Fugitives, fees, Ferraris and BlackRock’s Ethereum ETF filing

Fugitives fees Ferraris and a black crck Ethereum ETF filing today's episode has Everything good morning you're listening To the rise and crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curve in Crypto make sure you click that follow Button okay grab yourself a coffee let's Get into it okay let's do a quick Rundown of what we are covering today Black Rock's spot Bitcoin ETF filing now Has some company in the form of an Ethereum ETF application the three Arrows Capital co-founder Kyle Davies on The run from Singaporean authorities is Spotted in barley tether is set to drop Half a billion dollars into a Bitcoin Mining operation polygon gas fees spiked 1,000% during a mad rush to Mint a new Token and Ferrari accepting crypto Payments may be more important than you Think okay we have to start with Black Rock black rock is a Goliath in finance And the world's largest asset manager at The moment their name is on the lips of Many in the crypto space because of Their Bitcoin ETF application and the SEC will be deciding on it imminently if Accepted which some ETF analysts believe Is as likely as 90% probability Black Rock will begin offering a spot Bitcoin ETF as one of its products for the

Uninitiated and ETF is an exchang traded Fund a type of investment fund that Tracks the performance of assets or a Group of assets for example you might Have a Commodities ETF that tracks gold Oil and natural gas it's a way of buying Into something without having to buy That actual thing so with a Bitcoin ETF People can invest in Bitcoin without Having to actually buy Bitcoin as Onboarding has been such a point of Friction this could be extremely Valuable during the last ball run many Financial institutions filed for crypto Spots ETFs in the US but the SEC Rejected them for a number of reasons Including concerns over Market Manipulation which we discussed a few Days ago during the hoax Ripple ETF Saga Now although that black rock Ripple ETF Filing in Delaware was fake a new ETF The I shares ethereum trust by Black Rock shows a broader intent with crypto Products the trust is also named Coinbase as the custodian of the eth by Early 2024 we will likely have the sec's Decision and if the analysts are correct And the spot Bitcoin ETF is approved for Black Rock we are going to see many more Products in this vein overall is hard to See that as anything other than a win For crypto even if buying Bitcoin you Don't own or hold through a traditional Financial institution probably isn't

What Satoshi had in Mind the next story is something of a Coin Telegraph exclusive an anonymous Source yesterday provided us with images That purportedly showed the three arrows Capital co-founder Kyle Davies in kangu Barley Davies co-founded three hours Capital with suzu and in 2022 the Company hit rough Financial Seas the the Doomed crypto hedge fund was a victim of The plummeting crypto prices and its Leveraged positions became unsustainable Leading to a liquidity crisis from there 3ac imploded and the co-founders were Sought by Singaporean authorities to Cooperate on the bankruptcy Investigations suzu attempted to flee The country but was arrested on the 29th Of September this year and is now in Prison Davies however has been Successfully evasive and has allegedly Made his way to Barley though his Whereabouts have been unknown The Source Who provid Ed us with the images said it Is 100% him from the shirt and glasses I Also saw him firstand without the Glasses he then put the glasses on when He felt we recognized him and continued To put the glasses on until we left the Place and took this from the cashier's Point of view I spoke to the author of This article Gareth jenkinson about the Latest update in this goose chase this Is a pretty compelling story that coin

Telegraph managed to investigate off the Back of images that we received from an Eyewitness in barley uh these images Closely res others that Davies himself Has posted online in recent years and We've also got information on background That Singaporean authorities know that Davies has been on the Indonesian Island For some time so our hope is that this Report puts some pressure on local Authorities to seek him out as Bankruptcy proceedings in Singapore are Dependent on those Bary authorities Apprehending Kyle Davies he's been Largely uncooperative with bankruptcy Proceedings to date and his cooperation Could prove vital in CL back some of the Funds that were lost when three ARS Capital folded in 2022 Davies was Originally also sought by the US Authorities over contempt charges but His lawyers filed evidence that his US Citizenship had been renounced in 2021 After marrying a Singaporean National in December 2020 the 3ac disaster sent Shock waves across crypto and the Co-founders evasive Behavior adds an Even more bitter taste to this black Mark on crypto's tumultuous Timeline right what did I say to you on Tuesday folks the new tether CEO Paulo Ardo is becoming a crypto main character And he is back at it again on the ryzen Crypto podcast for the second time this

Week Ardo has announced that the Stablecoin firm is expanding into Bitcoin mining and is looking at Spending half a billion dollars to do so Derek Anderson wrote yesterday that in The next 6 months tether is constructing Mining facilities in Uruguay Paraguay And El Salvador as well as investing in Other miners it's super bullish and Super timely Marathon did digital is Planning to expand into Paraguay 2 the Celsia successor company is expanding Its mining operations and everybody's Feeling good but it's really not that Simple mining difficulty is soaring the Having is coming up and the market goes In Fairly big dramatic Cycles so there's Plenty to watch here the new sites will Have a capacity of between 40 and 70 Megaw but the aim is for the direct Mining operations to hit 120 megawatt by The end of the year and 450 50 megawatt By the end of 2025 no I don't know how Much a megawatt is either so I looked it Up and 1 megawatt could power 1,000 Homes if you go by the average amount of Energy use per household in the US so Tether's projected mining operation will Eventually be using enough energy to Power 450,000 homes if that doesn't do Anything for you I have an even less Useful example 450 megaw could run 300,000 fridges for about an hour Ardo

