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Cathie Wood, a well-known investor and CEO of ARK Invest, said that Bitcoin is actually replacing gold as a store of value asset, which shows that investor confidence in Bitcoin is growing, viewing it as a more Attractive assets. She also believes that BTC behaves more as a safe-haven asset and an asset for investors to "pursue quality assets" during times of economic uncertainty.
As a digital asset, Bitcoin also has many technical advantages that traditional assets do not have, such as decentralization, security, and non-tamperability, which make it superior to traditional gold in some aspects. Bitcoin’s acceptance is growing globally, further boosting its pote
ntial as an alternative to gold.

This Wednesday marks the announcement day for the BTC spot ETF results. The at-the-money option's implied volatility (IV) is nearing 100% for the week, while the realized volatility (Dvol) has surged to over 70%. The approval or denial of the ETF is anticipated to cause short-term fluctuations, although in the long term, there's a high probability of the overall IV reverting. For those considering playing the ETF scenario, it might be more cost-effective in the short term to sell convex yield enhancement products or implement some timing-based bullish market spreads. Additionally, selling Dvol futures at this juncture could also be a favorable choice.

Bitcoin discussion / Bitcoin Gas Fee And Layger 2
« on: December 12, 2023, 05:51:28 AM »

The exorbitant gas fees in Bitcoin's ecosystem may only find resolution through Layer 2 solutions.

The development of Bitcoin's ecosystem doesn't solely rely on its Layer 1 foundation, as the Bitcoin blockchain isn't Turing complete by design. While efficient in handling simple transactions, it faces limitations in processing complex data and computations.

The UTXO model, ensuring network security and simplicity, restricts Bitcoin's processing capacity due to limited block space. As such, Layer 2 solutions become pivotal for Bitcoin's network development, offering a broader development scope while preserving the core values of decentralization.

Though several significant upgrades have occurred in Bitcoin's history, innovations often don't receive due attention. There's a general misconception that Bitcoin can't realize a fully decentralized Layer 2 solution supporting a large-scale ecosystem. This misunderstanding partly arises from insufficient knowledge of Bitcoin's developmental journey and a lack of comprehension of Layer 2 technology.

Definition and Essence of Layer 2:

The application of Layer 2 technology in Bitcoin isn't a new concept. The earliest Bitcoin version 0.1 included original code supporting Layer 2, authored by Bitcoin's creator, Satoshi Nakamoto. This code allowed users to update transaction content before confirmation by miners. A classic application is the Lightning Network, Bitcoin's initial Layer 2 solution facilitating fast transactions without the need for every transaction to be on-chain.

When discussing Layer 2, it's not limited to Ethereum's Layer 2 solutions. Bitcoin's Layer 2 solutions appeared earlier, focusing on maintaining decentralization and enhancing transaction efficiency rather than solely scaling network capacity like Ethereum.

Comparison between Bitcoin and Ethereum's Layer 2:

Bitcoin's Layer 2 design, especially the Taproot upgrade, introduced Schnorr signatures and MAST contracts. Schnorr signatures enable more efficient signature aggregation, significant for improving transaction privacy and reducing on-chain data.

MAST contracts use Merkle trees to conceal complex locking scripts, revealing information only when necessary, enhancing network efficiency and privacy.

In contrast, Ethereum's Layer 2 solutions, particularly via rollup technology, aim to improve network throughput and scalability. This involves bundling multiple Layer 2 transactions into one and submitting them to the Ethereum mainnet, reducing the main chain's load. However, this method differs in decentralization from Bitcoin's Layer 2 solutions, often relying on a few nodes to process and verify Layer 2 transactions.

Future Prospects of Bitcoin Layer 2:

Given Bitcoin's market cap and position in the crypto market, Bitcoin Layer 2 holds tremendous potential. Several Bitcoin Layer 2-based solutions, like the Lightning Network, are reshaping Bitcoin transactions. With the maturation and adoption of these technologies, the Bitcoin Layer 2 ecosystem is expected to experience explosive growth.

Foreseeably, Bitcoin Layer 2 can improve transaction efficiency and scalability while introducing novel applications such as more complex smart contracts and decentralized applications (DApps). This transformation could evolve Bitcoin from a digital asset primarily used for storing value into a more diverse and comprehensive ecosystem.


In summary, Bitcoin Layer 2 isn't merely an extension of existing technology but a crucial milestone in Bitcoin's network evolution. Through Layer 2 technology, Bitcoin holds the potential to surpass current limitations and realize its long-term vision as a fully functional digital currency and smart contract platform. With continuous technological advancements and deeper application, Bitcoin's ecosystem is poised to surpass Ethereum, becoming a more diversified, efficient, and scalable digital currency ecosystem.


Disney, in collaboration with Dapper Labs, the renowned Web3 game studio known for NBA Top Shot and CryptoKitties, has unveiled its grand entry into the NFT market. The revelation comes in the form of "Pinnacle," an avant-garde digital badge collection and trading platform set to spotlight characters from Disney, Pixar, and Star Wars. These unique characters will be crafted as tradeable digital badges, drawing inspiration from the badges sold at Disney theme parks.

This novel platform is set to offer fans an immersive social experience, allowing collectors worldwide to interact, trade, and curate personalized digital badge collections.

