It's Hell Week in Crypto

Is the price of bitcoin propped up again? Can one achieve financial independence through bitcoin? 65 percent of institutional investors believe bitcoin could hit $100,000.

Ripple has purchased $8.4 billion in XRP from secondary markets since its lawsuit with the Securities and Exchange Commission (SEC) began in December 2020. Craig Wright, who claims to be Satoshi Nakamoto, creator of bitcoin, calls XRP fans a “cultist army.” Why does anyone listen to this quack? Regarding Ripple’s purchasing of XRP, the fact that this actually benefits the price of XRP will not bode well for their case in the SEC-Ripple lawsuit, but it’s only one factor in the case. There are other factors to be considered in whether XRP is a security.

Rally is shutting down. Rally’s troubles started when the SEC called its token RLY a security. It’s a travesty that the SEC has targeted tokens like RLY, hurting small creators who just want to build strong communities around their brands.

Coil is sunsetting its web monetization protocol. This is a sad day. While Interledger, the technology upon which Coil is based, is still alive and well, Coil was an important development for Web monetization. It allowed creators to earn additional revenue from their Twitch and YouTube channels based on the amount of traffic those channels received, essentially bringing those Web2 platforms into the Web3 ecosystem. Coil also allowed anyone to monetize their own web properties without advertising and sponsorships. It’s been used by several Web3 social media platforms, including gFam, which I use, for monetization by those platforms’ users. While I haven’t earned a groundswell of wealth from Coil, I have seen regular drops of currency into my Uphold wallet. Other than holding BAT, I now have no reason to keep my Uphold wallet.

Justin Sun backs FTX debt token called FUD, issued by Debt DAO.

10 Coinbase alternatives. Every one of these is centralized, just like Coinbase.

Mastercard NFT Product Lead Satvik Sethi resigned and minted his resignation letter as an NFT. This can be understood on multiple levels. First, it’s super-meta! Secondly, I think Sethi was poking a finger in the eye of his former overlord. He had a rocky time at Mastercard, so minting his resignation letter as an NFT would effectively be a middle finger pointed at the king of traditional finance. It was his way of “sticking it to the man.” And, boy, did he stick it. Now it’s stuck for good. Right where Mastercard’s sun doesn’t shine.

Charlie Munger wants to ban cryptocurrencies. I understand that some people don’t like cryptocurrencies, but anyone in the U.S. who advocates for banning them is an idiot. (Woops! Did I type that out loud?)

Centrifuge holds $5.8 million in distressed debt.

Shiba Inu price rises more than 90 percent since January.

5 crypto Valentine’s gift ideas. Of course, there are still 50 ways to leave your lover.

What is unlockable content in an NFT?

72 percent of institutional investors have no plans to invest in crypto.

Just 9 more days until the launch of my book Web3 Social: How Creators Are Changing the World Wide Web (And You Can Too!). You want to be among the first to read it? Join my book launch team.

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.