Taro Protocol: Will Bitcoin Network Replace SWIFT?
MicroStrategy has bought another $191 million worth of bitcoin. The company now holds more than 129,000 BTC, an incredible $5.7 billion+ in current value. Lightning Labs is launching the Taro protocol, which will be useful for sending fiat-pegged stablecoins through the Bitcoin blockchain. In other words, SWIFT could someday be history as banks adopt the Bitcoin blockchain for moving money even if bitcoin doesn’t become the global reserve currency. In that scenario, we could all be using a digital version of fiat currency and moving it faster than ever before.
Mark Cuban is bullish on Ethereum’s merge. Meanwhile, Huobi, Crypto.com, and BitMart have invested in Boba Network, which promises to increase Ethereum’s transaction capacity. The company’s raised $45 million. If anything can make Ethereum faster while reducing gas fees, I’m all for it. Even if it involves Paris Hilton.
Hackers used MailChimp to phish email addresses of Trezor wallet holders. Geez, you just can’t trust anyone any more. In another move, Ledger users filed a class-action lawsuit against Shopify in Delaware over security breach. They are also suing TaskUs, the company that handled customer service tasks for Shopify.
The UK is issuing an NFT by this summer. NewScientist asks, “Is that a good idea?” UK Prime Minister Boris Johnson says the UK is “all in” on NFTs. Perhaps they need to mint an NFT out of Johnson’s unconventional coif.
NFT Maneuvers:
A company called Novel launches to assist brands in minting NFTs and raises $6 million in seed money
Starbucks is planning to get into NFTs this year
Coinbase’s timing with NFTs is terrible, says BARRON’s
Fighter Mike Tyson has launched an NFT collection on Binance
F1 Delta Time is shutting down and leaving players with worthless NFTs
The British Museum has increased its carbon footprint with NFTs
WIRED says NFTs are a privacy and security nightmare
Could bitcoin weather a de-pegging to UST? Are cryptocurrencies as lousy as this Keynesian makes them seem?
Twitter founder Jack Dorsey admits he’s responsible for centralizing the web. Then, it’s revealed that Elon Musk is Twitter’s biggest shareholder and joins Twitter’s board. Funny this happens just after Musk mentions, on Twitter, that he’s thinking about starting his own platform. Maybe he realized we don’t really need another Twitter alternative.
SEC Chairman Gary Gensler says the SEC will regulate cryptocurrencies. Surprise!
The Terra blockchain is getting a new wallet called Leap. A private token sale raised $3.2 million.
German authorities seized $25 million in bitcoin after shutting down Russian darknet.
Unreal Engine—the minds behind Fortnite and The Mandalorian—is moving into the metaverse with its latest update. The next time you have a Coke, you could have a virtual smile. Adidas is creating metaverse avatars based on its new shoe collection. Players could need them if they meet up with virtual police investigating them for human trafficking in the metaverse. And, if getting kinky is your thing, you might someday enjoy a nice romp in the hay in the metaverse. With all of that going on, the biggest fool outside the metaverse is saying the bubble could soon pop. In the year 2000, the internet’s bubble popped. Then it burst into Web 2.0. Despite signs of a bubble, I expect that someday Tiffany could order a beer and pizza, blow Bob in Back Alley Parkway while wearing her Nike shoes and “I Did It At Home Depot” t-shirt just before getting arrested for virtual prostitution and launching her own line of kink wear after returning from prison and reforming her life through the virtual prison system’s free higher education program. You heard it here first. Does that sound like Second Life to you?
Why decentralized business structures are booming. Maybe because they will improve democracy? I don’t know about that. It could lead to even more of this.
Nearly 3,000 crypto ATMs were planted in the first quarter of 2022. There are now more than 36,000 crypto ATMs in 76 countries. Most of them are in North America.
DAODAO is implementing DOGE support. Will Elon Musk take over the world?
Banks are dipping their toes in the crypto waters.
2 Gokhshtein Media stories (written by me and published this week):
What you should know about the IRS effort to tax crypto
The Cult of DAO: How to Prevent a Hostile Takeover
Is crypto coming to an end? Yes or no, this newsletter has come to an end.
Snark and commentary in italics.
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.
Boris Johnson image is public domain.
