Qrafty heard that Su Zhu was arrested, politicians are amazing traders and...Valkyrie stopped buying ETH,

***Qrafty smiling the biggest smile*** Aloha, crypto curious! I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Qrafty has fresh bits from the crypto jungle, so let’s dive in: 📰 🌟

1. Valkyrie Returns Bought Ether, Stops Buying

2. Su Zhu Arrested

3. Politicians Are Amazing Traders

Bonus: ChainLink changed multisig rules

Bureaucracy Stalls Valkyrie

Oy, yesterday you love me and now you dump me? How does that work? …says the market, coming down after the bad hangover from yesterday’s pump &dump.

As like all awesome parties, it was good while it lasted. We rarely get parties in crypto nowadays, so if we don’t have pan, aet least we have circus.

Qrafty wrote about Valkyrie yesterday. They got approval to split their Bitcoin Futures ETF into a two-for-one investment vehicle.

Translation: instead of the ETF being solely based on the price of Bitcoin, it will be based on a proportion of the price of Bitcoin and Ethereum. They already had Bitcoin, and yesterday started buying Ethereum futures contracts.

The whole market overjoyed, suddenly the seas of capital rose and hope was back again. Coins were popping left and right like that butter popcorn with that unique flavor. Love was in the air aaaaaaaaand… it’s gone!

Today, they’re saying they’ve stopped buying, and they want a refund on those ETH contracts they ordered yesterday.

Why, Qrafty?

Bureaucracy, baby! They are waiting for the papers from the SEC to add Ethereum to their ETF. So fear not, this will commence on October 3nd, 2023. Or maybe even earlier, if the SEC decides so! ← NOT!

So they’ll be adding ETH futures to their ETF, it will just take a few more days. But someone made a lot of money off of yesterday’s pump! Beautiful to watch!

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

The Long Arm Of The Law

Well, well, the founder of the now-defunct crypto firm, Three Arrows Capital, Mr. Su Zhu, has just earned himself a not-so-great travel souvenir in Singapore. It seems he tried to make a swift exit, but someone had other plans for his itinerary.

Reports from Bloomberg reveal that he was nabbed in Singapore while attempting to make a discreet exit.

Teneo, the liquidation firm tasked with untangling the mess left in Zhu's wake, received a committal order for the man himself. It seems Zhu's cooperation in this liquidation investigation was less than stellar and bailed on meetings. As a result, he's earned himself a cozy four-month stay in a Singaporean cell.

Off Chain Transactions Bill

U.S. Congressman Don Beyer has introduced the 'Off-Chain Digital Commodity Transaction Reporting Act,' stirring interest in the digital asset market. Here are the key takeaways:

1. Off-Chain Dynamics: Despite the security of blockchain, a significant number of transactions occur "off-chain" daily, outside the public ledger, driven by the need for speed and cost-efficiency.

2. Enhanced Transparency: Beyer's bill proposes mandatory reporting of each transaction to a Commodity Futures Trading Commission (CFTC) registered repository, reinforcing transparency and accountability.

3. Investor Security: The legislation aims to shield cryptocurrency investors from potential disputes, manipulation, or fraud stemming from off-chain transactions.

This is pointed at crypto exchanges. It’s basically telling them to show both the public and their private books. The Congressman has good counselors, as side chains are like private ledgers, where exchanges operate most of transactions away from public ledgers. It’s private, it’s faster and cheaper for them than the public blockchain. So they only send what is strictly necessary on the public blockchain. Shadow accounting is the best example to have a clear idea of the concept.

Here’s some documents from Do Kwon and manipulation with LUNA:

While the bill is not bad, this also brings a lot of concerns over how your personal data is handled in all this. There is a clear and nasty possibility that wallet details can be sent together with the transaction records to the CFTC servers. What happens to that data? How is it handled? Who is it handling it? Because that’s your entire trading history and interactions with centralized exchanges. And all the nasty things exchanges do are found in those sidechains also.

Politicians Are Great Traders

Huh?! Who would’ve thunk? Despite 2022 being the worst market since 2008, both Democrats & Republicans beat the market. Many politicians individually beat the market. Some of the best traders in the world have a 70% win rate, at best!

Qrafty wonders why do these people still remain in politics when it’s pretty damn clear that they’re career is definitely in stock trading! 👇️ 

I mean… for crying out loud, when you do something so well in your spare time, you should think about pursuing that, isn’t it? Part time because… you know, too busy to pass laws and take care of our future by enacting policies that cater to the wellbeing of everyone… this kind of thing.

On top of that, there are very few in the world who are capable of trading full time! It almost looks like politics has something to do with their ability…

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Tomorrow is like a surprise gift from the universe, wrapped in the giggles of possibility and tied with the ribbon of hope. 🎁✨

Qrafty’s thougt of the day

Other stories

Google has a validator for Polygon

Google Cloud announces they're serving as a validator on the Polygon PoS network. It’s not highly unusual for companies to spin up a validator for a blockchain, regardless of the excitement of crypto bros.

SBF’s trial begins

Sam will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, 2023.

ChainLink changed its code

Surprisingly, Chainlink, the decentralized oracle network, has played down a recent alteration in the number of signers needed for its multisig wallet. This move sparked unexpected controversy on social media, drawing criticism from outspoken skeptics.

Market Whispers

Not much happened today, after yesterday's euphoria Bitcoin ranged for a bit, thinking about Valkyrie decision or better said "re-decision" to not buy Eth futures Etf yet…

Looks a bit confused, oscillating between being a bitch about it, towards $24,800 or showing everyone that it does not care, he is the boss and will go to $30k.

And being Friday and weekend... Qrafty's afraid we'll have to deal with this moody Btc until Monday. The only problem is that it still got time to ruin the monthly candle if it deeps below 26k.

Qrafty ends channeling his inner trader.

Today is NATIONAL COFFEE DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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