Welcome to Issue #73 of Bitfinity Weekly for our #BITFINIANS community. If this newsletter was forwarded to you, sign up here.
What's in Today's Email?
- Global Crypto News
- This Week in our Blog
- NFT Market Bytes
- Tweet of the Week
- Meme Time
- A Matter of Opinion
Global Crypto News
🚫 Chased Away: JP Morgan's U.K. subsidiary Chase bank will be banning all crypto-related payments via debit card or by outgoing bank transfer for customers residing in the U.K., beginning October 16th. Citing the bank's desire to protect customer funds in an era of increasing fraud and crypto scams, Chase said: "If we think you're making a payment related to crypto assets, we'll decline it."
🪄 Runescapes: Casey Rodarmor, the dev who created the Ordinals protocol, unveiled a new Bitcoin protocol on Monday, called "Runes". Runes promises to be more efficient than Ordinals, specifically regarding UTXO (Unspent Transaction Output) proliferation on Bitcoin. While the Runes protocol exists loosely, a token standard has not been drafted.
☀️ Sunshine Fund: HTX (formerly Huobi) suffered a hack last Sunday resulting in the loss of 500 $ETH, currently valued at around $8 million. According to HTX adviser (and notorious Tron founder) Justin Sun, the hacked sum represents just two weeks' revenue for HTX. All operations have continued as usual, with HTX fully covering the losses. Sun additionally stated that the exchange was willing to give the hacker a $400,000 bug bounty to the hacker, as well as the possibility of a security advisory role, upon return of the stolen funds.
🤡 A HIT piece: Ben Armstrong, better known as Bitboy, was arrested this Monday following a 37-minute livestream in which he drove to former business partner Carlos Diaz' house to repossess a Lamborghini that Armstrong claims Diaz stole from him. Armstrong was angrily ranting about Diaz' connections to the mafia, among other things, and pacing outside Diaz' house when the police arrived. Armstrong's mistress (identified on the livestream to the police as "Cassie"), was allegedly in the car when the incident occurred.
This Week in our Blog
Everything you wanted to know about EVM (Ethereum Virtual Machine) chains and more! Take this informative deep dive with us, in which we cover the history of EVMs, how they work, and how the Bitfinity Network EVM compares.
Crypto ETFs have been in the news lately, and you may be wondering what they are and what ETF approvals from the SEC means for the broader crypto market. In this article we break down how it all works:
NFT Market Bytes
🐧 Waddling to Retail: Pudgy Penguins became the first NFT brand to occupy shelf space in a major retail chain, as announcements unveiled this Tuesday about a line of Pudgy Penguins branded toys to be sold in 2,000 Walmart stores in the U.S. Brittany Smith, Walmart's VP of Toys is quoted as saying, "Pudgy Penguins is bridging the gap between our physical and digital worlds of play".
🇫🇷 Future of France: The Musee d'Orsay, a Parisian museum renowned for its impressionist collection, is collaborating with Tezos to expand its presence in Web3. This partnership aims to enhance the museum's digital offerings, including NFTs, by leveraging Tezos' blockchain technology. Further in the future, the museum intends to tokenize its digital assets and explore new ways to engage with art enthusiasts and collectors in the digital realm.
💰 You Know: IYK announced this Thursday that it successfully raised $16.8m from heavyweight investors such as a16z and NFT collector gmoney. IYK, which is best known for integrating physical items with NFTs through its NFC (Near Field Communication) chips, has worked with international brands such as Adidas, Johnny Walker, Atlantic Records, as well as web3 names like Coinbase.
Tweet of the Week
A Matter of Opinion
This week, international bank Chase made a surprise move by banning U.K. customers from participating in all cryptocurrency transactions. While it's necessary for financial institutions to protect their customers, the outright ban on crypto transactions may be seen as infantilizing to adult customers who are knowledgeable about cryptocurrencies and willing to assume their own risks.
The web3 industry is evolving at a breathtaking pace, having already established itself as a substantial part of the global financial landscape. Attempting to stifle its growth with bans will only prolong this period of regulatory uncertainty and hinder the industry's potential to innovate and democratize finance.
If the United Kingdom aspires to become a hub for Web3, as Prime Minister Rishi Sunak has suggested in the past, then regulators must step up--this goes for governments across the world. The ban, which was voluntarily enforced by Chase bank, reflects regulatory confusion, and it's clear that major institutions like Chase prefer to err on the side of caution rather than navigate the murky waters of ever-changing regulations.
Beyond all else, this incident underscores the urgent need for clearer regulatory guidelines. While many crypto enthusiasts may resist government oversight, there must be clarity about what is or isn't legal when it comes to crypto.
It is long overdue for financial institutions and regulators to engage in constructive dialogue with the crypto industry. Blockchains and cryptocurrencies are here to stay, and it's everyone's best interests to foster collaboration and establish a regulatory framework that protects consumers, prevents illicit activities, and encourages innovation in this rapidly evolving sector.
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*Disclaimer: While every effort is made on this website to provide accurate information, any opinions expressed or information disseminated do not necessarily reflect the views of Bitfinity itself.