Mt. Gox Rehabilitation Plan Deadline Postponed, Yet Again, for Two Months

It’s been over six years, and Mt. Gox creditors are still not any closer to getting their BTC back.

In the Tokyo District Court’s latest announcement, the rehabilitation plan deadline has been postponed, yet again, from Oct. 15, 2020, to December 15, 2020.

Already this deadline has been changed several times, and yet again, they postponed it to two months later, which brings no relief as this could easily be changed again. According to the order,

“The Rehabilitation Trustee is currently formulating the rehabilitation plan, but as there are matters that require closer examination with regard to the rehabilitation plan, it has become necessary to extend the submission deadline for the rehabilitation plan.”

mt gox rehab plan

The cryptocurrency market continues to await the possible release of 150,000 BTC, currently worth over $1.7 billion, to its former users.

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Author: AnTy

Lido to Allow ETH to be Staked on Ethereum 2.0 and Still Participate in DeFi

Ethereum 2.0 is getting ready for first big steps; in the next few weeks, it will begin its transition to proof of stake (PoS) by launching Phase 0 to allow people to stake their ETH.

But it comes with the caveat that the staked ETH will remain unlocked for months or years until transactions are enabled on ETH 2.0. It further means, these stakes ETH, which can only be in the multiple of 32 (worth about $11,850 at the time of writing), can’t be moved, traded, or used as collateral.

To allow people to secure the network through staking and participate in DeFi simultaneously, Lido is launched. Currently, in development, this project is headed by CEO Jordan Fish and CTO Vasiliy Shapovalov, with more details to come over the next few weeks.

This staking solution for Eth 2.0 is built to solve the issue of staked ETH being non-transferable and illiquid.

When using Lido to stake ETH on the Ethereum beacon chain, users will receive a token called bETH, representing ETH on the Ethereum beacon chain on a 1:1 basis.

Staking rewards earned from staked ETH will reflect the user’s ETH balance on the beacon chain, and so will the bETH balances.

“We believe that bETH will be an important base primitive in DeFi, and a foundational building block for the Ethereum money-lego stack,” reads the official announcement.

In this manner, ETH users can earn incentives through staking and simultaneously getting access to additional yield by participating in DeFi protocols.

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Author: AnTy

Ethereum’s Sister Chain Is Getting Hot as Second-Largest Network Becomes a Whale Game

Ethereum’s Sister Chain Is Getting Hot as Second-Largest Network Becomes a Whale Game In the past month. The Ethereum fees have skyrocketed as DeFi protocols and ‘yield farming’ platforms gained extensive popularity. Just this week, the Ethereum network faced congestion of an extreme level never seen before.

On Wednesday, with the launch of the much-anticipated UNI governance token of Uniswap, the second-largest network saw a spike in daily transaction fees. The daily Ethereum’s average fees went as high as $11.61, marking the highest fee hike since the SUSHI saga earlier this month.

What this means is, the network has become almost impossible for small market participants to enjoy. Instead, it has become a whale game.

“While the smaller and less efficient market participants may be struggling, the larger firms that can capitalize on inefficiencies,” said Denis Vinokourov of Bequant.

This has brought the solutions like zk-Rollups and the sister chain of Ethereum xDai in the limelight.

True Defender of Ethereum’s Value Proposition

Gnosis, the prediction market firm, has already moved on to the Ethereum sidechain, xDai, which has been in operation for the last two years.

“To ensure high demand doesn’t mean low adoption, we’ve teamed up with xDai, an Ethereum sidechain designed for fast and inexpensive transactions, providing a developer-friendly environment that retains real-world economic incentives,” said Gnosis in its announcement about the partnership.

Just this week, data privacy and protection platform HOPR, P2P lending & marketplace EthicHub, Sablier, Ethereum-based privacy-focused multi-contract 0xMonero, prediction market Reality Cards, and The Commons Stack have joined Dai.

