As Craig Wright’s social media buzz started to fizzle out, a new debacle hit the cryptocurrency market on April 26, the Tether-Bitfinex disaster. This led to a market registering a cumulative fall of $10 billion within an hour, with major cryptocurrencies recording massive losses. Jimmy Nguyen, a popular Bitcoin SV proponent and President of Bitcoin Association, re-plugged an earlier tweet by Craig Wright, thus hinting at a prediction about Tether that came true.
Craig Wright, the nChain Chief Scientist, quit Twitter a while back and claimed to be the true identity behind the pseudonym, Satoshi Nakamoto. Following this declaration, Wright sued numerous prominent people for defamation, including Ethereum’s founder Vitalik Buterin, for questioning the authenticity of his claims.
The BSV camp, or more so Calvin Ayre, has taken the responsibility to prove that Wright is actually ‘Satoshi’. The replug of this tweet of Wright is all BSV camp needed to re-announce the wisdom of Satoshi flowing through Craig even in the past.
Contradictory to this popular BSV belief, Wright is not the only person to have predicted the fall of Tether. Tone Vays too had talked about the issues with Tether in 2017 in his videos on multiple occasions. Vays had said:
“When the US Government wants to shut down $USDT, they will.”
Vays had also said:
” $USDT is like E-Gold, government will cease underlying asset.”
Bitfinex’ed emphasized on the circulation of Tether and it being backed to the US dollar too. Not only Vays and Bitfinex’ed, but the crypto community has also been discussing everything that is wrong and right with the US dollar-backed stable coin. However, a part of the BSV community accepted that Wright was the real Satoshi as he supposedly “predicted” the fall. Twitter user @BSV_MetaNet said:
” Satoshi is all ways Wright & I’d never bet against.”
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ErisX goes all hands on deck to launch a Bitcoin Futures market
ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.
ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.
The CSO explained the benefit of this, stating,
“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “
Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,
“… so there is some efficiency in terms of managing collateral, if you don’t have assets on multiple platforms, it can all be in our clearinghouse.”
Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,
“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”
Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.
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