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Decentralized Finance Won’t Substitute Traditional Financial System, According to S&P Global Report

Decentralized finance (DeFi) will continue to complement the traditional finance system rather than supplant it in 2022, says a report by financial information and analytics provider S&P Global.　　According to the firms Global Credit Outlook for 2022, the traditional finance sector will need to innovate and invest to remain relevant in the coming twelve months.　　“We believe it will continue evolving in 2022 toward complementing the current financial system rather than substituting financial services companies. To remain relevant, we think incumbent players will have to further step up investments in new technologies – otherwise, the balance could shift away from them in the longer run.”　　While most decentralized finance applications are not competing with traditional finance at the moment, the report says that the situation could change in the future.　　“Most DeFi applications (DApps) currently dont compete with incumbents. They are mostly still restricted to transactions within the emerging digital ecosystem – for instance for the purchase, exchange, lending, or insurance of digitally native assets. But this could change as technology and acceptance evolve.”　　Per the report, the most profitable activities in the traditional finance sector stand to be disrupted the most.　　“DeFis potential is greater in higher-cost activities, which often provide higher margins to incumbents.

2021-12-29Deep Dive

These 300 CryptoPunks may be lost forever

CryptoPunks are among the most cherished and valuable NFTs on the market. Released by the Larva Labs studio in June 2017 for free, the 10,000 profile picture NFTs quickly became popular among the crypto crowd and virtually exploded in value over the years. Today, the lowest price for a Punk currently for sale is 66 ETH, approximately $258 000 at the moment of writing.　　But are there really 10 000 Punks available to the market today？5 Punks are lost for sure　　According to a tweet thread by @punk9863, as many as 300 CryptoPunks may be lost forever; five of these are definitely known to be lost due to the owners mistakes. Indeed, there are only five known “burnt” Punks in existence. One “alien” Punk was burnt inadvertently by @ArtOnBlockchain, two Punks were sent to the token contract (a grave mistake, in effect burning the token) and two Punks were sent to a malformed address and thus burnt (an equally bad mistake).　　The reason why we can assume the rest of the 300 CryptoPunks are lost, as pointed out by @punk9863, is because there hasn‘t been any activity on their owner’s wallet for the past three years. “Over 50 wallets that hold Punks havent

2021-12-29Deep Dive

Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals

The Central Bank of Russia (CBR) plans to obtain information from commercial banks pertaining to some money transfers between private individuals, including clients trading cryptocurrency. The measure is likely to affect online crypto exchangers which the regulator accuses of conducting illegal operations.　　Central Bank to Check Transactions Between Russians Exchanging Crypto　　As part of efforts to clamp down on certain transactions it considers illegal, the Bank of Russia is going to seek additional data from financial institutions processing transfers between individuals. The move concerns a number of platforms using accounts registered in the name of dummy persons such as online bookmakers and websites providing crypto trading services, local media revealed.　　The Russian business news portal RBC reported Monday that the regulator had sent banks a new reporting form for transactions. According to the initial report, the CBR intends to request information on money transfers between Russians, including the personal data of the senders and the recipients of the funds.　　In a press release quoted by Prime, the monetary authority later clarified that the measure does not imply imposing total control over transactions of individuals but is “aimed at identifying risk areas associated with the use of payment cards and wallets issued to fictitious individuals

2021-12-29Deep Dive

Cryptocurrency Hackers Stole $9.8 Billion in 2021, 73% of Them Are DeFi Incidents

