La proposta di Blackrock relativa all’ETF Bitcoin alla SEC è commentata in un podcast del Sole24ore del 4 gennaio, E’ sottolineata l’importante dell’influenza di Blackrock nel mondo finanziario. Con un patrimonio gestito di circa 10 trilioni di dollari, l’intervento sul mercato e il cambiamento di posizione di Blackrock non possono passare inosservati agli operatori di mercato e alle autorità di regolamentazione.
The crypto community eagerly anticipates the SEC’s approval of the Bitcoin ETF, hoping for a return to the prosperous pre-2021 era. It is widely believed that the SEC, under Gary Gensler, will grant approval despite his previous stance. Speculation suggests the approval may come soon, potentially after the Epiphany. Some caution against investors buying into the hype, as the current price may already reflect the expected approval. However, the real concern lies in the potential monopolization of cryptocurrencies by large financial players. For cryptocurrencies to thrive, they must become widely accepted as a means of payment and a store of value. If controlled by a few, cryptocurrencies risk being perceived as empty and destined for collapse.
Bitcoin ETFs offer investors a convenient way to access the cryptocurrency market through traditional brokerage accounts. Regulated by the SEC, these ETFs provide some protection against fraud and manipulation. Additionally, trading on major stock exchanges increases their liquidity compared to volatile cryptocurrency exchanges. However, investors should be aware that Bitcoin ETFs indirectly invest in Bitcoin futures contracts, which come with counterparty risks. Moreover, the highly volatile nature of Bitcoin can lead to significant price swings, making them less suitable for risk-averse or short-term investors. Regulatory uncertainty also poses a potential risk. Overall, Bitcoin ETFs can be a valuable tool for cryptocurrency market exposure, but careful consideration is advised.
The crypto world eagerly awaits the SEC’s approval of Bitcoin ETFs, anticipating a return to pre-2021 golden days. Despite contrasting signals, the market reflects hope for approval. Concerns arise over ETFs bridging traditional finance with cryptocurrencies, potentially stifling their main purpose as widely accepted means of payment and store of value. Monopolization by financial giants could render cryptocurrencies akin to a Ponzi scheme. The impending decision’s impact on crypto’s future remains uncertain.
È un tema tecnico ma cruciale, al centro dei colloqui fra il gestore fondi di investimento più grande al mondo, Blackrock, e l’ente di controllo del mercato finanziario USA, la SEC (Stock Exchange Commission) in relazione all’approvazione da parte di quest’ultima del fondo ETF in Bitcoin.
On November 27, the European Council approved the controversial European Data Act, with an extensive focus on smart contracts. These contracts are a feature of second-generation advanced blockchains but are not featured in Bitcoin. They cannot be stopped once activated, causing potential issues with coding errors or cyberattacks. The Data Act introduces the ability to mutually terminate a smart contract, termed a ‘kill switch’, which addresses these issues. This termination must be agreed upon by both parties and follows regular rules of civil and consumer protection law.
On November 27th, the European Council approved the European Data Act, which focuses on harmonizing rules regarding user data generated from a product or service. This regulation highlights the role of smart contracts in blockchains, which are transactions conditional on some event, known for their uninterrupted execution. However, the Act introduces the concept of interrupting a smart contract by mutual agreement, or a ‘kill switch’. This provides a safeguard against potential mishaps from coding errors or cyber attacks. Specific provisions regarding kill switches are elaborated on in Article 36.
La nuova regolamentazione europea, il Data Act, , dedica ampio spazio al tema degli smart contract.
In ambito blockchain, gli smart contract sono transazioni condizionate al verificarsi di un qualche evento
A smart contract is a self-executable agreement running on a blockchain. Two main methods for applying kill switches to smart contracts are timelocks and multi-signature schemes. Benefits of integrating kill switches include preventing malicious contracts, retrieving lost funds, and enforcing regulatory compliance. However, risks include centralization, misuse, and potential new security vulnerabilities. Although valuable for user protection and regulation enforcement, it’s crucial to apply kill switches responsibly to prevent contract manipulation or exploitation.
FOMO, or Fear Of Missing Out, contributes to impulse investments in markets like the cryptocurrency one, which are risky yet potentially rewarding. Individuals moved by this fear risk more than necessary to avoid the specter of lost opportunity. This phenomenon is not exclusive to cryptocurrency; it’s previously been seen with the stock market. While Bitcoin has grown significantly, it remains unstable, with high losses associated amidst gains. Investing in cryptocurrency also carries an ideological element, which may not be beneficial. Regular investing over time would temper these risky decisions.
La FOMO, o Fear of Missing Out, è una forza trainante che spinge le persone a investire in mercati in crescita come quelli delle criptovalute, spesso per paura di rimpianti o di essere lasciati indietro finanziariamente.
The relationship between Bitcoin and gold is debated, with arguments for both positive and negative correlation. Evidence of positive correlation was seen in 2020 when both asset values surged due to economic uncertainty caused by COVID-19. Negative correlation was demonstrated in 2018 when Bitcoin’s prices crashed while gold remained stable. Reasons for potential correlation include their roles as safe haven assets, limited supply, and global trade presence. However, Bitcoin’s volatility and close ties to technology stocks suggest a lack of correlation. This complex relationship is likely to fluctuate with changing factors.
Una ardita parafrasi in chiave crypto del pensiero di Niall Ferguson ne “La Piazza e la Torre”, la rilettura dell’intera storia del mondo occidentale in chiave di lotta fra le reti di relazioni orizzontali (la Piazza) e la gerarchia delle istituzioni (la Torre).
