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Why, Oh Why, Did NVIDIA Drop Its Pants (And Let's Talk About Bitcoin)

By Allen Taylor | Cryptocracy | 7 May 2022


Bitcoin dropped by its largest margin yesterday since January. The price fell a whopping 8 percent in one day. No worries, just a flesh wound.

Meanwhile, a senator from Alabama wants you to be able to use bitcoin as your 401(k).

Elon Musk, who sparked controversy earlier this year by wooing Twitter in a strange and beautiful way, has raised $7 billion from partners who plan to hold the entrepreneur’s hand as he walks down the aisle with his new bride. Binance committed $500 million for a chance to polish Musk’s flux capacitor. Some liberals are incensed. I must confess, I don’t understand what the fuss is about.

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NVIDIA got caught with its pants down. The SEC snuck behind the company and thrust its regulator appendage in—just a couple of inches, though (enough to be felt)—and it cost the GPU maker $5.5 million. The offense? The gaming GPU manufacturer didn’t report accurately on how crypto miners impacted the company’s gaming business. Early in 2018, just after the famous bitcoin bull run, crypto miners started buying up GPUs for their mining rigs. That led to a shortage of GPUs for gamers. NVIDIA, committed to the gaming market, tweaked its GPUs to discourage crypto miners from buying them. Then the company started making GPUs just for crypto minersAt the end of the day, the company made money selling GPUs even if gamers had to take a back seat for a while. What they did wrong is not report their financial health accurately so that investors could have a clear picture of the company’s true value. All because they were committed to one segment of the market and blindsided by another. Seriously, all they had to do was realize the opportunity and make GPUs that fit both market segments. How hard could that have been?

In the last month, UST overtook Binance USD as the third highest ranking stablecoin. Now, do we have any idea which stablecoin will win the race to the top?

The U.S. Treasury department has sanctioned North Korean digital currency mixer firm Blender for alleged laundering crypto to use in cyber crimes.

The SEC is beefing up its police forceThey want to stop people from making money without permission.

It’s official! Axie Infinity has the highest market cap of all crypto games, beating out Decentraland by more than $11 million. It’s also the most searched for game, however, CryptoMines had the most search increases within a six-month period. Learn which gaming tokens are the most expensive at Crypto Head.

If you’ve read my book Cryptosocial: How Cryptocurrencies Are Changing Social Media, then you know I’m excited about the new brand of social media platforms and protocols popping up. In fact, I’ve identified more than 80 cryptosocial and decentralized social media projects still active. But I’ve found a few more since writing the book. Here are some new ones not mentioned in the book:

With these additional cryptosocial media platforms, the number of active sites has now jumped to over 90. Dive in!

Shopping in the metaverse might actually be kind of fun. The metaverse can also facilitate workplace learning and development. But there’s a land rush driving up the price of virtual landjust like in the real world! Educational opportunities in the metaverse are also booming. And if you really want to know, there are seven essential ingredients to a fully functioning metaverse (You’ve got to read this). Oh, and Cardano is getting its own metaverse.

Bored Ape Yacht Club fans are losing millions to buy game land.

When all else fails, try a DAO.

Following on the heels of President Joe Biden’s executive order on cryptocurrencies, California Governor Gavin Newsom has signed his own executive order. Now, the Google Cloud team is building services for Web3 developers. And investors are making a mad rush toward Web3 business models. I feel another change coming on.

One journalist gave up his day job to become a crypto entrepreneur.

Argentina has banned financial firms from accepting cryptocurrenciesI love you Argentina! Well, I like you, but this I do not approve.

Snark and commentary in italics. If you like what I’m doing, like me, share me, and subscribe. If you’re reading this one of the several cryptosocial sites I share it on, like me, tip me, and feed my ego. Don’t forget to leave a comment! I like comments.

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.

Resources

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  34. https://www.natlawreview.com/article/president-biden-issues-executive-order-cryptocurrencies-taking-steps-toward
  35. https://financialregnews.com/california-gov-newsom-signs-executive-order-to-boost-web3-innovation/
  36. https://www.engadget.com/google-cloud-web3-team-blockchain-cryptocurrency-173221284.html
  37. https://www.coinspeaker.com/venture-capital-web3/
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  40. https://cryptocracy.substack.com/p/bitcoin-nvidia-drop-their-pants

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Allen Taylor
Allen Taylor

Writer, editor, publisher. Content strategist for fintech, blockchain, and crypto firms.


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