LensLinks: Issue 34

A blockchain news roundup, brought to you by Regiment LLC

Author

Len Pacek
November 17, 2022

Today in LensLinks:

  • US Banks Testing Feasibility of Digital Dollar

  • 1M Creditors for FTX?

  • Meta Launches New Sports Experience

  • Are DeFi Protocols Winning?

  • A Handy "BS Guide for Metaverse Experts"

  • And Much, Much, More...

QUOTABLE...

“Bitcoin is showing resilience here but it is hard to imagine investors are ready to test the waters until we learn more of the full contagion risk associated with FTX", although he warned that “if more exchanges or crypto companies pause withdrawals or limit activity, that will likely bring back the pressure on cryptos.”

- Edward Moya, senior market analyst for foreign exchange market maker Oanda

NOTABLE...

U.S. Banks to Test Feasibility of Digital Dollar with NY Fed - DailyCoin

NYIC announced on Tuesday that it would begin a proof-of-concept trial for CBDC.

https://dailycoin.com/u-s-banks-to-test-feasibility-of-digital-dollar-with-ny-fed/

The Innovation Center of the New York Federal Reserve Bank (NYIC) has announced a 12-week CBDC Proof of Concept project.

The project will test “technical feasibility, legal viability, and commercial application,” through token simulations and study of regulatory frameworks.

The NY Fed stated that the initiative may include multi-currency operations and stablecoins.

FBI is planning to extradite SBF as crypto contagion from FTX collapse spreads to $20BN BlockFi

FTX owner Sam Bankman-Fried, 30, may be brought back to the states by authorities. Bankman-Fried was worth an estimate $16 billion before the crisis but his fortune is down 94%.

https://www.msn.com/en-gb/money/other/fbi-is-planning-to-extradite-sbf-as-crypto-contagion-from-ftx-collapse-spreads-to-dollar20bn-blockfi/ar-AA14abZv

American and Bahamian authorities are discussing the possibility of bringing FTX founder Sam Bankman-Fried to the United States for questioning, Bloomberg News reported on Tuesday, citing three people familiar with the matter.

 Metaverse & Gaming

Meta Launches New Sports Experience in VR Which Could Help to Spark Interest in the Metaverse

Meta's XSTADIUM could help to generate more interest from a broader range of potential VR users.

https://www.socialmediatoday.com/news/meta-launches-new-sports-experience-in-vr-which-could-help-to-spark-interes/636630/

Could this help to spark more interest in Meta’s metaverse shift?

Today, Meta has announced the launch of XTADIUM on Meta Quest, which will enable Meta VR users to experience sports in a more immersive, engaging way.

 Blockchain, Tokens & DeFi

DeFi Protocols Are Winning Users as Centralized Crypto Exchanges Suffer Ether Outflows

In the wake of the downfall of Sam Bankman-Fried’s FTX exchange, crypto traders are increasingly turning toward decentralized-finance (DeFi) protocols – as Ethereum tokens flow off big centralized crypto exchanges like Binance and OKX.

https://www.coindesk.com/markets/2022/11/15/defi-protocols-are-winning-users-as-centralized-crypto-exchanges-suffer-ether-outflows/

Decentralized finance (DeFi) protocols are surging in popularity – just as signs pile up that big centralized crypto exchanges are going in reverse.

According to data analytics platform Nansen, most DeFi protocols have experienced double-digit percentage growth in users and transactions in the past seven days, a sign of vitality following the collapse of FTX.

Crypto Trading

First Mover Asia: FTX Debacle Might Change Hong Kong’s Approach to Retail Crypto Regulation; Bitcoin Shows Its Mettle

The special administrative region of China wants to become a regional crypto hub, but FTX’s filing for bankruptcy protection could prompt regulators to tighten restrictions.

https://www.coindesk.com/markets/2022/11/16/first-mover-asia-ftx-debacle-might-change-hong-kongs-approach-to-retail-crypto-trading-bitcoin-shows-its-mettle/

Bitcoin showed its mettle for a second consecutive day, inching upward even as the post FTX crypto world was falling apart.

