Did i jinx it again?
Slowly learning to not bother the bears - they smite you even when talking about earning interest in fiat. Honestly, the wash-up last week was great to remove excess leverage and great opportunity for lotto call options if someone was still bullish for EOY. The whole market is clearly looking for a direction. We saw how quick market wide prices jumped the moment the LTC-Walmart tie-up news appeared (of course that turned out to be fake).
prepared for end-of-quarter expires?
Nevertheless, mustn't forget the couple of pending news items for next quarter.
- MTGox civil rehabilitation vote[1] results - approx. end of October. This will lead to news of ~160k BTC supply being available on the marketIt (which ofcourse isn't how distribution actually will work... MO distribution will be Q2 2022 onwards). Fortress[2] seem confident of vote being in favour of claimants
- The elusive BTC ETF deadlines
- The SEC & CFTC fiscal year is ending this month - crypto enforcement actions galore time?
- Some more clarity on ETH's merge timings
Mark Cuban re-DeFi-ning smart contracts
The words of Gary Gensler have ignited passions of many in crypto-sphere or those in the metaverse[3]. Mark's been making some proposals over past 24 hours; some of them revolve around regulators performing audits/reviews/permissioning smart contracts. The dichotomy of Mark's approach to getting DeFi accepted by the TradFi's gatekeepers like SEC is that it will essentially be asking to end the 3 core concepts upon which its supposed to exist
- Borderless
- Permission-less
- Censorship resistance
This will certainly bring to fore the single issue voter in the US...and by extension in Europe. The irony of fiat is not lost on crypto thought leaders who are proposing for (SUPER) PAC funding. Ryan Selkis (founder of Messari crypto research) and others are pushing in this direction. I won't be surprised to see a DAO (Decentralized Autonomous Organisation) created as a PAC fund given how NFTs can easily get into $1m price tag so why not a $100m+ fund.
MTGox was a Japanese crypto exchange that shutdown in Feb 2014. Japanese court has allowed for a vote among claimants of assets held by the MTGox trustee. The proposal essentially boils down to: vote yes if you wish to get paid out (+ some caveats); or vote no; if you wish to go back to bankruptcy. Reverting to bankruptcy most definitely will lead to all assets being split across the shareholders of the exchange as opposed to the customers ↩︎
Fortress Investment Group is one of the biggest public claimants (by buying claims from MTGox customers) ↩︎
digital universe, a borderless, permissionless, censorship-resistant virtual society ↩︎
Interesting Reads / Listens:
I am not an art collector or even know how to appreciate it. However, over the years I had come across folks whose sole work in life was to research art for someone wealthy. That wealthy person would just buy and stash it away. So to say; beauty is in the eye of the beholder; I am not savvy in art nor by extension NFT even if it exists in the crypto world. Nevertheless, for sure there is money in it and Arthur once again aptly puts his thoughts on the virtual paper. His walk-through of history doesn't just apply to art or NFTs but rather to this nascent asset class that we call crypto. Destination indeed is unknown but it's the journey that counts.
Arthur Hayes
