Autor Cointelegraph By Jesse Coghlan

Bitcoin Suisse adopts decentralized Liquity as lending product

Bitcoin Suisse has begun offering decentralized finance (DeFi) services to its clients with the addition of the Liquity protocol to its product lineup. It allows customers to post Ethereum (ETH) collateral in the protocol to mint and borrow the Liquity Dollar (LUSD) stablecoin.In an announcement on April 20, Bitcoin Suisse said it will perform all smart contract interactions and system monitoring on its client’s behalf and allow the borrowed LUSD token to be exchanged into any fiat currency.Bitcoin Suisse is a centralized crypto and financial services company founded in 2013 and based in Switzerland which offers services such as trading, custody, lending, and staking of cryptocurrencies to mostly institutional investors.Liquity is a DeFi borrowing protocol launched in April 2021 which allows users to post Ethereum collateral into its smart contract and borrow its native LUSD stablecoin at a 0% interest rate. Liquity currently has over $1.1 billion in total value locked into its contract.CEO of Bitcoin Suisse Dr. Dirk Klee said the firm was proud to take a “significant step” towards offering decentralized solutions to its clients:“DeFi offers significant improvements over traditional financial services by being more open, more transparent, and more competitive.”Launched as a pilot stage and Bitcoin Suisse says it’s only available to a select and “very small number” of its clients with the borrowing amount set above $500,000.CeFi is making DeFi its new rails. This is just the tip of the iceberg. Keep an eye on this, people! https://t.co/YfB3Zg21Qk— Ash (@ashleighschap) April 20, 2022DeFi is becoming a particular interest to both the crypto sector and traditional finance with the current total value locked (TVL) across the ecosystem nearing $215 billion according to DeFi Llama, not far from its $254.8 billion all time high on December 2nd 2021.Related: The many layers of crypto staking in the DeFi ecosystemCentralized platforms are increasingly using DeFi infrastructure by either offering a central way to access decentralized services, or by backing their products with DeFi smart contracts or liquidity.In March, Binance added functionality for use of the decentralized exchange (DEX) PancakeSwap from within the Binance app, integrating the DEX onto its centralized platform. In the same month it also launched an updated blockchain bridge, allowing assets to be bridged from any blockchain.Australian based finance app Blockearner backs its “Yield Account” product promising a 7% APY with DeFi lending protocols Aave and Compound Finance, with users only having to deposit Australian Dollars which the app then stakes in DeFi on their behalf.Bitcoin Suisse has long integrated crypto technology into its offerings, in November 2021 it was the first cryptocurrency payment processor in Switzerland to integrate the Bitcoin (BTC) Lightning Network in its effort to “promote the broader adoption of crypto technology.”

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Meaningless and weak: Debunking the ‘Bitcoiners are psychopaths’ study

