Author: Trustnodes

Paris Listing Bitcoin Mining ETF as Gold’s Record Broken

Paris Listing Bitcoin Mining ETF as Gold’s Record Broken

US’ bitcoin ETF has broken all records in surpassing $1 billion of assets under management (AUM) within two days, faster than the decades long held record by Gold’s ETF which surpassed $1 billion within three days as pictured above.

“The Proshares BITO ETF is the fastest ETF ever to get to $1 billion dollars (two days). The second fastest was the first gold ETF (GLD) which got to $1 billion in five days. 3 years after the GLD ETF launched in 2004, the AUM was $10 billion. 5 years after launch it was at $75 billion,” Bitwise’s CIO said.

There’s going to be competition however with another futures ETF, Vaneck’s Bitcoin Futures ETF, expected to start trading this Monday.

While in Paris we’re goin to get the world’s first bitcoin mining ETF. Approved in August, the Melanion BTC Equities Universe UCITS ETF is listed to start trading tomorrow, Friday 22nd of October, on Paris’ NYSE Euronext stock exchange, which has some €5.6 trillion in listed assets.

It will trade under the ticker of BTC FP with a management charge of 0.75%, lower than the above ETFs.

The Exposure index is made up of primarily bitcoin miners like Argo Blockchain, Hut 8, or Bitfarms with this effectively being a way to invest in part of the mining sector in one go.

This is a fairly direct way of investing in bitcoin as a number of these stock traded miners hold their coins. Mara for example announced a further increase in their bitcoin holdings to 7,035 bitcoin as of October the 1st, now worth $450 million.

As they can raise funds from the stock market itself, they tend to have less pressure to sell their coins to fund business operations, so increasing bitcoin’s effective scarcity.

The ETF scene thus is becoming more diverse and more competitive as bitcoin enters the world’s biggest markets.

99% of Creditors Approve MT Gox Rehabilitation Plan

99% of Creditors Approve MT Gox Rehabilitation Plan

After seven months of voting, MT Gox creditors have almost unanimously approved a rehabilitation plan according to its trustee Nobuaki Kobayashi. He said:

“At a creditors’ meeting held today at the Tokyo District Court, the draft rehabilitation plan filed by the Rehabilitation Trustee with the Tokyo District Court on February 15, 2021, was approved by a large majority of rehabilitation creditors i.e., approximately 99% of the voting rehabilitation creditors voted for the Draft Rehabilitation Plan, and approximately 83% of the total amount of voting rights was exercised in favor of the Draft Rehabilitation Plan.”

Kobayashi said the plan becomes “final and binding” in one month, after which distribution is to begin.

In a letter to creditors, the trustee said they will soon be asked to register “their bank account information and other information” on the online system to receive repayment.

$1.7 billion is to be distributed in fiat to some 10,000 creditors through payment to their bank account.

In addition 141,000 bitcoin, worth about $9.4 billion, is to be distributed either in bitcoin or in fiat depending on what each creditor chooses with estimates being most chose bitcoin as then they can do with it what they please. A further 142,000 BCH is also to be distributed.

The fiat payment will be made first with that sendable directly to one’s bank account, while where crypto payments are concerned, no detail was provided with it unclear whether they will be sent directly to each creditor’s bitcoin address or whether they will be distributed through a third party like Kraken.

Either way, creditors stand to make considerable gains eight years on after MT Gox went bankrupt due to an alleged hack.

The forced holding through nearly a decade means they stand to gain about 1,000x on their average initial investment even with the 80% haircut as only 200,000 bitcoins remained out of nearly one million that was deposited on gox.

These long term holders and OGs might even choose to keep on holding with some of that $1.7 billion potentially going back into crypto as finally the distribution is seemingly set to begin in about a month.

Bitcoin Jumps as ETF Rings the Bell

Bitcoin Jumps as ETF Rings the Bell

Bitcoin has made a new recent high and is close to overtaking all time high as the bitcoin ETF opens for trading at the world’s biggest financial market.

The currency jumped to $63,300 with it currently seeing some volatility as some joke the crypto invasion of the stock market has began.

BITO is already showing on IBKR and is available for trading, with our presumption being it is available on any and all stock brokers that have access to the US market.

