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Welcome to the New Years Eve edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em examine the latest crypto news and attempt to answer the age-old question: “Is this a thing?”

This week, we discuss the NFT boom, Snoop Dogg entering the metaverse, crypto Super Bowl Ads, Blockbuster Video, and more. If you’re confused, keep reading: we promise it will all make sense.

The NFT numbers are looking good

Even last week, we spoke about the fact that both Adidas and Nike plan on fighting it out for competition in the metaverse, and there are certainly many corporations that will follow suit. What does that mean for the NFT sector in general? Also, what can we conclude about the NFT boom of 2021?

Well, it generated over $23 billion in trading volume. The numbers come from DappRadar, and they are incredibly impressive when you consider that the NFT trading volume in 2020 was only $100 million! This was certainly “the year of the NFT,” but they certainly have many critics. Even Keanu Reeves isn’t a fan.

Should we still be cautious about NFTs, or is it time to admit that this is more than just a fad?

Neil says:

There’s no way to deny that NFTs had an incredible year. The issue is that I wonder whether many projects will lose their value this year or whether the momentum will continue. I wonder whether a lull in the NFT market could cause things to slow down in 2022.

Em says:

Of course this is the story. NFTs are literally the only crypto-related thing I hear about in mainstream gossip. No one outside crypto is talking about DeFi or P2E or Web3. It’s all NFTs all the time. Brands, celebs, institutions are all on the train. It is what it is.

Bottom line:

Em thinks this is a mainstream thing, Neil thinks it’s more of a “wait and see” thing now.

Who do you agree with?

Comment online and tag @decentralpub. Your comment could be featured in an upcoming article.

Snoop Dogg out to smoke the competition

Snoop Dogg might not dominate rap music the way that he once did in the 1990s, but he has certainly evolved as an entrepreneur. The New York Times recently profiled the hip-hop legend, pointing out that he never seems to dilute his brand despite being associated with so many various companies and ventures.

It looks like the real world might not be enough for Snoop Dogg’s ambitions. He has announced plans to create his own metaverse, the “Snoopverse.” If you thought that there’s no way his metaverse would be successful, let me point out that someone has already paid half a million dollars to be his neighbor. Not a bad start.

Snoop Dogg was recently mentioned as a “major” player in the metaverse, according to the Thomson Reuters Foundation News Twitter account. The account also mentioned companies like Boeing, platforms such as Decentraland, and main metaverse “builders” like Meta and Roblox.

Will the Snoopverse survive, or is this a short-term money play that we’ll forget about by next year?

Neil says:

Look, the thing about Snoop is that he’s everywhere: he’s a very brand-friendly rapper with credibility across generations. Will he become the new overlord of the new metaverse? No, but the fact that someone wants to pay that much to be his neighbor is a bullish sign, I would say. He’s been famous and relevant for 30 years now – I think this could be bigger than people realize.

Em says:

Yeah, I think this is a short-term money play. After all—that’s what we know Snoop for. His face is everywhere on every product. Does it mean anything? No. He just has a lot of name and face recognition. Obviously he’ll make a metaverse play, that’s what he does!

Bottom line:

Neil thinks Snoop is a sure thing, Em doesn’t believe that much in the Dogg.

Who do you agree with?

Kraken gets creative

In the first story, we talked about the NFT boom. Many crypto experts have been wondering about where the space goes from here. Will we see more NFT marketplaces pop up? Will NFTs be a driving force for DeFi for a long time, or is this just its moment in the spotlight?

Kraken is a cryptocurrency exchange that was founded in 2011. The exchange is reportedly working on a marketplace where NFTs can be used as collateral for loans. The CEO of Kraken, Jesse Powell, has previously stated that he hopes that Kraken can launch an NFT marketplace by February.

Powell thinks this is about moving into the “third phase” of NFTs: where users begin exploring more “functional uses.” Kraken recently made crypto news because it acquired Staked, a non-custodial staking platform. Will staking and loaning with NFTs help the “NFT craze” continue into the new year?

