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.

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.

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.

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.

Does crypto have an insider trading problem? Didn’t I just say that it does?

Tether has paid out $10 billion in withdrawals since the start of the 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.

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?

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.

Algorithmic stablecoins that won’t fall like TerraUSD. Terra’s recovery plan is fraught with technical issues.

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.

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.

Kiplinger says cryptocurrencies and NFTs should be in your estate plan.

How to tell what a Web3 project is really worth.

Which is a better bitcoin investment strategy, dollar cost averaging or lump sum?

The real goal of the metaverse is to increase your screen time.

Hardware wallet vulnerabilities. Maybe they’re not as secure as you think.

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.

10 critical skills for blockchain developers.

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.

Image credit: a16zcrypto.com