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Bitcoin and the damn electricity…..

October 5, 2021

Yesterday afternoon, a crew of workers descended upon the Arc de Triomphe– one of the most famous landmarks in Paris–to begin dismantling a piece of art.

Bitcoin and the electricity

Bitcoin and the electricity

The Arc de Triomphe has been fully wrapped in more than 250,000 square feet of silvery-blue plastic for the past three weeks, a sort of ‘life art’ first imagined decades ago by a Bulgarian-born artist named Christo Javacheff.

He called it “L’Arc de Triomphe, Wrapped.”

Now, I like art as much as the next guy. But it certainly makes me wonder how much time and how many resources went into this work.

The fabric itself had to be manufactured, which took natural resources and electricity. It had to be transported. It had to be installed. Work crews had to consume fuel going to and from the job site.

Now it will take them another three weeks of work to dismantle it. And the fabric will have to be recycled, which itself consumes a significant amount of energy.

In total that seems like quite a lot of resources expended, simply for the sake of covering a landmark with some fabric.

I raise this point as a counter-example to the constant criticism of cryptocurrency. The consensus algorithms for certain coins (including Bitcoin) require significant computing power to secure the blockchain.

And this computing power requires electricity. Lots of it.

In fact the amount of electricity consumed by Bitcoin miners is often compared to the entire electrical consumption of a small country, like Belgium or Sweden.

This is what the headlines usually say, something like “Bitcoin uses more electricity than Many Countries” (which was an actual headline from the New York Times last month).

Headlines like this are designed to spark fury and outrage by readers. But as is nearly always the case, the journalists fail to provide the full truth, or proper context.

It’s true that Bitcoin requires vast amounts of electricity. That’s the ‘cost’, so to speak. The reports never talk about the benefit. But let’s come back to that.

Think about “L’arc de Triomphe, Wrapped” again. Consider all the resources that went into creating it– the electricity, fossil fuels, etc. And then all the resources into dismantling it. All for an exhibit that was only on display for three weeks.

Was the benefit really worth the cost?

Consider bigger examples, like big tech companies. Facebook alone is responsible for more electrical consumption than 2/3 of the world’s countries.

Plus, the company boasts billions of active users averaging hours and hours each day scrolling infinitely through butt selfies laden with pithy maxims about life and success.

Try to imagine the magnitude of electricity wasted on the consumption of Instagram.

What about Netflix, and all the vast resources (including electricity) that go into delivering our evening’s entertainment?

What about pornography? Some of the larger Internet porn sites alone consume more electricity than entire countries.

It’s interesting how little criticism there is about any of these examples.

No one batted an eyelash when an artist wanted to squander a bunch of resources covering an already beautiful structure.

No one cares how much electricity these big companies consume… because so many people like the product.

And as far as I can tell, The New York Times has never published a story about how much electricity is used so that its subscribers can read The New York Times.

No. This environmental vitriol is reserved exclusively for Bitcoin.

Even Elon Musk has criticized Bitcoin because of its electrical consumption. Though just this morning he Tweeted some dog image related to the ‘Shiba Inu’ coin, whose algorithm still consumes plenty of electricity. So who knows where he stands.

It doesn’t matter that plenty of other industries, sectors, businesses, and institutions use vast amounts of resources in producing their goods and services.

There are always costs. Bitcoin has costs. But any sensible analysis should weigh the costs against the benefits. And Bitcoin (i.e. cryptocurrency in general) has vast benefits.

Crypto represents a new financial system– one that is completely transparent and available to anyone with a mobile device.

By comparison, our current financial system is dominated by central bankers who engineer (and then ignore) inflation, and by large commercial banks who routinely cheat their customers.

Think about the cost of this system. And not just the electricity cost of keeping all of those banks going; what is the human cost in terms of the economic inequality and suffering caused by our paper money system?

Cryptocurrency still has significant flaws, but it’s improving all the time (unlike our current financial system which hasn’t seen any real innovation in decades).

The cost is significant. But it’s far more beneficial than wrapping the Arc de Triomphe in 250,000 square feet of fabric… or most of the other things that gobble up natural resources and consume tons of electricity.

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So, Bitcoin in correction mode?

Again the coin sector crashed after a concerted bad mouthing action started by Elon Musk, followed by Warren Buffet, etc.

bitcoinDo not lose faith! The destruction of fiat can only lead to higher coin prices, in the long run.