Roham Gharegozlou, Co-founder and CEO of Dapper Labs, expressed excitement about the project. Dapper Labs, known for creating impactful ventures, specializes in developing the Flow blockchain specifically for large-scale consumer applications like collectibles and gaming.

Gharegozlou emphasized that Disney's Pinnacle integrates these experiences, providing fans with "unparalleled convenience and accessibility." He further stated, "Disney's Pinnacle is a brand-new product that incorporates all the knowledge we've gathered over the past few years right from its inception."

This collaboration marks another significant partnership for Dapper Labs following collaborations with Google and the National Football League (NFL). Disney's Pinnacle is slated for release later this year on the App Store for iOS devices, Google Play Store for Android devices, and their website.

According to a report by Messari, the crypto consumer market is experiencing a slight resurgence, reflecting recent performance in the Ethereum NFT market.

After a period of relative deceleration, these markets are witnessing a slight uptick in trading volume. Notably, there has been increased activity in Ethereum's Profile Picture (PFP) series in recent weeks.

Meanwhile, over the past month, various sectors within the Solana ecosystem, such as Decentralized Finance (DeFi) and gaming, have gained attention. However, Solana's NFT market has yet to reflect this trend.

The report highlights that activity within the NFT ecosystem remains divided among platforms like TensorHQ and Magic Eden. These platforms continue to attract users and foster transactional activities, contributing to the overall growth of the Ethereum NFT market.

Nevertheless, the report suggests that the Solana NFT ecosystem has yet to establish a dominant market or platform capable of rivaling the growth seen on Ethereum.


I came across an article today that mentioned, "The importance of blockchain technology is undeniable, but people are gradually transitioning from focusing on the technology itself to its derivative products, such as NFTs. This evolution is positive because it broadens the application of blockchain technology to a wider user base. The general public no longer needs to delve deep into technical details but can simply understand and use related products."

I also saw someone asking on other platforms, "Why is blockchain important? Is blockchain just a database?" Personally, I still believe that blockchain technology is the flagship of cryptocurrencies, with widespread applications. Firstly, it provides a decentralized way to record and verify transactions, leading to increased security and transparency. This has the potential for revolutionary impacts in fields like finance, supply chain management, healthcare, and more.

Moreover, blockchain can help address trust issues. Through a distributed ledger, the traceability and tamper-proof nature of transactions are guaranteed, reducing the possibilities of fraud and errors. This is highly beneficial for establishing trust relationships and simplifying complex cross-border transaction processes. I find the allure of products originating from blockchain technology.

So, I think understanding blockchain technology itself is still necessary. What attracts you more, the derivative products of blockchain technology or the technology itself?

Bitcoin discussion / Bitcoin Forecast: Minor Dip Follows Fed Decision
« on: September 21, 2023, 09:57:31 AM »

Fed held the U.S. benchmark interest rate steady at 5.25-5.5% on Wednesday.

Bitcoin saw a slight drop of just over 1%, settling slightly below $27,000, though still close to its monthly high.

Fed Chair Jerome Powell hinted at the possibility of another rate hike later this year in his post-policy announcement speech, leading analysts to label Wednesday's Fed statement as "cautious."

In the latest Fed dot plot, 12 out of 19 policymakers predicted another 25-basis-point rate hike for this year. The new dot plot suggests only two rate cuts in 2024, down from the previous projection of four, reflecting increased confidence in a soft landing for the U.S. economy.

The market's response to the Fed's latest statement has been relatively muted. Bitcoin seems to be adjusting to the idea of potential rate hikes this year, possibly due to the expectation of a new round of rate cuts in 2024, albeit less aggressively.

Bitcoin traders are now assessing whether the cryptocurrency can gain enough momentum to break out of its recent $25,000 to $28,500 range.

In summary, Bitcoin remains resilient, potentially set for an upward move, despite the Fed's recent decisions and macroeconomic factors.

Off-topic / positive news regarding Bitcoin spot ETF applications
« on: August 31, 2023, 06:17:30 AM »
Recently, there was positive news regarding Bitcoin spot ETF applications.

Recent court documents revealed that the United States District of Columbia Circuit Court of Appeals issued a ruling emphasizing the need for consistent and predictable administrative decisions. This ruling followed the principle that similar cases should receive similar treatment to avoid arbitrary or capricious judgments. New York Stock Exchange Arca successfully showcased the regulatory similarity between Grayscale's proposal and Bitcoin futures ETFs. The SEC's inability to explain the disparate treatment of Grayscale's Bitcoin ETP proposal compared to the approval of two Bitcoin futures ETFs raised questions. In the absence of a clear explanation, the court overturned the SEC's previous order, directing the SEC to review Grayscale's application to convert GBTC to an ETF. This development doesn't guarantee immediate approvals, but it certainly paves the way for more coherent regulatory decisions in the future.

This article will delve into the concepts of ETFs, Bitcoin ETFs, and Bitcoin spot ETFs, highlighting the transformative impact of Bitcoin spot ETFs on the cryptocurrency industry. Additionally, it will provide insights into the current landscape of Bitcoin spot ETF applications, their timelines for approval, and the upcoming deadlines.

