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The narrowing GBTC discount resulted from the renewed hope for a spot Bitcoin ETF in the United States.

Grayscale Bitcoin Trust’s (GBTC) share price discount has dropped below 27% for the first time in more than 14 months. The milestone has sparked optimism among investors and crypto enthusiasts, signaling a positive trend for the popular investment vehicle.

According to data from monitoring resource CoinGlass, the GBTC negative premium is currently at -26.76%. The last time the shares traded at this level was in May 2022 during the Terra LUNA saga, which sent the entire crypto industry into chaos.

GBTC Discount Drops Below 27%

GBTC, owned and operated by the world’s largest digital asset manager Grayscale Investments, has long been recognized as a prominent investment option for investors seeking exposure to bitcoin without directly owning the crypto asset. The trust holds a substantial amount of BTC, allowing investors to gain indirect exposure to the leading digital asset.

Over the past year, GBTC has struggled and experienced periods of trading at a significant discount to its underlying BTC holdings. The negative premium, a measure of the difference between the net asset value (NAV) of GBTC shares and the market price, has been a source of concern for investors and has often been attributed to the trust’s structure and unique characteristics.

The GBTC discount can be attributed to several factors, such as the crypto credit crunch in 2021, the rejection of Grayscale’s Bitcoin spot exchange-traded fund (ETF) application, and the financial struggles of its parent company, Digital Currency Group (DCG). In December last year, these events caused the GBTC discount to reach a record high of nearly 50%.

However, the recent narrowing of the discount below 27% marks a significant positive development for GBTC and its investors. The reduction indicates that the market is valuing GBTC shares more closely in line with the underlying BTC holdings, which has bolstered investor confidence and optimism.

What’s Behind GBTC’s Narrowing Discount?

The narrowing discount likely resulted from the renewed hope for a spot Bitcoin ETF in the United States. In mid-June, the world’s largest asset manager BlackRock resubmitted its application with the U.S. Securities and Exchange Commission (SEC) to launch such a product.

Shortly after the filing, other firms, including WisdomTree and Invesco, were inspired to submit new applications for a spot Bitcoin ETF. Although the SEC said the recent filings were not “sufficiently clear and comprehensive,” the applications made investors bullish.

The discount on GBTC was 41.7% before BlackRock’s application and has been consistently decreasing.

The post GBTC Discount Narrows to 27% for the First Time Since May 2022, Here’s Why appeared first on CryptoPotato.

TL;DR Breakdown

OpenAI is raising awareness about the risks of AI superintelligence and forming a dedicated team to address these concerns.

The company emphasizes aligning superintelligence with human values and intentions and establishing new governance institutions.

OpenAI acknowledges that aligning AGI poses significant risks and may require a collective effort from humanity.

OpenAI‘s CEO, Sam Altman, has embarked on a global campaign to raise awareness about the potential dangers of AI superintelligence, where machines surpass human intelligence and could become uncontrollable.

In response to these concerns, OpenAI has recently announced the formation of a dedicated team tasked with developing methods to address the risks associated with superintelligence, which may emerge within this decade.

The company emphasizes that effectively managing superintelligence requires establishing new governance institutions and solving the critical challenge of aligning the superintelligence with human values and intentions.

OpenAI acknowledges that aligning AGI (Artificial General Intelligence) poses significant risks to humanity and may necessitate a collective effort from all of humanity, as stated in a blog post released last year.

Dubbed “Superalignment,” the newly formed team comprises top-tier researchers and engineers in machine learning. Ilya Sutskever, co-founder and chief scientist of OpenAI, and Jan Leike, the head of alignment, are guiding this endeavor.

To tackle the core technical challenges of superintelligence alignment, OpenAI has committed to dedicating 20% of its computational resources acquired thus far to the alignment problem. The company anticipates that within four years, it will resolve these challenges.

The primary objective of the superalignment team is to develop a human-level automated alignment researcher. This entails creating AI systems that can effectively align superintelligent AI systems, outperforming humans in speed and precision.

