Step Right Up, Step Right Up!
Ladies and gentlemen, boys and girls, children of all ages over 18, welcome to Wizardias Weekly Crypto News, The Fabulous Circus edition.
We have a spectacular show for you tonight, with the most outstanding entertainers certain to blow your mind, so get your popcorn and drinks, take you seat and enjoy the show.
- SBF the crypto clowns tightrope
- Crypto goes back to school, to show the world it's not a fool (Yes, this is Billy Maddison inspired)
- Prof. Fink - the man who can change his own heart? Oh Glavin Flavin Mavin!
But first, let me introduce you to our new Weekend Bash with epic rewards AND new rules. Get familiar to win here.
🏛️Sam Bankman-Fried Court Case Update: Week 3
In the third week of the trial, the prosecution called Nishad Singh to testify. Singh was a former director of engineering at FTX and a close associate of Bankman-Fried.
He is also a witness for the prosecution in the case against Caroline Ellison, the former CEO of Alameda Research.
Singh's testimony was damaging to Bankman-Fried's defense. He testified that Bankman-Fried was the ultimate decision maker at FTX and that he knew that Alameda Research had special privileges on the exchange.
Singh also testified that Bankman-Fried directed him to process political donations in his name.
At the end of the week, Bankman-Fried's defense team asked the judge to delay the trial until Thursday, arguing that Bankman-Fried needs more Adderall. The judge denied the request.
Food for thought - If SBF was on Adderall at the height of FTX, instead of playing video games, maybe he wouldn’t be in this mess?
Some key takeaways from Singh's testimony:
Bankman-Fried was the ultimate decision maker at FTX, despite his previous claims to the contrary. In other words, he was the puppet master pulling all the strings.
Alameda Research had special privileges on FTX, giving it an unfair advantage over other traders. It was like Alameda was playing on easy mode.
Bankman-Fried directed Singh to process political donations in his name, suggesting that he was trying to conceal his involvement in political campaigns. Bankman-Fried was such a selfless guy, he was willing to sacrifice his own reputation to help others ;)
Singh's testimony is a major blow to Bankman-Fried's defense. It shows that he was aware of and involved in the fraudulent activity that took place at FTX. It also shows that he was willing to lie to the public about his role in the company.
🏫 Crypto Goes to School
Coinbase Ventures and Haun Ventures, two of the biggest crypto investment firms, are backing a new technology accelerator program at the University of Arkansas.
The program, called Bounds Accelerator, will focus on helping startups develop blockchain-based solutions for the retail industry.
The Bounds Accelerator program will be a 16-week program that will provide startups with access to mentors, resources, and funding.
The program will begin on January 8, 2024 and will conclude with a demo day event in Bentonville, Arkansas.
"We're excited to partner with the University of Arkansas to launch Bounds Accelerator," said Shan Aggarwal, head of corporate development and ventures at Coinbase.
The Bounds Accelerator program is open to startups from all over the United States. Applications are due by November 3, 2023.
The backing of Coinbase Ventures and Haun Ventures for the Bounds Accelerator program is a significant development for the crypto industry. It shows that these two major investment firms are bullish on the potential of blockchain technology to revolutionize the retail industry.
The program is also well-positioned to succeed. Arkansas is home to a number of major retailers, as well as policymakers who are interested in digital asset technology.
❤️ Larry Fink's Change of Heart on Bitcoin: From Money Laundering to Digital Gold
Larry Fink, (not to be confused with professor Frink) the CEO of BlackRock, has had a love-hate relationship with Bitcoin over the years. In 2018, he called it an "index for money laundering" and said that none of BlackRock's clients were interested in it.
But in 2023, he has a completely different tune. He now says that Bitcoin is "digital gold" and could "revolutionize finance." He also says that many of BlackRock's clients around the world are interested in Bitcoin.
Larry Fink's change of heart is significant because it could lead to more investors putting their money into Bitcoin. BlackRock has over $9 trillion in assets under management, so if even a small fraction of those assets were invested in Bitcoin, it would have a major impact on the market.
One reason why Larry Fink may be changing his mind on Bitcoin is because of the recent market turmoil. The stock market has been volatile, and inflation has been rising.
This has led some investors to look for alternative investments that are less risky and more resistant to inflation. Bitcoin is one asset that fits this description.
Another reason why Larry Fink may be more bullish on Bitcoin is because it is becoming more mainstream. More and more businesses are accepting Bitcoin as payment, and there are now several regulated Bitcoin ETFs available.
Larry Fink's comment that Bitcoin is a "flight to quality" is also significant. This term is used to describe a situation where investors move their money out of risky investments and into safer ones. This typically happens during times of economic uncertainty.
The fact that Larry Fink is using this term to describe Bitcoin suggests that he sees it as a safe-haven asset.
Overall, Larry Fink's change of heart on Bitcoin is a positive sign for the cryptocurrency industry. It suggests that more and more institutional investors are taking Bitcoin seriously.
It suggests that more and more institutional investors are taking Bitcoin seriously. If this trend continues, it could lead to Bitcoin becoming a mainstream asset class.
The Magic Crypto Ball 🔮
🇬🇧 Binance stops accepting new sign-ups from customers in the U.K.
🇦🇺Australia outlines a licensing program for crypto exchanges.
🖼️ OMA3 works with projects to develop new NFT royalty standards.
🚫 Reddit discontinues Community Points due to regulatory and resourcing concerns.
💲 Binance.US halts fiat withdrawals, customers need to convert USD to stablecoins first.
Ryan Turnbull
Introducing Ryan Turnbull, a passionate Australian Chief Vibe Officer at Wizardia. Among many things, Ryan builds Wizardia’s community, creates captivating live streams, forms partnerships with other web3 projects, and produces engaging video and blog content. With his expertise, Ryan introduces crypto gaming to both masters and beginners, fostering a vibrant, exciting and supportive environment.
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