The Picasso family plans to auction off more than 1,000 digital copies of a never-before-seen ceramic work by the Spanish artist, with the collection divided into multiple drops from January 28.
Marina and Florian Picasso with Pablo’s prized ceramic work. Source: bloomberg.com
The first collection consists of five limited sets of 200 NFTs entitled “Visage de Couleur” and will be sold via the family’s own marketplace, “ManAndTheBeat.com”, before the final collection of 10, titled “Visage de Lumière”, is released via Nifty Gateway.
The collection released by the family will be further commemorated by Florian’s new song Tomorrow, which also features soul singer John Legend and rapper Nas, set for release on February 4. Marina will extend the NFT drop into March by partnering with an auction house for the sale of a one-of-one NFT paired with an exclusive piece from her private collection.
A portion of the proceeds from Picasso’s family NFT project will be donated to Nurse Heroes – a charity devoted to keeping nurses in the workforce – as well as Carbon180, a climate-focused NFO.
NFTs and Fine Arts Mesh
Blockchain and art enthusiasts are continually able to enjoy the two worlds come together. Last year, Australian multimedia artist Dave Court became the first in his field to stage a physical NFT exhibition. Court decked out an ordinary brick house in colours and light as part of a unique art installation. The house has since been demolished, but collectors can still purchase a digital piece of it online.
Australian-born former crypto hedge fund manager Stefan He Qin, who last weekend began his seven-and-a-half year sentence in a US federal prison for securities fraud, says he lied about his investors’ returns “to avoid being bullied”.
I have never seen anything quite like this. Canberra-raised convicted Ponzi scheme operator Stefan Qin does an interview days before going to prison in the US https://t.co/DfVITduxGj
In a frank YouTube interview (see below) just days before he began his custodial sentence, Qin claimed that defrauding Australian and US investors of US$90 million between 2017 and 2020 was the end result of bullying during his teen years at a Canberra high school, adding that he felt “immense pressure” to succeed because of his Asian heritage.
Not Just Bullies, It’s the Peer Pressure
“There’s probably, like, this huge insecurity in the Asian community to just be as successful as possible at all costs,” the first-year university dropout said. “And … it’s not even about the money – it’s just [about] looking good.” Qin added:
I felt immense pressure to inflate the returns and to just lie because I needed to match [investors’] expectations. They have this image in their head of this wunderkind who could make them a lot of money, and unless I met that image, I was a failure, right? And maybe I’d go back to being bullied; maybe people would go back to making fun of me and I would never have friends again.
Stefan He Qin
‘This is Where Greed Gets You’
Qin pleaded guilty to one count of securities fraud and was last September sentenced in a New York District Court to seven and a half years in prison. Qin had masterminded a brazen and wide-ranging Ponzi scheme while he owned and controlled two Manhattan-based cryptocurrency investment funds over a three-year period until 2020.
The so-called “Arbitrage King” (buy low, sell high!) used the proceeds to fund personal expenses, including the rented $US24,500-a-month New York City apartment in which the YouTube interview was filmed. “This is where greed gets you,” Qin says offhandedly at one point during the video, gesturing towards floor-to-ceiling views of the Manhattan skyline.
While serving his time, Qin intends to write a book and expresses a long-term ambition to return to Australia and become a politician. Some might say he’s eminently qualified.
According to the newest edition of the Crypto Market and Sizing Report by Crypto.com, global crypto owners are predicted to total one billion by the end of 2022. According to the report, as of January 2022 that number has already reached 300 million.
Global Crypto Adoption Up 178% in 2021
The report also states that global adoption increased by 178 percent in 2021, almost tripling from 106 million to 295 million owners in December 2021.
During the first half of 2021 crypto adoption was significant, but slowed down during the second half reaching 37.5 percent, 13 percent higher than over the same period in the previous year.
The report further states that Bitcoin was the main driver behind the observed growth, outperforming Ethereum in terms of adoption. Weak Ethereum adoption is attributed to the emergence of competitors such as Cronos, Terra and Avalanche, together with Layer 2 solutions.