To achieve this milestone, the team will focus on developing a scalable training method that utilizes AI systems to evaluate other AI systems. They will validate their resulting model by automating the search for potentially problematic behavior. The alignment pipeline will also undergo rigorous stress testing by deliberately training misaligned models to gauge their detectability.

OpenAI’s efforts to address superintelligence risks mark a significant step forward in pursuing responsible and aligned AI development. By assembling a team of top researchers and committing substantial computational resources, the company demonstrates its commitment to proactively mitigating the potential risks associated with the advent of superintelligence. As they embark on this ambitious journey, OpenAI sets a precedent for collaboration and unity in safeguarding humanity’s future in the age of AI.

Blur founder, Pacman, defends his NFT marketplace against accusations that the platform’s strategies crashed the NFT market.

Are NFTs In Trouble Because Of Blur?

NFT marketplace Blur faces a public backlash over the falling NFT prices as investors and traders point fingers at its incentivized trading model. The upstart marketplace surpassed OpenSea as the leading Ethereum NFT trading platform by volume in February but now faces scrutiny.

As the NFT market faces turbulent times, questions about the long-term sustainability of incentivized trading models are being raised. Bored Ape Yacht Club prices hit a two-year low, and other notable projects have also seen sizable price declines. Traders and investors are reevaluating the underlying value of NFTs and whether the current market downturn is a natural correction or a symptom of larger systemic issues.

Blur’s Controversial Stance On NFTs

Blur's stance that NFTs are not unique assets but rather "altcoins with pictures," as controversially tweeted by crypto influencer Cobie last year, has reinforced this sentiment.

Blur made its debut as a marketplace in October, positioning itself as the platform for professional NFT traders. The promise of a token airdrop enticed users to choose Blur over competitors like OpenSea. When the BLUR token was finally launched in February, Blur quickly overtook OpenSea, becoming the top marketplace in terms of trading volume.

A Short-Lived Success For Blur

Traders began rapidly flipping NFTs to earn rewards, treating assets like Bored Apes and Otherside land plots as if they were fungible tokens. The surge in trading volume on Blur propelled the market-wide tally above $2 billion in February. As a result, some firms, like data platform CryptoSlam, denounced it as "wash trading,” and the initial craze for the Blur marketplace died down pretty soon.

In recent months, overall market trading has sharply declined, resulting in whale traders, who initially benefited from exploiting the rewards model, now suffering losses and withdrawing funds from Blur's NFT bidding pool.

Founder Pacman Responds

Blur founder Tieshun Roquerre, who is more popularly known as Pacman, responded to the allegations against Blur, saying,

“We launched in October 22. Since then, some floor prices have gone up, some floor prices have gone down. One of the few times floor prices went up in concert was when we injected liquidity into NFTs via our airdrop. One of the few times floor prices went down in concert was when $40m of liquidity was removed via the Azuki mint (not throwing stones, the market just moves based on liquidity more than anything else).”

Key Highlights

Telescope Labs has introduced a comprehensive suite of solutions that leverage next-generation data analytics and predictive models.

Telescope Labs has formed strategic partnerships with renowned game studios and initiatives such as Gamevolution, PlayEmber, Widow Games, and Pink Moon Studios.

Telescope Labs, an innovative startup specializing in data analytics and AI-powered game economies has announced the launch of its comprehensive solution suite following plans to revolutionize the Web3 gaming landscape.

In line with its mission, the development will see the company helping Web3 gaming companies achieve sustainability in their virtual economies with a suite of novel AI-powered solutions. After securing over $2 million in pre-seed funding from Griffin Gaming Partners and Kube VC, Telescope Labs has emerged from the shadows, aiming to transform the industry through cutting-edge products and strategic partnerships.

Per the announcement, the startup's core focus is on empowering gaming companies to establish sustainable virtual economies using next-generation data analytics and predictive models. Its comprehensive solution suite includes Market Intelligence and Data Analytic tools that provide valuable insights and optimization opportunities for game developers and publishers.

