Jump to content

Cryptocurrencies (Bitcoin, Ethereum, Litecoin, etc.)

surlybevo

By surlybevo
in Business and Markets

 Share

Recommended Posts

bernorange

bernorange 8359

Posted
Posted
Quote

...
According to a post from X (formerly Twitter) user Summers, BlackRock is now looking to launch a spot Ether ETF. “The iShares Ethereum Trust has just been registered in Delaware,” they wrote.

“For context, BlackRock's iShares Bitcoin Trust was registered in a similar manner 7 days before they filed the ETF application with the SEC,” Summers added.

iShares Ether ETF filing. Source: Twitter

Bloomberg Intelligence ETF analyst James Seyffart confirmed the filing cited by Summers but stopped short of saying that BlackRock made the filing.

“Multiple people asking "is this real" -- yes it’s real,” Seyffart said. “An entity with this name was indeed registered in Delaware. That's all we can really confirm at this time. Those images are real and from the State of Delaware website.”
...

https://www.kitco.com/news/2023-11-09/Ether-price-spikes-8-on-news-that-BlackRock-has-filed-for-a-spot-ETH-ETF.html

 

 

Link to comment
Share on other sites
  • Replies 4.6k
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Popular Posts

washparkhorn
washparkhorn
closetohumping
closetohumping
52-80
52-80

“How Elizabeth Holmes’ noble pursuit to save lives stumbled due to technical shortcoming in the product”

Posted Images

bernorange

bernorange 8359

Posted
Posted
Quote

analysts at VanEck see even greater gains in Solana’s future and have suggested that it could reach a price of $3,211 by 2030.

“By 2030, our Solana valuation scenarios project a SOL price ranging from a bearish $9.81 to a bullish $3,211.28, anchored by varied market shares and revenue estimations across key sectors,” said Patrick Bush, senior investment analyst at VanEck, and Matthew Sigel, VanEck’s head of digital assets research.

https://www.kitco.com/news/2023-11-14/Even-after-a-550-increase-in-2023-this-altcoin-still-has-57x-potential-VanEck.html

Well... That narrows it down!

Link to comment
Share on other sites
bernorange

bernorange 8359

Posted
Posted
Quote

November 15, 2023

Commerzbank granted Crypto Custody Licence

  • Commerzbank is first German full-service bank to be granted Crypto Custody Licence
  • Licence allows for custody of crypto assets as enabling factor for further digital asset services
  • Bank is aiming to establish secure custody platform for digital assets

Commerzbank is the first German full-service bank to be granted the Crypto Custody Licence pursuant to Article 1 Section 1a Sentence 1 No 6 German Banking Act (KWG). The licence will enable the Bank to build up a broad range of digital asset services, with particular emphasis on crypto assets.

The first step by the Bank is to establish a secure and reliable platform with full regulatory compliance to support its institutional clients by providing custody for crypto assets based on blockchain technology.

“Now that we have been granted the licence, we have achieved an important milestone. This highlights our ongoing commitment to applying the latest technologies and innovations, and it forms the foundation for supporting our customers in the areas of digital assets,” commented Dr Jörg Oliveri del Castillo-Schulz, Chief Operating Officer of Commerzbank.

https://www.commerzbank.com/en/hauptnavigation/presse/pressemitteilungen/archiv1/2023/quartal_23_04/presse_archiv_detail_23_04_109386.html

Link to comment
Share on other sites
Captainant

Captainant 27655

Posted
Posted
10 minutes ago, bernorange said:

The interest in bank custody is the same with spot ETFs - it's going to expose crypto to institutional investment.  You can snark on NFTs all you like, but you are missing the point.

No I get it, the idea is to pivot away from decentralization as a selling point and hopefully attract more dumb money by tapping into new markets through centralizing the cryptos into banks and funds. Gotta keep drawing more people in to keep the music going

  • Hook 'Em 1
  • Like 1
Link to comment
Share on other sites
bernorange

bernorange 8359

Posted
Posted
2 hours ago, Goliad said:

Not true with regards to proof of stake protocols like Ethereum. 