Understanding Bitcoin Spot ETFs and Their Significance

ETFs, an abbreviation for Exchange Traded Funds, represent a unique fusion of individual stocks and mutual funds. They present a diversified basket of assets, such as stocks, bonds, or commodities, that can be traded on major stock exchanges. ETFs offer the convenience of trading like traditional stocks.

A Bitcoin ETF is an innovative amalgamation of ETFs and Bitcoin. Essentially, it functions as an ETF that tracks the underlying Bitcoin assets. This intriguing concept enables conventional investors to venture into the world of BTC using the familiar investment framework.

Categorically, Bitcoin ETFs can be classified into two types: Bitcoin futures ETFs and Bitcoin spot ETFs.

Bitcoin futures ETFs monitor Bitcoin futures contracts, while Bitcoin spot ETFs mirror the actual possession of Bitcoin. This type necessitates each ETF share to be backed by tangible Bitcoin, removing the complexities of direct BTC ownership. Moreover, Bitcoin spot ETFs present an avenue for investors to access Bitcoin without grappling with intricate storage or security measures.

The Impetus of Bitcoin Spot ETFs on the Industry

This innovation bridges the gap between the established financial realm and the nascent cryptocurrency domain. Consequently, the approval of a Bitcoin ETF is widely perceived as a game-changer by industry experts and insiders.

Enumerating the Roster of Bitcoin Spot ETF Applications

Drawing from the official records of the U.S. SEC, the following list encapsulates the various Bitcoin spot ETF applications:

- ARK 21Shares Bitcoin ETF (ARKB) proposed by 21Shares & ARK
- iShares Bitcoin Trust proposed by BlackRock
- Bitwise Bitcoin ETP Trust proposed by Bitwise
- VanEck Bitcoin Trust proposed by VanEck
- Wisdomtree Bitcoin Trust (BTCW) proposed by Wisdomtree
- Invesco Galaxy Bitcoin ETF proposed by Invesco & Galaxy
- Wise Origin Bitcoin Trust proposed by Fidelity
- Valkyrie Bitcoin Fund (BRRR) proposed by Valkyrie

This assortment of applications forms the contemporary landscape, reflecting the growing momentum behind the push for Bitcoin spot ETFs. While the recent court decision doesn't guarantee immediate approvals, it does underscore a more coherent and consistent approach to regulatory evaluations. This, in turn, augments the potential for transformative shifts within the cryptocurrency industry.

Off-topic / Collaborating for Innovation: BAPE and Adidas Forge NFT
« on: August 17, 2023, 03:57:47 AM »
Adidas Originals and BAPE, renowned clothing brands, have introduced a captivating fusion in the form of the Triple-White Forum 84 BAPE Low Limited edition sneaker collaboration. This unique venture includes an auction for these exclusive sneakers, coupled with an innovative twist—an accompanying "digital twin" NFT version. This virtual NFT shoe is designed for wear within a digital realm.
Adidas /// Studio (Three Stripes Studio) lends its support to this initiative, orchestrating the auction on the Adidas Collect platform using convertible NFTs. This marks a pivotal moment as Adidas pioneers its first-ever NFT-centric brand campaign in an auction format, diversifying its NFT-related endeavors.
A limited offering of 100 Ethereum NFTs is up for grabs, each representing the gateway to one of the 100 corresponding sneaker pairs.
The sneakers themselves embody BAPE's essence through distinctive design elements. A mesmerizing shooting star pattern adorns the outer upper, complemented by the "A Bathing Ape" logo embossed in lustrous metallic silver foil. Departing from the conventional camo, the pristine white aesthetics unfold a narrative reminiscent of a "primitive laundromat nestled within a enigmatic desert."
Adding an extra layer of innovation, an NFC chip resides within the left tongue of each shoe. When scanned with a smartphone, this chip bestows the owner with an NFT-backed certificate of authenticity.
Upon redemption of the NFT for the physical sneaker, an additional layer of virtual experience awaits. Owners are granted a corresponding "digital twin" Ethereum NFT, intricately intertwined with Adidas' ALTS avatar project. This novel integration allows shoe owners to sport their prized possession within the virtual universe. Adidas has revealed that individuals holding 19,500 tokens can seamlessly swap their existing avatar for a fully functional one.
In this groundbreaking partnership, BAPE and Adidas transcend boundaries, merging tangible and digital realms to forge a captivating and immersive sneaker journey.

The future value of the Bitcoin ecosystem project Ordi is uncertain and will largely depend on the overall development of the Bitcoin ecology. In the past, a single consensus could sustain the value of a currency like Bitcoin. However, things have changed, and now the value of Ordi depends on the sustained prosperity of application scenarios within the Bitcoin ecosystem.

hile Ordi currently has some consensus similar to Bitcoin, its ultimate value will be limited if the Bitcoin ecosystem fails to continuously develop and gather consensus through prosperous application scenarios. Despite this uncertainty, I remain optimistic about the future of the Bitcoin ecosystem and will closely monitor its progress during the next bull market.

The trust problem on the physical chain can be addressed by relying on centralized institutions, which play a crucial role in the process. However, the success of this scenario depends on regulators' attitudes. Regulatory licenses can be obtained through dealing with regulators, which benefits centralized institutions more than retail investors.

