LensLinks: Issue 77

A blockchain news roundup, brought to you by Regiment LLC

Author

Len Pacek
January 23, 2023

Today in LensLinks:

  • RETRO: A Look Back at the "Crypto Bowl"

  • Genesis Bankruptcy

  • Will Metaverse become 'As Important as Smartphones'? Meta thinks so.

  • The Reports Of The Death Of Crypto Are Greatly Exaggerated At Davos

  • TurboTax Guide to Crypto Tax

  • UAE has 1,650 Blockchain Organisations

  • 1st "Bored Ape" NFT Game: $2,300 for 3 Weeks of Play

  • U.S. to Announce International Crypto currency Actiion

  • SEC Leaked Personal Info of Crypto Miners

  • And Much, Much, More...

QUOTABLE...

“I think the Internet is a very good way of thinking about the metaverse because some parts of the Internet are very coherent with each other. The caveat, he said, is that the interoperability “doesn’t exist yet for the metaverse.”

- Meta’s chief product officer, Chris Cox

NOTABLE...

Genesis, a Crypto Lending Firm, Files for Bankruptcy

Genesis was caught in the fallout of the collapse of FTX, the crypto exchange founded by Sam Bankman-Fried.

https://www.nytimes.com/2023/01/20/technology/genesis-bankruptcy-crypto.html

Genesis survived for longer, but suffered in the fallout from FTX’s implosion. In November, Genesis said it was freezing withdrawals, citing “market turmoil” caused by the bankruptcy of Mr. Bankman-Fried’s business.

The filing in bankruptcy court in the Southern District of New York covered three entities: Genesis Global Holdco and two of its subsidiaries, Genesis Global Capital and Genesis Asia Pacific.

 Metaverse & Gaming

Meta Claims Metaverse Will Become 'As Important as Smartphones'

Meta's not backing down on its ambitious plans to integrate its so-called metaverse into our everyday lives.

https://gizmodo.com/meta-metaverse-smartphones-facebook-whatsapp-1850006171

Meta’s chief product officer, Chris Cox, claims the metaverse will one day become as big a part of consumers’ lives as the smartphone as the company works to create a bigger edge in the digital world.

For years, Meta has worked to create technology that will impact people all over the world, taking them to the next level of virtual reality, and providing an escape hatch from everyday life.

 Blockchain, Tokens & DeFi

The Reports Of The Death Of Crypto Are Greatly Exaggerated At Davos

The global blockchain community is quietly and confidently replacing the antiquated plumbing in financial markets, some of it more than 50 years old, and replacing it with digital infrastructure that works and delivers real benefits, both economic and social.

https://www-forbes-com.cdn.ampproject.org/c/s/www.forbes.com/sites/lawrencewintermeyer/2023/01/20/the-reports-of-the-death-of-crypto-are-greatly-exaggerated-at-davos/amp/

There was quite a bit of gloom coming out the main congress center on the 50th anniversary of World Economic Forum (WEF) at Davos with the 2023 theme, “Cooperation in a Fragmented World”. With double digital inflation, high energy and food costs, and the ongoing conflict in Ukraine, many global political and business leaders skipped this year’s WEF all together.

Crypto Trading

Your Crypto Tax Guide - TurboTax Tax Tips & Videos

Is there a cryptocurrency tax? If you've invested in cryptocurrency, understand how the IRS taxes these investments and what constitutes a taxable event.

https://turbotax.intuit.com/tax-tips/investments-and-taxes/your-cryptocurrency-tax-guide/L4k3xiFjB?wbraid=Ck0KCAiAlKmeBhAhEj0AvcoGQ8VGohrc4Yx_fxrXkdaKzE-J-WZFTUCIrc8FFf0JmFzuaOgt4R2chMM4e6-H2Ej0izXPKzNQyEKJGgKR7A

Key Takeaways

• The IRS treats cryptocurrency as property, meaning that when you buy, sell or exchange it, this counts as a taxable event and typically results in either a capital gain or loss.

