DocPixel Crypto

Hace unos meses pensaba que Bitcoin podía corregir más de un 70%, y el mercado se ha quedado muy lejos de esa cifra. ¿Tú sigues tus pronósticos a rajatabla o los revisas cuando los datos no te dan la razón?

The ECB has switched on Pontes, the bridge solution until Appia shows up, to give wholesale settlement to European tokenised markets. Before we jump in, just my two cents: For now that tokenised CeBM sits in an intraday silo: -no interest - does not count toward minimum reserves - cannot be used for the rest of TARGET Banks have to on-ramp and off-ramp depending on whether they need the liquidity inside the DLT or back in T2 That is what worries me most. If it is not 24/7, it still runs on normal TARGET hours and those balances pay nothing. Even if funding/defunding is efficient, token mode creates a silo: you gain DLT efficiency, but you split treasury across two boxes and you may need a bigger buffer for day-to-day T2 activity Trigger mode avoids that silo (the payment goes DCA to DCA), but then there is no cash on-chain. The bank picks per trade. I am struggling a bit to see the incentives for banks and the industry to actually use this, to be honest. --------------------------------------------------- I am not going to go into every detail, but the infra is 3 technical layers: 1. EII (Extended Interoperability Interface) Access interface: API + GUI. - Authenticates - Authorises - Applies 4-eyes when needed (basically two users at the same bank: one starts the instruction, the other approves it) - Routes each request to the participant's NCB node (NCB = National Central Bank) - On DvP/PvP it acts as the Hash-Link oracle: it generates, holds and releases the Execution/Cancellation Keys 2. ESY DLT Private Eurosystem DLT built on Hyperledger Fabric. Wallets: - Each bank's DCW: Dedicated Cash Wallet. The participating bank's wallet on the ESY DLT. That is where it holds the intraday cash tokens. - ECB Token Issuance Wallet: technical wallet, the DLT counterpart of the Token Issuance Account. On mint it is debited and the bank's DCW is credited; on burn, the other way around Nodes: - NCB node (one per country): serves its local participating banks - Operator node: opens/closes the day and sweeps the wallets - ECB node: mints and burns the cash tokens 3. T2 Interface + Trigger Backend The engine that connects Pontes to TARGET. - Translates instructions into T2 messages (pacs.009, pacs.010, pacs.002, etc.) - Runs the RTGS movements for funding, defunding and trigger mode Mint/burn is done by the ECB issuer node on the ESY DLT. The Trigger only moves cash in T2. Order: - Funding: T2 confirms first, then the tokens are minted - Defunding: burn first, then T2 sends the euro back You can also settle the cash leg with no tokens: trigger mode, DCA to DCA via T2. T2 accounts: Participant RTGS DCA - Operational TARGET account - Source of funding and destination of defunding - In trigger mode it is also the source and destination of the payment Technical Interim Account - A single RTGS DCA for the whole Eurosystem. Legal owner: ECB - Operated by the 4CB (Bundesbank, Banque de France, Banca d’Italia, Banco de España) - One-booking bridge account: splits euro in transit from the stock that already backs tokens Pattern: origin → Interim → destination Token Issuance Account - Aggregate T2 escrow of every live cash token on the DLT - That is where the CeBM backing the tokens is booked - ECB omnibus DLT wallets: DCW (Dedicated Cash Wallet) - Participant wallet on the ESY DLT - 1:1 mapped to a single RTGS DCA - Intraday tokenize reserves live here - Segregation between banks is in the DCWs, not in the Token Issuance Account Token Issuance Wallet - A single ECB technical wallet on the issuer node - Funding: this wallet is debited and the DCW is credited - Defunding: the token comes back here and is burned --------------------------------------------------- Funding Starting state: Deutsche Bank DCA: 50,000,000 Technical Interim: 0 Token Issuance Account: 0 Token Issuance Wallet: 0 Deutsche Bank DCW: 0 1. Instruction Deutsche Bank User 1 sends: fund 10,000,000 into DCW-Deutsche Bank If 4-eyes is on, User 2 approves If the second eye is required and missing, the request stays in draft and never hits T2 2. EII routes Authenticates, authorises and sends the request to the Bundesbank node 3. NCB node checks The participant is active -The DCW is open and not blocked -The DCW belongs to that participant -DCW → DCA mapping exists -The DCA exists and can be debited 4. The Trigger talks to T2 Two hops, always through Interim. Hop 1: take it out of DBK: Deutsche Bank DCA: 50,000,000 → 40,000,000 Interim: 0 → 10,000,000 Typical message: pacs.010 (debit the participant DCA to the Interim) Hop 2: put it in the pot: Interim: 10,000,000 → 0 Token Issuance Account: 0 → 10,000,000 Typical message: pacs.009 (credit from Interim to the Token Issuance Account) 5. T2 replies Positive pacs.002 = T2 settled 6. Only then mint The ECB issuer node books it on the DLT: Token Issuance Wallet: −10,000,000 Deutsche Bank DCW: +10,000,000 End state: - Deutsche Bank DCA: 40,000,000 - Technical Interim: 0 - Token Issuance Account: 10,000,000 - Token Issuance Wallet: −10,000,000 - Deutsche Bank DCW: 10,000,000 - Tie-out: 10M in the DCW = 10M in the T2 pot. The Token Issuance Wallet is the DLT counterpart of that pot. --------------------------------------------------- DvP E2E Use Case Deutsche Bank buys a 2,500,000 € tokenised bond from BNP. The bond lives on the market DLT (Clearstream, SWIAT, Cashlink or Axiology): 0. Before Deutsche Bank already funded. It has 10,000,000 in its DCW BNP holds the bond on the Market DLT That DLT operator (Clearstream, SWIAT, Cashlink or Axiology) is onboarded and whitelisted against those banks 1. Seller opens the DvP BNP or its Market DLT Operator sends the EII a DvP Initialisation Request: BICs, 2,500,000 EUR, bond ISIN/DTI, platform, operator The EII creates two secrets only it holds: Execution Key (to deliver the bond) and Cancellation Key (to return it) It sends back the hashes of those keys, an ID and a timeout: now + 30 minutes 2. The bond is locked The Hash-Link Contract is deployed on the Market DLT with those hashes The bond leaves BNP's free wallet and sits locked in the contract The contract only releases the asset if someone presents the Execution Key, the Cancellation Key, or both parties close it cooperatively 3. Buyer pays Inside those 30 minutes, Deutsche Bank or the operator sends the Payment Request to the EII The NCB node looks at Deutsche Bank's DCW Deutsche Bank DCW: 10,000,000 → 7,500,000 BNP DCW: 0 → 2,500,000 Payment status: SETTLED If there is no balance: UNSETTLED. If time runs out with no payment: BURNED. 4. The EII releases one key only SETTLED -> Execution Key to the buyer (or its operator) UNSETTLED or BURNED -> Cancellation Key to the seller (or its operator) 5. After - BNP can leave the 2,500,000 in its DCW for another DvP today - or defund (off-ramp) and get it back on its T2 DCA - or do nothing and at close the operator node sweeps every DCW back to T2

Cómo suben las criptos no?

Yo daría 3 meses de margen. Septiembre, octubre o noviembre. 🤔 Y entre los 30.000-35.000 cuanto más tarde más arriba. 🤔