LensLinks: Issue 40

A blockchain news roundup, brought to you by Regiment LLC

Author

Len Pacek
November 29, 2022

Today in LensLinks:

  • "Industry Must Self-Police or Risks Bring Shut Down"

  • BlockFi Chapter 11

  • Generative AI

  • Metaverse Patents

  • Binance CEO explains 127K BTC transfer

  • Will "Metaverse" be 2022 Word of the Year?

  • And Much, Much, More...

QUOTABLE... 

"Regulators need more resources to police the bad actors. Unfortunately, it will likely take years for the regulators to catch up, and they may never get there. The crypto industry therefore needs to self-police and out the bad actors, or it is at risk of being shut down."

- Billionaire Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management

NOTABLE...  

Billionaire Bill Ackman Discusses Crypto Regulation — Says Industry Must Self-Police or Risks Being Shut Down – Regulation Bitcoin News

Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down.

https://news.bitcoin.com/billionaire-bill-ackman-discusses-crypto-regulation-says-industry-needs-to-self-police-or-risks-being-shut-down/

Billionaire Bill Ackman has warned that the crypto industry needs to self-police or it risks being shut down. He added that regulators need more resources to police the bad actors in the crypto space and will likely take years to catch up.

Moved aimed at stabilizing its business and provide the Co. with the opportunity to consummate a comprehensive restructuring transaction

 Metaverse & Gaming

How generative AI could create assets for the metaverse | Jensen Huang

Jensen Huang, CEO of Nvidia, believes that generative AI will help make the metaverse happen by allowing developers to test virtually.

https://venturebeat.com/games/how-generative-ai-could-create-assets-for-the-metaverse-jensen-huang/

The metaverse skyrocketed into our collective awareness during the height of the pandemic, when people longed for better ways to connect with each other than video calls. Gaming’s hot growth during the pandemic also pushed it forward. But the metaverse became so trendy that it now faces a backlash, and folks aren’t talking about it as much.

 Blockchain, Tokens & DeFi

BlockFi Files for Chapter 11 Bankruptcy in New Jersey (1)

BlockFi Inc. and eight of its affiliates commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the US Bankruptcy Court for the District of New Jersey.

https://news.bloomberglaw.com/bankruptcy-law/blockfi-files-for-chapter-11-bankruptcy-in-new-jersey

BlockFi Inc. and eight of its affiliates commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the US Bankruptcy Court for the District of New Jersey.

Moved aimed at stabilizing its business and provide the Co. with the opportunity to consummate a comprehensive restructuring transaction

Co. will focus on recovering all obligations owed to BlockFi by its counter parties, including FTX and associated corporate entities

Also initiated an internal plan to considerably reduce expenses, including labor costs

BlockFi has $256.9m in cash on hand, which it says is expected to provide sufficient liquidity to support certain operations ...

 Crypto Trading

Here's how the BlockFi bankruptcy may affect your crypto taxes for 2022

Here's how the BlockFi bankruptcy and recent FTX collapse may affect your crypto taxes for 2022, according to experts.

https://www.cnbc.com/2022/11/28/how-the-blockfi-bankruptcy-ftx-collapse-may-affect-your-crypto-taxes.html

KEY POINTS

Crypto lender BlockFi has filed for Chapter 11 bankruptcy, following the collapse of digital currency exchange FTX.

BlockFi halted withdrawals before the filing, but experts say earnings from BlockFi’s interest-bearing custodial service are still taxable.

Despite recent losses in the crypto market, investors may have other surprise gains for 2022.

Metaverse & Gaming - A Little More...

The Metaverse is a Pipedream? Patent Filings Say Otherwise - NFTgators

The patent filings show the world’s biggest technology companies are buoyant about the future of the metaverse despite a lack of a clear definition of the industry.

https://www.nftgators.com/the-metaverse-is-a-pipedream-patent-filings-say-otherwise/

This year has seen a 50% rise in the penetration of Virtual Reality (VR) headsets with 11% of respondents now owning the hardware - techbuzzireland

This year has seen a 50% rise in the penetration of Virtual Reality (VR) headsets with 11% of respondents now owning the hardware – Deloitte Report

https://techbuzzireland.com/2022/11/28/this-year-has-seen-a-50-rise-in-the-penetration-of-virtual-reality-vr-headsets-with-11-of-respondents-now-owning-the-hardware/

Metaverse In Race To Become 2022's Oxford Word Of The Year

'Metaverse' has been shortlisted for the Oxford Word of The Year 2022 and for the first time people can vote for it.

https://www.ndtv.com/business/metaverse-in-race-to-become-2022s-oxford-word-of-the-year-3558687

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

Cronje Says DeFi Saved Fantom: 'We Are Cash Flow Positive'

DeFi developer Andre Cronje has detailed the ups and downs of Fantom development, claiming the team now has 30 years worth of runway.

https://blockworks.co/news/cronje-says-defi-saved-fantom-we-are-cash-flow-positive

Binance CEO explains 127K BTC transfer, points to proof-of-reserve audit

Cryptocurrency exchange Binance is moving large amounts of cryptocurrency as part of its proof-of-reserve audits, according to its CEO.

https://cointelegraph.com/news/binance-ceo-explains-127k-btc-transfer-points-at-proof-of-reserve-audit

Crypto Trading - A Little More...

Crypto startup MoonPay hires Time president to lead its enterprise business

Time president Keith Grossman is leaving the legacy publisher to take on a new role as the president of enterprise at crypto startup MoonPay.

https://www.cnbc.com/2022/11/28/crypto-startup-moonpay-hires-time-president-to-lead-enterprise.html

JPMorgan: Push to Regulate Crypto to Accelerate After FTX’s Collapse

Crypto derivatives trading is likely to shift to regulated venues, and the Chicago Mercantile Exchange is expected to emerge as a winner, the bank said.

https://www.coindesk.com/policy/2022/11/28/jpmorgan-crypto-market-regulatory-initiatives-to-accelerate-after-ftxs-collapse/

 ESG (Environment, Social & Governance)

Why the FTX Crash Is Impacting African Economies

While Africa is home to some of the fastest-growing crypto communities, many investors there lost thousands in the FTX crash.

https://time.com/6236369/ftx-crash-africa/

The Zimbabwean NFT artist Liam Vries signed up for an FTX account this past summer. He knew of the crypto exchange because some American friends recommended it and also through its aggressive advertising in Africa. He hoped to safeguard his crypto holdings—some of which came from the sale of his surrealist collage NFT art—while also growing it through FTX’s interest rates and trading opportunities.

“As an artist, I wasn’t selling as much, but knew my money could make money,” he says.

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Disclaimer: This note is distributed by Regiment, LLC for informational purposes only and is sourced from publicly available media reports.  It is not an investment recommendation or solicitation for any investment.  The information is current as of date and subject to change. In such case Regiment, LLC does not undertake to provide any updates.  Recipients must be aware that any private, alternative investments discussed are speculative in nature, often illiquid, and subject to loss of capital.