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This is an opinion editorial by Max Keidun, the CEO of peer-to-peer bitcoin exchange Hodl Hodl.

The bitcoin lending space has suffered from several major issues in recent months and years, from the fallout of the Terra/Luna crash, impacting Celsius and BlockFi, and now FTX as well, to liquidity crunches given the sustained price drawdown, varying accusations of market manipulation and more.

All of these have led to significant losses, bankruptcies and a complete reshaping of the lending market. Many users have lost faith in bitcoin-based lending products and the market appears to be at its historical bottom, both in terms of volumes and public confidence.

As usual, the mainstream media blamed these crises on Bitcoin itself. But is any of this Bitcoin’s fault? Does it make Bitcoin any less attractive? Does it even mean that we shouldn’t consider bitcoin as lending collateral? No!Bitcoin Is Super Collateral, It’s The Lenders Who Have Failed

While Bitcoin's code is law, custodial lending platforms are trusted third parties, owned and managed by private entities. Trusted third parties are security holes. This was true before Bitcoin, and it is still true today.

Furthermore, most bitcoin lending platforms are poorly conceived, poorly developed and poorly managed. This doesn’t necessarily imply bad code. The code can be well written, properly audited and verifiably secure, but there may still be poor incentives that emerge from the design of the lending platforms. If the focus is to treat bitcoin as if it were a yielding asset, we are likely in for trouble.

The longer the “bitcoin lending” industry goes on, the clearer it becomes that most involved do not really understand how yield is generated. And as the saying goes, if you don’t know where the yield comes from, then you are the yield. What it really means is that your bitcoin is being used as the principal for risky investments, and it is likely only a matter of time before the house of cards starts to collapse.

I believe that the proper focus for integrating bitcoin into intermediated lending is to appreciate how valuable and unique bitcoin is, and to treat it as something to be borrowed against: to understand that bitcoin is super collateral. But what makes it so unique?

We can identify twelve characteristics that make it so:Bitcoin Is Liquid

Bitcoin is an extremely liquid asset. It is traded 24/7, with no weekend breaks and no banking holidays. Massive liquidity pools across a variety of fiat currencies are available globally. For lenders, this means that if you want to convert your collateral into fiat, you can do it instantly — either because the borrower has been liquidated or because the loan was repaid from the collateral.

This also allows for the hedging of risks. Bitcoin may be the only kind of loan collateral which can be instantly and dynamically hedged: a serious competitive advantage.Bitcoin Is Programmable

Bitcoin enables the creation of programmable lending products and ownership mechanisms. Among other benefits, this feature allows us to solve the problem of trusted third parties by building non-custodial lending mechanisms and storage systems. For example, we can distribute collateral claims or create conditional logic for redemption that will be automatically executed by the Bitcoin network, not the whims of a centralized financial institution.Bitcoin Is Scarce

There will only be 21 million bitcoin.Your collateral is getting more valuable over time, which means there is less incentive for you to sell, and likely more lenders who are willing to accept it. Bitcoin Is Flexibly Transparent

Bitcoin allows us to enable selective transparency of your assets when useful, but also allows complete anonymity when desired. In a lending scenario, for example, you can easily prove to a lender that you own and control the collateral under consideration.Bitcoin Is Sovereign

Bitcoin is yours. You have keys to your bitcoin just like you have keys to your house and your car. Bitcoin is your personal property. If you use a house or a car as collateral, you won't own it — your lender would. With bitcoin, you can still conditionally own it during your lending agreement. In fact, with the right tools, you can not only use but continue to use this collateral during the period of the lending agreement.Bitcoin Is Secure

Bitcoin is protected cryptographically, economically and socially. It is sensible to think of Bitcoin's lowest-level network security expanding to the set of tools built on top of it. For example, you can distribute ownership of your collateral between multiple independent parties, use offline wallets and utilize many more security methods.Bitcoin Is Market Driven

Bitcoin is the essence of a market-driven asset. The price of bitcoin reflects the market almost instantly, and it's not determined by one or several individuals. It is extremely difficult to manipulate the price of bitcoin. Bitcoin costs almost the same in fiat in any part of the world and is determined by a global market. Bitcoin Is A Real-Time Asset