This proof-of-stake chain enables fast transactions for a minimal amount, just fractions of a penny. With stablecoin DAI as its core currency, the cost involved in these transactions is predictable and not highly volatile. In the case of xDai, users entrust their assets to a multi-sig controlled xDai bridge.

Being EVM compatible means any smart contract or Dapp deployed on Ethereum can also be deployed on xDai with minimal changes.

It is also planning to onboard a fiat-to-crypto option in the next quarter, which means one wouldn’t’ have to interact with Ether at all.

“Ethereum little sister xdaichain is getting hot. XDAI is the true defender of Ethereum’s value proposition before a fully functional ETH 2.0, can easily K.O stuff like BSC (sorry @cz_binance),” tweeted Dovey Wan, founding partner at Primitive Crypto.

ETH 2.0 takes the First Step Towards Launch

ETH 2.0, meanwhile is ready for its first step towards launch after core developer Danny Ryan submitted, a proposal for its critical phase.

Ethereum co-founder and the creator of Cardano meanwhile, found Gasper to be “insecure.” “Discovered a liveness attack on Gasper in the standard synchronous model where messages can be delayed arbitrarily by the adversary up to a known network delay bound….” he said.

Dubbed “Serenity Phase 0,” this proposal is responsible for bringing about the PoS consensus mechanism. The PoS chain called “Beacon Chain” will be built alongside the existing network.

However, it is just the first step of the 6-phase launch extending well into 2022, while Phase 1 is expected to be rolled out next year.

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Author: AnTy

DeFi Growth is Out of Control, Pushing the Centralized Crypto World Behind

DeFi fire is getting bigger and bigger.

The sector has been growing like crazy throughout 2020 but it has been and the last two months has been simply explosive as the total value locked in the protocol went from just $1 billion to surpassing $4 billion.

And now in this month, it has been getting out of control as the TVL that was at $4.188 billion on August 1st has exceeded four big levels in this short span of time.

Currently, TVL on DeFi has reached a record $8.68 billion, as per DeFi Pulse.

And Aave (LEND) is currently dominating the DeFi space which along with Maker, Curve Finance, and Balancer have a market cap of more than $1 billion each. Popular Yearn Finance protocol is not far off followed by Synthetix, Compound, and Uniswap.

DeFi mania also has Binance and FTX offering DeFi futures with leverage to bet on the decentralization. Also, crypto broker Voyager Digital is getting on the DeFi by offering interest payouts on the likes of LINK, KNC, and BAT.

Amidst this, the liquidity on Uniswap more than doubled in the past 24 hours to over $650 million. The volume on the DEX has also risen to $250 million, which is already more than some of the popular centralized exchanges such as Kraken, KuCoin, Gemini, Binance.US, Bitfinex, and Poloniex, as per CoinGecko.

Uniswap is leading in DEX volume, with its 7-day volume reaching for $1.5 billion. Curve, Balance, 0x, and Kyber follow Uniswap but don’t come even close to it.

Monthly DEX Volume Dune Analytics
Source: Dune Analytics

DeFi space is very fast-paced, a lot more than crypto, which works to a great degree faster than the traditional finance.

Every other day, a new project enters the sector.

This time it is Sushi which was launched this week. SushiSwap is the “evolution” of Uniswap that has added community-oriented features, such as Sushi token, to improve the design of the protocol.

Already, the project has more than $357 million locked in it while its token SUSHI, much like any other DeFi token, is trading at $1.19, down 99.3% from its all-time high of $168.9 set just yesterday.

“SUSHI’s liquidity pool is equivalent of approx x2 liquidity of Coinbase on ETHUSD pair. A food item that came online today, now has twice the liquidity of an 8 billion valuation regulation-compliant exchange on the 2nd biggest cryptocurrency,” noted analyst CL.

Another project launched no more than a dozen days before is Meme Protocol, which saw nearly $500,000 locked in just 24 hours. Over 89% of the Uniswap liquidity is locked in this protocol.

Still, according to some, this might be a humble beginning for the DeFi sector which could grow to $5 trillion.

