Connect with us

Blockchain

Spock | Crypto Hedge Fund | 2020 Year in Review

Spock: I believe that 2021 will be one of those years where you can make generational wealth in crypto, regardless of whether you are an investor, builder, or user. There will be plenty of opportunities for everyone, it is now a level playing field, so I look forward to going to the moon with all of you.

The post Spock | Crypto Hedge Fund | 2020 Year in Review appeared first on BitPinas.

Avatar

Published

on

Please share and grow the BitPinas community.

January 8, 2021 — Every person you ask will say the same thing: 2020 is unlike any other year. 

The cryptocurrency industry felt the full brunt of the pandemic, as evidenced by the March 2020 crash. Nine months, one Bitcoin halving and a couple of institutions later, the industry sees a resurgence in interest brought about by Bitcoin hitting and breaking the psychological all-time high at $20,000 and reaching a new one of $37,000.

Table of Contents.

What is the 2020 Year in Review?

BitPinas sought the opinion of key crypto and blockchain leaders/influencers in the Philippines and abroad on what they think about 2020 in general and what they look forward to in 2019.

Spock, obviously not his real name, works at a crypto hedge fund. In this Year in Review, he talks about DeFi, Fair Launch, Yield Farming, and Generational Wealth.

Possibly one of the most insightful articles you can read on BitPinas. If you have time, please do check it out.

What does your organization do and what is your role in it?

Spock: My organization is a multi-strategy crypto hedge fund. We do both Quant Trading (short-medium timescales, market neutral: options & arb) and Investing (medium-long term holding of liquid/semi-liquid tokens, venture). I handle the Investing side with my team.

We’ve been active since mid-2018 and scaled up a lot in 2020. This year, 2021, we will be opening up to external accredited/qualified investors and finalize our branding. We’re currently in the middle of setting up with our new Fund Administrator, Vauban, in the British Virgin Islands, with a new structure that will allow us to more effectively and efficiently invest the money of our LPs, in a way that is regulatory compliant, transparent, and uses the proper accounting standards. 

When all of this is done, I’d gladly say more about our Fund.

Why Anon?

I try to be anon because I value my privacy and so that I can be very frank in my engagements on CT (Crypto Twitter), but a few people in the space _do_ know who I am, such as the FTX Team. Being anon on social media allows you to be objective, and really pick at the thoughts of other people without risking any backlash spilling to your personal life, especially for me who shitposts a lot for the sake of psyops. 

Being anon also allows for way better infosec/opsec. Just recently, Nexus Mutual’s CEO has been the victim of a targeted hack. Being anon kinda protects you from that risk as long as you have extreme wallet hygiene and device security. 

Please share a personal highlight for you and/or your organization this year in the crypto and blockchain space.

Personal Highlight: Earning retroactive-airdrops from various decentralized finance projects such as Uniswap and 1inch Exchange. I think I’m one of the largest individual liquidity providers in #CryptoPH and it was such a blessing to be rewarded by these protocols. Although I have sold some of it (nothing wrong with spending something for yourself right?), I used most of the remaining tokens to provide liquidity in their respective pools to further support their markets and earn swap fees in return. 

For those that are unfamiliar with Uniswap and providing liquidity to decentralized exchanges/AMMs, it is a pretty straightforward endeavor. Let’s say you’re holding WBTC and ETH, and you’re equally bullish on the two. Instead of idly holding them in your wallet, you can pair both assets and provide them as liquidity in https://app.uniswap.org/#/pool and earn the swap fees of the Exchange. You have to pair the two in equal dollar amounts when providing liquidity and there is also the risk where you might not get the same amount of tokens when you’re withdrawing as a liquidity provider aka Impermanent Loss (you sometimes get more of one than the other).

To learn more about Uniswap’s automated market maker (AMM) design and the returns and risks of being a liquidity provider, please read: 

https://pintail.medium.com/uniswap-a-good-deal-for-liquidity-providers-104c0b6816f2

and 

https://pintail.medium.com/understanding-uniswap-returns-cc593f3499ef

For our Fund: I think the main highlight is we were able to do a 7.5x return on our portfolio NAV, outperforming bitcoin.

What do you think is the most important blockchain/crypto development in the Philippines and globally in 2020?

Tough question because I think everything that has been happening are all super important, even the smallest things, so allow me to give a longer answer for this.

Globally (I’ve thought a few):

Fair Launch:

Gone are the days of VCs being able to buy pre-launched tokens at a 99% discount from exchange listing price. This levels the playing field for everyone, removing that super early entry advantage from funds. This has affected us because we are a Fund that likes the 99% discount advantage, but this hasn’t prevented us from making 7.5x of our NAV in 2020. With fair launch, as long as you can afford the Gas, you can get your hands on promising tokens at the same time as everybody else. Everyone can make money as long as they do proper research and due diligence. 