Bringing the crypto ecosystem to the wider community through physical on-chain faces obstacles. The complexity and poor user experience of native encryption applications are barriers for ordinary users. Additionally, crypto assets are banned in several countries. Therefore, the physical on-chain scenario alone may not be enough to expand the crypto ecosystem to a broader user base.

DAOs and governance tokens hold promise for the future crypto ecosystem, providing benefits in organizational governance and distribution. However, this transformation might take time as current technical means and economic mechanisms need innovation and breakthroughs.

The most realistic scenario for blockchain applications may not necessarily be related to existing industries or applications. New information technologies often create new scenes based on their own ecological development. The crypto ecosystem has its own development laws and direction, and its applications may not directly align with current real-world scenarios. As the ecosystem matures, its impact on real life will likely grow, similar to the transformative effects of the Internet.

To support the growth of a young individual or ecosystem, it's essential to understand and cater to their current needs and development stage. Just like a three-year-old child, focusing on their present needs, interests, and development will help them grow into their potential. Similarly, the crypto ecosystem requires nurturing and understanding of its current needs and trends to evolve successfully in the future.

Bitcoin discussion / BTC & WLD Discussion
« on: July 25, 2023, 06:59:57 AM »
The interest rate will be announced on the 27th of this month is eagerly anticipated, with a potential 25 basis points increase likely. The currency market shows a clear negative correlation with the US stock market, but the financial landscape is undergoing significant changes, and Bitcoin remains resilient. Notably, institutional data reveals important insights: long-term Bitcoin holders now possess a record high of 14.52 million bitcoins, equivalent to 75% of the circulating supply. Additionally, the balance of Bitcoin exchanges has declined to levels last seen in early 2018, with only 11% of bread (Bitcoin) currently in circulation on exchanges. Furthermore, Bitcoin whale's share of exchange inflows has surged to a one-year high of over 40%. These data indicate that institutions have become the primary force in the Bitcoin market, awaiting consensus from retail investors. In essence, if the current bitcoin dip impacts institutions, it is retail investors who may seize the opportunity to buy at lower prices.

Yesterday afternoon, Bitcoin fell below the lower edge of the $29,400 range and broke the short line. The next support level is expected around $28,500, and if the rally doesn't reach $29,500, testing the next strong support at $27,500-27,800 is plausible. Short-term traders can mainly focus on high altitude, spot, and other adjustments until the end of the approach.

In the currency market, external information primarily drives price movements, as there are no new narratives within the market itself to push prices higher. The rally potential is limited, but in case of an emotional crash, smaller losses may resonate better with many short-term investors.

The current fall in Bitcoin's price can be viewed from two perspectives:

Firstly, it might trigger market stop-loss orders. Given Bitcoin's recent consolidation for nearly a month, many investors might have set their stop-loss orders below the range. If the price breaks the range, it will naturally activate these stop-loss orders, leading to a significant price decline. This behavior is common in the market.

Secondly, the market might be anticipating a fall due to the Federal Reserve meeting. Some investors may choose to exit the market in advance to avoid risks. With insufficient market liquidity, any evident "blood drawing" situation could naturally occur.

As for WLD, it is gaining traction with its recent online launch on major exchanges, somewhat reminiscent of ARB's rise.

WLD positions itself as an AI project, attempting to ride the AI trend, but it seems that AI's hot streak has cooled down, similar to AGIX and FET, which also surged in the previous round of trends.

WLD's online launch has led to a tenfold increase in its circulating market value, reaching 300 million. If we include the locked or unreleased tokens, the undiluted market value stands at 25 billion.

While the medium and long-term prospects may not offer significant growth potential, there could be room for speculation in the short term, especially before any unlocking of tokens leads to selling pressure. Personally, I believe that 2 could be a short-term support level, and if it falls below, it might stabilize around 1.3.

Once the current wave of airdrop pressure subsides, the next market rebound could lead to favorable performance.

Based on the current market price, the $3 billion valuation would position WLD as the 30th largest cryptocurrency by market value, surpassing Monero, and placing it within the market value range of $3 billion to $5 billion alongside BCH, AVAX, SHIB, UNI, and LINK.

Words3 is a full-chain, MUD-based game that was released last November. Words3, however, did not play publicly for a long time after its initial testing, and it was rumored that the team was working on a remake of the game based on MUD V2, which was still in development at the time.

You can still read the full Words3 playlist from the last time the game was held:

Small Brain Games, the team behind the Words3 game, has officially announced that a new round of testing will begin on July 8. Therefore, we have also put together a brief summary of the basic rules of the game, based on information such as the official Words3 Wiki. Readers interested in testing activities also can enter the official Discord for test details:

01.Words3 Introduction

Words3 is an on-chain PvP crossword based on Optimism (this test will be on Testnet) where the goal is to make money by filling in words. In the game, players use any letter on a grid to fill in words and score points. Each letter used by the player has a price that constantly changes according to supply and demand.

At the end of the game, the player's income will depend on two things: 1. The number of points the player gets; 2. Have other players made up new words based on your words?

02. Detailed rules

The grid used for filling words can be extended indefinitely.

At the beginning of the game, there is only one initial word on the grid: infinite.