A study claiming that psychopaths and others with ‘Dark Tetrad’ personality traits are drawn to crypto has been criticized as “meaningless” for showing very weak correlativity by a psychology expert from The University of Otago.Researchers with backgrounds predominately in marketing and advertising from the Queensland University of Technology (QUT) surveyed 566 people on their attitudes toward crypto and correlated the results with four specific personality traits: narcissism, psychopathy, Machiavellianism, and sadism.The findings were first shared by The U.S. Sun, and were widely syndicated by the mainstream media, with the New York Post headline screaming “Bitcoin fans are psychopaths who don’t care about anyone,” and Salon asserting that “Impulsive psychopaths like crypto”.Bitcoin fans are psychopaths who don’t care about anyone, study shows https://t.co/9WZQkzoIPX pic.twitter.com/YTGcULRCef— New York Post (@nypost) April 12, 2022But speaking to Cointelegraph, Professor Martin Sellbom from The University of Otago’s Psychology Department — an international expert on personality disorders and personality assessment — criticized the results of the study as essentially meaningless.“The effects they report, for example, the strength of relationships between these so-called ‘dark tetrad’ traits and attitude and intention to buy cryptocurrency are very weak, pretty much meaningless, in my opinion.”The widely used Short Dark Triad (SD-3) personality test which rates the traits of psychopathy, Machiavellianism, and narcissism out of a maximum score of 5 was used to assess participants’ personalities.The results of the study show that participant’s scores for psychopathy and narcissism were below the average levels as determined by psychometric assessment group OpenPsychometrics. The participants scored 2% below the average for psychopathy and 16.7% below average for narcissism, however the scores for Machievellism were 3.6% higher.But Professor Sellbom said that in any case this line of research is “uninformative about psychopathy and narcissism,” adding:“The measurement devices used in this literature do not capture the full manifestations of these disorders.”The authors expanded on their results in an article for The Conversation, stating that narcissists like crypto “because of their great faith in the future”, and because of a “confidence their own lives will improve”. Related: Crypto critics: Can FUD ever be useful?Psychopaths were drawn to crypto apparently, because they “fear missing out on investing rewards that others are experiencing,”and Machiavellians like crypto because “they distrust politicians and government agencies.”Other traits, like positivity, and belief in conspiracy theories were also measured as traits that “might connect the dark tetrad judgements about crypto”.Of those surveyed only 26% owned cryptocurrency, and of those who didn’t nearly 64% said they would be “interested” in investing.Sellbom said the methodology to link traits such as FOMO to psychopathy was flawed as collecting a sample of both the level of interest in crypto and psychometric results at the same time, from the same person only once, is “pretty much uninformative”, adding the conclusions the researchers reached “cannot be supported in the simple way that they are presenting.”“Looking at the same results, my interpretation would be the relationship between dark tetrad traits and attitudes towards and buying intention of cryptocurrency is weak, and it is unlikely that these traits will provide much understanding of those who do engage in purchasing cryptocurrency.”It should be noted the researchers themselves stated in the report that they aren’t out to propose that Bitcoiners are psychopaths, in the way some media outlets were quick to declare.“We are not suggesting all crypto buyers exhibit Dark Tetrad traits. Instead, we are studying a subset of people interested in crypto who do have these traits.”Discussing the limitations of their work, the researchers said that whilst they gauged participant interest in investing in stocks, bonds or crypto, the study could have set a control variable by measuring their intention of engaging in those types of investments.“Many experts on psychopathy and narcissism question this so-called dark personality literature,” said Professor Sellbom, “because the researchers are not really studying these personality disorders, which are far more complex than what the measures used would suggest.”The authors of the study are Brett Martin, Professor of Marketing QUT; Dr. Di Wang, Senior Lecturer at the QUT School of Advertising and Marketing; Jun Yao, Senior Lecturer in Marketing Macquarie University; Carolyn Strong, Professor of Marketing and Strategy Cardiff University; and Polymeros Chrysochou, Professor of Marketing Aarhus University.Given the authors’ background in marketing and advertising, it seems possible they would understand how to frame the results of a study in a way to appeal to the mass media.

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Ireland bans political crypto donations on foreign interference fears

Donations made to political parties using cryptocurrencies will be banned in Ireland under new political integrity laws drafted due to concerns around foreign interference in politics.Amendments proposed by Minister Darragh O’Brien also cover rules around foreign donations, misinformation, and other transparency requirements for political parties, citing fears of Russian interference in Ireland’s elections.Speaking with the Independent on April 18th, O’Brien said that the laws will further protect Ireland’s democratic system “given the escalating threat of cyber warfare targeting free countries,” and a newly established Electoral Commission will oversee compliance with the laws.It is unclear what percentage or monetary amount of political donations are currently paid to political parties or individuals using a cryptocurrency. Cointelegraph contacted Minister O’Brien and the Standards In Public Office Commission for comment but did not immediately hear back.O’Brien started his campaign to reform the laws in January 2022, establishing a task force of political scientists and legal experts to investigate new election laws due to concerns about the escalating Russia-Ukraine war.The task force advised on a series of measures that would build a “legal and digital bulwark” against election interference in the country, including parties providing streamlined accountancy reporting and declarations on adherence to the new political funding laws.The banning of crypto political donations isn’t unheard of, the state of California banned the practice in 2018 citing issues of transparency and that cryptocurrencies are “hard to track”. Three other U.S. states, Oregon, Michigan, and North Carolina, also have laws against using cryptocurrencies in campaign financing according to data from Multistate.Related: Crypto-focused PAC has used $9M to support Democratic candidates since JanuaryThe Irish central bank has taken an unfriendly approach to crypto in the past, as recently as February the bank stated it was unlikely to approve investment funds with exposure to crypto for retail investors as they lack a “high degree of expertise”.The Central Bank of Ireland also issued a warning to consumers the following month on crypto assets, advising them to be mindful of “the risks of misleading advertisements, particularly on social media, where influencers are being paid to advertise crypto assets.”

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BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York