Not only can we track the price of bitcoin collateral in real time, but Bitcoin's blockchain allows you to track your collateral address in real time also. Any price fluctuation can be reacted to appropriately. As mentioned, there are no weekends or holidays, and the market is always open to everyone, so nobody will close the market on a Friday and open on a Monday with different prices.Bitcoin Is Objective

Bitcoin is honest. Bitcoin in Miami costs the same amount of fiat as it does in Lugano or Riga. Bitcoin doesn't care whether you like it or not. The price of bitcoin cannot be determined by your personal views or your forecasting capabilities. To borrow against bitcoin, you only need to have bitcoin. Your credit history, social score or anything else is irrelevant to the lender as long as you have the collateral to borrow against.

Take real estate, for example. The same amount of money can buy you different properties in different countries with the same levels of economic and social development. What makes the difference then? Why can you buy a mansion on the coast of the Mediterranean in Spain or Italy and, for the same amount of money, you won’t be able to afford a proper house in the Bay Area in the U.S.?

It’s due to humans' irrational valuation capabilities. Because real estate valuation is primarily based on human factors, banks evaluate your property as either too expensive or too cheap, depending on market conditions and their plans.

Or take stocks, for example. Your stocks in a certain company can have good underlying conditions and great potential growth opportunities, but suddenly the CEO of this company can tweet some stupid thing, and you are losing money or getting liquidated. Meanwhile, Bitcoin is fair.Bitcoin Is Global

Bitcoin is globally accessible and globally distributed. For lending, this means that you can borrow remotely from anyone in the world, and you can lend money using bitcoin as collateral to anyone in the world. Bitcoin is neither limited to, nor exclusively exposed to, specific local markets.Bitcoin Is Digital

In a digital age, with digital commerce, we need digital collateral. Bitcoin is already online. It's here, on your machine, your phone, your cold wallet. Bitcoin allows you to borrow remotely and instantly. There is no need to digitize bitcoin as you need to do with real estate, land, cars or any other assets. It's already digital. Bitcoin Is Decentralized

There is no single point of failure in Bitcoin. Bitcoin has been attacked multiple times, and yet it is growing and expanding globally. No committee or person is responsible for Bitcoin. Having decentralized collateral significantly decreases your dependence on single events and failures of companies or people. You are protected by a distributed network. Will Lending Ever Match Bitcoin’s Potential?

Powerful collateral requires powerful tools. Is it possible to build lending tools that will match bitcoins' value? In order to do so, we all need to take a step back and check Bitcoin's white paper.

After reading Bitcoin’s white paper, you will understand that in order to build a successful lending product (in fact, any type of Bitcoin product!), you need to meet three main criteria. If your product has all three, congrats you have passed the test. Let's call it “The Satoshi Test.”Your service should be non-custodial. Remember: not your keys, not your coins. When using custodial lending platforms, you are exposed to the risk of losing your collateral completely. Because, as soon as bitcoin hit platform wallets, they are no longer yours. This is exactly what happened to customers of the many lending and trading platforms that have failed in 2022.Bitcoin is a peer-to-peer, electronic cash system. Once again: peer to peer. Instead of acting like a middleman, you need to provide technical tools for individuals or businesses to operate with each other. Or you can be a business that will allow customers to directly interact with your platform. A good example is a platform that allows customers to buy bitcoin directly into their own cold storage. Your platform should be Bitcoin only, meaning that the only collateral you should work with should be bitcoin. Shitcoins are risky, and shitcoins' code is a ticking time bomb. By integrating many blockchains into your product, you are exposing the most valuable to the most vulnerable.

There is an extra criteria that could be met: anonymity. If you are building non-custodial, Bitcoin-only, peer-to-peer products, this can and will allow you to offer anonymity and better privacy for your customers because security is not full without anonymity and the data of your customers should be protected, as well as their funds.

