Thursday, July 14, 2022

Bitcoin derivatives data suggests bears will pin BTC below $21K leading in Friday’s options expiry

Bitcoin’s failure to break above $22,000 on July 8 opened room for bears to score a $100 million profit in this week’s options expiry.

https://preview.redd.it/upesp8zspnb91.png?width=717&format=png&auto=webp&s=fa5f2c1ad19072b934fb5b071aef2b3db9172392

Most Bitcoin (BTC) traders would rather see a sharp price correction and a subsequent recovery than agonize for multiple months below $24,000. However, BTC has been doing the opposite since June 14 and its most recent struggle is the asset’s failure to break above the $22,000 resistance. For this reason, most traders are holding back their bullish expectations until BTC posts a daily close above $24,000.

Events outside of the crypto market are the primary factor impacting investors' perspectives on digital assets and on July 14, United States Treasury Secretary Janet Yellen warned that inflation is "unacceptably high" and she reinforced the support of the Federal Reserve’s efforts. When questioned about the impact of rising interest rates on the economy, Yellen recognized the risk of a recession.

On the same day, JPMorgan Chase reported a 28% decline in profits versus the previous year despite recording stable revenues. The difference comes chiefly from a $1.1 billion provision for credit losses because of a "modest deterioration" in its economic outlook.

Bitcoin’s correlation to the S&P 500 remains incredibly high and investors fear that a potential crisis in the global financial sector will inevitably lead to a retest of the $17,600 low from June 18.

S&P 500 and Bitcoin/USD 30-day correlation. Source: TradingView

The correlation metric ranges from a negative 1, meaning select markets move in opposite directions, to a positive 1, which reflects a perfect and symmetrical movement. A disparity or a lack of relationship between the two assets would be represented by 0.

The S&P 500 and Bitcoin 30-day correlation presently stands at 0.87, which has been the norm for the past four months.

Most bullish bets are above $21,000

Bitcoin's failure to break above $22,000 on July 8 took bulls by surprise because only 2% of the call (buy) options for July 15 have been placed below $20,000. Thus, Bitcoin bears are slightly better positioned for the $250 million weekly options expiry.

Bitcoin options aggregate open interest for July 15. Source: CoinGlass

A broader view using the 1.15 call-to-put ratio shows more bullish bets because the call (buy) open interest stands at $134 million against the $116 million put (sell) options. Nevertheless, as Bitcoin currently stands below $21,000, most bullish bets will likely become worthless.

If Bitcoin's price remains below $21,000 at 8:00 am UTC on July 15, only $25 million worth of these calls (buy) options will be available. This difference happens because there is no use in the right to buy Bitcoin at $21,000 if it trades below that level on expiry.

Bears could pocket a $100 million profit

Below are the three most likely scenarios based on the current price action. The number of options contracts available on July 15 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

Between $18,000 and $19,000: 10 calls vs. 5,200 puts. The net result favors bears by $100 million.
Between $19,000 and $20,000: 200 calls vs. 3,400 puts. The net result gives bears a $60 million advantage.
Between $20,000 and $21,000: 1,300 calls vs. 1,700 puts. The net result is balanced between bulls and bears.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

Futures markets show bears are better positioned

Bitcoin bears need to pressure the price below $19,000 on July 15 to secure a $100 million profit. On the other hand, the bulls' best-case scenario requires a push above $20,000 to balance the scales.

The lack of appetite from professional traders in the Bitcoin CME futures indicates that bulls are less inclined to push the price higher in the short term.

With that said, the most probable scenario favors bears, and to secure this Bitcoin price only needs to trade below $21,000 going into the July 15 options expiry.

source: https://cointelegraph.com/news/bitcoin-derivatives-data-suggests-bears-will-pin-btc-below-21k-leading-in-friday-s-options-expiry

Why Bitcoin Will Fail

Bitcoin maximalists will hate this blog post but If I'm going to remain unbiased as a crypto blogger I need to look at the good, bad, and ugly and that is exactly what we are doing in today's post when we explore why Bitcoin might fail.

If the world learned anything from the 2008 financial crisis, it was that nothing is too big to fail. Crypto critics have been expressing similar sentiments regarding Bitcoin, claiming that it is doomed to fail sooner or later.

While many of us still believe in the durability and inevitability of Bitcoin's reign, recent debilitating conditions in the crypto market have seen Bitcoin lose more than half its all-time high price. These astonishing events bitterly do lend credence to naysayers' voices.

In this article, we'll look at some of the reasons why many financial analysts believe the demise of Bitcoin is imminent. And for clarity purposes, this is a bit of a devil's advocate piece. This is a crypto blog after all. And so naturally it will also touch on cryptocurrency enthusiasts' beliefs to give you insight into the actual fate of the BTC market.

What is Bitcoin?

Since you have stumbled upon this post, you must have a rough idea of Bitcoin and the blockchain. For starters, you should know the difference between Bitcoin and bitcoins. The former refers to the overall concept of the technology (the blockchain), its community, and the software's protocol. On the other hand, bitcoins (not capitalized b) represent a unit of currency of its blockchain technology, sometimes abbreviated as BTC.

Having been acquainted with the basics of Bitcoin, it's vital to note that all its transactions are recorded on a decentralized public ledger, and copies of that information are stored on servers worldwide. These servers, also called nodes, can be installed by anyone with a computer, phone, or tablet accessible to the internet. So, instead of relying on a single point of trust, such as central banks, these nodes cryptographically agree on who has the coins.

So, Why Will Bitcoin Fail?