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Author: AnTy

Is it that Time Again? Yes it is! The Market is giving All the Signs that it is an Alt Season

Everything is popping!

Is anyone getting 2017 vibes?

Tis’ the time when gains floweth over.

Today, even bitcoin jumped to $9,480 with $1.2 billion in ‘real’ trading volume.

Now, when it comes to altcoins, even XRP spiked more than 7% to nearly $0.20. And yes, Chainlink (LINK) continues to make new highs every day, the latest one being $6.38.

Cardano (ADA) has started to simmer down after days of pumping while Dogecoin (DOGE) is still going strong after Tik Tok users took it upon themselves to push it to $1, but it is still almost 27,000% off from the target. So, that’s to be seen.

VeChain (VET) is also popping today with 24.3% greens; in the past week, it has been up 125%.

So, why are Altcoins’ Surging?

In 2020 after the March sell-off, cryptocurrencies, including bitcoin, recovered handsomely, but while the world’s leading digital asset entered into a tight range, altcoins took this time to fire off.

For the past couple of months, bitcoin’s dominance has also been chipping off, which has been working in favor of altcoins.

Moreover, as we saw in the second quarter of 2020, the stock market has been growing off the charts as well. This growth was propelled by young investors who were at home during the lockdown with free time, internet, and of course, stimulus money in their hands and apps like Robinhood that charges zero commission at their disposal.

The young generation put their money in the stocks that have the least value, even if they were of bankrupt companies. And now, their attention seems to be on crypto.

Robinhood, however, only has seven cryptos listed viz. Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and Dogecoin (DOGE), and the last one is already being pumped.

This time zoomers had Tik Tok with them to advertise it among their peers and sent the prices mooning.

“Think TikTok will actually become the biggest distribution channel for crypto products,” said Qiao Wang, an independent trader, and startup investor. And if the US bans it, “Then a TikTok copycat will be built and *it* will become the biggest distribution channel.”

This also means, ‘one-man marketing army,’ Tron founder Justin Sun has also found a way to pump his coin.

Does this mean the alt season has officially kicked off?

It looks like it!

But according to analyst Mati Greenspan, “This is more like Alt-Wednesday with a hope of turning into Alt-July,” because “a season implies that it lasts a while.”

But given that “It’s officially “refresh blockfolio every 30 seconds” season,” we are getting signs that say it is an altcoin season.

According to analyst Rekt Capital, over the years, Dogecoin has played an important role in crypto, it either predicts altcoin season or confirms them.

“This time Dogecoin has confirmed Altseason,” he said.

And who doesn’t believe it’s all season, technical analyst Pentoshi has all the checkpoints including soaring Doge price, BTC dominance which has broken a 3-year trend, and the retail on Robinhood and Tik Tok.

Some believe this wildness in the market means Chainlink won’t stop here either; it will only go on to make even new highs.

Amidst this frenzy, trader Crypto Yoda warns about staying vigilant. “Remain cautious about the possibility of BTC suddenly ending this momentum with an impulsive move.”

Meanwhile, Binance CEO, Changpeng Zhao feels, “Not all alts will pump during the next #altszn,” which is “more like 95%.”

“If a project has been around for 3 years but not much to show for, then…A few that have consistently pushed development will thrive,” he said.

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Author: AnTy

Bitcoin Doesn’t Need Mass Institutional Adoption, Just 1% Would Do the Trick

Institutions are increasingly getting interested in bitcoin, about a third of big asset managers currently own bitcoin, revealed a recent survey by Fidelity. Also, just last month, billionaire Paul Tudor Jones divulged that he has about 2% of his portfolio in bitcoin.

These are growing times where people recognize the world’s digital currency as the hedge against inflation, fiat debasement, and unprecedented money printing.

The white whales of cryptocurrency, institutional investors, have “long been considered the most significant barrier between Bitcoin and a multi-trillion dollar market capitalization,” said Messari analyst Ryan Watkins.

In anticipation of their hopeful arrival, firms are investing billions of dollars in building infrastructure to serve them, and partnerships are picking up “as the perfect storm appears to be brewing for investment in Bitcoin.”

