@cryptocracy 10 August 2022 more from that month

Free Microclass: Earn Crypto as You Learn About Crypto **Join me on Clubhouse!** Thursday, August 18 at 12 noon CDT. I’ll be giving a free microclass as an **introduction to Publish0x**. **Earn Crypto While You Learn About Crypto**. Publish0x is a cryptosocial media platform where users earn tips for reading and creating content. Learn how to earn ETH and AMPL on this up-and-coming Web3 platform. I’ll be joined by Ryan Gerardi of AutoConversion. https://www.clubhouse.com/event/M6j72NNV

What’s Happening in Crypto Bitcoin dominance hits **6-month lows**. Bitcoin bounces **over $24,000**. Bloomberg analyst says it will likely transition to **risk-off asse**t. It **helps poor countries survive** when government bonds are worthless. https://cointelegraph.com/news/bitcoin-dominance-hits-6-month-lows-as-metric-proclaims-new-alt-season https://time.com/nextadvisor/investing/cryptocurrency/bitcoin-price-increases/ https://cointelegraph.com/news/bitcoin-likely-to-transition-to-a-risk-off-asset-in-h2-2022-says-bloomberg-analyst https://bitcoinmagazine.com/markets/bitcoin-helps-poor-countries-survive The ether market showed **backwardation** on Monday, providing investors a unique opportunity. As talk of a hard fork **ramps up**, Ethereum Cofounder Vitalik Buterin is **not concerned**, but he sees his role **diminishing**. He also sees a future for **stealth addresses** on the blockchain. *I can see a scenario where a hard fork happens after The Merge, but, like Buterin, I don’t think it will have a major impact on Ethereum’s blockchain or ether’s price.* https://www.coindesk.com/markets/2022/08/08/ethers-deepest-backwardation-since-2020-crash-shows-traders-prepping-for-ethereum-pow-split/ https://cryptoslate.com/crypto-community-divided-in-its-support-for-ethereum-hard-forks/ https://www.coindesk.com/tech/2022/08/08/vitalik-buterin-plays-down-impact-of-ethereum-forks-after-merge/ https://techcrunch.com/2022/08/08/ethereum-co-founder-sees-role-diminishing-as-blockchain-becomes-increasingly-decentralized/ https://u.today/vitalik-buterin-presents-new-feature-for-ethereum-stealth-addresses Coinbase saw 63 percent **drop in revenue in Q2**, **lost $1.1 billion**. *Coinbase’s CFO says a “large portion” of that loss is due to accounting rules. The rest of it must be due to smaller transactions from customers.* https://www.nytimes.com/2022/08/09/technology/coinbase-earnings.html https://fortune.com/2022/08/09/coinbase-posts-1-1-billion-loss-falling-revenue-in-q2/ USDC and Tether **announce support** for Ethereum proof of stake. But it Tether “**crypto Chernobyl**” waiting to happen? https://forkast.news/headlines/usdc-tether-support-ethereum-proof-of-stake/ https://www.indy100.com/science-tech/tether-usdt-crypto-bust-chernobyl The U.S. and crypto are **headed for a showdown**. *WIRED Magazine sums up the significance of several high-profile crypto-related lawsuits this year.* https://www.wired.com/story/crypto-web3-securities-ripple-sec-lawsuits/ Polygon to launch **Web3 gaming platform**. https://watcher.guru/news/polygon-to-launch-web3-gaming-platform Metaverse land sales **dipped 85 percent** in 2022 even though McKinsey predicts the market will hit **$5 trillion by 2030**. Mark Cuban says buying land in the metaverse is the **dumbest** ***caca*** **ever**. The metaverse faces **8 different cyberthreats**. Still, cities are **exploring metaverse technology**. And *Politico* makes the case against **crypto in the metaverse**. *With so many people saying so many different, and contradictory, things about the metaverse, who are we to believe? If anything, investors should go with common sense.* https://cointelegraph.com/news/metaverse-housing-bubble-bursting-virtual-land-prices-crash-85-amid-waning-interest https://www.wsj.com/articles/metaverse-spending-to-total-5-trillion-in-2030-mckinsey-predicts-11655254794 https://fortune.com/2022/08/08/mark-cuban-criticizes-metaverse-land-sales-yuga-labs-otherside/ https://www.techrepublic.com/article/the-metaverse-faces-more-than-8-potential-cyberthreats/ https://www.smartcitiesdive.com/news/cities-metaverse-engagement-seoul-dubai-santa-monica/629104/ https://www.politico.com/newsletters/digital-future-daily/2022/08/08/the-case-against-crypto-in-the-metaverse-00050388

