FTX CEO Sam Bankman-Fried’s Almeda Continues to Short YFI, Now Adds ETH & LINK Too

Almeda’s Quant trading firm is now onto shorting the center of DeFi Ethereum, DeFi darling YFI, and the top DeFi cryptocurrency LINK.

The platform has investments in some of the top DeFi tokens, including WBTC, REN, BAL, COMP, SNX, NXM, and others.

But for now, they are short on ETH, LINK, and YFI.

Shorting YFI makes the most sense out of the three here, given all that is going around it. After what looked like a bottom last week, this popular DeFi token is back to sliding south. Recently, rumors were floating around of its creator Andre Cronje quitting the project, as even conveyed by the founder to a media publication himself only to deny it all on Twitter. He wrote,

“Still here. Still building. Nothing has changed. Anyone that says otherwise fuck off. I’m just done tweeting and being on social media.”

So, for right now, it just means Almeda sees YFI price declining, as Sam said YFI “have great builders — and might come roaring back if/when Andre builds cool shit that’s less yield farming related.”

The second-largest cryptocurrency, Ethereum, meanwhile, is currently trading at around $385, down nearly 1.25% in the past month but still holding onto a 192% return YTD.

LINK has moved back above $11.25 after experiencing huge losses -62.5% since hitting its peak in mid-August. The 7th largest crypto seems to have found its bottom around $7.5 in late Sept.

“Alameda is short ETH, LINK, and YFI in size. Let’s blow them up,” said trader and economist Alex Kruger.

As we reported last week, when the crypto twitter came to know that FTX CEO Sam Bankman-Fried’s Almeda is short on YFI, CRV, and UNI, some weren’t happy to see the company not feeling bullish around their favorite tokens.

Meanwhile, some think of it as a catalyst to the DeFi bottom, a move that will accelerate the downward momentum and get the winter down and over with so that the tokens can start its journey upwards again.

Among the tokens shorted by the trading company previously, CRV has lost 99% of its value while UNI and YFI are down 60% and 63% % from their ATH, respectively.

At that time, over the community’s vocal disappointment of Almeda – “a team of traders,” shorting the DeFi tokens, Sam took to Twitter to clarify that his focus is FTX and Serum, and not Almeda. However, he is “involved in larger investments,” there. He said,

“We naturally get long crypto: from FTT, and SRM, and all of our investments,” and “short the things that are less exciting.”

According to him, yield farming is a “bubble,” and “as is much of DeFi, and most of NFTs right now.”

“I’m not bullish on ETH-based DeFi as it exists: it just doesn’t scale, and that’s fatal. But that doesn’t mean future DeFi won’t be huge!”

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Author: AnTy

Chinese Investors Turn to Yield Farming Despite The Recent Crash of DeFi Token Prices

Chinese investors are jumping onto decentralized finance (DeFi) despite the recent collapse in crypto markets. In an observation first published on Twitter by Chinese journalist Colin Wu, Chinese crypto exchanges are facing a log-jam of withdrawals as users rush to invest in DeFi tokens.

Over the past few weeks, searches for the word “DeFi” have skyrocketed on the popular Chinese messaging app, WeChat, reaching a high of 900k searches on September 7th. The increase in anticipation and demand for these tokens arises from the supernormal growth and APY returns offered by farming protocols, a trend Wu believes will continue in the future.

Wu also reported a shrinking liquidity pool on local crypto exchanges as investors withdraw large amounts of crypto to cycle them into DeFi. The withdrawals caused several exchanges to shut down operations to prevent a bank run on their liquidity pools.

The Chinese crypto community has since responded to exchanges locking them out of their fund’s launching, a “coin withdrawal campaign.” The campaign calls on all investors from troubled centralized crypto exchanges to withdraw their tokens and “delete their trading accounts.”