According to him, a horde of large institutional investors isn’t necessary to take bitcoin to the moon, just one percent is enough to pump its market capitalization to over $1 trillion and price to $50,000.

Currently, institutions have invested only a small percentage of their assets in bitcoin primarily due to regulatory uncertainty along with hacking, fraud, and unpreparedness of the infrastructure. In his latest analysis, Watkin tested a hypothetical scenario,

“What would inflows from a 1% institutional allocation to bitcoin look like?”

This allocation involved billions of dollars in double and triple digits from endowments & foundations, family offices, sovereign wealth funds, pension funds, and mutual funds.

This much inflow could see an impact of 2x to 25x increase in the price of bitcoin and take the flagship cryptocurrency to a new all-time high of $50,000 and into the trillion market cap category.

But as we saw over the past decade, in which bitcoin has been the best performing asset, there were no institutional investors, and bitcoin has made new highs thrice purely on retail interest.

So, bitcoin may not even need institutions to succeed in the future, and retail is already increasingly jumping in amidst the economic and currency crisis. This coronavirus pandemic, political risks, and fiscal policies will also drive the institutions to it.

Moreover, retail will come rushing back and start FOMOing once the market begins seeing typical BTC moves.

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Author: AnTy

Black Swan Author and Bitcoin Supporter Nassim Nicholas Taleb Closes his Coinbase Account

  • Coinbase users are getting fed up with it and the exchange continues to irk its users by refusing to do better.
  • The US-based cryptocurrency exchange already has been struggling with connective tissues during a period of volatility in the bitcoin market.

In 2020, so far, Coinbase has gone offline several times, the most recent one was the first day of June.

“It’s 2020 and coinbase still goes offline with a 5% Bitcoin move. Meanwhile, they’re the ones holding almost 1 million BTC,” said WhalePanda.

Besides these network issues, Coinbase isn’t helping out its customers either.

Coinbase users calling out the company’s lack of support isn’t anything new but this time, it ended up costing them big.

Nassim Nicholas Taleb, the author of 2007’s “The Black Swan: The Impact of the Highly Improbable” and “Fooled By Randomness” took to Twitter on June 5 to share his displeasure with the exchange.

“@Coinbase What is going on with you? Why don’t you respond to errors?,” called out Taleb adding “Even their account closing page is messed up. Does not respond.”

This initiated a response from the exchange that apologized for the delay and said they’ll be following up “shortly” to his support case.

Coinbase was quick to respond but it was already too late for Talib who replied with, “Too late. Closing account.”

In a separate tweet, Taleb shared that he has been a Coinbase customer for a few months now.

With Coinbase out, other cryptocurrency exchanges took this opportunity to shill their exchanges with Kraken co-founder and CEO Jesse Powell asking Taleb to check out Kraken and “contact me directly if you have any problems.”

Taleb might have quit Coinbase but he isn’t quitting crypto and has been a staunch supporter of them for some time now.

Recently, he advised to “use cryptocurrencies,” after a user posted that the central bank of Lebanon is confiscating all the foreign currency remittances and forcing the money counters to pay their value in their local currency Lira.

Back in 2018, he had said “bitcoin is an excellent idea,” because “it fulfills the needs of the complex system,” and has no owner and no authority and even has a huge advantage over gold in transactions.

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Author: AnTy

OKEx Exchange Launches A Conversion Tool To Convert Crypto Dust to OKB Tokens

OKEx is finally getting its broom service after launching a product to help users convert their small balances, commonly referred to as ‘dust’, into its native exchange coin, OKB.

OKEx launches its own “broom” service

The announcement on Apr. 7 confirmed the exchange launched its “small balances conversion product” that will enable users on the platform to convert “dust” to the OKB token. Users will be able to access the service through their funding account from the “My Account” settings menu and selecting the “Convert Small Balances to OKB” button.

This is a similar platform to Binance’s conversion of small balances to BNB, its native exchange token, which CZ, Binance CEO referred to as a “broom”.