🚀Bitcoin was the main driver behind the growth, outperforming Ethereum in adoption
🌱Weak Ethereum adoption can be attributed to the emergence of competitors like Terra, Cronos, and Avalanche and Layer 2 solutions pic.twitter.com/UdKzIKfBhm
— Crypto.com Research & Insights (@cryptocom_rni) January 20, 2022
Rise in Adoption Mirrored by Crypto Jobs Boom
As the blockchain industry continues to grow, so too the crypto job market. In a recent report published by LinkedIn, crypto job ads have seen a significant, and rapid, spike. In 2021, crypto job postings surged a whopping 395 percent, as the number of cryptos listed on CoinMarketCap stood at 7,000-8,000 just a year ago. At the time of writing, this number is closer to 17,000.
Sydney-based crypto mining firm Mawson Infrastructure has reached a new milestone by operating above 1.0 EH/s (exahash per second), and it’s aiming for 1.1 EH/s by the end of January.
1.0 EH per Second, 5.8 BTC a Day
In August 2021, Mawson said it was looking to increase its mining power in Australia and bought more than 17,000 ASIC BTC mining rigs from Chinese manufacturer Canaan Creative. According to a recent statement, the company’s computer power is now up 38 percent since November 2021.
Hash rate growth since January 2021 on a yearly basis. Source: Mawson
To reach its goal of 3.0 EH/s by Q2 2022, Mawson purchased 4,000 ASIC BTC miners on top of the 17,000 rigs purchased in Q3 2021, increasing its fleet to over 40,000 BTC mining rigs globally.
The company’s expansion in Sandersville, Georgia [US] is progressing rapidly, with an additional 60MW of energy now available, taking the facility to 100MW of capacity. The company’s Midland, Pennsylvania facility phase 1 of 50MW is on track to be energised in Q1 2022, with phase 2 on track to be energised in Q2 2022 for a total of 100MW.
Mawson forecast
The continuing success of the company’s operation has elevated its expectations – the corporate goal is to reach 5 EH/s by early 2023, which could turn Mawson into one of the largest NASDAQ-listed Bitcoin miners globally.
With the scale-up of our existing facility in Georgia this year well under way, combined with securing our new facility in Pennsylvania, our team has been able to focus on securing additional Bitcoin mining hardware for deployment. This reflects our ‘infrastructure first’ approach to deployment where the Mawson team has been securing long-duration, sustainable energy facilities.
James Manning, CEO, Mawson Infrastructure
What powers Mawson’s mining operations is 75 percent non-carbon emitting energy such as nuclear, hydro and wind. As it expands its business worldwide, it will continue to seek out the most efficient energy sources for its operations.
Mawson also has a majority stake in Luna Squares, a US-based mining facility, owning a total of 90 percent of shares acquired last year.
This weekend at UFC 270 in Anaheim, California, heavyweight champ Francis “The Predator” Ngannou defends his title against former sparring partner and undefeated French interim champ Cyril Gane. Betting underdog Ngannou is the one capturing most of the limelight after announcing he would take half of his purse in bitcoin.
I believe bitcoin can empower people everywhere. So I’m excited to partner w/ @CashApp to take half my #UFC270 purse in bitcoin. I want to make bitcoin more accessible to my fans, so I’m giving out $300K in bitcoin! Follow @CashApp + drop your $cashtag w/ #PaidInBitcoinpic.twitter.com/8JEvJ1UYu1
The African-born knockout artist has a truly inspirational story, having started working at age 10 in a sand quarry, ending up in a Spanish jail and then living on the streets of Paris while trying to pursue a career in boxing.