We are feverishly finishing off our exchange project CME (Crypto Master Exchange), which will feature the following:

  • instant exchanges between the major crypto currencies and fiat
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  • loans against crypto collateral
  • visa card drawing on your coins
  • all done with license, offshore subsidiaries to keep you tax free

Please sign up here, so we can inform you once our service is available:

Waitlist CME coin buster

 

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Scan the QR code or copy the address below into your wallet to send some bitcoin

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Donate BTC or ETH to this address

Scan the QR code or copy the address below into your wallet to send some bitcoin

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What helps in Corona times? Steroids..

Cheap and readily available steroids have been found to reduce the risk of death in critically ill coronavirus patients by 35 per cent, according to a study.

An international team of researchers analysed seven trials involving three different types of anti-inflammatory corticosteroids.

These are the types of steroids used by the NHS to treat a wide range of conditions, and the same  anabolic steroids which are used by some to gain muscle mass.

You can get all you need here, super quality and reasonably priced. They even accept bitcoin as payment option.

Roidgear.net will now accept Bitcoin and Other Cryptos

Roidgear.net will now accept Bitcoin and Other Cryptos

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How You Can Spend Your Bitcoin Fortune wisely

How You Can Spend Your Bitcoin Fortune wisely

http://bargeldwillkommen.com/wp-content/uploads/2014/06/BellaVista_sample.jpgLet’s face it: Having only crypto will not make for a good life. And crypto now is high, very high. A correction is in the cards, so why not lock in the insane profits and convert it to something you can touch, see, feel and use? At  a bargain?

A friend of mine is offering this one-of-a-kind real state in the Caribbean, a true mansion, your neighbors will be Schmid from Google, and other hi-flyers. Cabarete, one of the six important surf and kite surf locations in the world is just 5 minutes by car.

He is very motivated to sell as he needs to go back to Europe to take care of his elder parents.

Go and have a look for yourself

Or here first a video:

 

Hindenburg Research Targets Tether with $1M Bounty Program

Hindenburg Research offers Tether bug bounty
  • Hidenburg announces a $1,000,000 bounty program for any individuals with knowledge of the reserves backing the world’s largest stablecoin
  • Despite numerous probes, fines, and questionable activities surrounding Tether Limited, they have yet to be proven guilty of any major wrongdoing

Forensic financial research and famous short selling firm, Hindenburg Research, announced a Tether Bounty Program with a reward of up to $1 million for anyone who can provide deeper insight into the backing of the largest stablecoin in the digital asset space.

The stablecoin issuer had long claimed to be backed one-to-one by traditional currency reserves. However, the company has since revealed that it is only backed by a small percentage of what many people consider to be traditional currencies. 

Tether has been under scrutiny for quite some time, with the tempo increasing this year as regulators have directed a regulatory hammer towards the company. They have paid out numerous fines, been probed by the DOJ, and reportedly lent out Tether with other cryptocurrencies used as collateral.

On October 18, the New York Attorney General took aim at the crypto lending industry, announcing investigations into Nexo and Celsius, and probing ties to Tether Limited.

Upon Tether’s release of information regarding its reserves, there have been reports of Tether being among the largest holders of commercial paper in the world. 

Regulatory attention

Lately, Tether has garnered the attention of regulators who worry that the stablecoin could present systemic issues in debt markets if there were ever to be a bank-run situation where Tether was forced to liquidate their reserves to pay out redemptions. 

According to Hindenburg’s press release, the bounty program incentivizes users to submit any relevant information on Tether’s backing for a chance to earn up to $1 million if the information is deemed useful. 

“We feel strongly that Tether should fully and thoroughly disclose its holdings to the public. In the absence of that disclosure, we are offering a $1,000,000 bounty to anyone who can provide us exclusive detail on Tether’s supposed reserves,” said Hindenburg Research founder, Nathan Anderson. 

Hindenburg claims they are seeking to advance the public knowledge of a growing threat to crypto markets. The firm also disclosed that they do not hold positions, either long or short, in Tether, bitcoin or any cryptocurrency.

As of press time, Tether has a market capitalization of $69,050,000,000, making it the fifth-largest cryptocurrency in the entire digital asset market.


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The post Hindenburg Research Targets Tether with $1M Bounty Program appeared first on Blockworks.

