Donald Trump uses Bitcoin to buy burgers at NYC bar | news.google.com • |
Bitcoin Broke $62K After Fed Rate Cuts. Here’s What Traders Say Will Happen Next | news.google.com • |
Bitcoin Above $62K, US Stock Market Down, and More: Fed’s Rate Cut Aftermath | news.google.com • |
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin surges to $62,000 mark after 50 bps Fed rate cut | news.google.com • |
South Korea, Hong Kong Lead Crypto Market Growth in East Asia | news.google.com • |
Bitcoin Fear and Greed Index fuels fears of BTC’s price drop | news.google.com • |
-
-
This ain’t no better than the market it self.
-
Mark Coplennn : saddd that UR MOM ISNT GETTING FUCKED BY BLACK DICK $BTC.X
-
-
This is a turd
-
-
SEC Filing Reveals New Bitcoin ETF Tokenized On Algorand
This ETF, filed by Florida based DIGITAL FUNDS, LLC, titled “The Digital Funds S&P 500 Bitcoin 75/25 Index ETF” is unique in many ways. According to the prospectus, the fund will invest 75% of its assets “in large U.S. companies that comprise the S&P 500 Index” and will invest the other 25% in bitcoin futures contracts. Because this is a futures ETF, by default, it has a much higher chance of being approved by the SEC. Unlike spot ETF’s, which have thus far never made it out of the SEC without a big red denial stamp.
Bitcoin futures contracts are cash-settled contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission. “The value of bitcoin futures is determined by reference to the CME (Chicago Mercantile Exchange) Bitcoin Reference Rate, which is designed to provide an indication of the price of bitcoin across certain cash bitcoin exchanges.” You may have heard of ominous “futures expirations” in regards to potential bitcoin price action. We won’t dwell on that, but you can read more about it, here.
The other very interesting wrinkle in this ETF filing is the fact that the shares are tokenized, recorded and stored on Algorand. Per the filing: “the ownership of the Fund’s shares will also be recorded – or digitized – on the Algorand blockchain.” Additionally, the shares will become available “for purchase, sale or transfer from one shareholder to another shareholder (“peer-to-peer”) ” on the Algorand chain. That bit is particularly interesting. Trading equity shares is not something that is generally ever done peer-to-peer.
Equity shares are not liquid like crypto, not even remotely. People can buy and sell equities, but the rigidity couched in fine print strip these shares of any semblance of “ownership”. This ETF’s proposed transition to tokenization allows for flexible liquidity, providing a “crypto like” makeup for the equity. The caveat is any potential shareholder must be “whitelisted by the Transfer Agent prior to purchasing shares in a peer-to-peer transaction.” This is not a surprise; ETF’s are fully regulated and must be registered with the SEC.
As noted above, the filing states that “fund shares will be recorded on the Algorand blockchain to facilitate the Fund’s shares being available for purposes, sale, or transfer.” Because Algorand has instant finality, these tokenized shares inherit crypto native features of Algorand including (other than KYC in this instance) permissionless liquidity as well as removal of middlemen. This ETF (more or less) eliminates burdensome counterparty risks which sandbag the investor while extracting profit from their intermediary role.
The most obvious upgrade of tokenized shares is the ability to leverage the public, immutable ledger of Algorand. The global legend for transparency and bulwark to prevent fraud, and liability protection. Page six of the filing states: “the Transfer Agent may use the Algorand as a source of information in the case of a disputed transaction, including in the case of alleged fraud or theft.” The filing notes that fees on Algorand are “nominal”. Also, they’ve deemed the consensus protocol of Algorand to be resistant enough to “tolerate an arbitrary number of malicious users.”
Furthermore, for those curious minds that question if these ETF shares will be foisted onto some private iteration of Algorand, there is an answer. Per the filing: “robust and transparent data, other than shareholder personal identifying information, will be publicly available via the published blockchain and tools such as block explorers.” It goes on to say: “only a public wallet address (and not a shareholder’s personal identifying information) will be exposed to the public on the blockchain.”
“All fees associated with the use of the Algorand network will be the responsibility of the investment manager.” This means that the fund will be utilizing the public Algorand mainnet, and thus will be require exposure to the $ALGO token in order to conduct a transaction (buy, sell, send, or receive) or execute a smart contract. Personal, KYC information however will be “maintained by [the Transfer Agent or intermediaries, such as broker-dealers, that offer wallet hosting services] and will not be available to the public.”
With all the legalese out of the way, what are the takeaways here? Is this just a contrived, new-fangled use case for Algorand and alt-coins? No. Recording, storing, and facilitating ETF shares on-chain are a major, irrefutably legitimate use-case for Layer 1 chains. While many Bitcoin maximalists will scoff at this notion, understand that by doing so they are merrily rooting for leeching centralized custodians to preside over the ‘back-end’ mechanics of Bitcoin Future ETF’s. The mechanics of which Algorand is vying to disrupt, for the better.
There is a reason that the person behind this fund, former Senior Vice President at UBS, Michael Willis, is opting to make the Bitcoin ETF reflective of the ‘crypto ethos‘ by employing Algorand. Meaning, a Bitcoin ETF deserves to inherit the functionalities, efficiencies and unshackled properties that have been made possible in smart contract chains like Algorand. The irrationality of these evergreen doubters are manifestations of the spores of scams that permeate crypto. This has turned optimists into furrow-browed cynics.
Mr. Willis chose Algorand for the ETF out of practicality, not publicity. One, has no known ties to Algorand, and Algorand certainly isn’t a “hot chain” to ride the coattails of. Moreover, this choice added a complicated wrinkle of regulatory complexity due to the open source, public nature of Algorand and the $ALGO token by which it functions. Hitherto, smart contracts, first theorized in 1990 by famous cypherpunk Nick Szabo, have yet to sustain a robust, unmistakably sound use case outside the insular confines of DeFi.
If this Bitcoin ETF gets approved, not only will it be the most veritable use-case of smart contracts and alt-coins ever implemented in the “traditional world“, it will prove once and for all that Bitcoin and alt-coins not only can co-exist, but can actually unite to establish a powerful symbiotic relationship. As crypto analyst Eric Wall famously quipped last year: “Bitcoiners protect BTC against ‘shitcoinism’, but they’re also keeping it from valid technical ideas”.
-
You know what’s cool? The fact that I’m not a sucker taking money from another sucker.
-
I am sad
-
50k! Come on! Are the miners slowing down?
-
Do You know that you can make up to $10,000 or more in mining directly to your bitcoin wallet or any withdrawal details you wish to
-
Fed clearly taking there free cash back
-
Dude got mad at me 2 mos ago for saying crypto won’t see highs again for a good while wonder what his portfolios if you can call it that looks like
-
Take from the greedy and give to the greedier
-
The trick is N the treat
-
Hedge funds trying to avoid the wall street cancel. They will try to spoil anything except some others like Luna, Algo, Sol, Dotcoin, Amp. They know FIAT is done and only way to survive is make Bitcoin to fail. They will learn a big lesson and then Defi will surge.
-
44k by end of day. I know something u don’t know. Ha ha ha.
-
I’ve never seen that!!! 10 g ??
-
Donald Trump uses Bitcoin to buy burgers at NYC bar
news.google.com • -
South Korea, Hong Kong Lead Crypto Market Growth in East Asia
news.google.com • -
Bitcoin Fear and Greed Index fuels fears of BTC’s price drop
news.google.com • -
Louisiana takes first crypto payment over Bitcoin Lightning
news.google.com • -
Robert Kiyosaki: Bitcoin Price 'About to Explode' as Fed Cuts Rates
news.google.com • -
Trump Buys Burgers With Bitcoin at NYC Crypto Hangout PubKey
news.google.com • -
BTC to GBP: Bitcoin Price in British Pound Sterling
news.google.com • -
Bitcoin news: How Bhutan beat El Salvador with 2x BTC reserves
news.google.com • -
Why is Bitcoin up today? THIS could be a key reason
news.google.com • -
Bitcoin Price Climbs Toward $61,000 After Fed Cuts Interest Rates
news.google.com • -
Bitcoin price attempts to turn the tide after Fed’s 0.5% rate cut
news.google.com • -
Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?
