To save Genesis, market experts have proposed Reg M which would allow holders to voluntarily redeem shares of the GBTC trust without causing forced liquidations of the BTC holdings.
Reportedly, Genesis had approached crypto exchange Binance to bid for its loan book, however, Binance has denied the proposal citing a conflict of interest.
The contagion of the FTX collapse is spreading wide across the entire cryptocurrency market and all eyes are currently on crypto lender Genesis which is reportedly on the verge of bankruptcy. Reports have it that Genesis is looking to desperately raise $1 billion to avoid a liquidity crunch and facilitate withdrawals on its platform.
A report from WSJ suggested that Genesis had approached crypto exchange Binance and Apollo Global Management to bid for its loan book. However, Binance has denied this proposal stating that any investment into Genesis could lead to a conflict of interest in the future.
Digital Currency Group (DCG), the parent company of Genesis is facing a major time crunch as of now. Reports also suggest that if Genesis fails to raise the funds, DCG could be selling Bitcoins in massive quantities from its other subsidiary – Grayscale.
The Grayscale Bitcoin Trust is one of the largest holders of Bitcoins as of date. But rumors suggest that DCG has also bought a lot of bad debt which it used to buy GBTC. If true, it could make the Genesis situation a lot worse.
Reg M for Grayscale Trusts
One option that is under heavy consideration, for now, is Reg M for Grayscale’s Trust. Messari founder Ryan Selkis is one of the biggest proponents of this solution. With Reg M, holders of GBTC and ETHE can redeem them for underlying assets at a 1:1 ratio.
Considering that GBTC is currently trading at a 40 percent discount to its NAV, investors could receive $1 of BTC against 60 cents of GBTC. The Messari founder notes that DCG and Genesis can use this money to pay lenders and avoid insolvency.
Now, the fact remains that the Digital Currency Group is the largest holder of GBTC. Thus, GBTC’s massive discount to the spot BTC price provides DCG with a massive arbitrage opportunity. Reg M would mean redemptions that are different from a full dissolution. It means that individuals could redeem shares of the trust for spot holdings but it won’t be a forced liquidation of the full holdings.
A lot of the people who hold GBTC do so because they cannot get access to BTC spot for compliance purposes. These people will not be holding BTC upon Reg M distribution.
But Ryan Selkis believes that even if the SEC approves these kinds of Bitcoin redemptions, they won’t hit the market. Selkis further explained:
It’s a relatively small figure. $10bn. If $5bn sold it might be a temporary 5-10 percent spot market hit. But bounce back quicker and remove a structural black cloud.
Selkis has also asked Grayscale CEO Michael Sonneshien to approach the SEC and request Reg M relief. He wrote:
The right thing to do for Grayscale shareholders now is to approach the SEC and ask for Reg M relief given the circumstances. The ETF is not happening. The trusts sponsor & AP must do right by investors.
In-kind redemptions would be trivial to execute given that Coinbase is the custodian, and the SEC will be sympathetic to the request given the extreme damage that has been done to investors, and the contagion that GBTC continues to cause as toxic collateral. Do the right thing!
Can Genesis raise funds? Or will it file for bankruptcy?
Frank Chaparro, editor at The Block has learned through his sources that Genesis has slashed its target fundraising to half.
Sources tell The Block crypto trading firm Genesis—which has been struggling to raise emergency capital to shore up its lending unit’s liquidity profile—has slashed its raise target from $1bn to $500 million. As Bloomberg reported, it faces potential bankruptcy w/o funding.
On the other hand, a Genesis spokesperson has confirmed that they won’t be filing for “bankruptcy imminently”. The spokesperson said:
Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors.
Cumstar Token is a top trending crypto token that was recently added to CoinMarketCap, and today we’ll take a look inside this Adult Cryptocurrency Project that claims to change the Adult Entertainment Industry.
Today, we’ll look at one of the top adult altcoins introduced to CoinMarketCap, and are generating the most significant attention from investors.
Cumstar has recently become the center of attention in the cryptocurrency industry by having one of the most substantial market capitalizations.
Cumstar Token by Hush Network
The CumStar Token is a project exclusively with adult content, and a sharing platform powered by Blockchain technology and allows token users to purchase adult content on Hush Network platforms on an ongoing basis.
The Cumstar token is the only currency used to purchase content and services on all the platforms, with anonymity and privacy at its heart. It is a decentralized deflationary token designed with complete anonymity in mind for its users.
Which are the Cumstar platforms?
Hush Network was built to be the ideal adult industry solution and is fully powered by CumStar token, using blockchain technology. When users transact on the various platforms, they have a quick, low-cost, and utterly anonymous experience.
Cumstar’s streaming platform, Hush Live, like Only Fans, will enable producers to stream a wide range of material, provide an income stream based on blockchain technology, and accept donations from viewers using the platform. It has been prepared for launch and will be available shortly.
HushNFT.com Marketplace will give a venue for people looking to sell their creative works. After that, the NFTs will be available for purchase, and buyers will have the option of acquiring and displaying their NFTs through an open account or keeping their collections private.
