Today's news tips:
1. The US SEC approved Grayscale's Bitcoin Mini Trust Fund, but it still needs to wait for the S-1 registration statement to take effect before it can start trading
2. Robert Kennedy Jr. promised to sign an executive order related to Bitcoin if elected president
3. Senator Lummis did not announce plans to establish a strategic Bitcoin reserve at the Bitcoin 2024 conference
4. Musk's X platform uses user public posts to train the Grok AI model by default
5. Indian crypto exchange WazirX will implement a socialized loss strategy where all users share the loss fairly
6. Ethereum developers: Ethereum is becoming more and more "decentralized verification, but centralized control"
7. Michael Saylor: Bitcoin price is expected to reach $13 million by 2045, accounting for 7% of global wealth
8. Ethereum spot ETF had a total net outflow of $163 million yesterday, of which ETHE had a net outflow of $356 million in a single day
Regulatory News
Grayscale’s Bitcoin Mini Trust Fund Approved by the U.S. SEC, Still Needs to Wait for the S-1 Registration Statement to Take Effect Before Trading Can Begin
The U.S. Securities and Exchange Commission (SEC) approved Grayscale's Bitcoin Mini Trust on Form 19b-4 on Friday. The trust will be able to start trading after the S-1 registration statement becomes effective. The mini trust is a smaller version of the Grayscale Bitcoin Trust (GBTC), and the new mini trust shares will be distributed to GBTC shareholders. According to a Grayscale spokesperson, the company is waiting for the registration statement to become effective, the approval of which will allow the mini trust to operate as a U.S. spot Bitcoin exchange-traded product (ETP).
Senator Lummis Did Not Announce Plans for a Strategic Bitcoin Reserve at Bitcoin 2024 Conference
U.S. Senator Cynthia Lummis did not announce plans to establish a strategic Bitcoin reserve at the Bitcoin 2024 conference. Despite expectations, Lummis' speech focused on the regulatory framework for Bitcoin and blockchain technology, without mentioning any specific measures to include Bitcoin in the country's strategic reserve.
Robert Kennedy Jr. Promises to Sign Bitcoin-Related Executive Orders If Elected President
US presidential candidate Robert F. Kennedy Jr. has promised to sign several Bitcoin-related executive orders on his first day in office if elected president. Kennedy said at the Bitcoin 2024 conference that he would instruct the U.S. Department of Justice and the U.S. Marshals Service to transfer about 200,000 Bitcoins held by the U.S. government to the Treasury Department as a "strategic asset" reserve. He also plans to sign an executive order instructing the Treasury Department to purchase 550 Bitcoins per day until the United States holds 4 million Bitcoins in reserve. In addition, he plans to issue guidelines declaring all transactions between Bitcoin and the U.S. dollar to be non-reportable and tax-free transactions. "I am not a blue camp (Democratic Party), I am not a red camp (Republican Party), I am not a purple camp (swing states), I am an orange camp (the representative color of Bitcoin)" said Robert Kennedy Jr.
Currently, Kennedy is trailing Vice President Kamala Harris and former President Donald Trump in the polls. Harris leads Trump 42% to 38%, while Kennedy has the support of 8% of voters.
US judge approves DOJ's "delay in forfeiting FTX's political donations"
A U.S. federal judge approved the Justice Department's request to delay the confiscation of funds donated by former FTX CEO Sam Bankman-Fried (SBF) to political action committees (PACs). The Justice Department is discussing the confiscation of these funds with SBF's lawyers. These donations mainly go to Democratic-related committees, including House Majority PAC, Senate Majority PAC, FF PAC, FF USA Action, EMILYs List, and GMI PAC. Judge Lewis Kaplan approved the extension of the deadline for submitting third-party petitions to September 13. SBF donated approximately $40 million to political candidates and PACs in 2022, mainly to influence the U.S. government's policy on cryptocurrencies.
Former FTX executive Ryan Salame applies to court to postpone jail time for dog bite
Former FTX executive Ryan Salame has filed a letter with a federal court requesting that his prison date be postponed to October 13 because he needs to treat a dog bite. Salame was bitten on the face by a German shepherd while visiting a friend's house and required surgery. He was originally scheduled to begin serving his 7.5-year prison sentence on August 29 after being accused of embezzling company funds and engaging in secret political lobbying. Salame has pleaded guilty and has been ordered to pay more than $6 million in forfeiture and more than $5 million in restitution. Similar to Salame, several other cryptocurrency executives are serving sentences for related crimes.
