EddieJayonCrypto
2 Nov 22
• FOMC crashes the markets on forward outlook• MoneyGram app allows users to buy and sell Bitcoin, Ethereum, and Litecoin• A Singapore Class action against the vanished Do Kwon• Google announces Blockchain Node Engine (BNE) to provide an infrastructure to Web3 projects and boost their cloud business...
• FOMC crashes the markets on forward outlook• MoneyGram app allows users to buy and sell Bitcoin, Ethereum, and Litecoin• A Singapore Class action against the vanished Do Kwon• Google announces Blockchain Node Engine (BNE) to provide an infrastructure to Web3 projects and boost their cloud business• Singapore DBS Bank makes a bold move to bring DeFi to traditional banking• Deribit, an options and futures exchange had $28M drained from its hot walletWell, after the Fed tanks the stock market what else is there to speak about? A lot! Here is what is on my mind today. 1. The Federal Reserve Chairman announced their outlook today after raising the interest rate by another 75 basis points. The market had bumped up by over 260 points before Powell crashed it. The Chairman's comments have now dropped the market in after hours by as much 500 points in a 765 point swing. 2. So, not to be outdone, MoneyGram says they are allowing users of its app to buy and sell Bitcoin, Ethereum, and Litecoin. It is a nice move they should have done a very long time ago. Them and Western Union should have been the first centralized exchanges. Think about it. They were in the perfect place with broad customer bases. Anything they do now is irrelevant and only serves to slow the rate of their inevitable demise. 3. No one should be surprised by a class action lawsuit against Do Kwon in Singapore. There is a reason he fled that country, too. Almost singlehandedly he helped to crash the Cryptoverse. There were a lot of very sketchy decisions, practices and dealings. This is why so many of us say not to leverage your digital assets or get to far involved on the cutting edge of any crypto practices. There may be some good ideas, but it takes time to flesh out sustainable practices. 4. Google is not playing with its push into the crypto infrastructure space. They announced their Blockchain Node Engine (BNE) as a fully managed node hosting service for Web3 developers. This is a big deal since working in the Web3 space requires companies to run their own nodes and the management of those nodes is another layer of expense, in money, time and people. This is a smart way to expand their cloud business and will definitely have a positive effect on crypto innovation. 5. Singapore took on a very bold idea to introduce DeFi to banking. DBS Bank's Head of Strategy and Planning, Han Kwee Juan said they wanted to show it was possible to tokenize government securities and cash within a DeFi liquidity pool with the ultimate goal of creating a DeFi venue that regulators would be comfortable with. Project Guardian, as it was dubbed, involved Polygon Aave and Uniswap. This is a bog bold move and may prove to be very lucrative for all concerned. Keep your eye on the DeFi space! 6. Deribit, an options and futures exchange had $28M drained from its hot wallet. This caused a temporary halt in withdrawals. In other hacking news, Bitcoin Lightning was compromised by exploiting a Bitcoin block parsing bug. This caused an outage for all of the downstream nodes, covering a large portion of the network.