news.google.com • -
Bitcoin Price Analysis: The Fed Cut Rates, Now What’s Next for BTC?
news.google.com • -
Bitcoin jumps close to $61,000, then pulls back after Fed's rate cut
news.google.com • -
Bitcoin Surges as Fed Opts for Massive Rate Cut
news.google.com • -
Price analysis 9/18: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
news.google.com • -
Bitcoin traders keep powder dry ahead of Fed decision on interest rates
news.google.com • -
Whales drive Bitcoin market: $267M BTC on the move
news.google.com • -
Ethereum Bull Takes a Massive $49M Hit from Longing ETH/BTC
news.google.com • -
BTC price slips from $60K as Bitcoin traders brace for FOMC ‘fireworks’
news.google.com • -
Next Bitcoin (BTC) Move Discovered by Top Analyst Willy Woo
news.google.com • -
Bhutan Government Holding $750,000,000 Worth of Bitcoin (BTC): Arkham
news.google.com • -
Here’s Why Scaramucci Expects Bitcoin to Hit $100K Before Year-End
news.google.com • -
ICP-Based Bitcoin Token 'ckBTC' Will Bridge to Cosmos Through Osmosis
news.google.com • -
Don’t count on China’s trillion-dollar stimulus to rescue Bitcoin
news.google.com • -
Bitcoin Surges Ahead of Fed Rate Cut: 5 Crypto-Centric Stocks to Gain
news.google.com • -
Bitcoin’s Computational Power Falls 9.95% After Record Hashrate
news.google.com • -
Ceffu Deposits $81.25M BTC on Binance; Signs of Market Crash?
news.google.com • -
Bitcoin Eyes $64,000 as Investors Buy $2 Billion Worth of BTC
news.google.com • -
Crypto Price Analysis 9-18 BTC, ETH, SOL, DOT, WIF, XRP, TON
news.google.com • -
BTC and ETH Tease a New High
news.google.com • -
Bitcoin (BTC) shaping up for big price move
news.google.com • -
Fiat Currencies Will Be Irrelevant Within a Decade
news.google.com • -
Bitcoin ETFs Return to Big Inflows Following BTC Price Surge
news.google.com • -
Scaramucci Expects Bitcoin Record on Rate Cuts, Clearer US Rules
news.google.com • -
SkyBridge’s Scaramucci expects Bitcoin to hit six figures by 2024-end
news.google.com • -
CryptoQuant CEO: We’re in the middle of the bull cycle
news.google.com • -
Bitcoin price can see $64K 'very quickly' on Fed rate cut — Research
news.google.com • -
Bitcoin's Realized Cap Stagnates: What Does This Mean For BTC?
news.google.com • -
ETH/BTC Bull Loses $49 Million: Details
news.google.com • -
Experts: Defi Thrives Where Banks Falter, Fragmentation a Hurdle
news.google.com • -
Bitcoin dominance breaks 5-year record: Is a mega rally ahead?
news.google.com • -
Bitcoin Jumps Most in More Than a Month Amid Fed Rate Cut Optimism
news.google.com • -
Bitcoin ETFs Add $250 Million in Surge Ahead of Expected Rate Cut
news.google.com • -
BTC Miner Cathedra Shifts Focus to Bitcoin Acquisition Strategy
news.google.com • -
Spot Buying Drives BTC Rally as Market Awaits Fed Rate Cut: Bitfinex
news.google.com • -
Markets Await Fed Decision: Bitcoin Spikes, Gold Drops, Stocks Wobble
news.google.com • -
Bitcoin climbs above $60,000 ahead of Fed rate decision
news.google.com • -
Brian Armstrong, ETF Experts Shoot Down 'Paper Bitcoin' Rumors
news.google.com • -
Bitcoin ETFs Rise With $12.9M Gains While Ether ETFs Struggle
news.google.com • -
Why Bitcoin might fall before it flies high again
news.google.com •