Welcome to the Thanksgiving edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em review trending crypto news and try to answer the all-important question: “Is this a thing?”
Here, we talk about a Tarantino NFT lawsuit, the big Crypto.com arena move, the possibility of an El Salvador “crypto city,” and much more.
What crypto investment are you the most thankful for this year: Solana? Ethereum? Bitcoin? This week’s hashtag contest is #cryptocity. Be sure to follow and interact with us at @decentralpub on Twitter, and check out the Uncensored Crypto podcast, as well.
El Salvador wants to build a crypto city
Many cryptocurrency investors, enthusiasts, and fans are keeping their eye on El Salvador, where the Bitcoin “experiment” seems to be working out better than some had imagined. It turns out that El Salvador wants to take their crypto relationship to the next level and create a “Bitcoin City.”
The president announced that the country would raise $1 billion via a “Bitcoin bond” to make it possible. The city would be funded through the country’s partnership with Blockstream, a digital asset infrastructure company. The city will be built near a volcano, and the volcano’s geothermal energy will also be used to mine Bitcoin at the same time.
$500 million will be used to create the city, and there are reports that the city will actually be shaped like a coin. The other $500 million would be used to purchase Bitcoin. El Salvador isn’t the only country interested in a crypto city, either; Sol in Puerto Rico is already home to many blockchain entrepreneurs and crypto millionaires.
Nayib Bukele, president of El Salvador, is one of the most pro-crypto politicians in the world right now. Is this the right idea for El Salvador…or is this just too volatile of a bet to make right now?
As great as crypto can be, is the concept of a “crypto city” really a draw in 2021?
Neil says:
I think the world is looking at El Salvador right now, but I’m not sure about the appeal of a crypto city. People can be fans of crypto without thinking about “moving” to a city focused on cryptocurrency. This “crypto city” craze is a bit off-putting to me.
Em says:
I think it’s cool. There’s a crypto city in a crypto country. You have NYC trying to do its crypto thing. Miami is also trying to become a crypto hotspot. At this rate, it’s only a matter of time before we see some decentralized, crypto citadels.
Bottom line:
Neil doesn’t think this is a thing; Em disagrees.
What do you think about Miami handing out crypto?
Comment on twitter using the hashtag #cryptocity and tag @decentralpub –> your tweet could be featured in an upcoming shout out
Miramax vs Tarantino over NFTs
There are famous directors and then there’s Quentin Tarantino, easily one of the most acclaimed directors of all time. What does Tarantino have to do with crypto news, you may ask? Good question. Miramax is apparently suing him because of his plans to sell 7 Pulp Fiction NFTs.
One of the most interesting aspects of the NFT was that Tarantino planned on delivering some real value, adding additional art and commentary from the legendary director himself. Miramax’s argument is pretty simple: they’re looking at getting into the NFT business, as well, and Tarantino’s efforts can end up “devaluing” those efforts.
How will this lawsuit affect the NFT world, given Tarantino’s profile?
Neil says:
Tarantino is a great director, but doesn’t Miramax own these movies? I’m all about artist rights, but I’m not sure whether Tarantino can just sell those NFTs on his own. Also, is he planning on rewarding other actors that made the film, or NFTs possible? It seems like Miramax is going to win, and I’m not sure that Tarantino’s in the right here.
Em says:
I know that corporations have to protect their IP. But, at the same time, I feel the artist’s pain of trying to balance art for its own sake and commercializing to put food on the table. Everything is derivative so part of me wonders why we have IP at all… Where does Tarantino’s mind end and Miramax’s profits begin?
Bottom line:
Neil thinks Miramax will probably win, Em thinks IP is vague as it is.
Who’s right?
Crypto enthusiasts try—and fail—to buy the Constitution
This is a biggie. In the DeFi world, many experts and analysts are interested in the rise of decentral autonomous organizations, or DAOs. These organizations can offer a decentralized way to automate community decisions, and many crypto enthusiasts consider Bitcoin the first official DAO. Some crypto fans believe that it will offer a more decentralized way to “work,” as well.
Crypto enthusiasts got together to raise $27 million to buy The Constitution (specifically, 1 out of 13 remaining copies of The Constitution). The group, called ConstitutionDAO, estimated that the copy would sell for somewhere around $15 million to $20 million.
The DAO ended up raising over $47 million, but it all went wrong. What could have possibly gotten in the way of crypto enthusiasts getting a hold of the Constitution? The answer may be a bit more predictable than you realize: it was a hedge fund billionaire who purchased a copy for $43 million. Griffin plans on lending the copy to a museum based in Arkansas.
It was the fact that the DAO couldn’t prove reserve funds for “care and maintenance” that the DAO ultimately lost out. Many members of ConstitutionDAO are still claiming a kind of victory, and some members are happy that there is more awareness spread regarding DAOs. However, there are questions about refunds and gas fees that might ultimately make this more negative crypto news than anything else.
In other DAO news, Krause House has raised $1.7 million in Ethereum in its quest to purchase an NBA team. You can also check out the first episode of the Uncensored Crypto podcast to hear our CEO, Michael Hearne, discuss Krause House with Commodore, one its key members.
How will DAOs be affected by this news overall? Is this good news, bad news, or a mix or both?
Neil says:
I noticed a lot of people that weren’t normally into crypto actually pointing out that this was interesting, so I think it’s a net positive for people who want to find out more about DAOs. However, the latest press regarding refunds isn’t exactly good crypto news. It’s a mix of both.
Em says:
This was a really cool thing to try to do. It’s too bad they weren’t able to completely pull it off. But, I think the more things like this happen, the more open to it people will be and the more it will become an expectation rather than a surprise. We’ll get ‘em next time!
Bottom line:
Both Neil and Em think this is a “thing” for the future of DAOs.