HushSwap is another blockchain-powered solution that attempts to remove many of the adult entertainment industry’s fundamental difficulties. In addition to 100% tips flowing to CUMSTAR content providers, most issues are managed by eliminating chargebacks and ensuring user privacy and anonymity using blockchain technology. This platform has a slew of features that highlight CUMSTAR technology. Interactive games for their users are among these features.
Payment Gateway is the $CumStar payment processor that not only provides top-tier adult platforms but also introduces revolutionary technology and is currently available. The web3-powered smart contract can link to ANY Adult website and include $CumStar in minutes. It suggests that the token may be used to purchase ANY items or services on ANY non-crypto website… That is the power of $CumStar!
Cumstar holders are responsible for their wallets, seed phrases, and other personal information, which relieves the Project of much, if any, blame because none of this information is shared with anybody until deliberately submitted, as usual in the cryptocurrency world.
CumStar Token Tokenomics
CUMSTAR Tokenomics, by HushNetwork // Source: HushNetwork
The native token of the HushNetwork which is built on the Binance Smart Chain network, is $CUMSTAR. Users can connect with our platform, make purchases on the NFT marketplace, and give to their favorite content producers thanks to the CUMSTAR tokenomic system’s architecture. All of this was done anonymously, with the blockchain as a safeguard.
The Cumstar smart contract includes an 11 percent total transaction tax, which is divided down as follows:
3% in marketing (in BNB)
3% to the liquidity pool
2% to reflection
2% to burn
1% to tipping wallet
CUMSTAR Roadmap until Q4 2021
CUMSTAR Q2 2021 Roadmap (Complete)
CUMSTAR Q3 2021 Roadmap (Complete)
CUMSTAR Q4 2021 Roadmap (Ongoing)
Should I get CUMSTAR right now?
CumStar is now selling for $0.00000002675. With many contract audits, including the acclaimed Certik Audit, it shows potential as a BSC token.
Its security, according to its inventors, is among the best in the adult cryptocurrency sector. Before making a financial commitment, it’s wise to wait and observe how things progress.
CUMSTAR price forecast:
CumStar’s price might reach a high of $0.00000006 in 2023, according to Priceprediction.net. Its price is predicted to reach a maximum of $0.00000009 in 2024.
The Cumstar token has increased by more than 150 percent in the previous 24 hours, with CUMSTAR’s trading volume reaching 1 544 072 USD.
CoinMarketCap of CUMSTAR
CUMSTAR CoinMarketCap in 1 month average.
The current Coin Market Cap ranking is #999, with a live Market Cap of USD 15,794,739
It has a circulating supply of 590,413.77B CUMSTAR coins and a Max. supply of 1,000,000,000,000,000 CUMSTAR Tokens.
Where to to buy CUMSTAR
CUMSTAR has yet to be listed on major markets because it is such a new asset. However, you may still buy CUMSTAR on a DEX (decentralized exchange), though it will take a few more steps.
Follow these steps to purchase CUMSTAR right now:
Buy Binance Coin on a licensed exchange or broker, such as Binance
Binance is one of the world’s premier multi-asset trading platforms, as well as an exchange and wallet all in one, with some of the industry’s lowest costs.
It’s also user-friendly for beginners, and it offers more payment options than any other service.
To buy in Binance, you need to: – Create an account HERE – Buy BNB directly with VISA – Transfer your BNB to a Trust Wallet (BEP 20) or Metamask, or others. Do not forget that you first need to create and have your wallet address for effect. – Swap in any DEX (Sushi Platform, PancakeSwap, Etc.) your BNB to CUMSTAR
You’ll be able to exchange for hundreds of currencies, including CUMSTAR, now that you’re linked.
Exchange your BNB directly from HushSwap to CUMSTAR
Cumstar is proud to have such talented ambassadors promoting and interacting within the Adult Network. Some of these Ambassadors, a.k.a. content creators partnered with Cumstars, are:
Kukki Doll
Kali Roses
Indianara
Kim Swallows
Sabrina Night
And many others
Cumstar Partnerships
Cumstars is thriving for new partnerships. One example is it’s latest one, the Income Island, a Metaverse Mining Game, which will enable to use of $CUMSTARS within the game.
Finally, Cumstar has made an enormous step ahead in capturing the $803 million adult content market to assist adult content creators/performers in anonymously buying and selling their material.
Cumstar has also overcome many difficulties that content developers and performers in the adult entertainment business confront.
The Project has established market and payment solutions that directly benefit adult content consumers, and providers as the need for tailored adult content grows and attracts more people.
The Bitcoin Taproot upgrade is in the countdown, and, as expected, it could be activated on November 13. The nodes represent the users on Bitcoin Network and protocol.
It just takes roughly 800 blocks so Taproot can be added to the chain, which must happen in fewer than six days for Taproot to be active in Bitcoin.
The most crucial Bitcoin network and software upgrade of the previous five years is arriving in a relatively short time. Yet, the fraction of participating nodes still hasn’t been updated to accept it.
