It certainly was an interesting week with PEPE coin continuing its ridiculous rise and people seeing small investments turn into something much more signficant as we can see here https://www.coindesk.com/markets/2023/05/05/pepecoins-bewildering-rise-turned-a-pittance-into-an-almost-5000000-meme-coin-profit/.
Of course, this sort of stuff isn’t sustainable given there’s nothing more than memes and scarcity (deflationary coin) backing this rise. So for this, more than other coins, caveat emptor (buyer beware).
Another meme-like coin was in the news here, this time driven by AI and creator Rhett Mankind (from Melbourne). He explains how he used ChatGPT and AI tools to turn a $69 investment into the $TURBO meme coin worth $20m at the time of this video below (where he describes his story)
Regardless of what you think about TURBO, it’s clear Rhett showcases excitement and gratitude. He’s overwhelmed by the success here and that this project has potentially taken on a life of its own. Whilst it’s great to see that a meme like this has helped people pay off their debts, we can only hope that this does not turn into a project that only goes up when more people buy in. Given that this project can turn into anything right now, here’s hoping that utility and something useful is added to the project, lest this becomes another negative story to tell for both crypto and AI. Though, that said, if it turns into the uncovering of value for an amazing artist, then perhaps the utility question is a bit harder to ask but either way, important to be mindful of sales like this.
Other News
Here’s something worth highlighting from Steve Vallas who’s recently returned from a successful trip to Consensus, this time on how we have an opportunity to offer a compelling market for digital assets in Australia with the shakeup of ASIC enforcement division coming as the US is effectively on pause for crypto innovation (with all the SEC actions). Read more here https://www.linkedin.com/posts/stevevallas_asic-muscles-up-its-enforcement-division-activity-7059299403399913472-2wIO?utm_source=share&utm_medium=member_desktop
And original AFR article is here https://www.afr.com/policy/economy/asic-muscles-up-its-enforcement-division-as-part-of-a-major-shake-up-20230502-p5d4v0
Stripe with the no code fiat on-ramp / off-ramp here and we're keen to see what kind of unlocks come from this https://twitter.com/stripe/status/1654156129960615938?t=BxQEHZtTVUy1b0FhLRUvRQ&s=19
Here's 5 takeaways from Consensus with Coin Desk covering a lot on regulation to how optimistic people are the conference tended to be (though how many conferences do you go to where you're not high oh the space?) https://www.coindesk.com/consensus-magazine/2023/04/28/5-consensus-2023-takeaways/
Major news from MasterCard making moves into the crypto space and embracing what they can do here with their new crypto credentials service to enable standards to enable interaction with public blockchains
Expect more corporates making moves like this as blockchain rails are seen as something that warrants serious investigation.
Another rugpull, and here we were thinking bad actors were gone. There's still some out there. This time it's WSB (aka Wall Street Bets) https://twitter.com/inversebrah/status/1654103764616499200?t=SxqaQyRL0n04nD3JUrvOpA&s=19
Dedollarisation of the US dollar and establishment of a BRICS coin has been on the agenda of many in the crypto community. Patrick Boyle, well known financial YouTuber and someone who deserves your attention, explains here why that move will be unlikely to happen anytime soon
Interesting thought-piece here from CoinDesk on whether Coinbase move away from working with the regulators will stifle or enable growth for the firm. Given their pedigree, we think they stand a great chance at success. https://www.coindesk.com/consensus-magazine/2023/05/02/coinbase-grew-quickly-by-working-with-us-regulators-will-it-expand-even-more-by-disregarding-the-sec/
Finally, there’s this interesting piece from The Chainsaw on what happens when you pass away and you have an open crypto portfolio. End of life custodial services anyone?https://thechainsaw.com/defi/crypto-portfolio-when-you-die-what-happens/
ABOUT AUS DEFI ASSOCIATION
The Australian DeFi Association (Aus DeFi) is a non-profit community organization dedicated to increasing education and awareness of blockchain technology, specifically decentralized finance (DeFi) and web3-based projects. Their goal is to empower the Australian community with the knowledge and tools to participate in the decentralized economy, and to promote the adoption and growth of blockchain technology in Australia. They strive to provide a more grassroots approach to promoting blockchain technology compared to other industry-focused organizations in Australia, and to provide a platform for community members to learn about and engage with this emerging technology.
You can watch our recorded meetups and interviews here on YouTube: https://www.youtube.com/@ausdefiassociation3956/videos
SPONSORS
We also thank all of our sponsors who help us run and organise and keep this association going. We could not do it without them so check out their details here
NotCentralised - https://www.notcentralised.com/
Sensand - https://sensand.com/
Stone & Chalk - https://www.stoneandchalk.com.au/web3
Fireblocks - https://www.fireblocks.com/
Adiuvo Legal - https://adiuvolegal.com.au/home
Block Earner - https://blockearner.com.au/
Digital Village - https://digitalvillage.network/
Klyp Co - https://klyp.co/