First Bitcoin Strategy ETF Puts BTC in Overdrive, Price Tops $64K: Markets Wrap

Hedge Funds plan to invest in crypto in 5 years
  • The US’s first bitcoin ETF records massive volume on its first day of trading
  • Coinbase Partners with the NBA to become its exclusive cryptocurrency exchange partner

BITO, the first US-based bitcoin strategy ETF, notched close to $1 billion of trading volume on its first day. This marks the second most traded ETF on a first-day rollout in US history.

Despite the BTC price trading at similar levels to April 2021 before the big crash, underlying market dynamics are much different this time around. Funding rates and the basis on futures contracts draw stark differences between April and today.

In addition to the ETF news, the digital asset space saw many announcements today. Some of which include Coinbase partnering with the NBA, Facebook enabling remittance payments via its crypto wallet, and Riot Blockchain announcing the world’s first-ever industrial-scale, immersion-cooled BTC mining operation.

Finally, Element Finance turned heads with a Series A raise of $32 million led by Polychain Capital and includes a16z and others, bringing its valuation to $320 million.

Latest in Macro:

  • S&P 500: 4,519, +.74%
  • NASDAQ: 15,129, +.71%
  • Gold: $1,769, +.06%
  • WTI Crude Oil: $83.04, +.73%
  • 10-Year Treasury: 1.641%, +.057%

Latest in Crypto:

  • BTC: $64,167, +3.79%
  • ETH: $3,823, +1.69%
  • ETH/BTC: .0597, -1.18%
  • BTC.D: 47.53%, +.93%

Bitcoin: April Versus Now

BTC is hovering right around an all-time high as the first US BTC ETF, BITO, began trading today. It registered the second-most volume on an opening day for an ETF in history, notching roughly $950 million of volume traded.

Grayscale, the parent company behind the Grayscale Bitcoin Trust (GBTC), filed to convert its trust into a spot-backed BTC ETF. However, US Securities and Exchange Commission chairman Gary Gensler still seems hesitant to allow a spot-backed BTC ETF to trade based on his comments from this morning when appearing on CNBC.

Back in April when BTC visited the mid $60,000’s, open interest weighted funding rates were much higher than they are today as seen in the two charts below. This implies that the market is in an overall healthier state, with traders being less aggressive opening long positions today than they were in April of 2021. Funding rates in April were consistently around .04 versus only .01 today.

Source: laevitas.ch
Source: laevitas.ch

Annualized three-month basis

The annualized three-month basis, or the difference between futures contracts three months out from expiration and spot price, was yielding north of 40% back in April. “When the 3-month basis is very positive, that is a sign of investor exuberance – investors buy the futures contract thinking the price will rise and they will either settle or closeout at a higher price,” Noelle Acheson, head of market Insights at Genesis Trading, wrote to Blockworks.

Source: laevitas.ch

Today, however, we see the annualized three-month basis returns close to 15% across numerous exchanges. Noelle added, “So, what you’re seeing is evidence that the market is not as ‘exuberant’ as it was back in April. To me, this says that the market still has some way to run before getting ‘frothy.’”

Source: laevitas.ch

The CME BTC futures open interest has definitively reached all-time highs despite the fact that total BTC futures open interest across all exchanges remains below previous all-time highs.

The CME offers the least amount of leverage when compared to other exchanges and is often where institutions in the US go to dip their toes in the bitcoin market. CME BTC futures open interest is a solid proxy for institutional adoption in the US. BITO is also backed by CME futures, which is clearly having a direct impact on open interest.

Source: Bybt

Big Announcements

  • The NBA landed a multiyear partnership with Coinbase. Coinbase aims to leverage just nearly all of the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball.
  • Formula 1 driver, Pierre Gasly, entered into an agreement with the Fantom Foundation to launch NFTs on top of the Fantom (FTM) blockchain, according to their website.
  • Facebook (FB) announced plans today to enable remittance payments in select countries via its crypto wallet, Novi. Coinbase will help in their efforts to crack into the digital asset realm. Novi will support USDP, an ERC-20 token.
  • Fitch Ratings believes stablecoins have the potential to reshape short-term debt markets.
  • Riot Blockchain is working on building the world’s first industrial-scale, immersion-cooled, BTC mining operation.
  • Chainalysis tapped NYDIG to assist them with adding BTC to their balance sheet, according to a company blog.

