Good day everyone,
I hope you are all well and are had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. I am continuing my series based off some of the most interesting news stories of the last week, some of which I have written posts about on here. Within I will be making use of some Meme's as posted in the Reddit Group Crypto Currency Memes to really get the message across of what's been going on. Enjoy :)
Gary Gensler has been a Naughty Boy
It was a tough week for Gary Gensler, as the SEC faced a barrage of criticism from House Republicans on Tuesday over the agency's crackdown on cryptocurrency trading platforms. He was grilled on a range of topics for more than four hours of testimony before the House Financial Services Committee, making it one of those days for Gensler.
He stood firm on his stance that crypto trading platforms and exchanges should abide by strict U.S. securities laws. However when he was questioned regarding his stance on Bitcoin, Gensler was quick to point out it was a commodity. Once the topic moved onto Ethereum, suddenly his tips became tight and he had little to say. The SEC were capable of naming six other tokens on Bittrex as securities, but stumbled when asked about the world's second most popular cryptocurrency.
As Gensler, SEC chair since 2021, has been caught in the act with his hands in the cookie jar. On one hand he is known for constantly knocking down crypto and determined to 'crack down' on it, while it has now emerged he has also been promoting Algorand (ALGO). He has been talking very positive about Silvio Micali and his technology, with both of the connected via MIT. Colleagues have now come out to criticise Gensler, calling him a hypocrite for his stance on crypto. He is even listed as an instructor on a MIT Open Learning Course called “Blockchain and Money.”
Trump NFTs Round 2
Trump was back in the headlines this week, not only having his profit from his first round of NFT sales shown as part of his presidential candidacy, but also launching the second series. Similar to his first launch, the NFTs were quick to sell out and he was generous enough to retain the sale price at $99. Bless him.
Of course Trump is in in for the good of his heart and to help his followers and supporters make money, he even said so himself. I wonder if Trump is more like this when it come to giving his advice and actually taking it?
Market's Bite Back
After the highs of seeing Bitcoin go above the $30,000 mark it thudded back down to a support level of around $27,000. For everyone who believes they can time the market, it is a timely reminder that it can be tougher than it looks.
Add to that the recent boom of the meme coins, in particular $Pepe, and the markets were looking good and strong. Lots of profit was being made off the meme coins and the good times were back right? Right?
At least the tried and trusted method of taking advantage of every dip to load up on more crypto is a strategy that never fails. Its just all about hanging in there for the long term lol.
Bitcoin is a LIMITED SUPPLY
We all know there is only a limited amount of Bitcoin available and with another halving due next year, the amount we can get our hands on feels like its getting less and less. Fellas, stop wasting your time chasing women and start chasing that limited supply of Bitcoin. It will be worth it in the longrun.
Speaking of the halving cycle, it is interesting to note how repetitive it has been over the last decade or so. Can you spot yourself within this periods of the cycle? As bad as things get, they will always, eventually, get back to being good once again.
Do Kwon Charged
Terra founder Do Kwon, who was recently arrested in Montenegro, and Terraform Labs’ chief financial officer Han Chang-joon, have both been accused of forgery. These forgery accusations are apparently related to the use of forged travel documents by both men in an attempt to leave Montenegro back in March before they were caught, using false Costa Rican passports when trying to board a flight to Dubai. I am sure he feels like this is all just one big misunderstanding.
Taylor Swift Outsmarting Us All
Apparently the famed singer Taylor Swift was one of the only celebrities who did not sign a deal with FTX due to her concerns over whether or not Sam Bankman-Fried was selling an unregistered security or not. If this is true, then it is quite the incredible foresight from her to see the trouble that could have been brewing at FTX. It could all be a load of nonsense and lies too, and she was just not interested, but I guess we will never really know.
Stop Oil Hits Out at Snooker, is Bitcoin next?
I am sure many of you saw the snooker being interrupted by the stop oil protest during the week. It is just one of the latest protests to have taken place but caused plenty of outrage as many consider it unfair to disrupt the sport in such a manner. Looking back at how the environmental impact of Bitcoin mining was questioned during bans and implementation in the likes of Texas, it seems like the narrative will constantly change as the protesters will never give up.
I Hope All You Crypto Bros Got to Enjoy a Special Crypto Holiday LOL
A lot of people associate crypto with drugs, degenerates, and in general with crime. A lot of this is due to its association with the dark net back along the way where people managed to order drugs and other illicit items with crypto. Well considering the recent holiday which certain people love to celebrate, I hope you all (or those of you who do enjoy it) had a wonderful 420.
Have a great day and enjoy your week ahead.
Peace. CryptoGod-1.
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