Bitcoin Mining Hits 2-Year Lowstone

Don’t forget, only two days left for this incredible special. And for this even more incredible special.

Bitcoin mining revenue is at its lowest in two years. BTC millionaire wallets drop 80 percent in one year. Apple Co-Founder Steve Wozniak says bitcoin is the only cryptocurrency that is “pure-gold mathematics.” I denounce both bitcoin maximalists and bitcoin denouncers. There is a lot to admire about BTC and even some things to criticize. Like it or loathe it, you can’t deny that it has changed the trajectory of finance for the better.

Ethereum whale accumulation at highest rate in two years. Here’s why. How Ethereum Virtual Machine works.

Has the FTX fiasco impacted bitcoin? Anthony Pompliano says “No.” Cathie Wood likes crypto even more after FTX. The Guardian says more crypto scandals to come. Despite the FTX scandal, there are plenty of reasons to be optimistic about bitcoin and crypto in general.

Crypto wallet Exodus has removed FTX from its application. Exodus was integrated with FTX so users could make in-app crypto exchanges until just a few days ago. According to a spokesperson, users can still make exchanges inside the app but not through FTX.

Crypto investors have redeemed $3.5 billion in stablecoins in two weeks. Every time there a major scandal in crypto, some people cash out. They return when the bull market hits. No reason for alarm. Every market needs a shakeout from time to time.

Following the FTX fallout, CoinMarketCap has listed crypto exchange reserves on its platform. Beside some exchange names, you’ll see a little icon. Click on it to see the exchanges reserve assets. Coinbase has its own ideas about crypto exchange transparency. Notice that Coinbase has not listed its reserves on CoinMarketCap.

Stephen Cecchetti says let crypto burn. After every major crypto event there are two common themes you’ll see running through the media. There will be calls for greater regulation and projections concerning crypto’s demise. In this case, Cecchetti says no regulation is necessary if we just let crypto kill itself. Of course, crypto’s suicidal tendencies have been widely exaggerated.

The Bahamas attorney general says there is an active investigation into FTX. While many people are calling for Sam Bankman-Fried’s head on a platter, let me just say that criminal lawsuits require evidence. A bunch of people losing money isn’t evidence that a crime has been committed. It may be cause for a criminal investigation, but few governments are going to prosecute until there is enough evidence to justify it. In the U.S., the standard for conviction is “beyond a shadow of a doubt.” There are some smart people looking for the evidence, but until the Department of Justice has enough evidence to make it an open-and-shut case, the assumption is that Sam Bankman-Fried (SBF) just made some poor business decisions. I’m not familiar with the Bahamian legal system, but it would be safe to say that their standards for criminal conviction are similar. It could take months for a proper investigation to run its course.

One opinionator says SBF is neither a visionary nor a criminal mastermind. Agreed.

Vitalik Buterin says safe CEX is possible. a16zcrypto has other ideas about using zero-knowledge proofs to achieve privacy and regulatory compliance. Your best security against central exchange fraud or fallout is not to use them. However, that may not be practical in all situations. Here, Buterin suggests Merkle trees and ZK-snarks for keeping user funds safe on centralized exchanges. (TWO FABULOUS READS)

Ripple executives say the SEC is to blame for BlockFi’s death knell. Matt Hamilton says bitcoin maximalists are the reason for so much disinformation about Ripple’s XRP.

Cardano’s daily active address activity spiked 90 percent.

U.S., South Korea have applies for 75 percent of metaverse patents. Meanwhile, brands are backing away from the metaverse.

An explanation of what’s going on with Digital Currency Group. This is a pretty good overview. Did you know Digital Currency Group owns Grayscale, crypto exchange Genesis, and CoinDesk, which broke the story on FTX’s balance sheet?

The U.S. Senate Agriculture Committee has scheduled a hearing to discuss FTX.

A step-by-step guide for turning physical items into NFTs.

If crypto survives, will there be any point to it?

Telegram update includes fully functioning crypto wallet.

Another crypto lender halts withdrawals.

How not to launch a digital currency.

Some institutions are teaching kids about crypto.

Do Africans have greater financial freedom through bitcoin?

The Nigerian SEC says it will not promote cryptocurrencies but “sensible digital assets.”

Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.

Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. Original articles on Fridays.

First published at Cryptocracy. Not to be construed as financial advice. Do your own research.