Data shows the reserves of crypto exchanges present in China have been depleted with the rise of decentralized finance. Following a massive bull run on the majority of “farming tokens,” the recent slowdown in price has seen Chinese investors rush to fill their bags with ETH in preparation for the net mega bull run. Colin Wu wrote on Twitter,

“[…]The recent sharp drop in the price of ETH, many users buy bottoms on exchanges and then transfer to DEX for farming. The stock of ETH and other farm cryptos on the exchange is falling frantically.”

According to Wu, these exchanges are being forced to list these DeFi farming tokens to keep the investors on their platforms and prevent the move to DEXs.

The DeFi ecosystem has a total locked value (TVL) of $7.7 billion, falling from an all-time high of $9.5 billion recorded earlier in September, according to DeFi Pulse. The DeFi ecosystem started off the year with a TVL of $674 million, experiencing over 9X growth in the past nine months or so. With Chinese investors getting into the ring, the DeFi space could be set for another soar in the near future.

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Author: Lujan Odera

Bitcoin, Ethereum, DogeCoin, Lightning Network’s Code to be Buried Under Arctic Ice

The Bitcoin codebase snapshot will be encoded onto film and afterwards be stored for 1,000 years under ice, in Svalbard, Norway.

The move is included in the GitHuB Archive Program, which aims to preserve open-source software for the future generations to study it. GitHub closed partnerships with the Oxford University’s Bodleian Library, the Arctic World Archive (AWA) and the Software Heritage Foundation to make sure the code repositories are preserved for a very long time instead of getting lost or being abandoned.

A Pace Layers Strategy for the Program

The storage strategy adopted by the program is one of pace layers, which can maximize durability and flexibility. The most active layer, also called the hot one, involves replicating data to many data centers from all over the world while keeping it available in real-time and live. Solutions like the Internet Archive’s Wayback Machine are included in the warm layers and comprise of updating archived copies either monthly or annually, for all the multiple storing locations.

When it comes to the cold layers, AWA is one of them. The cold layers need to be updated once every 5 or perhaps more years. In February, a snapshot of each of GitHub’s repositories was taken for storage. Data will be encoded on film reels by the Norwegian company Piql, and stored by AWA 250 meters under the arctic ice, in the Arctic Code Vault.

There Will Be Backups Too

The film reels will have duplicates, the Bitcoin codebase included, which will be kept at the Bodleian Library in Oxford. The program aims to archive for 10,000 years the existent public repositories. Microsoft’s Project Silica is involved too. Quartz glass platters with femtosecond lasers are going to be used for storage.

The more things in the crypto industry become open and transparent, the more projects in this sector are open source and most of the time released on GitHub. Creating a long-term archive of the code involved in crypto will prevent the loss of technologies and give historians something to work with in the future.

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Author: Oana Ularu

Bittrex Global Rolls Out Ability To Buy Crypto With Credit Cards and Referral Program

Bittrex just made the announcement that it has introduced new features onto its platform, such as credit card support, mobile app upgrades and a referral program.

Bittrex Global users from the UK, France, the Netherlands and Germany will be offered the credit card support, while the exchange is trying to expand to users from all over the world. When it comes to the mobile app users, these will soon have the option of placing conditional trade orders like risk management stop-limit orders.

The Commission Price Structure Not Yet Disclosed

In spite of talking about the new share trading fees referral program, Bittrex didn’t mention anything about its program’s price structure for commissions. The company’s COO, Stephen Stonber, said the exchange has plans to launch some new features in the following months. Here are his exact words about this:

“We are continually working on ways to provide a better experience for users. An enhanced mobile trading experience is one of our top priorities and creating this new credit card gateway is an important way of lowering the barriers to digital asset trading for new and existing customers alike. These features are the first of many we have planned that will underline Bittrex Global’s ambition to provide the best and most secure platform for digital trading.”