Over the years, the more popular Bitcoin grew in the crypto market, the more difficult, expensive, and slow it became. Most transactions take roughly 10-30 minutes to complete. In the past year, the median transaction fee has been around $20, which in many instances is higher than what traditional payment platforms charge.

Additionally, Bitcoin's volatile price has rendered it an impractical store of value. For that reason, relentless Bitcoin critics have argued that the cryptocurrency is not living up to the very role it was purportedly created to play in the financial sector.

Below are sound projections contradicting the initial reasons for Bitcoin creation:

Three Reasons Why Bitcoin Could Fail

It Has No Stabilising Force Behind It

A currency cannot function without stability. Therefore, Bitcoin makes for a terrible medium of exchange because of its erratic value.

Due to its volatility, people are less likely to use Bitcoin as payment since they hope its value might increase by a certain percentage in the near future. Similarly, vendors may refuse to accept Bitcoin as payment due to concerns that its value will plummet in a short period.

It Has No Intrinsic Worth

Governments can tax their citizens and businesses, sell public property, issue bonds, and use other methods to back traditional financial markets.

However, Bitcoin is only worth what someone else is ready to buy for it in the crypto exchange. It has no intrinsic value.

But Bitcoin enthusiasts will tell you that, like gold, the value of Bitcoin stems from its rarity. The computer code governing Bitcoin set a fixed limit of 21 million units, of which nearly 19 million have been mined. However, a rarity by itself barely qualifies as a source of value.

Crypto investors appear to be operating on the greater fool hypothesis, which states that all it takes to benefit from an investment is to locate a buyer prepared to pay an even higher price.

Bitcoin Mining Is Not Environmentally Friendly

Much criticism against Bitcoin comes from miners executing transactions using significant processing power in exchange for Bitcoin rewards.

According to some estimations, the Bitcoin network uses as much energy as countries like Norway and Argentina combined. Thus, for that reason and the addition of the heaps of electronic waste produced by the specialized devices needed for Bitcoin mining activities have largely been scrutinized by environmentalists.

Bitcoin Critics and What They Have to Say

Bitcoin has its fair share of critics. Below are three of its most powerful and skeptical adversaries.

Warren Buffett

Warren Buffett has long maintained that the crypto investor's narrative will never have a happy ending. His biggest worry is that Bitcoin is a speculative asset with no intrinsic value and produces nothing.

In a TV interview, he remarked,

"When you buy non-productive assets, all you're counting on is whether the next person will pay you more because they're even more excited about the next person coming along. But the asset itself is creating nothing."

Bill Gates

Bill Gates, the founder of Microsoft, has a different reason for not buying into the Bitcoin craze: concern for the environment.

In a recent interview, he stated that;

"Bitcoin utilizes more electricity per transaction than any other mechanism known to mankind."

Peter Schiff

Peter Schiff is the CEO and chief strategist of Euro Pacific Capital, and according to him, the only cryptocurrency worth supporting is backed by gold.

In an interview with Kitco News, Schiff said:

"The only cryptocurrencies that would make sense would be legitimate. Just like I don't like fiat paper currency, a paper currency backed by real money, I don't like fiat digital currency. But, if you have a digital currency backed by gold and redeemable in gold, that's fine, that's great; I think that would work perfectly."

Bitcoin Rivals and Why They Think Bitcoin Will Fall

Similar to the critics, creators of other cryptocurrencies (altcoins) believe that Bitcoin will fail. Most of these developers have used the shortcomings of Bitcoin's network as the point of origin to introduce their crypto inventions. Hence, it's no doubt why members of these communities are certain Bitcoin will fall.

Ethereum

Ethereum is the second-largest cryptocurrency by market capitalization. It was the first to implement blockchain-based smart contracts, which are responsible for several significant innovations, like non-fungible tokens (NFTs) and decentralized finance (DeFi), that have fueled the explosive growth of cryptocurrencies in recent years.

The Bitcoin network's inability to leverage smart contracts could make it obsolete in the long run.

Cardano

Cardano is a third-generation crypto asset that seeks to address one of Bitcoin'sBitcoin's biggest issues: sustainability. The Cardano blockchain consumes a fraction of the energy used by Bitcoin, making it more palatable to environmentally-conscious consumers.

Therefore, it is felt that if Bitcoin fails to resolve its energy consumption issues, the likes of Cardano might take its spot as the top cryptocurrency.

Solana

Any cryptocurrency network feels rapid compared to Bitcoin, which can only perform roughly seven transactions per second (TPS). But with the ability to process more than 50,000 TPS, the Solana blockchain takes speed to new levels. This makes it far more scalable and appealing than Bitcoin, whose sluggish speeds may eventually put it out of commission.

Is Bitcoin's Destiny Prosperity or Utter Failure?

Bitcoin has made admirable strides since its inception, including being recognized as legal tender in El Salvador. But it is clear that the digital asset has several challenges, including functionality, sustainability, scalability, and volatility, that need to be addressed, or the whole edifice might come crashing down.

The cryptocurrency's most ardent critics base their predictions of Bitcoin's fall on these key issues, while its closest competitors have made giant strides towards solving them.

Last but not to be taken lightly, a handful of Bitcoin developers have been known to work tirelessly on the network, constantly seeking ways to improve it. For instance, the recent update, the Taproot, attempts to overcome some of the issues of scalability and functionality.

This article was originally published here by me. Source.

Subtipper has just tipped the top posts for this community! [03:26 GMT July 15, 2022]

Thanks to all posters for providing great content!

