. Ethereum, as a credibly neutral world computer, has become the birthplace of DeFi with $40B+ deposited into open source financial programs uploaded by teams of developers all over the world. Uniswap v2 has $4B+ in total liquidity, had $1B+ in trading volume yesterday, and it was uploaded only 9 months ago. MakerDAO’s Multi-Collateral DAI (MCD), a program offering borrowers no-hassle credit against their crypto assets, has $6B+ worth of crypto asset collateral backing 2B+ DAI, their $1 pegged stablecoin. The central banks are following DeFi closely — last week the Federal Reserve Bank of St. Louis released a thorough research paper on DeFi, and they mentioned DAI 31 times.

The skeptics and critics were wrong. The Ethereum nerds were right. DeFi is the future of finance.

Despite the feverish imagineering of Ethereum developers, there is still one important program that we have yet to upload, a program that has existed only in the imaginations of economists and central bankers, a program that until now was so infeasible it was hardly worth contemplating building: An independent stable global reserve asset and unit of account.

There are obviously risks to using bank coins like USDC and USDT which can freeze your assets or become insolvent, but even crypto-collateralized coins like DAI, by virtue of their $1 peg, subject the holder to the inflationary policies of the US Federal Reserve. To make matters worse, the recently proposed STABLE Act seeks to regulate all $1 pegged stablecoin issuers as banks, forcing them to obtain banking licenses and hold reserves with the Fed or else potentially be charged with counterfeiting.

Today it is our great privilege to announce the launch of RAI — our fork of MakerDAO’s Multi-Collateral DAI — on the Ethereum mainnet. RAI is an asset backed only by ETH, governance-minimized, and programmed to maintain its own price stability without needing to peg to an external price reference like the USD. We believe these qualities make RAI ideal initially as an alternative to pegged-coins for use in DeFi as collateral and as a stable reserve asset, especially for programs where resilience is critical. With enough time and support from the Ethereum community, RAI could also become the Ethereum Standard — a native unit of account for the Ethereum ecosystem.

Our aspirations for RAI, however, are more profound — if RAI fulfills its purpose within DeFi and starts to earn global adoption, it could prove to be a viable solution to the Triffin Dilemma, and bring credible neutrality to the administration of a stable global reserve asset, a global public good.”

See Also: Many pieces of the Diem puzzle still missing as launch gets delayed

Luke Gromen: Inflation or Deflation

“The first decentralized asset management protocol where funds are owned and led by the community. Web 2.0 allowed anyone to become a creator, a YouTuber, a blogger, or a podcaster. Web 3.0 is going to turn the world into investors. Everyone can own a stake in the products they believe in, sharing the upside.

The incident between Wall Street Bets and Robinhood has again brought mainstream awareness to the inherent risks of centralized platforms. If you are not paying to use a proprietary platform, you are the product. Asset Management has to be trustless, permissionless, and community-owned. Wall Street Bets, Seeking Alpha, and Real Vision show the power of investing as a tribe. Members of these communities want to collaborate on a shared vision of the world and are willing to put their money on it.

In a group or community:
1. Participants are incentivized to find and share the best investment opportunities.
2. Other participants in the same group can endorse or downvote these ideas to ensure that only the best ideas rise to the top.
3. The best ideas will activate the pooled capital. The rewards for good ideas will be shared between the ideators, curators, and investors.

No single person can keep up with the pace in NFTs, Yield Farming, and liquidity pools all at once. An informed community on a permissionless platform is best positioned to tackle this problem. Within, investors can find both the opportunities and communities that match their time, risk and liquidity preferences.”

See Also: InstaDapp: Introducing DeFi Smart Layer

“This is a hardware wallet for DeFi superusers. A step beyond a Ledger.

Traditional hardware wallets give today’s Ethereum users a false sense of security. They were designed for simple Bitcoin transfers where the only thing you needed to verify on your secure device was the recipient address. But it’s 2021 and Ethereum gives us countless ways to interact with public blockchains every day.

This includes stuff like interacting with financial services, automatically paying bills, managing accounts with different characteristics meant for either savings or daily use, and even withdrawing crypto off-chain to privately pass around like cash.