Francis Ngannou, a tale of rags to riches. Source: Reddit
Despite reaching superstar status in mixed martial arts (MMA) circles, Ngannou first caught the eye of Bitcoiners only last week when he tweeted:
Been talking with my family and friends in the crypto space. #Bitcoin is huge in Africa and I’m thinking of taking half my fight purse in it. Bitcoin is the future and I’m a believer 🤔 @ufc#ufc270
His purse for this weekend’s 25 minutes or less bout is estimated at US$750,000, excluding win or sponsorship bonuses. At a minimum, the bitcoin portion of Ngannou’s earnings would represent US$375,000 (or 8.87 BTC, based on the current price of US$42, 287).
UFC 270 poster. Source: UFC
Given his humble upbringing, it should come as no surprise that the champ appreciates the value of inflation-resistant savings technology, and its capacity to transform the plight of everyday Africans.
Paid in Bitcoin, a Growing Trend?
As infrastructure and tech solutions proliferate, it has become increasingly simple to pay and get paid in bitcoin. In the US, for example, the Strike app (among others) has enabled employees to receive a portion of their salary in bitcoin through automatic dollar-cost-average buys. This has been embraced by people from all walks of life, from ordinary workers to elite athletes:
Francis Ngannou, Aaron Rodgers, Odell Beckham, Klay Thompson & Andre Iguodala All Partnered With #CashApp To Receive Part Of Their Yearly Salary In #Bitcoin.
Closer to home, Australian employees can also get paid in bitcoin through fintech company Living Room of Satoshi, which offers workers the option for any percentage of their wage to be paid directly to their Bitcoin Lightning wallet.
The Australian Securities and Investment Commission (ASIC) has issued a warning to consumers to not rely on people advising to invest in crypto via an SMSF.
SMSFs Are Crypto Scam Targets
There has been an increase in marketing that recommends Australians switch from retail and industry superannuation funds to self-managed super funds (SMSFs) to invest in cryptocurrencies. ASIC cautions investors to be wary of relying on ads and people inciting them to invest in crypto via their SMSF.
Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity’. Be wary of people cold calling, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto assets via your SMSF.
ASIC
SMSF Association CEO John Maroney told The Australian newspaper that there had been an increase in crypto marketing in recent years, though not specifically relating to SMSFs. Maroney added that according to data from the ATO (Australian Taxation Office), in 2019 crypto represented less than 0.1 percent of SMSF assets. This number had grown significantly since then, Maroney said, consistent with the number of scammers trying to deceive investors through crypto-related ads and marketing.
Before investing in crypto assets, SMSF trustees and members need to consider the level of risk of the investment and ensure [it] is consistent with the fund’s investment strategy and the SMSF’s trust deed.
John Maroney, CEO, SMSF Association
Beware of Unlicensed Crypto Companies and ‘Finfluencers’
The ASIC warning came after it shut down A One Multi Services, an unlicensed financial company in Queensland, in November for buying A$2.4 million worth of cryptocurrency with members’ funds. In August, the regulator had warned investors about investing in unlicensed crypto companies as the number of crypto-related scams had significantly increased in Australia.
Finfluencers have also become a problem for Australians. Finfluencers are celebrities on social media channels such as YouTube, Instagram and TikTok who claim they can help their followers achieve “financial freedom” but without providing any kind of financial advice. This is specially worrisome for young people and newcomers keen to invest in crypto since they tend to be the most vulnerable.
The Australian Football League (AFL) has secured the first major crypto sports sponsorship deal Down Under with Crypto.com for both its men’s and women’s competitions, with the latter’s 2022 season already under way.
Worth A$25 million over five years, the deal is one of the biggest sponsorships of any kind in Australian sport, eclipsing the AFL’s current deal with major sponsor Toyota (worth A$18.5 million).
Singapore-based Crypto.com says its motivation for sponsoring women’s AFL (AFLW) is what it recognises as Australian women’s higher than average adoption and take-up of cryptocurrency by global standards. The company had already engaged A-list actor Matt Damon as the face of its current TV advertising campaign in Australia, though it may be that Crypto.com is banking on his appeal to women as much as to men.
