The festival’s list of 2022 sponsors include several NFT and blockchain companies, including Lakea and Ripio, and the festival’s programming included panels from those sponsors, such as “Web3 and the New Generation of Games.”
Venturelli, who is best known for the game Chroma Squad, didn’t just push back against those talks by calling NFTs a nightmare: He argued in detail that they’re bad for gaming and run directly counter to his vision for the future of game design.
US floats framework for international crypto regulations that cement its power
The US Treasury has delivered a framework that responds to President Biden’s Executive Order on Ensuring Responsible Development of Digital Assets, which signaled the administration’s desire to ensure that cryptocurrency doesn’t introduce risks that could harm either individual investors or the wider economy at home and abroad.
The framework offers a familiar Biden administration approach, by suggesting wide engagement with allies and international institutions to create mutually agreeable arrangements.
[…]
Now-frozen crypto-lending biz Celsius accused of devolving into a Ponzi scheme
An ex-employee of Celsius Network, the cryptocurrency lending platform that recently suspended all transactions, this week accused the company of operating as a Ponzi scheme in a lawsuit.
[…]
Devolving?
What nightmarish scam was it before?
Yay?
It’s just that they haven’t realised outside Texas.
Not only that, but grid prices balloon when electricity is in high demand, so there’s another economic incentive to power down in peak times.
Just a minor side-issue, I’m sure.
Crypto-adjacent levity that I came up with this morning:
What do you call a cookie that refuses to crumble?
A non-frangible token.
… I’ll see myself out.
The pyramid is crumbling…
Chapter 11 bankruptcy, aka, the poor saps who deposited money, er, made unsecured loans to Celsius lose their shirts as the company restructures to try and appease their larger creditors.
Similar shit going down with Voyager:
Yup, that’s Mark Cuban’s darling… he got a bunch of his athletes to invest in this, spreading the pain around.
6.5 million for vtuber software alone… these fools are getting ripped off. There’s a ton of vtuber software already out there (mostly made by small teams). I mean these folks could have poured their money into one of the big three vtuber agencies but they want to ugly monkify skype calls instead hahah
Cryptocurrency lender Celsius Network filed for bankruptcy on Wednesday, a month after it froze all transactions, which prevented netizens from withdrawing funds.
[…]
Now the upstart has filed for voluntary Chapter 11 status filed [PDF] with the Bankruptcy Court for the Southern District of New York.
Documents show Celsius owes hundreds of millions of dollars to various creditors, including an outstanding $81 million to Pharos USD Fund SP, an entity with ties to Sam Bankman-Fried, cryptocurrency billionaire and owner of FTX and Alameda Research, a cryptocurrency exchange and trading firm, according to Bloomberg.
[…]
A separate disclosure [PDF] revealed Celsius has, right now, a $1.19 billion deficit on its balance sheet: it’s holding $4.3 billion in assets, and $5.5 billion in liabilities.
[…]
That data showed that the seven companies alone had set up to tap as much as 1,045 megawatts of power, or enough electricity to power all the residences in a city the size of Houston, the nation’s fourth-largest city with 2.3 million residents. The companies also said that they plan to expand their capacity at an eye-popping rate.
One of the largest cryptomining companies in the United States, Marathon Digital Holdings, told the probe that it operated almost 33,000 highly specialized, power-intensive computers, known as “mining rigs,” as of February, up from just over 2,000 at the start of 2021. By early next year, it intends to get that number up to 199,000 rigs, an almost hundredfold increase in two years, it said.
looks like warren is proposing to at least start tracking this
one of the comments on ars made me realize: getting all the celebs last year to push people onto crypto has another (possibly intentional) consequence. more than just the straight up grift of it all, it also tangles up average americans into crypto investment. making government ( ie. democrats ) that much more leary of intervening and banning crypto altogether
2nd source:
