W3J Daily (9/23): Bakkt launches with 71 BTC traded on first day, Kik shuts down messaging app
Editor’s Commentary:
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Top News Of The Day
Bakkt’s physically-backed bitcoin futures launches and trades 71 BTC on the first day of trading. Twitter commentators react with underwhelmed feelings on the trading volume. - Link
Ontario-based Kik app shuts down messaging app, lays off 70 Kin employees and reduces team to 19 people in an effort to devote its remaining resources to take on the SEC. Kin raised $98M in its ICO. - Link
US Attorney’s office indicts two suspects for hacking EtherDelta in Dec. 2017. - Link
NFT card game Gods Unchained raises $15M Series A led by Nasper Ventures with participation from Galaxy Digital’s EOS VC fund. - Link
Block Matrix, the team behind lightning network payments service Bottle Pay, raises $2M while achieving 100% growth month-over-month in payments transactions since launching in June 2019. - Link
Elementus, a blockchain data analytics firm that helps companies spot illegal transactions made with cryptocurrency, raises $3.5M. - Link
Hasgraph’s HBAR continues to drop, reaching $0.037 today (.3x USD ROI from private sale). - Link
Binance.US Opens Deposits for ADA, BAT, ETC, XLM and ZRX. - Link
Facebook acquires four-year-old startup CTRL-labs, which creates neural interfaces for computing, for a reported $500M-$1B. - Link
Top Tweets Of The Day
“Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply b/c not all futures brokers are ready to clear it, many ppl want to wait and see, the tickers are not even populated on risk systems, etc.” - Su Zhu (@zhusu)
“Bakkt =/= a Binance IEO.
Bakkt allow for a few things, but none require piling in on launch.
•More robust $BTC borrowing/lending markets to form
•Legitimize the asset
•Ease manipulation concerns (oracle risk, basis risk)
•Potentially disrupt some of OTC market functions” - Luke Martin (@venturecoinist)
“The next cycle is crypto.
Unlike tech cos, crypto networks…
- have founders that can’t be fired
- thrive on negative press
- are resistant to state sanction
- share upside with millions
- don’t censor users
- do not require VC for funding
- do not require IPOs for liquidity” - Balaji S. Srinivasan (@balajis)
Re: “Devil's advocate: how many crypto networks are truly censorship resistant?” - Tuur Demeester (@TuurDemeester)
Re: “Bitcoin: #1 by many metrics
Ethereum: decentralized enough for the state to deem it not a security
Libra: likely not decentralized enough
Like Napster, Kazaa, BitTorrent each network is an experiment. How much complexity is needed to resist censorship?” - Balaji S. Srinivasan (@balaji)
“Comparing the great bitcoin triangles of 2018 and 2019 using volume profiles (measuring from the originating breakout).
- The 2018 most traded price was 6400.
- The 2019 most traded price is 10260.
So 6400 ~ 10260 (not 10000 as I said previously).” - Alex Krüger (@krugermacro)
“We’re live! The first Bakkt Bitcoin Futures trade was executed at 8:02pm ET at a price of $10,115” - Bakkt (@bakkt)
“I am very positive on @Bakkt and it’s ability to improve trust with institutions to crypto” - Thomas Lee (@fundstart)
“can the core behaviors induced by crypto networks be coordinated by traditional companies?
Aside from regulatory arbitrage (via decentralization) what is it about incentivized, open source services that companies can’t replicate through effective distribution of economics?” - Jesse Walden (@jessewldn)
“YC adding a “crypto / blockchain” category to their application form is another sign that the great wave is coming” - Alex Masmej (@alexmasmej)
“I see my homecountry France criticizing Libra because of its monetary sovereignty defiance.
They’re working on a European digital currency.
Great: finally, governments will become technology-literate. They needed to be directly threatened to act.” - Alex Masmej (@alexmasmej)
“Bitcoin is now part of the macro landscape. There should be no more debate about this fact. Top 30 largest world currencies by market cap and growing at the fastest rate of them all. Great chart. I will retweet every time btc moves up a notch in the rankings.” - Dan Tapiero (@DTAPCAP)
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