Yield Farming/Liquidity Mining Boom:

This is how Fair Launch happens. Gone are the days when teams release a whitepaper, ask you for investment, with no product. Last year, what happened was they released the products first, with all the documentation and even seed liquidity. If you want to get your hands your tokens, you use their product or provide liquidity to make said product usable for others. That’s liquidity mining, getting paid the tokens of the dapp for using them or supporting them. Imagine Uber paying you their shares for using their app? It’s pretty amazing growth-hacking and whether you’re a user, a liquidity provider, a fund, whatever, the opportunity is equal for everyone, anybody can earn the same yields from these (coingecko.com/en/yield-farming). 

Yields earned this way might be life changing, but they are also hyper risky (just like everything in crypto). Please do research and due diligence before dipping your toes in this or anything in Decentralized Finance.

Gaming: 

If you’ve watched the movie “”Ready Player One””, the foundations of that meta-verse reality is being built right now on crypto. What’s better is that it is being built in a decentralized ecosystem rather than in the centralized corporate sandbox where your data can be abused. I’ve always believed that after Bitcoin and Centralized Exchanges with fiat onramps, Decentralized Finance and Crypto-Gaming are the next two sectors that will have product market fit, and 2020 kinda validated that. 

Obviously I’m a huge fan of Axie Infinity, to the point that I got Galadriel tattooed to my arm:

I’m an avid gamer myself, and the amount of fiat I’ve spent on games is irresponsible. Web2 gaming economies are a cash dump, money goes in but the players can’t pull any of the money out, you can only benefit from your spending in-game, and most of the time, what we buy in-game has no utility whatsoever apart from aesthetics (SKINS). Crypto-Gaming though is where in-game economies and the real world economy are connected. Imagine earning higher than our minimum wage just by playing! This is life-changing, and I’m very happy to see that #CryptoPH is right at the forefront of it.

Apart from Axie, I’m sure there will be other great games that will gain huge followings and a massive player base, what’s awesome is that what we’ll have is a crypto-gaming meta-verse where maybe items/characters/currency from one game is also usable in another game. There will be a lot of collaborations that aren’t just marketing gimmicks, but rather fusions of in-game economies. Ape together strong. These are very exciting times. 

If you want exposure to the crypto-gaming boom: PLAY TO EARN.

ETH 2.0 Progress and BTC ATH: 

I think it’s pretty obvious why this is important.

How did the pandemic change how your organization operates? Or how you’ve changed your approach?

Since March we have been working from home, but surprisingly this hasn’t affected overall productivity. To be honest, I think it actually boosted productivity as now we cannot separate work from life. Now when I’m talking with my teammates, I always tell them to take a break, catch up on sleep, exercise, do other things apart from crypto. When we were in the office, the mantra is “”Let this day be productive””, now at home, the mantra is “”Don’t go crazy being too productive””. It’s a super weird scenario. 

I pray this pandemic ends soon, it’s not only the physical health that is being affected but also the mental health of the people living in fear of the virus, burning out working from home, people living isolated without any human contact. These are trying times, but this will all end soon. Let’s just all be socially responsible and follow the proper protocols to keep us safe from the virus.

What is your fearless 2021 crypto prediction or forecast?

As seen on my Twitter w/ some edits. My 2021 Predictions:

  1. Will make a lot, lose some.
  2. Coinbase shares would be a good “”tech”” play.
  3. DeFi bull market that will be able to hold its ground vs. bitcoin.
  4. 55K $BTC.
  5. Covid vaccine mutations.
  6. App layer > protocol level.
  7. Cryptogaming boom, where #CryptoPH makes a mark.

What do you personally look forward to in this space?

I believe that 2021 will be one of those years where you can make generational wealth in crypto, regardless of whether you are an investor, builder, or user. There will be plenty of opportunities for everyone, it is now a level playing field, so I look forward to going to the moon with all of you.

As our fund is opening up to external investors (they’re ready) we look forward to investing and supporting more projects, deploying more capital in the space. We are activists investors, we’re not simply here to buy low sell high your project’s tokens, we will support you across your stack. We will hold your tokens, stake them, provide liquidity to your markets, be active in your governance, share with you our insights and thoughtful criticisms freely but never 2nd guess or doubt you without need or cause. We will even help you mod your communities in discord. We go that deep.

And also I really look forward to the end of this pandemic.

Follow Spock on Twitter.

This article is published on BitPinas: Spock | Crypto Hedge Fund | 2020 Year in Review

Please share and grow the BitPinas community.

Source: https://bitpinas.com/feature/interview/spock-crypto-hedge-fund-2020-year-in-review/

Blockchain

Signature Bank Reveals $10B Deposits From Crypto Customers

New York-based Signature Bank, has recently revealed that they have received more than $10B deposits from their crypto customers.

Avatar

Published

on

Table of Contents

Rate this post

New York-based Signature Bank has recently revealed that they have received more than $10B deposits from their crypto customers. The bank has reported this on Thursday and stated that around 16% of the total deposits are from digital assets customers. 

Eric Howell, executive vice president of the Signature Bank, has said that their bank has become quite prominent in the crypto space. 

Signature Bank Signet Has Caused Such Huge Deposit Growth

Joseph DePaolo, CEO of the Signature Bank, has said that Signet, their blockchain-based payments platform, has played a major role behind this deposit growth from the crypto customers. Along with this, he also mentioned that mainstream adoption by institutional investors has also contributed to this. It is revealed that the number of deposits of the bank from the crypto customers is twice as compared to that of Silvergate bank. 

The Signature Bank also provides financial assistance to the top five crypto exchanges of the region. The bank is also offering retail banking services to its clients through those exchanges. In the fourth quarter of 2020, the bank has added $2.5 billion in its non-interest-bearing deposits. 

Non-Interest-Bearing Deposits Represents 30% of Total Bank Deposit

The analysts are paying very close attention to the non-interest-bearing deposits of the bank as crypto firms are a major source of low-cost deposits for the banks. The Signature Bank does not reveal the deposits from its crypto customers in its financial statements and this is the reason why it is a major focus. It is revealed that currently, the bank is having 30% of the non-interest-bearing deposit, out of its total deposit. It is not only Signature Bank, but other banks have also seen an increase in the total number of crypto deposits. The major reason behind this is because there has been huge crypto adoption across the world in the past few months. Ultimately, such an increase in adoption will lead to an increase in deposits as well.

READ  Singapore’s Blockchain Landscape Sees a Notable Addition

#$10B Deposits #Eric Howell #Joseph DePaolo #Non-Interest-Bearing Deposits #Signature Bank

Source: https://www.cryptoknowmics.com/news/signature-bank-reveals-10b-deposits-from-crypto-customers

Continue Reading

Blockchain

Kyber Network Readies Massive DeFi Protocol Overhaul

The revamps and updates are coming thick and fast in the burgeoning DeFi ecosystem. Kyber Network is the latest to announce a massive overhaul of its protocol architecture. The Kyber 3.0 upgrade will transition the network from a single protocol into a hub of purpose-driven liquidity protocols that are catered to different DeFi use cases, … Continued

The post Kyber Network Readies Massive DeFi Protocol Overhaul appeared first on BeInCrypto.

Avatar

Published

on

The decentralized finance automated market maker, Kyber Network, is preparing to launch its third iteration which entails a ‘massive overhaul.’

The revamps and updates are coming thick and fast in the burgeoning DeFi ecosystem. Kyber Network is the latest to announce a massive overhaul of its protocol architecture.

The Kyber 3.0 upgrade will transition the network from a single protocol into a hub of purpose-driven liquidity protocols that are catered to different DeFi use cases, as noted by the blog post.

It added that the overhaul will be the biggest change to its architecture and token model since inception. Version 3.0 will be implemented over two phases called Katana and Kaizen.

What’s Expected from Kyber 3.0?

As part of the upgrade, Kyber plans to launch a brand new liquidity protocol called the Kyber DMM, which it claims is DeFi’s first automated Dynamic Market Maker.

“Kyber DMM will provide important benefits to liquidity providers, allowing fully permissionless liquidity contribution from anyone and access to this liquidity by any taker (e.g. Dapp, aggregators, end users).”

There are also plans to upgrade the KyberDAO and KNC, which launched staking services in July 2020, to a new token contract that will be made and voted on through its governance system. This will “enhance the token’s governance power, create multiple streams of utility, and support new liquidity innovation.”

The existing network enables on-chain scanning of available liquidity providers which it calls ‘reserves.’ In order to rapidly capture DeFi trends, this architecture will be overhauled to form a “hub of diverse, purpose-driven liquidity protocols catered to different DeFi use cases.”

Kyber is also expanding its liquidity provision options which will be of most interest to yield farmers. Most of this will be associated with the new DMM which will react to token pairs and market conditions to optimize fees for liquidity providers and rates for takers.

There will also be a pro version for the whales and much-needed gas cost reduction mechanisms will also be included in the upgrade.

The first Katana phase, expected in Q1-2, will launch the Kyber DMM with a proposal for a KyberDAO and KNC upgrade. The subsequent Kaizen phase and the entire Kyber 3.0 upgrade is expected to be completed by late Q3 2021.

KNC Price Update

Kyber’s native KNC token has defied the crypto market dump today, and is up nearly 10% since this week’s open. KNC is currently trading for $1.34, up from $0.80 at the start of the new year.

