@cryptocracy 23 May 2022 more from that month

Web2 Takes More Than the Mafia Pardon my tardiness in getting today’s issue of Cryptocracy out. I had a few distractions this morning. I’d still like you to **answer a few questions for me**, if you have the time. At any rate, here’s today’s digest. https://freeonlinesurveys.com/s/15CTccGM Meta, the company formerly known as Facebook, has filed for **5 Meta Pay trademarks**. *This means Mark Zuckerberg hasn’t given up on his cryptocurrency plan. It just keeps changing clothes.* https://coingeek.com/meta-files-5-trademarks-for-meta-pay-amid-plans-to-launch-digital-currency-exchange/ Ethereum Co-Founder Vitalik Buterin says he’s **no longer a billionaire**. Meanwhile, interest in Ethereum Name Service is reaching **critical mass**. *Buterin may not be a billionaire today, but that is subject to change. As soon as the market goes back up, his ETH holdings will be valued more. He’ll enter the billionaire club again. Mark my words.* https://www.livemint.com/market/cryptocurrency/crypto-crash-saga-ethereum-co-founder-buterin-says-he-s-not-a-billionaire-anymore-11653222195670.html https://cointelegraph.com/news/interest-in-ethereum-name-service-reaching-critical-mass Chairman of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam says **bitcoin and ether are commodities**. What **bitcoin’s decentralization** means for public policy **(A MUST-READ)**. Bitcoin is being removed from exchanges in droves. Over 68 percent is held on **five exchanges**. And it appears that China can’t seem to **stop bitcoin mining**, after all. Oh yeah, in honor of Bitcoin Pizza Day (yesterday), here’s a rundown of **historic bitcoin purchases**. *If all cryptocurrencies were as decentralized as bitcoin, there wouldn’t be a need for regulation. Unfortunately, so many crypto projects claim to be decentralized but aren’t. If people were honest and technology trustless, no regulation would be necessary. Too bad we don’t live in that world.* https://news.bitcoin.com/cftc-chairman-confirms-bitcoin-ether-are-commodities/ https://cointelegraph.com/news/bitcoin-stands-apart-from-other-crypto-and-what-that-means-for-us-public-policy https://news.bitcoin.com/bitcoin-held-on-trading-platforms-continues-to-drop-lower-over-68-of-the-total-held-by-5-exchanges/ https://www.coindesk.com/layer2/2022/05/22/china-cant-seem-to-stop-bitcoin-mining/ https://cointelegraph.com/news/bitcoin-pizza-day-rewind-a-homage-to-weird-and-wonderful-btc-purchases Does crypto have an **insider trading problem**? *Didn’t I just say that it does?* https://www.wsj.com/articles/crypto-might-have-an-insider-trading-problem-11653084398 Tether has paid out **$10 billion in withdrawals** since the start of the crypto crash. https://www.theguardian.com/technology/2022/may/22/tether-pays-out-10bn-in-withdrawal-since-crypto-crash Tron and Ankr partner on **Web3 infrastructure**. Speaking of Tron, TronVerse is building out an **open-world first-person shooter game** in the play-to-earn (P2E) genre. Users will be able to earn rewards, own land, and craft resources. *The P2E ecosystem is already huge, and it’s growing. It will be a force to be reckoned with.* https://coinrivet.com/tron-partners-with-ankr-to-improve-access-to-the-web-3-infrastructure/ https://tronspark.com/tronverse/ The **2022 State of Crypto Report** is an absolute **MUST-READ**. *What I find particularly prescient about this analysis is the comment, “You know something is profoundly wrong with our economy when Big Tech has a higher take rate than the mafia.” If Web3 is so much better than Web2 for creators, then why haven’t creators discovered that yet? Is it a matter of getting the word out, is it denial, is it that FUD outweighs FOMO? When will creators mass exit Facebook and show up at Hive, LBRY/Odysee, and Read.Cash?* https://a16zcrypto.com/state-of-crypto-report-a16z-2022/

