Welcome to the first 2022 edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em analyze the crypto news and debate the age-old question: “Is this a thing?”
This week, we talk about the latest crypto news: South Korea banning play to earn games, Berkeley implementing blockchain technology, Shanghai interested in the metaverse, Shiba Inu’s new DAO, and more.
Shiba Inu’s new DAO
There are many fascinating meme coins out there, but Shiba Inu has garnered a whole lot of attention in 2021. It looks like the Dogecoin rival is continuing that trend in 2022. The developers of Shiba Inu are launching a DAO with the goal of giving users more control over the Shiba Inu cryptocurrency.
The beta version of the DAO will be launching in several days, but its launch will take place in several stages. The developers claim that the DAO will give “immediate power to the community.” In related news, Shiba Inu just broke a record last week after burning over 1 billion tokens.
Should we care about Shiba Inu’s new DAO? Can we expect this from similar meme coins?
Neil says:
I honestly don’t care much about Shiba Inu, but I do feel like DAOs will play a bigger role in the crypto sector soon. The idea of becoming an investor and actually having a say in your investment is big, and Shiba Inu is smart to embrace that trend now. I care more about the “DAO” aspect of this than the “Shiba Inu” part.
Em says:
DAOs have been getting bad press, so this probably doesn’t help considering Shiba Inu is such a joke. I think DAOs are really cool and will do some great things for decentralization, but some projects aren’t doing much good PR for crypto.
Bottom line:
Neil thinks this is a DAO thing, Em thinks this is a bad PR thing.
Who do you agree with?
South Korea bans “play to earn” games
It’s no secret that some countries embrace crypto more than others, with some countries trying to crack down on cryptocurrency as much as possible. It’s well known that the country isn’t the biggest fan of crypto, with many of its crypto exchanges shutting down last year.
The country is also looking to ban play to earn games, which isn’t too surprising. With play to earn games, players can actually earn crypto while they play. The South Korean government has asked both Apple and Google to remove these games.
Will South Korea stick to this ban, and can they truly control the rise of play to earn gaming?
Neil says:
There are billions of gamers in the world, and I don’t think South Korea is going to be successful here. However they enforce this ban, I’m not sure that it’s the smartest move. South Korea is also notorious for trying to censor the gaming sector, but it’s one of the biggest gaming markets in the world. I don’t see this working out.
Em says:
Authoritarians gonna authouritate. South Korea may not be on the same level as North Korea, but they’re pretty known for controlling and engineering social and pop culture standards to gain influence. Just read a little about k-pop.
Bottom line:
Neil thinks this is a difficult thing, Em thinks it’s an authoritarian thing.
Who do you agree with?
Russia launches blockchain-focused ETF
Many crypto enthusiasts are interested in announcements that prove that mass adoption is on the way with respect to cryptocurrency. In the United States, hedge funds are investing in crypto. All over the world, the NFT craze has helped fuel the cryptocurrency markets as well.
Now, it looks like Russia’s largest bank is launching a blockchain-focused ETF, the first of its kind in the country. Sberbank will track the “Sber Blockchain Economy Index,” which gives investors exposure to established cryptocurrency companies like Coinbase, Galaxy Digital, and more. Crypto is still popular in Russia, even though the Russian Central Bank has signaled that it plans on banning crypto investments.
Does this move mean that Russia may change its approach to crypto in the future?
Neil says:
Authoritarian countries hate crypto, and I don’t think Russia is an exception. They might let a Russian investor benefit from Coinbase stock, but that’s a far cry from embracing cryptocurrency. They want to benefit from the growth of blockchain technology without embracing crypto.
Em says:
I see this as Russia trying to get in on the money that’s in crypto. An ETF isn’t blockchain or crypto, it’s just bundled stocks. So, they can get their share of the moola without embracing it for real. But, I think crypto will force everyone’s hand eventually.
Bottom line:
Neil thinks Russia won’t change, Em thinks this could signal change.
Who do you agree with?