The GridPlus Lattice1 is the first hardware wallet designed for actively using crypto and signing complex messages. It’s in its early stages, but this flexible device is designed to grow alongside the rapidly evolving Ethereum ecosystem.

The most unique and exciting feature we’re delivering for the Lattice1 this year is Phonon Network—an open-source standard for hardware-enforced off-chain transactions. Phonon uses your secure hardware to turn your digital assets into real-world cash—exchange privately, instantly, and without cost until you settle back on-chain.

Phonon is a powerful tool for user privacy allowing you to place all of your Ethereum based assets into a new address without having to use a centralized exchange or TornadoCash to protect yourself.”

“Mark Cuban is on the train. Chamath is building a sizable portfolio. NFTs platforms having $50m dollar months. The NFT economy is heating up like never before. People are waking up to the potential of these assets. As a result, any savvy crypto investor should consider how they can capitalize on the current boom.

There’s plenty of ways to get exposure. You can invest directly in NFTs, acquire NFT-centric ERC-20s or NFT index funds, or even lend crypto out to borrowers who want to use NFTs as collateral.”

“Digital real estate has become a legitimate asset class, one worthy of investor consideration and one I believe is likely to appreciate exponentially over the near term.

Not only is digital real estate capable of delivering outsized returns due to its alignment with the rapidly growing crypto-investment universe, but it also appears likely to become a viable store of wealth, almost like real-world art and real-world real estate.

Investing in digital real estate captures all the positive aspects of derivative trades (asymmetric reward-risk) without the bad (recourse margin/debt), and is also an uncorrelated asset class that offsets market volatility. It is also insulated from the COVID-induced volatility of the real-world real estate industry.”

“Hong Kong-listed Meitu Inc., which makes image and video processing software, said it had purchased $22 million in ether (ETH) and $17.9 million of bitcoin (BTC), making it the first time a firm has disclosed a major purchase of ETH for its treasury.

The Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution.

The company said it’s evaluating the feasibility of integrating blockchain tech into its overseas business, including launching Ethereum-based dApps.”

“On Friday, Twitter CEO Jack Dorsey called attention to a tokenized version of his first tweet. As of Saturday morning, the high bid was $2 million, made by Justin Sun, the founder of TRON.

Valuables is an Ethereum-based platform created by the social network Cent that allows users of Twitter to authenticate their tweets for sale to others. The tokenized tweets are only sold when the author of the tweet accepts a bid.

This is Dorsey’s first time showing interest in Ethereum.”

Ethereum Market Cycle Price Prediction

After much speculation about whether India will introduce a blanket ban on crypto, the government has finally dropped a major hint that it will not do so. Nirmala Sitharaman, India’s Finance Minister, said yesterday on India’s business channel, CNBC-TV18, that the government’s position on crypto will be “calibrated” and it wants to make sure there’s “a window available for all types of experiments in the crypto world.”

[India’s Central Bank] will be taking a call on what kind of unofficial cryptocurrency will have to be planned and how it has to be regulated.

The Indian crypto industry sees this as the clearest sign yet that the government will not go ahead with a blanket ban on cryptocurrencies as previously feared.”

“Emerging economies are looking to transition to solar as it offers a green and cheap alternative to conventional energy sources. SustVest enables this transition in emerging economies by crowdfunding rooftop solar projects in emerging economies on its platform. We tokenize solar projects granular to the level of individual solar cells, and investors purchasing these tokens can earn dividends generated by the sale of electricity from these individual solar cells.

The Central Bank of the United Arab Emirates, along with the Saudi Central Bank, is developing a state-backed bilateral central bank digital currency, “Aber.” Aber is initially set to help the UAE and Saudi Arabia make more cost-effective bank-to-bank, cross-border payments. Eventually, Aber will be used globally on China’s blockchain-based service network, or BSN, which will support future CBDCs from various countries such as the UAE.”

6 March

“One of the most significant and contentious alterations to the Ethereum blockchain in recent memory is now scheduled for inclusion into its codebase.

Ethereum Improvement Proposal (EIP) 1559 will be packaged with the London hard fork this coming July regardless of the mining industry’s discontent with the proposal, according to the All Core Developers call Friday. At least five other EIPs are likely to join EIP 1559 in London.