Investors bit into encouraging inflation data – a Labor Department report, showing supplier pricing (PPI) arriving cooler than expected – to keep the largest cryptocurrency by market capitalization above $16,750, a gain of about 1% over the past 24 hours. BTC has been inching up since Monday even as fallout from crypto exchange FTX’s liquidity crisis and filing for Chapter 11 bankruptcy protection widens. On Tuesday, The Wall Street Journal reported that crypto lender BlockFi is preparing a potential bankruptcy filing because of its "significant exposure" to FTX.

Metaverse & Gaming - A Little More...

How to spot the real experts in the metaverse — and avoid the BS

An influx of brand dollars into the metaverse has spurred the rise of a host of snake oil salesmen claiming undue expertise in the space, making it more difficult than ever to determine who the actual metaverse experts are.

https://digiday.com/marketing/how-to-spot-the-real-experts-in-the-metaverse-and-avoid-the-bs/

The metaverse is a game changer for architects

The RAD Lab at the School of Architecture is venturing into mixed reality projects to enhance the educational experience.

https://news.miami.edu/stories/2022/11/the-metaverse-is-a-game-changer-for-architects.html

Goodbye Metaverse?

Okay, FTX is dead and to be honest, good riddance. Crypto will recover. But what about the internet no one

https://blockzeit.com/goodbye-metaverse/

Blockchain, Tokens & Defi - A Little More...

Crypto exchange FTX expects to have more than 1m creditors

Bankruptcy filing says ‘questions arose’ about founder Sam Bankman-Fried’s leadership

https://www.theguardian.com/technology/2022/nov/15/crypto-exchange-ftx-creditors-bankruptcy-filing-sam-bankman-fried

House lawmakers call Sam Bankman-Fried, other executives, to testify at hearing on FTX collapse

https://www.cnbc.com/2022/11/16/house-lawmakers-call-sam-bankman-fried-other-executives-to-testify-at-hearing-on-ftx-collapse.html

Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days – Bitcoin News

Since Oct. 11, 2022, the smart contract token economy has lost $22 billion as it slid from $283 billion to today’s $261 billion.

https://news.bitcoin.com/value-locked-in-defi-at-its-lowest-point-since-march-2021-smart-contract-tokens-shed-22-billion-in-36-days/

Alameda Allegedly Traded These 18 Tokens on Insider Info Through FTX - Decrypt

The 18 assets Argus says Alameda Research was frontrunning on FTX include BitDAO, Eden Network, Sandbox, LooksRare and Immutable X tokens.

https://decrypt.co/114708/alameda-research-18-tokens-insider-info-ftx

Crypto Trading - A Little More...

The 6 Best Online Crypto Forums for Crypto Enthusiasts

Whether you're a crypto enthusiast or looking to learn more about the subject, here are six of the best online crypto forums you can check out.

https://www.makeuseof.com/best-crypto-forums-online/

Cryptocurrencies Trade in Sync After FTX Collapse – Just Not With Stocks

A new analysis shows how correlations have increased on various sectors of the 162-asset CoinDesk Market Index (CMI) amid widespread crypto distress following the collapse of Sam Bankman-Fried's FTX exchange. U.S. stocks, meanwhile, look unfazed by it all.

https://www.coindesk.com/markets/2022/11/16/cryptocurrencies-trade-in-sync-after-ftx-collapse-just-not-with-stocks/

Economist Nouriel Roubini slams crypto 'carnival barkers' and Binance CEO as 'a walking time bomb' after FTX disaster

The NYU professor said recent turbulence in the crypto market showed major players in the industry needed to go, and that regulators should be wary.

https://www.cnbc.com/2022/11/16/crypto-an-ecosystem-that-is-totally-corrupt-says-nouriel-roubini-.html

ESG (Environment, Social & Governance)

The False Face of SBF, FTX, and ESG

"For FTX and ESG, beneath a surface of virtue signaling and noblesse oblige are decidedly less-idealistic machinations: fraud, rent-seeking, influence-buying, and greenwash." ~ Peter C. Earle

https://www.aier.org/article/the-false-face-of-sbf-ftx-and-esg/

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