Day: December 8, 2022

What Paul Krugman gets wrong about crypto

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In mid-November, as crypto markets reeled in the aftermath of FTX’s meltdown, Nobel Prize-winning economist Paul Krugman made use of his New York Times column to disparage crypto assets — again. Despite his unquestionable academic credentials, Krugman reiterated a common misunderstanding in his attempt to understand crypto assets — by conflating Bitcoin (BTC) with other cryptocurrencies. Despite being the oldest, most valuable and most well-known member of this emerging class of digital assets, Bitcoin has a unique use case that differs widely from all others. Therefore, in order to understand…

SEC calls on firms to disclose exposure to crypto bankruptcies and risks

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The United States Securities and Exchange Commission (SEC) has issued new guidance that could see publicly traded companies disclose their exposure to crypto assets. In a statement released on Dec. 8, the SEC’s Division of Corporation Finance said that the recent upheaval in the crypto asset market has “caused widespread disruption” and noted that companies may have disclosure obligations under federal securities laws to disclose whether these events could have an impact on their business. The SEC has also included an example letter that would be addressed to companies asking…

Starbucks Launches Beta of Web3 ‘Odyssey’ Loyalty Program

The popular coffee chain opened up the Web3 extension to its Starbucks Rewards program to a “small group of waitlist members,” including employees and customers, allowing them to engage in interactive “Journeys” that earn “Journey Stamps” in the form of Polygon-based NFTs. In addition, users also get “Odyssey Points” that will open access to new benefits and experiences in the future, including virtual espresso martini-making classes, exclusive events and trips to Starbucks roasteries and coffee farms. Source BetaLaunchesLoyaltyOdysseyProgramStarbucksWeb3 CryptoX Portal

Bitcoin Consolidation At $17K Could Be A Calm Before The Storm

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Bitcoin and crypto market twist has brought unexpected changes to almost all assets. Prices have been declining with little or no hope for a reversal. The FTX exchange fiasco intensified the performance as several losses have been recorded in the entire crypto space. Following the events, the price of Bitcoin dipped below its critical resistance level of $20K. Since then, the primary cryptocurrency has plummeted as the value slipped toward the $17K region. Over the past 24 hours, BTC could not make any significant positive movement. Hence, the token has…

Record Grayscale Bitcoin Trust Discount Widens Industry Woes

Bitcoin (BTC): The largest cryptocurrency by market capitalization was trading around $17,200, up 2.2% in the past 24 hours. BTC was hovering below the $17,000 mark earlier in the day but then jumped around 1:20 p.m. ET to trade as high as $17,293. Equity markets also turned green, with the S&P 500 index closing up 0.75%. Source

FTX-Hosted NFTs Point to Broken Metadata, Issue Illuminates Flaws With NFTs Tied to Centralized Clouds – Bitcoin News

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On Wednesday, non-fungible token (NFT) supporters discovered that NFT metadata hosted on the platform FTX US points to broken metadata, and the links now point to FTX’s restructuring website. Specific collections that were minted on the Solana blockchain via the FTX US NFT platform do not show the NFT’s imagery and marketplace listings on the Coachella NFT marketplace have disappeared. FTX US-Hosted NFTs Redirect Metadata to FTX’s Restructuring Page This week owners of FTX US-hosted NFTs are discovering they can no longer see their NFT’s imagery or animations, as NFTs…

Chainlink’s First Staking Pool Pulls in $170M of LINK Tokens, Hitting Community Limit After 2 Days

The Chainlink team tweeted at 1:51 p.m. ET on Thursday that the staking community pool’s limit of 22.5 million total LINK tokens was “100% filled.” While community allotment has been filled, node operators are still able to stake their LINK tokens because the overall staking pool is capped at 25 million LINK. This leaves node operators with roughly 730,000 remaining LINK tokens to stake. Source

US lawmakers introduce bill aimed at reporting on crypto miners’ potential environmental impact

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Three United States lawmakers have introduced legislation that would direct the Environmental Protection Agency, or EPA, to report on the energy usage and environmental impact of crypto miners. In a Dec. 8 announcement, California Representative Jared Huffman and Massachusetts Senate Ed Markey said they were “sounding the alarm” the energy use from crypto mining in the United States, claiming that Bitcoin (BTC) miners accounted for roughly 1.4% of the country’s electricity consumption. Together with Senator Jeff Merkley, the lawmakers introduced the Crypto-Asset Environmental Transparency Act, aimed at instructing the EPA…

DMI finds CBDCs not targeting cross-border payments, huge potential in Metaverse

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Central bank digital currency (CBDC) development aims squarely at inclusion, both for the central bank in the national economy and for the people it serves. Meanwhile, the technology for cross-border payments is being developed elsewhere for the most part, according to a new report on the payments industry.  The Digital Money Institute (DMI), part of the Official Monetary and Financial Institutions Forum think tank, released its third annual Future of Payments report on Dec. 8. The report was sponsored by several payments companies and crypto exchange Binance, and those companies…