Learn how pro traders use covered call strategies as a low-risk method to increase their Bitcoin holdings. Here's how traders use call options to increase their Bitcoin holdings HOW TO CRYPTO Crypto traders are drawn to the market by its bombastic growth and lucrative opportunities to make a profit. However, not every investor is seeking volatility or using degenerate leverage levels to gamble at derivatives exchanges. In fact, stablecoins usually comprise half of the total value locked (TVL) on most decentralized finance (DeFi) applications that focus on yields. There's a reason why DeFi boomed despite Ethereum network median fees surpassing $10 in May. Institutional investors are desperately seeking fixed income returns as traditional finance seldomly offers yields above 5%. However, it is possible to earn up to 4% per month using Bitcoin (BTC) derivatives on low-risk trades. Non-investment grade bonds yield. Source: U.S. Federal Reserve Notice how even non-investment grade bonds, far riskier than Treasury Bills, yield below 5%. Meanwhile, the official inflation rate in the United States for the past 12 months has stood at 4.2%. Paul Cappelli, a portfolio manager at Galaxy Fund Management, recently told Cointelegraph that Bitcoin's "inelastic supply curve and deflationary issuance schedule" make it a "compelling hedge against inflation and poor monetary policies that could lead to cash positions becoming devalued over time." Centralized services such as Crypto.com, BlockFi, and Nexo will typically yield 5% to 10% per year for stablecoin deposits. To increase the payout, one needs to seek higher risks, which does not necessarily mean a less known exchange or intermediary. However, one can achieve a 2% weekly yield using Bitcoin derivatives. For those instruments, liquidity currently sits at centralized exchanges. Therefore the trader needs to factor in counterparty risk when analyzing such trades. Selling a covered call can become a semi-fixed income trade The buyer of a call option can acquire Bitcoin for a fixed price on a set future date. For this privilege, one pays upfront for the call option seller. While the buyer typically uses this instrument as insurance, sellers are usually aiming for semi-fixed income trades. Each contract has a set expiry date and strike price, so potential gains and losses can be calculated beforehand. This covered call strategy consists of holding Bitcoin and selling call options, preferably 15% to 20% above the current market price. It would be unfair to call it a fixed income trade as this strategy aims to increase the trader's Bitcoin balance, but it doesn't protect from negative price swings for those measuring returns in USD terms. For a holder, this strategy does not add risk as the Bitcoin position will remain unchanged even if the price drops. Considering that Bitcoin was trading $37,000 when the above data was gathered, a trader could sell the $44,000 call option for June 4, maturing in six days. Depositing a 0.10 BTC margin should be enough to sell 0.30 BTC call option contracts, thereby receiving 0.00243 BTC in advance. Two outcomes: higher Bitcoin quantity or larger USD position There are essentially two outcomes, depending on whether Bitcoin trades above or below $44,000 at 8:00 am UTC on June 4. The $44,000 call option will become worthless for any level below this figure, so the option seller keeps the 0.00243 BTC advance payment in addition to the 0.10 BTC margin deposit. However, if the expiry price is higher than $44,000, then the trader's margin will be used to cover the price difference. At $46,000, the net loss is 0.011 Bitcoin, therefore reducing the margin to 0.089 ($4.094). Meanwhile, at the time of the deposit, the 0.10 Bitcoin margin was worth $3,700. Indeed the covered call option seller would have made more money by holding the 0.10 Bitcoin from the beginning, as the price increased from $37,000 to $46,000. Nevertheless, by receiving the 0.00243 BTC advanced payment, one will increase the Bitcoin holdings even if the price moves below $37,000. That 2.4% profit in Bitcoin terms will happen for any expiry below $44,000, which is 18.9% higher than the $37,000 when Deribit option prices were analyzed.

In the month of December last year, the SEC filed a lawsuit against Ripple Labs for allegedly selling unregistered securities. In retaliation, the San Francisco-based blockchain firm raised two crucial defenses. One of the defenses raised by the defendants was a “fair notice affirmative defense.” The regulatory body, however, has now filed its motion to strike Ripple’s fair notice defense. As reported earlier, the SEC had claimed that the aforementioned defense fails “as a matter of law.” The SEC in its letter asserted that Ripple’s entire defense revolves around the Upton v. SEC case. Additionally, the agency also claimed that Upton had never applied to negate violations in an SEC district court action, nor did any court allow the Upton defense to defeat the SEC’s charges of statutory violations. In a nutshell, the SEC ultimately tried to distinguish the Upton case from the ongoing case and asserted that a fair notice defense in a Section 5 violation case is not applicable. Commenting on similar lines in a recent video, popular attorney Jermey Hogan argued, “Just because a rule of law hasn’t been applied in a specific situation doesn’t mean you can’t raise it.” Using the SEC v. Kik Interactive Inc. lawsuit as a precedent, the SEC went on to highlight that Judge Hellerstein “wisely rejected” the defendants’ Upton defense. Commenting on the odds of the SEC’s motion to be accepted by the court, Hogan claimed, “That’s where [at Summary Judgement] I think Ripple’s Fair Notice defense will be decided. Prediction: Motion to Strike Denied.” Additionally, it should be noted that the SEC has been trying to capitalize on the Kik Interactive case since day one. The firm had an ICO in 2017 and was sued on similar grounds as Ripple. The “not-so tech-savvy, elevated-aged” Judge Hellerstein ruled that Kik’s coin sales were illegal sales of securities. Drawing parallels, the attorney added, “The SEC is trying to make the Ripple case out to be just like the Kik Interactive case and Ripple is going to have to be very careful about that… In a sense there’s bad luck there having to deal with the non-binding precedent.” Further elucidating on why the fair notice defense is crucial, Hogan claimed that if Ripple ended up winning the fair notice defense, other crypto-firms who might be sued in the future would also benefit from it because the ruling would be coming from a “persuasive authority.” “If the Fair Notice defense survives and Ripple wins, the SEC is going to have an uphill battle winning any other lawsuit they bring.” Here, it’s worth noting that even if Ripple loses the fair notice defense, they can appeal the ruling further. If an appellate court determines that Judge Torres was wrong and Ripple did not have fair notice, things would go downhill for the SEC and that ruling would bind on every other future crypto-lawsuit. Hogan concluded by saying, “For the most part, the SEC will not be able to bring any more crypto lawsuits if that happens. So, the Fair Notice defense is the main thing right now that is applying pressure to the SEC and pressure is the key.” At the end of the day, Ripple’s fair notice defense might also further lead to the ongoing case getting settled or resolved before the Summary Judgment hearing.