EIP 1559 flips a typical blockchain transaction on its head in order to fix numerous issues with Ethereum’s user experience. Traditionally, a user sends a gas fee to a miner for a transaction to be included in a block. That gas fee will now be sent to the network itself as a sort of “burn” called basefee with only an optional tip paid to miners. The burnt fee is algorithmically set as well, ostensibly making it easier for users to pay a fair fee.

The proposal has garnered some of the largest support to date from Ethereum application creators and users alike, given the current difficulty of selecting a correct transaction fee. Miners and mining pools, on the other hand, have been gathering in opposition against the proposal as it progressed toward mainnet.

Ethereum developers decided to pair EIP 1559 with a delay to the difficulty bomb. Geth team lead Péter Szilágyi said that pairing EIP 1559 with the delay helped ensure no one would fork Ethereum at that time without having to undergo some technical hurdles.”

The newest Wrapped Ether has an extensive list of improvements, including the anticipated flash mint feature. WETH10 includes the ability to make transactions free for the end user, and it skips the “approve token” mechanic to save on gas costs and avoid security threats.

One limitation of flash loans is that the total sum available for a transaction is limited by the liquidity locked in a particular protocol. This is where the concept of a flash mint comes into play — instead of taking funds from a liquidity pool, the mechanism mints tokens out of thin air and destroys them once no longer necessary.

The only limitation to flash mints of WETH10 is that the flash minted amount can never exceed 2^112-1 at any given time.

In decimal terms, the number quoted by Cuesta Cañada has 33 zeros, which should be enough to cover any liquidity needs in DeFi. In practice, if the user needs to unwrap the WETH for a particular use, there may be limitations due to how much ETH is stored on the WETH contract.

Most DeFi protocols actually use WETH in the backend, though they hide this from users by automatically wrapping and unwrapping it at each interaction. If they were to switch to WETH10, the flash mint could grow to its full potential.”

“Schulman describes how PayPal’s crypto unit is experimenting with smart contracts, and testing Ethereum and other blockchains as potential candidates to help the company improve payments and other transactions. Schulman says PayPal’s crypto endeavors, which currently amount to just offering Bitcoin and a handful of other cryptocurrencies, will soon expand beyond “buy, sell, hold.”

Schulman explained that PayPal envisions a “super app” offering a set of features that once would have required a series of different apps. These include tools for payments, shopping, financial services, and “even new forms of digital identification.” The arrival of such a “super app” would also suggest U.S. consumers are ready to adopt trends popular in Asia.”

The group has already met with or is in the process of scheduling meetings with high-ranking Whitehouse officials including Treasury Secretary Janet Yellen, Deputy Secretary nominee and former BlackRock executive Wally Adeyemo, along with representatives of the Treasury Department.

Our number one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises.”

“According to Jimmy Lee, CEO of Wealth Consulting Group, financial advisors are frustrated by not being able to manage crypto for their clients. Many investors end up pursuing it on their own.

In lieu of holding the asset itself, wealth managers are clamoring for the approval of bitcoin exchange-traded funds (ETFs) that would meet the legal standards required of traditional investments. The U.S. Securities and Exchange Commission (SEC) has not ruled whether mutual funds can own cryptocurrency directly.”

See Also: 40% of Goldman Sachs Clients Reported Exposure to Crypto: Survey
See Also: Ex-Prudential Securities CEO: Bitcoin ‘Attractive Part of Almost Any Portfolio’

Institutional Investors Going in Ether First

The Bloomberg terminal now provides price data for orchid (OXT), omg network (OMG), eos, chainlink (LINK), tezos (XTZ) and stellar lumens (XLM).

The data comes from CF Benchmarks, a Financial Conduct Authority–regulated indices provider and Kraken subsidiary.”

“While bitcoin can suffer deeper drawdowns because of traditional market instability, its broader bullish trend would remain valid as long as historically strong chart support is held intact.

The cryptocurrency repeatedly found dip demand (marked by arrows) around the 21-week SMA throughout the rally from $300 to $19,783 seen in the October 2015-December 2017 period. The technical line is now located at $32,240.