Shortly after the ETF began trading, NYSE’s website shows it quickly jumped, up by more than 5% at some point.

Bitcoin ETF trading open, Oct 2021

Already some $320 million worth of more than 8 million shares have exchanged hands in what is clearly an indication of high demand for the ETF.

Not least because the ETF rose by more than 5%, while bitcoin rose by 3%, suggesting the ETF opened at a premium.

Paris Hilton Reveals Her Genie For Decentraland

Paris Hilton Reveals Her Genie For Decentraland

It’s gone get hot, Paris Hilton said in a statement as she revealed her custom avatar called Genies (pictured above) for the biggest crypto party on the blockchain, ever.

Genies by Dapper Labs will make their first debut on Decentraland starting this Thursday all the way until Sunday.

We haven’t seen one in ‘real’ life yet, but apparently they can move and speak using the celebrity’s voice, and in this case it clearly looks like Hilton as well.

She is to DJ at the festival while showing off her fashionable dresses and accessories or wearables as they called in the metaverse.

These are growing in adoption because they look cool – well, the ones that do. We were gifted one on Decentraland in one of the giveaways and on Opensea in 2d, it looks a bit ‘why anyone wants this?’ On Decentraland however, to us anyway it feels like the crown is something to wear/reveal only for a special occasion because it makes you feel a bit like a king.

Crownking wearable on Decentraland, Oct 2021

These are the ‘normies’ where dress is concerned and it’s mostly the ‘default’ wear that any Metamask account can have. But more and more you see cool trainers, tees, hats, and other virtual stuff that people do buy because they want to stand out and feel cool.

Hilton has a custom everything and she’s going to change her wearables – NFTs you can buy and sell or wear – during the performance. In addition she says she’s bringing a special guest.

“I wish I could tell you about my special guest and what surprises we have in store for you but I can promise it’s going to be hot.”

We don’t know who it is, but if we had to guess we’d say maybe Ashton Kutcher, the: ‘dude, where’s muh Poap?’

He been eth-ing since 2017, so having him there would be cool but, whoever it is will probably be cool.

It probably won’t be Jack Dorsey, the bitcoin maxi, although bitcoin maximalism where eth is concerned kind of died in 2018 because eth has the same coding ethos as bitcoin and can facilitate things that bitcoin can’t, like this party of all parties.

The stage is huge and there are some four of them with a long walk pathway to get between them. In addition there are many floors. On the Worldstage, you can go up to four floors, giving you a different view of the festival.

Metaverse Festival World Stage, Oct 2021

There’s a funfair on the side and many other things to ensure there’s little chance you’ll get anywhere near bored with all of it fairly impressive.

“We’re excited to see what the talented Genies team brings to Decentraland and the Metaverse Festival,” said Sam Hamilton, head of community and events for the Decentraland Foundation, adding:

“The involvement of Paris Hilton is a real scoop and a fantastic addition to an already incredible line-up of musical artists. And this is just the start of a series of new advancements and consumer activations from the Genies team, so the community is in for some major treats.”

All of the performances are live and exclusive for Decentraland, making this an actual festival in the virtual realm.

Decentraland is decentralized however, so don’t expect the very best UI unless you have a GPU. Otherwise you might have sound hiccups or the visuals might feel a bit heavy, but the experience of being there is still pretty cool.

They might put up more servers, or nodes as they called in bitcoin, for this event, but depending on how many show up, then older software – we’re talking 2017 high end laptops – might need a bit of patience.

In this case, they’ve spread it so widely that it should be able to smoothly handle 10,000 attendants or more, especially as each stage has four or more levels up.

From our experience, the load is heaviest where there are most people. This wide setup therefore should allow even older laptops to still have a decent experience if they can find a nice but less populated spot.

There’s just one day left now until all this begins, with the metaverse seemingly starting to become something as the Decentraland team – after some tough years during 2018 and 2019 – appears to have somewhat exceeded expectations with the blockchain metaverse they now debut.

ProShares to Ring the Opening Bell at NYSE

ProShares to Ring the Opening Bell at NYSE

NYSE is bringing out all the pomp and circumstances to welcome the first bitcoin exchange traded product (ETF).

“The New York Stock Exchange welcomes executives and guests of ProShares in celebration of the first U.S. Bitcoin-Linked ETF (NYSE Arca: BITO). To honor the occasion, Michael Sapir, CEO, will ring The Opening Bell®,” they say.