The top posts since the last payout (~1 week) have been tipped 1 US cent per vote, or 9699 sats per vote.

For an explanation of Subtipper and how it works, please see this article.

Winning posts:

So it starts: Peter Todd lays out the case for "infinite inflation" in Bitcoin by u/Koinzer

[tip] - 9699 sats = 0.00009699 BCH = ~0.01 USD

Tips not claimed within 7 days will be returned to the Subtipper fund and tipped out to future posts.

To support this bot, help spread Bitcoin Cash, and encourage great content in the r/btc community, tip this post using Chaintip by including u/chaintip in your comment!

Thanks!

Note: this payout event was triggered by block 748807, which was mined more than 3 days since the last event and has the last three hex digits of its hash (joined as a number) strictly smaller than 7. The BCH price at the time of activation was $103.1

Continued Focus on Risk Management and Updates to Personalized Yield

Risk Management is core to BlockFi’s DNA and central to achieving our mission: accelerate global prosperity through crypto-powered financial services. Since 2017 through June 2022, we’ve paid over $575 million of crypto interest to BlockFi clients worldwide while honoring 100% of client redemption and withdrawal requests per our terms.

This post provides market commentary for the crypto markets in Q2 2022 and introduces new features to Personalized Yield.

Response to crypto markets in Q2 2022

In Q2 2022, crypto markets were severely stressed, affecting prices, liquidity, credit quality, and leverage across the ecosystem. The coordinated stress in multiple segments of the market developed into a severe market selloff with unprecedented market volatility, generating losses to multiple firms that were not properly hedged against a more severe stress scenario.

Throughout this period, our risk management protocols have performed extremely well:

All client redemptions and withdrawals have been honored per our terms
All crypto interest payments have been made on time
We continue to have no exposure to DeFi protocols
We have no partnerships or direct exposure to Celsius or Voyager

Going forward, we’ve made changes to our risk appetite levels, portfolio and collateral mix, and bolstered loss-absorbing capital levels to make us even more resilient and able to withstand additional or prolonged severe market events. Specifically, we’ve updated our risk management program as follows:

Balance sheet strengthening
- Increased risk capital: The $400 million FTX credit facility substantially increases our risk-absorbing capital on hand and amounts borrowed under this facility are subordinated to all of our clients’ accounts, including BIA and BPY accounts
- The credit facility helps us withstand long-tail events and navigate ongoing market volatility for a prolonged period of time
Counterparty risk enhancements
- Reduced risk: We’ve reduced our overall credit risk appetite and have significantly reduced loans outstanding, unsecured exposure, and collateral concentrations within our credit portfolio
- Focused on quality: We’re primarily focused on lending opportunities with our most creditworthy borrowers. Going forward, we’ll restrict unsecured lending to our most established “Tier 1” institutional borrowers that have, among other things, large enough balance sheets to withstand ongoing market volatility
- Added collateral: Due to reduced credit risk appetite, we’ve increased collateral requirements for our “Tier 2” and “Tier 3” institutional borrowers and are working to fully collateralize any outstanding exposures to these counterparties
Updates to collateral limits
- Limits on less-liquid collateral: We constantly evaluate appropriate collateral haircut ratios based on a variety of factors. At this time, we’ve reduced the range of collateral types that we accept.

Updates to Personalized Yield

We continually seek to drive innovation in the crypto lending markets. As always, we approach risk management as an opportunity to source the most attractive risk-reward opportunities for the benefit of our clients.

In traditional finance, there’s a mature market of certificates of deposit (CDs) spanning six months, one-year, and longer durations. Similarly, US Treasury products are available across three-month, six-month, 12-month, and longer durations. To date, there hasn’t been a similarly established market for term funding on cryptoassets. Yet on the institutional borrower side, we see attractive opportunities to lend to high-quality counterparties on varying periods of term.

To pass these attractive longer-term yields to clients while maintaining an appropriate level of duration-matching between our own assets and liabilities, we’re updating Personalized Yield for USD stablecoins and Bitcoin. Funds held under Personalized Yield are subject to certain benefits and restrictions compared to the BlockFi Interest Account, including but not limited to the following:

As of July 14, 2022:

For USD stablecoins (USDC, GUSD, BUSD, PAX)

https://preview.redd.it/ld50quh9klb91.png?width=1024&format=png&auto=webp&s=1e2c54a4d946a061a3265bc0519316f5cd1bf9e1

For Bitcoin (BTC)

https://preview.redd.it/d1qrrrj8klb91.png?width=1024&format=png&auto=webp&s=53c6871ff8deb4e8a0798cf8bf874c76b4412c94

\ Note: Indicative rates at the time of this blog post. Rates updated daily and subject to individual negotiation.*** See terms

Specific pricing and terms for Personalized Yield can be negotiated with our team by inquiring here.

Taking traditional financial products and creating adaptations for crypto markets is what we do best. We are excited to introduce these new features to Personalized Yield as the type of innovation that pushes the entire industry forward by creating a longer duration lending market and connecting sources of capital with high quality institutional borrowers who put capital to work and generate attractive yields.

^{BlockFi Interest Accounts have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States, to U.S. persons, for the account or benefit of a U.S. person or in any jurisdiction in which such offer would be prohibited.}

Free £10 in Bitcoin With Luno & Bitcoin Pioneers - No Purchase Needed UK & 18+ New Accounts ONLY

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It’s a great deal, you don’t have to stake £100 or £50 like most other offers. It’s designed to help people new to crypto, over 6 million people across 40 countries currently use the Luno app. Must be 18+, UK only and a NEW account.

Available via android and ios.