AFL Joins Baseball, Euro Football, Martial Arts and F1
The new Australian agreement involves Crypto.com becoming the official cryptocurrency exchange and trading platform of the AFL and AFLW. According to Karl Mohan, Crypto.com general manager Asia & Pacific, research conducted by the company in Australia found that 53 per cent of crypto investors were women, which encouraged it to embrace the AFLW element of the overall deal.
Uniquely for Australia, compared to other markets, is that they generally skew towards blokes, but here we are skewing more towards women … We think the AFL has led the way [in bringing] gender diversity to Australian sport.
Karl Mohan, general manager Asia & Pacific, Crypto.com
Crypto.com branding will appear during score reviews in AFL regular season and finals matches, when contentious goal line decisions are reviewed on video by off-field umpires.
Kylie Rogers, the AFL’s general manager for customer and commercial, said the sport had identified cryptocurrency and blockchain as a potential new sponsorship source last year, and clinched the Crypto.com agreement after several months of negotiations.
AFL ‘At the Forefront’ of Australian Crypto Growth
AFL chief executive Gillon McLachlan said the partnership marked an exciting new chapter for Australian Rules football: “Cryptocurrency and blockchain technology is a dynamic and emerging industry, and the AFL is delighted to partner with Crypto.com to be at the forefront of the industry’s growth in Australia.”
Four AFL clubs – the Sydney Swans, Brisbane Lions, Western Bulldogs and the Melbourne Demons – now have direct sponsorship deals involving cryptocurrency companies other than Crypto.com.
A crypto collateral loan is perhaps one of the newest loan types to hit the peer-to-peer crypto lending scene. Emerging cryptocurrency loans services allow any crypto holders to become either the borrower or the lender, offering you the opportunity to bring utility to dormant funds or wallets.
Crypto loans Australia do not operate identically to bank loans; rather, these loans can be carried out through a blockchain platform. Essentially, the borrower offers their crypto as collateral for a loan, which the lender will then deposit to provide the loan funds.
Many of the available marketplaces for these transactions permit borrowers and lenders to search through each other’s offers for the best deals. Using crypto as collateral allows lenders to offer low loan to value ratios (LTVs); therefore, there will be plenty of collateral in circulation even if the market were to fall.
We have compiled a list of the top 10 crypto collateral loan services in Australia, to help you identify some of the best options in circulation.
FiFit describes its service as ‘crypto-backed business solutions’. This company is looking to work with businesses that seek access to extra cash without selling off their assets. FiFit’s process involves validating the company profile and cash requirements against their lending criteria and then providing a secure address for your crypto transfer.
To qualify, you will need to be an active Australian registered company with appropriate bitcoin backed assets. If you qualify, applications can be placed online 24/7.
Oasis is a lending platform that is willing to trade with multiple cryptocurrencies. However, the notable aspect of Oasis is its use of Dai. Dai is described as a ‘smarter digital currency for everyone’. As its value consistently tracks that of the US dollar, Dai claims to be less volatile than other digital currencies on the market.
The Dai wallet operates on the Ethereum blockchain. To complete transactions, you will require ‘gas’, which is an ETH fee – this fee is sent to the miners who maintain the Ethereum blockchain.
There’s no better way to describe Compound than how it describes itself. Compound is an ‘algorithmic, autonomous interest rate protocol’ designed to enable developers to access a plethora of financial applications. Compound is managed by a decentralised community of people in possession of $COMP tokens. It allows you to borrow from many digital currencies, including Ether and Dai.
On the Compound website you can see the market overview, including the top-performing currencies. You can also view the total supply volume and the total borrow volume. When you borrow or lend, you are contributing to the ‘liquidity pool’ rather than borrowing or lending to an individual.
Aave’s liquidity protocol has a similar feel to that of Compound. Described as being open-source and non-custodial, Aave allows its users to earn interest on their deposits and borrowing assets. You can borrow from a handful of digital assets, whether they are stablecoins or altcoins. Putting your assets into the liquidity pool allows users to earn a form of passive income from the repaid interest.
