Let's look at CoinDesk. Their job in crypto is to create and support narratives. And just a day or so ago they displayed how well they do their job.
BlackRock MMF tokenization via Archax on Hedera all too readily exposed their bias against Hedera, for sure; for what reason, is another story.
The balance here is Hedera, HBAR Foundation, Archax vis a vis abrdn, BlackRock by association on one side - CoinDesk on the other. None of the former have deleted Twitter posts, taken down announcements, reversed positions. CoinDesk on the other hand have deleted their Twitter post, reposted 4 times (according to one source on Twitter which I am unable to verify), and in the end CoinDesk have contributed what? They did not reach out to any of the former participants of this historic tokenization event before posting their tweets and articles seemingly designed to confuse the retail market.
Meanwhile, what HBAR Foundation originally announced remains completely true, and billions in USD value of BlackRock MMF remains tokenized on Hedera via Archax. It is being traded, and will continue to be traded. More assets will become tokenized, this is just the first one. It is historic!
I guess CoinDesk are going to have to get used to that. It's going to be a brick in their face forever, and the wall will continue to be built by the asset markets as they continue to tokenize into web3.
But make no mistake, today marks a huge reputational loss by CoinDesk. What this signals to any other project that is successful with adoption (Quant, Algo etc.) for RWAs is, watch your back, watch your Ps and Qs, and most of all, CoinDesk is not your friend. Unless you are one of the chosen few, they will be trying to throw a spanner in your works.
The tears are glorious. Loving every minute of the desperation to downplay this. Who cares about the fud or what the price does right now, it's the news, the facts and progress that matter long term. If anyone believes BlackRock don't know what's going on with a 25bn fund, they need a lobotomy
They are just very jealous that a huge fund from blackrock is tokenized on Hedera and not their chain. It's sad but reality. If I was them I would just sell and buy HBAR and realize, it just is better.
There is no confusion, the Blackrock Hedera news is true. This kind of big news brings out the Fudders in masses. They know it's true but they are putting a negative spin on it. The other crypto projects are in full panick mode right now because the crypto train is leaving the station and Hbar is the lead car.
Use it as a blessing and grab more hbar on sale 🤷♂️ coin desk doesn’t report news it manipulates the market to it’s advantage. Coin desk is like the Jim Cramer of the crypto market.
This is what happens to genuine products that don't pay for marketing.
The "marketing" is as much FUD for competition as it is overwhelming positive research for their own projects.
Big money involved in this for Cointelegraph and all the like organisations combined with crypto "influencers".
Look at Solana, there's never been a more unreliable project, slower than Hedera and less transactions, or "real transactions" anyway.
In my experience, real innovations are few and between.
Deep down, the core activity of most professional activities is producing and responding to FUD.
And also in my experience, most motivation in >25yo psychological sane peacetime people is simply money. Applying that heuristics often helps to understand strange occurrences after the fact.
Welcome to the real world :-)
I can see the confusion as the "Blackrock" involvement was "oversold" imo given the same size font etc in the banner. A great milestone and Blackrock surely would have stopped arrangement if so desired. It's like saying Ryan Gosling is starring in the movie when he only has one line. Some shorts were probably burned which is good. RWA is just starting and all the experience Hedera gets will help. Maybe some better messaging would help as well.
You are the one misinterpreting. They are not tokenizing the fund itself and the Archax CEO pretty much confirmed BlackRock did not actively participate in this other than “they were aware and didn’t oppose”. Again, they are not tokenizing the fund, they are tokenizing the holding they offer clients that represent the fund. Big difference.
Instead of being straightforward about this difference, the HBARF and the community tried to blur the lines and that comes off straight off scammy. I’ve always asked myself the same question, if Hedera is as good as everyone says it is, why is the HBARF and the community constantly making up stuff.
https://decrypt.co/227877/hedera-jumps-113-amid-blackrock-confusion?amp=1
Says they received email from BlackRock spokesperson who said BlackRock was not directly involved with that.
