Crypto fans paid a high price for lessons learned from a dreadful 2022: Decentralized finance, or DeFi , is vulnerable to hacks. A Stablecoin is anything but. And the collapse of a single leading crypto exchange can send shockwaves worldwide. Ethereum's network upgrade saved as much as 99.95% of the energy that it previously consumed. And crypto entered many more mainstream conversations as leading financial institutions showed interest in digital assets and the U.S. government started vocalizing its interest in its regulation and possible adoption. As we look back at 2022, we consider what it tells us about what to expect in 2023. For starters, it probably means more talk of a U.S. central bank digital currency , a more efficient Ethereum network that continues to evolve, a spreading FTX contagion along with a legal reckoning for its founders, and an increased focus on government regulation worldwide. Key Takeaways 2022 was marked by the collapse of a leading … [Read more...] about Crypto’s Horrible, No Good, Very Bad Year
Crypto project investors
Total funding at crypto startups this year is set to exceed investments in 2021, research firm Pitchbook said on Thursday though the pace of capital deployment is slowing as a series of crypto blowups sapped private equity investment appetite. Crypto projects globally attracted $19.9 billion in venture capital (VC) investments in the first nine months of 2022, 41 percent higher than a year ago, according to Pitchbook data. In total, last year drew in a record $21.2 billion. The amount of capital deployed, however, has trended downwards through this year with only $4.0 billion invested in third quarter, representing a 38.3-percent quarter-over-quarter decline and the lowest amount since second quarter 2021, Pitchbook said. The collapse of FTX last month was the most shocking in a series of closures of key market players this year including Celsius and Voyager, major tokens terraUSD and Luna that have shaken investment sentiment and wiped out $1.5 trillion in cryptocurrency market … [Read more...] about Slowing crypto startup funding may still surpass 2021 record – Pitchbook
Share to Twitter Share to Linkedin The complaint says the Bitcoin Latinum founder lured an investor in with the promise that the producers of Star Trek had already invested $20 million. An investor in a scarcely-known cryptocurrency called Bitcoin Latinum — named for a type of money that exists only in the fictional Star Trek universe — says that he was defrauded out of more than $15 million. A lawyer for the investor, Arshad Assofi, wrote in a new lawsuit submitted earlier this month that the cryptocurrency, which claimed to be “greener” and “faster” than conventional bitcoins, is “worthless” and a “scam.” The attorney also stated in his complaint that Assofi was told by Bitcoin Latinum’s founder, Don Basile, that the project had received “$20 million from the producers of Star Trek ,” among other alleged investors that did not exist. Paramount, the production company behind the famed science fiction series and its numerous spinoffs, denied … [Read more...] about A Cryptocurrency Named After The Fictional Money In Star Trek Is ‘Worthless’ And ‘A Scam,’ New Lawsuit Alleges
- A + A (Dec 5): Cryptocurrencies are maintaining the status quo in the wake of the most recent market downturn and that is being viewed by some long-time observers as an ominous sign. Bitcoin’s dominance in the market, currently below 40%, hasn’t wavered much amid the turmoil surrounding the implosion of Sam Bankman-Fried’s FTX exchange. In past boom and bust cycles, that percentage of market share tended to increase as investors gravitated to the original virtual currency, given its stature as being the “safest” in a crowd of volatile investments. The idea is that the coin is the most liquid within the sector, and has the lowest volatility of the non-stablecoin large-cap tokens, said Noelle Acheson, author of the “ Crypto Is Macro Now ” newsletter. During the May-June stretch, for example, when a number of projects and companies folded amid market turmoil, Bitcoin’s dominance rose to around 48%, and then diminished again once risk appetite returned. But during … [Read more...] about Bitcoin’s status quo is making some long-time observers nervous
Block Inc chairman Jack Dorsey - A + A (Dec 6): Jack Dorsey's Block Inc is among the companies contributing to a funding round for a bitcoin miner in Africa fired by renewable power. Digital payment firm Block and venture capital investor Stillmark have led a US$2 million (RM8.79 million) seed investment in Gridless, a miner that harnesses small-scale renewable energy grids in rural Africa, Block said in a Dec 6 statement. Bitcoin mining is an energy-intensive process in which electricity-guzzling computers secure the digital asset's blockchain by validating transaction data and unlocking tokens as a reward in return. Some studies estimated that the annual energy consumption involved exceeds the amount entire countries like Belgium use. The investment is Block's latest effort to push for sustainable and decentralised mining operations. It has recruited veteran crypto-mining engineers and managers to build out its mining unit and develop projects that can … [Read more...] about Jack Dorsey’s Block invests in renewable bitcoin miner Gridless in Africa
The benchmark indices in India are now trading at their highest ever levels. In fact, in the past one year, India (+9.6%) has been one of the best performing equity markets in the world, in line with the emerging market peers like Brazil (+8%), Russia (+9%), and Indonesia (+7.5%) among others. Only a few emerging markets like Venezuela (+107%), Argentina (108%), and Egypt (+15%) have done much better. For many Indian investors these statistics could be meaningless. To some it may actually be annoying as the performance of their individual portfolio may not be reflecting the benchmark performance. Regardless, largely the equity market returns have been reasonable, considering the challenging environment. It is therefore a moment to celebrate. Once the celebrations are over, it would be appropriate to ask ourselves “whether at ~18700, Nifty is adequately taking into account all the factors that may impact the corporate performance, risk appetite, liquidity and financial stability … [Read more...] about As Nifty soars, has market ‘adequately’ considered all risk factors?
Share to Twitter Share to Linkedin Grover, the electronics rental marketplace, has joined a cavalcade of tech firms descending on Miami to base its US operations. The German company, which raised $1 billion last summer , opened its US headquarters in the city this week, just a few months after launching operations in the US . The Florida city has emerged as a destination of choice for many start-ups and entrepreneurs, eschewing the well-worm environs of Silicon Valley, including European start-ups looking for their US base of operations. Miami’s mayor Francis Suarez has actively courted the tech industry to the city, establishing the Venture Miami group to liaise with tech companies, and promoting a more relaxed regulatory environment for workers – Florida doesn’t have a state income tax. "It's a unique place today, not only in terms of start-ups moving there and entrepreneurs moving there but also the crypto economy," Grover’s chief … [Read more...] about Why Grover Landed In Miami And Shunned Silicon Valley For Its US Base