@cryptocracy 16 May 2022 edited more from that month

Is Crypto Winter Coming? The Bear Market Ahead ... A long, drawn out crypto **bear market is on the way**, say experts watching the space. *For the first 10 years, cryptocurrencies were all tied to bitcoin. As the granddaddy of crypto went, so went the altcoins. Since institutional money entered the space, just in the last couple of years, the entire crypto market is correlated with the stock market. As Nasdaq goes, so goes bitcoin and so goes the altcoin tribes. If the economy does spiral into a recession as some* ***analysts predict****, we could see a crypto winter harsher than any we’ve seen before. But there will be a bright light at the end of that dark tunnel.* https://www.afr.com/technology/brace-for-sustained-crypto-bear-market-experts-warn-20220513-p5al5g https://www.forbes.com/advisor/investing/is-a-recession-coming/ Experts are predicting a **huge drop in Ethereum** before a big bounce back. Co-founder Vitalik Buterin says smallholders should be “**made whole**.” Binance CEO Changpeng Zhao, aka CZ, **wants more transparency**. He also refutes claims that Binance **invested $300 million** into Terra LUNA. Oh, and he doesn’t think forking Terra as **proposed by Terra Founder Do Kwon** will **provide any value** either. One Terra blockchain validator suggests scrapping Terra and creating a **new blockchain** that is community-driven. *Unlike with banks, which are insured by the FDIC, decentralized finance platforms are not insured. Users place their money in blockchains at their own risk. If Buterin’s suggestion was taken to heart, it would be the opposite of what typically takes place—relief for the wealthy and a hand wave for everyone else. On the other mitten, a community-driven blockchain is no more a remedy than a hard fork if strong fundamentals are absent.* https://www.fxstreet.com/cryptocurrencies/news/experts-predict-massive-drop-in-ethereum-before-altcoin-begins-recovery-202205151040 https://fortune.com/2022/05/15/ethereum-founder-vitalik-buterin-terra-ust-stablecoin-investors-should-be-made-whole-fdic/ https://cointelegraph.com/news/binance-ceo-cz-to-support-terra-community-but-expects-more-transparency https://en.ethereumworldnews.com/cz-debunks-rumors-that-binance-invested-300m-in-terra-luna/ https://thedefiant.io/do-kwon-terra-revival-plan/ https://www.theblockcrypto.com/post/146981/terra-fork-wont-work-binance-ceo-changpeng-zhao https://cointelegraph.com/news/major-validator-calls-for-completely-new-chain-to-replace-terra Bitcoin has **no future as a payments network**, says FTX Founder and CEO Sam Bankman-Fried. What’s the difference between a bitcoin maximalist and a **bitcoin realist** **(AN ABSOLUTE MUST-READ)**? *I’m all for realism. Bitcoin deserves its respect, but it doesn’t cover every use-case for cryptocurrencies. It wasn’t intended to. Yet, I scratch my head at some of things maximalists say.* https://www.usnews.com/news/technology/articles/2022-05-16/ftx-chief-says-bitcoin-has-no-future-as-a-payments-network-financial-times https://cointelegraph.com/news/the-meaningful-shift-from-bitcoin-maximalism-to-bitcoin-realism

U.S.-based regulators say they’ve uncovered a **$1 billion Ponzi scheme**. *No, it’s not LUNA/UST.* https://www.thestreet.com/investing/crypto-ponzi-scheme-irs-regulators Some Tesla owners hacked their cars and mined **$800 a month in crypto**. https://timesofindia.indiatimes.com/business/cryptocurrency/blockchain/tesla-car-owners-mined-upto-800-a-month-of-crypto-assets-with-their-hacked-out-cars/articleshow/91588842.cms One Web 2.0 writer explains why he’s fallen **in love with Web3**. https://medium.com/@sergefaguet/why-i-deeply-love-crypto-web3-e35c45385216 Can crypto venture capitalists buy community? **Kevin Rose says no**. https://techcrunch.com/2022/05/15/crypto-vcs-cant-just-buy-community/ The legalities of crypto and the **future of fiat**. https://fintechmagazine.com/crypto/legal-limits-digital-dollars-the-future-of-fiat **Joe DiPasquale, CEO of BitBullCapital:** Bitcoin’s recent low of around $26,600 was a decent buying opportunity for long-term exposure but the coming month may bring additional volatility as more concrete steps by the FED to fight inflation come to the fore.  Around the World With Crypto Germany has passed legislation that makes holding digital currencies for more than a year a **tax-free event**. *It’s a geopolitical reality. Nations around the world are looking for ways to get out from under the oppressive thumb of the U.S. dollar. Cryptocurrencies are their escape route. Soon, the U.S. could find itself in the uncomfortable position of having no financial allies. By de-taxing capital gains on cryptocurrencies, the U.S. can hedge its position as the world’s strongest economy.* https://coingeek.com/germany-wont-tax-digital-currency-held-for-1-year/ Since a leaked Supreme Court document has revealed that Roe v. Wade could be overturned, pro-abortion activists are looking for new ways to fund the procedure. **Could DAOs be the answer**? https://beincrypto.com/could-web3-crypto-pave-way-for-abortion-focused-daos/ Reserve Bank of India officials believe cryptocurrencies could lead to the **dollarization of the Indian economy**. *Those poor misguided souls.* https://www.livemint.com/market/cryptocurrency/cryptocurrencies-can-lead-to-dollarisation-of-economy-rbi-warns-read-here-11652610382034.html Why **gamers hate NFTs**. *Can anyone change their minds?* https://venturebeat.com/2022/05/15/why-gamers-hate-nfts-and-what-could-change-their-minds/ **Cash is king** in a cryptocurrency crisis. *Didn’t Tether teach us that?* https://www.emarketer.com/content/repegging-of-stablecoin-tether-shows-cash-king-cryptocurrency-crisis The FBI has arrested an **alleged crypto fraudster** in New York. https://www.fxempire.com/news/article/fbi-arrests-ceo-of-ny-based-crypto-platform-1001525 **Phishing attacks** are beginning to target metaverse users, but how would the metaverse **impact children**? How will we ever **navigate the metaverse**? The real metaverse is the **fun we had along the way**. One metaverse bouncer discusses what he learned about **content moderation** **(A DOGGONE GOOD READ)**. *If you think about it, the metaverse is nothing more than a new way to create, publish, and spread content. Different environment, different rules. But similar strategies, perhaps.* https://cryptonewsbtc.org/2022/05/16/after-crypto-slump-phishing-attacks-pop-ups-targeting-metaverse-users/ https://cointelegraph.com/explained/how-the-metaverse-could-impact-the-lives-of-kids https://venturebeat.com/2022/05/15/luminaries-discuss-how-to-navigate-the-metaverse/ https://www.ft.com/content/40f545c1-178e-43ef-8bac-6010c7781a77 https://thewire.in/tech/what-being-a-metaverse-bouncer-taught-me-about-the-potential-future-of-content-moderation Earn crypto **while you wal**k. https://www.afr.com/technology/digital-sneakers-let-you-earn-crypto-while-you-walk-20220506-p5aj9q 5 ways to **earn interest on stablecoins**. https://economictimes.indiatimes.com/markets/cryptocurrency/how-to-earn-interest-on-stablecoins-5-ways-to-do-it/articleshow/91590056.cms Emirates Airlines is embracing **crypto, NFTs, and the metaverse**. https://cryptopotato.com/dubais-emirates-airline-set-to-embrace-bitcoin-nft-and-metaverse/ 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/is-a-long-crypto-bear-market-coming?s=w