AI
Musk's X platform uses users' public posts to train Grok AI models by default
According to an announcement released by the @Safety account of the X platform (formerly Twitter), all X users can now control whether their public posts can be used to train the Grok AI search assistant, and this option is enabled by default. In addition to the existing control options, users can also manage whether interactions, inputs, and results related to Grok are used. This privacy option is currently available on the web version of the platform and will be launched on mobile. Users can find this option in the privacy settings (Privacy and Security-Data Sharing and Personalization-Grok-Data Sharing-Allow your posts and your interactions, inputs, and results with Grok to be used for training and fine-tuning), and it can be set up with just a few clicks.
Project News
Indian crypto exchange WazirX to implement socialized loss strategy for all users to share equally
According to an important update announcement released by Indian cryptocurrency exchange WazirX, a recent cyber attack resulted in the theft of approximately $230 million (equivalent to 45% of user funds). WazirX announced that it will implement a fair and transparent socialized loss strategy to ensure that all users share the impact fairly. The strategy allows users to immediately access 55% of their assets, while the remaining 45% will be converted into tokens of the equivalent value of USDT and locked.
Users can choose between two asset management options, each with specific benefits and conditions. The unlocked 55% of assets will create a balanced portfolio through a basket of crypto assets available on the platform. If the 55% of unlocked assets include affected tokens, the affected portion will be replaced with unaffected crypto assets. The value of the unlocked assets will be calculated based on the average price on CoinMarketCap and selected global exchanges at 8:30 pm (IST) on July 21, 2024.
Users must complete their selection by 7:00 am (IST) on August 3, 2024. The voting results will be used as a reference for the final decision, taking into account the survey results, platform liquidity and other circumstances.
Michael Saylor: Bitcoin price is expected to reach $13 million by 2045, accounting for 7% of global wealth
Michael Saylor, executive chairman of MicroStrategy, said at the Bitcoin 2024 conference that the price of Bitcoin is expected to reach $13 million by 2045, accounting for 7% of global wealth. He pointed out that the current price of Bitcoin is about $65,000, with a market value of $1.3 trillion, accounting for only 0.1% of global wealth. To achieve this goal, Bitcoin needs to achieve an average annual return of 29% in the next 21 years. Saylor also mentioned that in a bull market, the price of Bitcoin could be as high as $49 million, accounting for 22% of global wealth; in a bear market, the price could be $3 million, accounting for 2% of global wealth. MicroStrategy currently holds 226,331 Bitcoins, worth about $15 billion.
Ethereum developer: Ethereum is becoming more and more "decentralized verification, but centralized control"
Ethereum core developer Péter Szilágyi (karalabe.eth) tweeted that the future direction of Ethereum, PeerDAS, plans to increase the data block size to 32MB in the next upgrade, which will have a negative impact on local block producers. He pointed out that Ethereum's block propagation time is very strict, with only 4 seconds to propagate the block to the entire network. Although PeerDAS divides the subnet, it still needs to propagate 32MB of data within 4 seconds, which is an unbearable burden for home nodes.
Szilagyi further pointed out that sending 32MB of data to 4 nodes requires 1Gbit of upstream bandwidth, and if the network needs 4 hops, 4Gbits of bandwidth is required, and when considering data propagation, the upstream bandwidth requirement may double to 2.5GBit/s. He is worried that this will lead to the inability of home nodes to continue to participate, and Ethereum is losing its original intention of decentralization. The research team fully accepted the idea of centralizing everything as long as it can be verified. It's a cute trick: decentralized verification, but centralized control.
In addition, he mentioned that some members of the Ethereum research team allegedly run their own MEV relays, and this conflict of interest may lead to a centralized trend in protocol design. Szilágyi is skeptical of the motives of the Ethereum research team, believing that they may be promoting a centralized design in order to profit from it. Ultimately, he is worried that Ethereum is gradually deviating from the principle of decentralization, and even if the price may rise and many people are happy about it, does this mean that Ethereum has "sold itself."
Vitalik: Péter Szilagyi is wrong about Ethereum becoming more “decentralized verification, but centralized control”
In response to Ethereum developer Péter Szilágyi’s statement that Ethereum is becoming more and more “decentralized verification, but centralized control”, Vitalik Buterin said that he had just attended the EF Research Seminar last week and could confirm that this view was wrong, where various discussions were held on how to minimize centralization. Including:
A deeper analysis of multi-proposers to see if the role of the builder can be eliminated entirely
Maximizing the Power of Inclusion List (FOCIL)
Thoughts on fork choice depend on transaction inclusion
Analysis of the Orbit SSF and ideas for accelerating the deployment of the Orbit mechanism, which could reduce the minimum deposit by more than 10 times before we do the SSF
Distributed Blockchain Construction for PeerDAS:
Network analysis and bandwidth optimization for PeerDAS and fullDAS
Make 51% attack recovery more automated and less dependent on the “social layer”
Ensure include lists are fully applicable to (i) blob and (ii) native account abstraction (e.g. EIP-7560) transactions
Vitalik: There is no need for a single actor to broadcast all blobs, there are multiple distributed broadcast options
Regarding Vitalik's response to "Ethereum is becoming more and more decentralized in verification but centralized in control", a community user mentioned that "sending 32MB of data to 4 nodes requires 1Gbit of upstream bandwidth. If the network needs 4 jumps, 4Gbits of bandwidth is required, and when considering data propagation, the upstream bandwidth requirement may double to 2.5GBit/s." No direct answer was given.