Semih Gilan, CEO and Co-founder of Telescope Labs, expressed enthusiasm for the journey ahead, stating, "By unlocking the power of LLMs, we pioneer evolution in game analytics and empower developers to revolutionize the industry." Gilan highlighted the transformative impact of AI, enabling developers to gain invaluable insights that will drive the future of game development and support the creation of immersive and engaging experiences.

Telescope Labs Forms Strategic Partnerships With Leading Game Studios and Initiatives

Telescope Labs has strategically partnered with industry-leading game studios and initiatives such as Gamevolution, PlayEmber, Widow Games, and Pink Moon Studios. These partnerships reflect the company's commitment to innovation and collaboration within the rapidly growing Web3 gaming space.

Basically, one of the most exciting offerings from Telescope Labs is Vantage, an advanced economy-specialized LLM chat solution powered by AI. Equipped with a natural language query interface, Vantage allows users to seamlessly analyze, generate insights, and optimize their game economies. This groundbreaking tool is poised to revolutionize data analysis and decision-making in the gaming industry, enabling developers to unlock the full potential of their game economies.

Telescope Labs, with its commitment to excellence and industry collaboration, appears to be well-positioned to drive meaningful change in the gaming world. Hugo Furneaux, CEO of PlayEmber, emphasized the forward-thinking nature of their partnership, expressing their belief that Telescope Labs is pushing the boundaries of what can be achieved in Web 2.0 and 3.0. Furneaux added saying, "we are all incredibly excited to utilize new data to build meaningful lifetime value with our users."

Also, Phil Sanderson, Managing Director & Co-founder of Griffin Gaming Partners, emphasized the significance of understanding game economies for successful developers. Balancing in-game economies, similar to real-world economies, is crucial to avoid hyperinflation or deflation that can disrupt the game experience and lead to dissatisfaction among players, potentially resulting in real-world economic consequences. Sanderson stressed the need for a game economy management tool that can analyze and utilize on- and off-chain data points.

Wrapping Up

Telescope Labs' strategic partnerships with leading game studios and initiatives further demonstrate its commitment to innovation and collaboration within the Web3 gaming space. By harnessing the power of AI and data, the company is driving meaningful change in the gaming world, offering developers the tools they need to unlock the full potential of their game economies.

CryptoIntelligence - Thomas Goldstein2023-07-06 13:33

In a recent social media post on July 4, Dmitry Gusakov, the community staking lead for Lido, accused their competitor, Rocket Pool, of excessive centralization.

Lido and Rocket Pool are both liquid staking protocols that enable users to delegate their cryptocurrency to validators and receive derivative tokens in return.

Gusakov’s post highlighted that the Rocket Pool contracts are under the control of the Rocket Pool team, allowing them to modify any parameters and execute any methods.

This means that Rocket Pool developers possess the ability to increase the inflation rate to an arbitrarily high percentage or raise fees up to 100%.

Gusakov emphasized that such vulnerabilities do not exist in Lido’s contracts since these actions are “fully controlled by [decentralized autonomous organization] LidoDAO.”

He claimed that the Rocket Pool contracts, on the other hand, grant significant control to the team.

In response to these allegations, Rocket Pool management committee member Waq acknowledged the existence of the vulnerability and assured that it would be addressed in the future.

Waq accused the Lido team of attempting to take credit for identifying an issue that was already known to Rocket Pool.

According to Gusakov’s post, the RocketStorage contract at Ethereum address 0x1d8f8f00cfa6758d7bE78336684788Fb0ee0Fa46 contains a parameter called “guardian.”

Various functions within the Rocket Pool contracts are labeled as “onlyGuardian,” indicating that they can only be called by the account specified in this parameter, which is currently set to the RocketPool deployer account at 0x0cCF14983364A7735d369879603930Afe10df21e.

Gusakov explained that actions that can be performed by the “guardian” include altering the “RPL InflationIntervalRate” and the “ETH DepositFee.”

This implies that the Rocket Pool team has the power to increase the inflation rate of the Rocket Pool governance token (RPL) or potentially manipulate users’ deposits by setting the fee to 100%.

