Daily Report | SEC Chairman congratulates the 16th anniversary of the Bitcoin white paper; Bill Gates privately stated he has donated $50 million to Harris; Coinbase customer service impersonation scam may have caused asset losses of up to $100-150 million in the past year
October 23 News OverviewOrganizer: Luan Peng, ChainCatcher
Important News:
- Polymarket will impose restrictions on U.S. users and conduct compliance checks on high-stakes bettors
- SEC Chairman congratulates the 16th anniversary of the Bitcoin white paper
- Tether CEO: We are purchasing a large amount of U.S. debt and doubling efforts to enhance communication and transparency
- Bill Gates privately stated he has donated $50 million to Harris
- Insiders: JPMorgan CEO privately supports Harris and considers a position in her administration
- a16z founder comments on the birth of GOAT: the first true fusion of AI and cryptocurrency
"What important events have occurred in the past 24 hours"
According to market news, Polymarket will impose restrictions on U.S. users and conduct compliance checks on high-stakes bettors.
SEC Chairman congratulates the 16th anniversary of the Bitcoin white paper
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, congratulated the 16th anniversary of the Bitcoin white paper in an interview, referring to it as "sweet sixteen" (the BTC white paper was published on October 31, 2008). However, Gensler also stated that the SEC will continue to consider the risks of digital assets to investors and its approach to "enforcement regulation."
Gensler stated, "For ninety years, we have benefited from strong laws enacted by Congress and rules established by various agencies that help promote market development, protect investors, and facilitate capital formation and the development of intermediary markets, and we will continue to do so."
Tether CEO Paolo Ardoino stated that Tether is "doubling down" on communication and transparency.
Ardoino also mentioned, "Compared to the UAE, Australia, and Spain, Tether holds more treasury bonds. Treasury bonds are considered a low-risk investment. Tether has decentralized the decision-making power for selling U.S. debt, and we are looking for hundreds of millions of new U.S. bond buyers because through us, we can connect these emerging markets to the best currencies in the world, while in the process, we are purchasing a large amount of U.S. debt."
Bill Gates privately stated he has donated $50 million to Harris
According to Jin10 data, The New York Times reported that Bill Gates, who has been stepping back from politics for decades, privately stated that he recently donated about $50 million to the nonprofit Future Forward, which supports Vice President Harris's campaign. This donation was originally intended to be secret.
According to a person familiar with Gates' thoughts, he expressed concerns about the prospect of Trump being re-elected during private calls with friends and others this year, although he emphasized that he could work with any candidate.
Gates praised the Biden-Harris administration's work on climate change. According to two sources, Gates' charity, the Bill and Melinda Gates Foundation, is very concerned that funding for family planning and global health programs may be cut if Trump is elected.
Insiders: JPMorgan CEO privately supports Harris and considers a position in her administration
According to CoinGape, JPMorgan CEO Jamie Dimon privately supports Kamala Harris's presidential campaign, although he has not publicly endorsed any presidential candidate.
In private conversations, sources familiar with Dimon's views stated that he supports Harris and is considering a position in her administration, possibly at the Treasury.
He decided to remain silent about his political stance to avoid potential backlash or retaliation, especially if Donald Trump wins the presidential election.
a16z founder comments on the birth of GOAT: the first true fusion of AI and cryptocurrency
a16z founder Marc Andreessen discussed the origins of Truth Terminal and the creation of the meme coin GOAT in a podcast. Andreessen described this as the first true fusion of AI and cryptocurrency.
Previously reported, Marc Andreessen posted on the X platform stating, "This summer, I provided a $50,000 unconditional personal research grant to the terminal of truths and its creators. This grant was intended to support independent AI research, and the results were outstanding, but I have no connection to the meme token GOAT, no financial interest, and do not hold any of its tokens."
RootData List 2024 is now open for selection applications. This list is the second annual selection launched by the Web3 data platform RootData following its first release in 2023, aimed at showcasing influential and innovative key players in the Web3 space and assessing the key forces that continue to drive industry progress.