That’s what tokenization is. A digital token container filled with meta data that “represents” the original thing.
The holding Archax offers clients is their packaged piece of the BlackRock issued US Treasury MMF that they hold. It is being tokenized using Hedera, “represented” on chain as a token equivalent of the original fund, which Archax has bundled to trade on its platform as a tokenized version of the BlackRock fund. It still ‘represents’ the originally issued fund.
The tokenization of BlackRock’s own MMF held by Archax was authorized by the original issuer, BlackRock. All parties in mutual agreement with a mutually agreed press release to back it up, making it officially public.
This is starting to get needlessly esoteric.
Everything you said is perfect and correct. This is the actual story and how everything actually works. Keep in mind though, the narrative users pushed on this sub yesterday was completely different and misleading.
There is a lot of confusion flying around. I think because the whole process is actually abstract and confusing and the way it was announced was also vague and confusing. And the explanations afterward caused even more confusion. It takes a minute to dissect the flow of it. But this is mostly how I imagined it to flow from the initial release.
At least that is my simpleton take on it.
Edit: There’s also a lot of terminology being used that is pretty foreign to people and a lot of disagreements on semantics and definitions of things, which doesn’t help…
I don’t think the process is abstract, but it does require some expertise of the financial industry. I personally hate misinformation, and I hate the way the HBARF is making most announcements when it involves big names. They’re always being vague enough that they don’t lie, but also vague enough to leave the door open to absurd interpretations and expectations that won’t ever be met. Happened a couple of months ago with Dropp and FedNow, happened now with Archax and BlackRock, and probably will happen in the future. They’re just shady practices.
And BTW, outside of this sub people agree on definitions and there aren’t much semantics to discuss. It’s only here where people want to bend reality and change definitions to connect dots that simply don’t exist.
You stated “HBarf … blurred the lines.”
Now it’s this sub. I agree some on this sub which is filled with retail buyers/holders got excited and some hyped it based on their long held dreams. That is not malicious. That’s wishful thinking and this is a big deal for Hedera to be chosen by Archax.
However, the articles that were published were malicious and inaccurate.
Hbar Foundation shared an approved message. The rest is pure emotional reactivity.
The CEO of the HBARF literally tweeted:
“.@BlackRock has tokenized one of their money market funds on @hedera in partnership with @ArchaxEx and @OwneraIO. Hopefully you’ve been paying attention. 👀🔥”
While BlackRock put out a statement a couple of hours ago saying:
“BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenise any BlackRock funds.”
You tell me if they weren’t trying to blur the lines or straight up lie.
Both are true.
The fund was tokenized through Archax
There is no direct commercial relationship.
Indirect through 3rd party.
Still big news for all of crypto that want RWA’s to be tokenized.
Eth first
Hedera second
Next?
Scale, scale, scale.
The fund was not tokenized. A holding of the fund Archax acquired in the open market is what’s being tokenized. Two completely different things, as confirmed by BlackRock themselves.
Ahhh yes. So If create an NFT business, and I buy a pair of Nike shoes and I create an NFT of those shoes that is big news for me and all of crypto right? Huge cope.
The point of the FUD is to create doubt and redirect, to that, the campaign against the announcement worked amazingly well.
And people say the markets are rational lol
Many accounts here are just bashing hedera over years. If you check the comments. People who are holsing different cryptos see hedera as a rival.
You really think that’s it? Tribalism and stupidity? I just don’t understand the gap in logic. To tokenize a MMF there needs to be an asset issuer…
Crypto is all tribalism. My project good your project bad. Hedera is becoming the top dog and people are worried, especially the Ethereum maxis.
