AN OG BTC DEV WANTS TO KILL ORDINALS 🗡️

Everyone has had Ordinals fever lately. Everyone except one man….

Luke Dashjr. He’s been a Bitcoin Core developer since 2011. And he hates Ordinals more than an Eagles fan at a Cowboys home game. And that’s saying something.

And now, he wants to ban them. 

How? Label Ordinals as spam so they can’t be created. Lemme explain…

Spam = small transactions that take up unnecessary block space & clog a network. They’re the Bed, Bath, & Beyond coupon emails of crypto.

Some people send them maliciously as “dust” to try to steal someone’s identity. Others send them accidentally (i.e. sending a bunch of payments individually instead of bundled together.) 

Bitcoin finds them and stops them from processing. Now Dashjr wants to roll out a software update that would extend spam filtration to Taproot transactions. Including Ordinals.

If that happened, people wouldn’t be able to create Ordinals. Sayonara Bitcoin NFTs.

So what? This is as much about ideology as it is about the tech.

Bitcoin was designed to transfer money. Not to build DeFi, like Ethereum was.

But recently, the Bitcoin network has seen:

An NFT boom thanks to Ordinals & BRC-20

Crazy network congestion thanks to memecoins like Pepe (there are ~390K pending transactions right now)

Wildly high transaction fees

On one side are folks okay with the Bitcoin blockchain being used like this:

And on the other are ones that aren’t:

So will Dashjr get his way? Probably not. 

First of all, BTC miners wouldn’t be onboard with this. They’re making too much BANK right now from the NFT craze.

And second, OG or not, this is just one dev proposing a pretty bold move. For this to happen, BTC miners would need to green-light it unanimously. Then it would roll out via a software update.

It does make you wonder though: WWSD (What would Satoshi do?) let me know in the comment section.

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🌐 Global Crypto Headlines of the Day:

🛑 Uniswap to launch on Polkadot via Moonbeam Parachain.

🛑 Ripple acquires Switzerland-based crypto custody firm Metaco.

🛑 Near Protocol integrating with Wormhole bridge for secure cross-chain transfers.

🛑 China's Greenland plans to apply for virtual assets license in Hong Kong.

🛑 Axie Infinity now available on the App Store.

🛑 Pakistan reportedly considering ban on cryptocurrencies and crypto exchanges.

🛑 President Biden assures the U.S. won't default during a press conference.

🛑 Coinbase to support SUI, trading starting on May 18.

Stay updated with the latest crypto news and developments!

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More Than 700 US Banks Facing Significant Safety and Soundness Risk Due to Massive Unrealized Losses:

A new report from the Office of the Comptroller of the Currency (OCC) has found that more than 700 US banks are facing significant safety and soundness risk due to massive unrealized losses on their crypto-related exposures.

The report, which was released on May 10, 2023, found that the total value of crypto-related exposures held by US banks has increased from $1.9 billion in 2021 to $10.4 billion in 2022. The report also found that the majority of these exposures are concentrated in a small number of banks, with the top 10 banks holding more than 80% of the total.

The OCC is concerned that these massive unrealized losses could pose a significant risk to the safety and soundness of the banking system. The report notes that if the value of crypto assets were to decline sharply, it could lead to significant losses for banks and could potentially force some banks to fail.

Source: Federal Reserve

The OCC is urging banks to take steps to mitigate the risks associated with their crypto-related exposures. The report recommends that banks develop clear policies and procedures for managing their crypto risks, and that they conduct regular stress tests to assess their exposure to potential losses.

The report also calls on banks to strengthen their internal controls and to increase their capital reserves to absorb potential losses. The OCC is also working with other regulators to develop a framework for regulating crypto-related activities.

The report's findings are a reminder of the risks associated with crypto assets. While crypto assets have the potential to offer significant benefits, they also carry significant risks. Investors should carefully consider these risks before investing in crypto assets.

In addition to the risks identified by the OCC, there are a number of other risks associated with crypto assets. These risks include:

Volatility: The value of crypto assets is highly volatile, and can fluctuate wildly in a short period of time. This volatility can make it difficult to predict the value of crypto assets, and can make them a risky investment.

