Bitfinity Weekly: Bitcoin's Future

Bitfinity Weekly: Bitcoin's Future

Welcome to Issue #95 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

📉 To Zero: Midst Bitcoin's rally past $60k this week, major crypto exchange Coinbase experienced a large scale error which resulted in numerous customers to see a zero balance in their accounts. Coinbase was quick to address the issue on X, in a later update clarifying that the balance error was due to increased traffic.

💸 Bit-ter Story: BitForex, one of the leading global crypto exchanges in terms of capitalization with a daily trading volume of $2.6b, has shut down without warning. The Hong Kong-based exchange saw an outflow of around $56.5m in crypto from its hot wallets on February 23rd, and halted all withdrawals the next day. As of time of writing, BitForex's website remains down and the company shows no social media activity.

🧑‍⚖️ Bankman Freed: Disgraced FTX founder Sam Bankman-Fried has a new legal team, headed by Marc Mukasey who is best known for previously representing former U.S. president Donald Trump. Mukasey's team is arguing for leniency in a 121-page sentencing memo asking that Bankman-Fried serve a maximum of six and a half years in prison. Bankman-Fried has been found guilty on seven wire fraud and conspiracy charges and faces a 110 year prison sentence.

🚀 Blast Off: Ethereum L2 blockchain Blast launched on Thursday after amassing more than $2.3b in TVL before their mainnet went live. Billed as an L2 with "native yield", early Blast supporters locked up billions in crypto months ahead of the mainnet launch in an effort to earn airdrop rewards, a move that some like Dan Robinson of Paradigm criticized.

This Week in our Blog

The burgeoning Bitcoin ecosystem is filling up with new, innovative concepts such as DMT (Digital Matter Theory) and NATs (non-arbitrary tokens). Take a deep dive with us into what could be Bitcoin's future:

Bitcoin and DMT: Experimenting with Bitcoin’s Future
Discover the latest in Bitcoin DeFi: TAP protocol enhancements, TRAC indexing, and the groundbreaking Digital Matter Theory (DMT) for non-arbitrary tokens (NATs). Dive into the evolving world of Bitcoin ordinals, inscriptions, and the burgeoning Bitcoin metaverse.

NFT Market Bytes

🌌 License to Play: MixMob, a web3 gaming platform built in the Solana ecosystem, has acquired licensing rights to the 'Original Stormtrooper', a popular soldier model from the iconic Star Wars series, first seen in 1977's "Star Wars: A New Hope". The licensing deal allows MixMob to add the stormtrooper character as an NFT for MixMob's card racing game.

🪄 Distributing Magic: Magic Eden's Ethereum marketplace went live on Tuesday. Created in collaboration with Yuga Labs, the platform is billed as "the industry's first major Ethereum platform to honor creator loyalties". Additionally on Tuesday, Magic Eden unveiled the Creator's Alliance, an initiative that enforces creator royalties as a universal standard. Yuga Labs, RTFKT, Azuki, Pudgy Penguins and other prominent NFT brands have already joined the Alliance.

👗 Elements of Style: Acclaimed digital fashion designer Stephy Fung debuted her SYKY Collective collaborative collection during NFT Paris this week. SYKY Collective is a luxury fashion brand founded in 2022 by a former Burberry team member, and focuses on the intersection of digital assets and luxury fashion.

Tweet of the Week

Bitfinity 🤝 Bitcoin

Meme Time

A Matter of Opinion

A much hyped Bitcoin Puppets derivative mint, PMB (short for Puppet Maxi Biz), almost cost one trader close to $13k because of a simple mistake. Ordinals trader @PrincePablos wrote on X about 'fat fingering' the transaction approval, which he thought was for $1,287--10x less than what he actually approved.

In his original tweet, @PrincePablos admitted to feeling embarassed about the mistake but wrote that he "wanted to share just incase it reminds one person to double check" their transaction. This story has a happy ending however as Dan Anderson (@droplister), the Ordinals trader who had listed the $13k PMB, saw PrincePablos' tweet and submitted an offer to purchase it back at the price it was sold.

Despite being entitled to the windfall without any legal or social repercussions, Anderson chose integrity over profit, his act of altruism going viral in the crypto community.

X thread here

Anderson's decision to repurchase the NFT at the listed price epitomizes the ethical standards that should underscore our financial transactions. His refusal to capitalize on a genuine mistake highlights the importance of empathy and personal accountability in the crypto space—a realm often criticized for its anonymity and associated problems.

As cryptocurrencies continue to permeate mainstream finance, the need for ethical conduct becomes increasingly imperative. Anderson's act of kindness serves as a beacon of hope, reminding us that compassion and integrity can and should coexist even under the shelter of anonymity provided by DeFi. Crypto's principle of an individual's right to privacy does not lead to a faceless and uncaring future.

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*Important 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. The information provided here is for general informational purposes only and should not be considered as financial advice.