**Communities are clouds**, not buckets. *This is a* ***very interesting read****, and what I find impressive about it is the argument that individuals make themselves distinct by being a part of multiple unrelated communities.* https://station.mirror.xyz/lvyRQCl5V6io0WktzU_E48Q1vKFtzDPUfjrNc0QzQtU Algorithmic stablecoins that won’t **fall like TerraUSD**. Terra’s recovery plan is fraught with **technical issues**. https://www.techvisibility.com/2022/05/22/top-algorithmic-stablecoins-wont-fall-like-terra/ https://coingape.com/terra-recovery-plan-mired-with-technical-issues-heres-why/ The top 9 percent NFT accounts on the Ethereum blockchain hold 80 percent of the **$41 billion market value**. 3 popular cryptocurrencies used to **purchase NFTs**. *I’m not the first to say it, but it seems like the crypto revolution is less about freedom, privacy, and inclusion as the narrative talking points claim. Rather, it’s about the reconsolidation of wealth. That’s why you have* ***wealthy icons*** *like Warren Buffett and Bill Gates critical of crypto despite its virtues and crypto knee-jerks like Peter Thiel shouting back. Those who have made their wealth in crypto have a viable interest in pushing FOMO while the critics have an interest in spreading FUD. In the end, the market wins.* https://venturebeat.com/2022/05/22/the-hard-truths-about-web3-what-no-one-else-is-talking-about/ https://techcabal.com/2022/05/22/3-popular-cryptocurrencies-used-to-purchase-nfts/ https://www.fool.com/the-ascent/cryptocurrency/articles/here-are-4-of-bitcoins-biggest-critics/ DAO tokens are **on the rise**. In Web3, DAOs will be the **driving decision-making force**. *I’ve got a cup of Kool-Aid in my hand. About to drink it.* https://cryptomode.com/dao-tokens-are-on-the-rise-and-surging-uniswap-uni-apecoin-ape-pac-mac-frog-pac/ https://venturebeat.com/2022/05/22/in-a-decentralized-web3-daos-will-be-the-driving-force-of-decisions/ Kiplinger says cryptocurrencies and NFTs should be **in your estate plan**. https://www.kiplinger.com/investing/cryptocurrency/604706/got-cryptocurrency-or-nfts-they-need-to-be-in-your-estate-plan How to tell **what a Web3 project is really worth**. https://decrypt.co/100784/web3-value Which is a better bitcoin investment strategy, **dollar cost averaging or lump sum**? https://cointelegraph.com/news/dollar-cost-averaging-or-lump-sum-which-bitcoin-strategy-works-best-regardless-of-price The real goal of the metaverse is to **increase your screen time**. https://www.forbes.com/sites/johnbbrandon/2022/05/22/the-real-goal-with-the-metaverse-increase-your-screen-time/?sh=1e6905872ff5 Hardware wallet **vulnerabilities**. Maybe they’re not as secure as you think. https://www.fxstreet.com/cryptocurrencies/news/cryptocurrency-hardware-wallets-may-not-be-as-secure-as-you-think-202205230813 And yet, here’s **another crypto-monetized social media platform**. *How many do we actually need? I’m not sure. I’ve said all along that each major blockchain can support a half a dozen different social media platforms. Take that for all it’s worth. I’ve personally identified* ***more than 80*** *such platforms and protocols. I write about the entire ecosystem in my book* ***Cryptosocial: How Cryptocurrencies Are Changing Social Media****. It’s well worth the read, IMHO.* On another note, one of the platforms I write about in my book, Loop Markets, may be **ending rewards for its community**. *If that happens, I’m definitely out.* https://bitcoinist.com/crypto-world-gets-more-creative-and-entangled-with-social-media/ https://dl.bookfunnel.com/robt15uyrq https://www.amazon.com/Cryptosocial-Cryptocurrencies-Changing-Social-Media/dp/1637421834 https://www.loop.markets/is-this-the-end-of-our-community/ **10 critical skills** for blockchain developers. https://dhavalthakur.medium.com/10-must-have-critical-skills-for-any-blockchain-developer-2022-9199708cb580 *If you understand that snark and commentary is what I do, then you’re in a good place. S & C show up in italics, but I don’t give financial advice. You should be aware of that. I entertain and inform. Probably best that way.* 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.* https://cryptocracy.substack.com/p/vitalik-buterin-is-no-longer-a-billionaire?s=w Image credit: a16zcrypto.com