Interesting reads

  • Crypto Markets See Green Amid Talk of ‘Forced Short Squeeze’ on BitMEX (cointelegraph.com)
    The U.S. Securities and Exchange Commission (SEC) has rejected a total of nine applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs) from three different applicants, according to a three separate orders published by the SEC today, August 22.The disapprovals come one day ahead of the anticipated deadline, August 23, stipulated for a pair of BTC ETFs that had been submitted by ProShares in conjunction with the New York Stock Exchange (NYSE) ETF exchange NYSE Arca.

    The SEC has now rejected a further seven proposed ETFs alongside the ProShares pair –– these being five further proposed ETFs from Direxion, also for listing on NYSE Arca –– and two proposals from GraniteShares, for listing on CBOE.    For all three disapprovals, the SEC has stated that:

    "[T]he Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices."

    The SEC has today reinforced its qualms over inadequate “resistance to price manipulation” in an insufficiently sized BTC derivatives market. In the case of ProShares’ two ETFs –– and repeated in the two other disapproval orders –– the SEC has stated that:

    “Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary.”

    As a March 2018 registration statement from the SEC noted, “the [ProShares] Funds do not intend to hold Bitcoin Futures Contracts through expiration, but instead intend to either close or ‘roll’ their respective positions.” This had been specifically designated as a potential risk for the two ETFs in question –– in addition to the “extreme volatility and low liquidity” attributed to both Bitcoin spot and derivatives markets.In today’s three orders, the SEC has however notably stated that:

    "[The agency] emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment."

    The SEC’s fresh disapprovals echo the concerns the agency had already articulated in its initial rejection of a high-profile Bitcoin ETF application from the Winklevoss twins in March 2017:

    ”When the spot market is unregulated –– there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”

    This July the SEC rejected the Winklevoss’ petition following their initial application’s denial, in which the twins claim that crypto markets are “uniquely resistant to manipulation. ” In their rejection of the petition, the agency said that “the record before the Commission does not support such a conclusion.

    ”    At the beginning of August, the SEC delayed its decision over yet another Bitcoin ETF application –– this time filed by by investment firm VanEck and financial services company SolidX, for trading on CBOE.

    Notably, instead of proposing a Bitcoin futures-based fund, the application proposed a physically-backed model, which will raise the further question of custody.

    Bitcoin is currently trading around $6,380, down about 2.2 percent on the day to press time.
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      Francisco Gimeno - BC Analyst Not all crypto is BTC, and not all trade is USA. The obsession with SEC decisions (important as they are) are just small clouds in the whole ecosystem. Markets not just crypto) are volatile in these turbulent times. Hodlers will yet think about crypto long term, knowing this is just a small moment in time.
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  • EOS Blockchain Community Launches New Alliance to Facilitate Communication with ... (crowdfundinsider.com)
    A group of EOS blockchain community members have banded together to create the EOS Alliance. This new group, which includes many well known names, is seeking to provide the broader EOS community with a platform for collaborative and transparent decision making, according to a release.Initial board members of the EOS Alliance include:

    • Brock Pierce, Chairman of the Bitcoin Foundation and former partner at Block.one (EOS)
    • Galia Benartzi, co-founder of Bancor and LiquidEOS
    • Peter Li, founder of EOS Gravity, a community leader and Block Producer
    • Hai Feng, of EOS Store, an EOS Block Producer
    • Nix Nolledo, Philippine billionaire, founder of blockchain startup ODX
    • AKON, multi-platinum music artist and blockchain enthusiast
    • The group states that two observer seats have been established for representatives to be selected by the paid Block Producers via a mechanism to be decided by them.
    • There is also a seat reserved for special appointment, held in the interim by Lightning Clearwater III, also serving as the Alliance’s General Counsel

    The Alliances states that this coordinating group “will further unlock the full potential of EOS, the world’s fastest governed blockchain, by providing a platform for collaborative, transparent decision-making and information-sharing within the EOS community.