• When you earn income from cryptocurrency activities, this is taxed as ordinary income.

• You report these taxable events on your tax return using various tax forms.

• Keep records of your transactions so that you can inform the IRS of all your crypto activity during the year.

Metaverse & Gaming - A Little More...

China's Automobile and Healthcare Amongst Sectors To Benefit From Metaverse Developments - Report

A Deloitte report, “The Metaverse in Asia- Strategies for Accelerating Economic Impact”, estimates that the impact of the metaverse on GDP

https://zycrypto.com/chinas-automobile-and-healthcare-amongst-sectors-to-benefit-from-metaverse-developments-report/

UAE has 1,650 blockchain organisations

The UAE has 1,650 blockchain organisations and more than 8,300 people are employed in the sector, according to a report by a leading cryptocurrency firm.Crypto Oasis, the fastest growing blockchain ecosystem in the world, has announced it passed its goal

https://www.emirates247.com/business/gold-currency/uae-has-1-650-blockchain-organisations-2023-01-22-1.698877

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

The first “Bored Ape” NFT game costs $2,300+ for three weeks of play – Ars Technica

https://arstechnica.com/gaming/2023/01/the-first-bored-ape-nft-game-costs-2300-for-three-weeks-of-play/amp/

U.S. to announce international cryptocurrency action -statement

The U.S. Justice Department will "announce a major, international cryptocurrency enforcement action" on Wednesday, it said in a statement, adding the U.S. Treasury Department will also make an announcement.

https://www.reuters.com/world/us/us-announce-international-cryptocurrency-action-statement-2023-01-18/

SEC leaked personal information of crypto miners

The Securities and Exchange Commission unintentionally leaked the personal information of several crypto miners, a disclosure that violates federal privacy laws.

https://www.washingtonexaminer.com/policy/technology/sec-official-accidentally-leaks-personal-information-of-crypto-community?_amp=true

Crypto Trading - A Little More...

Ex-Genesis execs claimed they raised millions for crypto hedge fund just as former company neared bankruptcy

A former Genesis employee sent a message to a prospective investor in December, pitching a new crypto hedge fund.

https://www.cnbc.com/2023/01/21/ex-genesis-execs-raised-cash-for-crypto-hedge-fund-before-bankruptcy.html

Retail Trading Giant Robinhood ‘Hard at Work’ Incorporating Dogecoin (DOGE) Into Brand-New Crypto Wallet - The Daily Hodl

Retail trading giant Robinhood says it's "hard at work" trying to incorporate Dogecoin (DOGE) into its brand new crypto wallet product.

https://dailyhodl.com/2023/01/21/retail-trading-giant-robinhood-hard-at-work-incorporating-dogecoin-doge-into-brand-new-crypto-wallet/

Industry Retro (How far we have come)

A look at the companies behind the pricey 'Crypto Bowl' ads, then vs. now, as Super Bowl LVII approaches

With Super Bowl LVII approaching, here's how 2022's "Crypto Bowl" advertisers fared over a chaotic year for crypto.

https://www.businessinsider.com/look-back-crypto-bowl-super-bowl-ads-2023-1

Fans dubbed Super Bowl LVI the "Crypto Bowl" after ads from crypto companies made a splash.

The larger crypto industry suffered billions in losses in 2022, which FTX's collapse highlighted.

Here's a look back at the 2022 ads, and the year that FTX, Coinbase, Crypto.com, and eToro each had.

ESG (Environment, Social & Governance)

If Any Crypto Will Reach $1 Trillion, It's Ethereum - newsbtc.com

Based on the year-to-date performance and their drawdown from their all-time highs (ATHs), Bitcoin (BTC) and Ethereum (ETH) have performed very similarly.

https://www.inferse.com/413161/if-any-crypto-will-reach-1-trillion-its-ethereum-newsbtc-com/

His reasoning? Institutional investors who need to align buying with their Environmental, Social, and Governance (ESG) agenda

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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.