While the year 2021 was one of the most successful and profitable years for the cryptocurrency market, unfortunately for some investors, scammers and hackers have found the new honeypot called the DeFi industry that brings them more than $7 billion stolen funds, according to SlowMists yearly report.　　Hack overview　　According to the companys report, there were 231 security incidents tracked on the blockchain. Losses from all of those incidents total $9.8 billion. With more hacks and scams happening in the DeFi industry almost every day, the abovementioned number might exceed the $10 billion mark.　　Among those 231 incidents, approximately 170 cases were tied to decentralized applications or the decentralized finance sector, including 15 exchange security breaches, right public blockchain hacks, three wallet security-related issues, and 35 other hacks or scams.　　Large blockchains and exchanges　　While the majority of hacker victims were relatively small chains or projects, there were some major chain-related security issues present in the year 2021. BSV blockchain became the victim of a 51% attack in which one individual owns more than 50% of voting power on the chain and is able to manipulate the whole blockchain in his or her favor.　　Even bigger networks like Ethereum Classic have become the victim of a

2021-12-29Deep Dive

FTX’s SBF Outlines Key Steps to Move the Crypto Industry Forward into 2022

The CEO of FTX – Sam Bankman-Fried (SBF) – came out with a long Twitter thread to outline some of the hurdles in front of the cryptocurrency industry and how to potentially handle them in the following years.　　Before diving into some of the challenges, SBF outlined what the industry has already achieved. Namely, these include a solid userbase, smart contracts, numerous potential use cases, the beginning of scaling solutions, as well as “an enormous amount of attention.”　　Yet, there are quite a lot of hurdles to overcome as well.　　 The Elephant in the Room　　SBF believes that the most obvious thing thats still “missing” from the crypto market is regulation.　　“There has been a lot of tension between industry and regulators, and both sides have, in many cases, left feeling frustrated.”　　One of the things that make it hard for the industry to move forward while also limiting institutional involvement is the lack of a clear process for token issuance, regulation on platform registration, and stablecoins in many jurisdictions.　　FTX CEO, Sam Bankman-Fried. Source: Bloomberg　　Moreover, “many regulators have found it very difficult working with crypto companies: instead of working collaboratively, weve seen a ton of examples of tension boiling over.”　　So, how to remedy the above？

2021-12-29Deep Dive

DeFilm streaming: A new DAO is looking to buy Blockbuster and revive the iconic brand

A new decentralized autonomous organization called BlockbusterDAO is looking to revive the iconic Blockbuster brand and bring it into the Web3 era.　　The popularity the brand still enjoys in the US makes it a perfect foundation to revolutionize the decision-making and financing of the film and TV industries, BlockbusterDAO said.An ambitious plan to bring a cult brand into Web3　　While DAOs have been around for a while, it wasn‘t until this year’s launch of ConstituionDAO that the world really began to take notice of the novel organizational concept. ConstitutionDAOs whirlwind success (and subsequent failure) made a household name out of DAOs, causing an avalanche of ideas on how to implement them into real-world use cases.　　One of the most ambitious, but still very plausible ideas was to decentralize Blockbuster, an iconic brand of video-rental stores in the US.　　The idea for BlockbusterDAO was first presented on December 26th, when the creators of the concept said that they plan on turning the brand into a DeFilm streaming platform. According to the announcement, the DAO plans on raising funds to buy the Blockbuster brand from its parent company Dish, and turn it into “a mainstay of Web3 brands and products.”　　Blockbuster is the perfect canvas for the

2021-12-28Deep Dive

Chainlink price surges, regains important threshold despite uncertain sentiment

Blockchain data oracle Chainlinks token, LINK, has gained some positive traction since the local low at $17.33 on the 15th of December. The token has seen positive action in the past two weeks despite a negative market sentiment toward LINK since October, according to data from market analysts Santiment.　　The number 18 cryptocurrency by market cap is trading at $23.37 at the moment of writing, slightly above the critical threshold at $23 and up almost 26 percent since the local bottom twelve days ago.Why could LINK be surging？　　Three possible forces behind the recent surge may be that the former Google CEO, Eric Schmidt, joined Chainlink as the firms new strategic advisor earlier this month. Also announced earlier this month, Chainlink and the Internet-of-Things blockchain IoTeX partnered in an effort to “advance real-world connectivity and enable creators to build their ideas and tackle complex problems that were impossible to solve before.”　　Finally, Ethereum-based liquid staking solution Lido announced an integration of Chainlink Price Feeds. Lido enables its users to stake ether on the Ethereum 2.0 Proof-of-Stake chain without the need to stake all 32 ether (ETH) otherwise demanded by the protocol.LINK down by half since ATH　　LINK reached an all-time high at $52.70 on

