Mic Drop
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Everything posted by Mic Drop
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Today, the Hawaii State Senate has unanimously approved the launch of a specialised task force to explore the use and regulation of the crypto ecosystem through bill SB2695. The bill was co-signed by Sens. Donovan Dela Cruz and Rosalyn “Roz” Baker. Hawaii's bill seeks to determine how the state could regulate, oversee, and potentially use blockchain and cryptocurrencies. The task force is to study data from other states and develop "a plan to expand blockchain adoption in both the private and public sectors," among other things. The task force will be comprised of government officials and members of the Web3 space, plus professors from the University of Hawaii that specialise in digital currency. The task force will be dissolved after reporting its findings before the 2024 legislative session commences. https://decrypt.co/99372/hawaii-becomes-latest-state-to-approve-crypto-taskforce
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Dubai’s Virtual Asset Regulator VARA has reportedly bought virtual land in ‘The Sandbox’ metaverse to set up a virtual office called the ‘MetaHQ’. This makes VARA the first national regulator to do so. This news comes in the backdrop of many crypto firms and organisations increasingly making moves to the country due to its friendly crypto regulations. According to the statement issued by VARA, MetaHQ intends to provide digital users with virtual access to regulatory resources, something that will become vital as the metaverse and Web3 ecosystem develop. Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stated, “By expanding VARA’s resources to a borderless audience through the Metaverse, Dubai is creating a prototype Decentralised Regulator Model, inviting international thought leaders – global authorities, governance custodians, and industry shapers – to participate, exchange knowledge, and problem-solve collectively so that we enable the dynamic virtual assets sector to build economic resilience, accelerate social inclusion, and address environmental sustainability,” https://blockworks.co/dubais-crypto-regulator-buys-land-in-the-metaverse-for-headquarters/
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According to a blog post yesterday, Kraken has opened the waitlist for its upcoming custodial NFT marketplace. Kraken’s marketplace seeks to democratise the experience of NFTs to a wider audience by allowing gas-free trades through its custodial model. Users of the platform can also view the rarity score of their NFTs directly on the platform and take out collateralised loans using the NFTs. According to the blog post, “This helps you build your dream collection with near-instant transfer speeds and the peace of mind that spikes in network activity will not impact the cost of your purchases and trades,” https://cointelegraph.com/news/kraken-nft-marketplace-opens-waitlist-for-beta
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Interesting point. The entire world has become super sensitive and laws are written to protect those “sensitive” people slowly turning us into some dystopian future novel.
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In a recent announcement, Asset management giant VanEck (with over $82 billion in assets under management) stated that it’s releasing a 1,000 NFT collection on Ethereum meant to showcase the real-world utility inherent in the NFT structure. The NFTs are being designed in a partnership with NUMOMO, a Korean-based NFT agency. According to the press release, the project will trace the journey of a fictional character named Hammy, who is modelled after American Founding Father Alexander Hamilton. The first release, dubbed “Episode One: Printing Press” can be viewed on VanEck’s signup page https://www.coinbureau.com/news/investment-giant-vaneck-release-new-nft-collection/
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In a meeting between core developers of Ethereum last Friday, the team decided to refocus efforts on the upcoming merge operations and delay making a decision on when to deal with the ticking ‘Difficulty Bomb’ of Ethereum. Tim Beiko, who leads the Ethereum Foundation's All Core Devs meetings, argued that the difficulty bomb should be re-evaluated at the next meeting on May 13 or possibly May 27, stressing that the existing Ethereum experience was not being degraded and wouldn't be for several weeks. He said that the best course of action was to keep testing and evaluate where things stand later. Some critics state that this will however cause unnecessary stress on developers as time inches closer to the difficulty bomb. https://decrypt.co/99247/ethereum-core-developers-hard-fork-focus-proof-stake-merge