The 21-week SMA (Simple Moving Average) is the level to defend for the bulls. The bias remains bullish as long as the SMA support is intact.”

See Also: Bitcoin’s next top could be between $75K and $306K, Kraken research suggests

The crypto exchange’s new CEO also said he aims to repair relationships with regulators.

I was coming from the regulated and classical world. I have a lot of touchpoints with the regulators already…Now I’m working on the crypto side and bringing the crypto side to the regulated world.”

“Tech entrepreneur John McAfee has been indicted by the U.S. Department of Justice on fraud and money laundering charges tied to McAfee’s touting of various cryptocurrency projects without disclosing he was paid to do so.

McAfee, who is currently detained in Spain on a separate tax charge by the DOJ, was indicted alongside Jimmy Watson Jr., an executive advisor to McAfee, according to a press release Friday. They allegedly made more than $13 million from investors.

The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

How to Purchase & Stake Polkadot On Ledger Live 

5 March

“Today the fundamentals of Ethereum are stronger than ever. 1.3 million transactions settle more than $12 billion daily. 74% of all stablecoins are issued on Ethereum, worth $30 billion. More than 5 million unique NFTs have been bought and sold for over $300 million.

Amidst the burgeoning demand to access liquidity and activity on Ethereum, the network is straining under the weight of its own success. Moving more computation to Layer 2 networks is the best immediate solution to Ethereum’s high gas fees, and a number of such networks are already live. What’s missing is a simple user interface for switching between Mainnet and the various Layer 2 networks.

Our new Custom Networks API is our latest step on the way to seamless cross-chain user experiences in MetaMask. It allows developers to recommend a variety of chains to their users, including Layer 2 networks like Polygon (formerly Matic), Arbitrum, and Optimism; sidechains like SKALE and xDAI; and indeed any EVM-compatible chain, including enterprise networks and testnets.”

Federal Reserve Chair Jerome Powell disappointed some traders by offering few signs that the central bank might expand monetary stimulus. The yield on 10-year U.S. Treasury note climbed on Thursday above 1.5%, as disappointment spread among some traders in traditional markets who had bet the Fed might provide specifics on how to tamp down long-term interest rates.

For bitcoin traders who have been betting the cryptocurrency’s price is a good hedge against potential currency debasement, Powell’s comments offered few signs the Fed plans new dovish actions. Such moves might include expanding the U.S. central bank’s $120 billion-a-month bond-purchasing program.

Powell did not deliver.”

“The new service will offer ‘custody, clearing, trade execution, and other capital markets facilities, and act as a centralized hub for crypto liquidity providers,’ according to the announcement. Gemini Fund Solutions was formed in part to hone in on and accommodate the demand for institutional-grade custody services as retail appetite for crypto exposure grows.

While multiple institutions — such as the oldest bank in America, BNY Mellon — have announced that they will be offering custody services, crypto custody entails technical expertise that some tradfi organizations may be unprepared for. Likewise, ETFs designed to reflect holdings in crypto assets necessitates specialized technology and infrastructure — not to mention experience.”

“QuickSwap is quickly becoming the go-to DEX for trading Ethereum tokens off-chain, with its liquidity quadrupling since late February.

QuickSwap is currently the leading second-layer decentralized exchange by daily volume with $38.5 million worth of trades over the past 24 hours. The second-largest L2 DEX by volume is Loopring with $8.4 million, followed by ZKSwap with $2.5 million.

QuickSwap is the center of the Polygon DeFi ecosystem and will grow as the ecosystem grows.”

See Also: All you can eat: SushiSwap deploys contracts on five new networks
See Also: A dark horse in the Ethereum scaling wars? Chainlink’s oracles find fertile ground on xDai

“Anonymous developers have built two controversial decentralized applications (dapps) on Binance Smart Chain (BSC), a smart contract-based blockchain backed by exchange giant Binance, daring the platform to censor the dapps.

The developers apparently hope the offensive and sensitive nature of the dapps would force Binance to get rid of them, proving BSC, unlike Ethereum, is not decentralized and can be controlled by a centralized institution.

