BTC Outdoes GBP, Yen, and More Fiat Currencies
Bitcoin outperforms major fiat currencies. A little more on the British pound’s collapse and impact on cryptocurrencies.
Ethereum blows Bitcoin’s net inflation rate out of the water. The path forward for former Ethereum miners is unclear. Post-Merge, could you have a tax problem? Vitalik Buterin argues that DAOs can sometimes take on the features of nation states. I’ve thought as much myself, but Ethereum’s cofounder says it more eloquently. ERC-20R and ERC-721R: Reversible Transactions on Ethereum. (A MUST-READ) Ethereum POW rebounds 150 percent after smart contract hack. A rebound is not the same as a rally or a surge. Remember, it fell first. The 150 percent is from the new low. Hardly a rise.
Celsius CEO Alex Mashinsky resigns. FTX.US President Brett Harrison is also stepping down. Nexo has been targeted by 8 U.S. states for potential regulatory violations. But that didn’t stop the crypto lender from buying stake in Summit National Bank. It’s been a tough year for crypto lenders.
Binance is training law enforcement to catch crypto criminals. Binance helps Luna Classic (LUNC) pump 40 percent. I don’t see LUNC ever being another contender.
FTX wins bid to buy Voyager’s assets.
CoinDesk interprets the Commodity Futures Trading Commission’s (CFTC) action against Ooki DAO, which the commission served by posting documents in an online discussion forum. This is right on. Essentially, the CFTC has adopted the Security and Exchange Commission’s (SEC) bully tactics. It’s another signal that legislators and regulators are afraid of cryptocurrencies. The difference here is that the CFTC is attempting to use its might to scare DAO members away from the DAOs. If they succeed, they won’t have to sue future DAOs, because there won’t be any.
Federal Reserve Chair Jerome Powell tells Congress it’s important to get the timing right on a digital dollar. Does he really believe this could happen within two years? Shinobi calls the digital dollar narrative a “fantasy.” The same, tired old arguments from the conservative angle. Government is incompetent and yada yada yada. A lot more yada, though.
Presearch has launched a $1 million advertising grant program. Presearch is an up-and-coming search engine that pays users for making searches. Forty percent of their searches are in the U.S. The rest are distributed worldwide. This release says they are looking for 10 different blockchain-based organizations, one in 10 different categories, and that each will receive $100,000 worth of exposure on the Presearch blockchain. It looks like any crypto-based organization, big or small, can enter.
Robinhood introduces self-custody crypto wallet to 10,000 users.
Revolut gets the okay to run a crypto business in the UK.
Microsoft, Avalanche, and Polygon invest $20 million in Space and Time to transform centralized databases into decentralized and trustless data sources via smart contracts. Any business called Space and Time deserves a 20 million votes.
The SEC fines Tether’s former auditor. From what I can see, no evidence Tether was involved in their shenanigans.
Christie’s Auction House is building its own on-chain NFT art platform. The first sale will include nine pieces from acclaimed artist Diana Sinclair.
What web3 needs to fix to go mainstream. When I was commissioned by Culture3, through PubDAO, to write this article, I had no idea it would turn out this well. The editor did an extremely good job of improving my work without butchering my message. And it’s a powerful message, if I say so myself. As a follow-up, read the three pillars of Web3.
The metaverse is a Gutenberg moment for businesses. Perhaps that is why Walmart is building an immersive experience with Roblox. Will metawork benefit anyone? Will the metaverse?
Which cryptocurrencies will be affected by the coming crypto regulation?
Doug Petkanics is looking for Web3’s killer social app, and its developer.
In my inbox:
From “The unintentional gatekeeping of Web3” (Voice.com newsletter): Web3 lingo is so immense that there are thousands of websites and articles and databases dedicated to compiling this new lexicon and breaking it down. Not only that, many Web3 community spaces on Discord and Twitter often shame (sic) newcomers who attempt to join the community but struggle with the jargon. As disappointed as I was at Voice.com’s transition to an NFT platform, it’s looking better every day. From a design perspective, at least.
The fall of big data and the rise of blockchain technology. A lecture from George Gilder, and I also hear a couple of Hive witnesses will be there.
European Central Bank president Christine Lagarde is adamant that cryptocurrencies will hinder the mission of central banks. They’re running scared, folks.
Snark and commentary in italics. Inclusion of an item in Cryptocracy does not 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.
First published at Cryptocracy. Not to be construed as financial advice. Do your own research.
Image credit: Presearch