Bearish signals are growing in the crypto markets as tighter regulations and environmental concerns cast a dark shadow over Bitcoin. Bearish Bitcoin bites, fears of further falls, regulation woes build: Hodler’s Digest, May 23–29 NEWSLETTER Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Bearish signals grow as Bitcoin price drops to $35,000 and traders ignore the dip Bitcoin is struggling right now. The cryptocurrency has struggled to keep its head above $40,000 this week as traders react negatively to twin threats of environmental concerns and the growing drumbeat of regulation. We’ve seen a lot of downside moves across the market over the past two weeks. Although most institutional investors have held firm and vowed to continue holding onto their crypto, there’s been a lack of “we bought the dip” announcements. All of this has left retail traders worrying that BTC could suffer further declines. The Crypto Fear and Greed Index is currently flashing a score of 18, indicating that Extreme Fear is currently paralyzing the market. Bitcoin can still drop to $20,000 but holding remains winning strategy, data shows Yes, there are some rather dire warnings out there, but Bitcoin’s 11-year history does help offer an insight into how the world’s biggest cryptocurrency fares when things turn bearish. The BTC/USD exchange rate typically rises parabolically. It later trims more than half of those gains down as profitable traders sell the top. But, at the same time, traders who buy Bitcoin around its local top suffer longer periods of losses. Overall, the historic price trajectory of Bitcoin remains skewed to the upside. The cryptocurrency bottoms out after every bullish-to-bearish cycle and rebounds all over again to seek new all-time highs. PlanB, the creator of the stock-to-flow model that predicts BTC will hit $288,000 by 2024, recently delivered this powerful fact: Not a single investor who has held Bitcoin for more than four years has ever suffered losses. Shutting down Bitcoin is impossible, Ark Investment founder says With China imposing a crypto crackdown, the Biden administration reviewing “gaps” in the regulation of digital assets, Iran banning BTC mining until September to preserve electricity, and Australia warning that traders who don’t report crypto profits will face consequences, regulation is certainly stepping up a gear. But when it comes to whether Bitcoin itself is in danger of being shut down, Ark Investment founder Cathie Wood believes this would be “impossible.” At CoinDesk’s Consensus 2021 conference, she predicted global regulators “will be a little more friendly over time” toward cryptocurrencies due to the fear of missing out on opportunities provided by the industry. With miners now willing to prioritize renewable sources of energy for BTC mining, Wood said: “Half of the solution is understanding the problem.” Michael Saylor says Bitcoin Mining Council required to combat “hostile” narrative According to MicroStrategy CEO Michael Saylor, part of this quest to understand the problem involves the creation of the Bitcoin Mining Council. This organization, announced on May 25, was formed following a successful meeting between Elon Musk and a number of top North American mining firms. During the Consensus 2021 conference, Saylor said: “It turns out that Bitcoin miners don't actually have a good forum for communicating how they generate their energy. We don't have a standard model for Bitcoin energy usage right now, and we don't have a future forecast model that we commonly use.” Castle Island Ventures’ Nic Carter certainly is a fan of making things more transparent, but he believes Elon Musk isn’t the right person to lead this debate. He explained: “Bitcoiners are still intensely skeptical of Musk, and they view him as conflicted, given that his business partially involves the sale of offsets.” PayPal users will be able to withdraw crypto to external wallets There were some promising developments on the adoption front this week. PayPal announced that it will allow users to withdraw digital assets to third-party wallets. Meanwhile, Apple has revealed that it is looking for a new business development manager who specializes in alternative payments, including cryptocurrency — signaling that the iPhone manufacturer is gravitating toward digital assets. While the job posting is compelling, Apple remains largely on the sidelines of the cryptocurrency industry and has yet to signal definitive plans for expanding into this market. Interestingly, cryptocurrency exchange Coinbase recently overtook TikTok as the most downloaded app on Apple's App Store. Winners and Losers At the end of the week, Bitcoin is at $36,514.09, Ether at $2,515.33 and XRP at $0.90. The total market cap is at $1,589,854,165,444. Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Helium, BakeryToken and Polygon. The top three altcoin losers of the week are Waves, Solana and UNUS SED LEO. Most Memorable Quotations “I believe Bitcoin has a long way to fall from here. I think it will slowly grind down the slope of hope with a periodic dead cat bounce. Bitcoin's technicals are severely damaged, it is better to be the first one to sell into the bubble before the whole ship sinks.” BiotechValley Insights “It turns out that Bitcoin miners don't actually have a good forum for communicating how they generate their energy. We don't have a standard model for Bitcoin energy usage right now, and we don't have a future forecast model that we commonly use.” Michael Saylor, MicroStrategy CEO “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.” Elon Musk, Tesla CEO “No-coiners are taking this opportunity to buy the dip.” Willy Woo, statistician Prediction of the Week Bitcoin price volatility hits 2021 high as one analyst paints $15,000 target BTC’s 30-day volatility is at a yearly high, suggesting that the flagship cryptocurrency remains at risk of wild price fluctuations in the sessions ahead. Things are even crazier when it comes to Ether. Data from Skew suggests ETH/USD’s realized volatility on a 30-day timeframe is now near 2017 highs. One dire prediction this week came from an analyst at BiotechValley Insights, who said: “I believe Bitcoin has a long way to fall from here. I think it will slowly grind down the slope of hope with a periodic dead cat bounce.” Their current price target? $15,000 to $16,000. FUD of the Week SEC charges five for illegally prompting $2 billion Bitconnect Ponzi Three years and some unforgettable memes later, the United States Securities and Exchange Commission has announced that five individuals will face charges relating to promoting the Bitconnect Ponzi scheme. The promoters are accused of offering and selling securities without registering with the offering with the SEC and validating themselves as broker-dealers — in violation of the law. They also allegedly “advertised the merits of investing in BitConnect's lending program to prospective investors, including by creating ‘testimonial’ style videos and publishing them on YouTube, sometimes multiple times a day.” The SEC’s Lara Shalov Mehraban said: “We will seek to hold accountable those who illegally profit by capitalizing on the public's interest in digital assets.” U.K. regulator bans crypto exchange’s ‘time to buy’ Bitcoin advert Britain’s advertising regulator has banned an ad campaign that told people “it’s time to buy” Bitcoin. Luno’s posters had caused quite a splash earlier this year, and were plastered across the London Underground transit network and on buses. One ad said: “If you’re seeing Bitcoin on the Underground, it’s time to buy.” However, the Advertising Standards Authority concluded that the campaign failed to illustrate the risk of investing in BTC. It said: “We considered that consumers would interpret the statement ‘it’s time to buy’ as a call to action and that the simplicity of the statement gave the impression that Bitcoin investment was straightforward and accessible.” Future adverts will need to carry a proper risk warning. China to socially blacklist Bitcoin miners in Inner Mongolia region New penalties are introduced to try and deter people from mining Bitcoin in Inner Mongolia. Reports suggest offenders will now be placed on a social credit blacklist — something that would stop them from being able to access loans or even use the local transport network. The new rules make particular mention of data centers, industrial parks, telecoms companies, internet firms and even cybercafes, noting that any such offenders found operating mining equipment would have their business license revoked, could be removed from the local electricity trading scheme, and could even have their businesses shut down entirely. China’s determination to rid itself of Bitcoin miners has already had a knock-on effect. Three mining companies — BTC.TOP, Huobi and HashCow — announced they were closing down their operations in the Chinese mainland earlier this week. Best Cointelegraph Features Carbon-neutral Bitcoin funds gain traction as investors seek greener crypto Steps are being taken to ensure green Bitcoin options for investors, but this may only serve as a short-term solution to a long-term problem. For the long haul? When Bitcoin nosedived, institutions held fast Institutional investors know crypto assets are volatile: “They’re making a generational bet and are not deterred by a few weeks of volatility.”

