Coinbase Loses ACH Transfer Ability for 6 Hours

Good morning! I’m pleased to announce that my book Cryptosocial: How Cryptocurrencies Are Changing Social Media has won an award: First Place in the Technology category in the NYC Big Book Awards.

Please, no autographs. :-)

Enter the No Shill Zone

Bitcoin ATM installation growth drops 2 percent in September. Here’s why every real estate investor should own bitcoin. 5 signs of a bitcoin crash this year. Peter Brandt says bitcoin could still hit zero. Of course, bitcoin could fly to the moon too. The fact is, no one really knows what the future holds. It’s a guessing game. Regarding bitcoin ATM installations, I hope you understand this is a drop in installation growth and not a drop in installations. The market is still growing. It’s just not growing as fast as it did in August. There could be more than one reason for that.

Coinbase experienced ACH transfer issues with U.S. banks on Sunday morning. The problem was fixed early in the afternoon. This is a primary reason it’s dangerous to hold crypto in an exchange account and one of the reasons decentralized exchanges will grow in proportion to centralized exchanges as more people educate themselves and adopt crypto.

Celsius Founder and Former CEO Alex Mashinsky may have withdrew $10 million just before freezing customer funds. If true, this sheds new light on his resignation. It also brings up, in my mind, the potential for regulation enforcement via smart contracts.

NFT sales are down 60 percent in Q3. The NFT market falls for five straight months. Yet, Solana’s market share has gone up 7 percent.

Are CBDCs the cross-border payments solution of the future? I don’t know that I’d say they will be THE cross-border payments solution of the future, but they have the potential to be a powerful means of cross-border payments. I also believe that, whether CBDCs take precedence or not, Ripple will be involved to a large extent.

LUNC is up 70 percent due to Binance token burns. Prop it up all you want, it’s still a fake.

How DAOs automate community middlemen (AN AWESOME READ). Top 1 percent of DAO members own 90 percent of voting power, according to Chainalysis. It wouldn’t surprise me to find that to be true.

Mark Cuban says NFT books are the next big opportunity in crypto. There are a few up-and-coming NFT book publishing platforms that look interesting. I wrote an article about this for Forefront not too long ago.

Nexo is looking at buying more Asian tech companies.

What Web3 needs to do to kick Web2 off the hill (A GREAT READ). The 5 most sound Web3 businesses. The top 5 best Web3 businesses in 4 metrics.

LINK fans prepare for staking. Former Google CEO Eric Schmidt says Chainlink is the most scalable blockchain.

Transit Swap hacker returns 70 percent of stolen funds. This makes me wonder what he bought with that other $6.9 million.

Will Terra Luna leave a regulatory legacy similar to Facebook’s Libra? Regulation is certainly something to keep an eye on, but the Terra fiasco is nothing like the Facebook brouhaha. In the case of the latter, regulators expressed an interest out of fear of a Facebook hostile takeover of the global economy. In Terra’s case, regulation is a response to potentially criminal behavior. If regulation in the DeFi space has any teeth, it will focus its efforts on claims of decentralization. Any project that claims to be decentralized should be forced to prove that it actually is. Otherwise, regulation is just an excuse for centralized government authorities to meddle into affairs in which they have no business.

Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam says agencies must rely on 70-year-old case law. He’s correct. We must understand that the CFTC and Securities and Exchange Commission (SEC) are operating on direct orders from the chief executive to pursue companies who may be breaking the law. They are not legislators, so they cannot create law. They can only interpret existing law, and they can only do that with respect to their enforcement obligations. That severely limits their imaginations. What the cryptosphere is dealing with is regulatory uncertainty. That can only be addressed through the legislative process. Congress needs to step up its game.

Meet MONA, the Web3 fashion platform token. Madison Metals creates first uranium-backed NFT.

Maple Finance aims to be the Shopify of crypto lending.

French Shopify raises 3 million euro for metaverse white-label solution. Apple CEO Tim Cook doesn’t like the word “metaverse” because the average person doesn’t know what it means. And he probably doesn’t either. 7 things to look for when metaverse investing. 6 industries the metaverse is changing. One could easily lump banking and investment into one category.

Who won the Hive creator awards?

Teenager sets up a DAO to crowdfund philanthropy.

In China, Web3 security firms are protecting citizens in ways the law can’t.

Pro-Russian groups are raising crypto for paramilitary operations.

Can blockchain technology disrupt edtech in India?

Ukraine DAO set up Iran DAO to support women fighting Iran’s cruel Islamist regime.

Uzbekistan imposes fees on cryptocurrency companies.

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.