We have a consensus – do you agree?
Crypto.com puts a ring on it in Los Angeles
Let’s say that there’s crypto news, and then there’s crypto news that moves the needle: and this is the latter. The Staples Center is no longer The Staples Center—it’s the Crypto.com Arena. The deal is worth $700 million, and it’s arguably the biggest crypto PR move to date.
The iconic Los Angeles venue is home to various teams: the Los Angeles Lakers, the Los Angeles Clippers, and more. The arena will debut its new logo on Christmas, and the “official” name change will occur in June 2022. This isn’t just crypto history, by the way: this is also apparently the biggest naming rights deal ever.
Thanks to the announcement, the Crypto.com token, $CRO, has surged in value over the past week. The company isn’t new to high-profile announcements, previously hiring Matt Damon to help market their platform. Many NBA fans, however, were not enthusiastic about the news.
Is this a short-term marketing move, or is this a long-term bullish signal that crypto is here to stay?
Neil says:
Yep, this is probably one of the biggest stories of the year. You can’t deny this kind of exposure, and I’m sure the sports partnerships will continue. Even if you’re a crypto fan, and not a sports fan at all, you can’t deny this is a good thing.
Em says:
Wow, the sports partnerships don’t stop coming, do they? I honestly never would have guessed that one of the fastest industries to jump on the crypto train would be sports. It’s probably hitting a good market but I still can’t bring myself to have much of a personal opinion.
Bottom line:
Neil thinks this is a thing; Em doesn’t care too much about it.
What do you think? Who’s right?
Brazil making way for crypto investments
Many enthusiasts are consistently hoping for crypto news that signals mass cryptocurrency adoption, and there seems to be progress on the Latin American front. Brazil’s biggest Ecommerce site, MercadoLibre, will be allowing Brazilians to buy, sell, and exchange crypto through its app MercadoPago.
It’s clear that Brazilians will be able to buy, sell, and exchange Bitcoin, but it is currently unclear what other cryptocurrency that the app will support. The vice president of MercadoPago, Tulio Oliveira, points out that the company was careful about going crypto. “We took the time to study and learn before deciding to step into crypto,” offered Oliveira.
In May, the company disclosed a $7.8 million Bitcoin purchase. About a month ago, Brazil’s ride-hailing company 99 enabled Bitcoin trading through its 99Pay digital wallets.
Does this latest move mean that Latin America will embrace crypto more than ever, or is this more about one company making a smart move rather than an overall trend?
Neil says:
It looks like Latin America might be finally embracing crypto. This is one company, but it’s the biggest company – and it seems like there are all sorts of countries in the region embracing and exploring cryptocurrency regulation. The love affair between Latin America and crypto is definitely a thing.
Em says:
Doing all the things to drive crypto adoption probably compounds a net positive. But at the same time, who actually uses crypto for everyday transactions? Especially if you’re not already an enthusiast. Plus, even if it is the biggest company, it’s one company. We still have a ways to go until these things become really impactful.
Bottom line:
Neil thinks this is a regional thing, Em thinks it’s a business thing.
Who’s right? Weigh in!
Square is getting into the DEX business
We’ve spoken a lot about the rise of the DeFi world, and the popularity of decentralized exchanges has been critical to that rise. It appears as though Square also wants to get in on the action. Square, a financial services company with a market capitalization of about $100 billion, has released a whitepaper for a DEX.
The main purpose of the protocol is to make crypto easier to access. Jack Dorsey had previously tweeted about his urge to create a DEX several months ago, and it appears as though it is finally coming to fruition. The protocol will be called the tbDEX protocol. The whitepaper claims its aim is “to create ubiquitous and accessible on-ramps and off-ramps that allow the average individual to benefit from crypto innovation.”
Bitcoin has been critical to Square’s growth in general, but how will this DEX be received?
Neil says:
Yeah, Jack Dorsey appears to be one of the most pro-crypto billionaires out there. I think him getting into the DEX space is pretty big, and Square has helped a lot of people purchase cryptocurrency for the first time. This is definitely a big deal.
Em says:
I don’t take Jack or Square seriously. He looks like he just lost his volleyball on the island he’s been stranded on and now can’t stop crying about his best friend. But ok, sure, billionaires use centralized companies to make more money through crypto. That’s their prerogative I guess.
Bottom line:
Neil thinks this is a thing; Em thinks Jack looks more like a Wilson.
Who do you agree with?
Bad idea of the week: the Canadian crypto thief
In more depressing crypto news, Canadian police captured a cagey crypto thief thanks to their cunning and creativity. Yes, this was my attempt at a tongue-twister. What makes this cryptocurrency crime case a bit different? Well, the thief is a teenager.
The teen is from Hamilton, Ontario, and he’s accused of stealing a staggering $36 million in crypto. Instead of buying his own island, the teen decided to purchase a “rare” username in the gaming community. This purchase helped law enforcement eventually catch up with him. The teenager was able to steal the funds through a SIM swap attack.
With all of the layers of protection in crypto exchanges, is this going to become a thing or is this an anomaly?
Neil says:
Wow…I feel like this is clearly a bad thing, but he’s a teen. He might be better off launching a cybersecurity career if he’s already able to steal millions in crypto from strangers…or maybe a crypto-security firm should hire him.
Em says:
On one hand, yeah. Kids be out here doin’ some stuff they don’t realize will wreck their whole lives. On the other hand…lol! Do your thing, little hackers, do your thing.
Bottom line:
Both Neil and Em agree this is a bad – albeit impressive – thing.
We have a consensus! Do you agree?
Meme of the week
Here, Em brings you your beloved meme of the week…because there’s sports fans…and then there’s cryptocurrency fans.
We hope you enjoyed the weekly wrap-up, and we will see you next week! Happy Turkey Day – we are thankful for you!!
