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Saturday Sats: Saturday Sats: Goldman, Yearn, and Ledger

Republished by Plato

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Please share and grow the BitPinas community.

Good morning. We highlight three important stories of the last 24 hours: an about face from Goldman, Yearn founder’s rant, and the continued disastrous after-shocks of the Ledger database hack.

Welcome to Saturday Sats, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 16, 2021:

Bitcoin $36,788 -6.23%
Ethereum $1,171.86 -3.7%
Tether $1.00 1.01%
Polkadot $13.20 -8.27%
XRP $0.280337 -5.28%
SLP $0.012 -7.69%

Bitcoin closed January 15, 2021, at $36,788 per BTC. We’re down 9% in the last 7 days and up 35% since the year began. This is 12.28% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $730,651,308,099 which is 67.65% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,077,570,167,161.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

Corporate

Goldman Sachs to enter crypto market ‘soon’ via custody play: source

A source inside Goldman Sachs has told Ian Allison of Coindesk that it will soon explore digital asset custody and that this plan would be “evident soon.”

The source said this is part of Goldman’s underlying strategy citing the recent missives from the U.S. Office of the Comptroller of the Currency. Goldman, apparently, is talking to JPMorgan, Goldman, and Citi regarding crypto custody.

Why not crypto prime brokerage? The Goldman source said it’s because Anchorage, BitGo, and Coinbase already have big plans in that space so they do not look to duplicate those.

This is significant, considering that in May 2020, just after the Bitcoin halving, Goldman’s analysts said cryptocurrencies are not an asset class, saying “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”

At that time, Bitcoin was around $10,000. The dominant cryptocurrency almost reached $42,000 last week.

Opinions change.

Ripple Effect

Kraken to halt XRP trading

“Given the recent SEC filing against Ripple Labs Inc., we are halting XRP trading for U.S. residents no later than January 29, 2021 at 5pm PT (January 30, 2021 at 1:00 UTC). We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day.”  (Kraken Post)

DeFi 

DeFi founders empathize with Cronje’s “Rant”

Yearn Finance founder continued his rant about why building in DeFi sucks. According to him:

  • “Your value is only as good as your token, token go up? You built an amazing protocol, it’s the future of finance, blah blah. Token goes down? You are a scammer, fake project, bad coder, blah blah,”
  • Your success belongs to your “community”, but your failure is 100% your own. Token goes up in value? No one is going to be giving profits to you or thanking you for their profits. Some exploit occurs? You are 100% to blame and need to refund or figure out ways to make them whole again. You have 0% of the reward, 100% of the risk.
  • When I decided to distribute YFI 100% it was because I believed it would allow me to exit to the community. However, I am still blamed if the price goes down, I am still constantly plagued by “when next release”, “when update”, etc messages. I still have all the responsibility and expectation, except I have 0 of the reward or upside. Don’t do this, I was an idiot.

Check Andre’s post here.

Owen Fernau from The Defiant wrote about other DeFi founders sympathizing with Andre and or offering possible solutions or alternatives.

  • Kain Warwick, Synthetix: “You are always going to have pressure from stakeholders. It’s important to filter it though. And one of the best ways is establishing good community norms early.”
  • Stani Kulechov, Aave on funding alternatives: “DeFi community should look more into DAICOs, a model that Vitalik Buterin proposed where the governance goes directly to the community without unfair advantage where whales are receiving free tokens.”

Byh the way, there’s a proposal to 1000 more YFI tokens. The current max supply of YFI is 30,000 tokens. This new proposal andthe ensuing community discussion appears to be the motivation for the “rant”

Ledger

Ledger users continue to get phishing phone calls, threats after database leak

Ever since it was revealed that Ledger’s customer database was leaked, these users have received phishing emails, threats to their lives and their families, and now phishing phone calls. To say that this massive data breach is unprecedented is actually an understatement. It is disastrous, more than to Ledger’s reputation, but to the lives of these customers as well.  

We have articles on how to stay away from scams here in BitPinas, and here’s another excellent one

#CryptoPH

Colin Goltra’s Year in Review

“Overall, I think I am just more excited about the home grown PH crypto scene really coming into its own this cycle and having a much more collaborative tone than in prior bull market years.  It’s a great community and I think it can do a great job spreading the word about crypto throughout the Philippines.” 

Check out Colin’s Year in Review here.

What else is happening

  • Cryptocurrencies face greater oversight under Gensler-led U.S. SEC (Olga Kharif, Bloomberg)
  • Big institutions are only interested in bitcoin, says NYDIG CEO (Frank Chapparo, The Block)
  • On inflation, treasuries, incentive alignment, and fair launches in DeFi (Ryan Watkins, Messari)

This article is published on BitPinas: Saturday Sats: Goldman, Yearn, and Ledger

Please share and grow the BitPinas community.

Source: https://bitpinas.com/price-analysis/saturday-sats-saturday-sats-goldman-yearn-and-ledger/

Blockchain

TRON’s First Cross-Chain Prediction Market Comes Through a Partnership with Prosper

Republished by Plato

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The popular blockchain project TRON will introduce the DLT-agnostic prediction market Prosper to its ecosystem. TRON users and TRX holders will be able to provide liquidity and enhance the success-rate of the prediction market solution.

TRON Teams Up With Prosper

Justin Sun’s TRON announced its latest partnership in a press release shared with CryptoPotato earlier today. It informed that the two blockchain projects have teamed up to address some of the issues related to decentralized prediction markets.

Such tools have been active for a while, but the statement highlighted the lack of sufficient liquidity as a major hurdle on their way to receive mass adoption. This comes mostly because each prediction market “has traditionally been segregated to a single chain,” and not enough users could provide the necessary liquidity to produce accurate predictions.