2021-12-28Deep Dive

Stablecoin regulations: Where we are, and where we’re headed

In the early crypto era, when only few knew of any cryptocurrency outside of Bitcoin, it was under a constant deluge of criticism. Charlie Munger, the Vice Chairman of Berkshire Hathaway, summed up the attacks this May by describing Bitcoin as “disgusting and contrary to the interests of civilization”. Yet, remaining undeterred, Bitcoin powered through, steadily penetrating mainstream finance through its own merit.　　During 2020, an entirely new crypto dynamic emerged in the form of Decentralized Finance (DeFi), on the back of smart contracts. Ethereum was the first to start recreating the non-mediated financial sector, growing from under $1 billion to over $158 billion in less than two years.　　However, even before 2020, JPMorgan Chase first called out the emerging threat. The world‘s largest bank noted that Bitcoin’s disruptive potential goes side-by-side with smart contract platforms back in February 2018.　　“Both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”　　Now that crypto-mainstreaming is coming into sharper focus with hundreds of billions backing it up, we can expect to see a heavier regulatory hand. Jamie Dimon, the CEO of JPMorgan, once again foretold this in November

2021-12-28Deep Dive

Elon Musk Tells TIME Magazine Why Dogecoin is Better than Bitcoin for Payments

On Dec. 13, TIME magazine named CEO of Tesla/SpaceX — Elon Musk — as its 2021 Person of the Year. During a recorded interview with Musk that TIME posted to its Twitter channel as part of its Person of the Year announcement, the worlds richest person explained why he believes Dogecoin is better than Bitcoin in some regards.　　Before we examine the self-proclaimed “DogeFather‘s” fixation with meme tokens, we should first examine what money does. For fiat money and cryptocurrencies to be useful to us, there are three primary functions that cold hard cash or hot digital funds need to be able to address. It’s generally accepted that currencies address the following three functions:　　Unit of account: a comparative measuring stick for different goods or services.　　Medium of exchange: an accepted method of payment for settling debts or acquiring goods.　　Store of value: inherent ability of a given asset to maintain its payment power in the short- and long-term.　　With that as context, Elon Musk — who also co-founded PayPal — believes that Dogecoin is better than Bitcoin in at least one of those baseline currency criteria as shared in these transcribed quotes from the Person of the Year interview.　　“My understanding of the money system,

2021-12-28Deep Dive

Bitcoin, Ethereum beat gold in 2021, big time

Bitcoin (BTC), the leading cryptocurrency by market cap, broke its previous all-time-high market value in 2021, reaching just over $69 000 on the 10th of November, appreciating 71.8 percent year-on-year. Counting from the local low at just under $30 000 on the 21st of July, bitcoin gained 56.6 percent. If bitcoin stays at this level until the end of the year, 2021 will turn out to be the fourth worst year for bitcoin since 2011.Ethereum (ETH) up 456 percent　　Though a somewhat mediocre year for bitcoin, Ethereum (ETH), the second cryptocurrency by market cap, skyrocketed in 2021 appreciating 456 percent over the year. Ethereum saw a steady growth all through the year reaching the first peak at $4182 on the 12th of May, and a second all-time-high peak at $4878 on the 10th of November. This makes 2021 the second-best year in Ethereums five-year history.　　Both leading cryptocurrencies outperformed both the stock market and gold in 2021. During the same period, Nasdaq and S&P 500 indices had positive yearly returns of 26.54 percent and 25.82 percent respectively.　　Interestingly enough, as bitcoin proponents often characterize the currency as digital gold, bitcoin vastly outperformed the market performance of the physical yellow metal in 2021, which

2021-12-28Deep Dive
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