The event will mark a return to in-person collaboration for the DeFi community.Early Ethereum designer to host DeFi Whiteboarding Weekend in the Bay Area Secure your wealth: Invest in a Crypto Index Fund The Bay Area will be host to a new event, Defi Discussions Whiteboarding Weekend, focused on whiteboarding with “some of the brightest folks in the Bay Area DeFi scene”. The event is being organized by Ric Burton, an early Ethereum designer, and will run the weekend of June 5th. The event, estimated to have a hundred attend in person, will also have an online option but there is a lot of excitement about being able to meet people in real life. Burton told CryptoSlate: “What’s interesting is that people who would normally be totally focused on work are now coming out of their shells to socialise.” The hope is that this can bring new energy to the community. Bitcoin 2021, another major crypto event headlined by speakers like Jack Dorsey and Ron Paul, will also occur in-person in Miami. Whiteboarding offers a unique experience for attendees The Defi Discussions Whiteboarding Weekend is not following a speaker-centric format common to tech conferences. Instead, the goal is to bring together people from the DeFi community to build ideas together. Burton explained: “The goal is to create a comfortable environment for people to whiteboard and share their ideas with others. It isn’t about slick presentations. It is more about sharing. What we have learned in person and trying to include the online community.” Burton believes that the format is unique because “you get to see how the person’s brain actually works instead of a slick and rehearsed presentation.” To kick off the whiteboarding, the event is bringing DeFi founders, operators, engineers, and others to share their thoughts on the “squeaky canvas”. Some of these speakers include Varun Kumar of the Hashflow Network, former Bitski security engineer Jenn Kalidoss, the team from Futureswap, and Opyn’s Alexis Gauba. The guests have experience building DeFi projects and will be covering topics like starting with DeFi, politics and protocols, and shipping smart contracts. The event expects to host hundreds of attendees over two days While the event hopes to highlight the in-person option, Burton expects hundreds more to join online. This should create a unique opportunity for those new to DeFi or not in the Bay Area to participate. The event will run for 4 hours each day on June 5th-6th and should be exciting. Those who want to attend can register at the event’s website.

Bitcoins on derivatives exchanges are at their highest level since May 19, signaling a volatile weekend ahead. Historically, derivatives exchanges like Binance Futures, BitFinex, and BitMEX are able to create massive price movements (a single entity or group of entities can create huge swings using a relatively low number of coins) thanks to the provision of massive amounts of leverage. These exchanges allow margin trading of even over 100X leverage. Bitcoin had already seen much volatility over the past 24 hours, following a price decrease of 6% recording a 5-day low beneath $34K, as of writing these lines. Market manipulation is still rampant in the cryptocurrency market, both at the exchange level and the sphere of public awareness, as famous figures in the cryptocurrency space created shockwaves in the Bitcoin ecosystem with large announcements throughout May. May 19th, 2021, was a day of massive volatility where BTC briefly dipped under $30K. It was demarcated by a large number of bitcoins on derivatives exchanges, as can be seen on the following chart, presumably allowing whales to create large swings. Notably, spot exchanges also saw a massive inflow of bitcoins on the 19th. On spot exchanges, bitcoins can only be used to create downward pressure (without derivatives, BTC can only be sold, and can’t be used to create leveraged long positions). Although derivatives volume is about to spike, indicated by the inflow of bitcoins into derivatives exchange, the similar inflow has not been noticed on spot exchanges (bitcoins on the latter are still at relatively low levels compared to the 19th). This matches the volatile Saturday we are already witnessing, while we can expect further volatility over the next short term. The coming days will likely showcase some huge swings, with volume coming in from both directions. Given the relatively low number of bitcoins on spot exchanges, the net move may not necessarily be bearish at all, moving onwards from now.

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Bitcoiner and founder of Global Macro Investor and Real Vision Group Raoul Pal mirrors down the extent to which the cryptocurrency market has grown in a tweet. The goal behind the creation of cryptocurrencies like Bitcoin was, as explained in the Bitcoin whitepaper, was to launch a top competitor against leading currencies like the USD, as well as challenge the existing traditional financial monetary system. Bitcoin may have just passed a necessary stress test This year, with Bitcoin hitting new levels, the market generally agrees that Bitcoin has matured as a top asset class and is on its way to disrupting the financial space. However, the recent market dip, as unexpected as it may seem, is considered by some leading players as proof that the market is as inconsistent and unstable as many people claim. In fact, the opposite is exactly the case for Pal and his counterparts who explains why the market may be well-positioned for a global takeover. BTCUSD Chart By TradingView In the last two weeks, Bitcoin and many other digital currencies crashed by over 40% Bitcoin lost its position as a trillion-dollar asset. To Pal, Bitcoin may have just had a VAR-shock test With the crash of the market came intense panic from cryptocurrency players. While a lot of bearish news made the cover pages of tabloids, underneath the chaos was a steady cryptocurrency market. Major parts of the market remained firm throughout the storm. Cryptocurrencies reaffirm global dominance as the market corrects The market also didn’t rely on higher authorities like the Feds to maintain balance. Despite the short-term blackout in exchanges and other cryptocurrency firms, a recuperation followed soon after. Major exchange losses and network protocol failures were not recorded amid the bloodbath. Conclusively, the market’s performance mirrors the difference between the traditional market and the crypto market and the structural impact it has on both industries. Usually, the traditional market struggles to cope in times like this, but the opposite as explained above is the case with Crypto.