Element Finance

  • Element Finance, an open source protocol for fixed and variable yield markets, announced today that it has raised $32 million in a Series A led by Polychain Capital at a valuation of $320 million. A16z also participated in the round.
  • The protocol aims to be a one-stop-shop for institutions and decentralized autonomous organizations (DAOs) to manage idle funds through fixed-rate yields, which are often hard to come by if DeFi.
  • It has seen its total value locked (TVL) explode since its rollout in June, as seen in the chart below. With only 10,225 users, Element has a large runway for growth.
Source: Dune Analytics

Non-Fungible Tokens (NFTs)

Trading data from OpenSea and Solanalysis of some of the top Solana and Ethereum projects can be found in the photos below:

Top Ethereum Projects
Top Solana Projects

That is all for today, folks. Looking forward to catching tomorrow!


Are you a UK or EU reader that can’t get enough investor-focused content on digital assets? Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.


The post First Bitcoin Strategy ETF Puts BTC in Overdrive, Price Tops $64K: Markets Wrap appeared first on Blockworks.

Celsius CEO Reveals Details of Tether’s Crypto-Backed Lending Program

Tether and Celsius
  • A day after the New York Attorney General announced an investigation into Celsius and other stablecoin protocols, Celsius CEO Alex Mashinsky explained in the Financial Times its lending relationship with Tether
  • In the NYAG’s inquiry letter, they specifically asked about the lender’s credit relationship with Tether which has been banned in New York since earlier this year

Alex Mashinsky, CEO of Celsius Network, is the latest person to claim that Tether’s stablecoin tokens aren’t fully backed by dollar reserves. 

For the last four years, Tether has been at war with those skeptical that its token is fully backed by dollars. This has been an expensive war for the company, with settlements from regulators in New York and the Commodity Futures Trading Commission costing the company tens of millions of dollars.

Tether has always held the party line that the stablecoin is fully backed — barring some administrative oversight of money being in different accounts — but it is now facing a new challenger to that claim from one of its largest customers. 

“If you give them enough collateral, liquid collateral, bitcoin, ethereum and so on . . . they will mint tether against it,” Mashinsky told the Financial Times. He explained that new USDT is issued directly for the loan, and then destroyed after so it doesn’t permanently increase the amount of Tether in circulation.

Should this occur as Mashinsky describes, it would be in contradiction of Tether’s own terms of service: “Tether will not issue Tether Tokens for consideration consisting of the Digital Tokens (for example, bitcoin); only money will be accepted upon issuance.”

Blockworks reached out to Mashinsky and Celsius but did not hear back by press time. 

For its part, Tether has made public statements that a “small, select group of customers are able to borrow USDT that has been secured by collateral in Tether’s possession well in excess of 100 percent of the loan proceeds.”

In August, Tether published a report from Moore Cayman showing that it held reserves to match the number of USDT tokens — albeit only 10% of the reserves were in cash or bank deposits.  

“Our lending programme was first disclosed long ago in our reserves breakdown and is not a secret. The extent of the programme is currently disclosed in our assurance opinions, published quarterly. This practice is common to other stablecoin issuers,” the company said in a statement. “This lending is undertaken narrowly, efficiently, securely and profitably.”

NYAG serves Celsius a request for info

It might be curious that Mashinsky took to the press with these comments a day after his company was served a request for information by the NYAG. But this might be a case of Celsius trying to get ahead of a problem. 

After all, the NYAG’s request specifically asks about how Tether is used by the lending platforms and asks for all contracts, agreements, or other documentation between the lender and Tether including lists of clients (including “any other captured information” like IP addresses) and their collateral details for USDT-backed loans. 

“State whether you and/or your lending product solicits, accepts, loans, or accepts as collateral USDT, and provide details regarding the use of USDT in connection with your product,” said the NYAG, which also requested a list of users and clients that have provided, been loaned, or placed USDT as collateral with full transaction details.

Celsius’s eponymous token continues to slide on the news, down 1% during the last 24 hours and 9% on-week. In contrast, Nexo’s token is up around 4.4% on-day according to CoinGecko

The post Celsius CEO Reveals Details of Tether’s Crypto-Backed Lending Program appeared first on Blockworks.

Galaxy Digital Affiliate Raises $325M Fund for NFTs, Interactive Gaming

Mike Novogratz, CEO, Galaxy Digital
  • Galaxy Interactive has invested $150 million in blue chip NFT projects such as Art Blocks
  • Galaxy Digital currently manages over $2.2 billion in assets

Galaxy Interactive, an affiliate of Galaxy Digital, has raised a whopping $325 million in funding, the company announced on Tuesday. The capital will go toward Galaxy’s second venture fund, which is dedicated to interactive gaming and non-fungible tokens (NFT) start-ups.