Dust refers to balances below 0.001 BTC (~7.20 USD, as of press time) across all currencies and no limit to the number of conversions to OKB. Given the volatile nature of BTC and crypto, the conversions will only take place when the price ranges below 5%.

NOTE: Suspended transactions and delisted digital assets cannot exchange.

OKEx recent developments in the industry

This is the latest of developments the exchange is celebrating over the first quarter of the year. The exchange grew to become the largest Bitcoin Futures exchange in trade volume, introduced a new C2C loan feature on their platform, and also launched its own decentralized exchange.

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Author: Lujan Odera

Sweden’s Riksbank Launches Its Central Bank Digital Currency (e-Krona) Testing

Sweden is getting closer and closer to issuing its own central bank digital currency (CBDC), as it already started testing the e-krona.

The pilot program for the new digital currency is supposed to last for a year and thus, to end in February 2021. It’s not yet clear when the e-krona will be launched and made available to the public, but one thing’s for sure: a blockchain-based currency would improve the banking activities and payments in the country. Therefore, credit cards would no longer be swiped as transactions would be moved to the blockchain and no longer use fiat currencies.

Sweden Is Definitely Not Late

After the Bahamas, Sweden is the second country to reveal its plans about working on a national cryptocurrency. In December 2019, the Bahamas launched a CBDC pilot program that’s expected to be rolled out during 2020’s second half. While China has also talked a lot about the development of its own CBDC, it seems things aren’t as serious as in Sweden or the Bahamas. It doesn’t come as a surprise that Sweden wants the e-krona seeing the country almost no longer use cash anymore.

Riksbank to Analyze the Implementation of the E-Krona

Riksbank will analyze whether Sweden is ready or not to implement a CBDC in an efficient manner. The consultancy firm developing the e-krona is called Accenture. Preliminary tests in sandbox testnet are already being run by this company. 80% out of all payments in the country are being made through other means rather than cash.

This means the implementation of a CBDC will be an easy process for the Swedish citizens who are already used to not having money on them, not to mention the transition from credit and debit card payments to a digital currency is simpler. Germany, for example, would most likely have a problem implementing a CDBC, seeing German people are still using cash to make most of their payments.

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Author: Oana Ularu

China Regulators Issue ‘Serious Warning’ On CryptoCurrencies; We Support Blockchain, Not Crypto

China is once again getting worried about the expansion of cryptocurrencies. Regulators have requested authorities to prevent the use of digital currencies by individuals in the country. This is according to a recently released announcement by the China Securities Regulatory Commission (CSRC). In this report, they talk about the risks related to cryptocurrencies and their influence in the financial market.

Chinese Authorities Worried About Crypto Expansion

In the aforementioned announcement, crypto trading activities, digital currency mortgage provision, and other services are a risk for the economy. At the same time, the expansion of crypto assets violates regulations established by the People’s Bank of China (PBoC).

Regulators in Beijing have already called local authorities to combat and fight against these activities that are expanding in the market. China has mostly been against digital assets and their different use cases. Back in 2017, China banned cryptocurrency trading activities causing the whole market to drop.

In addition to that, the Chinese government stated that individuals and institutions cannot be involved in the sale of cryptocurrencies nor invest in them. Users and companies cannot perform transactions or trade digital currencies.

Other countries such as South Korea have also decided to ban Initial Coin Offerings (ICOs) as well. This has also affected the whole ecosystem at the end of 2017 when blockchain projects were expanding in the space.

Despite China’s negative stance towards digital assets and the industry, the government has shown interest in distributed ledger technology (DLT) and how it could be used to improve the economy and its efficiency. However, they stated at that time that their support to blockchain technology shouldn’t be considered an endorsement to cryptocurrencies.

Some reports were also suggesting that miners could also be affected by a government ban. Regarding this issue, a finalized version of the list of industrial activities that the country was planning to eliminate shows that banning Bitcoin mining was not included in their plans.

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Author: Carl T