A cryptocurrency fraudulent scheme in Australia stole the entire life savings of a local rezident. Rhonda – an Australian nurse – lost all her savings after being lured into a fake bitcoin investment. The fraudulent scheme stole hundreds of thousands from the devastated Sydney woman just months before her retirement. Dreams of Retirement Were Dashed An Australian nurse revealed in a recent interview for 2GB radio how a cryptocurrency scam swindled out her entire life savings, sounding a note of caution to other investors about the red flags she should have been mindful of. Rhonda, who worked as a nurse in Sydney for 44 years, was browsing the internet when she saw an advertisement offering bitcoin investment using a fake celebrity endorsement by popular people in Australia. In the beginning, she ”invested” $350 in the fraud, entering her email address and phone number into a brief online form. Additionally, the scammers set up a new account for her, where she continued to transfer funds. Rhonda had some positive returns from her investment when she started the investment and enjoyed good communication with the people behind the scam. Interestingly enough, they even advised her to buy a car or something else with some of the returns, which she never did. The woman was aiming to make more and more money. Unfortunately, when checking her account recently, Rhonda noticed that hundreds of thousands of dollars were missing. The Australian officials have been trying to find the scammers and help Rhonda restore her money, but the operation has had no success. The nurse said that her plans of retirement are now gone but stayed positive despite the devastating hoax: ”I always think, there’s probably someone worse off than me. I’m healthy, I’ve got a good attitude to keep going. I’m just taking it one week at a time.” Cryptocurrencies Can Be Dangerous Following the recent decline in the cryptocurrency market, many of the digital assets are now far away from their highs. Bitcoin lost a major chunk of its dollar value during the past few weeks, which caused a huge panic in the community. Following the turbulent events, the Australian Minister – Jane Hume – advised the public about the risks related to cryptocurrency trading. She stated that the digital assets are not only risky but also unstable: ”They are volatile and high-risk assets and investors must be aware of these risks.” On the other hand, Hume highlighted their future potential and their significant role in the economy: ”Cryptocurrency is not a fad. It is an asset class that will grow in importance.”

A recent market outlook published by Glassnode shows institutions are returning to the Bitcoin market after May 19 crash. Grayscale Bitcoin premium rebounds as BTC price falls below $35K — What does it mean?MARKET ANALYSIS Bitcoin (BTC) has crashed by around 44% from its all-time high of $64,899, signaling an end to its second-largest bull run that started in March 2020. Many analysts, including those from BiotechValley Insights, see "terrible technicals" in the Bitcoin market, noting that the flagship cryptocurrency could extend its ongoing decline until $20,000. Nevertheless, Glassnode Insights, a weekly newsletter issued by on-chain data analytics service Glassnode, anticipates a Bitcoin price recovery in the sessions ahead, based on an on-chain indicator that serves as a metric to gauge institutional interest in the cryptocurrency. Dubbed as Grayscale Premium, the metric tracks the capital flows into the Grayscale Bitcoin Trust (GBTC) — the largest investment vehicle for institutional investors looking to gain exposure in the Bitcoin market. A rising Grayscale Premium shows a higher bitcoin inflow into Grayscale Bitcoin Trust. That prompts GBTC to trade at a premium with respect to the BTC spot price. Conversely, a lowering Grayscale Premium conveys a declining BTC inflow, prompting GBTC to trade at a discount to Bitcoin spot pricing. The Grayscale Bitcoin Trust attracted more than 50,000 BTC to its reserves throughout January 2021 and the first half of February 2021. GBTC traded at a 10-20% premium in the said period, showing a rising institutional interest. Nevertheless, the premium fell below 10% in the first half of February. GBTC started trading at discounts to spot pricing. The same period saw the BTC/USD spot rate climbing from lower $30,000s to almost $65,000 in April. By then, GBTC premium had flipped below zero. On May 13, just ahead of the Elon Musk-led Bitcoin market crash on May 19, the GBTC premium reached a peak low of 21.23%. It showed that institutional demand for bitcoin investment products had softened since late February. But the May 19 price crash improved the Grayscale Premium, noted Glassnode Insights. The metric recovered to -3.8%, suggesting that institutional interest, "or at the very arbitrage trader conviction," rose in tandem with declining Bitcoin spot prices. Grayscale Premium recovering after GBTC at a discount 3 months in a row. Source: Glassnode The Canadian Purpose Bitcoin ETF underwent a similar discounting trajectory, witnessing consistent capital inflows through late April and early May and outflows later in a sign of weakening institutional demand. Glassnode noted: "However, similar to GBTC, demand flows appear to be recovering meaningfully in following the price correction with inflows back on the rise as of late-May." Buying the Bitcoin price dip? The contrast between lower Bitcoin spot rates and recovering GBTC prices conveyed that institutions have not outright abandoned the crypto market. Instead, it shows that the sell-off has motivated investors to gain exposure in both Grayscale Bitcoin Trust and Canadian Purpose Bitcoin ETF. Glassnode wrote: "Institutional products GBTC and the Purpose ETF are showing signs of recovery despite collapsing prices providing early signs of renewed institutional interest." The analytics portal also referred to metrics that showed that the majority of sellers in the latest BTC price run-down appeared to be short-term holders. Meanwhile, long-term holders bought the price dip "with conviction."

