Cryptonite October 2021
Shenanigans in the cryptoverse.
This is the last weekend of the month so its time for Cryptonite - our monthly roundup of all things crypto - with Tejaswi Nadahalli.
The big news this week was the launch of the long-awaited Bitcoin ETF. Trading under the ticker symbol BITO, the fund, offered by ProShares, lets investors buy into Bitcoin without actually buying it on a crypto exchange.
BITO does not directly hold Bitcoin, but instead trades on Bitcoin futures.
When the SPDR S&P 500 ETF debuted in 1993 it traded about $40 million on its first day. By the end of the trading session BITO had traded about $984 million in volume. CNBC
It may not be the perfect Bitcoin ETF fans of crypto expected but its a foot in the door.
The casino is open.
Katie Greifeld 🎃 @kgreifeldwhat's more fun than the Bitcoin futures ETF? options on the Bitcoin futures ETF Bitcoin Bets Can Now Be Pumped Up as ETF Options Start Trading https://t.co/74DYv5MVPO via @markets @crypto w/ @VildanaHajric
Degens pumped $SHIB to the moon and one of them became a multi-billionaire.
And Indians joined in.
WazirX claims that over 7.3 million users have registered on the platform and it has clocked over $21.8 billion in trading volume in 2021 till date. Tier-II and Tier-III cities have driven almost 55% of total user signups. LiveMint
When you think things can’t get any more cringe in the cryptoverse, it does.
A few years ago, I was very bullish on the promise of crypto creating a better world. The book Radical Markets – Uprooting Capitalism and Democracy for a Just Society (Amazon; review) had laid out some fascinating ways in which this could come about. But now, I look at it as yet another speculative asset.
Odds & Ends
On setting closing prices
In the early aughts, the tech writer Julian Dibbell devised the concept of ludocapitalism, a term inspired by watching World of Warcraft players mine gold in the game to making a living in real life. Ludocapitalism was an attempt to explain the growing gamification of society through technology. Dibbell admits the concept’s parameters are vague, but at its most basic it identifies that capitalism can harness the human play drive for better or worse — and that increasingly, games aren’t allegories that say something about our lives; they are our lives. As people move toward more data-driven existences where points are accumulated from health apps and status is accumulated in identifiable quantities on social media, gamification becomes so total that it can sometimes mask whether what we’re doing has any inherent utility outside the game that surrounds it. Verge
Driving Ferraris and Watching Tungsten
'What is the biggest cube we can make?' We have an answer that creates a bit of a problem. The answer is 14" and 1,784 lbs (809 kg). The problem is, what do with it if we make it. Shipping and receiving can be a problem.
So here's our solution:
An NFT with rights to visit a 14" cube. We will make the 14" cube. This NFT represents a real-world physical cube that will be stored at Midwest Tungsten Service headquarters and owned by the NFT owner. One visit to see/photograph/touch the cube per calendar year will be allowed and scheduled with a Midwest Tungsten Service representative. Unlockable content required for scheduling and proof of ownership required for entry. The cube will be stored in a room of its own that will be locked and only accessible by the NFT owner.
Subsequent owners of the NFT cannot visit the cube in a year in which the cube has already been visited. The cube will not be available to view until 12 weeks after the first sale. Burning the NFT will result in shipment to the most recent owner via freight truck, owner will be responsible for alerting Midwest Tungsten Service of the intention to burn and transport after freight drop-off.
Minimum bid on opensea is 47.74 ETH ($208,390.35)
Previously: Cryptonite September 2021