Sirwin
Sirwin
MOON, Reddit's cryptocurrency, has tanked by at least 90%!

Cryptowatch 2023-10-18: Regulatory Overdrive and Other Bad News for the Cryptosphere (Quis custodiet ipsos custodes?)


Today, when I opened my browser and loaded Presearch, it recomennded I visit CrypoPanic, "a news aggregator platform ... for traders and cryptocurrency enthusiasts". Since I have actively searched for and looked over a few aggregators before, I decided to give it a try. What strikes me about it is that the layout is very simple and spartan, giving the feel of a TUI-based app in a terminal, which I like. Since the site has an API, it might actually be possible to build such an application (one that shows the titles, blurbs and URLs, which can be visited in a browser). Failing that, it will hopefully look good in lynx or w3 browsers.

Anyway, in today's crypto news (via CryptoPanic), the following might be noteworthy:

  • EU adopts new crypto tax rules, mandate data sharing from crypto firms: From forkast.news => "The European Union adopted a new law that will mandate cryptocurrency firms to share customer holdings, which will be automatically shared between tax authorities, the European Council announced [on] Tuesday." // This includes stablecoins and NFTs. Shazbat! I guess my idea of moving to Spain/Portugal in future is now out of the question. Perhaps the UAE is still an option.
  • UK to target potential AI threats at planned November summit: From Coin Telegraph => "The summit, scheduled for 1-2 November, will place significant emphasis on the potential existential threat that AI represents, a concern shared by several legislators. British Prime Minister Rishi Sunak, who envisions the U.K. as a center for AI safety, has also expressed apprehensions about AI being exploited by criminals and terrorists for the development of weapons of mass destruction." // Good; I'm glad to see that there are people taking the dark side of tech and its (mis)uses seriously.
  • Future of DAOs "limited by lack of regulatory framework", according to European Central Bank Paper: From Coin Telegraph => According to the European Central Bank (ECB), "Decentralized autonomous organizations (DAOs) need a comprehensive regulatory framework if they are to make a place in the future of the financial sector ..." According to Ellen Naudts, Market Infrastructure Expert on Payments at ECB, "... technology outpaced regulation in relation to DAOs — having a negative impact on the safety and sustainable growth of the ecosystem." // Poppycock. The central banksters are simply getting in a flap because they don't have their hands in the DAO pies and want to change that, IMO.
  • Reddit to Shut Down Its Blockchain-Based Community Points System: From Coin Speaker & u.today => "The price chart of MOONUSD depicts a clear and stark downturn, with the token plummeting from highs of approximately $0.65 to recent lows close to $0.05. Such a swift and deep descent inevitably raises questions about the catalysts behind this downward spiral. A deep dive into the reasons for this sharp decline points to a recent announcement made by Reddit. The platform announced its decision to sunset the Community Points beta by early November. This means users will no longer earn any more points in their Reddit Vault. This is particularly significant as the Community Points system was one of the primary utilities of MOON, driving demand and incentivizing user engagement on the platform. The intrinsic value proposition of MOON was, in many respects, tied to this ecosystem. Reddit cited scalability limitations and the evolving regulatory environment as the primary reasons behind the discontinuation of the Community Points system." // Yet another one bites the dust due to regulation (or the threat thereof), not that I care much for Reddit or MOON.
  • Gary Gensler Accused of Alleged Role in 2008 Financial Crisis (the Impetus for Bitcoin), on X/Twitter: From Coin Edition via Bloomberg => "Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), has come under criticism again following a recent post he made on X/Twitter. Gensler, who has been at the heart of the regulatory onslaught against crypto entities, tweeted that the SEC has adopted a rule Congress directed after the 2008 financial crisis. He continued that the rule is intended to “enhance the transparency of short selling of equity securities.” However, Gensler’s post wasn't met positively, with several users alleging the head of the SEC having a hand in the crisis." // It definitely wasn't him or the SEC/CFTC! He and it didn't regulate the trading of default credit swaps!

That's just a small portion of what is available on CryptoPanic. So far, I like the Website (although I should probably give it a closer look to see if it's got any hidden nasties). If you're unfamiliar with it, I suggest you check it out for yourself.

Key Takeaway: Centralised banksters and government regulating crypto (or attempting to do so) ruin(s) it for everybody in the cryptosphere.

It was the failure to regulate fiat that gave rise to crypto technology in the first place. Let's not give the banksters and their aids a chance to repeat their mistakes.


Thumbnail image: Photo of a red candle by Abdul K. Adhib from/on Pexels // u.today

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Rorschach's Journal
Rorschach's Journal

The void breathed hard on my heart, turning its illusions to ice, shattering them. Was reborn then, free to scrawl own design on this morally blank world. Was Rorschach. Does that answer your Questions, Doctor?


The Babylon Project
The Babylon Project

The Babylon Project (or Project Babylon) is born out of an idea of Great White Snark's, chiefly to amass a great amount of wealth (as does the Richest Man in Babylon, according to George Clason) in crypto (chiefly privacy coins). Just as the book dispenses financial advice, the project will redistribute crypto among those in dire need of it (particularly in places with totalitarian governments). Since The Snark already has three blogs on Pub0x, he has given me permission to set up this one as one of mine.

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