How to get £10 free of Bitcoin.

Go to https://www.luno.com/signup or click sign up via the home page.
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Enter in the rewards section this code once your ID has been verified (takes minutes usually) on the App: BPDWESTGRATH
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The app does some great presentations and webinars for understanding crypto currency and Bitcoin in general I'd advise attending this. There’s also a savings pot with 4% interest rate too!

The app is very easy to use and has 4.6 rating on the iOS store.

My advice would be to just leave the coin for a while and see in a few months where it’s at. There’s no restrictions on what you do with it, it’s yours to play with.

We also have a FREE webinar once a month that's brilliant to attend, a great introduction to the world of bitcoin and cryptocurrency - you can interact, ask questions or simply just watch, in the current climate it might be a great time to get more information from a reliable source Check it out here

Reverse Rug Pull- Higher than Expected Inflation Leads to Market Rally

I'm sure many of you were checking the charts this morning and saw markets dump after the CPI report came in at 9.1% (vs the 8.8% consensus). The narrative was that higher inflation would mean quicker rate hikes by the US Fed. That was supposed to Bearish, right? Below is my take based on analyzing the price action.

As markets flushed 1 hour before US equities opened, institutional money showed their hand. $SPY 373 was a prior support area that has held up 3 times in the past few weeks. It is a line in the sand where demand pressure has outweighed supply pressure. Inflection points such as these require big money to halt and reverse price, especially on multiple occasions. Think herd mentality.

S&P 500 1h chart - Held $373 support area where price previously bounced 3 times

Anyone blindly following amateur opinions or media narratives might have panic sold during the dump. Even worst, some day traders shorted at the opening bell only to be squeezed by the Bulls who were in full control of the trading session. Here are the stacked charts for $SPY and $BTC which show how similar the price action was.

$BTC held the line as Buyers took back control from Sellers

$SPY held the line as Buyers took back control from Sellers

Let's take a look at the revised estimates for the probability of a 1% rate hike at the next Fed meeting: from 8% chance yesterday to 82% chance today. That is how quickly markets can pivot and price in future events; price action hinted at how institutions were digesting the shifting dynamic in real-time.

July 13, 2022 - CME FedWatch Rate Hike Probabilities

As I have been alluding to in recent posts, everything you need to know is right there in front of you on the charts. Each candlestick provides clues into the relationship between supply/demand. And within that, the emotions, psychology, entries, and exits of the institutional whales who dictate the ebbs and flows of the market. Analyzing and reacting always beats opinion and predicting.

I will leave you with the current daily chart of Bitcoin. We are rangebound until buyers are able to overcome $22.5k, or sellers can drive price below $18.5k. Watch the stock market for clues as to which side will set the tone until the much anticipated FOMC meeting on July 27th. Today's bounce was relatively constructive for the time being.

Bitcoin currently consolidating within a range

Disclaimer: Not financial advice. Do your own due diligence. Only invest with money you can afford to lose. Crypto account is 100% cash.

Cardano Rumor Rundown July 14, 2022

Hey Everyone!

Let's go...

Newly covered today:

MuesliSwap is launching its own NFTs that will boost yield farming. https://medium.com/@muesliswap/hungry-cows-by-muesliswap-nfts-to-boost-your-farming-apr-3fbe4b7a4eed
Jimmy Song is back at it with the confused analysis of proof-of-stake. Now even a pixelated dog can ratio him. https://twitter.com/jimmysong/status/1546969248068673537
The US CPI inflation number for June for all items was revealed at 9.1%, it’s highest since 1981. Energy and food are both higher at 41.6% and 10.4%, respectively. https://www.bls.gov/cpi/ https://finance.yahoo.com/news/asian-shares-bounce-markets-edge-030445470.ht
People are claiming to uncover mind-blowing squandering of funds by 3AC including absurd NFT purchases. https://www.reddit.com/r/CryptoCurrency/comments/vy84rw/3ac_borrowed_millions_from_voyagerblockfi_user/ https://etherscan.io/tx/0x6cca8635f02eb5c14fa66722392a49ae45152bc40f39bef6741ea04054b8a857 https://twitter.com/ravanave/status/1547299512040964096

Previously Covered but still interesting:

Here’s a great thread from u/sobizR revealing the strong trend toward centralization in Ethereum proof-of-stake with a minimum attack vector of only 3! https://twitter.com/sobizR/status/1532412816619368454
Coincidentally, it looks like the MAV in Bitcoin is also currently 3! https://twitter.com/liberlion17/status/1533752691171770368
Today (June 7), we may get the Lummis-Gillibrand Comprehensive Crypto Bill. Even if it has only a very low chance of getting a foothold, it may be a good indicator of the potential for positive regulatory treatment of cryptocurrencies to come down the road. https://twitter.com/SenLummis/status/1532746920866762754 https://twitter.com/bot_slam/status/1533973084889403392
It sounds like Carda Station is minting the land under their central dome today (June 8). https://twitter.com/JoyeousT/status/1533954184399048705
Bitcoin maximalists REALLY don’t like this data about how concentrated Bitcoin mining was in the early days. https://archive.ph/fqMp3 https://twitter.com/nic__carter/status/1533986647938932737 https://twitter.com/CaitlinLong_/status/1534008506847666176
Binance now finds itself under the SEC microscope. Is anybody surprised by this? The sale of atoken related to the most notoriously centralized large cap blockchain that is also related to a giant company running a giant unregulated token exchange might not pass the Howey Test? Clutch your pearls immediately. https://www.engadget.com/sec-is-investigating-binance-over-its-bnb-token-000556001.html https://www.bloomberg.com/news/articles/2022-06-06/us-probes-binance-over-token-that-is-now-world-s-fifth-largest
The Lummis-Gillibrand Responsible Financial Innovation Act has finally been introduced into the US Senate. https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Responsible%20Financial%20Innovation%20Act%20%5bFinal%5d.pdf
Several mainstream media outlets are reporting that there was a press call with “people familiar with the drafting of the bill” where Cardano was mentioned as falling under the “ancillary asset” category in the Lummis-Gillibrand Bill. Fortunately, it is actually the courts who get to interpret law (when it’s actually passed) in the US and not anonymous people on press calls. https://twitter.com/SquawkCNBC/status/1534122462065184768 https://decrypt.co/102180/lummis-gillibrand-bill
Here’s a video from Charles on the Lummis-Gillibrand Bill. https://twitter.com/IOHK_Charles/status/1534210747982442496
Caitlin Long’s Custodia Bank is finally suing the Federal Reserve to get a master account. https://www.forbes.com/sites/michaeldelcastillo/2022/06/07/bitcoin-bank-custodia-sues-federal-reserve-demanding-decision-on-master-account/
Solana gets a terrible technical risk score from DefiSafety due to its downtime. https://twitter.com/DefiSafety/status/1534249102032216067
IOG has begun unveiling its long awaited new light wallet, Lace! https://twitter.com/InputOutputHK/status/1534726874152173569
By all accounts, the Cardano event at Consensys was massive and thoroughly enjoyed by all. https://twitter.com/SpaceApeAstro/status/1534678462274969605 https://twitter.com/InputOutputHK/status/1534689602291867651 https://twitter.com/InputOutputHK/status/1534689148912664577 https://twitter.com/RichardMcCrackn/status/1534682942802481152 https://twitter.com/InputOutputHK/status/1534689617877815296
Here’s the livestream of Charles’ fireside chat at DcentralCon. https://twitter.com/InputOutputHK/status/1534657863875969025
Coti is now listed on Kraken (June 9). https://twitter.com/COTInetwork/status/1534588566185168902
Dish is launching a decentralized identity and loyalty coin system through Atala and Cardano.
Ethereum’s Ropsten testnet goes to PoS. Shortly thereafter: “We do have some missing block proposals”. https://twitter.com/TimBeiko/status/1534568861319671808
Apparently there is going to be a “Cardano Island” metaverse for our Cardano Summit 2021 NFTs? https://twitter.com/IOHK_Josh/status/1535666494046085122
Lido’s staked Ethereum derivative (stETH) depegged from ETH causing concerns over the solvency of a centralized crypto lending platforms (June 11). https://twitter.com/hodlKRYPTONITE/status/1535536331732185089 https://twitter.com/LidoFinance/status/1536756933054676992
IOG has released the EVM sidechain alpha (June 10). https://twitter.com/InputOutputHK/status/1535679688139497472
IOG’s new Lace light wallet will include a dApp store with dApp certification. https://twitter.com/IOHK_Charles/status/1535851975031545856
Interesting questions and responses are posted regarding the security of the IOG EVM sidechain in relation to that of Milkomeda. https://twitter.com/theuttermost/status/1535983805743382528 https://twitter.com/IOHK_Charles/status/1536138950628327425
Our own Whale makes a good point in that in the Island/Pond/Ocean analogy, it’s much better to have one foot in the ocean than in the financially toxic pond right now as the Celsius related events unfold. https://twitter.com/cardano_whale/status/1536231971210563584
Celsius is having a very very bad month. https://twitter.com/CelsiusNetwork/status/1536169010877739009
Three Arrows Capital is also having a very, very bad month. https://twitter.com/thedefiedge/status/1537465349976694786
Charles has been asked to speak before the U.S. House of Representatives Committee on Agriculture. This is an important committee for crypto since they have subcommittees that deal with things like commodities exchanges and they hold hearings with names like “The Future of Digital Asset Regulation”. https://twitter.com/IOHK_Charles/status/1537613316381503489 https://agriculture.house.gov/subcommittees/subcommittee/?IssueID=14897
A Solana protocol just voted to take over a whale’s account so that they can liquidate the whale’s position via OTC markets to avoid open market liquidation. Does anyone think this is how it’s supposed to work in DECENTRALIZED finance? https://realms.today/dao/7sf3tcWm58vhtkJMwuw2P3T6UBX7UE5VKxPMnXJUZ1Hn/proposal/HuaL6cDtuNtfnJgvwMnYiZDHVCoLAuDtVFgJD8kYChJ4 https://twitter.com/FatManTerra/status/1538448035885240321 https://twitter.com/solendprotocol/status/1538483675913805824
The ADA Realm heatmap is back in action with some new and improved features. https://3dkiwi.io/marketmap/adarealm
Ardana clarifies the status of its treasury in light of the Three Arrows Capital revelations. https://twitter.com/ArdanaProject/status/1537717199627923456
In the recent CopiCafe there was mention of “land staking…coming soon”. Land staking is also mentioned in the Cornucopias CopiWiki. https://youtu.be/vPgKJxPlXks?t=1809
The Vasil hardfork combinator event has been pushed back to the last week of July. No big deal. Just more time on testnet for the dApp developers to work on integrating the new Vasil tools into their platforms. https://iohk.io/en/blog/posts/2022/06/20/vasil-upgrade-the-state-of-play/
