Do you believe ETH can’t drop more because ICOs have sold all their ether?
Imagine there’s no heaven. Cool, but imagine sending an email to 246 women, hoping one’s the Nicole you met last night. Imagine going to court for ‘damaging’ a £1.50 worth of Pringles. Imagine, your girlfriend dumps you before your Japan trip, so you take dad instead and make the best music video. Crypto ain’t so bad right? When ninja cat? 💁♀
As US corporate debt reaches a high level historically associated with the beginning of a recession, it seems one group of companies still have plenty of free cash: crypto startups. The talk about treasury management — ICO death spiral — claims that most had mismanaged their finances and recently panic sold their ETH.
However, Diar’s latest analysis shows popular projects still have £525 ($685) million worth of ether — having sold an equal amount over the past monthand a total of 63% of the initial funds. Also, it seems that DappCapitulation, the website that fuelled this narrative, is “sloppy and inaccurate at best, deliberately misleading at worst” — as Spencer Noon remarks.
Yesterday, we reported on rumours that Citigroup was “getting legally ‘creative’ to serve its customers with a tradable, physical Bitcoin asset”. The ICO Journal, the source, is a publication that isn’t well-regarded, but the news turned out to be true. However, as Bloomberg’s Matt Levine explainsironically, they weren’t being so innovative.
Briefly, Citigroup wants to allow investors cryptoasset exposure without the need to hold them. Evidently, institutions also want ETFs and custody solutions that can run contrary to the sacred principles of the cryptosphere — but what’s sad is that the approach neglects the opportunity to improve upon the establishment.
▪ “Economics back into cryptoeconomics” is a monster read by four multidisciplinary academics: Dick Bryan, Benjamin Lee, Robert Wosnitzer, and Akseli Virtanen They’re exploring new use cases for crypto-tokens as the cryptosphere’s “underlying economics is remarkably conventional and conservative.” The full monty here.
The halving refers to Bitcoin’s planned reduction of the incentives it pays miners and of the expansion of its supply. The block reward gets cut in half every three years. The first halving took place in 2012, the next one will be in 2020.