According to the website given by the developer Luke Dash Jr. concerning the node count, in which only 50 percent of them already support the new version, The client Bitcoin Core 0.22 is the first to offer support to Taproot. Currently.
30,393 nodes accept Taproot in Bitcoin and 30,377 nodes that do not accept it.
The dangers of a fork and split of the Bitcoin network are unlikely because of the Bitcoin Taproot Upgrade
According to Taproot, the activation date, which might be between November 13 and November 14 according to Taproot.watch, disturbs several developers and other members of the Bitcoin community.
The main reason is whether the difference between the nodes that activate Taproot and no could cause or encourage a happening division chain ( chain split ). The quick answer is “No,” albeit there are a few flats.
As bitcoiner Nicolas Bourbonni explained that for a chain split to occur, the nodes must amass enough processing power to construct a blockchain that is longer than the existing one. The miners’ evidence of labor accomplishes this.
Given their support for Taproot earlier this year, Bourbonni does not believe miners would wish to run alternative software and reject blocks that contain Taproot-type transactions.
On the other hand, Taproot is incorporated in Bitcoin as a soft fork, implying that this upgrade is compatible with prior versions of the Bitcoin software and the blockchain’s history.
Therefore, an outdated node does not have the power to reject a version of the chain that includes blocks with transactions of the Taproot format, without this leaving it outside the Bitcoin consensus.
Bourbonni noted that nodes that are not updated would not receive transactions from Taproot, such as those that a user could send from their wallet.
Still, these nodes can accept and relay the blocks that include these transactions and are added to the chain by the miners.
don’t think that is possible. First, for a hardfork to exist, there should be sufficient miners with non updated nodes to be able to construct the longest proof of work chain.. but we know, majority of miners are already upgraded.. Second: transactions are still valid for all
For his part, Luke Dash Jr. explained that chain divisions should not be confused with a strong fork since this is the particular version of different software and is incompatible with the predominant version in the most significant number of nodes.
An old node is a forced fork concerning each soft fork [the other nodes].
So if we have a lot of old nodes, the rules are not applied consistently, and pressure is created from the [Bitcoin] economic sector to support a hard fork [different version of the software] to remove Taproot, said Luke Dash Jr., a Bitcoin developer.
Dash also noted that the emergence and acceptance of an alternative software or hard fork are unlikely. Still, if a Bitcoin economic sector decides not to upgrade to Taproot, it could incentivize the creation of two different chains ( chain split ).
Rover Finance, a revolutionary payment management protocol, designed to cater to the unique needs of crypto native businesses, raises $350K in less than 5 minutes for its pre-seed round on the 1st of September. The pre-seed for the project was conducted on PlutoPad, the seamless and user-friendly launchpad built on the NORDEK blockchain. PlutoPad offers fast, efficient, and active support to launch web3 projects.
Rover Finance provides a vast array of services including automating payroll processing to streamlining invoicing, bookkeeping, and accounting. The platform empowers web3 businesses with financial operations. For example, corporate employees can withdraw in part fiat, part crypto / full crypto / full fiat, or any other configuration of crypto and fiat that they wish, which eliminates the complex tracking using Excel sheets and negotiations to convince employees to accept full crypto.
The web3 payments solution doesn’t just have these innovative solutions to offer but also has a highly user-friendly interface aimed at making financial management easy. Security is the primary consideration in all things finance – and Rover ensures the utmost standards of security. 100% KYC compliant, Rover Finance is multi-chain, and global, with access in over 140 countries.
PlutoPad chose Rover Finance to be their debut project and support them in the journey from development to deployment to delivery. Here is what the launchpad’s project had to say.
“PlutoPad – the first ever launchpad built on the NORDEK blockchain, has been instrumental in helping us realize our vision of redefining financial management for crypto-native businesses. Their expertise, support, and commitment have been invaluable on this journey”, said Rover Fiance’s team.
About PlutoPad
With marketing pushes, a robust funding ecosystem, integrations and collaborations, user acquisition outreach strategies, exclusive access to expert advisory, active support in developing a comprehensive infrastructure for token sales, informed research reports, and legal compliance assistance – PlutoPad assists chosen innovative projects, from development to deployment to delivery and serves as a platform for introducing trailblazing projects to the world.
PlutoPad and Rover Finance are powered by NORDEK, a revolutionary platform that provides a developer-and-consumer-friendly blockchain environment. With its pioneering ecosystem, focus on innovative solutions, and rapid growth – Rover Finance could not have chosen a better blockchain to build on. The whopping success of the pre-seed round is a testament to the power of the thriving community that drives the NORDEK ecosystem.
With the $350K that Rover Finance has raised, they aim to expand resources and invest in speedy success. This milestone is a result of the trust and support of the crypto community and early investors.
Rover Finance is Raising For its Seed Round
Rover Finance’s seed round is scheduled for 10 September. For the seed round Rover is targeting a $650,000 raise where investing currency would be USDT. A total of 10 Million $ROVE tokens will be allocated for the seed round. The minimum investment amount is $5,000. Invest in a project that has potential here: https://plutopad.com/projects/1694261933955