A good way to pass The Satoshi Test is to utilize multisig. Multisig is a simple and secure yet powerful tool. It allows you to offer peer-to-peer interactions to users, leverage non-custodial escrows and use only Bitcoin. It also allows you to offer better privacy for your users.

Take, for example, a multisig setup with three keys where the consensus mechanism is reached by entering at least two keys. This is called “two-out-of-three Bitcoin multisig.” In that type of setup, you — as a technical tool provider — can become one of the key holders, but you won’t have full control over customer funds (because you only have one key!), thus ensuring that these funds won’t be moved and rehypothecated. For example, the lender will have one key, the borrower will have another one, and the provider will have the third key. This kind of setup will allow users to verify that funds are only used by them, and that all parties must act according to rules in order to reach consensus, and that no single party can act in a dubious and shady way.

In fact, there are already powerful platforms that use Bitcoin multisig and offer peer-to-peer interactions. These platforms can provide lenders and borrowers from all over the world with easy two-out-of-three multisig setups, where each side (including the platform itself) has one key. The multisig is created on Bitcoin’s public blockchain, meaning that you can check your collateral at any time through any block explorer. And the best part is that no funds can be rehypothecated because the platform itself only has one key that ensures that every involved counterparty is acting in a good and professional way. Proper Lending Platforms Might Be Useful For HODLers

Although the lending market at the moment is experiencing turbulence and contagion effects, it is a good time to educate yourself about proper lending platforms that might be useful for any true HODLer in the future. As soon as we enter the next bull cycle, there will be less incentive to sell bitcoin and more interest in holding it for the long term and borrowing against it. Be prepared, because bear markets don’t last forever. HODL and learn!

This is a guest post by Max Keidun. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Cal Raleigh Home Run Watch: After hitting No. 58 on Sunday, will the Big Dumper reach 60?

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Cal Raleigh Home Run Watch: After hitting No. 58 on Sunday, will the Big Dumper reach 60?

The Big Dumper just left the yard again!

In what has become a regular occurrence during Cal Raleigh‘s incredible 2025 season, the Seattle Mariners catcher added another home run to his 2025 total on Saturday — passing another MLB legend in the process — followed by one more on Sunday night.

Raleigh has already surpassed the record for home runs by a catcher and by a switch-hitter and set a Mariners franchise record, and who could forget his Home Run Derby triumph earlier this summer?

What record could Raleigh set next, how many home runs will he finish with and just how impressive is his season? We’ve got it all covered.

Raleigh must-reads: Raleigh’s road to homer history | Surprising 50-HR seasons | Best power half-seasons in MLB history


Raleigh’s current pace

Raleigh is now at 58 home runs and on pace for 60 with seven games left.

The American League record is 62, set by Aaron Judge in 2022, and there have been only nine 60-home run seasons in MLB history.


Who Raleigh passed with his latest home run

With his 58th home run on Sunday night, Raleigh moved past Luis Gonzalez and Alex Rodriguez on the all-time single-season home run list. With No. 57 the night before, Raleigh surpassed Ken Griffey Jr.’s Mariners franchise record of 56 — a number Griffey reached twice — in the 1997 and 1998 seasons.

Raleigh has joined Griffey as the only Mariners with 50 home runs (or even 45) in a season. Raleigh is also the first Seattle slugger with 40 homers in a season since Nelson Cruz in 2016.


Who Raleigh can catch with his next home run

After passing Mickey Mantle, Griffey and A-Rod with his most recent blasts, the next big question for Raleigh is if he can get to No. 60. But he is already in rare company as No. 59 would move him past Jimmie Foxx and Hank Greenberg on the all-time single-season home run list.


Raleigh’s 5 most impressive feats of 2025

Most home runs in a season by a switch-hitter

With his 55th home run, Raleigh knocked Mickey Mantle, who hit 54 in 1961, from the top spot. Breaking Salvador Perez‘s record of 48 home runs by a primary catcher understandably got a lot of attention, but beating Mantle’s mark is arguably more impressive given how long the record stood and the Hall of Famer’s stature.

