1. Coinbase Suffers Huge Net Loss in 2022
📰 In its Q4 earning report, Coinbase beat analysts's revenue expectations by pulling in $605 million — $16 million above predictions — despite a 12% decrease in transaction volumes.
📰 From a business perspective, the top U.S. exchange met an important goal of increasing the amount of money it makes from subscription services as opposed to straight transaction fees, which rise and fall with the market.
📰 Overall, 2022 was an unsurprisingly bad year, with net revenue of $3.15 billion less than half of 2021's $7.35 billion. And Coinbase saw a net loss of $2.6 billion.
2. Cryptocurrency miners are leading the next stage of AI
📰 Moving beyond the limitations of current neural net AI toward systems with higher levels of artificial general intelligence will almost surely be even more compute intensive.
📰 It’s only natural that a small but increasing number of crypto miners are now looking at how to leverage their own compute infrastructures to help push forward the AI revolution.
📰 Perhaps most interesting is the potential for miners to shift their compute resources to AI in a way that remains fully within the blockchain space — by using them to run AI processes that are hosted in decentralized blockchain-based networks.
📰 A globally distributed AI network spread across crypto mining rigs would be dramatically more difficult for governments or other parties to centrally control than an AI network centered in Big Tech-owned server farms (the current default for AI).
https://cointelegraph.com/news/cryptocurrency-miners-may-lead-the-next-stage-of-ai
3. Binance Accused of Malpractices Similar to FTX
📰 Forbes has accused Binance of the “backroom maneuver,” claiming the exchange transferred $1.78 billion in stablecoin to hedge funds.
📰 The Forbes article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply, the exchange did not correct it for 4 months.
📰 The article also states that B-USDC was deficient by over $1 billion on three different occasions. Forbes believes Binance is misusing customers’ funds, similar to the bankrupt exchange FTX.
https://beincrypto.com/binance-misusing-customers-funds/
4. Coinbase to halt trading of Binance USD for not meeting listing standards
📰 Coinbase will suspend trading of Binance USD (BUSD) on March 13 at around noon EST for not meeting listing standards.
📰 Customers will still have access to and be able to withdraw BUSD funds. However, trading will be suspended on Coinbase.com (Simple and Advanced Trade), Coinbase Pro, Coinbase Exchange, and Coinbase Prime, the exchange said.
5. Solana outage triggers ballistic reaction from the crypto community
📰 As the Solana network suffered another setback, crypto community members went on social media to express various concerns, even comparing the blockchain to other projects like Ethereum and Bitcoin.
📰 On Feb. 25, the Solana network faced performance degradation issues, resulting in transaction disruptions, leading validators to opt for a network restart.
📰 Seemingly tired of the same old story, community members expressed themselves on Twitter, with some even questioning Solana as a top cryptocurrency.
https://cointelegraph.com/news/solana-outage-triggers-ballistic-reaction-from-the-crypto-community
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