One dapp with a token is called Tanks of Tiananmen. It appeared on Binance’s blockchain on Thursday. The name refers to the 1989 Tiananmen Square protests in China, which the Chinese government considers a very sensitive topic. The other dapp, Slavery, showed up on BSC on Saturday. It seems to liken the yield farming mechanism to slavery.”

See Also: Binance Smart Chain ‘copykat’ project loses $31 million in possible rugpull

Latin Americans want cryptocurrencies, and not just as hedges for inflation or savings. They want to be able to spend them, too.

A recent Visa survey shared with Brazilian media revealed that 25% of all credit card users in Latin America would like to experiment with cryptocurrencies. 78% of consumers expect to use new payment technologies in the future—including cryptocurrencies.”

“A piece by famous street artist Banksy is to be sold as a non-fungible token (NFT) – after the original was physically burned in Brooklyn, N.Y., on Wednesday. To be clear, Banksy was not involved. The piece was bought for roughly $100,000. It’s a first for the art industry as NFTs jump into the mainstream consciousness.

The burning was live-streamed through the Twitter account @BurntBanksy, after which the team created an NFT to represent the artwork on the Ethereum-based OpenSea marketplace.

I think [Banksy] would appreciate what we are doing since he also promotes creativity and iconoclastic ideas.”

“The Dallas Mavericks will soon be accepting the meme-based cryptocurrency as part of an agreement with crypto payment services provider BitPay, which is rolling out the coin as a payment option for merchants and consumers.

That BitPay, the largest provider of crypto payment services in the world, is now offering it as a form of payment continues the remarkable recent rise of DOGE. Year to date, DOGE has risen about 1,000%, trading about five cents at press time and now has a market cap of more than $6 billion.”

“Energy Web’s partnership with Volkswagen Group Innovation will develop and test open-source software to enable electricity market participation for electric vehicles. Once this integration is complete, it will become much easier for Volkswagen’s assets to be incorporated into global energy markets.

What we’re talking about is creating an environment where drivers, fleet owners and charging station operators can be incentivized to (or to not) charge at certain times of the day in response to grid conditions.

For example, Morris mentioned that if there was local grid congestion at a particular time of day, Volkswagen drivers could be paid in either fiat or crypto not to charge during that period.

Regarding the role of blockchain, Morris explained that digital identity is at the core of this entire integration. As such, Energy Web works to establish identity for assets, such as EVs, charging infrastructure, solar panels, customers, businesses, grid operators and other energy market participants.”

4 March

“Gensler’s background suggests he is both pro-crypto and pro-regulation.

I’m neither a maximalist nor a minimalist but I do believe [blockchain is] a catalyst for change. If confirmed at the SEC, I’d work with fellow commissioners to both promote the new innovation, but also at the core to ensure investor protection.

Gensler, who has lectured at MIT about the cryptocurrency industry, praised the technology at various points during the hearing, noting that it could provide cheaper cross-border or domestic transactions while the underlying blockchain technology can be applied to medical records, trade finance or other data collection uses.”

See Also: Warren Says Yellen Left No Room for Ambiguity in ‘Speculative’ Bitcoin Comments
See Also: Billionaire Lasry, Ex-CFTC Head Giancarlo Invest in Crypto Firm BlockTower

The proposal outlines how two protocols using rollups can communicate with each other while maintaining interconnectivity and composability.

Rollups are layer-two solutions that are essentially smart contract networks that process and store transaction data off the main chain. However, there are a number of different rollup types, with each using unique smart contracts such as optimistic and zero-knowledge.

There are already [several] proposals for transfers between two smart contract enabled protocols using rollups.”

“Privacy-oriented browser Brave has announced the acquisition of Tailcat, an open search engine. The move is the basis of forthcoming product Brave Search, which Brave is pitching as a non-tracking alternative to Google Search on Chrome and mobile.

The Tailcat search engine is built on top of a completely independent index, capable of delivering the quality people expect, but without compromising their privacy. Tailcat does not collect IP addresses or use personally identifiable information to improve search results.”

“Announced Wednesday, the world’s second-largest insurance intermediary has embarked on a pilot with Nayms, an insurtech platform that allows cryptocurrency holders to provide decentralized insurance cover against losses due to hacks or buggy software.