Whale wallets don't affect control of the protocol.  Staking pools/validators do. 

It will be interesting to see how the banks/ETFs manage client assets though.  Can they invest them/stake them?  Do they need to keep a percentage liquid?

Link to comment
Share on other sites
bernorange

bernorange 8359

Posted
Posted

Avalanche (AVAX) is up 24% today on this news:

Quote

J.P.Morgan Chase & Co.’s (NYSE: JPM) Onyx and Apollo Global have teamed up to launch a proof-of-concept (PoC) with Avalanche (CRYPTO: AVAX) under the Monetary Authority of Singapore's Project Guardian, as reported on its blog.  ...

https://www.benzinga.com/markets/cryptocurrency/23/11/35813555/avax-zooms-higher-after-j-p-morgans-onyx-teases-avalanche-for-tokenized-funds

Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted
15 hours ago, bernorange said:

Whale wallets don't affect control of the protocol.  Staking pools/validators do. 

It will be interesting to see how the banks/ETFs manage client assets though.  Can they invest them/stake them?  Do they need to keep a percentage liquid?

But whales aren't going to custody their own coins. They'll be in staking pools. The top 4 pools have been well over 50% of stakers since the switch. And now, guess what?

 

 

Blackrock will become one of the biggest eth holders, maybe the biggest. Their coins will be in custody I believe at Coinbase. You think they'll keep their fingers off the scale of development? Doubtful. Eth is/will be captured. 

Youplayedyourself.gif

  • Like 1
Link to comment
Share on other sites
bernorange

bernorange 8359

Posted
Posted
1 minute ago, Goliad said:

But whales aren't going to custody their own coins. They'll be in staking pools. The top 4 pools have been well over 50% of stakers since the switch. And now, guess what?

Blackrock will become one of the biggest eth holders, maybe the biggest. Their coins will be in custody I believe at Coinbase. You think they'll keep their fingers off the scale of development? Doubtful. Eth is/will be captured.

Blackrock/et al ETFs will be structurerd and regulated by the SEC etc.  I have not looked into the details, but the SEC has been wary of approving the applications to the point that the applications have been amended several times.  I suspect that neither Blackrock nor Coinbase is going to be able to play fast and loose with the custodial wallets.  They will need to keep a good bit of it (all of it?) liquid to adjust to potential outflows.  We'll see if the ETFs get approved, what terms they include with respect to staking the funds' crypto. 

FWIW, Coinbase has been an active agent for promoting decentralization in the crypto markets.  They don't want to kill the golden goose.

Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted
10 hours ago, bernorange said:

Blackrock/et al ETFs will be structurerd and regulated by the SEC etc.  I have not looked into the details, but the SEC has been wary of approving the applications to the point that the applications have been amended several times.  I suspect that neither Blackrock nor Coinbase is going to be able to play fast and loose with the custodial wallets.  They will need to keep a good bit of it (all of it?) liquid to adjust to potential outflows.  We'll see if the ETFs get approved, what terms they include with respect to staking the funds' crypto. 

FWIW, Coinbase has been an active agent for promoting decentralization in the crypto markets.  They don't want to kill the golden goose.

You're free to trust the motives of Blackrock and Coinbase at your own peril.

FWIW, Brian Armstrong and Coinbase were Big Blockers that actively pushed away from decentralization. That may seem like ancient history, but it was a big deal.

Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted

Libertarian Javier Milei has won election as President of Argentina. Election was fueled by decades of corruption and official inflation rate (purposefully understated) of >100%. Relevant to this thread, he's run on dollarizing their economy to try to tamp down their inflation quickly. He also calls central banks scams and is partial to Bitcoin. 

 

It will be interesting to see how much of his ideas get enacted. Argentina is now by far the largest country to elect a Bitcoin friendly candidate to executive office. It appears to be going pretty well in El Salvador so far.

 

Get your popcorn ready. 