That’s between 3:26 PM – 3:30 PM CEST, which translates to 2:30 PM in London, 9.30AM in New York, still sleep time in LA (except 6AM wakers) and 9:30 PM in Shanghai.

So the whole world will be awake to see something like the above picture, which is from a previous event.

The show is then followed on stock brokers, even Robinhood or IBKR or indeed on the many boomer sites that give stats/charts for the boomer market.

It might also be followed on the bitcoin market, with the crypto initially dipping on the news of approval yesterday, but went on to above $62,000.

The spot market is a bit unsure what to expect. There isn’t the huge excitement that previously accomplished these sort of events among social commentary, and yet there’s also a feeling we’re watching the launch of a new rocket market as the barricades are broken down and bitcoin enters the center of finance.

Technically, godking Powell might even buy bitcoin now through his quantitative easing, and new chairs might even have it in their portfolio of ‘blind’ trusts.

So we’re leveling up and we think that’s not been priced in as there has been too much focus on the negatives and not enough on the positives.

In addition, though this might not be a big deal to some in the crypto space, it is a very big deal to the traditional market. A very genuinely new thing rarely enters NYSE with the equivalent being the early internet stocks of the 90s.

Similarly, anticipation now is that gradually cryptos will flood stonks. Eth should come next eventually, a defi index would be cool, and an NFT ETF would be even cooler, but grandpas move way too slow as we all know. So not anytime soon, but eventually.

And it’s here where it begins in about three hours from publishing. That’s followed with an afterparty on Decentraland that begins on Thursday and goes on until Sunday. Paris Hilton gone be there. We’ll go watch the Drums, with far too many more artists to name but Kraken gone be there, though we doubt they’ll make it rain in free wBTC. There will however most likely be sweet Poap NFT tokens for all your cravings, as well as other events.

Bulls and Bears Lock Stares on ETF Approval

Bulls and Bears Lock Stares on ETF Approval

The approval of the first bitcoin product on a national stock exchange is giving the crypto space one of its biggest game of chickens moment.

For days now bears have been saying the approval will be a sell the news event. That includes boomer Jim Cramer who suggested much of the anticipation was before the ETF approval.

Yet the hype has been considerably contained with prominent cryptonians, like Ryan Selkis, raging against its futures only nature.

After eight years of anticipation, now that it is here, doesn’t quite feel like a massive party. Comparing it to the anticipation for CME futures launch in 2017 when the hype went on for weeks to the point of mania, the ETF feels more like coming with a whimper than a bang.

But it is an historic day for this space and though some elements can be criticized, it is a huge step for bitcoin and the entire crypto industry towards mass adoption.

The accredited investors restricted Grayscale for example has still attracted tens of billions despite its very limited set up. This ETF on the other hand will be open to the entire public, to pension funds, to hedge funds, to treasurers up and down the country.

Hence when the approval was first announced, bitcoin began making some small up and down moves as bears and bulls played ping pong on direction. Do we now sell the news as they said or is this now a buy the news event?

It’s not for us to give advice, but sell the news is a concept that suggests hype has led to pricing-in going into overbought territory with the actual event then bound to disappoint because reality won’t keep up with fancy narrations built up in a Chinese game of phones.

So the actual question is: has this been priced in? The answer is probably no because the experience after CME futures has led to a tempering of enthusiasm for this event. Yet with hindsight and four years on now, the launch of CME futures has contributed considerably to the arrival of institutional investors.

That’s significant new demand that also showed itself during the bear when bitcoin held its value far better than other cryptos, like eth, the distinction being that it had CME futures.

In addition, that wasn’t quite the first bear that bitcoin saw, and far from killing bitcoin as was previously narrated, bitcoin now roars.

The drop in December 2017 was more due to bitcoin’s own nature. 4-8 weeks of amazing price gains due to an incredible supply shock led to Charlie Lee and others saying publicly they sold as price had reached a level that began changing sentiment.

Something similar happened in 2013 and in 2011 when bitcoin had its first ‘bubble,’ with CME’s futures approval simply coinciding with the timing.