The optimistic rollup network enjoyed had a popular, if rocky, beta launch. Layer 2 network Arbitrum ships guarded launch, attracts major DeFi protocolsNEWS In a landscape of so-called scaling solutions primarily composed of sidechains and EMV-enabled competitors, one widely anticipated “rollup” layer 2 sidechain for Ethereum has finally arrived. Offchain Labs announced the launch of Abritrum One with a blog post late last night. Arbitrum One is currently live on Ethereum in a beta state, though teams that wish to participate and build implementations with the rollup tech need to apply for access: The market has long been eager for a true layer 2 scaling solution, and according to the team the demand for Arbitrum out of the gate has been robust. “The developer interest and enthusiasm for Arbitrum has exceeded our wildest expectations,” reads the announcement. “Over 250 teams have requested access for our developer launch, and we can’t wait to see what they build on Arbitrum and how much gas savings this will enable.” Development teams have been eager for rollup scaling solutions dating back years. Arbitrum works by batching, or rolling up transactions on a gasless sidechain with a separate, more efficient set of security and consensus guarantees, then reporting the batched transactions to the Ethereum chain. While popular, some critics have said that the rollout of the rollup platform was sloppy and that the team failed to include some of the most important DeFi protocols. Curve Finance’s official account took to Twitter to gripe about not being included in the cohort of projects with access at launch, despite reportedly having significant communication with the Offchain Labs team and being among the most important money legos across the ecosystem: The launch has also prompted some complex governance decisions. Despite previously committing to use Optimism as a layer 2, a proposal on Uniswap’s governance forums to explore an Arbitrum implementation has proven to be enormously popular. The Arbritrum team promised that a bevvy of major names will be revealed during a coming marketing push, however: “We’ve begun doing a series of announcements with Arbitrum ecosystem partners, and stay tuned for many more in the coming days. It’s an exciting period ahead, and we’re working hard to make sure that all of your favorite apps and infrastructure will be live and ready when we open Arbitrum One to all users.”

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Ethereum's average transaction fees are at their lowest price since January as activity on the blockchain wanes. In brief Ethereum's average transaction fees are at their lowest price since January. Just two weeks ago, they hit highs of almost $70. Average transaction fees on the Ethereum blockchain have fallen to their lowest prices since January, according to data from crypto metrics site BitInfoCharts. The average cost of a transaction on Ethereum hit $7.371 yesterday, the lowest since January 23, when fees averaged $6.89. Ethereum’s transaction fees are paid out to miners who process transactions on the blockchain. Transactions fees are far higher during periods of heavy traffic; when the network is quiet, fees dip. This is because the network operates an auction that alters fees according to the supply of miners and traders’ demand for them. When demand outstrips supply, Ethereum miners can charge a premium. Miners did just that on May 12, when Ethereum hit its all-time high of $4,363. Then, average fees were as high as $69.92. Fees dropped to about $20 in the coming days before rising to averages of $59.5 on May 19, just as Ethereum’s price started to crash and traders rushed for the exit.   At lows of $7.371, Ethereum’s average fees are currently lower than Bitcoin’s average fee of $11.672. But both are still high when compared with other cryptocurrencies. Litecoin, a Bitcoin fork primed for payments, charged average fees of $0.02 yesterday. And Dogecoin, a meme coin that shot up in value this year, on average charged fees of just $0.8 per transaction. Transaction fees are one of the biggest pain points on Ethereum. They make some services prohibitively expensive to use for all but the richest of traders. Swapping coins on decentralized exchange Uniswap often requires several transactions, since Uniswap’s algorithm often swaps coins several times to fulfill trades. On May 11, swapping a few cents worth of coins cost more than $300. Several upgrades to the Ethereum network could reduce these fees. The first is EIP-1559, a proposal that burns ETH instead of handing it to miners. EIP-1559, set to go live on July 14, intends to reduce fee volatility and, as a by-product, cost. The second is Ethereum’s upgrade to Ethereum 2.0. This introduces various features that should cut down on fees, but it will take years to implement. If the upgrade to Ethereum 2.0 takes too long, the risk is that competitors that already offer low fees could render Ethereum obsolete.

ADA is slightly decreasing today, as the bulls battle to reclaim $1.50. Against bitcoin, ADA is trading inside a symmetrical triangle and was recently rejected at its upper boundary. ADA/USD – Bulls Battle To Maintain $1.50 Key Support Levels: $1.50, $1.38, $1.30, $1.23. Key Resistance Levels: $1.50, $1.60, $1.80. After dropping from the ATH at $2.50 earlier in the month during the crypto washout of May-19, ADA found support and surged higher from $1.23 at the beginning of the week to reach resistance at $1.80 (bearish .618 Fib) on Wednesday. There, it encountered solid resistance and ended up rolling over from there. As of now, the bulls attempt to defend around the confluence zone of $1.50 (.382 Fib & 50-day MA), while ADA trades slightly below it, as of writing these lines. adausd-may29 ADA/USD Daily Chart. Source: TradingView ADA-USD Short Term Price Prediction Looking ahead, the first support lies at $1.38 (.5 Fib). This is followed by $1.30 (100-day MA), $1.23 (.786 Fib), $1.12 (long term .618 Fib), and $1.00. On the other side, the first resistance now lies at $1.50 (50-day MA). This is followed by $1.60, $1.80 (bearish .618 Fib), $1.90, and $2.00 (bearish .786 Fib). The RSI, the momentum indicator, hints of hidden bearish divergence from earlier in the week, eventually leading to the rollover back toward $1.50. It is now trading beneath the midline, indicating weak bearish momentum. If the RSI continues to dip over the coming days, the increased bearish momentum will likely push ADA toward the 100-day MA. ADA/BTC – ADA Rejected By Symmetrical Triangle Upper Angle. Key Support Levels: 4150 SAT, 4000 SAT, 3780 SAT. Key Resistance Levels: 4450 SAT, 4570 SAT, 4900 SAT. ADA rebounded from support at 3780 SAT (.382 Fib) at the start of the week as it pushed higher above 4000 SAT to reach as high as 4570 SAT (1.414 Fib Extension). There, it found resistance at the upper angle of a wide symmetrical triangle pattern and was rejected at this level. It rolled over from there to the current 4180 SAT level as the bulls attempt to defend a short-term ascending trend line around 4150 SAT. adabtc-may29 ADA/BTC Daily Chart. Source: TradingView ADA-BTC Short Term Price Prediction Moving forward, the first support lies at 4150 SAT (ascending trend line & 20-day MA). This is followed by 4000 SAT, 3780 SAT (.382 Fib & lower angle of triangle), 3420 SAT (.5 Fib), and 3200 SAT. On the other side, the first resistance lies at 4450 SAT (upper angle of the triangle). This is followed by 4570 SAT (1.414 Fib Extension), 4900 SAT (1.618 Fib Extension), and 5000 SAT. The RSI is trading at the midline, indicating indecision within the market. If it breaks beneath 50, the bearish momentum is likely to send ADA back toward the lower angle of the symmetrical triangle.