One of the best months ever for a catcher

In May, Raleigh hit .304/.430/.739 with 12 home runs and 26 RBIs. Only four catchers have hit more home runs in a calendar month and only eight with at least 100 plate appearances produced a higher slugging percentage. Raleigh was almost as good in June, hitting .300/.398/.690 with 11 home runs and 27 RBIs, giving him two-month totals of .302/.414/.714 with 23 home runs and 53 RBIs. In one blazing 24-game stretch from May 12 to June 7, Raleigh hit .319 with 14 home runs.

Reaching 100 runs and 100 RBIs

Raleigh is sitting on 107 runs scored while leading the American League with 121 RBIs. Only eight other primary catchers have reached 100 in both categories in the same season — Mike Piazza did it twice, in 1997 and 1999, and he and Ivan Rodriguez were the last catchers to do it in ’99. Of the other catchers, seven are in the Hall of Fame (Piazza, Rodriguez, Mickey Cochrane, Yogi Berra, Roy Campanella, Johnny Bench and Carlton Fisk). The lone exception is Darrell Porter, who reached the milestone with the Royals in 1979.

Tying Ken Griffey Jr.’s club record for home runs

Griffey hit 56 home runs for the Mariners in 1997 and 1998, leading the AL both seasons and winning the MVP Award in 1997 (he and Ichiro Suzuki in 2001 are Seattle’s two MVP winners). Griffey had the advantage of playing in the cozy confines of the Kingdome in those years, although his home/road splits were fairly even. Raleigh, however, has had to play in a tough park to hit in, with 30 of his 56 home runs coming on the road, where his OPS is about 100 points higher. That marks only the 19th time a player has reached 30 road homers (by contrast, 30 homers at home has been accomplished 37 times).

An outside shot at most total bases by a catcher

With 337 total bases, Raleigh’s 2025 campaign is already one of only 20 catcher seasons with 300 total bases (yes, time at DH has helped him here). The record is 355, shared by Piazza in 1997 and Bench in 1970 (both played 150-plus games in those seasons). Raleigh would need a strong finish to get there but could at least move into third place ahead of Perez’s 337 total bases in 2021. Not counted in Raleigh’s total bases: his 14 stolen bases!

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UK to push peace plan at UN summit after recognising Palestinian state – but Netanyahu says Palestine ‘will not happen’

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UK to push peace plan at UN summit after recognising Palestinian state - but Netanyahu says Palestine 'will not happen'

The UK is set to push for a peace plan for the Middle East at the UN General Assembly after recognising the state of Palestine.

Foreign Secretary Yvette Cooper is expected to use the summit to address civilian suffering in war-torn Gaza and aim to strengthen “the international consensus on our pathway for peace in the Middle East”.

She will hold bilateral meetings to advance elements of the peace plan, including security measures to ensure Hamas has no role in the future governance of Gaza, according to the Foreign Office.

Prime Minister Sir Keir Starmer, who won’t attend the summit, announced on Sunday that the UK recognises Palestine as an independent state, to “revive the hope of peace for the Palestinians and Israelis, and a two-state solution”.

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‘Ordinary people deserve to live in peace’

It is a significant moment in the history of Britain’s involvement in the region, and comes as the number of people killed during the Gaza conflict continues to rise and conditions for the people trapped become even more desperate.

Australia, Canada and Portugal made similar announcements, with France expected to follow suit at the UN on Monday.

The move was met with fierce backlash by Israel, with Prime Minister Benjamin Netanyahu saying it was “absurd” and a “huge reward to terrorism”. He also vowed that a Palestinian state “will not happen”.

More on War In Gaza

Read more: What recognising a Palestinian state actually means

Flags of Palestine and Israel are projected onto the Eiffel Tower. Pic: AP/Christophe Ena
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Flags of Palestine and Israel are projected onto the Eiffel Tower. Pic: AP/Christophe Ena

Separately, an Israeli official said the “full or partial annexation of the West Bank” is now “an option under consideration in response” to the move.

US President Donald Trump also addressed the coordinated recognition of the state of Palestine by the UK, Australia, Canada and Portugal, saying “I’m not in that camp” because recognising a Palestinian state was “rewarding Hamas”.