The 2024 list will continue and optimize the selection system, mainly including core lists such as Crypto 50, Crypto Investors 50, Crypto Projects 50, and The Best CEO. The selection criteria cover a multidimensional index including RootData's popularity index, token performance, portfolio quality, project valuation, financing performance, media popularity, and community development.
As a reference, the first list in 2023 received widespread recognition in the industry, covering the TOP50 projects, TOP100 investment institutions, and the TOP20 in eight sub-sectors, providing important references for industry development.
The final selection results will be announced on November 11 at the 'DeInsight 2024' summit held at Hotel Nikko Bangkok in Thailand. 'DeInsight 2024' is co-hosted by ChainCatcher and RootData, with Soso Value as a co-organizer, and is expected to attract over 1,000 industry insiders.
Application link: https://forms.gle/yqGmxLSXGDYSCnK88
National Data Bureau publicly solicits opinions on definitions of terms such as blockchain
The National Data Bureau announced that in order to promote a unified understanding of terminology in the data field across society, it is publicly soliciting opinions on the "Definitions of Terms in the Data Field," from October 21 to November 20, 2024.
Among them, the announcement defines the term blockchain as a distributed ledger formed by sequentially appending consensus-confirmed blocks linked by cryptography.
Japan maintains a cautious attitude towards cryptocurrency ETFs
According to the Financial Times, after the approval of spot cryptocurrency ETFs in the U.S., Hong Kong, and other markets, Japan's regulators have adopted a conservative and distinctly different attitude.
Japan has always positioned itself as a digital asset-friendly country, as part of its broader goal to become a larger asset management center. However, at the policy level, Japan remains hesitant to relax restrictions, lift taxes, and regulatory barriers to promote the widespread adoption of cryptocurrencies. While some Japanese companies are preparing to launch digital asset products, tax and regulatory restrictions remain major obstacles.
In Japan, general cryptocurrency investment gains are considered miscellaneous income, with a maximum tax rate of 55%. However, ETFs traded on the securities market are considered capital gains, thus having a lower tax rate of about 20%, providing investors with a more attractive option for diversifying their portfolios through digital assets.
Spot cryptocurrency ETFs will also enjoy tax benefits such as loss carryforwards. However, according to Keisuke Kimura, Vice President of the Japan Crypto Asset Business Association and former financial advisor at SMBC Nikko Securities, many changes are needed to prompt regulators to take action and introduce these potential tax benefits.
According to The Block, Notcoin founder Sasha Plotinov stated that many companies or projects are trying to replicate Notcoin's successful model, including Binance. Plotvinov estimates, "A company (like an exchange) has a customer acquisition cost of $10 to $15. But through Telegram mini-games, the cost can be reduced to below $1. This is not only attractive to companies but also makes the competitive environment fairer."
Plotvinov stated that the point-earning game model is unsustainable, so Notcoin has been trying to diversify, including a Telegram game called "Lost Dogs" launched in August. Additionally, Notcoin recently launched a game called "Not Pixel," which attracted about 17 million new users within weeks. With Notcoin's support, Helika also launched a $50 million Telegram game accelerator this year.
Cryptocurrency lending platform Goldfinch terminates contract with risk management advisor
Cryptocurrency lending platform Goldfinch announced the termination of its cooperation with risk management advisor Ajay Gill, who was responsible for liaising between Goldfinch lenders and defaulting borrowers. Gill was originally set to receive $135,000 over six months but recently stopped responding to lender inquiries.
Obinna Okwodu, head of the Goldfinch Foundation, stated on Friday that he will temporarily take on Gill's responsibilities while searching for a successor.
