Chain Reaction - 16th January 2023
Crypto correlations, Bullish Questions and SBF on Substack too?
Welcome everyone! If you missed it, it's competition time! We announced the launch of a forecasting competition on Twitter where we see if the wisdom of the crowds gets us towards some accurate predictions. It covers things like prices, regulatory events happening (or not) and more. You have until the end of this month (midnight 31st January) to submit responses so check it out here:
Here’s the type of questions you’ll see in the competition
It’s already halfway through the month yet it feels like this year has only just begun. We have plans for our official meetups to begin in Sydney in late February and we’ll run from Feb to November for these events (all at Stone & Chalk). But, since that means we’re not having an official meetup in January, we are going to open up and do a get together for those who are interested for late January (25th is likely). To learn more, get into our Discord here where we’ll talk about it in the #aus-defi-nsw channel. Discord link here: https://discord.com/invite/3bGRvn9DVwÂ
News
SBF made his first blog post after being released from bail with all blame put on Alameda. Something ain't quite right there is it.
Speaking of FTX, there’s also this article about them, Sotheby’s and the potential of further securities fraud
Big on the media push last week from us with a few features from co-founder, Mark Monfort (aka Captain DeFi). First up in this Defiant article on the potential Binance/Voyager buyout https://thedefiant.io/binance-voyager-deal-approval. Whilst it could be positive for Voyager users, it’s a stark reminder of the need of the benefit of DeFi protocols.Â
Then this piece from Tom Mitchelhill on bull-bear markets and price action at The Chainsaw https://thechainsaw.com/defi/crypto/is-the-crypto-bull-market-back/ - he erred on the side of caution given how correlated ETHUSD has been with technology stocks and wider market drivers. NotCentralised has a crypto tracker which can be used to look at crypto correlations here https://tinyurl.com/cryptocurrencytrackerÂ
And finally, this piece on DeFi 101 with The Chainsaw (and Samira Tollo from Elbait) https://thechainsaw.com/business/what-is-decentralised-finance-a-101-on-defi-infrastructure/Â
Speaking of correlations, we also got to talk about this on ausbiz with chapter lead Nick Bishop and Mark on there on Monday https://www.ausbiz.com.au/media/the-secret-crypto-market-trading-correlations?videoId=26435Â
And Nick Bishop again later on Friday to talk bullish signs in the market https://www.ausbiz.com.au/media/sbf-i-didnt-steal-funds-from-ftx?videoId=26552Â
Another Ethereum update is coming and this one enables stakers to withdraw their Ether (many of whom were waiting until after the Merge). More from The Defiant hereÂ
Coinbase is expected to cut 950 staff from its existing 4700 head count https://www.coindesk.com/business/2023/01/10/coinbase-plans-to-cut-950-jobs-by-end-of-q2/Â
The view from a risk managers perspective on FTX here with this article from The Asian Banker https://www.theasianbanker.com/updates-and-articles/are-there-any-new-lessons-to-be-learnt-from-the-ftx-collapseÂ
Shopify is getting on the NFT bandwagon too, and making it easier for users along the way with this minting service https://www.coindesk.com/web3/2023/01/05/shopify-merchants-can-now-design-mint-and-sell-avalanche-nfts/Â
More on AI and we're seeing Microsoft put a $29bn valuation on OpenAI (the company behind ChatGPT) and even potentially invest up to $10bn https://thechainsaw.com/business/industry/microsoft-10-billion-investment-openai/Â
And Microsoft is adding to the AI space with its own offering VALLE, a voice AI model https://thechainsaw.com/business/microsofts-ai-vall-e-can-recreate-your-voice-in-3-seconds/Â
We're still early in 2023 so predictions are abound, including this one from Bankless
And from Coin Bureau
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