Vitalik Buterin said that we don't need a single actor to broadcast all blobs. The blobs are already in the mempool, and there are many options for distributed broadcasting. There are still quite a few steps to go before a full DAS with the 16 MB goal is achieved, and there are no plans to stick with it until a satisfactory solution is found.
KOL Irene Zhao clarifies allegations related to previous projects, saying that the ASIANMOM project emphasizes extreme transparency
KOL Irene Zhao released a statement on the X platform to respond to questions about her past cryptocurrency projects and clarify the relevant allegations.
1. IreneDAO: IreneDAO is a proof-of-concept project that started with Telegram stickers and unexpectedly generated millions of transactions in a short period of time. Irene clarified that she did not keep or sell any NFTs, the funds were managed by a multi-signature wallet, and donated $100,000 to ECPAT, an NGO against child sex trafficking in Southeast Asia.
2. SO-COL: Irene’s original intention in launching SO-COL was to bring Web2 users to Web3, and she achieved this goal through creator NFTs. Despite the initial success, NFT trading volume plummeted due to the cryptocurrency winter. In February 2023, in response to financial pressure, Irene accepted a $1.5 million investment from DWF to maintain liquidity and order book depth. This decision was later suspended, but Irene clarified that the original intention was to solve funding problems and it was not a scam.
3. Konomi: Irene joined Konomi as Chief Marketing Officer in 2021. She was mainly responsible for hosting AMAs, building partnerships, etc., and was not involved in project development and strategy. In early 2022, she left Konomi to focus on the SO-COL project.
4. Response to other allegations: Irene clarified the allegations related to $IRENE, Rug by @Pauly0x and fake Instagram accounts, emphasizing that these projects have nothing to do with her or that she is not involved in them.
5. ASIANMOM: Based on past experience, Irene launched the ASIANMOM project, emphasizing extreme transparency, and established an 18-month lock-up period and a 9-month contributor lock-up period to ensure long-term support.
Irene also specifically mentioned that she understood that she made mistakes as a first-time founder, but hoped that everyone could distinguish between failed projects and scams. She welcomes further questions or criticisms and is willing to have an open dialogue.
Jupiter Co-creation: Voting on a proposal to reduce the supply of JUP will begin next week
Jupiter co-founder Meow said on the X platform that this is an extremely important week for JUP:
Monday: JUP Essay;
Tuesday: Community audit of JUPs distributed to date;
Wednesday: Token supply reduction proposal;
Thursday: Voting;
Friday-Saturday: Discussion;
Sunday: Draw conclusions.
By the end of next week, the community will have reached a high level of understanding and alignment.
Important data
Ethereum spot ETF had a total net outflow of $163 million yesterday, of which ETHE had a net outflow of $356 million in a single day
According to SoSoValue data, yesterday (July 26, Eastern Time), the total net outflow of Ethereum spot ETFs was $163 million. Among them, Grayscale Ethereum Trust ETF ETHE had a single-day net outflow of $356 million yesterday, and the current historical net outflow of ETHE is $1.514 billion. Grayscale Ethereum Mini Trust ETF ETH had a single-day net inflow of $44.9426 million, and the current historical total net inflow of Grayscale Ethereum Mini Trust ETH is $164 million. The Ethereum spot ETF with the largest single-day net inflow yesterday was BlackRock ETF ETHA, with a single-day net inflow of $87.2178 million, and the current historical total net inflow of ETHA reached $442 million. The second is Grayscale ETF ETH, with a single-day net inflow of US$44.9426 million. The current total net inflow of ETH has reached US$164 million.
As of press time, the total net asset value of the Ethereum spot ETF was US$9.238 billion, the ETF net asset ratio (market value as a percentage of Ethereum's total market value) was 2.36%, and the historical cumulative net outflow has reached US$341 million.
Over the past 7 days, Kraken has received over 32,900 BTC, and Coinbase Pro has received about 17,000 BTC outflow
According to the latest data from Coinglass, 17,091.91 bitcoins flowed out of the Coinbase Pro exchange wallet in the past week, 12,024.24 BTC flowed into the Binance exchange wallet, and 32,939.68 BTC flowed into the Kraken exchange wallet.
Earlier news revealed that Mt. Gox creditors had received returned Bitcoin and Bitcoin Cash at Kraken.
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