Pre-Show
Ark 21Shares Spot Bitcoin (BTC) ETF Application Decision Delayed by SECThe SEC has a total of 240 days to make a final decision on an application after it starts reviewing one. The SEC is giving the general public three weeks to weigh in on the proposal itself, and an additional five weeks to respond to those initial slate of comments.
SEC Sounds Kinda Bullish...
Bitcoin Magazine on Twitter: "NEW - 🇺🇸 SEC on ARK Invest's spot #Bitcoin ETF: "The regulated market of significant size test does not require that the spot bitcoin market be regulated in order for the Commission to approve this proposal.""In sum, the Exchange believes that this proposal is consistent with the requirements of Section 6(b)(5) of the Act, that this filing sufficiently demonstrates that the CME Bitcoin Futures market represents a regulated market of significant size, and that on the whole the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that they are outweighed by investor protection issues that would be resolved by approving this proposal
Bettermarkets, an anti-bitcoin advocacy group, Released a statement saying the surveillance-sharing agreements set up in proposals were "wholly inadequate."
The next decision should come on November 11 with the final day for a decision on January 10, 2024.
News
The Bitcoin Lightning network, a series of stateful payment channels, is getting better with anchor outputs shipping in LDK (Lightning Development Kit), a dev kit that many popular wallets are built aroundEconomics
Inflation Snapshot
July PPI inflation rises to 0.8%, above expectations of 0.7%.Core PPI inflation remained unchanged at 2.4%, above expectations of 2.3%.Renter Inflation 8%Shelter Inflation 7.7%Average interest rates
Credit Card: 25%Used Cars: 14%Total credit card debt in the US is up nearly $250 billion since 2020.
There is a record $3.5 TRILLION of untapped credit card debt.
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Auto Loans: $1.6 trillionCredit Card Debt: $1.0 trillionStudent loans just hit a record $1.6 trillion.
The Hidden Costs of Reshoring - Lyn Alden
Newly discovered Bitcoin wallet loophole let hackers steal $900K
A newly discovered vulnerability in the Libbitcoin Explorer 3.x library has allowed over $900,000 to be stolen from Bitcoin users, according to a report from blockchain security firm SlowMist.
Libbitcoin is a Bitcoin wallet implementation used by various applications, including Airbitz, Bitprim, Blockchain Commons, and Cancoin. SlowMist did not specify which applications are affected by the vulnerability.
The vulnerability, known as the “Milk Sad,” was first discovered by the cybersecurity team “Distrust” and reported to the CEV cybersecurity vulnerability database on Aug. 7. It involves a faulty key generation mechanism in the Libbitcoin Explorer, which allows attackers to guess private keys.
Altcoins
MPC vulnerability found by Fireblocks affected many institutional crypto walletsIn an Aug. 9 press release, Fireblocks said the series of vulnerabilities, dubbed BitForge, are affecting wallets using multi-party computation (MPC) technology, which allows for multiple parties to control and manage cryptocurrency holdings.
Bitgo, a bitcoin custodian, has expressed cautious interest in MPC wallet security while Fireblocks has embraced MPC as a cross platform universal security solution (of course FB has to since there's no native Etherium multisig)
XRP Price Temporarily Spiked to $50 on Gemini
Some market observers opined a seller placed a spoof order at $50 per XRP, which was unintendedly filled by a buyer who may have “fat-fingered” the trade.
Market depth data shows XRP liquidity on Gemini remains relatively low, with only a $37,000 order required to move prices by 2% on the exchange. In contrast, the same price move on Binance would require at least $2.2 million.
Gemini makes meme video about XRP kicking SEC's ass in annoucment of XRP now avaible for trading: https://twitter.com/Gemini/status/1689735727850938368
Tyler Pumps XPR: https://twitter.com/tyler/status/1690033448017113088
Bitcoin Education
Bitmex has a new research summary on DriveChains that covers some of the complexities of their security modelSome references on drivechain on stacker newsIncluding a Lyn Alden comment on supermajority changes and over engineering that implies she doesn't support drivechainsCobo, a hardware wallet maker, has a breakdown on multi-party computation (MPC) that's a good introduction to the concept
Feedback
Remember to get in touch [email protected] or @bitcoindadpod on twitter
Consider joining the matrix channel using a matrix client like element, details here
Boosts
@halleck wanted some lightning node management ideas:
@mermortalspodcast recomends watching The Big Lebowski
@jcxfnt recomends the documentary Nuclear Now
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