9th February 2022 > > ETFs & an update on the Assange DAO.

Market Snap (at time of writing)

Market Wrap

For the first time ever in the history of the CCC, ETH remains unchanged over 2 days. Quite an extraordinary feat.

Occasional Series – Amendment

Resident techie Larry kindly points out that in yesterday’s CCC, my preamble to that rather pleasing graph with the phrase “this will get you all in a quiver” should have been “this will get you all a quiver” or even “this will get you all of a quiver”.

Thanks for the correction, Lazzer.

And he calls me pedantic?

Curious Cryptos’ Commentary – Valkyrie’s BTC Exchange Traded Fund (ETF)

Well, not quite. That really would be major news.

As of today Nasdaq is listing Valkyrie’s new BTC mining linked ETF. 80% or more in the net assets will be invested in securities that derive at least 50% of their revenue or profits from BTC mining. The remainder will be invested in the securities of companies that hold a significant portion of their assets in BTC – MicroStrategy is the obvious example.

Listed under ticker WGMI, most online platforms should be able to trade this ETF, if not immediately, then soon.

Personally I believe that crypto investors should have some exposure to the miners, for diversification reasons but mostly because they promise leveraged returns in a crypto bull market and leveraged losses in a crypto bear market. Given the recent downwards BTC price action, I would be tempted to suggest that now might be a good time to start scaling in, but of course I do not provide investment advice, so I will pass on making any such comment.

Curious Cryptos’ Commentary – Update on the on the Free Assange DAO

(If you missed the original story, please refer to CCC 6th February 2022 for background).

This DAO (Decentralised Autonomous Organisation) has now raised more than 14,000 ETH worth over $40mm so there is little doubt that Assange commands a great deal of respect amongst crypto enthusiasts.

I note that in 2020 a bipartisan report issued by the Senate Intelligence Committee stated that after Russian intelligence teams hacked Democratic targets prior to the 2016 election, WikiLeaks released that information “timed for maximum political impact”.

Assange and Wikileaks described Hillary Clinton as a “sadistic sociopath” and tweeted “We believe it would be much better for (the) GOP to win”.

I have no issue with anyone who professes a preference for any mainstream political party, but I am surprised that so many of Assange’s adherents are maniacal Trump supporters.

Reserve Treasury Protocols (before they all go to zero)

Reminder – Olympus and Wonderland are, to the best of my knowledge, live viable projects. XEUS, FORT and JADE turned out to be scams, though they are still live scams. Scams are not uncommon in these Wild West fringes of Decentralised Finance (DeFi).

Point of order – a staunch and loyal supporter of the CCC has asked that I make clear that it is only my belief that JADE is a scam. The project is still very much alive, and there is a wide body of opinion that does not concur with my view. I am very happy to make this point – the CCC believes that consenting adults are allowed to have different opinions on a wide range of topics.

Photon appears to have won the prize for being the most extraordinary scam. In under 18 hours it went to zero. And as far as I can tell – and I am no blockchain analytics expert – they walked away with less than $30k.

It is very upsetting we have scumbags like that around.

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