On-chain voting for governance initiatives is beginning to sprout in Cardano via Voteaire. https://twitter.com/theadaape/status/1536788771210940417 https://twitter.com/voteaire/status/1535012082776694788
Here’s the first clip of actual gameplay from Cornucopias. https://twitter.com/RobGreig3/status/1538663042623340546
Here’s a look at some of the buildings that will be available on Virtua’s Cardano Island. https://twitter.com/Terra_Virtua/status/1538964324038877190
Dirk Hohndel, Chief Open Source Officer at IOHK sat down for a fireside chat with Linus Torvalds. https://twitter.com/linuxfoundation/status/1539255990863941633
A video alleging possible hidden Nazi symbolism in BAYC (the biggest NFT collection in crypto) is provoking discussion. https://twitter.com/optictopic/status/1539087280865828865 https://youtu.be/XpH3O6mnZvw
A Cloudflare outage knocked out big chunks of the internet and a lot of crypto dApps with it. https://techcrunch.com/2022/06/20/cloudflare-outage-knocks-popular-services-offline https://twitter.com/AltcoinPsycho/status/1539142458101096448
Here’s the link for the hearing with Charles before the U.S. House of Representatives Committee on Agriculture. https://twitter.com/InputOutputHK/status/1539273885719269376
We have now reached the stage where people are mortgaging their Pavia parcels to access the liquidity. https://twitter.com/FluidTokens/status/1539277134488817666
Cardano is now a Gold Member of the Linux Foundation. https://twitter.com/linuxfoundation/status/1539613003422760965
One of the biggest crypto youtubers seems to be really mad about a social media exchange with a Cardano Ambassador. https://twitter.com/Bitboy_Crypto/status/1538673146064252929 https://twitter.com/Fabian_vBergen/status/1538443734458806274 https://www.youtube.com/watch?v=_bTxXEum57s
MinSwap appears to be asking its community to decide on issues around revenue sharing. https://twitter.com/MinswapDEX/status/1539644300237377536
The EVM world gets confronted with the possibility that eUTxO might bring some new solutions to the table on the impermanent loss issue. https://twitter.com/Welikethetrees/status/1539633419780513794
Here’s the video of Charles testifying before Congress! https://youtu.be/K4ZM2AlGT-s
There will be a World Mobile & Charles AMA next week on Tuesday, June 28th! https://twitter.com/WorldMobileTeam/status/1539880960564633600
Pavia has revealed that the mysterious structure image they posted is actually the gigantic entrance to the stadium. https://twitter.com/Pavia_io/status/1539992780394708997
The Robbery Forest continues doing its thing with yet another $100MM hack. This time it’s the Harmony Horizon bridge. YAY for interoperability!!!! https://twitter.com/harmonyprotocol/status/1540110924400324608
It looks like the LIDO community has overwhelmingly voted to NOT self-limit their control of Ethereum PoS delegation. This is a blow to decentralization in ETH when compared to a blockchain like Cardano. https://twitter.com/sobizR/status/1540728451124015104
IOG has released Cardano Node 1.35.0 which will be the final candidate for the Vasil mainnet hardfork! https://twitter.com/InputOutputHK/status/1540711787468795904
The 3AC contagion seems to be wiping out all the big centralized crypto lenders. The last link explains some very general concepts about the liquidations and restructuring that might be in store for these entities. https://twitter.com/twobitidiot/status/1540830959825731584 https://twitter.com/CoinDesk/status/1540806206456864769 https://twitter.com/BowTiedNightOwl/status/1540864129312837637
Virtua gave us a little overhead glimpse of Cardano island. https://twitter.com/VirtuaMetaverse/status/1541126648631812097
The mainstream is starting to figure out that ETH’s move to PoS will not solve its scalability problems. https://www.coindesk.com/business/2022/06/27/morgan-stanley-gpu-demand-likely-to-slow-if-ethereum-moves-to-proof-of-stake/
At this time, BTC is the only crypto asset that Chair Gensler of the SEC is willing to call a commodity. https://twitter.com/HaileyLennonBTC/status/1541436307246698496
Testnet adoption of Node 1.35.0 is now at 50%. Once they hit 75% they will trigger the Vasil hardfork on testnet. https://twitter.com/timbharrison/status/1541445849548472320
JCrypto hosted a great Twitter Space with Virtua with a lot of information about the Cardano Island metaverse project. https://twitter.com/greyskulledm/status/1541527588295921665
Sam Bankman-Fried says there are some third tier crypto exchanges that are already secretly insolvent. https://www.forbes.com/sites/stevenehrlich/2022/06/28/bankman-fried-some-crypto-exchanges-already-secretly-insolvent/
There’s something about the crypto space. Maybe it’s the history of hardforked coins that end up being near clones. But, for some reason, people seem to feel it’s okay to just straight up copy things in crypto. https://twitter.com/Indigo_protocol/status/1541821473538572295 https://www.theverge.com/2022/6/28/23184747/bored-apes-yuga-labs-ryder-ripps-lawsuit-trademark-infringement
Front running losses to users on Ethereum due to miner extractable value enabled by the fee market are crazy! Over $30k in one recent hour according to https://twitter.com/ravanave/status/1541816518031327234.
The proposal to trigger the Vasil hardfork combinator event on testnet has now been submitted (June 28). https://twitter.com/InputOutputHK/status/1541800451460431872
IOG proposes a “Proof-of-Useful-Work” protocol for Bitcoin to minimize energy cost and carbon footprint. https://twitter.com/InputOutputHK/status/1542166680071278594
DeadPXLZ have announced that they will build out a location in Cardano Island. https://twitter.com/pxlzNFT/status/1541853395283329025
Lots of additional Virtua Cardano Island information in the AMA from June 28. https://twitter.com/VirtuaMetaverse/status/1541789941130223616
For a while Cardano’s Pavia was showing up higher on Google searches than the actual city of Pavia. https://twitter.com/Pavia_io/status/1542237468644282368
Lots of good info from World Mobile in this AMA including some discussion of the move into North America. https://twitter.com/WorldMobileTeam/status/1539880960564633600
The June Cardano 360 is now out! https://youtu.be/ShBFTaD8nss
Charles dropped a new video on the roadmap going forward and governance. https://youtu.be/MwP-omMwd3A
MuesliSwap rolled out their long awaited mainnet AMM on June 30. https://twitter.com/MuesliSwapTeam/status/1542485548341891074
Reports are coming in that there might be a $2 billion hole in the Celsius balance sheet. Yikes!!! https://watcher.guru/news/ftx-steps-away-from-celsius-acquisition-citing-a-2-billion-hole-in-its-balance-sheet
Looks like the EU has possibly found consensus on a comprehensive regulatory framework for crypto. https://www.cnbc.com/2022/06/30/eu-agrees-to-deal-on-landmark-mica-cryptocurrency-regulation.html
