Chain Reaction - 23rd January 2023
Anagram day means anagrams, and other things
First up, let’s celebrate the anagram date we’re in 23/1/23. So whilst you might read this at noon or another time, make sure to level up and take a peep at what’s in store this wee. In 2022, we panic in a pew but were never odd or even. However when it comes to folks like SBF “he lived as a devil, eh”. Whilst folks who see him might shout “Yo, Banana Boy", there are still folks out there who never borrow or rob.
Whatever all the above means, let’s hope for more positives this year as we get towards the end of the first month and how fast that has come already!
Anyway, back to non-pallindrome action and we started the week with a Twitter Spaces where we heard from folks who’d had the unfortunate experience of being rugged. This included those who it’s recently happened to as well as those who’ve experienced it in the past a few times. Lots of lesson learned here so listen in
Great to see our friends from Sensand seeing Fireblocks over in NY. These photos are lit
Many saw this news coming with Genesis announcing their bankruptcy https://www.coindesk.com/business/2023/01/20/genesis-global-files-for-bankruptcy-protection/
The Australian crypto casino Stake.com is in trouble and it's bringing the singer Drake with it https://thechainsaw.com/defi/crypto/drake-australian-crypto-casino-stake-com/
It wasn't all bad news though with our mates at Collective Shift completing their $1.5m seed fund. Congrats team!
Another big 4 bank developed a stablecoin, this time it’s NAB with their AUDN https://coingeek.com/australia-big-4-bank-nab-develops-stablecoin/
Also great to see this piece on the various crypto hotspots in Sydney and what keeps it up at night https://www.smh.com.au/national/nsw/money-never-sleeps-but-that-s-not-what-keeps-sydney-s-bedroom-traders-up-at-night-20220919-p5bj76.html
We saw Damien from Drift Protocol was on Cracking Crypto for Ausbiz talking about the Solana Foundation hacker house in Melbourne being run over February and March https://www.ausbiz.com.au/media/building-developer-support-for-solana-network?videoId=26580
As well as the golf/web3 crossover Play Today
Seoul in the metaverse? You better believe it https://cointelegraph-com.cdn.ampproject.org/c/s/cointelegraph.com/news/seoul-government-opens-city-s-metaverse-project-to-public/amp
BlackRock eyeing more tokenised assets? Indeed they are according to Bits of Blocks https://www-bitsofblocks-io.cdn.ampproject.org/c/s/www.bitsofblocks.io/amp/blackrock-eyes-tokenised-future
Also here's something on the crossover of #AI and #Crypto from The Defiant
Great CoinDesk video here interviewing economist Noelle Acheson and some great points covered. Overall the talk goes back to what are meant to be the essential features of investing in crypto such as the fact that investing into crypto is like being able to invest in early stage tech stocks (and no wonder it’s traded similarly to tech stocks as we can see via CRYPTOtracker https://tinyurl.com/cryptocurrencytracker). Not only that, you can get into these investments at an earlier stage than you can with traditional equities where IPOs are restricted and investors only really get access to the more mature secondary markets. Additionally, crypto projects can be 2 things if a token is involved, both a currency and the protocol itself. Imagine being able to invest in the internet when that was coming out.
This isn’t investment advice and we highly recommend seeking financial advice but what is publicly known is that diversification can help avoid the pitfalls of FOMOing into bad bets (whether in crypto or elsewhere). There are many folks who’ve had it bad by treating what are meant to be risky early stage crypto projects as mature traditional investments. So just be careful out there.
Over at Bankless, there was this great video interview with the economist, Tyler Cowen. They dive into regulation and how governments shouldn't rush towards it until we figure out the use cases for crypto which are sustainable. Check it out here
That’s it for another week folks, stay safe out there and we’ll see you next week.
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