Web3🌕MondayUnveiled: Insights on Bitcoin, FTX, Top Blockchains, and Q3 Analysis
- OpenAI CEO's Take on Bitcoin's Evolution
- FTX's Eye-Opening Insurance Fund Discovery
- Leading Blockchains Ranked by Fees: Bloomberg
- Deep Dive into Bitcoin's Q3 Performance
Stay tuned for intriguing insights!🛫
Hello and welcome to a brand new week! We're kicking it off with a roundup of the latest and greatest in the world of Web3. In today's highlights, we'll explore some fascinating insight. Join us as we delve into these compelling topics and uncover the trends and developments shaping the Web3 landscape. Let's dive in!
1. OpenAI CEO's Perspective on Bitcoin's Technological Evolution.
OpenAI CEO Sam Altman hails Bitcoin as a "super logical" step towards a government-free, anti-corruption currency. He believes a digitally-enabled world, including Bitcoin, could curb corruption. Altman, also founder of Worldcoin, sees transparent, Bitcoin-driven transactions as a means to combat corruption. Joe Rogan shares optimism for Bitcoin, considering it a potential universal currency due to its limited supply and decentralized mining. Both Altman and Rogan express strong reservations about central bank digital currencies (CBDCs), fearing government control and surveillance. They voice disappointment with recent U.S. government policies towards the cryptocurrency industry, deeming it a concerning trend.
Brayden Lindrea
2. FTX's Shocking Revelation About Its Insurance Fund.
The former Chief Technology Officer of FTX, Gary Wang, has made shocking revelations regarding the platform's "Backstop Fund." According to Wang's testimony, FTX allegedly employed hidden Python code to manipulate the reported value of its insurance fund, which is intended to safeguard users from substantial losses during large-scale liquidation events. Wang stated that the claimed $100 million insurance fund in 2021 was entirely fictitious and never actually held any FTX tokens (FTT), as publicly stated. Instead, the figure provided to the public was supposedly derived by multiplying the daily trading volume of the FTX Token by a random number around 7,500. Wang's claims raise serious questions about the transparency and integrity of FTX's operations. These allegations come amidst a backdrop of increasing scrutiny of cryptocurrency exchanges and highlight the need for greater transparency and accountability in the industry.
Tom Mitchelhill
3. Bloomberg's Ranking of Top Blockchains by Transaction Fees.
Bloomberg analyst Jamie Coutts reveals that Ethereum and Tron dominate PoS blockchain transaction fees, capturing 88% of the total. Ethereum leads with 57%, followed by Tron at 31%. Out of approximately 200 PoS blockchains, just these two monopolize fees, leaving the rest to compete for the remaining 12%. Coutts notes challenges faced by most PoS blockchains, including oversupply, inflation, undisclosed supply data, and weak tokenomics. Despite a bear market, Coutts believes blockspace demand is on a long-term uptrend. Ethereum recently hit its lowest 2023 transaction fee, while TRON doubled Ethereum's trading activity in June.
4. A Comprehensive Analysis of Bitcoin's Performance in Q3.
In Q3, Bitcoin faced an 11.1% drop, slightly outperforming long-term treasuries. Global Head of Research at NYDIG, Greg Cipolaro, highlighted various factors like inflation and ongoing events that failed to push Bitcoin beyond its upper bound of $31,000. Notably, other asset classes, including gold, stocks, and real estate, also saw significant drops. Commodities and cash were among the few winners, with gains of 15.5% and 1.3% respectively. Economist Peter St. Onge suggested that a temporary pause in rising prices may be contributing to Bitcoin's modest performance. He noted that recent events in Israel could trigger price action in financial assets. Cipolaro attributed Bitcoin's lackluster performance to persistently high inflation, rising interest rates, recession concerns, and seasonality. Despite this, he expressed optimism for a potential resurgence in the fourth quarter, historically a strong period for the asset. Bitcoin has gained an impressive 63% in 2023, surpassing U.S. Large Cap Growth Funds by over double.
Pedro Solimano
As we wrap up this Monday's Web3 roundup, we've touched on some truly intriguing topics. From OpenAI's insights on Bitcoin's evolution to FTX's revelation about its insurance fund, and the latest findings on top blockchains by fees according to Bloomberg, to a deep dive into Bitcoin's Q3 performance – it's been a day filled with fascinating revelations. Stay tuned for more updates and in-depth analysis as we continue to navigate the ever-evolving landscape of Web3. Wishing you a fantastic week ahead filled with exciting discoveries and advancements in the world of technology and cryptocurrency!