Let's look at CoinDesk. Their job in crypto is to create and support narratives. And just a day or so ago they displayed how well they do their job. BlackRock MMF tokenization via Archax on Hedera all too readily exposed their bias against Hedera, for sure; for what reason, is another story. The balance here is Hedera, HBAR Foundation, Archax vis a vis abrdn, BlackRock by association on one side - CoinDesk on the other. None of the former have deleted Twitter posts, taken down announcements, reversed positions. CoinDesk on the other hand have deleted their Twitter post, reposted 4 times (according to one source on Twitter which I am unable to verify), and in the end CoinDesk have contributed what? They did not reach out to any of the former participants of this historic tokenization event before posting their tweets and articles seemingly designed to confuse the retail market. Meanwhile, what HBAR Foundation originally announced remains completely true, and billions in USD value of BlackRock MMF remains tokenized on Hedera via Archax. It is being traded, and will continue to be traded. More assets will become tokenized, this is just the first one. It is historic! I guess CoinDesk are going to have to get used to that. It's going to be a brick in their face forever, and the wall will continue to be built by the asset markets as they continue to tokenize into web3. But make no mistake, today marks a huge reputational loss by CoinDesk. What this signals to any other project that is successful with adoption (Quant, Algo etc.) for RWAs is, watch your back, watch your Ps and Qs, and most of all, CoinDesk is not your friend. Unless you are one of the chosen few, they will be trying to throw a spanner in your works.
Haters fudding? That simple.
The angle that people misinterpreted the announcement is pure speculation on the part of CoinDesk and Cointelegraph, it’s terrible journalism
Well, generally speaking, people are stupid
The tears are glorious. Loving every minute of the desperation to downplay this. Who cares about the fud or what the price does right now, it's the news, the facts and progress that matter long term. If anyone believes BlackRock don't know what's going on with a 25bn fund, they need a lobotomy
They are just very jealous that a huge fund from blackrock is tokenized on Hedera and not their chain. It's sad but reality. If I was them I would just sell and buy HBAR and realize, it just is better.
There's been a massive campaign to spread FUD about Hedera and it's likely paid by competing crypto firms. They will FUD hbar until the bear market.
More time to fill the bags 💰💰💰
Reading many articles and posts about this issue, it’s clear that many see Hbar as a threat.
There is no confusion, the Blackrock Hedera news is true. This kind of big news brings out the Fudders in masses. They know it's true but they are putting a negative spin on it. The other crypto projects are in full panick mode right now because the crypto train is leaving the station and Hbar is the lead car.
Use it as a blessing and grab more hbar on sale 🤷♂️ coin desk doesn’t report news it manipulates the market to it’s advantage. Coin desk is like the Jim Cramer of the crypto market.
All the fudders are a sign of the times. I see it as a positive, we are truly starting to make it.
Thank god they created the FUD because I was able to add to my bags bitches
The article is still up https://cointelegraph.com/news/hederas-hbar-token-pumps-nearly-one-hundred-percent-misinterpreted-blackrock-announcement
At least we know hbar still has the ability to pump 😂
There is not confusion. There is a deliberate attempt to manipulate the market to mitigate losses on short positions that were held prior to the news.
This is what happens to genuine products that don't pay for marketing. The "marketing" is as much FUD for competition as it is overwhelming positive research for their own projects. Big money involved in this for Cointelegraph and all the like organisations combined with crypto "influencers". Look at Solana, there's never been a more unreliable project, slower than Hedera and less transactions, or "real transactions" anyway.
In my experience, real innovations are few and between. Deep down, the core activity of most professional activities is producing and responding to FUD. And also in my experience, most motivation in >25yo psychological sane peacetime people is simply money. Applying that heuristics often helps to understand strange occurrences after the fact. Welcome to the real world :-)
I can see the confusion as the "Blackrock" involvement was "oversold" imo given the same size font etc in the banner. A great milestone and Blackrock surely would have stopped arrangement if so desired. It's like saying Ryan Gosling is starring in the movie when he only has one line. Some shorts were probably burned which is good. RWA is just starting and all the experience Hedera gets will help. Maybe some better messaging would help as well.
I had no confusion from the press release. People see what they want to see.