Said to Bloomberg in an interview that Mining for us is something that we have To learn and grow over time we are not In a rush to become the biggest Miner in The world this is a curious story and For a few reasons this month Bitcoin Miners took the annual highest daily Rewards $44 million in a day which was Also the highest since April 2022 as I Discussed on Tuesday the 14th of November this is a major relief for Miners And as Derek said the major Mining organization Marathon digital Holdings showed how profound and Improvement it is compared to last year In quarter 3 2022 they were mining 6.7 Bitcoins per day and in 2023 quarter 3 They are mining 37.9 Bitcoin per day the reason I say This is a curious decision for tether is Along the lines of what Derek said too Which is the Bitcoin harving event in April 2024 as the name of that event Implies that will Harve the revenue Tether obviously knows this and clearly They see that half the returns as more Than enough to incentivize more miners Than Alaskan Gold Rush okay let's have a look at layer 2os Yesterday we discussed a total locked Value in layer 2's hitting an alltime High now part of the reason for this is The scalability of layer 2os which means Significantly lower if not almost

Non-existent gas fees for transactions One of the Premier layer 2s on ethereum Polygon is a great example of this but Yesterday Tom Mitchell Hill wrote up the News that the polygon gas fees had Spiked 1,000% The first thing to note here is that Although it went up 1,000% that brings The fee to 10 cents per transaction Which given and I once paid $100 in gas Fees for the purchase of one nft uh Seems manageable what's far more Interesting here than those 10 cents is What caused the spike yesterday Sandy Nwell founder of polygon hopped on Twitter sorry X to express his own Surprise at the influx of activity he Tweeted 6 million transactions in the Last 24 hours 170 TPS transactions per Second on average 1 million plus Matic Polygon's token burned by the protocol The chain Works smoothly gas fees went Crazy though so Tom narrowed down the Cause to a new token being minted and This token is called polls p o LS polls Is built on a protocol called Pc20 which operates in the same way as Bitcoin's ordinals token standard brc2 It's s inspired by yes erc20 on ethereum I will include in the show notes a link To an explanation of the BRC 20 token Standard as I don't want to go down that Rabbit hole but what you need to know is That unlike erc20 bc20 doesn't rely on

Smart contracts but rather ordinal Inscriptions on bitcoin ordinal Inscriptions can be made on individual Satoshi and can contain code images and Text the update to bitcoin that allowed This caused a spike in interest in Bitcoin nfts back in May this year and That also spiked bitcoin's fees too Polygon Fe are back down to earth now But polls might be a project worth Watching given the incredible amount of Hype it seemingly Generated and finally let's look at Ferrari earlier this year petrol heads Were pleased to see that Ferrari is Accepting crypto Ferrari is one of the Most premium brands in existence Pictures adorning childhood walls and Purchases commemorating staggering Success or inheritance earlier this year The company raised a few eyebrows by Accepting crypto in certain us showroom Locations that is you could end your Hodling hot streak with the purchase of A shiny new sf90 stradal if I could I Would when elon's Tesla first started Accepting Bitcoin it felt as if it was a Momentous win for crypto only for the Payment option to be canned in 2021 over Carbon concerns allegedly though today You can still spend Bitcoin with a few Luxury Brands such as Gucci by using the Crypto payment firm bitpay who are now Also the payment provider for Ferrari

This sort of news isn't just window Dressing and according to Ben weas CEO Of coin flip a Bitcoin ATM operator Ferrari could be a seminal moment for Brand adoption Weiss said it's not a Matter of will bigname companies follow Ferrari's footsteps but when Bitcoin is The best performing asset of the decade Proving it's here to stay and Encouraging other big names like PayPal And black rock to embrace digital assets A Ferrari representative told Helen Parts for this article that the analysis Of data regarding the environmental Impact associated with cryptocurrencies Has been a fundamental part of our Decision-making process to adopt Cryptocurrencies in line with our Objective to become carbon neutral by 2030 interestingly they also said that The source of the cryptocurrencies will Be proven and volatility risks Associated with exchange rates will be Eliminated dealers and ultimately Ferrari will receive payments in Traditional currency and will not be Managing cryptocurrencies directly I Have no idea why that sounded so Sinister anyway at present there are 10 Locations in the US where you can use Bit pay to acquire your prancing horse Fresh out of the showroom send me Pictures if you Do okay that's it for today that was a

Wild one consider yourself informed Thank you for listening to the ryzen Crypto daily podcast by coin Telegraph If you're enjoying these daily updates Please make sure you let us know by Following subscribing or leaving a Review have a great day have a great Weekend let's do this again on Monday [Music] Don't