Security: Crypto assets are stored in digital wallets, which are vulnerable to hacking. If a crypto wallet is hacked, the attacker could steal the user's crypto assets.

Regulation: Crypto assets are a new and emerging asset class, and there is currently little regulation governing them. This lack of regulation could make crypto assets a target for fraud and other criminal activity.

Investors should carefully consider these risks before investing in crypto assets.

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Tether's Q1 2023 Report Reveals Net Profit of Nearly $1.5 Billion

Tether (USDT) has emerged as the preferred stablecoin amidst banking turmoil in the United States. Its market cap has increased by nearly 25% since the beginning of the year. The stablecoin issuer recorded a net profit of nearly $1.5 billion in the first quarter of 2023, according to its latest attestation report.

Takeaways:

Tether’s excess reserves reached an all-time high of $2.44 billion in Q1, compared to $960 million at the end of Q4 2022.

The stablecoin ended Q1 with $81.8 billion in consolidated total assets, while its consolidated total liabilities stood near $79.4 billion.

Tether’s reserves included additional categories such as bitcoin, physical gold, overnight repo, and corporate bond allocations.

The stablecoin issuer is doubling down its focus on limiting its reliance on pure bank deposits as a source of liquidity and “instead leverages the Repo market as an additional measure to ensure higher standards of protection for its users by maintaining the required liquidity.”

Tether's Bitcoin holdings were recorded to be $1.5 billion, while that of precious metals accounted for $3.3 billion.

Conclusion:

Tether's Q1 2023 report highlights the stablecoin's continued growth and success. The stablecoin issuer's focus on maintaining high standards of protection for its users by diversifying its reserves is a positive move in the crypto industry. With the current banking turmoil in the United States, Tether's stablecoin continues to emerge as a reliable and secure option for investors.

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Digital asset firm Bakkt has delisted 25 out of the 36 tokens on its recently acquired Apex Crypto platform. The decision was presumably made in compliance with regulatory guidance, and the delisted tokens mainly belong to popular decentralized finance (DeFi) and nonfungible token (NFT) ecosystems.

The announcement comes after the digital asset firm's finalized acquisition of Apex Crypto in April, with negotiations that began in November 2022. Another influence to the decision is a perceived shift on Bakkt's overall strategy from crypto retail towards business-to-business (B2B) services.

A Bakkt spokesperson claims that the delisting decision was made in the interest of consumer and client protection, based on the firm's regular, internal review of listed coins.

Among the tokens delisted are Aave (AAVE), ApeCoin (APE), Avalanche (AVAX), Bancor Network Token (BNT), Basic Attention Token (BAT), Chainlink (LINK), Chiliz (CHZ), Compound Token (COMP), Cosmos (ATOM), Curve DAO (CRV), Enjin Coin (ENJ), Fantom (FTM), Filecoin (FIL), GALA (GALA), The Graph (GRT), Internet Computer (ICP), Loopring (LRC), Maker DAO (MKR), Republic (REN), Stellar (XLM), Sushiswap (SUSHI), Synthetix (SNX), Tezos (XTZ), Uniswap (UNI), and Yearn Finance (YFI).

Bakkt's acquisition of Apex Crypto, an unprofitable platform, cost the company $55 million in cash and $145 million in stock. Apex Crypto is a "turnkey" service that provides execution, clearing, custody, cost basis, and tax services to 5 million customers through 30 financial technology partners.

Bakkt secured a broker-dealer license from Bumped Financial earlier in February this year, which it disclosed in a financial statement. The license was part of Bakkt's strategy to expand its presence in the fintech market, catering to a growing clientele. However, Bakkt's focus shifted when it decided to shut down its retail-oriented app in March, concentrating instead on business-to-business (B2B) operations. Bakkt now aims to provide crypto and loyalty solutions to businesses through Software-as-a-Service (SaaS) and API solutions.

Intercontinental Exchange, the majority owner of Bakkt, also owns the New York Stock Exchange. Bakkt's stock experienced a 7% decline on May 12, the day of the announcement. However, it is also down by 40% over the last six months, although it is up 3.45% on a year-to-date basis.

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