The allegations made by Gusakov were shared by content creator Chris Blec, who argued that they demonstrate that “pDAO is not a DAO” and that RPL token holders do not genuinely control Rocket Pool’s governance.

In response, Rocket Pool community advocate Jasper.lens acknowledged the centralization issue and stated that it would be resolved in the upcoming Saturn upgrade.

Jasper explained that during the initial testing phase of Rocket Pool’s DAO voting systems, on-chain voting was not permitted.

However, after completing the testing phase, the upcoming Saturn upgrade is intended to address the centralization concerns.

Supporting Jasper.lens’ statement, Waq commented that the Rocket Pool community has been actively working on fixing the centralization issue for over a year.

Waq also predicted that the Lido team would hastily claim credit for the resolution once it is implemented.

Liquid staking protocols have gained significant popularity in recent months.

DefiLlama, a blockchain analytics platform, reported on May 1 that these protocols had surpassed decentralized exchanges as the leading decentralized finance category in terms of total value locked.

Additionally, Tenet’s partnership with LayerZero on May 30 aims to expand liquid staking implementation to more blockchains in the future.

It's time to take a look at some of our latest#Binanceproduct updates.

Our new and improved Auto-Invest product, crypto box quizzes and our integration with @tradingview - just to name a few

We cover them all in the blog below.

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https://www.binance.com/en/blog/ecosystem/binance-build--july-5-2023-5304450747039048384?ref=R30T0FSD&utm_source=BinanceFacebook&utm_medium=GlobalSocial&utm_campaign=GlobalSocial&fbclid=IwAR2L3D_L-IJ613SbBF AOyISvr2QD8KqqtrQHRy4i2kRGfCve4S5iONxg6rY

Binance plans to retire a number of deposit addresses and memos in the third quarter (July - September) 2023, as part of the continued upgrade of its wallet infrastructure aimed at improving the efficiency and security of funds for users. Users affected by the address removal will receive batch email notifications, informing them of the changes. Affected users are strongly recommended to obtain new addresses and memos, if applicable, upon receipt of these notifications. The following networks are among those scheduled to migrate in Q3 2023: BTC, BCH, SEGWITBTC, XRP, SOL, XMR, LTC, ADA, DOGE, DOT, FIL, ALGO, NEAR, WAVES, AVAX, HBAR, RUNE , EGLD, FLOW, ICP, EOS, KAVA, DASH, ELF, IOST, IOTA, STX, WAX, CKB, ICX, ASTR, SCRT, INJ, BAND, STEEM, HIVE, XEM, FET and BTS. This migration is in line with Binance's ongoing efforts to provide its users with better wallet functionality and fund security. The company urges its users to monitor their email notifications and take necessary steps to minimize any inconvenience during the transition period.

Proposals put forward by former crypto lender BlockFi constitute an abuse of bankruptcy rules, according to a legal filing filed Wednesday by FTX, with more than $1 billion in disputed transactions at stake.

BlockFi's plans, which were to be discussed at a New Jersey court hearing on July 13, were also challenged by liquidated hedge fund Three Arrows Capital (3AC) and federal regulator the Securities and Exchange Commission ( DRY).

