[Comparative Weekend Review] ICE CEO Says It Will Take Time to Test Whether Bakkt Can Succeed; Sun Yuchen Announces Details of Tron's New Proof of Stake Mechanism; New York Supreme Court Receives Lawsuit to Abolish BitLicense

[Bitcoin continues to consolidate, and altcoins collectively fall]

The cryptocurrency market continued to weaken this weekend. Bitcoin, the cryptocurrency with the highest market capitalization, continues to fluctuate slightly above $10,000, and the market seems completely unaffected by Bakkt's upcoming Bitcoin futures launch. Meanwhile, the altcoins that continued to rise last week continued to fall. Last week's leading gainers, Stellar and Tron, both fell close to 10%, and XRP fell by more than 7%.

[ICE CEO: Bakkt's success will take time to test, “everyone is nervous”]

In an interview with “Fortune” magazine, Jeff Sprecher, CEO of ICE, the parent company of the Bakkt exchange, said that for Bakkt, which will launch on Monday, “it's like a movie premiere”, everyone is very nervous. Sprecher said that it is currently uncertain whether asset managers will turn strong interest into action, which has created suspense over Bakkt's launch. He mentioned, “It's not a demand, it's a strong curiosity. In a sense, the fund manager wants to be the leader of this train rather than being left out. The news is reported every day as the price of Bitcoin rises or falls, and behind it, we see professional investors investing in infrastructure and compliance that are unrelated to the price. But if we can't build train tracks in a standardized way, this infrastructure will be unusable and won't be truly recognized globally.” Sprecher also noted that Bakkt users on Wall Street would take weeks or months to determine whether its launch was a success or failure. He said, “It's like a movie premiere; everyone is very nervous.” He also mentioned that Bakkt's success depends on traditional regulators because they are a bridge leading money managers to Bitcoin.

[Bakkt CEO: Bitcoin can be called an important part of a balanced portfolio]

Bakkt CEO Kelly Loeffler said in an interview with “Fortune” magazine that feedback from asset managers said that as long as it is secure enough, Bitcoin can be an important part of a balanced investment portfolio. She said, “Bitcoin's volatility is currently a huge negative impact on individual investments, but not for institutional investors. A lot of volatile capital is also being used to invest in alternative assets, and the prices of oil and coffee often fluctuate wildly.” She also pointed out that Bitcoin will eventually break out of its own independent market, unrelated to trends in stocks, bonds, gold, and real estate. Despite the high level of volatility, Bitcoin's total earnings have surpassed all of its rivals over the past decade. In theory, Bitcoin should have a place among alternative assets and be the foundation for large, diversified investment portfolios. Loeffler expects individual investment brokerage firms to act, in part because both Millennials and Gen X are eager to hold Bitcoin as an investment. “Brokers are always looking for advantages to attract new customers, and offering Bitcoin can be very appealing,” she said. For money managers, she believes college endowments and pension funds are most likely to be accepted because “they are often at the forefront of adopting new investment ideas.”

[Sun Yuchen tweets to announce details of Tron's new proof of equity mechanism]

Tron CEO Sun Yuchen announced Tron's new plan for the Proof-of-of-Stake mechanism in multiple tweets on Saturday. On Twitter, he highlighted some of the key developments in Tron's new proof-of-of-stake mechanism plan. Specifically, major advances are reflected in the distribution of rights and means to increase community participation. Sun Yuchen said that Tron will consider “fair and decentralized distribution of equity earnings” to increase user participation and interaction with industry players such as exchanges, wallets, and partners. To encourage a more active community and ensure a more robust network economy, Tron also plans to increase the equity ratio of the entire network and reduce unnecessary equity distribution transactions. Regarding specific details, Sun Yuchen mentioned, “Tron partner benefits and voting rewards: For each block, the 127 nodes with the most votes (TRON partners) will receive TRX rewards based on their voting ratio. The total reward for each block is 160 TRX. We've optimized how our users are rewarded.”

[New York Supreme Court Receives Lawsuit to Abolish BitLicense]

According to a Bitcoinist report, Bitcoin entrepreneur Theo Chino and his lawyer Pierre Círic have submitted a lawsuit to the New York Supreme Court to abolish the Bitlicense. Theo Chino's attorney Pierre Cric said that the New York Department of Financial Services, as a regulator, can only supervise and has no right to “enact” regulations. Pierre Cric said regulators can only act within the framework of written laws and regulations passed by the legislature. BitLicense is the first comprehensive virtual currency regulatory framework developed by the US and issued by the New York Department of Financial Services. Businesses that use virtual currency to trade must obtain a license to work with New York customers (retail or institutional) or otherwise conduct business in New York State.

[Tether releases 5 million CNHT on the Ethereum network]

According to data from the DappTotal.com stablecoin page, at 22:07 on September 22, Tether issued an additional CNHT worth 5,000,000 yuan on the Ethereum network. The block height is: 8599455, and the transaction hash value is: 0x9cec6e7400207ae8ce635842331ddee1c45cfe921886555332da61db243f0bc6. Up to now, Tether's total distribution of CNHT on the Ethereum network has reached 25,000,000 pieces.

[eToro founder: Bitcoin will take at least 300 days to break through an all-time high]

According to Zycrypto, Yoni Assia, founder and CEO of social trading platform eToro, said that Bitcoin may take at least 300 days to break through its all-time high of $20,000. Bitcoin has experienced two bear markets so far. One obvious pattern in the data is that Bitcoin bears always seem to last longer than the previous one. For example, the bear market from 2011 to 2013 continued for nearly 600 days, and the bear market from 2013 to 2017 continued for more than 1,000 days. The third bear market began in 2018 and is thought to end at the end of 2019. According to this trend, Bitcoin may still have to consolidate for more than 300 days.

[ConsenSys Releases DeFi Score, a DeFi Open Source Risk Assessment Solution]

According to an announcement issued by ConsenSys, this Saturday it launched DeFi Score, an open source solution for evaluating DeFi lending codes and financial risk. ConsenSys said it hopes to use the solution to improve transparency and enhance the outside world's understanding of the technical and financial risks associated with the DeFi loan market. The model captures the risk attributes of the crypto market according to the two categories of smart contract risk and financial risk, including technical, liquidity, and regulatory risk, and uses a 10-point scale to calculate the score. Additionally, ConsenSys' DeFi ratings will also consider regulatory issues within a smaller range, but they said they will increase the share of regulatory ratings in the future. However, ConsenSys says DeFi Score is not a validated statistical model.

Author Xiu MU

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