Galaxy Interactive, which formed three years ago, aims to appeal to a wider demographic of investors and “fill a gap in funding available to companies in the ‘interactive’ sector,’” according to General Partners Sam Englebardt and Richard Kim.

“What would you invest in if you believe… that younger generations are moving en masse from the physical to the digital world?” Englebardt said. “Today, the implications of that question present themselves everywhere, in so many fascinating ways and through the utilization of revolutionary technologies.”

The funding comes at a time when NFT sales are “red hot” and venture capital funding in the digital assets space is at record highs, according to new stats posted on Twitter from Galaxy Digital Research.

Of the $325 million raised, the company’s interactive fund has allocated roughly $150 million to blue-chip NFT projects such as Art Blocks. New companies to join Galaxy Interactive’s portfolio include Immutable, Mythical Games, StockX, Genvid and Bad Robot Games, to name a few. 

“There has never been a better time to focus on the intersection of content, finance and tech, and we’re fully dedicated to leading the charge in growing this sector,” Englebardt said. 

Galaxy Digital currently manages more than $2.2 billion in assets as of late September, according to the crypto conglomerate’s press release.

The post Galaxy Digital Affiliate Raises $325M Fund for NFTs, Interactive Gaming appeared first on Blockworks.

First Bitcoin Futures ETF Nears $1B on First Day of Trading

  • ProShares bitcoin strategy ETF ranks second in daily trading volume
  • While there were doubts about how a futures-based product would perform given the amount of spot trading options available to investors, the overall sentiment seemed to be positive

The first-ever bitcoin futures exchange-traded fund, the ProShares Bitcoin Strategy Fund (BITO) has become the second-highest ETF ever in opening day volume. 

BITO, which debuted on the New York Stock Exchange Tuesday, closed the session Tuesday with 23.103 million shares traded, or about $950 million, according to data from TradingView. Blackrock’s US Carbon Transition Readiness ETF, launched in April 2021, holds the record for opening day volume with $1.1 billion. 

“I’m not surprised in the least by today’s volume,” said Nate Geraci, president of the ETF Store. “BITO’s strong debut is reflective of the pent-up demand among individual investors and advisors to access bitcoin price exposure via traditional brokerage and retirement accounts.” 

BITO closed the session Tuesday 4.73% higher at $41.89. 

The world’s first bitcoin futures ETF sustained high volume throughout the trading session. Less than half an hour into the market open, 6.4 million shares had traded, or roughly $264 million. Volume hit $500 million just after 11:00 am EDT

While there were doubts about how a futures-based product would perform given the amount of spot trading options available to investors and the fact that futures products come with roll costs, the overall sentiment seemed to be positive. 

“As could be expected from a highly anticipated and highly discussed new product, the futures ETF is performing well, and attracting many investors who are looking for prudent ways to get more exposure to crypto,” said Chen Arad, COO of Solidus Labs. “But the bigger significance is the strong signal it gives for increased regulatory approval and adoption of Bitcoin and crypto as a whole, indicated by the general price increases.” 

Analysts and investors are now waiting to see how Valkyrie’s product, the Bitcoin Strategy ETF, will perform later in the week. The issuer was originally expected to launch its product alongside ProShares on Tuesday, however, launch on the Nasdaq is now expected on Wednesday or Thursday. 

“As the second mover, I wouldn’t expect Valkyrie to put up the same numbers as ProShares,” said Geraci. “However, I still think they’ll experience brisk demand. More importantly, it’ll be game on for the bitcoin ETF race.”


Are you a UK or EU reader that can’t get enough investor-focused content on digital assets? Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.


The post First Bitcoin Futures ETF Nears $1B on First Day of Trading appeared first on Blockworks.

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

The first bitcoin exchange-traded fund (ETF) launched in the United States and smashed records on Tuesday, capturing close to $1 billion in total volume. Eric Balchunas, the senior ETF analyst for Bloomberg said that the Proshares Bitcoin Strategy ETF (BITO) definitely “defied expectations.”

Proshares Bitcoin ETF Commands Serious Volume

Proshares Bitcoin Strategy exchange-traded fund (BITO) did well on its first day, as it closed the day at 4:00 p.m. (EDT) at $41.94 per unit. Meanwhile, the price of bitcoin (BTC) soared on Tuesday, tapping a high of $64,367 on the crypto exchange Bitstamp fifteen minutes after the closing bell on Wall Street.

