Crypto Box Shilling - Memecoin

2023-10-08 02:05:30 Banks Would Have to Disclose Crypto Holdings Under New BIS Plan

Banks will have to disclose cryptocurrency holdings under new plans floated Thursday, as international regulators partly blamed banking collapses on the sudden popularity of crypto. The Basel Committee on Banking Supervision, which sets norms for lenders in traditional finance (TradFi), has already said banks should issue potentially prohibitive capital for their holdings of unbacked crypto such as bitcoin (BTC) or ether (ETH).

After a turbulent year that saw the collapse of crypto exchange FTX, as well as digitally focused lenders Signature and Silicon Valley Banks, the standard-setter now wants to see lenders reveal their exposure as it seeks to cut contagion. A consultation paper to be published soon will propose “a set of disclosure requirements related to banks’ crypto asset exposures,” complementing existing capital requirements for digital assets that were finalized in December, the Committee said in a statement. The Basel grouping, which includes bank supervisors from 28 global jurisdictions including the U.S., U.K. and European Union, had previously said it will monitor crypto norms and modify them if needed, but does not appear to have previously flagged the idea of separate disclosure rules. Open / Comment

2023-10-06 01:47:21 Costa Rica Uses NFTs to Fund Coffee Research

A new partnership between the Tropical Agricultural Research and Higher Education Centre (CATIE) and the Specialty Coffee Association of Costa Rica (SCACR) will help launch an NFT collection that is inspired by 12 of CATIE’s coffee varietals to help fund coffee conservation and research. The auction will be organized through the NFT distribution company BIOCENFT, with proceeds specifically allocated towards the promotion of CATIE’s International Coffee Collection, which serves as the world’s fourth largest.

Inspired by the Geisha, Wush-Wush, Mibirizi, Hava, Rume Sudan, ER-47, SL-28, SL-34, Centroamericano, Milenio, Esperanza, and Casiopea varieties, each of the 12 NFTs features a unique design that showcases the unique characteristics of each coffee variety. Noelia Villalobos, SCACR’s Executive Director, believes that leveraging NFTs will amplify awareness regarding coffee biodiversity, consolidating CATIE and SCACR’s conservation endeavors. With the proceeds, research and development would be tailored towards the creation of pest and disease-resistant coffee strains, while helping to enhance and elevate Costa Rican coffee standards that fall in alignment with global marketing campaigns targeting untapped markets. Open / Comment

2023-10-03 14:59:58 Ethereum's Supply Has Been Influenced by the Drop in DeFi and NFT Sales

Supply dynamics in Ethereum are constantly being upended amid this year's dizzying drop in DeFi, NFT sales, and meme coin trading. Depending on which time frame you are looking at, Ethereum can be deflationary or inflationary: on a seven-day model, Ethereum becomes more scarce, whereas on a yearly framework, it issues more than it burns. What’s going on with the network’s supply dynamics, why are transaction fees prices dropping, and how does it look for the future of Ethereum?

Back in August 2021, Ethereum implemented EIP-1559, which introduced a fee-burning mechanism. Since then, the supply has had a direct connection to gas prices. Higher gas prices mean more ETH getting burned and vice versa. This set the table for last year’s merge. The transition from proof-of-work to proof of stake ended up reducing the issuance of ETH by 90%, leading many to claim that the network was now “ultrasound money.” But that label has been put to the test amid dwindling gas prices and lesser transactional volume. Amberdata’s head of research, Chris Martin, told Decrypt that the reasons for declining gas prices are three-fold. Open / Comment

2023-10-02 15:45:26 Billionaire Michael Saylor Responds to Charlie Munger's Criticism of Bitcoin – This is What He Said

Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger's criticism of Bitcoin, claiming that he hasn’t taken the time to understand Bitcoin.

In a Friday interview with CNBC, Saylor said he is "sympathetic" to Munger's criticism of the broader crypto market, noting that thousands of altcoins are little more than avenues for "gambling." However, he argued that Warren Buffett’s right-hand man would have had a different idea about Bitcoin if he studied it.

“If he was a business leader in South America or Africa or Asia and he spent a 100 hours studying the problem, he’d be more bullish on bitcoin than I am,” Saylor explained, adding:

“The Western elites have not had the time to study … but I’ve never really met someone with an incentive living in the rest of the world that spent some time thinking about it that wasn't enthusiastic about bitcoin.” Open / Comment

2023-10-02 14:12:55 Coinbase Secures MPI License From MAS Singapore, Details

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2023-09-29 23:20:54 Xiang Xiang Unicoin Arrested By Hong Kong Police In JPEX Case: Report

Two other people and Xiang Xiang Unicoin arrested by Hong Kong police in the Unicoin crypto case. Investigation ongoing; total funds involved reach HK$1.499 billion. According to Sing Tao Daily, the Hong Kong police have made significant strides in the ongoing JPEX case, with three more individuals taken into custody, bringing the total number of arrests to 15. One of the newly apprehended suspects is a 29-year-old Internet celebrity, “Xiang Xiang,” whose real name is Liang.