This Italian article discusses the potential of Argentina becoming a crypto-friendly destination under newly elected President Milei. Despite facing disastrous economic consequences, including a 142% inflation rate due to the dollarization of the economy, Argentina might consider adoption of cryptocurrencies such as Bitcoin. This shift does not entail making Bitcoin a legal tender as El Salvador did, but simply liberalizing its use. However, changes in cryptocurrency use by a larger nation like Argentina could dramatically alter the global scenario.
The recently elected President of Argentina, Milei, is considering opening the country to Bitcoin and other cryptocurrencies. Despite the country’s disastrous inflation rate of 142% per year, cryptocurrency is seen as a more practical option than dollarization, which would require plentiful dollars and policy control. The eventual adoption of Bitcoin as a legal tender could drastically change the country’s economic situation.
Despite no official announcement from Argentina about making Bitcoin a legal tender, a portion of the population supports the idea, according to a Statista survey. Potential benefits include countering high inflation, promoting financial inclusion, and boosting economic growth. However, concerns about Bitcoin’s volatility, regulatory difficulties, and security issues could pose risks.
The newly-elected President of Argentina, Milei, is reportedly considering adopting cryptocurrency, including Bitcoin. As hyperinflation plagues the nation, the dollarization of the economy has been a challenging process. Meanwhile, cryptocurrency offers a more feasible solution requiring only the legalization of its use, falling in line with Milei’s libertarian ideologies. The move could significantly change the perception of cryptocurrency, as Argentina is a major player compared to smaller countries like El Salvador that have previously adopted similar practices. However, the gap between electoral promises and practicable reality remains a barrier.
Prof. Vincenzo Candila of the University of Salerno conducted a study, “Multivariate Analysis of Cryptocurrencies,” which applied rigorous statistical methodologies to analyze cryptocurrency trends over 1671 days (6/2016-12/2021). The study, focusing on seven popular cryptocurrencies, revealed that cryptocurrency prices usually move in a coordinated manner, similar to trends in traditional stock markets. However, the study disclosed Bitcoin’s unique position as a price maker. The study concludes that changes in Bitcoin’s price largely influence the movement of other cryptocurrencies, or ‘altcoins’.
Prof. Vincenzo Candila of the University of Salerno conducted a study, “Multivariate Analysis of Cryptocurrencies,” which applied rigorous statistical methodologies to analyze cryptocurrency trends over 1671 days (6/2016-12/2021). The study, focusing on seven popular cryptocurrencies, revealed that cryptocurrency prices usually move in a coordinated manner, similar to trends in traditional stock markets. However, the study disclosed Bitcoin’s unique position as a price maker. The study concludes that changes in Bitcoin’s price largely influence the movement of other cryptocurrencies, or ‘altcoins’.
Prof. Vincenzo Candila from the University of Salerno conducted a multivariate statistical study titled “Multivariate Analysis of Cryptocurrencies”, examining the correlation of cryptocurrency market trends over 1671 days (6/2016-12/2021) for 7 popular cryptocurrencies. The study found that cryptocurrencies typically rise and fall in unison, though there are exceptions during special events. Interestingly, Bitcoin was identified as the price maker, with other cryptocurrencies (altcoins) adjusting to its movements. The market follows similar patterns to the traditional stock market, but unlike the latter, cryptocurrencies operate non-stop worldwide with no officially indexed stops.
While Artificial Intelligence (AI) risks are discussed widely, the potential threats stemming from quantum computing, particularly to cryptographic systems, are less acknowledged. Quantum computers (QCs) can solve problems faster, posing a significant threat to cryptography that underpins current security systems, including blockchain technologies and cryptocurrencies. Although current blockchain algorithms are resistant to QCs, it’s uncertain whether they’ll withstand future, more advanced generations. Future-proof solutions are being developed, but blockchain adaptation speed is a challenge.
The European Central Bank (ECB) is analyzing the implementation of a digital euro, a central bank digital currency. The ECB faces challenges such as ensuring financial stability, protecting user’s privacy, emphasizing cybersecurity, maintaining interoperability with other payment systems, and providing inclusion for all users. Legal and regulatory considerations also need to be addressed. The ECB aims to create a digital euro that is safe, efficient, and universally accessible.
While Artificial Intelligence (AI) risks are discussed widely, the potential threats stemming from quantum computing, particularly to cryptographic systems, are less acknowledged. Quantum computers (QCs) can solve problems faster, posing a significant threat to cryptography that underpins current security systems, including blockchain technologies and cryptocurrencies. Although current blockchain algorithms are resistant to QCs, it’s uncertain whether they’ll withstand future, more advanced generations. Future-proof solutions are being developed, but blockchain adaptation speed is a challenge.
Il 18 ottobre, la Banca Centrale Europea ha annunciato l’avvio della preparazione dell’euro digitale dal 1 novembre 2023, dopo due anni di studio. L’euro digitale sarà una forma di contante digitale, accessibile e sicura, ma presenta sfide per il sistema bancario europeo, con un possibile limite di possesso di 3000 euro per i privati.
Smart contracts, one of blockchain technology’s intriguing aspects, face two formidable challenges – technological and legal. The technological issue pertains to the immutability of blockchain and the complexity of managing unforeseen events. The legal issue revolves around GDPR compliance, contract formulation, and inter-party consensus. While not implemented in Bitcoin, Ethereum supports the most extensive ecosystem for smart contracts. Smart contracts, a continually evolving and innovative subject, potentially face problems if not coded correctly.