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Meta, Facebook’s parent company, has been sued by Dfinity Foundation, a Switzerland-based non-profit behind the Internet Computer blockchain. According to the lawsuit, Dfinity’s legal team contended there was trademark infringement when Meta Platforms attempted to register the ‘infinity symbol’ for its logo. According to Dfinity’s legal team, Meta had only filed an application with the United States Patent and Trademark Office (USPTO) in March 2022, whereas the same office granted Dfinity registration in October 2018. Dfinity further stated that the infinity symbol has been used on the company's website since March 2017. According to Dfinity’s contentions in the lawsuit, “Meta and Dfinity seek to attract the same users, namely those who are looking for an innovative and different internet experience, created by users, for users. Further, both Meta and Dfinity utilise the same marketing channels such that consumers will likely encounter the marks through those same channels [...] Despite knowledge of Dfinity’s mark, Meta chose to proceed with its application to obtain registration in some of the same or similar areas in which Dfinity has already obtained registration for its mark.” https://cointelegraph.com/news/dfinity-foundation-files-lawsuit-against-meta-over-infinity-logo
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Square Enix, the Japanese video game developer behind Final Fantasy, Kingdom Hearts and Dragon Quest has announced a deal with Embracer Group to sell nearly $300 million in IP and gaming studios to the latter. The funds from the deal will be used to invest heavily in blockchain gaming and other ventures in Web3. The deal will see properties such as Tomb Raider, Deus Ex, Legacy of Kain, and Thief, as well as game studios Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal being sold to the Swedish gaming firm Embracer. https://www.theblockcrypto.com/linked/144765/tomb-raider-developer-square-enix-sells-off-300-million-in-ip-and-studios-to-invest-in-blockchain-tech/ -
Banco Galicia, Argentina’s largest private bank, and Brubank, an Argentine digital bank, have both integrated and enabled the trading of crypto assets on their website. The announcement comes after a recent survey by Banco Galicia revealed that nearly 60% of their customers wanted access to easy trading of digital assets via the banking platform. Both banks have been able to enable this feature due to a partnership with Argentine crypto wallet Lirium, which allows digital assets to be purchased through the same platform that clients use to buy bonds or stocks. https://www.bloomberg.com/news/articles/2022-05-02/two-argentine-banks-allow-customers-to-buy-cryptocurrencies
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According to an official press release, FIFA has officially partnered with Algorand. As per the release, Algorand will now be an official sponsor of the FIFA Women's World Cup Australia and New Zealand 2023 and a regional supporter in North America and Europe for ‘FIFA World Cup Qatar 2022’. Algorand will also become FIFA's official blockchain platform and will offer the association its ‘official blockchain-enabled wallet solution’. FIFA will supply sponsorship assets like advertising, media exposure, and promotional possibilities, while Algorand will assist FIFA in establishing its digital assets strategy. According to Silvio Micali, founder of Algorand, “This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.” https://cointelegraph.com/news/algorand-becomes-first-us-blockchain-sponsor-of-fifa-world-cup
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POLITICO has posted a .PDF of the document: https://politi.co/3w1tWki
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It’s no secret that traditional gamers have hated NFTs in gaming for a while now. Recently, a group called Climate Replay (which is made up of a large number of Minecraft developers) released an online guide and ‘pledge’ to increase awareness about the potential dangers of NFTs and cryptocurrencies. However, a week since its release, the pledge has only seen signatures from 72 individuals and 5 companies thus far. The pledge and guide highlighted the environmental concerns of using blockchain technology and of the various security issues faced by such games citing the recent Ronin Bridge hack. The Pledge reads, “By ignoring key risk factors and glaring issues, adopters of NFTs and other forms of digital ownership that embrace these problematic aspects erode efforts to create an equitable and sustainable existence for all. NFTs in gaming do not bring any meaningful value to the players.” https://decrypt.co/99136/minecraft-developers-petition-against-gaming-nfts-gets-just-72-signatures-in-one-week
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Wikimedia Foundation, the parent organisation which manages Wikipedia, has decided to halt the acceptance of crypto donations after a community vote on a poll revealed that 71.17% of respondents wanted to discontinue all cryptocurrency donations. The poll which had a total of 400 respondents, was the result of a three-month-long community discussion on the environmental implications of cryptocurrency mining. The discussion revealed concerns about how accepting crypto could damage the foundation’s reputation and commitment to environmental sustainability in the long run. The Foundation has now shut down the BitPay account through which it was accepting crypto donations. https://www.coindesk.com/business/2022/05/01/wikipedia-to-stop-accepting-crypto-donations-on-environmental-other-grounds/