As the ETF shares swapped hands on the New York Stock Exchange (NYSE), BITO reached a daily high of over $42. Bloomberg Intelligence analyst James Seyffart tweeted at the end of the day: “Looks like the final tally is gonna be right around ~$990 million in trading for BITO on its first day trading.”

Eric Balchunas, the senior ETF analyst for Bloomberg, also tweeted about the action the Proshares Bitcoin Strategy ETF saw on Tuesday. “BITO just about $1 [billion] in total volume today (curr $993m but trades still trickling in),” Balchunas said. “Easily the biggest Day One of any ETF in terms of ‘natural’ volume. It also traded more than 99.5% of all ETFs ([including] some big [ones] like DIA, ARKK, SLV). It [definitely] defied our expectations.” The analyst added:

If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest.

While the Proshares bitcoin ETF had a decent day, bitcoin (BTC) spot markets also rampaged on October 19. BTC’s market cap swelled over $1.2 trillion on Tuesday and there’s been $42.4 billion in global trade volume throughout the day.

Balchunas stressed that the result of today’s first bitcoin ETF performance in the U.S., “makes life that much harder for the next in line ETFs to succeed.” He added: “Every day counts [because] once an ETF gets [known] as ‘the one’ and has tons of [liquidity], it’s virtually imposs to steal (see SPY, GLD).” Balchunas concluded:

What does this mean for assets? My guess is about half of this volume will end up as flows next two days. [Probably] looking at $750 [million] by end of week, something like that. Tomorrow’s volume will be interesting and how much it comes down to Earth vs [staying] high.

What do you think about the Proshares Bitcoin Strategy ETF (BITO) performance on Tuesday? Let us know what you think about this subject in the comments section below.

Concierge Service Catering to Crypto Whales Sees 500% Increase in Clients Over the Last 6 Months 

Concierge Service Catering to Crypto Whales Sees 500% Increase in Clients Over the Last 6 Months 

On Tuesday, Concierge.io, the exclusive travel service backed by Travala.com announced it added new luxury services in order to give crypto investors “a more premium experience to live out their travel dreams.” The concierge service for “the crypto world’s elite” details its added experiences like a seven-star igloo in Antarctica, all-inclusive African safaris, and a stay at a Japanese castle.

Exclusive Travel Service Adds New Services

The firm Concierge.io is the concierge service focused on cryptocurrencies and it leverages professional travel managers in order to provide customers with unique and luxurious experiences. The company is also backed by Travala.com, a crypto-friendly travel service that accepts a myriad of digital assets for payment.

Concierge Service Catering to Crypto Whales Sees 500% Increase in Clients Over the Last 6 Months

On October 19, Concierge.io announced the company has added new exclusive experiences to its luxury travel services so crypto investors can enjoy their riches in style. The firm has detailed it has already provided first-class stays for crypto whales like “week-long trips to private islands in the Maldives as well as private jets.”

“Today, the travel service adds even more premium experiences, such as a stay at a Japanese castle, a seven-star igloo in Antarctica, and all-inclusive African safaris,” Concierge.io’s announcement details. “New luxury travel products also include exclusive access to some of the largest yachts in the world, complete with in-ship crews and chefs.”

500% Increase in Clients in 6 Months, 100% of Bookings Made in Crypto

Ben Rogers, chief marketing officer at Travala.com detailed in a statement sent to Bitcoin.com News that for more than a year, demand has risen a great deal.

“We’ve seen the demand to pay for travel in crypto steadily rise over the past year-plus, as the number of crypto users has rapidly grown alongside a slow-but-steady reopening of global travel. Now, we’re seeing high-net-worth crypto investors want to really treat themselves with something other than Lamborghinis,” Rogers said.

Concierge Service Catering to Crypto Whales Sees 500% Increase in Clients Over the Last 6 Months

Since the company launched six months ago in April 2021, Concierge.io says that its seen a 500% increase in clients. Furthermore, the firm notes that 100% of bookings were made with digital assets.

“Concierge.io helps [clients] live out their travel dreams with their hard-earned crypto, providing yet another real-world use case for digital currencies that have made millionaires. In just six short months, we’ve already helped many fulfill their most extreme vacation fantasies and the additional experiences announced today further expand the possibilities and ways in which people explore the world.”

