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Ethereum Returns to the Pre-Defi Price

Ethereum price, Sep 7 2020Defi givth, Defi takth away. Just as the beginning of yield farming unleashed much bullishness in eth, so too now it has unleashed a bit of coolness with defi probably…

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Defi givth, Defi takth away. Just as the beginning of yield farming unleashed much bullishness in eth, so too now it has unleashed a bit of coolness with defi probably still hot, but not burning hot.

The days of crazy growth with assets under management doubling by the week are probably over, at least for now.

The network just can’t handle it and without new liquidity, the game of chairs of tokens on top of tokens all the way down presumably at some point has to pause to leave someone without a chair.

At fees of $20 per transaction or $500 for dapp devs to call some function, you can still play with big sums but big sums don’t usually take risky bets. That’s the fish, or the sushis.

So, is this it? For now, probably, at least where as it was is concerned. Many people have seen now just what are these things and as you’d expect the hype was far ahead of the ground.

You get free sushis yes, but if you don’t make some mistake. You can automate defi sure, but if you can avoid becoming a target:

“Pretty safe.” Millions of dai have gone into that and ‘bots’ have taken them for cheap with some Curve vote to end in a week before a fix.

A week in this space is decades as we all know, with code of course having many benefits but also hiccups especially if it is brand new.

So gas putting some breaks here can only be good for eth because with current amounts it’s about manageable, but really arguably it isn’t time for hype and fomo and all that as many of these new projects are unproven.

They need some time to be strengthened and be refined and be made safer as well as to be audited by the only auditors that matter, all them smart Nakamotos across the world.

Making this 2016 with the first ICOs that were kind of prudent and constrained and ‘ours,’ as in by very knowledgable and ‘refined’ people.

So too generally it looks like currently all these dapps are by people that kind of know what they doing, but in a very new space and in a very ruthless space where one mistake can cost billions.

Meaning you’d think they’d all be of the view that is probably best to kind of cool down a bit as ethereum has stolen Silicon Valley’s mantra of move fast and break things, but fast here means turtle speed instead of bitcoin’s snail speed, and break things is meant in the same tongue in cheek as “I Test in Prod.”

This space can’t move too fast. Not just shouldn’t, but can’t because of the capacity limitations which may well turn out to be for the better.

That doesn’t mean it can’t move at all or that eth is done now or that defi is a was. To the contrary, defi has just began. What may be in the past is the daily new hypecoin which may well have some proper ground but gas has put a ceiling to actionable hype.

That’s of course what we thought in 2016. The DAO had grown too fast. Security is paramount. You have to cap raises to $20 million. You need to provide disclosure. We should set up some rating/audit eth NGO. And then 2017 came and said f you bro, we gone do what we wants.

In the immortal battle between good in the medium-long term and good in the short term, it is futile to consider should for man can’t be controlled except by what we’ll very metaphorically say the ‘pen’ to want to mean that inherent objective conclusion of ‘good.’

So as this space moves, gradually you’d think standards would become laxer not out of choice but because what feels good in the present can make one forget its potential cost for the desire for it to continue to feel good for as long as possible.

And so what we’re trying to say is the defi party has not ended, but a certain welcoming music where everybody was somewhat all cheery being greeted with their presents, has now given way to the bit where people sit down and talk about sushi and to keep decorum or pretenses of ‘no no no no drink, I’m good boy,’ are still generally within their senses but in a nice friendly environment.

Otherwise said, it’s 7PM not 3AM. Maybe even earlier. Maybe even 5PM. Time here being decades, it should be months before the craziness of 3AM when most refined barristers or the best of coders have dropped any and all pretenses for forever young.

To think one can read the inevitability of matters is of course foolish, yet to think that we are not subject to certain matters is also foolish.

The aim must be to please the present while also maintaining it in check to continue that pleasure for as long as possible. Pleasure being emotions, the in-check part being objectivity as we call it, or less informingly, rational thinking of cause and effect.

As such, defi will probably continue to please, but less ecstatically so compared to the summer months, and then at some point presumably the pleasure will be too much to care about much else with nature taking over until it rebalances to more ground level.

Without a low there can’t be a hi, and vice versa. If we look at the flat line in social media innovation for example, it is that flat line itself which is now enraging and people are trying to kick it from below and above so that it moves or maybe even throw it in the bin completely because without a high there is no low and there is no middle, there is instead conceptual nothing.

Therefore, in this unintended philosophical treaties, our suggestion is not to eradicate emotions, but to balance them so that they don’t come prematurely and instead are objectively enjoyed for longer, including in that 3AM, because without those swings there is nothing and if we manage to keep those swings at the very least just below the very extreme, then why on earth shouldn’t we party.

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Pawtocol CEO Karim Quazzani on New to the Street

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Pawtocol is a global online community of pet lovers who are disrupting the pet industry by leveraging blockchain technology while monetizing data about their pets.

Pawtocol

Data is aggregated from IOT devices like our Blockchain Dog Tag, vets and more. Users maintain full control over the data about their pets

Pawtocol CEI(ETN) CEO Karim Quazzani dicusses the latest developments with Jane King on New to the Street

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ABOUT US
Exploring the Block profiles Blockchain Technologies and Companies. Exploring the Block produces multi-part series following the goals and achievements of the companies we follow and invite our audience to track the growth and challenges these companies face. Each series provides personal look at the company through the eyes of the CEO or company executive as they discuss their goals, roots and products with our experienced team of anchors/journalists to provide our viewing audience with who, what, where, when and why about the companies you want to learn about.