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According to a recent reddit post on the r/CryptoCurrency subreddit, hackers could potentially use the text prediction feature of smartphones to drain a user’s funds. Reddit user Andre, a 33-year-old IT professional from Germany, made the post after discovering his mobile phone’s ability to predict the entire recovery seed phrase as soon as he typed down the first word out of the BIP 39 list. According to the report, Andre had experimented with different keyboard software in order to find out the degree to which each software was able to predict the seed phrase correctly. His tests revealed that Google's GBoard was the least vulnerable, as the software did not correctly guess every phrase. Microsoft's Swiftkey keyboard, on the other hand, was able to guess the seed phrase right away. The Samsung keyboard could also predict the words if “Auto replace” and “Suggest text corrections” have been manually turned on. Andre suggested that users can protect themselves from this vulnerability by regularly clearing the predictive type cache from their devices. https://cointelegraph.com/news/warning-smartphone-text-prediction-guesses-crypto-hodler-s-seed-phrase
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Bored Ape Yacht Club creator Yuga Labs raised $320 million in crypto when it sold off land parcels in its virtual world Saturday night—and demand was so wild that it caused disruptions across the Ethereum blockchain. Transaction fees to mint an Otherdeed NFT soared to about 2 ether, or $6,000, after the launch.
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The 91-year-old investing legend pushed his “buy and hold” investing strategy before thousands of finance nerds at Berkshire Hathaway’s annual shareholders meeting this weekend. It’s worked out pretty well this year. Berkshire Hathaway, a conglomerate with investments across corporate America, is up 10% so far in 2022, compared to the S&P’s 13% drop-off. And Buffett’s buying the dip Berkshire scooped up $51.1 billion of US stocks during the market sell-off in Q1. Of course, Buffett would never call it “buying the dip” because he doesn’t believe in timing the market. Speaking of timing, Buffett said he and his BFF Charlie Munger “haven’t the faintest idea what the stock market is gonna do when it opens on Monday.” So what did he buy? He’s certainly bullish on the energy sector. In Q1, Berkshire acquired a big stake in Occidental Petroleum and juiced its stake in Chevron (which is now the company’s fourth-largest holding). And…video games? It’s unlikely that Buffett has ever touched an Xbox controller, but Berkshire Hathaway is now the largest shareholder of Activision Blizzard after amassing a 9.5% stake. Activision stock has jumped more than 15% after Microsoft agreed to acquire it in January. Buffett said the influx of new traders buying and selling stocks during the pandemic has turned the market into “almost totally a casino” in which large American companies have become “poker chips.” Munger lashed out at the trading app Robinhood specifically for promoting the gambling dynamic. Citing Robinhood stock’s 86% plunge from its peak, the 98 year old said, “God is getting just.” Buffett also chimed in on the state of the US economy, most notably the inflation that’s soared to 40-year highs. Buffett said that inflation “swindles almost everybody” and was a result of the Fed’s gargantuan stimulus measures to prop up the economy during the pandemic. But he still thinks the Fed did the right thing: “In my book, Jay Powell is a hero. It’s very simple. He did what he had to do.”
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With a 13.3% drop so far in 2022, the S&P is having its worst start to a year since 1939.
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On Saturday, Solana faced its seventh outage thus far in 2022. The outage lasted for seven hours overnight between Saturday and Sunday and is being attributed to a swarm of bots that overwhelmed the Candy Machine, a tool for minting non-fungible tokens Metaplex, the NFT platform powering Candy Machine, identified the bots inside the dApp as the primary cause of Solana's downtime and revealed a plan to address the issue and prevent it from happening again. Metaplex elaborated on their plan stating, “To combat this, we have merged and will soon deploy a botting penalty to the program as part of a broader effort to stabilise the network. Candy Machine is used by a majority of new SolanaNFT projects to launch their collections. In this change, a 0.01 SOL penalty will be collected when a wallet attempts to complete an invalid transaction, which is typically done by bots that are blindly trying to mint.” https://www.coinbureau.com/news/solana-faces-seven-hour-outage-after-bots-overwhelm-nft-minting-app/
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Charlie Munger wants the US to ban Bitcoin like China did and Warren Buffett agreed.