Apparently, tokens listed on Minswap will automatically be listed on coinmarketcap. https://twitter.com/MinswapDEX/status/1542850619152662529
The Virtua plot prices have been revealed. https://cardano.virtua.com/
The MuesliSwap AMM (hybrid AMM/orderbook) is now live on mainnet with the first liquidity pool. https://muesliswap.com/liquidity/pools
The Vasil hardfork on the testnet was successfully completed today (June 3). https://twitter.com/InputOutputHK/status/1543692218799718401
Be aware, there are questions about the originality of the artwork in Spacebudz. The project founders appear to be transparently investigating. https://twitter.com/SpaceWizard5597/status/1544059571563646977 https://twitter.com/CryptoBurnerAkt/status/1543955199060054018 https://twitter.com/IsraELement/status/1543751194581110786
Looks like ADA Realm may be hinting at a token announcement of some type later this week. https://twitter.com/AdaRealm/status/1543957815307354112
There is new Cardano functionality on Ledger! https://twitter.com/Ledger_Support/status/1543960346699890689
Rob Greig mentioned his Cardano Summit NFTs and hinted that there will be new information about NFT utility in Cornucopias. https://twitter.com/RobGreig3/status/1543935125309849600
Allen Wu makes some great points about the differences between Cardano’s Ouroboros proof-of-stake protocol and Ethereum proof-of-stake. https://twitter.com/AllenWu29331265/status/1543865378816036864
One possible solution to the Spacebudz art problem is a token migration. https://twitter.com/CardanoNoodz/status/1544326010266591233
The crypto space is slowly realizing that Cardano has a huge and powerful community. https://twitter.com/dunleavy89/status/1544302686736203783
Duncan Coutts talks input endorsers, P2P, and Vasil with CityAM. https://www.cityam.com/1895737-2/
It turns out that even some crypto veterans appointing themselves as “Bitcoin Experts” don’t actually understand crypto. https://twitter.com/jimmysong/status/1543364278014582787 https://twitter.com/el33th4xor/status/1006931658338177024 https://twitter.com/adrian_brink/status/1543469963679305729 https://twitter.com/IOHK_Charles/status/1544064073075023872
We now have some Artifct Moon updates in discord. https://discord.com/channels/882364185244237884/920120911414300773
We’re seeing (possibly deliberate) misinformation out of maximalists of other chains regarding the Vasil Upgrade. The false claim is that current Cardano smart contracts will not be compatible with Vasil. https://twitter.com/timbharrison/status/1544608886073745408
The U.S. Department of Commerce’s National Institute of Standards and Technology (NIST) has announced the first four winners of its contest to find quantum resistant algorithms. This is a great step forward that will benefit the crypto space as we move toward an era of quantum computing. https://www.nist.gov/news-events/news/2022/07/nist-announces-first-four-quantum-resistant-cryptographic-algorithms https://twitter.com/IOHK_Charles/status/1544680510781362177
Voyager has filed for a Chapter 11 Restructure reportedly due to 3AC exposure. https://www.cnbc.com/2022/07/06/crypto-firm-voyager-digital-files-for-chapter-11-bankruptcy-protection.html https://twitter.com/Ehrls15/status/1544550249519357952
Pavia now has a youtube tutorial on how to use their builder tool. https://twitter.com/Pavia_io/status/1544695990434889728
There are reports (could be either true or false) that WingRiders may have actually been paid a bounty to reveal the MinSwap vulnerability. https://twitter.com/xyconst/status/1544730222985183233 https://twitter.com/Dubbleu_43/status/1544735751677661184 https://twitter.com/CardanosInsider/status/1544701097360740360
Charles is back! Weekly AMAs to resume shortly starting with an episode from Mongolia. https://twitter.com/IOHK_Charles/status/1544801324205633536
John Woods is leaving for Algorand. Apparently, he was just filling in for Duncan Coutts while Duncan was on paternity leave. John’s new position should open up opportunities for Cardano to work with Algorand in the future. https://twitter.com/IOHK_Charles/status/1545104714139705346 https://twitter.com/JohnAlanWoods/status/1545060330467799040
The Virtua Cardano Island mint began today. There was some confusion because the NFT policy does not appear to be locked. Virtua is saying that’s only for the land deeds which will be used in a land claim event to claim your actual parcel which will come from a locked policy. https://twitter.com/VirtuaMetaverse/status/1545125051955138560
Looks like Kevin Hart is partnering with Virtua. https://twitter.com/VirtuaMetaverse/status/1546035980964175872?t=fX59ZL2nRxChi80OOf9pfQ&s=19
Here’s a dev report of 10x reduction in script size with the script references that will come with Vasil. https://twitter.com/AncientKraken/status/1545864034083225600
There is a very cool new blockchain visualizer for Cardano. https://eutxo.org/ https://twitter.com/conraddit/status/1546221160211283969
It looks like the Carda Station racing game is actually live inside their metaverse. https://www.cardastation.com/play/?x=60&y=23
Wingriders ads take on a decidedly different tone. https://twitter.com/wingriderscom/status/1546162936187703298
It looks like Pavia is getting closer and closer to shipping the new website and new map user interface. https://twitter.com/Pavia_io/status/1546444771325104128
Revuto was covered by Cointelegraph regarding their lifetime subscription model for services like Netflix and Spotify. However, there seems to be no mention of the relevant blockchain in the article (Cardano). https://cointelegraph.com/news/croatian-web3-startup-offers-lifetime-netflix-and-spotify-membership-via-nfts
Cardano is destroying the competition in terms of YoY growth in on-chain volume according to a new report from Kraken (see p. 5). https://kraken.docsend.com/view/ta9gkuzsp3kssmf6 https://twitter.com/SubcriticalTV/status/1546608709580750852
Virtua dropped a Twitter Space AMA today. https://twitter.com/VirtuaMetaverse/status/1545468098337284097
It sounds like ADA Realm is inching closer to a fungible coin drop. https://twitter.com/AdaRealm/status/1546859792547069952
MuesliSwap v2. https://twitter.com/MuesliSwapTeam/status/1546846207716331526 https://twitter.com/MuesliSwapTeam/status/1546924255241289735
It sounds like people who minted on Day 1 or Day 2 of Cardano Island will be getting free avatars and free cars. https://discord.com/channels/684117774171373705/987286409771622410
Dewayne Cameron seems to be hinting that it won’t be long now for Liqwid. https://twitter.com/DCdoso/status/1546863953904631810 https://twitter.com/DCdoso/status/1546868449275674625
Seven million merchants can now accept Cardano through ADA Pay. https://watcher.guru/news/over-7-million-merchants-can-accept-cardano-using-ada-pays-new-plug-in
Cardano is still at the top of the github commit charts. https://twitter.com/ProofofGitHub/status/1546920508977041408