We just spoke about NFTs and if they are sticking around. In your opinion, does this make a difference? Is Kraken making a major move here, or not really?

Neil says:

See, now we’re talking. I can imagine how an NFT collector would be excited about the fact that they can actually loan and borrow crypto based on their NFTs. Even if you’re a big NFT skeptic, I think you have to admit that this would be a game-changer for Kraken. I imagine they’ll have competition soon, too – but yes: big move here.

Em says:

I think it’s to be expected with DeFi trying to make new ways to do financial services. However, I do also think it could be a bit dangerous because… I mean, let’s be real: do NFTs actually have enough real value to be used as collateral? Only time will tell, but it seems iffy to me.

Bottom line:

Neil thinks this is definitely a thing, Em thinks it’s “kind of” a thing.

Who do you agree with?

Crypto ads are coming to the Super Bowl

One of the biggest cryptocurrency stories of the past year is that the Staples Center will be renamed the Crypto.com arena. It doesn’t look like Crypto.com plans on slowing down on spending, either. Crypto.com will be running its first Super Bowl ad this year, and they aren’t alone.

FTX, the crypto exchange founded by billionaire Sam Bankman-Fried, will also be spending millions to reach a more mainstream audience. While details about the exact nature of the cryptocurrency-related ads are unavailable, the Wall Street Journal reports that NBCUniversal is asking for at least $6.5 million per 30-second advertisement.

There’s no bigger advertising event than the Super Bowl. Could this backfire, or is it safe to say that this is a win?

Neil says:

Yes, this is a big deal – but there’s a little bit of risk here. I imagine that one ad that backfires might actually do a lot of damage to the average viewer than most. Overall, this is great – but the stakes are higher in the Super Bowl. It’s possible that a lackluster ad could mean a big misfire for these companies. I hope the ad can remain memorable amongst the competition?

Em says:

I remember as a kid seeing GoDaddy ads and having no idea what a domain registrar was—but I knew the GoDaddy brand! Seems like this will be a similar thing. Everyone will still be like, umm what is crypto and what is FTX….but at least they’ll know the brand.

Bottom line:

Neil thinks this is a good thing that can backfire; Em thinks it’s a good, and nostalgic, thing.

Who do you agree with?

The case of the vanishing Bitcoin

We’ve talked about the fact that El Salvador has embraced Bitcoin to the point where the country was able to build schools thanks to crypto profits. Many El Salvador citizens are still not fans of cryptocurrency and protested the legislation. However, there is a bit more depressing crypto news this week: apparently, some of that Bitcoin is vanishing.

Hundreds of El Salvadorans are claiming that Bitcoin is disappearing from their accounts. An anonymous Twitter user who calls himself “El Comisionado” is exposing this, claiming that the government isn’t responding. He also thinks that Chivo wallets may not be secure.

The president of El Salvador, Nayib Bukele, is still very pro-crypto. He recently stated that the dollar was dead, and that Bitcoin was the future. He hasn’t commented on the stories of vanishing Bitcoin. In other crypto news, Turkey’s Parliament will soon be debating a new crypto law.

Should we stop using El Salvador as a positive example for Bitcoin? Is the bad PR worth it, or is it still too early to judge?

Neil says:

The good news is that this isn’t happening to a lot of people, but I should point out that this is kind of getting passed off as a “distraction” or a “failure” already. I’m not sure this is the best crypto news, and I wonder whether El Salvador will give us more negative crypto stories in 2022. I’m hoping that isn’t the case, but I’m not sure.

Em says:

Sure, this is some bad PR. But haters will always look for bad PR angles. From the reports, they only had 50 cases. In all of El Salvador, 50 is not that many. This is new tech, there will be bumps in the road. Of course they should be fixed, but they’re also to be expected.