The Danish Financial Supervisory Authority (FSA) has issued an order to Saxo Bank A/S, a major Danish bank, requiring it to divest its cryptocurrency holdings. The FSA said that trading crypto assets for the bank's own account is not legally permitted for Danish financial institutions, as it falls under the ancillary business activities of banks. The move highlights authorities' concerns about the risks associated with unregulated crypto trading. The FSA clarified that Saxo Bank's engagement in crypto trading was aimed at mitigating the risks associated with the bank's offering of other financial products. However, the regulator emphasized that such activity, although serving a risk mitigation objective, is not permitted under existing regulations for Danish financial institutions. Adding to the complexity of the situation, The FSA noted that the European Union's regulatory framework for crypto assets, the Markets in Crypto Assets (MiCA) Regulation, is expected to come into force on December 30, 2024. Until then, Trading in crypto assets remains unregulated, raising concerns about possible distrust within the financial system. They emphasized that legitimizing unregulated trading of crypto assets would be unjustified, given the inherent risks and lack of oversight in this evolving market. This directive from the FSA comes at a time when the global cryptocurrency market is facing increased scrutiny from regulators around the world. Cryptocurrencies have grown in popularity in recent years, attracting significant investments and attracting the attention of institutional and retail investors. However, their decentralized nature and lack of traditional oversight have raised concerns about possible financial instability and investor protection.The FSA's decision to order Saxo Bank to divest its crypto holdings reflects the Danish authorities' commitment to ensuring a stable and secure financial system. By proactively addressing potential risks associated with unregulated crypto trading, they aim to protect investors and maintain the integrity of the Danish financial sector. Industry experts believe the move will prompt other Danish banks and financial institutions to evaluate their own involvement in the crypto market. With the FSA taking a tough stance on unauthorized crypto activities, financial institutions are expected to take steps to comply with existing regulations and await the implementation of MiCA. Saxo Bank has not yet issued an official statement regarding the FSA directive. However, it is expected that the bank will cooperate with the regulator to ensure compliance and mitigate any potential risks associated with its crypto holdings. With the European Union's MiCA regulation expected to come into force at the end of 2024, the FSA's action serves as a preventative measure to address the risks associated with unregulated crypto trading. The move is expected to prompt other Danish banks and financial institutions to evaluate their own involvement in the crypto market and ensure compliance with current regulations. With the European Union's MiCA regulation expected to come into force at the end of 2024, the FSA's action serves as a preventative measure to address the risks associated with unregulated crypto trading. The move is expected to prompt other Danish banks and financial institutions to evaluate their own involvement in the crypto market and ensure compliance with current regulations. With the European Union's MiCA regulation expected to come into force at the end of 2024, the FSA's action serves as a preventative measure to address the risks associated with unregulated crypto trading.The move is expected to prompt other Danish banks and financial institutions to evaluate their own involvement in the crypto market and ensure compliance with current regulations.

Summary :

Are you ready to dive into the fascinating world of Ethereum and test your knowledge? In this thrilling quiz, you'll be able to find out whether you're an Ethereum connoisseur or a newbie who still needs to brush up on your Vitalik admiration! From the history of Ethereum to its impact on the cryptocurrency ecosystem, to the nuances of smart contracts and DApps, this quiz covers a diverse range of topics to challenge you. With a series of multiple choice questions, each question gives you a chance to explore a different aspect of Ethereum. So, are you ready to take on the challenge?

Key Takeaways

Binance Academy announced an agreement with Coursera to collaborate on the development of certified Web3 educational programs.

Programs will cover a wide range of Web3 and blockchain topics, suitable for foundational and professional certifications.

The partnership between Coursera and Binance Academy will help bridge the knowledge gap between blockchain technology and today's workforce.

By collaborating with one of the world's largest learning platforms, Binance Academy further extends the reach of its educational initiatives.

Key takeaways

Derived from the English verb "to fish", phishing is a type of cyberattack where scammers "go fishing" for sensitive personal information by pretending to be an individual or a reputable company you trust.

The most common phishing tactics include impersonation, using harsh or threatening language, and sending dangerous links.

