@cryptocracy 30 July 2022 more from that month

BTC Doesn't Care About Some Recession (And Neither Should You) Let me remind you of this: If you’re reading this newsletter anywhere other than Substack, you could miss some issues. The reason is because centralized social media platforms (and practically all of them are centralized to some degree) could **restrict my content** at any time, or ban me, just because they don’t like something I say. For that reason, **I encourage you to** ****subscribe at Substack**** **to ensure you don’t miss any issues.** https://cryptocracy.substack.com/p/facebook-put-me-in-jail Does bitcoin **care about recession**? *A better question is, should you?* https://www.coindesk.com/markets/2022/07/28/what-is-a-recession-and-does-bitcoin-care/ A new survey says Ethereum could be headed for a **fork after the Merge**. *This is entirely plausible. Big moves tend to give rise to deep passions. On a network as large of Ethereum, it’s impossible not to have tension among the forces at play on the network. Ethereum has forked before, which is why we have Ethereum Classic (ETC). And just as Bitcoin has forked multiple times in its history, it’s inevitable that Ethereum will have its own tributaries, monuments to human vanity.* Speaking of ETC, ETH’s illegitimate child is seeing a **sudden surge of interest**. *Cocky bastard.* Meanwhile, Ethereum Co-Founder Vitalik Buterin says **transferable tokens for DAOs** enables the power-hungry narcissists that make centralization a bane to Western civilization. Finally, Ethereum has a **new timeline**. https://cointelegraph.com/news/ethereum-chain-split-is-possible-after-the-merge-survey-finds-but-will-etc-price-keep-climbing https://fortune.com/2022/07/29/eth-price-ethereum-original-coin-soar-miners-migrate-ahead-of-merge/ https://cointelegraph.com/news/eth-founder-speaks-against-transferable-governance-community-responds https://dailyhodl.com/2022/07/29/ethereum-eth-developers-announce-timeline-for-final-testing-stage-before-massive-september-upgrade/ Nearly 75 percent of retailers plan to accept **cryptocurrencies for payment** within two years. *A world where crypto is used for payment is inevitable. Older people may not like it, but younger people do—and they outnumber of the old fogeys. Crypto is the future, believe it or not.* https://www.cnbc.com/2022/07/29/deloitte-75-percent-of-retailers-plan-to-accept-crypto-payments-in-2-years.html Ripple, embroiled in a tangle with the Securities and Exchange Commission over whether its cryptocurrency XRP is a security, sold **$408 million worth of XRP** in Q2 2022. The company is still looking ahead, planning to **support NFTs** and getting back to the Root. https://u.today/ripple-sold-408-million-worth-of-xrp-in-q2 https://ambcrypto.com/ripple-reveals-sec-lawsuit-update-and-aggressive-push-into-nft-market-through-its-q2-report/ Binance CEO Chaopeng Zao believes the **crypto market is healthy** right now, while Binance launching **NFT ticketing**. Axie Infinity CEO moved funds to Binance **before announcing** Ronin hack. https://cryptoslate.com/binances-cz-thinks-crypto-market-is-much-healthier-with-btc-around-20k/ https://www.ledgerinsights.com/binance-blockchain-nft-ticketing-lazio/ https://cryptoslate.com/axie-infinity-ceo-moved-funds-to-binance-before-disclosing-ronin-bridge-hack/ KuCoin launches exchange-traded fund (ETF) **tied to non-fungible tokens (NFTs**). https://cointelegraph.com/news/kucoin-crypto-exchange-debuts-usdt-dominated-nft-etf Terra is **launching infrastructure for DAOs**. *Because distributed failure is a powerful force.* https://blockworks.co/terra-looking-to-build-daos/ Cardano Vasil **delayed for more weeks**. https://cointelegraph.com/news/cardano-vasil-hard-fork-hit-with-another-delay-for-several-weeks Senator Pat Toomey blames the SEC for the **crypto lending crisis**. 