The Nayms platform puts the tool of smart contracts in the hand of regulated underwriters (like Relm) and brokers (like Aon), to open up a new capital source when underwriting crypto risk.

Nayms said the pilot is about creating more cover for the risks associated with DeFi platforms, but also the wider crypto space as well. The firms did not elaborate on when the pilot might morph into something more like a live product.”

See Also: Wall Street Veteran Jim Bianco Says DeFi is ‘Recreating’ the Financial System

“Instars, the social media platform launched today, gives users the choice to opt into every interaction. In doing so, ‘users receive instant, direct economic benefit in the form of INSTAR tokens deposited to their personal wallet from advertisers who want to reach and engage them.’ In order to “like” someone’s post, a user will have to tip with INSTAR.

Instars allows for large pools of data to stay encrypted while permitting information to be extracted from those data pools using encrypted computations. Using MPC, this data can still be targeted by advertisers, but in a way where the users’ sensitive information is kept personal, on their own device, and they’re able to consent and opt into each attempt at an advertisement from the requesting parties.”

Hayes would be allowed to continue living in Singapore under the agreement his counsel is currently negotiating with federal prosecutors.

Greenwood said Hayes could continue to reside abroad, traveling to Hawaii for virtual appearances during the initial stages of the legal process. He would travel to New York if and when the case proceeds to the trial phase.

We have discussed with counsel how to arrange for a voluntary surrender.

We are trying to achieve compensation for victims of various nefarious acts that took place on that exchange for years. We are confident that justice will prevail.”

The new album, “When You See Yourself,” will be delivered as three different types of tokens: the first a special album package, the second offering live show perks and the third containing exclusive audiovisual art.

Albums put out as NFTs have generally been the realm of DJs like 3LAU and have seen prior releases, but the Kings of Leon is the first band to launch a new album in the blockchain-based format.”

JumpNet is an interoperable bridging network that will operate under a proof-of-authority (PoA) consensus mechanism. A PoA mechanism refers to a solely permissioned setting on a private blockchain where only invited parties can participate as nodes.

Under phase two, we will enable seamless bridging between Ethereum and JumpNet for ENJ and all ERC-1155 tokens. This will allow our users to choose if they want free transactions on JumpNet or trustlessness on Ethereum and Efinity.

Meanwhile, Efinity, which is still currently in development, is expected to become Enjin’s public blockchain. JumpNet will be rolled out on April 6, with Efinity expected sometime later this year.”

3 March

“CBOE filed a Form 19b-4 Monday, formally announcing its intention to list and trade shares of the VanEck Bitcoin Trust. The form kicks off the legal review period that could lead to the first bitcoin ETF in the U.S. The SEC now has 45 days to either approve or disapprove the application, or extend the review period.

The approval of a Canadian ETF is likely a signal the SEC will approve one in the U.S. this year as well. Bitcoin’s market “is approximately 100 times larger” in 2021 than it was in 2016, the CBOE/VanEck application said, with regulated bitcoin futures representing approximately $28 billion in notional trading volume on CME.”

See Also: Second Ethereum ETF Filed in Canada

Institutions are loading up on bull call spreads in anticipation of a continued bitcoin price rally. The data shows institutions remain undeterred by the recent price pullback and foresee a continued rally over the next three months.

At the moment, we think the biggest risk to bitcoin is the short-term risk associated with a downturn in the U.S. and global equities.”

See Also: Unibright (UBT) price soars after DeFi staking and enterprise-level partnerships

“There are over 8,000 nodes on the Ethereum network. Amazon’s new management feature should increase that number.

With this launch, AWS customers can easily provision Ethereum nodes in minutes and connect to the public Ethereum main network and test networks such as Rinkeby and Ropsten.

It’s an incredible signal for the value of Ethereum in modern applications to have a big player like AWS get serious about tooling. This will inevitably expand the developer base using this technology and that is great for the whole ecosystem.”

“This is the first time the license has been granted to a blockchain-based derivatives trading platform. When live, CloseCross will offer multiparty derivative contracts for global stock market indices, cryptocurrency, forex rates, commodities, stock prices, interest rates and others.