The government of South Korea is planning to impose a 20% tax on gains from cryptocurrency transactions. The plan is to impose this law starting next year, with the same reiterated by the government on Friday during a vice-ministerial interagency meeting. The latest update from South Korean authorities comes on the back of growing concerns among investors who have been urging to delay the government’s proposed taxation plan. On the contrary, according to the government, any gains generated from crypto should be reported while filing the general income taxes in May 2023. During the aforementioned meeting, the financial regulator of South Korea, the Financial Service Commission [FSC] was tasked with overseeing and regulating the crypto-market. The authorities have also decided to extend the government’s special campaign period till September to monitor and clamp down on illicit activities in the crypto-space. South Korean authorities have for long remained cautious of crypto, with an agency earlier this week warning holders about investing in crypto-assets. Later, the FSC also announced that domestic crypto investors will be protected under the revised law, before clarifying that only assets that are held in registered crypto-exchanges would be ‘naturally’ protected. The Chairman of the FSC, Eun Sung-soo, had previously noted that exchanges that are adequately registered with it would be under the supervision of the amended “Act on Reporting and Using Specified Financial Transaction Information.” Soo had added, “Only crypto-exchanges that have adopted real-name bank accounts and granted Information Security Management System certification from the Korea Internet & Security Agency will qualify for the application.” The FSC also warned that the 200 crypto-exchanges in the country could all shut down if they failed to comply with the new set of rules. However, the Chairman classified this protection to the customers did not extend to the volatile crypto-market. Eun said, “What I want to make clear is that cryptocurrency volatility is not a subject of our protection.” Cryptocurrency exchanges within the country have time till 25 September 2020 to file for regulatory approval. At the same time, the FSC will see to it that functioning businesses comply with the country’s norm so as not to disrupt the country’s economic state.

IN BRIEF Yoni Assia, CEO of eToro revealed Dogecoin listing was inspired by a loud and large community backing. Assia also said Shiba Inu share a similar passionate following but declined to comment if the trading app plans to list it. Yoni Assia, CEO of eToro, a popular mobile trading app for traditional as well as crypto assets, revealed Dogecoin’s listing was inspired by its ‘large and loud’ fanbase. Assia’s comment came during his interview with Business Insiders where he was discussing the trading app’s early May Dogecoin listing and revealed Elon Musk’s support also played a part. He explained, “one of the largest, loudest, and funniest communities in the cryptocurrency industry, a strong community is a very strong part of every cryptocurrency. He added, And one member of that community is unique on its own. And that’s Elon Musk. Elon Musk is quite infamous for shilling Dogecoin from time to time, so much so that many believe he might get into legal troubles with the SEC. Musk’s tweet has led to many price surges in the dogecoin’s price trajectory and there seems to be no stopping to that. eToro is all set to go public via SPAC listing later this year with $10.4 billion valuations. In terms of functionality, it is compared to another popular mobile trading app Robinhood that recently was at the center of trade halting controversy. Assia Declines to Comment on Shiba Inu Listing During the interview, Assia also mentioned Shiba Inu, another popular meme coin that shares a similar passion following as Dogecoin. When asked about plans of listing the meme currency Assia said, Unfortunately, we do not comment on future listings on eToro, but I would say that it does seem that Shiba has a passionate community around it.” Both Dogecoin and Shiba Inu have risen dramatically last month where Doge broke into the top-5 crypto-list while Shiba Inu broke into top-20 fueled by community frenzy and Musk tweets. While these tokens were seen as a meme, they have turned into real investments for many over the past few months.

Chinese online second-hand market sees a surge in second-hand mining machines from Inner Mongolia and Sichuan. Marketplace Sees Surge In Bitcoin Mining Machines China’s largest online second-hand market place Xianyu has registered a surge in Bitcoin mining machines listing over the past few days especially from Inner Mongolia and Sichuan regions, the two most prolific Bitcoin mining hubs. The significant increase in the sale of second-hand Bitcoin mining machines comes amid growing crackdowns on mining operations in China. Inner Mongolia has enacted new legislation that will restrict any type of crypto mining businesses in the territory. To fulfill the carbon emission goals, the new regulations prohibit all types of mining operations, large or small. After failing to achieve Beijing’s quarterly carbon emission goals, the Inner Mongolian area launched strong anti-crypto mining measures in April of this year. Inner Mongolia, along with Sichuan, is one of the country’s most renowned Bitcoin mining centres, with multiple Bitcoin mining farms, owing to the cheap energy sources used to power these operations. Is The Ban Currently Affecting Bitcoin? China is presently regarded as the world’s crypto mining capital, accounting for almost 60% of the total hash power fed into the Bitcoin network. The availability of cheap clean energy sources is the key cause for the country’s large concentration of miners. Many people were concerned, however, that such a significant concentration of mining input was coming from a country with autocratic governance, such as China. As a result, many regard the recent crackdowns as a strategy to diversify mining concentration and decentralize mining power input. When there were similar reports of a probable mining ban in the country a few years ago, miners went on a similar selling spree. Miners have been forced to sell coins to fund a possible migration to other, more favorable countries, or to completely restructure their business as a result of the circumstance. Selling and uncertainty may persist for some time, but according to Bixin Mustafa Yilham, VP of Global Business Development, it should not dissuade bitcoin. Instead, he says that this is a “huge opportunity” to further decentralize Bitcoin mining, and that nothing essential about the cryptocurrency has changed. The fact that so much of the world’s mining operations were consolidated in the communist country was regarded one of the most powerful arguments against Bitcoin and a potential threat to the network. Bitcoin mining becoming more decentralized benefits all players and, if anything, increases the cryptocurrency’s underlying strength. It might go through a few more stages of development before fresh growth is ready.