The other two individuals arrested are a 23-year-old named Zhong and a 28-year-old named Huang. Zhong Nan, the 23-year-old, holds the position of director at Lupin, another over-the-counter cryptocurrency exchange store. She is an employee of Unicoin, an over-the-counter cryptocurrency exchange shop, and is popularly referred to as the “Unicoin Resident Analyst” on social media. Her YouTube channel and Instagram account, where she shares investment insights and photos, have earned her the “Goddess of the Coin Industry” title among local netizens. The police have emphasized that their investigation is ongoing, and further arrests are not ruled out. The Commercial Crime Bureau’s officers are actively pursuing leads to provide crucial information to aid the investigation. Open / Comment

2023-09-27 15:50:58 FTX Files Lawsuit Against Former Employees Of Salameda With $157 Million Lost

FTX, the crypto exchange that recently filed for bankruptcy, has filed a lawsuit against former employees of Salameda, an entity linked to the exchange, CoinDesk first discovered related court documents. FTX claims that the defendant, taking advantage of their positions and connections, orchestrated preferential transfers of assets, prioritizing their own interests over other customers. They controlled multiple firms with accounts on FTX.com and FTX US, allegedly making fraudulent withdrawals shortly before FTX suspended withdrawals on November 8, 2022.

The total sum involved in these questionable transfers amounted to over $123 million out of a total of $157.3 million (based on August 31, 2023, pricing), and a significant portion of these transfers occurred on or after November 7, just hours before the suspension of withdrawals. Meanwhile, Bankman-Fried‘s legal battles continue to mount. His request for release on bond was previously denied, with allegations of witness tampering. An appeals court has now rejected his latest attempt to secure his release. Bankman-Fried faces a potential sentence of over 100 years if found guilty on all charges. His trial is set to commence on October 3 and is expected to last approximately six weeks. Open / Comment

2023-09-26 13:45:25 Magic Eden Introduces Solana cNFTs for Effortless NFT Minting

Magic Eden, where cutting-edge technology meets the thriving NFT industry. In this article, we will explore how Magic Eden is transforming the landscape of NFT minting through the integration of Solana compressed NFTs (cNFTs). We’ll delve into the benefits of cNFTs, their impact on scalability and affordability, and the potential they hold for various sectors, including gaming, events, music, and the Metaverse. Let’s dive in! cNFTs offer a revolutionary approach to digital collectibles by incorporating compact off-chain data storage.

One of the key advantages of cNFTs is their unparalleled scalability. By leveraging off-chain data storage, Magic Eden enables the creation of up to 1 million cNFTs for a fraction of the cost compared to Ethereum-based NFTs. While Ethereum transactions can range from $2.9 to over $30 for a single NFT, cNFTs offer a cost-efficient alternative, with approximately $110 enabling the minting of 1 million cNFTs. This remarkable cost-effectiveness paves the way for broader adoption and accessibility within the NFT ecosystem. Magic Eden’s introduction of cNFTs is a significant step towards democratizing digital collectibles. Open / Comment

2023-09-24 15:07:33 Senco Gold & Diamonds launches virtual jewellery showroom ‘Sencoverse’ on the Metaverse

Senco Gold & Diamonds, the Indian jewellery retailer with a legacy of over five decades, has taken a major step forward in the fast-evolving digital landscape by launching its first virtual showroom, ‘Sencoverse’ on the metaverse. It is India’s first virtual jewellery showroom on metaverse aimed at connecting with the new age customers to redefine their shopping by providing them a more customized and seamless experience.

Sencoverse, the digital platform from Eastern India’s largest jewellery retailer, is a convergence of technology and artistry to bring the brand’s exquisite jewellery to life in the virtual realm. The initiative offers an end to end shopping experience to customers, from hassle-free browsing of the virtual showroom to selection of items to receiving the chosen pieces at their doorsteps. Expressing his delight at the launch of this new initiative, Suvankar Sen, MD & CEO of Senco Gold & Diamonds, said, ‘The launch of Sencoverse marks a significant leap in our digital transformation journey and our commitment to offer exceptional and hassle-free shopping experiences to our valued customers. We believe that the digitally savvy millennials and Gen Z shoppers are the future of retail. Open / Comment

2023-09-21 00:42:57 Hong Kong Police Arrest Six In JPEX Case Involving Approximately HK$1 Billion

According to the Hong Kong Police, the total sum at stake in the JPEX investigation is close to HK$1 billion. In the ongoing investigation into the virtual asset trading platform JPEX, Hong Kong police have made significant progress, resulting in the arrest of four men and two women across different districts. The individuals are detained for investigation, facing charges of “conspiracy to defraud.”. This case underscores the significant scale and impact of alleged fraudulent activities associated with JPEX.

JPEX, in response to the investigation, has criticized the approach taken by the Securities and Futures Commission (SFC), labeling it as unfair and in contradiction to the government’s policy of positioning Hong Kong as a WEB3.0 capital. Despite the ongoing legal proceedings, JPEX has affirmed its commitment to continuing its operations and providing priority withdrawal assistance to its users. The arrests and ongoing investigation demonstrate the Hong Kong authorities’ dedication to addressing potential fraudulent activities within the virtual asset trading sector. It serves as a reminder of the importance of regulatory oversight and vigilance in ensuring the integrity and security of the cryptocurrency and blockchain space. Open / Comment