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Uniswap’s first governance vote fails … despite 98% support

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The first governance vote for decentralized exchange (DEX) Uniswap has ended in failure, despite the proposal attracting overwhelming support of 98% of votes cast. Despite this, it fell roughly 1% short of the 40 million votes threshold needed for approval by the close of voting.

The poll ended earlier today with almost 39.6 million UNI staked in favor, compared to roughly 700,000 opposed. DeFi blogger Danger Zhang (‘@safetythird’) described the vote as “the DeFi equivalent of winning the popular vote but losing the electoral college.”

Uniswap governance vote results: Uniswap

Ironically, the proposal sought to reduce the number of tokens needed to submit and pass proposals. It was put forward by open-source lending protocol and major UNI token holder, Dharma, 

Currently, proposals can only be made by entities holding at least 1% of UNI’s circulating supply (10 million UNI, worth around $30 million), and need to surpass 40 million total votes (worth $130 million) to pass. Dharma’s recommendations would lower the thresholds so holders of at least 3 million ($9 million) UNI could suggest upgrades, and only require 30 million supporting votes ($100 million) for a proposal to pass.

Responding to the vote’s conclusion, Dharma CEO and co-founder Nadav Hollander described the result as “a disappointing outcome that demonstrates the impetus for the proposal in the first place.”

However, Dharma’s proposal was not welcomed by all within the DeFi space, with critics pointing out that if it passed just two entities, Dharma and blockchain simulation platform Gauntlet, would almost have the number of tokens needed to find quorum between them. Dharma currently controls 15 million UNI in a single address.

Some onlookers hailed the vote as a success, with crypto developer Agustin Aguilar arguing that voter abstinence should be understood as a barometer of opposition to the proposal:





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VanEck Launches Bitcoin-backed ETP in Germany

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VanEck has pushed out of the US into the European markets and, with favorable regulations, it expects to have a better embrace in the region where similar products are already available.

Investment management firm VanEck has successfully launched a bitcoin-backed Exchange Traded Product known as an Exchange Traded Note (ETN) on the Deutsche Borse Xetra exchange. According to a report by Funds Europe, the move by VanEck to launch the exchange-traded product (ETP) models that of other European Exchange Traded Fund Issuers who had made similar moves in the past.

According to the Funds Europe report, the VanEck ETP Bitcoin ETN has a total expense ratio of 2% and it will allow investors to gain exposure to Bitcoin (BTC) without having to purchase the premier digital currency themselves. “Today @vaneck_eu launched a #Bitcoin ETN. The ETN is physically-backed by Bitcoin and listed on Deutsche Böerse Xetra. Launching a Bitcoin ETP was a top priority for VanEck. We succeeded! VanEck hopes to serve many in Europe and Asia!” Gabor Gurbacs, VanEck’s digital asset strategist/director revealed in a tweet.

Gurbacs noted that the bitcoin-backed ETN is 100% physically backed meaning that any ETN invested in by an investor will be used to purchase the equivalent amount of Bitcoin. With professionally managed offerings, Gurbacs affirmed that the company’s ETN features transparent pricing with reliable investor protections.

The custody for the Bitcoins purchased through the VanEck ETP services will be offered by Liechtenstein-based crypto custodian Bank Frick. Frick will provide the Cold storage options for any deposited Bitcoin.

VanEck and Its Way to Bitcoin-Backed ETP Approval

The desire by VanEck to launch a bitcoin-backed ETP dates back to a few years ago when it made several attempts to launch the product in the US.

“Bringing to market a physical, fully-backed major exchange-listed bitcoin ETP was a top priority for our firm,” Gurbacs was quoted as saying. The United States Securities and Exchange Commission (SEC) has wielded its strong-arm into denying the VanEck the privilege of rolling out the product through a delay of crucial meetings and events where the decision to approve the application was to be made.

The haul has been a long one for VanEck. And the limited version of a Bitcoin exchange-traded fund which it launched as reported by Coinspeaker back in September 2019 has not seen so much success as it was only able to issue just 4 Bitcoins upon launch.

VanEck has pushed out of America into the European markets and with favorable regulations, it expects to have a better soft landing and embrace in Germany and the rest of Europe where similar products are already on offer.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.





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Bitcoin Set to Surge Exponentially to Reach $74K and $100K

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Todd Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000.

Bitcoin bull run is on as the leading cryptocurrency has staged an exponential growth with an 80% price gain in the last two months and 166% price gain from the start of the year to date to record a current price of $19,158. Yesterday, the digital asset rallied to fall less than 4% short of its all-time high having reached a price point of $19,345. The sudden surge in the Bitcoin price has created doubts among a small portion of the crypto community who thinks the price is a false one and would crash. However, two Bitcoin traders believe that the digital asset has all it takes to grow exponentially to trade as high as $74,000 and $100,000 by next year.