The company said it developed and patented its platform, on which traders can enter derivative contracts ‘without the need of major banks issuing derivatives or having to take on leverage.’ The Ethereum blockchain provided CloseCross with the tech base to ‘entirely automate the derivatives sector and replace the centralized derivative issuers entirely.’

“Saifdean Ammous, renowned author of The Bitcoin Standard, emphasized that Bitcoin has rarely diverged from the S2F model since it was created well over two years ago. According to the S2F multiple, the price of Bitcoin should be hovering at around $36,851.

The accuracy of the S2F model to date suggests that the market is recognizing the value of Bitcoin based on its scarcity and growing demand. Moreover, it highlights Bitcoin’s value proposition against the depreciating U.S. dollar and the programmed reduction of the flow (i.e., Bitcoin halvings).

PlanB has said that he has no doubt the price of Bitcoin will reach $100,000 by December 2021, based on the model.”

See Also: More Institutional Investors Jumping Into Bitcoin Leaves Less to Go Around, Data Show

“While the Aavegotchis are designed to incorporate some gaming and collection elements to them, inspired by the handheld Tamagotchi devices popular in the late 1990s and early 2000s, they are also an experiment of tying digital collectibles to real value. The aTokens locked within the NFT cannot be extracted without destroying the Aavegotchi itself, as they represent its “spirit force.”

The aToken collateral represents a lower bound, or intrinsic value, of the collectible. Beyond that, each Aavegotchi has different character traits, wearables and overall rarity, which should drive value on the collectibles market.”

See Also: Musician Grimes’ debut NFT auction generates $5.8M in 20 minutes

Former SEC Branch Chief: Under Gensler, “the SEC Is Going to Experience a Transformation”

PayPal is said to be in the process of buying Curv, a technology firm that powers the secure storage of cryptocurrency, according to three sources familiar with the situation. PayPal turned its attention to Curv after talks to buy crypto custody and trading firm BitGo fell through last year.

PayPal has made some great acquisitions in the past such as Vemno, and now they want to own something in crypto.”

See Also: Aston Martin Formula One Team Adds to Partner Roster
See Also: TaxBit Raises $100M in Bid to Take Crypto Taxation Software Global

Special Report: QuadrigaCX CEO Disappearance – How to Fake Your Own Death

Perhaps the most infamous event in crypto to date, and one that epitomizes the ‘Crypto Wild West’ of just several years past. This is a fantastic video just released detailing the operations of the QuadrigaCX ponzi scheme, with the CEO siphoning over $1 billion in crypto from its customers before, in all liklihood, faking his own death while on a trip to India. As the video reveals, indications are that he does indeed remain alive.

2 March

“Investment bank Goldman Sachs has relaunched its cryptocurrency trading desk after a three-year hiatus and plans to once again support bitcoin futures trading. The source said the service would resume in mid-March.

The desk is part of a broader push into digital assets that may see Goldman attempt to stage a bitcoin exchange-traded fund, Reuters said.

The bank had originally planned to launch a crypto desk in 2017 but shelved those plans in 2018 due to regulatory concerns.”

See Also: Fidelity’s Head of Global Macro Says Bitcoin May Have Place in Some Portfolios

“Bitcoin could become the currency of choice for international trade, thanks to its decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

“Google Finance, a data site maintained by the tech giant, now has a dedicated “crypto” field. And it has prominent placement, too. Right at the top of the page, where users can “compare markets,” crypto is listed among the five default markets, which also includes U.S., Europe, Asia and “Currencies.”

The tool provides real-time and historical data for bitcoin, ether, litecoin and bitcoin cash.”

Japanese e-commerce giant Rakuten is now allowing users to spend bitcoin and other cryptocurrencies at merchants throughout Japan. Rakuten’s ecommerce service has over 95 million registered users.

Rakuten’s cryptocurrency wallet can now exchange bitcoin, ether and bitcoin cash for the firm’s e-money, Rakuten Cash, to charge its Pay app and Point credit card.”

