How About a Little FUD, Elmer?
Fear, uncertainty, and doubt (FUD) are not always caused by disparate voices shouting into the wind. Sometimes they’re caused by real world events, like when one of the world’s biggest crypt projects takes a face dive into the Grand Canyon. When that happens, smart people re-evaluate their relationships to natural wonders and snake oil salesmen. Screw the wild party, it’s survival time! The Luna/UST crash was like getting hit in the face with a bucket of ice. I’ve never been hit in the face with a bucket of ice, but I’ll assume it’s a shocker. I didn’t lose much with the de-pegging, just a few UST that I bought with my AMPL from Publish0x, and I did that only because Loop required it for paying gas fees and for pooling LOOP in its DEX. This week’s Cryptocracy is (mostly) about FUD. You’ll want to read it all because I get a little personal (teardrop).
And Now For the FUD
Coinbase CEO Brian Armstrong says the crypto exchange was pressured to leave India. Shocker! It’s not surprising considering how complicated India’s relationship with crypto is.
Crypto.com and Coinbase lead the pack in cryptocurrency advertisement breaches. If you think celebrity endorsements of cryptocurrencies in advertising has gone overboard, you’re not the only freaking one. Evidently, the United Kingdom’s Advertising Standards Authority thinks so too. Just say “No” to Kim Kardashian. Heck, Kim Kardashian should say “No” to Kim Kardashian.
Wondering if the Luna crash was intentional? This guy says it was.
Most of my readers know Loop Markets as that place I post to that forced me to buy UST just to play around on the DEX (it feels like I just said that), because I wanted my LOOP to go just a little bit further. Unfortunately, the cryptosocial platform lost more than I did. Now, they’re leaving the Terra blockchain and joining Juno. I have some thinking to do. Do I leave Loop Markets or stick around (out of curiosity) to see where it leads with Juno? The suicidal part of me says I should follow them to Juno. Maybe it will end up on the moon-o.
Not everyone you meet is a decentralization bro, BRO. (A MUST-READ from P2P Godfather Cory Doctorow). There’s so much good stuff in here you’ll think you smoked a jay with Snoop Dogg and Patrick Stewart doing the kray kray in Lady Gaga’s va-jay-jay. No, really. It’s that good, dude. ‘ere!
Ethereum Co-Founder Gavin Wood says wake up and smell the coffee! Actually, he said be more aware of what you’re doing, which I take to mean wake up and smell the coffee.
Through reciprocal agreement, DeFi Fridays and I are mentioning each other’s newsletter in our own this week.
DeFi Fridays is the product of Brew Money, a non-custodial wallet on the Polygon blockchain. I haven’t used it, so I can’t endorse it, but they’re offering up to 10 percent APY on DeFi protocols like Aave and Balancer—a far cry different than Anchor Protocol’s 20 percent on UST.
What I find interesting about Brew Money is that you send your fiat money to the app and it converts it to USDC, like, automagically dude. Still in beta, there are no gas fees.
They have a waitlist for early adopters, who can join an NFT giveaway in collaboration with @thisislux (again, not an endorsement).
DeFi Fridays curates news on decentralized finance with a little bit of self-shilling (and since I do that too, no guilt complex!). Here’s a sample post. It’s a red hot read on defi, but I encourage you to use a condom. This is not a paid-for ad (though it should have been).
And Now for Some Non-FUD (Elmer?)
Jamie Dimon, a longtime critic of bitcoin, says bitcoin is 28 percent undervalued. Give the man some ice cream!
Ethereum Co-Founder Vitalik Buterin says we’ll soon see soulbound tokens. And what that means is you could have your entire life stored in one token. Your birth certificate could be stored there, your high school diploma, your college transcripts, your medical history, your marriage certificate, and any liens you have against you … it could all end up in a token. And if your life is hacked you can’t blame it on Facebook.
Tether launches stablecoin pegged to pesos and rides into Latin America with a sombrero on its head.
OpenSea redesigns NFT store as sales slump. And eBay launches first NFT collection.
Play-to-earn (P2E) games are rising in popularity. Only 9.4 percent of people surveyed in the U.S. said they play P2E games, but that could nearly double. I dedicate one full chapter to P2E games in my book Cryptosocial: How Cryptocurrencies Are Changing Social Media. Where you’ll find it:
Business Expert Press (the publisher)
Preview at Scribd
Cabin DAO is celebrating its first birthday by minting some of its Mirror posts and selling them to pay its writers. Here’s their Twitter thread. Want to know more about writing NFTs? Check out Mirror’s Twitter thread. On a personal note, I bought one of the Cabin DAO NFTs. No. 15 out of 100. It cost me $10 in ETH. The transfer of ETH through the Optimism Gateway cost just 50 cents. But to send it from my wallet to MetaMask cost me $100. Seriously, how can a guy eat around here?
Businesses should avoid these three mistakes when launching into the metaverse. CoinDesk offers suggestions on how to ensure the metaverse isn’t a nightmare.
Primitives wants to turn your crypto wallet into a social network. Sounds like a good idea to me.
Cryptocracy is a decentralized newsletter published 4 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.
P.S. Have you taken my survey?
Lol @ the meme.
India seems to continually short itself when it comes to crypto.