Shanghai wants in on the metaverse
It’s no secret that the “metaverse” is the new buzzword in the tech sector. More corporations are interested in minting NFTs and offering “branded experiences” in the metaverse. It also looks like China’s biggest city is interested in figuring out how the metaverse will play a role in its growth.
Shanghai has issued a five-year development plan that directly mentions the metaverse. Earlier this year, China also mentioned blockchain in its national five-year plan for the first time. Shanghai elaborated that they were interested in metaverse applications regarding “public services, business offices, social entertainment,” and more.
Will we now see a new wave of Chinese metaverse entrepreneurs?
Shanghai is one of the largest and most influential cities in China. Does this move the needle for the metaverse?
Neil says:
China has some vested interest in using buzzwords like this in their “five-year plans,” because they know that it might attract more publicity. Will Shanghai really commit to this? Eh…I feel like it’s more lip service than anything else. Baidu is clearly interested, which is a big deal, but I have to see something from Shanghai to believe it.
Em says:
I think this is just a tiny bit scary in the way that Mark Zuckerburg’s metaverse is a tiny bit scary. It doesn’t move the needle for the metaverse but does for China as they try to implement things that will gain them more influence in the world economy and culture.
Bottom line:
Neil thinks this isn’t a thing, Em thinks it is.
Who do you agree with?
Berkeley flirts with blockchain
Many questions remain regarding how cities and countries will begin using blockchain technology. Some believe that blockchain will play an important role in the rise of “smart cities,” while others believe that blockchain will provide more transparency to infrastructure, supply chains, or even the voting process.
It looks like the city of Berkeley is ready to incorporate blockchain into its municipal bond program, thanks to a unanimous vote. The ultimate goal is for blockchain to improve and democratize access to the city’s municipal bonds. The new microbond system allows investors to purchase municipal bonds at $100 or less, rather than the traditional $5,000 minimum.
Is this the kind of initiative that other cities will soon be taking, or is Berkeley just early to the party?
Neil says:
I don’t think you’ll see many other cities doing this anytime soon. I think Berkeley is early to the party, but I also think this is one of the most boring blockchain applications imaginable. Municipal bonds? I don’t know..not the “sexiest” application. This is cool, but not exactly revolutionary.
Em says:
New tech is new tech and I think blockchain will be used if it’s useful. Berkeley or any other entity that wants to find new and better ways of doing things will probably adopt blockchain even if they’re not into crypto.
Bottom line:
Neil thinks this isn’t a thing, Em disagrees.
What do you think?
Bad idea of the week: a reporter gets scammed
There are countless cryptocurrency scams these days, many of them thriving thanks to fake social media accounts or rug pulls. Unfortunately, a former reporter from Detroit named Nicole Vowell got scammed last week.
She was interacting with an account claiming to be Darius Williams, a friend of hers. The only problem was that she talked to a cybercriminal, not Darius. Someone hacked Darius’s account, and convinced her to send funds for a “crypto mining strategy.”
She sent $13,000—some of the money was borrowed—believing that she would eventually receive a $40,000 payout. She ultimately realized it was a scam, and Darius himself had also been a victim. Vowell has previously reported on various scams and hopes that speaking out will help others who might fall prey to similar cryptocurrency scams.
Neil says:
You know the saddest part of this entire story? Nicole could’ve avoided ALL of this just by picking up the phone. I understand that people communicate with friends/family on social media, but sending them thousands of dollars without even confirming anything over the phone, or in person? Scams are always unfortunate, but that was the most depressing thing about this to me.
Em says:
Listen. Please, please stop getting scammed, everyone! I once texted my dad, “Did you get hacked cause I just got weird messages from you on FB.” And he was like… “You thought my messages were weird? *sadface* The point is, always be looking for these kinds of scams, they’re easy to bust.
Bottom line:
Neil thinks this was depressing, and Em thinks this was avoidable.
What do you think?
Meme of the week
As always, Em brings you your meme of the week:
It’s 2022. What are your cryptocurrency resolutions? Do you have any New Year’s resolutions about crypto trading or investing? Make sure to let us know at @decentralpub on Twitter.