~Army of Spies

Strategy to rebuild wealth

I have not really a question, I just need to write if off a bit.

BTC is quite a big part of my net worth, and about half of that chunk is/was invested at Celsius. The last weeks I followed this sub actively, and was waiting till any news would came out before I would take any other actions. Now chapter 11 has been filed its time to now accept this new reality.

Part of dealing with tragic event is having a positive outlook on my financial situation. First of all some time ago I decided that traditional finance (in my case investing in a generic world wide ETF) should be a bigger part of my portfolio as well that I proactively invest in a retirement account. This should be the foundation of my net worth. Every month I invest a big part of my salary in those ETF funds.

However for my crypto part i've lost 50%, which still means a 25% loss of my total net worth. Because of the lower Bitcoin price I am thinking to reinvest a bit more to limit my loss in terms of BTC. Its terrible to lose Bitcoin, but it would hurt more to see it potential climb back up in the upcoming years.

Therefore I am thinking to

- Buy 50% of crypto stuck at celsius back, which is currently at a discount compared to my average price (I bought BTC around 46k). It would take me several months to buy this 50% back at current price levels.

- Hope that the remaining 50% will be recovered in the upcoming years by restructuring.

This would make me "whole" in terms of BTC; and in worst case scenario I still have 80% of my initial crypto. Best case scenario I get all my crypto back + I have even more because I rebought a big part of it again.

However, I would put some more money on the line because there is of course no certainty higher prices will be reached in the future. And my average price of Bitcoin will be growing to low 50k range.

What is your strategy to deal with this situation?

Barracuda Championship is first PGA Tour stop to accept cryptocurrency for tickets

The Barracuda Championship is the first PGA Tour event to accept cryptocurrency payments for tickets as well as hospitality and sponsorship packages. More than 300 different cryptocurrency are accepted, including Bitcoin, Ethereum and Dogecoin.

“We are incredibly excited to take this first step in innovating the sport we all know and love, and to offer our spectators a new way to enjoy the tournament,” said tournament director Chris Hoff. “The professional golf landscape continues to innovate and evolve, and we are honored to usher the PGA Tour into this new space.”

The Barracuda is also offering an exclusive VIP experience only to those golf fans who purchase with cryptocurrency. The VIP package will include private hospitality, an official tournament pro-am team and honorary observer experiences.

https://golfweek.usatoday.com/

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Daily News Blurb From Bullion Exchanges: Producer Price Index Skyrocketed to 11.3% in June

Excerpt:

"Wholesale prices rose to 11.3% year-over-year (YoY) according to the producer price index (PPI) released by the Bureau of Labor Statistics on Thursday."

https://preview.redd.it/72rkvhqj3kb91.png?width=600&format=png&auto=webp&s=c0730b533506c6f57cf95097c1652d2c0d3e67cf

Every weekday, Bullion Exchanges releases a short, easy-to-digest news summary about events impacting the precious metal and financial industries. Here is a link to our blog posts from previous months: https://bullionexchanges.com/blog/category/daily-market-review-on-precious-metals-price/