Partner Biteeu Announces the Launch of Australian Exchange

The Bittrex-powered and Estonia-based company Biteeu also made the announcement of an Australian exchange launch. Biteeu is at the moment registered as a crypto exchange provider with the Australian Transaction Reports and Analysis Centre (AUSTRAC). It provides exposure to over 70 cryptocurrencies present on the market in Australia. Biteeu crypto purchases can be made through wire transfers or debit card in Australian dollars.

Bittrex’s Trading Volume Declined

Ever since the 2017’s high bull run, Bittrex’s share of crypto trading volume has continuously declined. As reported by CryptoQuant, the exchange attracted 40% cryptocurrency inflows of the entire market. Since February, the inflows are under 10%, whereas the Bittrex’s Bitcoin (BTC) inflows decreased from 88% to 2%. Currently, the exchange has a $45.6 million 24-hour volume, occupying the 90th place in the crypto exchanges top of exchanges with the largest trade activity.

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Author: Oana Ularu

Malaysia’s Biggest Crypto Exchange Luno Set to List Ripple’s XRP

London based crypto exchange Luno is expected to list XRP token onto its platform. The exchange aims to make the XRP tokens available to Malaysians either in December 2019 or early 2020. Luno was recently relaunched in Malaysia at the end of October this year.

Ripple (XRP), which is a real-time gross settlement system and currency exchange network known for its use in cross-border payments, has been looking to build a larger scheme around the coin and over the last few years the idea has seemed to crystallize. Luno has since noticed XRP’s potential and wants to bring the token to Malaysia. The firm’s head of Asia Vijay Ayyar cited,

“What we can say at this time is that we are planning to increase our cryptocurrency offerings as we grow, while keeping customer’s safety and compliance with regulations as our highest priority.”

He continued to say that while Luno would be widely expanding its crypto offerings, it would also be sure to maintain all ethical standards to customers. The ethical standards include ensuring customer’s data safety and complying with rules and regulations. Luno’s South-East General Manager, David Low believes that the ever-growing demand for Ripple’s XRP would be partially met by the Luno listing. Mr. Low explained,

“Ripple also has a remittance use case which we are excited about. That’s why we want to introduce it to Malaysians, as it allows people on the platform to access and learn about it, and figure out new ways to use this technology for their benefits.”

An exclusive interview with the Malaysian Reserve (TMR) revealed that the Securities Commission has already approved Ripple and that Luno will be bringing the cryptocurrency onboard the exchange sometime this December or early next year. This has allowed the company to once again step on the country’s turf. Due to forward looking regulations and high banking rates, Luno is expected to be one of the largest markets in Malaysia.

XRP was created by Ripple Labs Inc., a U.S based currency exchange founded back in 2012. After Ethereum (ETH) and Bitcoin (BTC), XRP has the third largest market capitalization of US$9.2billion.

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Author: Lujan Odera

Liechtenstein Regulator Grants Approval To German-Startup Neufund For Token Offerings

Neufund, the Fintech startup based in Germany, starts launching public offerings onto its equity platform (which is a tokenized one) after getting clearance from an economic regulator in Liechtenstein.

On Monday (today), the startup announced the tokenized equity’s retail-grade offerings to the general public.

The CEO and co-founder of NZA (Neufund Zoe Adamovicz) affirmed that after clearance from Liechtenstein’s financial authority, the company is supplying on its pledge to equalize approach to support businesspeople all over the world, with smallest sizes of the ticket as 10 euro.

Adamovicz states that it is an excellent day for Neufund as well as for finance and business world.

It’s worth noting that the investors from the USA will need to be approved to participate. In contrast to other tokenized offerings such as an ICO (initial coin offering), Neufund’s product is designed to be a legally binding asset in the company.

The initial public retail offering being started is for a platform that’s an electric mobility one. The platform is dubbed as Greyp. As per the official confirmation from Neufund, till today, $16 million has been  processed using the platform to date.

Being among the most diligent members of the Ethereum network, Neufund is prospering the codebase from 2016. Neufund is also a partner of well-known hardware crypto wallet Ledger.

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Author: Ali Qamar