Crypto Update HQ

2023-06-13 15:56:40 Consumer price growth in the US slowed from 4.9% to 4% year-on-year in May, falling below the forecast of 4.1%. Bitcoin tested $26,400, with daily growth rates reaching 1.7%. Month-on-month, prices increased by 0.1% compared to 0.4% in April, in line with economists' expectations.

The growth of core inflation, which excludes food and energy prices, stood at 5.3% year-on-year and 0.4% month-on-month. The previous figures were 5.5% and 0.4% respectively. Analysts had predicted figures at 5.2% year-on-year and 0.4% month-on-month.

The data released by the US Bureau of Labor Statistics (BLS) have sparked mixed reactions among investors. Risk appetite on global markets has been unstable, with stocks attempting to extend the rally of previous days. Bitcoin has retreated to its initial positions. Open / Comment

2023-06-13 15:22:50 Apple has warned decentralized social network Damus about potential app store removal due to its content monetization feature. The feature, called zaps, allows users to earn satoshis for viewing posts using the Lightning Network's micropayment system. Damus developers may consider removing zaps to stay on the app store, but they believe it would hinder blockchain innovation with Lightning. Damus clarifies that it doesn't sell digital goods and only facilitates P2P transactions through tips, similar to Venmo or CashApp. The social network operates on the Nostr decentralized network for secure messaging. Since introducing monetization and zaps, Damus has faced fraudulent projects impersonating genuine crypto protocols. Open / Comment

2023-06-13 14:44:08 BNB Chain's Luban upgrade has enhanced transaction security and reliability. The upgrade includes three proposals: BEP-126 for faster block finalization, BEP-174 to secure cross-chain transfers, and BEP-221 for simplified block validation. The update provides improved security against double-spending and MEV reorganizations, irreversible transactions, and efficient operations for exchanges and DeFi protocols. However, it does not speed up transactions or reduce fees directly. Polyhedra Network supports the Luban hard fork, which offers super-fast finalization and increased security using zero-knowledge proofs (ZKP) in the BNB network. Open / Comment

2023-06-12 20:30:13 Blockchain-based AI platform Gensyn raised $43 million in a Series A funding round led by a16z.

Participants included CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and other venture investors.

The London-based startup is developing a marketplace protocol that enables owners of small data centers and individual devices to provide computational power for machine learning. Buyer-seller relationships will be regulated on the blockchain.

Gensyn acknowledges the AI boom sparked by ChatGPT's success, which has led to increased demand for computational resources.

According to a16z, Gensyn's solution can increase available machine learning power by 10-100 times.

"Artificial intelligence lays the foundation for the next industrial revolution, and fulfilling its potential requires massive computational power," emphasized Gensyn co-founder Ben Fielding.

Gensyn's open infrastructure aims to connect AI model creators with providers of necessary computational power. Open / Comment

2023-06-12 18:46:12 Journalist Jamie Redman surveyed six AI chatbots about Bitcoin's potential as a global reserve currency.

ChatGPT 3.5 and ChatGPT 4 expressed uncertainty due to existing issues and the evolving crypto ecosystem.

Bard emphasized the need for wider adoption, price stability, and blockchain technology improvements.

Claude 4 rated the likelihood of Bitcoin becoming a reserve currency within 10-15 years as low to moderate.

Claude Instant deemed it unlikely in the next 5-10 years due to stability and recognition issues.

ChatGPT 4 mentioned the time required for Bitcoin to become a reserve currency and highlighted challenges like volatility and regulatory requirements.

Bing AI listed factors influencing Bitcoin's future, including adoption, technology, regulation, and competition.

Only Bard and Claude 4 provided potential likelihood and time frames. ChatGPT 3.5's data is pre-September 2021, and ChatGPT 4 cannot predict the future with certainty. Open / Comment

2023-06-12 14:47:53 Tether, the stablecoin issuer, has authorized 1 billion USDT for issuance to "replenish reserves" and support token exchange across different blockchains. This is the second such tranche of this magnitude, with the first occurring in April. Tether works with third parties to balance USDT liquidity in different networks, as platforms may face situations where most USDT is in one blockchain but withdrawals need to be processed in another. The issued stablecoins remain in Tether's treasury as "authorized but not issued," and they do not count towards the token's market capitalization calculation. Open / Comment

2023-06-12 13:48:56 Ukrainian travel agency network Join UP now accepts cryptocurrency payments via Whitepay platform. Customers can use over 140 coins, including Bitcoin, Ethereum, USDT, and Litecoin. Whitepay ensures payment security and customer support. Open / Comment

2023-06-12 10:26:12 Cryptocurrency exchanges face a tough battle with the SEC, and customers should "stop using them immediately," says former SEC lawyer John Reed Stark. He highlights the lack of SEC registration, leading to inadequate supervision and risks. Stark mentions issues with record-keeping and non-compliance with order flow requirements. He argues that these companies lack internal incentives to follow US laws, including market manipulation and insider trading regulations. He points out the absence of cybersecurity measures, privacy protection, compliance obligations, customer complaint procedures, and minimum financial standards. Stark previously explained the reasons for the "crypto collapse." Open / Comment

2023-06-10 20:44:35 Web3 startup Magic raises $52M in PayPal Ventures-led round

Cherubic, Synchrony, KX, Northzone and Volt Capital also participated in Magic's strategic investment round. The amount of funds raised by the startup exceeded $80 million.

Taiko Labs raises $22M to build Type 1 zkEVM

Cryptocurrency life insurance startup Meanwhile announced the closing of two seed funding rounds totaling $19 million.

Lens web3 platform raises $15 million

Tabi NFT Marketplace Raises $10M

Haun Ventures Leads Argus Labs $10M Investment Round

Cosmos developers raised $5.3 million in investments Open / Comment