re: Official CryptoTalk Thread

GUAC could be a good play too. They're building a liquidity locker for SOL so there's a good utility narrative.

It's down quite a bit from its local top but dyor. It could pump again as SOL pumps.

Anybody else in here own any Chainge? I’ve been holding a decent size bag well before they were acquired by a group called Coded Fi for $47M this week. It’s a great cross chain dex/wallet that I already really liked using for swaps

There appears to be alot in the pipeline for it, and it was already fairly hyped on ct. May end up being a pretty nice mover early-ish 2024 fwiw. I plan to add some more

Yeah I have a half dozen Tectum stakes that mature in a few weeks that I’d sure love to roll into a few things if we catch a dip

When do you plan on selling your MARA calls?

Mara on a fricking tear

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Mara on a fricking tear

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I should have bought way more than I did last month. I hate this feeling.

Some news on the Bitcoin ETF front..

Announced today that BlackRock is seeding their Bitcoin ETF on Jan 3 with $10,000,000.

I know nothing about seeding an ETF but this sounds insanely small... but enough to where they are confident the approval is in the bag.

Arthur Hayes, BitMEX co-founder, says that traditional finance companies like BlackRock issuing Bitcoin ETFs could spell Doom for Bitcoin. His theory is that these companies will continually buy up Bitcoin to a point where Bitcoin mining can't be sustained. He envisions a scenario where major asset managers accumulate Bitcoin, immobilizing it in a “metaphorical vault.” Bitcoin needs movement to survive and miners can't survive if trading transitions too much to people trading ETFs within ETF fund pools. As ETFs buy up more and more Bitcoin, so less of it is available to trade in exchanges, miners will over some time period wither away and the network hash rate will progressively wither away.

As long as enough countries and people do peer to peer trading, then there should always be enough Bitcoin to keep the network healthy. It was good to see Argentina legalize Bitcoin use directly. More and more countries should follow.

The theory makes sense though but just in theory. I don't think it will ever materialize to be severe enough to damage the network. Hopefully ETF funds around the world will always comprise a relatively smaller percentage of all Bitcoin.

Gold is a different animal. Arthur said in the article that you could bury gold and paper money and come back a century later and it would still be there. Bitcoin has to have enough movement to keep miners a float. An extreme example is that no Bitcoin is bought and sold on exchanges for months. Miners wouldn't have any Bitcoin to mine so they would go out of business. As they started going out of business, the network would get weaker and weaker until the hash rate dropped enough to make the network very unsecure.

The article was released on Crypto News about an hour ago and is titled "TradFi’s Spot Bitcoin ETF Could Spell Doom for Bitcoin".

I agree with you that Bitcoin is not a USA asset class. Also I can't remember if it was Mike Novagratz or Michael Saylor who recently said that $30 trillion dollars will flow into Bitcoin just due to the ETFs. That's about a 35x gain from Bitcoin's current market cap. Not sure what time period, but as BlackRock and other ETFs keep trying to buy more Bitcoin, it will be more and more out of reach to buy up too much of the network and miners will make more and more money.

Solana itself is on fire right now