The families of hostages held in Gaza called it a “betrayal of humanity and a move that rewards Hamas while 48 hostages remain in captivity”.

A tent camp for displaced Palestinians stretches along the Muwasi, in southern Gaza. Pic: AP/Jehad Alshrafi
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A tent camp for displaced Palestinians stretches along the Muwasi, in southern Gaza. Pic: AP/Jehad Alshrafi

Palestinian President Mahmoud Abbas said the recognition of the state of Palestine would allow it to “live side by side with the State of Israel in security, peace, and good neighbourliness”.

Senior Hamas official Mahmoud Mardawi reportedly celebrated the move as a victory for “the justice of our cause”.

But Sir Keir was clear to emphasise that recognition of Palestine was “not a reward for Hamas”, saying the terror group “can have no future, no role in government, no role in security” in a future state and confirming plans to ratchet up sanctions on Hamas “in the coming weeks”.

“Our call for a genuine two-state solution is the exact opposite of their hateful vision,” he added.

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Gazans react after Starmer recognises Palestinian statehood

The prime minister also repeated his criticism of Israel, which for nearly two years has waged war on the densely populated Gaza Strip.

“The Israeli government’s relentless and increasing bombardment of Gaza, the offensive of recent weeks, the starvation and devastation are utterly intolerable,” he said.

Read more from Sky News:
Why Palestine move matters in the Middle East
Palestinian minister hails ‘courageous step’
Gaza City doctors say hospital at breaking point

Destroyed buildings in Gaza, as seen from Israeli side of the border. Pic: Reuters
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Destroyed buildings in Gaza, as seen from Israeli side of the border. Pic: Reuters

The number of people killed in Gaza since the IDF launched its offensive following the 7 October attacks has now risen above 65,000, according to Hamas-run health authorities.

“This death and destruction horrifies all of us. It must end,” Sir Keir said.

An updated map of Israel and Palestine on the Foreign, Commonwealth & Development Office website
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An updated map of Israel and Palestine on the Foreign, Commonwealth & Development Office website

In recognising Palestine as a state, the UK does so based on 1967 borders to be finalised as part of future negotiations. It would be led by a “reformed Palestinian Authority”.

The UK also acknowledges “all legal rights and obligations of statehood” for Palestine.

An updated map on the UK’s Foreign, Commonwealth & Development Office website now has the West Bank and Gaza labelled as ‘Palestine’ rather than the ‘Occupied Palestinian Territories’. This change has been rolled out across the website.

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Raleigh’s 58th HR fuels Mariners’ sweep of Astros

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Raleigh's 58th HR fuels Mariners' sweep of Astros

HOUSTON — Seattle Mariners star Cal Raleigh hit his MLB-leading 58th home run on Sunday night, a two-run shot in the second inning against the Houston Astros.

The Mariners were up 5-0 after a grand slam by J.P. Crawford in the second when Raleigh, who was batting left-handed, connected off Jason Alexander for his home run to right field to extend the lead.

The shot came a night after Raleigh passed Ken Griffey Jr. for the franchise’s single-season home run record with his 57th. Griffey hit 56 in 1997 and in 1998.

Raleigh also has surpassed Mickey Mantle‘s MLB record of 54 home runs by a switch-hitter that had stood since 1961. And Raleigh has set the MLB record for homers by a catcher this season, eclipsing the 48 hit by Salvador Perez in 2021.

Raleigh is five home runs ahead of Los Angeles Dodgers star Shohei Ohtani and Philadelphia Phillies slugger Kyle Schwarber, who are tied for second place with 53 apiece.

The Mariners won 7-3 to complete a three-game sweep that gave them a three-game lead in the American League West over the Astros with six remaining.

Seattle, which has won four straight and 14 of 15, holds the second AL playoff seed by two games over AL Central-leading Detroit, which has dropped six in a row. The Mariners, looking to win the AL West for the first time since 2001, finished 8-5 against the Astros this season.

The Associated Press contributed to this report.

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