Prosper works similarly – the higher the liquidity is, meaning more users are involved, the more “predictions are made, leading to a more accurate and robust prediction outcome based on greater collective insight from the crowd.”

Furthermore, Prosper operates a cross-chain platform, which enables it to aggregate liquidity into its platform regardless of the user’s access point.

With the introduction of TRX, one of the largest digital assets by market cap, TRON and Prosper expect a surge in the liquidity to the underlying pool. Additionally, the integration will enable users to receive access to new applications that could impact their investment strategies and potential earnings.

The statement also touched upon a free insurance pool provided by Prosper. It allows the platform to repay any funds stolen from hacks from an emergency fund that is automatically set aside.

This partnership with TRON is an extension of Prosper’s efforts to collaborate with the biggest players of the DeFi world.” – said Iva Wisher, co-founder of Prosper.

TRON Aims at Ethereum

The announcement further explained that TRON is currently “working to create a competing DeFi ecosystem that rivals its counterparts while allowing for inexpensive transactions, creating a win-win situation for platform users.”

The PR outlined Ethereum’s major role in the space but touched upon its scaling issues, which have caused significant transaction delays and high gas costs.

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Source: https://cryptopotato.com/trons-first-cross-chain-prediction-market-comes-through-a-partnership-with-prosper/

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Blockchain

XRP, Polkadot, Cosmos Price Analysis: 03 March

Republished by Plato

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At the time of writing, bullish movements were underway across the crypto-market, with the same precipitated by Bitcoin’s foray above the $50,000-mark. Thanks to BTC’s movement and owing to the correlation shared by the market’s alts with the world’s largest cryptocurrency, the likes of Polkadot, XRP, and Cosmos were all rallying. At press time, however, their daily charts were yet to register more than a minor uptick in price trend.

XRP

Source: XRP/USD on TradingView

Once one of the mainstays of the market top-five, XRP, at the time of writing, was ranked 7th on CoinMarketCap’s charts. Thanks to its own topsy-turvy price performance over the last few months and the performances of altcoins such as Polkadot and Cardano, the crypto is no longer among the market’s top-five.

Like the rest of the market, XRP too bore the brunt of corrections after Bitcoin dropped below $50,000. In fact, the altcoin fell by over 25% in a 5-day period.

Over the last three days, however, the cryptocurrency seemed to be gaining some bullish momentum. In fact, on the hourly charts, XRP’s hike was observed to be even more significant. However, at the time of writing, it was still difficult to predict whether the crypto would be able to sustain its movement north.

On the contrary, XRP’s indicators continued to flash bearish signals as while the Parabolic SAR’s dotted markers were well above the price candles, the Awesome Oscillator was still noting negative market momentum.

With the legal status of XRP still up for debate in the United States, it is difficult to ascertain what the future has in store for the altcoin.

Polkadot [DOT]

Source: DOT/USD on TradingView

One of the cryptos to have replaced XRP on the rankings, the last few weeks and months have been great for Polkadot, with the altcoin registering its ATH just a few weeks back. However, like most alts, it too dropped dramatically on the charts after BTC’s depreciation, with the crypto falling by 17%.

Curiously, since then, DOT has been on an impressive uptrend, with the alt up by over 22% in the last 7 days. With the rest of the market pumping at press time, it seemed likely that these gains would be pushed even higher.

While the width of the Bollinger Bands suggested some degree of near-term price volatility, the Relative Strength Index was nearing the overbought zone. Here, it’s worth noting that XRP’s price has corrected itself the last two times the RSI has climbed into the said zone.

The project made headlines recently after a Polkadot-based platform raised $1.6M in funding from venture capitalists.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

ATOM’s price movements shared more similarities with the likes of XRP, than Polkadot, with the altcoin also gaining on the charts only recently. In the last 7 days alone, ATOM has climbed by 12%. However, the said hike did come on the back of a 16% depreciation. While the altcoin’s market was trending upwards at the time of writing, it is worth noting that ATOM’s indicators on the daily timeframe were yet to underline any bullishness.

While the MACD line was under the Signal line, despite the bearish momentum falling on the histogram, the Chaikin Money Flow was heading south. If these indicators reverse course in the near-term, a trend reversal can be expected soon.


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Source: https://ambcrypto.com/xrp-polkadot-cosmos-price-analysis-03-march

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Blockchain

Bitfinex launches Bitfinex Pay for merchants to accept payments in ETH, BTC

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Crypto exchange Bitfinex launched a payment widget dubbed Bitfinex Pay that will aim to provide online merchants with a means of receiving “seamless” digital token payments.

Merchants can integrate the payment technology onto a website facilitating e-payments. Users will have the option to pay with various cryptocurrencies which include Ethereum (ETH), Bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether (USDt) via Ethereum or Tron. 

Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex. The value of payments is capped at $1,000. 

Furthermore, customers will not have to pay any processing fees for using Bitfinex Pay. However, transaction fees incurred on the relevant blockchain will be borne by online merchants and their customers.

In a release shared with AMBCrypto CTO at Bitfinex Paolo Ardoino said: 

Bitfinex Pay enables merchants to be easily equipped to support crypto payments as increasing numbers of consumers become more comfortable with paying for goods and services using digital tokens.

“Eligible” merchants who choose to integrate the widget on their websites will first need to register and verify their Bitfinex account to at least the intermediate level and apply for merchant verification. Merchants can create a sub-account on verification. 


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Source: https://ambcrypto.com/bitfinex-launches-bitfinex-pay-for-merchants-to-accept-payments-in-eth-btc

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