This SEC ETF approval arguably doesn’t quite coincide. Coinbase is not struggling to keep up with new customers, the network is not wobbling under the weight of new arrivals, the signs that things are losing touch with reality are not quite there.

It may of course be the case that we don’t see them again, that 4 or 8 weeks of mania don’t show up, that growth is more gradual and so more sustainable. But in that case there would be an even bigger argument that this ETF hasn’t been priced in because of jitters of whether there’s a repeat of what happened in 2017 after such 4 weeks of mania.

So what is to unfold is for the future to tell of course, but it may well be the case that it is the ETF itself which gives us those 4-8 weeks of mania to maybe $200,000 or more, or of course it may be a dud.

However, Bloomberg now has one reason to like this space as its backers run ETF businesses, so the narration will change in the establishment with that itself being a big shift in perception from anarchyst rascals to now the drivers of innovation in the stock markets and the revitalizers of pioneering industries.

That hasn’t been priced in, let alone the actual new fiat that may flow into bitcoin, with it probable that bulls will win the stare as it is beginning to feel like it is becoming time to party.

Steam Kicks Out NFT Disruptors

Steam Kicks Out NFT Disruptors

Steam is apparently terrified it is being disrupted by blockchain based games with Valve updating its rules to disallow “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.”

“Steam’s point of view is that items have value and they don’t allow items that can have real-world value on their platform. While I respect their choice, I fundamentally believe that NFTs and blockchain games are the future,” says Age of Rust (pictured), an NFT game that was kicked out of Steam.

Many in-game items go for thousands on Steam and they even have a marketplace for their skins. Out of top games there by revenue, only two out of 12 don’t have what they call microtransactions. They say:

“Steam provides world class support for in game purchases, whether that is items, in-game currency, or anything else that you can think up, you can use the Steam Microtransaction APIs to provide customers with more choices…

For any in-game purchases, you’ll need to use the microtransaction API so Steam customers can only make purchases from the Steam Wallet.”

Revenue data is not provided by this monopoly platform that has 80% market share, so how much is made from ‘micro’ transactions is not clear but their 150 million players often have to pay as much as for a new game to open a new section of the game they are playing.

For every transaction of any kind, Steam takes a cut of 30%, something they can enforce because the items have to be exchanged through their Steam wallet and marketplace.

The blockchain however opens up banking, finance, in-game revenue or microtransactions APIs in a way that no one wallet can have a monopoly because anyone can build on the open source network.

Steam thus won’t be able to get a cut of these NFT sales, something that disrupts their business model, and thus they’re using their monopoly power to effectively ban the competition.

“I haven’t touched my Steam ever since discovering Blockchains and NFTs. Gaming just doesn’t feel the same anymore without NFTs. No NFTs No Play!” – says a Guilds of Guardian Ambassador.

The blockchain enables new business models for game developers that we call ‘better than free.’ Previously in web 2.0, users are the product and so get access to the content they create for ‘free,’ with the customers of platform operators being the advertisers.

Now the product is the NFT or the token with different experiments going on as you’d expect, but a prominent one is where the NFT is given away for free.

There might be a quest for example and at the end you get an NFT as a reward. There are different ‘levels’ of the NFT, plentiful (free or thereabout), rare (‘expensive’ or premium), and then everything in between.

The ‘free’ NFT might have value however, or it might not. Some hopefully will have value if it’s going to be a successful game as far as the developers are concerned, and so that free NFT is used to get adoption, to bootstrap, with gamers then hoping if the game becomes valuable, so does their free NFT.

Then, this NFT or a general project token can be used to give holders governance over the project. One successful NFT project for example, The Bored Ape Yacht Club, says they’ll launch a token with details sparse at the moment.

Fundamentally, this is copying bitcoin’s method of bootstrapping to apply it to pretty much everything. In circa 2010, Gavin Andresen, a prominent former bitcoin developer, had a faucet that would give away 5 bitcoin for free to anyone that bothered to click it.

You could mine bitcoin in your laptop, getting 50 bitcoin from mining, at a time when the value of 10,000 bitcoins was two pizzas.

Gradually getting bitcoin, or play to earn NFTs or project token airdrop/yield, becomes more difficult. For bitcoin, its scarcity then is its value. For a project, the sharing of revenue with its holders gives it value which is set by holders themselves through governance. For a game, there can be a combination but in addition there’s direct product value as the game NFT can open game elements.