The interest rate on an asset that is in low supply is likely to be higher than that of more readily available assets. To borrow, the collateral you put down in exchange must be of an equivalent loan amount.
If you’re looking for a creative take on a crypto collateral loan, Alchemix has a fantasy-type feel to its platform. The trailer for this lender has a very magical vibe, as do the services it is offering. Alchemix is bringing you the opportunity to spend and save simultaneously, as these loans ‘repay themselves’ over time.
Alchemix has big plans for progression, so much so that one of its eventual plans is to create a recipe book for new users. This should outline various yield strategies that vary by risk to ensure a smooth path to generating good returns.
Binance is already a big name in the crypto world, and it is continuing to thrive in the field of crypto loans. Providing you are a registered Binance user, you can start borrowing. The loan terms are measured in days, ranging from a seven-day turnaround to 180 days. However, as interest is calculated on the hours you borrow for, paying in advance could be beneficial.
Binance Loans supports several collateral options; however, what you can borrow and what you can use as collateral may vary, so ensure you check the full list.
Nebeus is helping you use your crypto to fund daily expenses for more costly ventures, rather than requiring you to sell your assets for more money. Helping you to ‘bridge your crypto and your cash’, Nebeus lets you go beyond just loans. The platform also offers services such as cryptocurrency insurance, a crypto exchange, and crypto renting.
The crypto you put down for a loan can be insured by a $100 million policy, meaning you can have peace of mind that your deposit is safe. Alternatively, you can rent your crypto to the service and earn passive income from this.
Helio is the lending service boasting the widest array of deposit options and loan structures on the market. Helping you to shop around for the loan that will fit you best, Helio has some unique points of interest. One of these is crypto solutions to home ownership, meaning if you’d like to put crypto down as a house deposit, you can.
Helio is also offering the potential to use real-estate NFTs as loan collateral. There are a variety of options available and, at the end of the day, you will still own any crypto you put down as collateral.
When it comes to crypto loans Australia, Bitcoin Dealers can help you leverage your crypto for a loan that meets your needs. Despite having Bitcoin in their name, these guys will buy and sell with a handful of the major cryptocurrencies. Another cool aspect of this company is that you get the option to get off the computer and visit them in-branch if you wish.
Bitcoin Dealers will only lend to companies or sole traders. However, if you are an individual looking to sell your crypto, you can bring it to these guys in exchange for cash.
For approval within 24 hours and the quick transfer of funds, you may want to investigate Matias Group. Not only are its services claimed to be fast, it also has a particularly handy tool on its site – a loan calculator. To use this tool, you’ll simply need to input the amount you’d like to borrow, your loan term, and the currency you’ll be using as your asset.
From there, the calculator will tell you your LTV and the amount of your digital asset you will need to provide. It will also provide some rough estimates for your monthly and total interest, helping to highlight exactly what you can expect from your loan.
Conclusion
There are several pros and cons when considering a crypto collateral loan you should consider, there are very few strings attached, they often don’t require a credit check, and can grant fast access to cash. However, crypto-backed loans also can be more volatile, some offer poor rates for borrowers compared to traditional finance options, you might get margin called, and there might be a higher risk of encountering a scam.
Crypto loans Australia generally allow you to take the role of the lender as well as borrower. You can then take advantage of placing your crypto into staking liquidity pools to generate yield income.
Engagement with any aspects of the new DeFi industry has risks associated and thorough research must be done before even considering to participate in this space. This list is meant as a starting point down the path of introducing you to options for crypto collateral loans within Australia.
BettaPork, run by father-and-son farmers Paul and Laurie Brosnan, is situated directly across the road from the Callide coalmine near the Central Queensland town of Biloela.
Generator Powered by Methane
Six years ago, the Brosnans set up two three-million-litre tanks to process the farm’s pig waste – along with food scraps from schools and cafes in town and cattle waste from the local meatworks – to create methane, which is used to power a generator.