Certik reported that DeFi protocols' losses due to hacks and cybersecurity breaches showed a significant decrease of 58% in the second quarter of 2023. This exciting development highlights that the defi industry's security and technical defenses are continually improving their efficiency. Compared to the first quarter, the decline represents a slight decline from the $330 million figure, boosting investor confidence and demonstrating the robustness of the industry. Focus on Q2 2023 Security Breaches During Q2, 212 security incidents recorded an average loss of $1.5 million. April and June were particularly lucrative for illicit gambling, recording more than 70 incidents and more than $100 million in losses. Comparatively, May had the fewest exploits, counting just 63, with losses capped at $74.6 million. Exit Scams Not Remaining a Serious Threat Alarmingly, exit scams, also known as rug pulling, were the most common security incidents during the quarter. It saw a significant increase in bad actors exploiting 98 projects to steal a whopping $70.35 million, double the first quarter figure ($31 million). Notorious cases include Morgan DF Fintoch, which recorded losses of more than $30 million, as well as Ordinals Finance and Chibi Finance, each absconding with around $1 million. The Rise of Bad Actors on the BNB Chain Coinciding with its growing popularity, crypto projects on the BNB chain have become a prime target for exploits. The CertiK report noted 119 incidents involving the network, resulting in losses of $70.7 million. In comparison, Ethereum (ETH) saw 55 breaches, resulting in a loss of $66 million.Exploits via Flash Loans and Oracle Manipulation Flash loans/oracle manipulation accounted for 54 incidents with $23.7 million stolen, while other forms of security breaches resulted in an alarming loss of 219 .5 million dollars. Most of this loss would be attributed to the largest exploit of the quarter, the $100 million hack of Atomic Wallet.

Source: Unsplash Although meme coins are an exciting asset class to generate profits, there are risks involved in investing in meme coins. Read the blog to understand how to buy meme coins safely.  Meme coins are a type of cryptocurrency that are based on a popular internet meme. They are often created as a joke or for fun, but they can also be quite lucrative for investors. In this blog post, we will discuss what meme coins are, why they are so popular, how to buy them safely, and some tips for investing in meme coins. We will also discuss the future of this emerging asset class. What Is a Meme Coin? A meme coin is a cryptocurrency that is based on a popular internet meme. Some of the most popular meme coins include Dogecoin, Shiba Inu, and Floki Inu. Meme coins are often created as a joke or for fun, but they can also be quite lucrative for investors. For example, Dogecoin was created as a joke in 2013, but it has since become one of the most popular cryptocurrencies in the world. Why Are Meme Coins So Popular? There are a few reasons why meme coins are so popular. First, they are often very affordable, which makes them attractive to new investors. Second, they are often very volatile, which means that they can experience large swings in price in a short period of time. This can be attractive to investors who are looking to make quick profits. Top Meme Coins by Market Capitalization The most popular meme coins as per market capitalization as listed by Binance include: Dogecoin (DOGE) Shiba Inu (SHIB) Pepe (PEPE) Floki Inu (FLOKI) Baby DogeCoin (BABYDOGE) Dogelon Mars (ELON) SafeMoon (SAFEMOON) Hoge Finance (HOGE) Kishu Inu (KISHU) Factors That Can Affect The Price Of Meme Coins The price of meme coins can be affected by a number of factors, including: The popularity of the meme: The more popular the meme, the more likely people are to buy the meme coin. The number of people who are buying and selling the meme coin: The more people who are buying and selling the meme coin, the more volatile the price will be. The news cycle: If there is positive news about the meme coin, the price is likely to go up. If there is negative news about the meme coin, the price is likely to go down. Pump-and-dump schemes: Pump-and-dump schemes are when a group of investors artificially inflate the price of a meme coin, and then sell their coins at a profit. This can leave other investors holding the bag, and can result in significant losses. The Dangers Of Pump-And-Dump Schemes Pump-and-dump schemes are a common risk associated with meme coins. These schemes can be very lucrative for the organizers, but they can be devastating for investors who are caught up in them. If you are considering investing in a meme coin, it is important to be aware of the risks of pump-and-dump schemes. You should only invest what you can afford to lose, and you should be prepared to sell your coins if the price starts to drop. Regulatory Landscape For Meme Coins The regulatory landscape for meme coins is still evolving. Some countries, such as China, have banned meme coins altogether. Other countries, such as the United States, are still considering how to regulate meme coins. It is important to be aware of the regulatory landscape for meme coins before you invest. You should also be aware of the risks associated with investing in meme coins, as they are a very risky asset class. Final Thoughts Meme coins are a new and exciting asset class, but they are also very risky. If you are considering investing in meme coins, be sure to do your research and understand the risks involved. #pepe #memecoins