Blockchain insights platform Chainalysis is revealing that large investors purchased tens of thousands of Bitcoin as the largest crypto asset by market cap tumbled below $40,000. In the blockchain analysis firm’s latest market intelligence report, Chainalysis discloses that as some investors exited their positions at a loss, Bitcoin whales bought massive amounts of BTC at the height of the crypto correction. “So last week was challenging for everyone in crypto and some investors incurred large losses. But the industry appears to be responding and most investors remain confident. For example, investor whales bought the dip, buying 77,000 Bitcoin last week.” At the time of writing, Bitcoin is trading at $37,000, giving the whales’ huge purchase a value of around $2.85 billion. Chainlysis adds that 1.2 million Bitcoin was sold at a loss of between 5% and 25%. Another 120,000 Bitcoin was sold at a loss of 25% or more. The blockchain analysis firm estimates that the majority of the selling came from short-term holders. “For Bitcoin, at least $3.2 billion was lost last week. This is just for Bitcoin that was held for at least four weeks prior to being sent, a restriction that increases the certainty that these are real losses. Almost all of this $3.2 billion loss was incurred by Bitcoin held for between 4 and 13 weeks, suggesting that recent investors were major sellers.”

Coinbase is building out a media arm and will start publishing "fact checks." But readers know the difference between journalism and marketing. COINBASE CEO BRIAN ARMSTRONG AND OTHER EARLY EMPLOYEES IN THE COMPANY'S FIRST OFFICE IN SAN FRANCISCO. roberts on crypto header Have you heard that the biggest name in crypto is also a media company now? Coinbase CEO Brian Armstrong said so himself. In a blog post this week, Armstrong declared that “every tech company should go direct to their audience, and become a media company.” Coinbase, Armstrong says, will now start posting fact checks in this “age of misinformation,” and aims to “publish the truth.” Well then. Guess it's time for us at Decrypt to close our laptops and find something else to do. Maybe we can open a coffee shop or try goat herding. Or peddle shitcoins for a living. No need for the media if tech companies will kindly do our work for us, right? But perhaps you'll indulge us in one more column. Earn Reader Rewards. Get the latest news delivered right to your hand. Download our app to earn Reader Rewards and access exclusive Web3 features.   What should we make of Armstrong's endeavor? The most common reaction has been bafflement. We spoke to several media professionals and they mostly wondered how Coinbase’s plan—blog posts to present their side of news stories and controversies—is any different from what other companies do. It's called P.R. Coinbase is also building out a media arm, by the way. And as Axios reports, “Unlike a typical newsroom,” the editor Coinbase is looking to hire “would report into Coinbase's marketing team.” It’s a safe bet the editor’s content will be expected to jibe with Coinbase’s assessment of the truth. If it looks like marketing and sounds like marketing… is it media? But maybe we shouldn't be so quick to sneer. After all, the media ambitions of Coinbase, Andreessen Horowitz and other Silicon Valley names is a shot across the bow at an already-battered journalistic establishment. Once upon a time, news outlets enjoyed a monopoly over information distribution that gave them enormous power, prestige and money. Today, that monopoly is utterly gone thanks to internet platforms that let anyone tell their story without the media middlemen. Many once-famous names in journalism are broke, irrelevant, or both. Armstrong is not wrong that the traditional media often fails to tell a fair or fully accurate version of a story. Usually, he notes, this is due to “ignorance over malice,” but sometimes it's not. For instance, it is hard not to note the New York Times' relentlessly negative coverage of Coinbase—and wonder if the antagonism was exacerbated by Coinbase's decision to front-run the Times scoop about controversy over Coinbase's approach to Black Lives Matter. And it's no secret that media outlets are political. Rupert Murdoch gladly loses millions every year in owning the New York Post because the tabloid gives him a megaphone to harass his liberal political enemies. And the patriarchal clan that owns the Times ensures the paper presents their Manhattan liberal worldview as objective truth. Meanwhile, individual journalists might pull punches to preserve relationships with certain companies, or gin up exaggerated headlines to please readers or their editors. In this context, Coinbase the “media company” is merely one more partisan voice in a fractious news landscape. And Armstrong is at least aspiring to behave decently—pledging that Coinbase will acknowledge its mistakes, avoid needless antagonism, and so on. (We can fact check him on that over time.) The problem here is that Armstrong is making the same mistake as some in traditional media, assuming that Coinbase alone possesses the truth and that those who disagree must be wrong and in need of correcting. This mentality is a recipe for tribalism and groupthink. Surprise: Coinbase’s "truth” is likely to reflect the interests of Coinbase, and of Armstrong's clique of billionaire Silicon Valley libertarians. So there's a very real risk that Coinbase's "fact-checking" will devolve into out-and-out propaganda sooner than later. Even more troubling are the lessons Armstrong draws from other companies’ approaches to media. He blames Facebook's unpopularity on negative media coverage of Facebook—without acknowledging the company's disgraceful behavior that gave rise to that coverage in the first place. He praises Peter Thiel, who spent tens of millions to destroy the web site Gawker, as the “canonical example” of fighting back against hostile media. But the worst part of Armstrong's declaration is his implied rejection of the role of a free press in American democracy. Since the founding of the republic, independent news outlets have provided a critical role in surfacing information that powerful people preferred to keep buried. This includes political scandals—Watergate, Lewinsky, and so on—but also business scandals. Reporters at the Wall Street Journal and Fortune exposed the fraud at Theranos and Enron. It is inconceivable that those companies' own media or “fact-checking” divisions would have published what those traditional media outlets did. The bottom line is that Armstrong's expanded foray into media might provide useful information about crypto and his company, but let's not pretend Coinbase is going to produce journalism. That's the job of Decrypt and other news media outlets. And we're not going anywhere.

