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 :)
Is Blockchain Yesterday's News?
With so much media reports emerging over the recent weeks of Elon Musk moving away from crypto and into AI, and with China now geared up to focus its Metaverse on Work and Health, are people beginning to forget about blockchain and crypto? With AI the new shiny toy, is it no longer cool to be involved with crypto?
Market as Volatile as Ever
The feelings of joy when Bitcoin struck the magical 30k recently have disappeared again, as it struggles with volatility. However, we can all appreciate how good that feeling was.
In terms of what should one do which figuring out how to play the current market, its quite simple. Get more Bitcoin. That is always the correct answer. There is no other answer. Just get more Bitcoin!
Some of us could do with some advice on how to survive these horrific and difficult bear markets. There has been so much chaos and loss, but there are always those who have the strength to HODL though. Sometimes it is their awesome strategy. Other times, its just dumb luck. However, don't let yourself be the ones who are forced to HODL no matter what.
Gensler Stated ETH was not a Security in 2018
So the SEC and Gary Gensler have been in the news a lot of late, with his inability to confirm whether or not Ethereum is classed as a security. At the same time, it has emerged he stated back in 2018 while doing a talk at MIT that ETH is in fact NOT a security. Good man Gary, make up your mind already.
Are NFTs Dead?
NFTs have certainly lost their charm and fascination over the recent year, with many now afraid to go near the space. While there are many issues within the area, such as rug pulls, they also have potential to become beneficial use cases in the future. For now, it seems the fad is long over, and its best to just remember the good times of NFTs. Such as when they were so popular owning one would ensure you could afford bread with your noodles lol.
As with most NFT collections, in the end its really all just the same thing. Just a crazy madman wearing a bunch of different clothes and apparel, pretending to be something they are not.
Banks Go Bye Bye
With First Republic basically on the verge of being put into recievership, it seems the bank failures are just beginning. Many believed it was just a minor blip in the road when Silvergate and co had to be rescued by the U.S. government, but in fact, it is likely that there will be many more bank failures along the way.
As for who is to blame, well the narrative has always been that crypto is bad, crypto is wrong, crypto is the problem. This was particularly evident when Silvergate, which is considered a crypto friendly bank, was in trouble. Immediately the blame game began, with fingers being pointed at the crypto space.
However, I believe people are now beginning to see the real problems. Its not crypto, especially considering Bitcoin and crypto boomed while the banks were failing. No, instead it is those who have been regulating and in charge, making idiotic decision after idiotic decision until they have reached this situation. Make Inflation go to crazy high levels, or make a Banking Crisis. Not a fun decision.
Do Kwon Arrested
It was great news for anyone and everyone who was caught up in the Terra sham, with the token crashing and costing users millions. Having being caught in Montenegro, he is facing charges to be extradited to the United States. Just like with FTX, some were lucky, some were not. Were you one of those super smart people who avoided the scam?
Now with both Do Kwon and Sam Bankman-Fried behind bars, a lot of the big players in crypto have been found out. While they all claimed to be the next big thing, to have the latest solution in terms of revolutionary technology and Web3 ideologies, in fact they are all the same. Just hungry for money and as much of it as possible.
Is CZ really the last man standing? Many have considered Changpeng Zhao to be shady in his dealings, although that has never stopped Binance being top of the food chain when it comes to cryptocurrency exchanges. The U.S. government has tried time and again to get him, but they have had no luck so far. Is his time running out, is his the final one who will fall? Or is he just indeed much smarter than his counterparts and not in any trouble at all?
Digital Euro Coin Promises Privacy - Just not as much as Cash
There have been recent announcements regarding the digital Euro Coin, with one announced as a stable coin by the French Bank Société Générale. However, developers within the Web3 space were quick to point out the flaws in the coins contract, basically its lack of transparency and freedom for its users. In fact, part of it stated that all transactions would need to be processed by a centralised contract, basically making it the same as using a bank. They promise that privacy will remain with the coin, just nowhere near as much as the likes of Bitcoin, or even regular money, gives.
While the banks will likely push this CBDC out onto the masses, especially the generations who have not got involved with crypto as much yet, we can all agree that the young and ambitious among us will be looking to create the perfect scheme. Just like Charlie below, trying to explain to your parents what your long term plans are wont be easy, but it will certainly be accurate.
Any Day Now
While Europe is looking to make a Euro Coin, China is bringing in its CBDC as a salary payment alternative, and in general moves are being made globally in the crypto space, the U.S. is somewhat stuck on a niggling issue. We keep hearing how the Ripple (XRP) and SEC case will be resolved any day now, its become such common speech that it might as well become a coined phrase similar to 100k BTC 2021.
Finally, she knows he is out there somewhere, just waiting to find her. Any day now they will meet and have their happily ever after. He is just too busy. Waiting. Waiting on the Bitcoin Halving. It's coming, within a year. Any day now.
Have a great day and enjoy your week ahead.
Peace. CryptoGod-1.
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