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Crypto Exchange Regulation Check

Bitcoin Futures ETF is so popular that it’s breaching futures limits set by TradFi

The first US Bitcoin (BTC) exchange-traded fund is rapidly getting close to breaching a limit on the number of futures contracts it is permitted to hold, Bloomberg reported.　　Just days after launch, the ProShares Bitcoin Strategy ETF (BITO) already owns nearly 1,900 contracts for October, and Chicago Mercantile Exchange (CME) limits the number of front-month contracts to 2,000.Record trading volume　　After two days of trading, the fund already had more than $1 billion under management, read the report.　　The Bitcoin Futures ETF amassed 1,400 November contracts in order to avoid breaching the limit, but judging by the unprecedented early volume, BITO could soon hit the maximum total position of 5,000 contracts.　　The launch of competing products, such as Valkyrie‘s and VanEck’s Bitcoin Strategy ETFs, could ease the demand for BITO.　　One solution to avoid hitting the limit would entail BITO to spread out its holdings into longer-dated contracts, but that poses a risk of further distancing the fund from the performance of Bitcoin.　　“The end result is the ETF will start taking on potentially significant tracking error versus the spot price of Bitcoin,” president of advisory firm The ETF Store, Nate Geraci, told Bloomberg.　　“The ETF is forced to obtain Bitcoin price exposure at higher and higher

2021-10-24Deep Dive

HOW BITCOIN FITS IVAN ILLICH'S VISION FOR THE FUTURE

The work of Ivan Illich — ronin of the Catholic Church, “errant pilgrim,” and subtle, surprising and far-ranging social theorist — is experiencing a renaissance among many who worry that technology poses corrosive threats to human culture and well-being. A trenchant and unique critic of the Catholic Church in which he came up, Illich went on to critique many modern institutions, whose failures he saw as reflective of the failures of the Church.　　Illich’s unique critiques of “industrial institutions” throw new light on our modern monetary system, and Bitcoin’s place within it. In this essay, I’d like to introduce how Illich thought about institutions and tools, apply that lens to our present-day monetary system, and finally, consider Bitcoin as an alternative.　　Across a body of thematically linked work, Illich argued that our modern societies increasingly confuse large-scale and bureaucratic “institutions,” like those of “schooling” and “medicine,” with the goals they nominally arose to combat. In so doing, we commodify core aspects of our once-social being, and we cede individual and communal capacity to vast institutions with increasingly “radical monopolies” over the services they render and goals they claim to serve.　　This consolidation into “industrial institutions” with “radical monopolies” over the services they offered

2021-10-24Deep Dive

HOW BITCOIN FITS IVAN ILLICH'S VISION FOR THE FUTURE

The work of Ivan Illich — ronin of the Catholic Church, “errant pilgrim,” and subtle, surprising and far-ranging social theorist — is experiencing a renaissance among many who worry that technology poses corrosive threats to human culture and well-being. A trenchant and unique critic of the Catholic Church in which he came up, Illich went on to critique many modern institutions, whose failures he saw as reflective of the failures of the Church.　　Illich’s unique critiques of “industrial institutions” throw new light on our modern monetary system, and Bitcoin’s place within it. In this essay, I’d like to introduce how Illich thought about institutions and tools, apply that lens to our present-day monetary system, and finally, consider Bitcoin as an alternative.　　Across a body of thematically linked work, Illich argued that our modern societies increasingly confuse large-scale and bureaucratic “institutions,” like those of “schooling” and “medicine,” with the goals they nominally arose to combat. In so doing, we commodify core aspects of our once-social being, and we cede individual and communal capacity to vast institutions with increasingly “radical monopolies” over the services they render and goals they claim to serve.　　This consolidation into “industrial institutions” with “radical monopolies” over the services they offered

2021-10-24Deep Dive

You can now buy Bitcoin (BTC) at 200 Walmart locations in the U.S.