KNC managed to reach $1.90 back in August 2020 but is still far off from its 2018 all-time high of $5.80.

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been writing on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Source: https://beincrypto.com/kyber-network-massive-defi-protocol-overhaul/

Continue Reading

Blockchain

Enjoy Art In a New Form with Piction Network and PICA Firm

Hailing from Korea, Piction Network, the renowned portal for NFT products and solutions, has entered into a strategic partnership with PICA, a leading interface for art investors. The integrating companies will put in their joint efforts to curate a shared ecosystem for high potential art fans and creators. The Piction Network team took to its …

Avatar

Published

on

Hailing from Korea, Piction Network, the renowned portal for NFT products and solutions, has entered into a strategic partnership with PICA, a leading interface for art investors. The integrating companies will put in their joint efforts to curate a shared ecosystem for high potential art fans and creators. The Piction Network team took to its official Twitter handle to circulate the news in the media, stating:

As part of the association, Piction Network will employ its tools to tokenize the IP and artistic collections of creators working on the PICA portal. Art lovers from across the globe will be able to pick some of the best art creations auctioned on the Piction Network NFT market space. The two teams will work together to facilitate seamless access to a wide collection of iconic art investments through shared ownership on the channel.

The Piction Network is a highly-acclaimed brand in the Korean NFT market domain. The portal focuses on the issuance and secured trading of popular digital cartoon characters, music, movies, games, and dramas. The team is working on designing a P2P digital content-based channel that eliminates the use of centralized content distribution ecosystems. The content creators and artists can enjoy a user-focused, trustless digital interface that promotes their creativity. The app gives the best results when enabled on JavaScript by the customers.

Source: https://www.cryptonewsz.com/enjoy-art-in-a-new-form-with-piction-network-and-pica-firm/

Continue Reading
Blockchain5 days ago

Crypto Long & Short: No, Bitcoin Is Not in a Bubble

Blockchain4 days ago

Monday Markets Wrap-up: New U.S. SEC head and Its Global Crypto Implications

Blockchain5 days ago

Crypto Irrational, but Not in Bubble, Says UBS Analyst

Blockchain4 days ago

Kraken Daily Market Report for January 17 2021

Blockchain3 days ago

Tuesday Trades: NVIDIA to Re-Enter Crypto Mining Market?

Blockchain3 days ago

More than 80% of LINK is controlled by 125 wallets

Blockchain5 days ago

Another Bruise for Ripple as Grayscale Customers Say Goodbye to XRP Trust

Blockchain4 days ago

Defi Tokens Are Continuously Outshining Bitcoin

Blockchain3 days ago

Biden Will Name Gary Gensler as SEC Chairman

Blockchain3 days ago

How PH Crypto Exchanges are Handling the XRP Fall Out

Blockchain3 days ago

Will Ripple Ever Issue a Stablecoin?

Blockchain5 days ago

Bitcoin price dip below $34,000

Blockchain5 days ago

Is Ethereum Undervalued, or Polkadot Overvalued?

Blockchain5 days ago

LINK And Aave Hit All-Time Highs In Latest DeFi Rally

Blockchain5 days ago

Cardano “Working On Something” That Could Solve Twitter’s Decentralization Dilemma

Blockchain4 days ago

Ethereum Layer 2 Optimism Increasing with Mainnet Soft Launch

Blockchain3 days ago

The Elon Musk Effect? Dogecoin Searches Spike After Tesla CEO’s Tweet

Blockchain5 days ago

Was Bitcoin’s rally overextended? If yes, what next

Blockchain3 days ago

Bitcoin More Likely to Succeed Than Ethereum, Investment Guru Suggests

Blockchain5 days ago

Bitcoin Cash, Zcash, Decred Price Analysis: 17 January

Blockchain5 days ago

‘America and Sound Money,’ the Most Important Bitcoin Essay of the Last Year

Blockchain5 days ago

$140 Billion Bitcoin Not Moved in Years, “Lost” Says National Cyber Security Council

Blockchain5 days ago

Will Bitcoin cross $100000 by August 2021?

Blockchain3 days ago

Ethereum price poised to skyrocket 41% to a new record high targeting $1,800

Blockchain3 days ago

Neurogress is giving away free NeVRoPlex Stress Relief Hardware

Blockchain5 days ago

Presidential Candidate for Ecuador Proposes National Cryptocurrency

Blockchain5 days ago

Chainlink, IOTA, Compound Price Analysis: 17 January

Blockchain4 days ago

Bitcoin trend analysis – BTC/USD holds $36k as bulls push higher

API5 days ago

Coinbase to ‘decompose’ its application server in wake of recent outage

Blockchain3 days ago

CoinShares to launch $200m Bitcoin ETP on Swiss stock exchange

Trending