New To The Street profiles public companies, advertises and markets their products and services, and provides business news. New To The Street paves the way to the latest financial issues, offering a blend of business and financial services news reporting and in-depth interviews relating to new products, economic analysis and public company profiles. New to the Street is produced by FMW Media Works Corp.

FMW Media
FMW Media Corp. operates one of the longest-running U.S and International sponsored programming T.V. brands “NewToTheStreet,” and its blockchain show “Exploring The Block.” Since 2009, these brands run shows across major U.S. Television networks. These TV platforms reach over 540 million homes both in US and international markets. Developing 2-additional shows “TheBestinNY” and “The Ultimate Listing0”

Source: https://exploringtheblock.com/pawtocol-ceo-karim-quazzani-on-new-to-the-street/

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Nebraska senator introduces bills to allow state banks to custody crypto

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A Nebraska state senator has proposed new crypto-friendly legislation which could see his state become the next regulatory safe haven for FinTech firms.

Sworn in just two weeks ago, Republican Mike Flood today introduced the Transactions in Digital Assets Act and Adopt the Nebraska Financial Innovation Act to the state’s 107th Legislature.

The two bills lay out guidelines for state banks to be able to custody digital assets in addition to creating financial institutions dealing in digital assets for which Nebraska would provide “charter, operation, supervision, and regulation”. The measures would also give local courts the jurisdiction to hear claims “in both law and equity relating to digital assets.”

The proposed legislation will likely move to committee before a general file in the state legislature, where Republican lawmakers currently outnumber Democrats almost two-to-one, 32 to 17.

The proposed bills also aim to address the problem of major banks in the United States discriminating against businesses and individual customers using crypto.

“The rapid innovation of blockchain and digital ledger technology, including the growing use of virtual currency and other digital assets, has resulted in many blockchain innovators and consumers being unable to access secure and reliable banking services, hampering development of blockchain services and products in the marketplace,” states the second bill.

“Many financial institutions in Nebraska and across the United States [refuse] to provide banking services to blockchain innovators and customers and also [refuse] to accept deposits in United States currency obtained from the sale of virtual currency or other digital assets.”

Flood, who previously served as a member and speaker of the Nebraska Legislature until 2013, said he planned to introduce bills intended to make his district a FinTech hub. In a meeting of the Norfolk Chamber of Commerce’s Governmental Affairs Committee last Wednesday, the state senator described cryptocurrency as a market with “great opportunity” for Nebraska.

“This is the future,” said Flood. “To be on the cutting edge of [crypto], I think, is good for us. We need to be a leader in FinTech. We in Norfolk have as much right to this new market as any other place in America.”

Under the 10th amendment to the U.S. Constitution, state laws can often be independent of, or even contradictory to federal laws. One example of this in the crypto space is exchanges such as Binance U.S. having to go state by state to legally make its services available to U.S. residents.

Last July, the Office of the Comptroller of the Currency announced that federally chartered banks would be allowed to provide custody services for cryptocurrency. Though the measures Flood proposed would not be needed for federally chartered banks in Nebraska, the proposals seemingly attempt to extend this benefit to state-chartered banks.

Source: https://cointelegraph.com/news/nebraska-senator-introduces-bills-to-allow-state-banks-to-custody-crypto

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Some institutional investors taking profit as Bitcoin retraces

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A new report from crypto fund provider CoinShares has indicated that some institutional investors have been realizing profits during BTC’s recent consolidation.

CoinShares’ weekly digital asset flows report identifies $85 million in outflows from institutional crypto products this past week, asserting the data suggests “some investors are continuing to take profits after [BTC’s] strong price appreciation.”

The report noted the rising (trade-weighted) U.S. dollar, stating the USD index “is typically inversely correlated to Bitcoin prices,” and could explain why some investors are taking profits at the current levels.

The firm also identified modest outflows from Ethereum-derived investment products, with $3 million leaving the markets.

Despite the profit-taking, institutional inflows remain strong, with $359 million flooded into crypto investment products this week. Institutions still appear almost single-mindedly focused on BTC, with Bitcoin products representing all but 1% of the week’s total capital flows.

CoinShares notes that crypto inflows have returned to their pre-Christmas levels, following the 97% drop over three weeks seen after the holiday break. Daily volumes are currently up more than 450% year-over-year.

Institutional products currently represent 6% of combined Bitcoin volume — down from 14% at the start of the month.

Much has been lately of the growing institutional appetites for crypto, with major global companies recently filling their treasuries with BTC.

After hosting more than 11 million BTC worth of futures trade in 2020, Chicago Mercantile Exchange announced last month that it plans to launch cash-settled Ethereum futures contracts in early February, pending regulatory approval.

On Jan. 20, Ninepoint Partners filed its final prospectus for a Bitcoin Trust conditionally approved by the Toronto Stock Exchange.

Source: https://cointelegraph.com/news/some-institutional-investors-taking-profit-as-bitcoin-retraces

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