Link to comment
Share on other sites
Captainant

Captainant 27655

Posted
Posted
10 hours ago, Goliad said:

It will be interesting to see how much of his ideas get enacted. Argentina is now by far the largest country to elect a Bitcoin friendly candidate to executive office. It appears to be going pretty well in El Salvador so far.

I think people are more concerned about his excusing past dictators and denying that climate change is happening, than they are excited about how this is gonna help their portfolio. His win represents more of a "burn it all down" mindset than "hooray for fascist-sympathizing crypto libertarianism"

Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted
1 hour ago, Captainant said:

I think people are more concerned about his excusing past dictators and denying that climate change is happening, than they are excited about how this is gonna help their portfolio. His win represents more of a "burn it all down" mindset than "hooray for fascist-sympathizing crypto libertarianism"

Which people are concerned?

 

Link to comment
Share on other sites
bernorange

bernorange 8359

Posted
Posted
Quote

...
Javier Milei has in the past endorsed Bitcoin as a possible solution to the broken central bank monetary system, alongside gold. However, Milei has not expressed any intention to push BTC as a legal tender in Argentina. Instead, Milei’s campaign policy centered around dollarizing the Argentinian economy in order to tackle rampant inflation, which is currently running at 143%.

Nonetheless, given Milei’s other radical plans, which include reducing the size of government with a 15% cut to public spending, cutting ties with the world’s workshop, China, and shutting down the Central Bank of Argentina, Bitcoiners are hopeful that BTC as legal tender is at least on the agenda for discussion.

Keen to strike while positive sentiment is running high, Bitcoin bull Max Keiser requested permission from El Salvador’s President Bukele to arrange Bitcoin talks with Argentina’s newly elected president to drive the issue forward. El Salvador was the first country to make BTC legal tender following the ratification of the Bitcoin Law in September 2021.
...

https://dailycoin.com/calls-for-bitcoin-legal-tender-grow-after-mileis-victory/

Link to comment
Share on other sites
B00M

B00M 6414

Posted
Posted

Oh, so they want to be solid allies with the United States? Sounds like the IMF should lend to them so they can make it happen. I bet most of Argentina is willing to ignore his social policy shortcomings because they’ve been getting mercilessly butt fucked by outrageous inflation for years. When you can’t save and can’t have any sense of security, you tend not to give a shit about social progress. It will be interesting to see how many years it takes them to start showing signs of an economic turnaround. 

Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted (edited)
32 minutes ago, B00M said:

Oh, so they want to be solid allies with the United States? Sounds like the IMF should lend to them so they can make it happen. I bet most of Argentina is willing to ignore his social policy shortcomings because they’ve been getting mercilessly butt fucked by outrageous inflation for years. When you can’t save and can’t have any sense of security, you tend not to give a shit about social progress. It will be interesting to see how many years it takes them to start showing signs of an economic turnaround. 

He definitely has a foreign policy outlook in line with us. Pro-Ukraine, pro-Israel. Not sure how much that matters given their level of relevance. 

 

You have to fuck up pretty bad, over a long period of time for someone like this to get elected. Thus, all the hand wringing and “concern” from people of a certain persuasion. The bar is pretty low for him to look good. I know nothing of the Argentine system of government, but politicians like this seem to always underdeliver. The sky will not fall. 
 

As far as this thread goes, El Salvadoran officials are already planning to reach out regarding Bitcoin. If that gains traction, it could be meaningful. 
 

 

Edited by Goliad
Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted
3 hours ago, bernorange said:

Tether is a centralized stablecoin, not a decentralized crypto.

Duh. 
 

Ant getting the basic details wrong again, but claims to have knowledge on the subject.