20 percent annual returns in crypto lending are **over for good**. Why **Vauld folded** when it did. https://cointelegraph.com/news/pat-toomey-blames-the-sec-for-crypto-ending-platform-crisis https://www.cnbc.com/2022/07/29/end-of-easy-money-in-crypto-20percent-returns-over-in-cefi-defi-lives-on.html https://inc42.com/features/behind-the-fall-of-coinbase-backed-crypto-lending-platform-vauld/ The FDIC issues a warning to **banks with crypto partners**. https://www.coindesk.com/policy/2022/07/29/voyagers-clash-with-us-regulators-followed-by-broader-fdic-warning/ **Platforms v. protocols**. **(A DARN GOOD READ)** *BTW, I cover this topic in great detail in my book* ***Cryptosocial: How Cryptocurrencies Are Changing Social Media****. It’s imperative that Web3 citizens understand the difference between protocols and platforms. Imperative.* https://venturebeat.com/2022/07/29/web3-the-hope-for-protocols-over-platforms/ https://www.amazon.com/Cryptosocial-Cryptocurrencies-Changing-Social-Media/dp/1637421834 The International Monetary Fund (IMF) says there could be another **algorithmic stablecoin crash** on the way. The Motley Fool says the only stablecoin you should use is **USDC**. https://protos.com/algorithmic-stablecoin-collapse-may-crash-crypto-markets-again-says-imf/ https://www.fool.com/investing/2022/07/29/the-only-stablecoin-investors-should-use/ Miami is **launching 5,000 NFTs** on Ethereum with TIME, MasterCard, and Salesforce. *In other words, the devil went farther south than Georgia.* https://decrypt.co/106201/city-of-miami-to-launch-5000-ethereum-nfts-with-time-mastercard-salesforce **Helium and Lime disagree** on whether Lime is Helium’s customer. https://mashable.com/article/helium-lime-web3-crypto The financial implications of **buying crypto through PayPal**. *I’ve used PayPal for years as my online bank. I accept payments from customers and make purchases for my business through it. But I would not buy crypto from PayPal. There would be no point.* ***This article explains why.*** https://www.financialexpress.com/digital-currency/what-are-the-financial-implications-of-buying-cryptocurrencies-from-paypal/2611022/

Is Web3 the **future of the internet**? Adam Back, famous cryptographer and one of **Satoshi Nakamoto’s 12 apostles**, says few people can define **Web3**. Inc. Magazine outlines **4 possible outcomes** from the creation of Web3. How you’ll **own your identity** in Web3, according to Unstoppable Domains CEO Matthew Gould. https://www.thestreet.com/technology/what-is-web-3 https://www.amazon.com/Cryptosocial-Cryptocurrencies-Changing-Social-Media/dp/1637421834 https://www.youtube.com/watch?v=ZgdwOYxrrto https://www.inc.com/doug-randall/4-scenarios-to-navigate-uncertainty-create-a-winning-strategy-for-web3.html https://www.bloomberg.com/news/videos/2022-07-29/crypto-report-owning-your-web3-identity-video Can time-weighted voting power **fix DAO governance**? https://medium.datadriveninvestor.com/time-weighted-voting-power-mechanism-to-fix-the-flaw-in-dao-governance-2ab589a93fb2 Younger employees want to be **paid in crypto**. https://www.nasdaq.com/articles/why-younger-employees-want-to-be-paid-in-crypto Why sporting events need **NFT ticketing**. https://www.coindesk.com/layer2/sportsweek/2022/07/29/why-we-need-nft-ticketing-for-sports-events/ Boba Fett has **his own NFT**. https://www.cryptotimes.io/star-wars-boba-fett-nft-drops-on-veve/ Is it time to rethink the **purpose of NFTs**? https://www.thedrum.com/opinion/2022/07/29/it-s-time-rethink-the-purpose-nfts **Top brands** entering, or soon to enter, the metaverse. Andrew Keen says the metaverse **will not save us**. And Singapore could be letting marriages **take place in the metaverse**. *With this avatar I thee wed … until virtual reality do us part.* https://footwearnews.com/feature/metaverse-companies-1203231124/ https://lithub.com/no-the-metaverse-is-not-going-to-save-us/ https://www.cryptotimes.io/metaverse-may-be-the-new-venue-for-singapores-marriages-court-cases/ Zipmex seeks **bankruptcy in Singapore**. https://www.forbes.com/sites/zinnialee/2022/07/29/crypto-exchange-zipmex-seeks-bankruptcy-protection-in-singapore-as-crypto-crisis-spreads/?sh=7fe58ba64233 *What’s in italics? Snark and commentary, of course.* Once again, if you want to continue reading Cryptocracy, your best bet is to ****subscribe at Substack****. https://cryptocracy.substack.com/ 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.* https://cryptocracy.substack.com/p/does-bitcoin-care-about-recessions Image credit: VentureBeat