Anyone can place letters on the grid to form words

New words must be based on existing words or letters in the grid, and every word (including cross words) must be valid. According to MercleProof, the system will verify that the word the player fills in is in the dictionary. All letters can be used at any time during the game.

Each letter has an ever-changing price

The price of each letter will be dynamically adjusted according to the supply and demand according to the VRGDA algorithm, and the price paid by each player is the sum of the prices of all the letters they have placed.

Players score points based on the words they fill in

Each letter of a valid word that a player fills in counts toward the player's score (even if it is part of an existing word), and each letter has a different point value.

If another player uses their word, the player gets extra money

A quarter of the amount paid per operation for the purchase of letters will be paid to the player whose word was used in the form of a "word bonus". If multiple players' existing words are used in a single move, the 1/4 reward is divided equally between them.

Players earn money based on the number of points they score

Three-quarters of the amount paid for the purchase of letters per operation goes into the game vault. At the end of the game, the vault will distribute the bonus according to the percentage of the score earned by each player. For example, if you have 20 points out of 100, you get 20% of the inventory.

Your total earnings = your word rewards + your bonus - the amount of money you spend

In addition, players need to take into account the cost of gas. During the game, the project will not charge any additional fees. All funds that go into the game are distributed to the players through bonuses and word rewards (except gas fees).

03. Game strategy

Low price for high score

In this game, the number of points is not as important as the purchase price of each letter. Think about it: Even if you get 50% of the score, you still lose money because you paid more than 50% of the total amount in the game's vault. So, a sound strategy is to get as many points as possible in the cheapest way possible.

Earn "Word Use Rewards"

Since a quarter of the cost of each new word will be paid out in the form of a word bonus to the player whose word is used, if there are three other words on a word based on his formation (assuming the price of each word is the same), Then the word is essentially free (the revenue offsets the cost of buying the letters) - all the points it brings in turn turn into a net profit for the player. So, an effective strategy is to fill in some long words early on, with the goal that at least three other players will use them.

04. What is VRGDA algorithm

VRGDA (Variable Rate Gradual Dutch Auctions, VRGDAs) is the mechanism Words3 uses to price each letter. Specifically, Words3 uses linear VRGDA. His goal is to sell 20 one-cent letters a day for 0.0005 ETH. Selling letters faster or slower than the target rate triggers a price increase or decrease.

The VRGDA of a given letter is affected by half of their score value. For example, if the letter Z has a score of 10, calculating his target speed needs to be divided by half of the total value, which is 5. So the target speed for Z is: 20/5 = 4 per day. (This beta is expected to accelerate the speed of the original game proportionally.)

This logic can be seen in the getPriceForLetter function in the BoardSystem contract. Since players want to buy high-score letter fillers at a cheap price, this mechanism makes for an interesting game experience.

According to CoinDesk, Stuart Barton, Volatility Shares' chief investment officer, said in an email that the Volatility Shares 2x Bitcoin Strategy ETF (" BITX ") will begin trading on Tuesday.

First, what does Volatility Shares do?

Volatility Shares is a provider of financial products that specializes in trading instruments linked to market volatility. The company offers these instruments to investors primarily in the form of exchange-traded funds (ETFs).

The best-known Volatility Shares product is the VIX ETN. In addition to VXX, Volatility Shares offer other volatility-related trading instruments. For example, SVXY is a contrarian ETN designed to provide the opposite performance of the volatility of the S&P 500 index. Volatility Shares also offers a range of options-based trading instruments for arbitrage, hedging, and speculating on market movements.

Investors can buy and trade products of Volatility Shares through securities brokers or online trading platforms. These products are usually traded in the form of stocks, and their performance is closely linked to the volatility of the market. As a result, investors can use these instruments to hedge, arbitrage or speculate on market volatility.

Volatility Shares through the Bitcoin futures eft quickly ignited the market, the cryptocurrency market value all the way up.

Bitcoin quickly rose from $30,000 to $31,456.

Many people have questioned why a financial company passing Bitcoin futures eft would ignite the crypto market?

Then we need to understand what Bitcoin futures are:

Bitcoin Futures eft refers to a financial contract that allows investors to speculate on the future price movement of bitcoin. They are usually traded on regulated futures exchanges. In a bitcoin futures contract, two parties agree to buy and sell bitcoin at a predetermined price on a specific date in the future. These contracts enable investors to hold long (buy) and short (sell) positions in Bitcoin, providing opportunities for hedging and speculation.

It is obvious that the adoption of bitcoin futures eft provides a new opportunity for traditional investors to invest in eft, and the emergence of this opportunity may make the hot money flowing to the traditional financial market flood into the crypto market, thus pushing up the price of Bitcoin and benefiting crypto speculators.

The passage of Bitcoin futures eft is a double-edged sword, futures contracts are allowed short selling, if investors in traditional financial markets, short the crypto market, may bring unprecedented resistance to the crypto market.

Bitcoin futures eft is just an appetizer, Bitcoin spot eft is a booster

Companies such as WisdomTree, Invesco, and BlackRock have all applied for spot Bitcoin eft.