Analysis of Todd Gordon on Bitcoin Price Surge

The founder of TradingAnalysis, Todd Gordon used Elliott Wave Theory to analyze the mentality and the emotions behind the current Bitcoin value. According to this theory, there are mostly five waves of primary trends of which three are uptrends and two are intervening corrections. Gordon explained that the first higher wave occurred in 2014. After this was a massive pullback in 2015 followed by a long-term trend that existed until 2018. Between 2018 and 2020 was the fourth wave which created a sideways triangle. In this case, the fifth may be the time for the Bitcoin price to go all out to the moon.

Gordon believes that Bitcoin may march on to $74,000. His prediction can, however, fall short of up to 61% which is around $34,000.

Mark Tepper’s Prediction

The CEO of Strategic Wealth Partners, Mark Tepper in an interview disclosed that he would be crying every night if Bitcoin goes all the way to trade around $100,000 and he did not own some. His understanding of the reason for the current price surge is what he described as the “FOMO Concept”.

Tepper had been a bit skeptical about Bitcoin investment as he treated it as nothing beyond a speculative asset. He had the impression that Bitcoin lacks widespread adoption. However, the recent announcement that Paypal has added features that supports cryptocurrency and the reports that Square users purchasing more of the asset than before changed his mind.

According to Tepper, Bitcoin could be the Tesla of 2021. The electric vehicle manufacturer and clean-energy company surged by more than 500% this year. He believes Bitcoin can do better than Tesla to surge to $100,000 by the end of 2021. Also, he pegged his minimum trading price by the end of next year to $40,000.

The success story of Bitcoin is good news to the leading altcoins as a popular adage says “a rising tide lifts all boats”.

In late 2017 and early 2018, the likes of Ethereum, Dash, Litecoin, Zcash, XRP, and others recorded their all-time high in the reflection of the impressive performance of the Bitcoin price. Though other factors can send the price in the opposite direction, it is obvious that the recent exchange crackdowns in China have not affected the price.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.



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South Korea May Delay Crypto Income Tax Rule to January 2022

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South Korean lawmakers want to delay the implementation of the new rules in order to give more time to crypto exchanges to get ready.

South Korea may extend the implementation of its earlier proposed crypto income tax rule to January 2022, an extension of about 3 months from the earlier proposed October implementation plan. The plan to extend the implementation of the rule was revealed in a report published by a local South Korean media Dong-a Ilbo.

Per the reports, the lawmakers from the South Korean National Assembly’s planning and finance committee issued a report suggesting that it is necessary to consider enforcing the crypto income tax rule from at least January 1, 2022, in a bid to give enough allowance to cryptocurrency exchanges to put plans in place to implement the rules.

Dong-a-ilbo noted that the lawmakers look to hand out this allowance because cryptocurrency exchanges complained that they did not have enough time to adjust their books and develop the right crypto reporting tools to be able to comply with the tax rules.

Crypto Income Tax in South Korea

Earlier, Coinspeaker reported the South Korean proposal to levy a 20% income tax on crypto gains of 2.5 million Korean won, or about $2,000 due to the increasing rise of earnings on exchanges. Yonhap news agency said at the time:

“According to the data released by Rep. Park Kwang-on of the ruling Democratic Party, accumulated commission-related sales of some 30 cryptocurrency exchange operators are presumed to have reached 700 billion won [~USD$658 million] as of the end of last year, compared with an estimated amount of 8 billion won as of the end of 2016.”

To comply with this, South Korea put up the “Specific Financial Information Act” which details the timeline expected for exchanges to complete a reporting system slated for March next year, the completion of a Know Your Customer (KYC) procedure by September 2021 so that deposits and withdrawals can be adequately captured before the implementation which is slated to commence by Oct. Should the new extension be agreed on following the Subcommittee’s meeting to decide on a specific taxation time next week, crypto exchanges will have a 3-month window to get ready for the new crypto tax regime.

South Korea and Cryptocurrency Exchanges

South Korea is renowned for having zero tolerance for misdemeanor especially as it relates to cryptocurrency exchanges. South Korean authorities conducted about two consecutive raids on Bithumb cryptocurrency for alleged money laundering levied on the chairman of the board at Bithumb Korea and Bithumb Holdings Lee Jung-hoon.

The clampdown on Bithumb spurred the exchange to give itself up for sale with China-based cryptocurrency exchange Huobi Global among the top outfits to take over the exchange. Apparently, the zero-tolerance of South Korea on situations of money laundering and tax fraud is unacceptable, a position that may allow the country to give the concerned parties the needed allowance to adjust to the changes that are set to come.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.



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