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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 asset. It helps poor countries survive when government bonds are worthless.
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.
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.
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.
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.
Crypto.com acquires two South Korean firms—PnLink and OK-BIT.
CoinSwitch launches $10 million fund for investing in Web3 startups.
SoFi launches ETF focused on NFTs, the metaverse, and blockchain.
OpenSea gave $100,000 to Buzzy DAO to feature artwork by Friends With Benefits artists.
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.
How to stop 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.
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.
Nas Academy to launch token-gated Web3 courses.
NFT trading drops 40 percent in Q2.
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.
CurateDAO launches Pinterest-like curation ecosystem on Avalanche.
Pinata raised $21.5 million.
CryptoPunk NFT to be split into 56,000 shares.
54 percent of crypto investors have not sold their coins and tokens.
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.
Is forking the ultimate decentralization? This is an interesting read about DAO governance.
Why NFTs and soulbound tokens aren’t the best solution for digital identity.
Wayru launches decentralized internet network.
The 6 most common attacks on crypto wallets.
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!
Hodlnaut halts deposits and withdrawals. Another one bites the dust.
Aloha privacy browser integrates crypto wallet.
Australia’s central bank launches digital currency pilot.
Canada’s shaky crypto rules.
Crypto businesses are leaving Japan due to high corporate taxes.
Iran makes first import order using crypto.
Taiwan bans buying crypto with credit cards.
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.
Image credit: CoinTelegraph