The Bitcoin Spot ETF is a financial instrument that tracks the price movements of bitcoin in the spot market. They are designed to provide investors with the opportunity to invest in bitcoin without having to hold the cryptocurrency directly. For example, if you invest in a Bitcoin spot ETF, you do not directly own Bitcoin itself. Instead, you own shares or units of the ETF, which represents your indirect ownership of the underlying bitcoin. ETF issuers typically hold actual bitcoins on behalf of investors. In this way, traditional finance will build a bridge with decentralized finance, and it can be said that Bitcoin has entered the mainstream financial system.

In conclusion, the adoption of Bitcoin futures in traditional finance can be seen as an important step in the integration of cryptocurrencies into the mainstream financial system. Bitcoin futures are a financial contract that allows investors to speculate on the future price of bitcoin without actually owning the underlying asset. These contracts are usually traded on regulated exchanges and settled in cash. The launch of Bitcoin futures brings many benefits to traditional financial institutions and the cryptocurrency market. It gives institutional investors who might be hesitant to invest directly in cryptocurrencies access to bitcoin's price movements and potentially profit from them. The participation of institutional investors brings greater liquidity and stability to the cryptocurrency market. The launch of bitcoin futures provides a regulated framework for trading bitcoin derivatives, which helps mitigate some of the risks associated with cryptocurrency investments. It allows market participants to adopt risk management strategies such as hedging, which has the potential to reduce volatility and improve market efficiency. The adoption of Bitcoin futures by traditional finance has enhanced the overall recognition and acceptance of cryptocurrencies as legitimate financial assets. This means that cryptocurrencies, and Bitcoin in particular, have gained enough credibility and interest to warrant the development of derivatives by established financial institutions.

BlackRock, one of the world's largest asset management giants, submitted an application for a spot Bitcoin ETF to the SEC through its subsidiary iShares. The application document shows that the applied fund is named "iShares Bitcoin Trust". Its assets "consist primarily of bitcoins held on behalf of the custodian of this trust."

For the BlackRock application in the end is a spot ETF or trust, in the crypto industry has caused huge differences and disputes, some people believe that BlackRock's application is a trust, but it is different from the GBTC trust fund issued by Grayscale, it is more flexible and can be redeemed. Another view is that this time BlackRock applied for an alternative structure ETF, which represents publicly traded Bitcoin trust fund shares, which is completely different from financial instruments such as GBTC, but more like a number of well-known ETF funds managed by GLD and BlackRock's iShares.

Is BlackRock applying for a spot ETF or a trust? What are the arguments of analysts, investors and professionals from the crypto industry? From the perspective of traditional finance, what are the respective definitions of ETFs and trusts, their main differences, investment risks, and their respective advantages and disadvantages? The following article will clarify these myths for you.

Pomp Investments investor Anthony Pompliano believes BlackRock is applying for a trust, not a Bitcoin ETF. While there are technical differences, especially when it comes to regulatory approvals, the results are the same for investors. Anthony Pompliano tweeted that GBTC is a trust, so you can't redeem it from a fund. Blackrock is also a trust, but you can redeem it. If the application is approved, it would be a huge win for investors. However, the biggest positive remains the approval of a true Bitcoin spot ETF by the SEC.

Joey Campbell, account manager at Web3 technology marketing studio SCRIB 3, also believes that BlackRock submitted a trust, tweeting, "Currently we have people who are shocked by the nominature of 'trust' vs. 'ETF,' some say there is no difference." The reason the trust keeps everyone on high alert is because Grayscale's Bitcoin trust is currently trading at a significant discount to net asset value. That's because investors can't redeem their holdings into BTC. No redemption means they can't buy at a discount in the market or sell for arbitrage.

Blackrock applied to the SEC, is it a Bitcoin ETF or a trust?

"As described in this prospectus, you will see the AP, Authorized Participants, one of the main participants in the exchange Traded fund (ETF) redemption mechanism, essentially the AP is the provider of ETF liquidity, they can change the supply of ETF shares in the market. Block fund shares are provided for continuous redemption/creation, which means that the AP of the trust can redeem/create funds at any time throughout the day."

"For example, if, based on the current price of BTC, 40,000 BTC (1 'block') is worth $40 million, the fund shares are calculated at 40,000 BTC of about $39 million. Thus, the AP authorizes the participant to redeem the 40,000 BTC held by the trust by purchasing the shares and then selling them for a profit of 1 million."

Joe Consorti, a market analyst at The Bitcoin Layer, tweeted, "It's not an ETF, it's a trust. Because it does not have the daily redemption mechanism that ETFs have, it will be added to and redeemed from the trust in the form of 40,000 bitcoins per basket. It creates a similar NAV premium and discount issue to the Grayscale Bitcoin Trust."

Another view: BlackRock is applying for an ETF
Adam Cochran, a partner at CEHV, said BlackRock is applying for a kind of ETF, but many ETFs have alternative structures. Unlike GBTC, BlackRock filed for an ETF in the form of a redeemable trust, which represents shares of a publicly traded Bitcoin trust fund, rather than dealing with units of bitcoin assets directly through clearing.

Bloomberg senior ETF analyst Eric Balchunas argued that this is an ETF, in response to which he tweeted, "For those of you who think BlackRock is filing a trust and not an ETF, I would like to ask, do you think $GLD is an ETF? There are a lot of different structures under the 'ETF' asset class. It's totally different than $GBTC."