In this business model, something like Steam can be anathema as the game itself is the platform, furnished with all the necessary financial elements provided by the blockchain, and holders ownership of that game platform to decide trade-offs is in some ways the whole point.

But you can have a far more simple model as well where there are in-game items and they just happen to be in an NFT form. In which case as a developer or for reselling players, you wouldn’t have to pay 30%.

Something Steam clearly doesn’t like as Valve then wouldn’t be making $4 billion a year from rent seeking. Yet there isn’t such a thing as Steam. What there is are game developers and game players. What they like is what matters.

If developers like paying 30% and if players like their in-game items to be 30% more expensive, then they can keep using what to us sounds a bit outdated.

If instead they like freedom and the empowerment of being a customer instead of a product to the Steam platform, then developers should start thinking about open platforms, about transitioning to web3.

That’s especially because it isn’t quite 2015 anymore when the first such dapp, OpenBazaar, was unusable. Now, on ethereum especially and on second layers, the experience sometime is matching and even surpassing that of web2.

We’re not fully there yet, but this space is at the dawn of broadband and after using some dapps, we have sometime wondered whether it might leap to fiber.

In two or three years, the time it takes for a new game development, this space will transform at the technical blockchain ‘pipelines’ level where capacity and usability is concerned as currently it is on the brink of reaching a mature form at the protocol level.

Thus this rejection by Steam is shortsighted as they too will have to think where they’ll find themselves in a few years with a poetic potential development being GameStop disrupting them through web3 like they disrupted GameStop through web2, even if it is more probable that at least for some time it is many different startups causing disruption.

Paris Hilton Going to Decentraland

Paris Hilton Going to Decentraland

It’s time to party with the biggest blockchain festival ever starting this Thursday on Decentraland. It will continuing all the way until next Sunday, all in time for celebrating the first bitcoin ETF in USA and a near all time high.

Socialite Paris Hilton will be there, as well as the rock band The Drums and Grammy Award nominated Deadmau5 in addition to countless others.

“A four-day celebration of music, culture and creativity in the virtual social world of Decentraland, the Metaverse Festival is a grand collision of light, sound and portable toilets,” the organizers say, adding:

“It’s the first event of its kind – a fully decentralized celebration of music that offers a weird and wonderful brew of world-class headline acts, mind blowing stages, games, exclusive artist merch, collectibles and more.”

Decentraland festival map, Oct 2021

Decentraland is a metaverse on the blockchain where 3d environments can be built and experienced. In the featured image for example you can see the avatar dancing with a girl while smoke is coming down with lights flashing (uncaptured in the image), surrounded by other people dancing and having fun.

This was a one day event last week that included Van Dyke, Benny Benassi, and many others in two stages where there’s a screen showing the dj/singer and you can hear the music in your real life through headphones or speakers.

In Decentraland you can also type b then 5 to make your avatar dance with there being an option in dance floors to keep the dancing on.

Then in real life one option is to move the mouse around so the screen is bouncing and it all starts to feel like you’re actually there and fully enjoying it.

That’s actually one of the more common comment, ‘so it’s like real life,’ except if you pick up a girl then you can’t quite take her home, but all else is close enough.

This is a decentralized metaverse run by users who operate servers for it, like bitcoiners operate nodes for their network.

It can therefore be slow, but that is usually address by going to settings to lower the radius to 1. That determines how much of the world is loaded, the more is loaded, then the more ‘heavy,’ unless you have one of them cool GPUs.

Thereafter it should be a smooth experience, allowing you to party in open stages available to all, or sometimes there are exclusive rooms/stages that you can enter only if you have some wearables or nft or token or whatever else metamaskable.

Wearables are clothes/fashion for your avatar, but it can also be a wholistic look like making your avatar be an actual skeleton, or in theory even a lambo although we haven’t seen that.

You can potentially do this yourself through a build interface that decentraland has put out there, or you can buy it with such wearables displayed in some shops/galleries on Decentraland.

Exclusive access would be one reason to buy them, in addition to liking their look, but they’re not necessary as the stages open to all are usually pretty fun.

The cryptoverse thus is soon going to party day and night for four days straight as clubbing seemingly goes digital and global. And, you of course should be there.

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