See Also: OLB Group enables crypto payments for thousands of US merchants

“Cuban, who recently said he bought some Bitcoin through Coinbase years ago and simply didn’t talk about it publicly, has now made clear he sees more exciting potential in Ethereum than Bitcoin. The billionaire “Shark Tank” shark and owner of the Dallas Mavericks says Ethereum smart contracts will spell big trouble for big SaaS (software as a service) companies. Cuban applies the disruption prediction to healthcare as well.

There’d be no Enrons. You wouldn’t have the level of fraud that you have now.

Now all of a sudden you go to the hospital and you know you’re going to be judged fairly, as opposed to the insurance company looking at that drug that you need and saying No.”

See Also: Mark Cuban Says Dallas Mavericks Are ‘Talking About’ Blockchain for NBA Ticketing

“The stock market slumped during the past week due to the rising Treasury yield curve. As the bond market rallied, risk-on assets, such as stocks, saw a pullback. Global risk markets started the week strongly as bond yields eased.

Following last week’s bloodbath, easing in bond yields is big relief.

Although Bitcoin is considered a safe-haven asset and a store of value, it often moves in tandem with the risk-on market. This trend occurs because the market capitalization of Bitcoin is still hovering at around $1 trillion.

Whale clusters from Whalemap also show that $46,000 and $56,000 are the key support and resistance levels in the short term.”

See Also: Institutions and miners accumulating through Bitcoin chop; whales uncertain

The round was joined by a host of cryptocurrency projects that are considering adding zkSync, including Coinbase, Aave, Curve Finance, CoinGecko and Balancer. Gluchowski said numerous cryptocurrency wallets are in various stages of integrating zkSync, including Argent. Crypto exchange partners are likely to integrate the tech directly as well.

[zkSync] relies on pure cryptography rather than game-theoretic mechanisms, and is thus the only scaling approach with no upper bound on the value it can securely handle in L2.”

Tesla’s purchase underpins something even more dramatic than mainstreaming bitcoin as a legitimate cash-replacement for the world’s largest corporate, financial, and government institutions. These sudden influxes in demand, including a handful of recent bond-issuance-fueled purchases by MicroStrategy, are having an extreme impact on the bitcoin price. I believe we’ll see the price of bitcoin above $1 million sooner than most people can fathom.

Let’s say that out of the $100 trillion worth of wealth in each of the following vehicles: real estate, public securities (stocks and bonds), and monetary instruments (government debt, bank deposits, money market funds), bitcoin manages to eke out a meagerly $1 trillion in new demand. Using a 25x multiplier given our estimations from MicroStrategy and Tesla, this would equate to a $25 trillion increase in market value, or $1.3 million per bitcoin.

Bitcoin’s price ascent will surprise most people who haven’t fully grasped the supply inelasticity of bitcoin. No increase in price can lead to a supply response, because bitcoin’s supply is pre-programmed and universally agreed upon. Governments, banks, and companies can issue as many crypto-competitors as they desire, but the bitcoin land grab is gaining the characteristics of the demand for prime real estate in the world’s most beautiful buildings and scenic coastlines, for the rarest art and jewels, and for precious metal itself. It’s demanded as an inflation hedge in Latin America, a path to economic empowerment in Africa, and as a peaceful protest of QE-infinity in the West.

People often think they’re too late to buy bitcoin because it’s already at a price of $50,000. They just haven’t run the latest numbers.

“Crypto lending firm BlockFi posted another record-breaking month in February, paying out over $35 million in interest to its clients. The interest payments were comprised of 450 Bitcoin (BTC), 5,000 Ether (ETH) and $6 million in stablecoins.

Clients of BlockFi are able to earn interest on Bitcoin, Ether and stablecoins by depositing their cryptocurrencies into an interest-bearing account. The company has grown in popularity as more users look to earn passive income on their digital assets.”

“The Gateway testnet – the next home for decentralized finance (DeFi) money market Compound – is now live. The Substrate-based blockchain is fully embracing interoperability.

Leshner said Gateway will be able to port assets from one blockchain to another using Gateway specific bridges called “starports.” An Ethereum starport is now active on testnet. He expects the testnet to run for two months before fully launching.”

TA: BTC Longterm Support

“Named “Mary,” the hard fork will allow users to create new tokens that run on Cardano natively. Enabling new tokens is a step on the path to full smart-contract functionality.”