The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations.The rule was included in New York State’s FY2023 budget signed into law on April 9th by Governor Kathy Hochul giving the state’s Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS.DFS Superintendent Adrienne Harris said the fees would bring virtual currency businesses in line with those already paid by institutions such as banking and insurance companies and added:“New York was the first to start licensing and supervising virtual currency companies, and we continue to attract more licensees and the most crypto startup funding of any state in the nation.”The state of New York was the first in the U.S. to require crypto companies to be licensed with the introduction of the now known “BitLicense”, the application fees for such a permit are currently $5,000 and are subject to vague capital requirements determined by the New York DFS.The annual assessment fee amount that the DFS will charge crypto firms is currently unknown, but the same fees for other regulated financial institutions can cost tens of thousands of dollars a year.The DFS states the fees are to assist with paying the operating expenses of regulating crypto firms and “will empower the Department to build staff with the capacity and expertise to best regulate and support this rapidly growing industry.”Businesses that accept crypto as payment, create software for the crypto space such as self-custody wallets, or give advice on crypto trading aren’t subject to the BitLicense and corresponding new fees.Related: Self-regulatory organizations growing alongside new US crypto regulationRecently, the regulation and licensing of crypto in the state have come under fire with billionaire investor Bill Ackman sharing his thoughts in February about New York’s failing policies and how it could make him leave the state.Ackman appealed to Mayor Eric Adams and Governor Hochul to address the increasing concerns around regulation, saying that easing restrictions and removing regulatory barriers could make New York a “crypto center of innovation.”Mayor Adams ran with plans to make New York City the “center of the cryptocurrency industry” even taking his first three paychecks in Bitcoin (BTC). Analysis from Cointelegraph in November shows that it’s really up to the New York DFS and state government to enact changes that will attract the industry.

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Nifty News: Hyundai partners with Meta Kongz, Activision surveys on NFTs, and more

South Korean automobile manufacturer Hyundai announced today, April 18th, that it has partnered with the Meta Kongz NFT project to create a limited collection of 30 NFTs launching sometime in May 2022.Hyundai also created a new Twitter handle @Hyundai_NFT for its NFT-related communications and posted a video showing an animated Meta Kong riding through space in a 1975 Hyundai PONY.Hyundai x Meta Kongz introduces Hyundai Metamobility universe.Check out this aweeeesome creature’s breathtaking adventure with Hyundai PONY.@Hyundai_Global @meta_kongz pic.twitter.com/w0iLPHxe5d— Hyundai_NFT (@Hyundai_NFT) April 17, 2022Included in the announcement was a teaser for a further “Shooting Star NFT” with a cryptic explanation that it is a “ticket to a whole new world” and might lead to “new NFTs”.In January, Hyundai shared its “Metamobility” concept, a vision for robotics to be a medium between the real world and the Metaverse so changes users make in the Metaverse are reflected in reality, which “allows people to overcome the physical limitations of movement in time and space.”As part of its concept vision, Hyundai stated:“With the metaverse set to become a daily space for people in the future, the company expects the possible emergence of a new type of metaverse platform in which the distinction from reality could disappear, breaking away from the concept of VR as the world knows it today.”Hyundai continued its concept, hinting at a possible “Hyundai Metamobility universe” a metaverse with the issuance of various NFTs as mobility vehicles.Activision Blizzard surveys on NFTs and play-to-earnActivision Blizzard recently sent out a survey to players of its games, asking them to share their interest level in NFTs, along with their thoughts on play-to-earn and Metaverse games.Twitter user @OTadaka shared a screenshot of the survey conducted by market research firm YouGov which attempted to gauge interest in different categories of “future gaming trends.”So it seems Blizzard/Activision is trying to see if players are interested in crypto and n.f*t in games. I got a survey from them and it is on the survey. I said very disinterested to them. pic.twitter.com/dIT4bVokDK— Okage Tadaka BlackLivesMatter StopAsianHate (@OTadaka) April 16, 2022

In January Microsoft acquired Activision Blizzard for $69 billion, stating at the time that the acquisition would “provide building blocks for the Metaverse,” Microsoft CEO and chairman Satya Nadella added that gaming will play a “key role” in developing metaverse platforms.Health data to be trialed as NFTsBlockchain services company HashCash Consultants announced on April 16th that it was partnering with an unnamed UK- based company to create NFTs which include information about an individuals’ health.The firms will work with volunteers who will provide their health data, with the intention for it to be made into an NFT so that it can be shared with healthcare providers, a move the company says can be more easily tracked and monetized by the owner.Related: What are wash trading and money laundering in NFTs?The release provided an example of how this type of NFT could be tracked and monetized with that of a DNA testing kit company selling its user data to a research firm. The Founder and CEO of HashCash Consultants Raj Chowdhury explained:“If your genetic data were turned into NFTs, the information is then attached with an inherent feature to be tracked, this would enable you to monitor where your data ends up and track the people who hold the NFT and also figure out if it is being used without permission.”More Nifty NewsTexas and Alabama state securities regulators have sent emergency cease and desist orders to Sand Vegas Casino Club for illegally offering over 11,000 NFTs to raise funds for its Metaverse-based casinos.The parent company of The Sandbox metaverse, Animoca Brands, has added two video game publishers to its repertoire, enhancing both its motorsport and role-playing blockchain games.Meanwhile, Louis Vuitton is continuing its Web3 plans with the release of new NFTs as part of its “Louis: The Game” mobile game. The fashion label added new levels and rewards to its app which will randomly reward players with 10 new “profile picture” type tokens.

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