Binance adjusts leverage and margin tiers for multiple U-based perpetual contracts
According to an official announcement, Binance contracts have updated the leverage and margin tiers for TAOUSDT, TURBOUSDT, DOGSUSDT, JUPUSDT, ARKMUSDT, DIAUSDT, MYROUSDT, AXLUSDT, BRETTUSDT, and GASUSDT U-based perpetual contracts on October 23, 2024, at 16:30 (UTC+8), and current user positions will not be affected.
On-chain detective ZachXBT mentioned in a comment on the MistTrack tweet from SlowMist that "I have never seen publicly reported figures like this before, but I estimate that social engineering/phishing scams impersonating Coinbase customer support have led to user losses of around $100 million to $150 million over the past year."
Vitalik jokes that ZK projects appear as unverified solutions to outsiders
Ethereum co-founder Vitalik Buterin joked about software company Splunk's marketing copy referring to the zero-knowledge proof technology project XSIAM as an "unverified solution," stating, "This is how ZK project advertisements look to the average person."
"What are the noteworthy articles to read in the past 24 hours"
This year's full-chain launch of dog coins echoes last year's inscription craze, with Pump.fun becoming a catalyst for this wave. The simplified token issuance process has allowed more participants to join at a low cost, intensifying market speculation.
In today's rapidly changing cryptocurrency market, insight and experience are crucial. Raymond, co-founder of Mossfire Capital, shares his unique insights into the volatility of the crypto market, investment strategies, and predictions for future market trends in this in-depth interview. His experience transitioning from Web2 to Web3 and his strategies for navigating market downturns provide valuable insights. Let's explore how Raymond seeks opportunities amid the fluctuations of the crypto market and learn about his advice for new investors and his optimistic view of the overall crypto market outlook.
Vitalik's new article: Possible futures for the Ethereum protocol The Verge
Special thanks to Justin Drake, Hsia-wei Wanp, Guillaume Ballet, Icinacio, Rosh Rudolf, Lev Soukhanoy, Ryan Sean Adams, and Uma Roy for their feedback and reviews.
One of the most powerful features of blockchain is that anyone can run a node on their own computer and verify the correctness of the blockchain. Even if 9596 nodes running chain consensus (PoW, PoS) immediately agree to change the rules and start producing blocks according to the new rules, every person running a fully validating node will refuse to accept the chain. Miners not part of this conspiracy will automatically converge onto a chain that continues to follow the old rules and continue to build on that chain, while fully validating users will follow that chain.
This is the key difference between blockchain and centralized systems. However, for this feature to hold, running a fully validating node must be genuinely feasible for enough people. This applies to both miners (because if miners do not validate the chain, they are not contributing to the execution of protocol rules) and ordinary users. Today, it is possible to run a node on consumer-grade laptops (including the one I am using to write this article), but doing so is quite difficult. The Verge aims to change this situation, making the computational cost of running a fully validating chain inexpensive, so that every mobile wallet, browser wallet, and even smart watch will default to validating.
Promoting Meme indicators, does Moonshot really have a token listing effect?
Recently, the meme trading platform Moonshot has gained fame, being praised in multiple posts on the X platform as an on-chain "mini Binance," claiming it has solved the "last mile" problem for meme tokens and has a strong token listing effect. (Note: The author reviewed 9 articles introducing Moonshot and found that 6 of them included referral links, indicating a clear promotional bias.)
So does Moonshot indeed have a significant token listing effect? If so, is it effective in the short term or sustained over the long term? Odaily will conduct a data review in this article.
a16z discusses GOAT: How did the AI we funded turn $50,000 into millions?
In this episode of the podcast, a16z co-founder Marc Andreessen discusses the intersection of artificial intelligence and cryptocurrency with Ben Horowitz, particularly focusing on the autonomous chatbot Truth Terminal developed by Andy. Marc unexpectedly provided a $50,000 Bitcoin grant to the bot, igniting its ambition to launch a token, ultimately leading to the meme coin "GOAT" reaching a market cap of $300 million. The podcast discusses how this phenomenon reflects the potential of community-driven systems and its implications for the future of digital assets.