Bruce Fenton, CEO of Watchdog Capital, a registered broker-dealer with the SEC, believes that BlackRock submitted an ETF, some people think it is a trust, but it is different from financial instruments such as GBTC. More like the well-known ETFs managed by GLD and BlackRock's iShares.

Given that BlackRock's application is not a trust in the traditional sense and does not fully meet the definition of an ETF, below we will list the respective definitions and key differences between an ETF and a trust.

What's the difference between an ETF and a trust?
An ETF is an investment fund that trades on a stock exchange like an individual stock, and is a type of security that holds an underlying investment such as a commodity, stock, or bond. It is often similar to a mutual fund in that it is jointly managed by the issuer. Etfs are designed to track the performance of a specific market index, sector, or asset. When investors buy an ETF, they are buying shares in an asset-based portfolio such as stocks, bonds or commodities. One of the benefits of investing in ETFs is that they provide easy access to a diversified basket of securities. Etfs also typically have low costs compared to other types of investment vehicles.

Investment trust is a closed-end investment fund listed on the stock exchange. These trusts are managed by a professional fund manager who is responsible for investing the money held in the trust. The fund manager will use the money to buy a portfolio of assets such as stocks, bonds or property. The stock price of an investment trust is determined by the value of the assets held in the trust.

In general, one of the main differences between ETFs and investment trusts is their structure. Etfs are open-ended, which means that the number of shares available can increase or decrease depending on demand. Investment trusts, on the other hand, are closed-end, meaning that a fixed number of shares are available.

In addition, ETFs can be bought and sold on stock exchanges throughout the trading day, just like individual stocks. However, investment trusts only trade once a day at the end of the trading day. At the same time, the cost structures of ETFs and investment trusts are different. Etfs typically cost less than investment trusts because they are designed to track an index and require less active management. Investment trusts, on the other hand, are actively managed and therefore may have higher fees.

In the crypto space, Grayscale's GBTC Trust is the absolute leader in the cryptocurrency market, with over $35 billion in assets under management. The structure for investing in the trust is corporate - at least in regulatory form - and is a "closed-end fund". As a result, there are a limited number of stocks available, and their supply and demand largely determine their price.

GBTC shares are not easy to create and there is no active redemption program. This often creates a significant price difference with its net asset value. Etfs, by contrast, allow market makers to create and redeem shares at will. Therefore, if there is sufficient liquidity, there is usually no premium or discount. An ETF instrument is more acceptable to mutual funds and pension funds because it carries much less risk than a closed-end trust like GBTC.

Nike's entry into the NFT space demonstrates the unique evolution of digital marketing, and the renowned sports brand has seamlessly integrated the technology into its NFT marketing strategy, providing valuable lessons for other businesses to navigate the Web3 ecosystem.
So, why is Nike using NFT marketing, and what can their approach teach you about Web3 projects?
Nike's exploration of NFT shows that it fully understands the changing mindset of consumers, recognizing that the growing interest in blockchain technology, digital ownership and collective creativity is driving it away from a single, traditional marketing strategy.
Instead of focusing on technology, Nike's marketing team focused their efforts on the consumer experience, a strategic move that allowed them to connect with their audience in innovative ways.
By labeling their NFT product as a "virtual product," Nike has subtly steered clear of technical jargon. This choice of terminology highlights its focus on the value and experience of the product, rather than solely on the technical issues involved.
Keenly aware that its target audience was more interested in experiences than technology, Nike seamlessly blended traditional marketing strategies with NFT marketing strategies to increase user engagement.
Nike's move into NFT is also designed to foster a sense of community, with the.swoosh platform providing fans with an ecosystem to interact, create, collect and trade digital assets. This community-centric NFT marketing strategy engages fans in novel ways because it increases fan loyalty to the brand and paves the way for a new relationship between the brand and the consumer.
Nike's NFT marketing strategy provides valuable advice for businesses ventuing into the Web3 space, and here are some ways you can use their approach to drive your project:
Focus on the consumer experience: Rather than inundate the consumer with technical jargon, focus on the value and experience provided by the product or service itself. Nike's example shows that plain language can make products more accessible and appealing.
Build community: Creating a community around a product or service can significantly increase user engagement and loyalty, and can foster a sense of ownership and investment in the project by providing a space for users to interact and contribute.
Harness the power of digital ownership: Emphasizing the uniqueness and ownership of digital assets increases the perceived value of them to users. You can take advantage of people's growing interest in digital ownership to provide them with exclusive experiences in the form of NFT, and you can rely on marketing agencies that specialize in NFT for professional services.
Try and learn: Like Nike, don't be afraid to experiment with NFT marketing strategies. The Web3 space is relatively new, so there are numerous opportunities for innovation. This space can be used to experiment with different strategies, learn from successes and failures, and continually refine methods to help businesses effectively advertise their brands and NFT.
Nike's innovative leap into the NFT space is well positioned to help generate potential customers and provides a good model for those seeking to navigate the Web3 ecosystem.
By focusing on the consumer experience, building a community, and leveraging the appeal digital ownership brings to users, a powerful NFT marketing strategy can be created that resonates with consumers in the digital age.