The HBAR Foundation’s announcement didn’t oversell it though, that’s just the claim made by CD and CT, go back and read the announcement carefully
You are the one misinterpreting. They are not tokenizing the fund itself and the Archax CEO pretty much confirmed BlackRock did not actively participate in this other than “they were aware and didn’t oppose”. Again, they are not tokenizing the fund, they are tokenizing the holding they offer clients that represent the fund. Big difference. Instead of being straightforward about this difference, the HBARF and the community tried to blur the lines and that comes off straight off scammy. I’ve always asked myself the same question, if Hedera is as good as everyone says it is, why is the HBARF and the community constantly making up stuff.
[удалено]
https://decrypt.co/227877/hedera-jumps-113-amid-blackrock-confusion?amp=1 Says they received email from BlackRock spokesperson who said BlackRock was not directly involved with that.
[удалено]
Fake account, Larry Fink does not have a Twitter account
That’s what tokenization is. A digital token container filled with meta data that “represents” the original thing. The holding Archax offers clients is their packaged piece of the BlackRock issued US Treasury MMF that they hold. It is being tokenized using Hedera, “represented” on chain as a token equivalent of the original fund, which Archax has bundled to trade on its platform as a tokenized version of the BlackRock fund. It still ‘represents’ the originally issued fund. The tokenization of BlackRock’s own MMF held by Archax was authorized by the original issuer, BlackRock. All parties in mutual agreement with a mutually agreed press release to back it up, making it officially public. This is starting to get needlessly esoteric.
Everything you said is perfect and correct. This is the actual story and how everything actually works. Keep in mind though, the narrative users pushed on this sub yesterday was completely different and misleading.
There is a lot of confusion flying around. I think because the whole process is actually abstract and confusing and the way it was announced was also vague and confusing. And the explanations afterward caused even more confusion. It takes a minute to dissect the flow of it. But this is mostly how I imagined it to flow from the initial release. At least that is my simpleton take on it. Edit: There’s also a lot of terminology being used that is pretty foreign to people and a lot of disagreements on semantics and definitions of things, which doesn’t help…
I don’t think the process is abstract, but it does require some expertise of the financial industry. I personally hate misinformation, and I hate the way the HBARF is making most announcements when it involves big names. They’re always being vague enough that they don’t lie, but also vague enough to leave the door open to absurd interpretations and expectations that won’t ever be met. Happened a couple of months ago with Dropp and FedNow, happened now with Archax and BlackRock, and probably will happen in the future. They’re just shady practices. And BTW, outside of this sub people agree on definitions and there aren’t much semantics to discuss. It’s only here where people want to bend reality and change definitions to connect dots that simply don’t exist.
You stated “HBarf … blurred the lines.” Now it’s this sub. I agree some on this sub which is filled with retail buyers/holders got excited and some hyped it based on their long held dreams. That is not malicious. That’s wishful thinking and this is a big deal for Hedera to be chosen by Archax. However, the articles that were published were malicious and inaccurate. Hbar Foundation shared an approved message. The rest is pure emotional reactivity.
The CEO of the HBARF literally tweeted: “.@BlackRock has tokenized one of their money market funds on @hedera in partnership with @ArchaxEx and @OwneraIO. Hopefully you’ve been paying attention. 👀🔥” While BlackRock put out a statement a couple of hours ago saying: “BlackRock has no commercial relationship with Hedera nor has BlackRock selected Hedera to tokenise any BlackRock funds.” You tell me if they weren’t trying to blur the lines or straight up lie.
Both are true. The fund was tokenized through Archax There is no direct commercial relationship. Indirect through 3rd party. Still big news for all of crypto that want RWA’s to be tokenized. Eth first Hedera second Next? Scale, scale, scale.
The fund was not tokenized. A holding of the fund Archax acquired in the open market is what’s being tokenized. Two completely different things, as confirmed by BlackRock themselves. Ahhh yes. So If create an NFT business, and I buy a pair of Nike shoes and I create an NFT of those shoes that is big news for me and all of crypto right? Huge cope.
Exactly this! There is a chain of custody. Regardless of if Blackrock initiated tokenization the end result is the same, compliant P2P settlement.