Hell Yes, I Bitcoin

[Foxx]

 

 

'Atomic Settlement' — New York Fed Completes First Phase of Digital Dollar Experiment Called 'Project Cedar'

Quote

The Federal Reserve Bank of New York has published findings stemming from an experiment dubbed “Project Cedar,” a protocol that uses a wholesale digital dollar in order to improve financial transactions. Michelle Neal, head of the bank’s Markets Group remarked on Friday that the research “indicated that settlement could occur in fewer than 10 seconds on average and that horizontal scaling was possible.” ...

 

... On Nov. 4, 2022, the Federal Reserve’s New York branch published a report called “Project Cedar: Phase One,” which discusses a wholesale central bank digital currency (WCBDC). The New York Fed’s Markets Group lead, Michelle Neal, further told the press that the WCBDC’s transactions resulted in “instant and atomic settlement.”

The Project Cedar phase I prototype is a “permissioned blockchain network” that utilizes Bitcoin’s Unspent Transaction Output (UTXO) transaction model, and the software is developed in the programming language Rust. ...

 

[Foxx]

Another testbed

 

[Foxx]

A run on Binance?

 

[Foxx]

That's right, unknowingly or not, you gave your assets to the custodian.

 

[Foxx]

...

 

[Foxx]

43%

 

[Foxx]

A cautionary tale.

 

Thread

 

[Foxx]

CZ is a crook like all the rest of them.

 

[Foxx]

Ark

 

[Foxx]

BlockFi's bankruptcy is going to have problems now.

 

[Foxx]

And in related news...

 

Got Bitcoin?

 

[Foxx]

In a filing against Binance, CFTC recognizes Litecoin as a commodity.

 

[Foxx]

On 3/19/2023 at 6:24 PM, Foxx said:

And in related news...

 

Got Bitcoin?

 

Slight pull back this morning which is good.

 

[Jauronimo]

Blackrock is gaining traction in their bid for the first approved crypto ETF.  The SEC has rejected all applications for crypto ETFs citing a number of arguments the most compelling of which, in my opinion, is crypto exchanges are not regulated.  But Blackrock has a long history of successfully navigating the SEC and obtaining approval.

 

https://www.cnbc.com/2023/06/29/fidelity-joins-the-rush-for-a-bitcoin-etf-following-blackrock-ark-invest-and-others.html

https://www.ft.com/content/1886c3a3-3fb8-411a-b95a-e4667de560d1

 

This is potentially big for the crypto world and opens the door for many investors who want exposure to crypto without dealing with the complication of owning coin and private keys.  Its also very good news for me since I hold a little bit of Grayscale Bitcoin Trust which filed for ETF conversion years ago and has been suing the SEC.  GBTC trades at a discount to net asset value (NAV) of about 30% as of yesterday.  It was closer to 50% when I last bought.  Which means that actual bitcoin held by Grayscale is worth 30% more than a share of GBTC.  Conversion to an ETF would immediately result in a rise to market value.  See the link below for discussion of closed end funds and why they can trade at either a premium or discount relative to the value of the actual assets held.

 

https://grayscale.com/qa-what-converting-gbtc-to-an-etf-would-mean/

 

This is an arbitrage play on successful ETF conversion.  Based on all the activity I think theres a decent chance the SEC approves crypto ETFs.  

 

Graycsale Ethereum trades at a 50% discount to NAV.  I'm also looking at Grayscale Litecoin.

[Jauronimo]

17 hours ago, Jauronimo said:

Blackrock is gaining traction in their bid for the first approved crypto ETF.  The SEC has rejected all applications for crypto ETFs citing a number of arguments the most compelling of which, in my opinion, is crypto exchanges are not regulated.  But Blackrock has a long history of successfully navigating the SEC and obtaining approval.

 

https://www.cnbc.com/2023/06/29/fidelity-joins-the-rush-for-a-bitcoin-etf-following-blackrock-ark-invest-and-others.html

https://www.ft.com/content/1886c3a3-3fb8-411a-b95a-e4667de560d1

 

This is potentially big for the crypto world and opens the door for many investors who want exposure to crypto without dealing with the complication of owning coin and private keys.  Its also very good news for me since I hold a little bit of Grayscale Bitcoin Trust which filed for ETF conversion years ago and has been suing the SEC.  GBTC trades at a discount to net asset value (NAV) of about 30% as of yesterday.  It was closer to 50% when I last bought.  Which means that actual bitcoin held by Grayscale is worth 30% more than a share of GBTC.  Conversion to an ETF would immediately result in a rise to market value.  See the link below for discussion of closed end funds and why they can trade at either a premium or discount relative to the value of the actual assets held.

 

https://grayscale.com/qa-what-converting-gbtc-to-an-etf-would-mean/

 

This is an arbitrage play on successful ETF conversion.  Based on all the activity I think theres a decent chance the SEC approves crypto ETFs.  

 

Graycsale Ethereum trades at a 50% discount to NAV.  I'm also looking at Grayscale Litecoin.

https://www.wsj.com/articles/sec-says-spot-bitcoin-etf-filings-are-inadequate-390336e8?mod=hp_lead_pos1

 

That did not take long.  They could have at least waited until monday to blow up this post.  Dick move, SEC.

[Foxx]

Retail, Institutional...

 

BTC up 7.6% as of this post.

[Foxx]

Wow

 

[Foxx]

Watch the Ethereum markets...

 

[Foxx]

Wow!

 

[Foxx]

Will BTC ETF be approved tomorrow?