Game Dosi is the first Web3 gaming platform launched by NFT platform LINE NEXT, a joint venture of Japanese communications giant LINE dedicated to developing and expanding the NFT ecosystem. joint venture.
Last July, Line Next announced the completion of a $10 million strategic financing round from investors including SoftBank, NAVER, NAVER WEBTOON, NAVER Z, LINE Games, CJ ENM, YG PLUS, SHINSEGAE, Hashed, and K Auction, 10 companies that will support Line Next will support the launch of its global NFT platform "DOSI" and the development of NFT projects based on IP content. With this investment, Line Next is also expanding its strategic cooperation with IP content, distribution, game and entertainment companies in the NFT content business and marketing interface.

Building an integrated platform for Web3 games
With the slogan "Gamers First, Web3 Next", GAME DOSI aims to be a medium where developers and gamers can communicate directly and build trust. After identifying the needs of developers and investing a lot of effort in providing them with the best business model, GAME DOSI summarized the features of its platform.

All-in-one platform
GAME DOSI provides game developers with various systems to easily develop Web3 games. Developers can significantly reduce the amount of resources needed for development by using the resources it provides. The project partners plan to provide an integrated platform for users and developers by supporting the GAME DOSI ecosystem in getting started, launching and operating.
Onboarding: Provision of Gamefi platform SDK and API
Launch: NFT store (B2C, C2C), game token trading and merchandise, integration system
Operation: GAME DOSI Biz management backend management, game merchandise sales, asset profit management one-stop

Legal advice and risk management guidance
Currently, the market size of crypto and NFT based on blockchain technology is growing rapidly. At the same time, regulations to prevent unexpected events are increasing. Therefore, in order to operate secure blockchain games, each country needs a compliance strategy for new regulations. game dosi can respond to blockchain regulations, such as wallets, tokens and NFTs, preemptively through its experience on the launched DOSI and AVA platforms. by providing ongoing regulatory checks and risk guidelines for games entering game dosi, it helps development teams reduce cryptocurrency industry issues and focus on the business of gaming.

Development Kits
GAME DOSI offers SDKs and APIs for game developers, and with its development kits, game developers can quickly and easily develop Web3 games.

Marketing and promotion support
In addition to games, GAME DOSI plans to build a content ecosystem using Web3 and blockchain technology in various fields such as NFT and entertainment. Thanks to LINE Messenger's global reach in mobile communication and support for LINE Web3 and blockchain service related activities, GAME DOSI sees its power as LINE's main Web3 gaming platform.

Token Economy Consulting
Based on the LINK (LN) ecosystem, the team supports the design of tokens and commodity structures optimized for game content. The system will be introduced as an optimized feature through GAME DOSI and updates will be rolled out.

Community Benefits
GAME DOSI plans to introduce a variety of different community features through a business partnership with NFT platform development and services company "0x&".

Five games will be released in the second half of the year
According to the announcement, GAME DOSI will launch five new games in the second half of this year, including Sweet Monster Guardians, VLO (Vestria the Last Order), KEROZ, Drawshop Kingdom Reverse and Project GD, the latter of which is a Line internally developed The games will cover many of the games based on the GAME DOSI IP. All games will be based on Finschia, LINE's third-generation blockchain master network, which was released last December.
Sweet Monster Guardians: A strategic defense type web game where users can drag and drop character cards to defend towns with unique toy dolls, developed by Movisoft and expected to launch in June.
VLO (Vestria the Last Order): a collective RPG (role-playing game) endgame that provides a dynamic combat experience through dynamic real-time PVP content, allowing players to engage in various adventures and battles in war scenarios, developed by SIS Studio, expected to launch in Q4.
KEROZ: The first Roguelike (role-playing game) based on Hack & Slash (hack & slash genre) in Crypto, offering a spectacular action game experience, developed by Superflex, will support PC and mobile, expected to launch in September.
Drawshop Kingdom Reverse: A blockchain-based metaverse web game that allows users to create their own 2D dot art galleries that can be used to decorate your own land and earn NFTs through avatars, machines and dolls, developed by Nolatency Limited, expected to go live in Q4.
Project GD: A development program for various games using GAME DOSI's IP, the first game to be launched is TCG, where players can duel each other using their NFT decks, expected to go live in July.
LINE NEXT also plans to release a teaser for a second batch of new games later this year.
LINE has been in the gaming industry for several years before entering the Web3 gaming circuit. Its Line Game social game platform had surpassed 150 million cumulative game downloads by 2013. in 2018, Line merged its existing game division with NextFloor, the Korean developer of Dragon Flight and Son of Destiny, to form LINE GAMES, which set out to develop games for handheld, PC, and consoles. In the same year, Line Games also received 125 billion won (about $110 million) in financing from Anchor Equity Partners.
In March this year, Uncharted Waters Origin, a massively multiplayer online RPG developed and published by LINE Games, was launched on Steam, and players can download the international service for free. Relying on the sentiment of the Grand Age of Sail IP series, this online game attracted the attention and input of many players in the early stage. However, due to the problem that the game recharge in the international service is several times of the Korean service, a large number of players began to give negative comments on Steam one after another, and there are still more than half of the bad comments.
The five games to be released by GAME DOSI have not yet disclosed more information, and according to the roadmap, all the games will be online only at the end of the year.

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