BettaPork now generates enough electricity to power 140 homes and is saving the farm hundreds of thousands of dollars a year. So much so that a business partner recently suggested bitcoin mining as a sustainable way to utilise the roughly 100 kilowatts of excess energy generated by the piggery’s biogas plant.
BettaPork director and general manager Laurie Brosnan. Source: theaustralian.com.au
BettaPork general manager Laurie Brosnan, whose grandfather founded the farm in 1959, says a trial using two bitcoin mining terminals has already proved successful and more generators will soon be added.
“These two little boxes are validating transactions, creating a lot of heat and making money,” Brosnan told The Australian newspaper. “Last week, each of them was making A$8 every four hours.
In Germany they joke that pork is a by-product of power because they pay so much for the electricity they generate. Here, we can do it sustainably. It’s good for the environment, it’s good for the hip pocket, and it’s good for the pigs.
Laurie Brosnan, general manager, BettaPork
The number of crypto mining terminals is limited only by the amount of available electricity, which in turn is limited only by the amount of feedstock for the onsite biogas plant.
The bacteria basically farts and creates the gas that goes into the engines, and the engines power the whole site.
Laurie Brosnan, general manager, BettaPork
“Our limit right now would be 20 machines, but if we have enough feedstock we could generate 1000kw,” Brosnan says. “If we want [to mine] more crypto, we just need more food waste.”
No Grants, Just Grunts – and They’re Green
The farm’s technological refit was achieved without government grants and was simply driven by the family’s desire to be as energy-efficient as possible. They have even installed their own fibre cable to control the farm’s pumps online, while the biogas plant also produces water and fertiliser that can be used in the paddocks.
“We’ve got some old sheds we plan to update to save ourselves 70 percent of our power. That’s another two or three crypto miners right there,” Brosnan says.
Australian cryptocurrency entrepreneur Craig Sproule has been charged by the US Securities and Exchange Commission (SEC) for defrauding investors by diverting millions from a digital coin offering into South African gold mining interests.
Australian crypto entrepreneur Craig Sproule. Source: medium.com
Sproule, currently a resident of California, faces additional charges of making false and misleading statements when selling digital asset securities. Jointly named on the SEC charge sheet are two companies founded by the Lismore-born entrepreneur – Crowd Machine Inc and Metavine Pty Ltd.
‘The Man Behind the Machine’
Self-proclaimed on social media as “the Man behind the Machine”, Sproule has been ordered to pay a US$200,000 (A$280,000) civil penalty while Crowd Machine’s digital tokens will be banned from crypto trading platforms.
Crowd Machine was intended to replace Amazon Web Services, the cloud-based computer infrastructure, with a distributed system. To achieve this, Sproule claimed to have raised US$40.7 million through an initial coin offering of Crowd Machine Compute Tokens (CMCT) in early 2018 that was to fund a decentralised computer network.
Almost $6 Million Siphoned into South African Gold Mines
Instead, Sproule siphoned US$5.8 million into gold mining entities in South Africa, which was not disclosed to Crowd Machine token investors. None of the US$5.8 million has been recovered, and the South African gold mining operations “have returned no revenue”, according to the SEC’s statement of claim.
Along with Sproule and Crowd Machine, another entity registered in Australia, Metavine Pty Ltd, has committed to covering any future civil penalties relating to Crowd Machine. An application for voluntary deregistration of Metavine was filed with the Australian Securities and Investments Commission (ASIC) last month.
Sproule and Crowd Machine have neither admitted nor denied the allegations, although Sproule will be summarily banned from serving as an officer or director of a public company.
Shades of Last Year’s BitConnect Fiasco
The Sproule/Crowd Machine imbroglio echoes the circumstances of an SEC lawsuit filed last May against five individuals linked to BitConnect for promoting and selling unregistered securities. That case also shared a connection down under, with ASIC accusing a former BitConnect promoter of defrauding small investors in Australia in 2017-2018.