Bitfinex/Tether can be squeezed. As can Binance/CZ. He’s pleading guilty to violating anti money laundering laws and Binance paying $4.3B fine. 
 

https://www.forbes.com/sites/davidjeans/2023/11/21/binance-ceo-cz-in-discussions-to-step-down-as-criminal-investigation-ends/?sh=5f76b58c4aca
 

 

Link to comment
Share on other sites
Captainant

Captainant 27655

Posted
Posted
26 minutes ago, bernorange said:

Interesting story on Bitcoin's decentralization and independence from government edict:

https://www.coindesk.com/tech/2023/11/22/bitcoins-anti-censorship-ethos-surfaces-after-mining-pool-f2pool-acknowledges-filter/

IMO that story is less about the government and moreso highlighting that the BTC protocol is not the universal solution that it's advocates proclaim it as. Because thinking within the terms of the protocol alone, those miners refusing to confirm some transactions means they can't get the mining reward for them either, so all the proper market incentives are working as intended.

It's still a decentralized protocol, and nothing is preventing those TX from being confirmed - they just may need to pay higher gas fees because of negative market sentiment. 

  • Hook 'Em 1
Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted
16 hours ago, Captainant said:

IMO that story is less about the government and moreso highlighting that the BTC protocol is not the universal solution that it's advocates proclaim it as. Because thinking within the terms of the protocol alone, those miners refusing to confirm some transactions means they can't get the mining reward for them either, so all the proper market incentives are working as intended.

It's still a decentralized protocol, and nothing is preventing those TX from being confirmed - they just may need to pay higher gas fees because of negative market sentiment. 

You're right. It's working as intended. Eventually there be more extensive exclusion of transactions. Pools or smaller miners that don't exclude will make more on the fees for those extra transactions so the incentive will be there for someone to mine them. (It's not called gas btw that's Eth) For now, miners can point their machines to other pools to show their dissatisfaction. Home mining and small miners will be important in the future for decentralization. 

Also, there's been a new mining protocol in the works for a while that is supposed to address some of this, no idea on ETA. Stratum V2.

 

15 hours ago, bernorange said:

This is not a CR thread.  Please don't shit in it.

 

15 hours ago, Fudge Nuggets said:

What was CR about the prior post?

Politicians are mocked here pretty regularly, but I too directly brought up the B word. Won't happen again.

  • Hook 'Em 1
Link to comment
Share on other sites
Thetexashammer

Thetexashammer 1062

Posted
Posted

The Bitcoin ETF thing is of course highly positive, will generate substantial purchase activity, and continues the trend of broader endorsement.

Lightning is the big mover though. They appear to be aiming to create something similar to apple pay, meaning something you could just scan at the register to pay. Of course, the concern is timeline for adoption. I sold my ETH because although it has maybe the most developer activity, it's not the name brand product, and it's corporate owned/controlled. Bitcoin is the gold standard.

Link to comment
Share on other sites
Goliad

Goliad 104

Posted
Posted

Briefly touched 39k today. 
 

17 hours ago, Thetexashammer said:

The Bitcoin ETF thing is of course highly positive, will generate substantial purchase activity, and continues the trend of broader endorsement.

Lightning is the big mover though. They appear to be aiming to create something similar to apple pay, meaning something you could just scan at the register to pay. Of course, the concern is timeline for adoption. I sold my ETH because although it has maybe the most developer activity, it's not the name brand product, and it's corporate owned/controlled. Bitcoin is the gold standard.

A very interesting use case for BTC and the lightning network is AI. No better way currently to send micropayments like those that could fuel the compute needed. 

  • Fuck You 1
Link to comment
Share on other sites
Nice Guy Eddie

Nice Guy Eddie 13511

Posted
Posted
On 11/24/2023 at 9:39 AM, Nice Guy Eddie said:

First time btc has hit 38k since may 2022 when the price was on the way down. Wouldn’t shock me to see 40k before the end of the year.

40k popped faster than I thought. I’ll now bet we see 44k by the end of the year BUT it will then pull back to 41 or 42.

  • Drool 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
 Share
Go to topic listing


Football ... Basketball ... Baseball ... Other Sports ... Futbol ... 🤫995🤫 ... Gambling ... Movies & TV ... Music ... Hobbies ... Lulz ... Food & Travel ... Daily Texan ... Business and Markets ... Cloak Room ... Help ... For Sale ... Board Discussion ... Subscribe!... Donate!... Advertise... COOKIE MONSTER!

×
×
  • Create New...