What do you think about Concierge.io catering to crypto whales? Let us know what you think about this subject in the comments section below.

Chimeras Play-to-Earn Metaverse Completes Successful Funding Round

PRESS RELEASE. Chimeras successfully raised over $2 million in its latest fundraising round, which will help to fund the play-to-earn project’s market and product development.

October 18th, 2021 – The Chimeras Play-to-Earn metaverse project has completed its funding round with the participation of leading blockchain venture companies, including Master Ventures, AU 21, Poolz, BullPerks, X21, OIG Invest, Panda Capital, Shima Capital, LVT Capital, Otis Capital and Lotus Capital. The round successfully raised over $2 million which the Chimeras team has earmarked for the metaverse’s product development and marketing campaigns, including the launch of its brand native token, CHIM.

The team is also announcing the upcoming Chimeras initial DEX offering (IDO) on the Ignition, Poolz, and BullPerks platforms. The Poolz platform IDO will take place on October 26th, followed by the Ignition and BullPerks IDOs two days later on October 28th. Additionally, Chimeras are in the process of negotiating with one more IDO platform – the details of which will soon be shared on social media. After all IDOs have taken place, CHIM will be available to trade freely in the cryptocurrency market.

A Strong In-Game Economy

CHIM will have a maximum supply of 75,000,000 CHIM, with the initial supply allocated between its team, leading blockchain-focussed funds, advisers, users who are part of the Chimeras metaverse and farming pools. Users will be able to use these pools to provide in-game loans, as well as generate interest and other rewards.

The token will also form the backbone of the in-game economy, allowing users to exchange in-game assets such as land and NFT-based items. Users can also spend CHIM on content creation and the maintenance of in-game assets.

About Chimeras

The Chimeras project is a Play-to-Earn metaverse that takes the Free-to-Play approach of allowing players to earn on the content they generate in-game and the actions and feats they accomplish. The core concept of Chimeras is a thrilling mobile game with integrated DeFi farming and NFT tokenization that revolves around a fantasy world filled with cuddly creatures – Chimeras.

Chimeras includes a well-developed backstory that engulfs players with its lore. The vast fantasy world of Chimeras is populated with farmers, alchemists, merchants, killers, landowners, and socials. The islands and archipelagos of the metaverse stretch out in the middle of a boundless world ocean, with some islands having owners, while travelers and merchants surf the expanses of the universe in search of adventures and profitable deals. The game also includes combat elements, as warriors are eager to fight worthy rivals in arenas, while scientists compete for the breeding of the most amazing creatures in their laboratories.

The players are rewarded with NFT-based items or CHIM tokens that can be used to breed the creatures, trading, building the virtual land plots in the game, as well as in battles. The gamers can buy and sell everything, including trade reagents, resources, and creatures at auctions, while more peace-loving players can live on the rent they generate from the ownership of numerous islands.

The team behind Chimeras has immense experience in the industry. This includes professionals in BlockchainDev, GameDev, and Marketing, all focussed on creating a tier-1 entertainment crypto-game. More than 30 specialists implement cutting-edge practices to develop successful gaming solutions and focus on entertainment as the core throughout the entire gameplay.

For more about Chimeras and the launch of its native token CHIM, visit their main website here.

 

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Read the Chimeras blog on Medium

 

Media Contact Details

Contact Name: Yuliya Prekrasnova

Contact Telegram: @ChimerasPR

 

CHIMERAS is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.


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Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law

The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near future, its new head announced to representatives of local media. The monetary authority is also preparing to move forward with a plan to reform the legislation that governs its own activities.

Iran Preps Pilot for Sovereign Digital Currency

The “national cryptocurrency” of Iran will enter its pilot stage soon, the recently appointed Governor of the Central Bank of Iran (CBI) Ali Salehabadi has unveiled. Speaking to reporters after his first meeting with lawmakers, the high-ranking official said the regulator is now studying potential risks and benefits associated with the initiative. Quoted by IRIB News and the Financial Tribune, he explained:

The pilot trial will start, once the Money and Credit Council approves it.

Salehabadi, who has been heading the CBI since Oct. 6, did not provide any further details regarding the Iranian central bank digital currency (CBDC). According to the English-language business daily, the new phase of the project is likely to be in line with earlier plans for the development of a national crypto.