Crypto.com acquires **two South Korean firms**—PnLink and OK-BIT. https://techcrunch.com/2022/08/08/singapore-based-cryptocurrency-exchange-crypto-com-enters-south-korea-via-acquisitions/ CoinSwitch launches $10 million fund for **investing in Web3 startups**. https://inc42.com/buzz/crypto-investing-app-coinswitch-launches-10-mn-fund-to-invest-in-100-web3-startups/ SoFi **launches ETF** focused on NFTs, the metaverse, and blockchain. https://www.wsj.com/livecoverage/stock-market-news-today-08-09-2022/card/sofi-launches-web-3-etf-focused-on-nfts-metaverse-blockchain-upp6TJLVm4x2wXPd7Z7g OpenSea gave $100,000 to Buzzy DAO to **feature artwork** by Friends With Benefits artists. https://news.artnet.com/market/friends-with-benefits-opensea-dao-2157901 Mark Cuban says DOGE has **more use cases than ADA**. *Ouch! If Charles Hoskinson was a squirrel, his nutsack would be hurting from that kick.* https://dailyhodl.com/2022/08/08/billionaire-mark-cuban-criticizes-cardano-says-dogecoin-doge-has-more-use-cases-than-ada/ How to stop **smart contract pyramid schemes**. https://www.coindesk.com/layer2/2022/08/08/how-to-stop-forsage-meta-force-and-other-smart-contract-pyramid-schemes/ Cameo CEO said someone **stole his Bored Ape** and sold it for less than he paid for it. *Someday, I hope there is a blockchain-based provenance protocol that will alert interested parties when someone attempts to sell a stolen collectible.* https://variety.com/2022/digital/news/bored-ape-nft-stolen-cameo-1235335733/ Cofounder of Animoca Brands says **digital property rights** are key to thriving Web3 economy. Twitch Founder Justin Kan, however, says Web3 gaming has **a long way to go**. VentureBeat points to **decentralized identity management** as the key to making Web3 a digital paradise. *The key to a thriving Web3 economy is enough people trusting it enough to dive in. What made America a thriving world economy? Decentralized physical commerce. What will make Web3 thrive? Decentralized e-commerce where everyone has an equal shot at success using the tools that are available to all. Kan is right—Web3 has a way to go.* https://cointelegraph.com/news/kbw-2022-digital-property-rights-key-to-thriving-web3-economy-animoca-s-yat-siu https://techcrunch.com/2022/08/08/twitch-founder-justin-kan-on-crypto-web3-video-games-business-model-profit-play-to-earn/ https://venturebeat.com/datadecisionmakers/decentralized-identity-may-be-critical-for-the-success-of-web3/ Nas Academy to launch **token-gated Web3 courses**. https://blockworks.co/nas-academy-to-launch-token-gated-web3-courses/ NFT trading **drops 40 percent in Q2**. https://finbold.com/non-fungible-token-q2-trading-volume-drops-40-as-interest-in-nfts-wanes/ The U.S. sanctions Tornado Cash for allegedly **laundering $7 million**. Afterward, an anonymous individual sends ETH to **celebrity wallets** using Tornado Cash. Circles freezes Tornado Cash **smart contract addresses**. Tornado Cash code then **disappears from GitHub**. Meanwhile, Coin Center says **a robot is not a person** in defense of Tornado Cash. https://www.engadget.com/us-treasury-tornado-cash-cryptocurrency-mixer-sanctions-170017864.html https://cointelegraph.com/news/anonymous-user-sends-eth-from-tornado-cash-to-prominent-figures-following-sanctions https://www.investing.com/news/cryptocurrency-news/circle-freezes-blacklisted-tornado-cash-smart-contract-addresses-2867260 https://decrypt.co/107053/it-doesnt-change-anything-says-tornado-cash-code-disappears-github https://www.crowdfundinsider.com/2022/08/194583-coin-center-defends-tornado-cash-a-smart-contract-is-a-robot-not-a-person/ CurateDAO launches **Pinterest-like curation ecosystem** on Avalanche. https://cointelegraph.com/news/pinterest-for-web3-project-launches-curation-ecosystem-on-avalanche Pinata raised **$21.5 million**. https://techcrunch.com/2022/08/09/pinata-raised-21-5m-to-scale-nft-media-infrastructure/ CryptoPunk NFT to be split into **56,000 shares**. https://cointelegraph.com/news/a-slice-of-the-punk-cryptopunk-nft-to-be-split-into-56-000-pieces People are **paying more for NFT cars** than real ones. Dapper Labs and L.A. Rams partner on **$9 NFT Super Bowl rings**. https://thenextweb.com/news/crypto-fans-paying-more-for-nft-cars-than-real-ones https://fortune.com/2022/08/09/dapper-labs-super-bowl-nfts-nba-top-shot-nfl-all-day-crypto/ CreatorDAO **raises $20 million**, led by a16z. DAO wants creators to **invest in each other**. https://fortune.com/2022/08/09/creatordao-raises-20-million-in-a16z-led-seed-round/ https://www.tubefilter.com/2022/08/09/creator-dao-funding-andreessen-horowitz-a16z-investment/ 54 percent of crypto investors **have not sold** their coins and tokens. https://finbold.com/54-of-crypto-investors-say-they-havent-sold-their-coins-during-the-market-carnage/ LeoFinance has launched threads. See what @JonGOlson and @Taskmaster4450 think about that on the **CryptoManiacs Podcast**. *The Hive blockchain’s answer to Twitter. But don’t leave Twitter yet.* https://aureal.one/episode/2080018 Is forking the **ultimate decentralization**? *This is* ***an interesting read*** *about DAO governance.* https://www.notboring.co/p/go-fork-yourself Why NFTs and soulbound tokens aren’t the best solution for **digital identity**. https://technative.io/why-nfts-and-sbts-arent-the-best-solution-for-digital-identity/ Wayru launches **decentralized internet network**. https://www.accesswire.com/711386/Web3-Telecommunications-Startup-Wayru-Launches-Decentralized-Internet-Network The 6 most common **attacks on crypto wallets**. https://www.finextra.com/blogposting/22721/the-six-most-common-attacks-on-crypto-wallets-and-why-banks-should-care **From Bastyon newsletter:** 100,000 downloads on Play Store is an achievement, despite the authoritarian nature of that gateway. Unlike Apple, they did not kill Bastyon (yet). *Congratulations!* How to **bake your own DAO**. **Creating a DAO** should not be expensive or painful. *Neither should starting an LLC, but if it involves the government or lawyers, then it will be.* https://cointelegraph.com/magazine/2022/08/09/create-your-own-dao-with-just-five-ingredients https://www.forbes.com/sites/forbestechcouncil/2022/08/08/creating-your-first-dao-should-not-be-so-expensive-or-painful/?sh=70af0eac262f Hodlnaut **halts deposits and withdrawals**. *Another one bites the dust.* https://tokenhell.com/crypto-lending-platform-hodlnaut-halts-deposits-and-withdrawals/ Aloha privacy browser **integrates crypto wallet**. https://vergemagazine.co.uk/privacy-browser-aloha-turns-to-web-3-0-with-integrated-crypto-wallet/ Australia’s central bank launches **digital currency pilot**. https://www.aljazeera.com/economy/2022/8/9/australias-central-bank-launches-digital-currency-pilot Canada’s **shaky crypto rules**. https://thehub.ca/2022-08-08/yael-ossowski-and-david-clement-canadas-shaky-rules-on-cryptocurrencies-have-their-root-in-ontario/ Crypto businesses are leaving Japan due to **high corporate taxes**. https://english.alarabiya.net/business/technology/2022/08/08/Crypto-businesses-leaving-Japan-due-to-high-corporate-taxes-top-entrepreneur-says Iran makes **first import order** using crypto. https://www.reuters.com/business/finance/iran-makes-first-import-order-using-cryptocurrency-tasnim-2022-08-09/ Taiwan **bans buying crypto** with credit cards. https://thepaypers.com/cryptocurrencies/taiwan-bans-crypto-buying-with-credit-cards--1257898 *Snark and commentary in italics. Not financial advice.* 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/earn-crypto-while-learning-about