US retail giant Walmart will allow customers to purchase Bitcoin (BTC) via ATM kiosk at over 200 of its locations, thanks to a pilot project with crypto ATM provider Coinstar.　　The firm has earlier expressed its interest in the burgeoning crypto space and looks to include digital currencies as part of its everyday operations. An August job listing even stated the company was seeking workers to help develop “the digital currency strategy and product roadmap” while identifying “crypto-related investment and partnerships.”Buy Bitcoin with Coinstar　　The test with Coinstar began earlier this month and includes 200 kiosks in Walmart stores. The pilot is part of a broader initiative by Coinstar, which has teamed up with a cryptocurrency cash exchange called Coinme to offer Bitcoin at more than 8,000 kiosks.　　Buying Bitcoin is easy. Customers simply pay with fiat dollars at Coinstar machine and then get a voucher. They must also set up a Coinme account and pass a background check before the voucher can be redeemed. The machines charge a 4% fee for the Bitcoin option and a 7% cash exchange fee.　　Some industry observers say the rollout will help speed up crypto adoption. “Bitcoin ATMs have been around for a while, including in many

2021-10-23Deep Dive

Binance US explains why Bitcoin fell to $8,200 on its exchange yesterday

Yesterday a surprising event occurred on Binance US as the price of Bitcoin briefly crashed to less than $10,000.Bitcoin flash crashes across exchanges　　While this anomaly was quickly corrected, it had a far-reaching effect on other exchanges as Kraken also saw the value of BTC drop to around $54,000, Coinbase saw the price drop by around $1000.　　The price rally of Ethereum was also briefly curtailed as the asset lost as much as 50 percent of its value in some cases where it was trading for $2000 after it had breached the $4k mark.　　Interestingly, Changpeng Zhao, the CEO of Binance had earlier tweeted a warning to crypto traders generally asking them to “Expect very high volatility in crypto over the next few months.” Shortly after his tweet, Binance US saw the flash price crash.Binance explains why　　Speaking on why this occurred on its exchange, Binance US in an email to Bloomberg, revealed that the flash crash was caused by a bug on one of its institutional trader algorithms. While the identity of this trader remained bogus, the crypto exchange continued that the bug had now been fixed.　　“One of our institutional traders indicated to us that they had a bug in their trading algorithm,

2021-10-23Deep Dive

Cardano (ADA) Foundation CEO says being late to the smart contract party is an advantage

Frederik Gregaard dismissed any notion that Cardano (ADA) is on the back foot, having released smart contracts just five weeks ago.　　The Cardano Foundation CEO added that, rather than being handicapped, he thinks this puts the project in a much stronger position because the foundational groundwork to get to this point ensures longevity.　　Lets explore his reasoning.Cardano takes a responsible approach to blockchain development　　The Cardano Alonzo smart contract upgrade launched last month after four years in the works.　　In the run-up to its release, skeptics leveled multiple criticisms throughout this period, including scam accusations, delayed releases, and the slow rate of development roll-outs, which is perhaps the most prevalent criticism.　　Inevitably, the main point of reference comes in comparing Cardano to Ethereum. In summing up the situation, IOHK CEO Charles Hoskinson said it all boils down to philosophical differences between the two.　　While he added that both projects share a commonality in moving society forward through technology, Hoskinson thinks Cardano takes a more responsible approach, which unavoidably takes more time.　　“I just happen to believe the way we do things is a bit more mature and responsible, because the way that we do things results in a better assurance that the systems we build wont fail.”Being

2021-10-23Deep Dive

COVID-19 IS ACCELERATING ASIA’S DIGITAL FUTURE OF CBDCS AND BITCOIN

Whether or not you‘d believe inflation could reach World War II levels, it’s clear that the global economy post-COVID-19 looks uncertain. A chasm is growing between the developed and developing markets fueled by uneven vaccination rates and Gross Domestic Product growth. Central Bank Digital Currencies (CBDCs) are set to be a key factor that‘ll accelerate the world economy fit for the digital age, ushering in a digitally-connected economy unlike anything we’ve seen before.　　Despite inflation being slowly on the rise, depressed economies like the U.S. are accelerating in their adoption of new economic policies like Modern Monetary Theory (MMT), which in a nutshell enables governments to print money at will. Basically, wealthier governments aren‘t required to be reliant on taxes or borrowing when it comes to spending as they’re able to print money on demand. The stellar rise of MMT, particularly advocated by an economy with as much impact as the U.S., sends ripple effects that not only affect the U.S. but other economies as well. In Asia, governments – particularly in mid- and small-sized economies – are waking up to the potential power and influence that CBDCs have thanks to their latest understanding of MMT.　　CBDCs draw influence from bitcoin, and