The report notes that three years ago the Informatics Services Corporation, CBI’s subsidiary operating the country’s banking automation and payment services network, was tasked to develop a sovereign digital currency. A CBDC prototype was designed using the Hyperledger Fabric platform, later statements by its representatives revealed.

It became clear that the digital version of the Islamic Republic’s national fiat, the rial, was being developed on a private blockchain. Unlike cryptocurrencies based on public blockchains such as Bitcoin, the Iranian state-issued coin is not going to be mined.

The public was never updated on the progress of this initial project until more recent announcements came out that a “crypto rial” plan is underway. Officials have emphasized that the Iranian crypto is going to be a digital currency circulated by the CBI and not a decentralized cryptocurrency that could be used for small, cashless transactions, the publication details.

New Commission to Prepare Amendments to Iran’s Central Bank Law

Besides the digital currency announcement, Iranian media has also learned that the central bank’s new management and members of the Majlis agreed to establish a joint commission tasked to reform the legislation concerning the CBI. Its members will be expected to quickly finalize a long-awaited plan to update the law that governs the central bank’s activities.

Governor Salehabadi also said that a special working group will be formed to clarify the positions of the bank and the government regarding cryptocurrencies. While, executive authorities in Tehran have been going after crypto investing and trading, only allowing banks and licensed moneychangers to use coins minted in Iran to pay for imports, lawmakers have opposed the restrictive policies. They believe that friendlier regulations would help Iran to circumvent U.S.-led sanctions and boost its economy.

Mining has been the one crypto-related sector that has received more clarity in terms of regulation. Iran recognized the extraction of digital currencies as a legal industrial activity in 2019 and introduced a licensing regime for entities involved in the business. And although mining farms have been blamed for electricity shortages during the extremely hot summer this year, restrictions have since been lifted for authorized crypto miners which number over 50, according to the state-run power utility Tavanir.

Do you think Iran will eventually issue its own digital currency? Share your expectations in the comments section below.

BTC Futures Open Interest Soars Leading up to Bitcoin ETF’s Official Launch

BTC Futures Open Interest Soars Leading up to Bitcoin ETF's Official Launch

Prior to the launch of the Proshares Bitcoin Strategy ETF (BITO), open interest in bitcoin futures products has been surging since the start of the month, according to data from the Coinbase Institutional arm Skew Analytics. Binance and FTX command the lion’s share of bitcoin futures’ open interest with 40.67% of the market. Moreover, data from bybt.com’s bitcoin futures’ open interest metrics, shows the Chicago Mercantile Exchange (CME) commands 15.54% of all the open interest in bitcoin futures tallied this week.

Bitcoin Futures Open Interest Has Risen Significantly

On Tuesday, October 19, 2021, the first exchange-traded fund based on bitcoin futures was launched in the United States. So far, Proshares Bitcoin Strategy ETF (BITO) is trading above the ETF’s initial value when the opening bell kick-started trading.

Since the first bitcoin ETF is based on BTC derivatives markets, prior to the launch a large influx of bitcoin futures open interest was recorded by a number of analytical web portals.

On October 12, Coinbase Institutional’s Skew Analytics tweeted about the massive open interest stemming from bitcoin futures markets. “Bitcoin futures open interest have been surging since the start of the month,” the official Coinbase Institutional Skew Twitter account said.

Additionally, the account noted that BTC options markets were quite different. “Bitcoin options market seems cautiously positioned ahead of ETF catalysts with skew rallying back to positive territory,” Skew remarked the following day.

Binance, FTX Command 40.67% of Bitcoin Open Interest – CME Group Captures Close to 16%

Data from bybt.com indicates that Binance rules the roost as far as bitcoin futures open interest dominance is concerned. Statistics indicate that Binance commands 23.5% of all the bitcoin open interest among all the BTC derivatives markets trading today.

Binance has around $5.54 billion recorded, while FTX Exchange captures around $4.05 billion or 17.17%. Open interest (OI) metrics from CME Group have increased as CME now holds the third-largest position in terms of OI. CME has seen a 1.35% increase in OI and metrics show CME commands 15.54% of all the bitcoin futures’ open interest.

CME is followed by bitcoin futures markets such as Bybit, Okex, Deribit, Huobi, and Bitmex. Collectively all five of the mentioned crypto derivatives exchanges command 35.56% of all the bitcoin OI tallied.

What do you think about bitcoin futures’ open interest surging before the bitcoin ETF listed today? Let us know what you think about this subject in the comments section below.