Zed Run co-founder Chris Laurent tells Decrypt how his virtual horse-racing game has taken the crypto world by storm. Zed Run is an online horse racing game using non-fungible tokens (NFTs). Players can buy, breed, and race digital horses, which are represented by NFTs. It all began with a poster in a Chinese restaurant in Australia. Chris Laurent, co-founder of Sydney-based Virtually Human Studio and creator of NFT horse-racing game Zed Run, was picking up his dinner one night in late 2017 when he spotted an advertisement for a local stud farm on the wall. It offered a stallion for breeding, with a fee of AUS $15,000.   Laurent, a horse-racing enthusiast who was doing consultancy work for an Australian bookmaker at the time, took a closer look at the poster and noticed a caption underneath that stated this particular horse could breed up to 200 times a year. CryptoKitties, a Pokémon-style digital trading game based on the Ethereum blockchain, had also been making headlines around that time, and while Laurent had initially dismissed it as "kind of silly," seeing this poster made him realize that a version of CryptoKitties' breeding system could be used to democratize racehorse ownership and share more of the money made with the average punter. A few months later, Zed Run was born. Chris Laurent Zed Run co-creator Chris Laurent. Image: Virtually Human The famous Mister Zed At the heart of Zed Run is the non-fungible token (NFT), a provably unique crypto asset that can be linked to digital content. That content can be images, or video, or music—or, in the case of Zed Run, a digital horse. Cryptocurrencies, utility tokens, security tokens, privacy tokens… digital assets and their classifications are multiplying and evolving right alongside cryptographic and blockchain technology... At first, Laurent and co-founder Rob Salha couldn't quite believe anyone was willing to buy their non-fungible gee-gees, particularly considering they were yet to launch the racing or breeding components of the game. But within a few weeks, horses bought for $80 from Zed were changing hands on secondary markets for as much as $10,000. That was when the pair realized they were on to something. Zed Run screenshot Zed Run races take place on a neon-tinged, futuristic course. Image: Virtually Human "When it comes to blockchain adoption, the best way to bring in new users is to give them something that they're familiar with," Laurent tells Decrypt over Zoom. "The reason why Zed is doing well is because you don't have to explain it: you buy a horse, pay to enter a race, and take home a portion of the pot if you're successful—that's literally it." Unlike the real thing, Zed Run races take place on a floating track that cuts through a Tron-style retro-futurist landscape. Each race is decided entirely on the innate abilities of the dozen competing horses, with an algorithm that determines the outcome based on thousands of possible results. "When it comes to blockchain adoption, the best way to bring in new users is to give them something that they're familiar with." Chris Laurent Those abilities are based on the horse's DNA, which is determined by three things: its bloodline (Nakamoto, Szabo, Finney, or Buterin, with each having its own characteristics), genotype (a number that shows how far removed it is from its ancestors, 1 being the minimum and 268 the maximum) and breed (Genesis, Legendary, Exclusive, Elite, Cross, or Pacer). Digital thoroughbreds Only 38,000 Genesis horses—the fastest, purest digital nags in the game—will ever be available, but breeding two together combines their characteristics to create one of the others. For example, the offspring of two Genesis Nakamotos will be Legendary with their combined genotypes, while a Genesis Nakamoto and Legendary Szabo pair will produce an Exclusive Szabo with theirs, and so on. The purer your horse, the better chance you have of owning a winner, but the key to Zed Run success is entering into the right races. After their first benchmark event, each horse is given a rating based on its performance, which then determines which class it belongs to. You can choose to enter races above your horse's class, but not below, with points awarded or removed based on performance in subsequent races. The higher your horse's win percentage, the more it'll command on the secondary market and the more you can charge other owners to breed with it. And that's where Zed Run differs from most other NFT propositions—it actually gives people something to do with their investments. Owners of NFT art can sit on their purchase and hope the price goes up over time, but they can't enter a JPEG into a race. "We're one of the first NFTs that is giving the user a good experience," claims Laurent. "Not only can you use your NFT as a store of value, you can play with it and it can yield you a return without you having to lose control of it." "We're one of the first NFTs that is giving the user a good experience. Not only can you use your NFT as a store of value, you can play with it." Chris Laurent Zed Run races are often nail-bitingly close, with supposedly 'lesser' horses often able to beat those with purer bloodlines. For those without skin in the game, though, watching one currently has limited appeal—but betting is just one of many things in the Zed pipeline. "We have spoken to the majority of major wagering operators from around the globe and we're going to work with them in the future once we have the framework and legalities in place around being able to deliver that," says Laurent. "It's not something we want to rush." Skins in the game A more imminent arrival to the Zed Run stable is skins. Horses currently come in various hues, including black, pink, and green, but soon Zed will start to auction skins in collaboration with what Laurent calls "some of the best brands in the world." In keeping with the '80s aesthetic, these will be delivered via collectible NFT cartridges, with the first ones coming as part of a partnership with Atari. Initially these skins will be purely decorative, but eventually you'll be able to limit races to only those who own a particular type of skin, part of a wider move to give the Zed community more control over how everything works, starting with a 'party mode' that would allow users to create private events just for their friends to enter. "We want the schedule to be more organic and user-driven," says Laurent. "We think that's the first step of passing over the baton to our community." Staying on track Over the next few years, Zed will also introduce track conditions, weather, gate preference, fatigue, tiers within classes, and possibly even avatars, although Laurent says the latter would probably require a whole new game mode. "We had jockeys in our original mock-ups and then we put the game together and the horses looked amazing by themselves," he says, before explaining how owners would be able to hire certain jockeys in an attempt to give their horses a better chance of winning. "That was another reason why we left it out, because of the complexity of cross-pollinating two NFTs that are based on performance," he explains. "It may come in the future, I'm not too sure just yet, but it certainly sounds like a really interesting area to explore." There are loads of other ideas that Laurent is planning to experiment with—fences and jumping, racetrack ownership, and even 1,000-horse races—but it's very much a long-term vision. Zed recently acquired a plot of land in crypto-based virtual world Decentraland, where users will be able to socialize with other owners, discover new horses and watch races, but Laurent has much grander plans for the future. "We've talked about AR and VR since the day we started this," he says. "You could put a headset on and see some horses run up the Las Vegas strip, or pull your phone out and simulate them running through the actual environment in front of you." While limited general adoption of that technology means those kinds of executions still have fairly niche appeal, Laurent has no doubt that we'll get there in the end, which is why if you zoom into a Zed Run horse you'll see it has a jaw, teeth and a tongue, and it blinks and moves its lips and nostrils. "We sometimes call it a multi-generational NFT," he says, before describing his vision of a Zed Run horse being passed down through families like an antique watch or beloved ring, eventually appearing in a Ready Player One-style metaverse. "That's mind-bending stuff to think about and a lot of people won't understand it, but things will go in that direction." Woman in VR headset grooming polygon horse VR is an area that Zed Run's creators are keen to explore. Image: Virtually Human In the meantime, Laurent is also keen to reassure those who feel like they've already missed the Zed boat that it's still early days. Only around half of the 38,000 Genesis horses are in circulation so far and there's good reason the game is still labeled as being in beta. "There are a lot of factors that are in the code but are not activated yet," he says. "One thing that's really important to the ecosystem is making sure every racehorse has a place, and ensuring that if you get into the game in five years that you still have a chance. As far as we're concerned, if you're here now, you're not too late."

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