    ” The move was said to be endorsed by more than four dozen block producers as wellEOS Alliance has published a Mandate, outlined as follows:The EOS Alliance states that it “will serve under its guiding vision of Empowering EOS For All to curate and coordinate various existing efforts within the EOS community.”The Alliance will:


    • Facilitate multi-language conversations (initially in English, Korean and Chinese) and education around key ecosystem issues, debates and developments.
    • Refrain, in accordance with its bylaws (now being drafted), from gaining any executive power within EOS governance structures.
    • Facilitate discussion and help workgroups make clear recommendations.
    • As its first act, the EOS Alliance has already begun forming a series of working groups with diverse community participation to inform and advise on the ecosystem’s most challenging topics.

    The EOS Alliance intends to have a fully elected board, to include members of diverse backgrounds and geographic regions, representing a variety of EOS community stakeholders and perspectives.

    Staff initially will include interim Executive Director Thomas Cox, former Block.one VP of Product, Deputy Executive Director Myra Wang (Dan Wang), formerly of the influential Chinese community EOS Gravity, and Communications Director Kevin Wilcox, co-founder of EOS Go.The group states that in its first six months, the Alliance will create a sustainability plan beginning with donations, events, memberships, content, trainings and more.

    All EOS Alliance financial information will be made publicly available.Initial EOS Alliance Working Groups include:
    • Dispute Resolution and Arbitration
    • Communications
    • Code Management (GitHub)
    • Exchanges
    • Constitution Drafting & AdoptionMission: to curate an open process ensuring broad community participation in drafting, discussing, revising, and publishing at least two Constitution drafts for consideration by referendum.
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      Francisco Gimeno - BC Analyst Well, we will see what happens from this EOS Alliance. The names in the list are impressive. For those who think EOS is one of the best platforms now existent is a good thing. Although we could also say that if there are members who feel this Alliance should exist to manage better the EOS community is because EOS needed that. What do you think?
  • Recommended: Thematic Group of the United For Smart Sustainable Cities (U4SSC) I...

    This opportunity to apply closes on August 21, 2018




    What?


    United for Smart Sustainable Cities (U4SSC) initiative is launching a call for expert volunteer
    contributors from urban practitioners, city planners, engineers, designers, policy-makers,
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    Cities, in order to achieve the Sustainable Development Goal 11:

    "Make cities and human
    settlements inclusive, safe, resilient and sustainable", the New Urban Agenda, Paris Agreement and
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    The thematic group is responsible for the development of the deliverable on "Blockchain 4 Cities".
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    The meetings and work of the thematic group will be conducted through U4SSC’s online platform,
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    The report will be compiled and published through U4SSC’s initiative.
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    UNECE, UNU and other participating UN agencies, funds and programmes.
    The secretariat for this deliverable is provided by Nuno Lopes (UNU).



    Interested?



    Selection process and terms of application
    Experts will be chosen according to their qualifications, based on proven expertise to support the
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    The U4SSC Secretariat (ITU, UNECE and UNU) together with the
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     Communication: The applicant can easily express themselves in English (the working
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     Knowledge Sharing:

    Applicants must be willing to share information and expertise and
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     Availability: Applicants must be willing to avail themselves for online meetings of the
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     Transparency: Applicants must agree to publish their names along with their professional
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    Applicants are required to register to the U4SSC
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    Kindly fill in the application form available here: 


    https://docs.google.com/forms/d/e/1FAIpQLSfB5pz-1bsa2QexekCW2dkmZEPCgsiM1Ubx-qdDyhamxI5W2A/viewform
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      Samuel Santos Sales & Growth Marketing at BC Awesome...
      • 1
      Francisco Gimeno - BC Analyst "Blockchain 4 Cities" is a very interesting initiative, and a powerful step to create real Smart Sustainable Cities. Read this, if you feel you can contribute, apply.
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      • 2
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