2021-10-23Deep Dive

New Polygon Ecosystem Index (PECO) lets you bet on the performance of Polygon (MATIC) projects

Amun, a leader in DeFi index products, announced this week the launch of the Polygon Ecosystem Index (PECO) token, as per a release shared with CryptoSlate.　　Available through the Amun Platform, the PECO token is an index of the top projects being built on Polygon, an Ethereum scaling platform onboarding millions to Web3 – giving users targeted exposure to the entire Polygon ecosystem, rather than just projects that live on both chains. 　　The product was created collaboratively by Amun, Polygon Foundation, and leading Polygon projects, PECO is Polygons first ecosystem index token. Inside the bet on the Polygon ecosystem　　PECOs initial composition is made up of 50% MATIC, with the remaining 50% comprising Quickswap, DFYN, Adamant Finance, Aavegotchi, and Qi Dao. This composition provides an alternative to only holding MATIC, instead of providing a token that grows with the entire Polygon ecosystem. 　　PECO is rebalanced on a monthly basis to lock in gains and ensure constituent tokens are allocated accordingly by the rank of market capitalization and liquidity. The portion of MATIC in PECO is expected to be lowered over time to make room for other promising projects. PECO is free of management fees until 2023.　　The token can be minted and burned

2021-10-23Deep Dive

IOTA Smart Contracts Beta launches with zerofees, interoperability, and EVM compatibility

The IOTA Foundation, the non-profit driving open-source distributed ledger technology for a new digital economy, announced the beta release of IOTA Smart Contracts in a release shared with CryptoSlate.　　The fully functional smart contract solution offers a number of new features aimed at resolving current scalability and transaction fee issues while offering new features currently unmatched in the crypto space.　　The IOTA Smart Contracts Beta enables users to create and execute custom smart contracts on a feeless network for the first time. It also comes with Ethereum Virtual Machine (EVM) support, the current industry standard. Developers can now write Solidity smart contracts inside an EVM chain that is anchored on the feels IOTA Tangle. 　　The feature supports several programming languages, including Go, Rust, and Ethereum‘s Solidity. This choice is in line with the IOTA Foundation’s commitment to interoperability and standardization, two cornerstone principles of the new digital economy.　　Its time to add a new layer of utility to #IOTA and enter Web3. Smart Contracts Beta is out!????　　✔️#EVM support　　✔️Solidity, Go (TinyGo) or Rust #SmartContracts　　✔️Sharded chains, w/ full interoperability　　✔️Define token incentives and fees (or go #feeless)https://t.co/srEehlWyMn pic.twitter.com/tXJN0oehMh　　— IOTA (@iota) October 21, 2021More scalability on IOTA smart contracts 　　Unlike Ethereum, IOTA Smart Contracts enable developers to

2021-10-22Deep Dive

KuCoin Is Meeting Crypto’s Social Demands with New App Features That Redefine Crypto Trading

KuCoin has morphed its trading ecosystem into a socially-focused one by reconstructing its app to fit the social expectations of crypto. Theyve introduced KuCoin S to give users a fluid trading experience that allows them to simultaneously learn crypto, making it easier for those without any crypto background to have a fear-free and engaging time.　　It all starts with the visual design of KuCoin S. They‘ve taken a light minimalistic approach to their app’s architecture so users have an immediately intuitive experience when navigating and performing tasks. The social features of KuCoin S include copying and sharing trades, a section for users to receive popular coins by the most searches, and AI-customized crypto news for users to like, comment, and favorite — this feature alone aims to tackle problems traders go through daily such as being emotionally triggered by FUD and making trading decisions based on it — the sentiment of users giving their take on FUD news can quickly help traders dismiss it.　　KuCoin is committed to its vision of addressing the social pain points that stop people from comfortably entering crypto. By introducing social trading features to their developed infrastructure of 8 million-plus users, theyve become the largest crypto exchange

2021-10-22Deep Dive
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