Bottom line:

Neil thinks El Salvador might lead to more bad news, Em thinks it’s a minor bump in the road.

What do you think?

Bad idea of the week: Will ‘90s nostalgia help Blockbuster?

If there are any 20-year-olds reading this newsletter, you might scoff at the fact that people once went to a physical location to rent movies. Blockbuster Video boasted thousands of locations where families could check out movies and video games. Unfortunately, the company ended up filing for bankruptcy in 2010 amidst the rise of streaming services.

Blockbuster may be coming back…as a DAO. That’s correct: investors hope to raise at least $5 million to rebrand Blockbuster Video as a decentralized streaming service. The group is openly appealing to ‘90s nostalgia and claiming that they hope to “liberate the brand from purgatory.”

They plan to raise the cash through NFT sales. This marks a new trend of DAOs entering the “offline world,” with the concept of DAOs eventually replacing real corporations. One of the most interesting cryptocurrency stories of the past year, for example, was the fact that a group of investors wanted to purchase the Constitution.

BlockbusterDAO: All the ‘90s nostalgia aside, is this a good idea? Will it succeed?

Neil says:

I’m Team Blockbuster Video, it’s that simple. It was cool to grow up actually picking and choosing movies and video games and finding out what was good or not. I think a lot of millennials (who are into crypto) will be interested.

Em says:

The last vestiges of a nostalgic analog era are the perfect thing to tug on millennial heart strings. We all remember browsing Blockbuster in our youth. Meme culture and the inclination to avenge a lost but beloved brand should not have gone unnoticed!!

Bottom line:

PLOT TWIST: Both Neil and Em agree that it was a bad idea to ever DOUBT the mighty Blockbuster Video. The Constitution is cool, but…

What do YOU think?

Meme of the week

As always, Em brings you your meme of the week:

Thanks for reading before you pop champagne tonight.

How was your year as far as cryptocurrency markets go? Did any of your coins “go to the moon?” Did you “ape” into a project and are now having doubts about it? Are you headed to Puerto Rico off your Solana gains?

Make sure to let us know at @decentralpub on Twitter.

This is the last Decentral Publishing Weekly Crypto News Wrap-Up of the year. The next time we’ll see you, it’ll be 2022. We’re not getting emotional, you are!

We will be back next week on January 7th with our first Decentral Publishing Weekly Crypto News Wrap-Up of the new year. Have a safe and Happy New Year!

Welcome to the Christmas Eve edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em take a close look at the weekly crypto news and attempt to answer the age-old question: “Is this a thing?”

This week, Adidas generates millions of dollars in NFTs, millennials are crazy about crypto, and Alexis Ohanian puts up even more money for Web 3.0 startups. Also, Kickstarter turns to the blockchain, and the ASA is not playing around with crypto advertisements.

Adidas earns its NFT stripes

The NFT craze continues, with a rare CryptoPunk fetching over $10 million last week and virtual land sales dominating the NFT sector two weeks ago. It doesn’t look like the trend is subsiding anytime soon either. Adidas has gotten in on the NFT action and sold almost $23 million worth of NFTs in a matter of hours.

The shoe/clothing giant did have to stop transactions due to a technical glitch that was eventually resolved. This new foray into NFTs isn’t surprising given that Adidas has been tweeting about the metaverse, and rival Nike recently acquired NFT startup Rtfkt.

Would you pay to wear Yeezys in the metaverse? The NFT owners also get access to new Adidas merchandise that won’t be available until 2022. Adidas also acquired a plot of virtual land in Sandbox to create and curate exclusive content and experiences.

We’re used to seeing artists getting into the NFT sector… but now we have two of the biggest clothing companies in the world in on the action.

Will we see more of this in 2022? Who will win the sneaker metaverse wars?

Neil says:

Adidas isn’t playing around, and it looks like they are going out of their way to research NFTs and the metaverse. Yeezy is worth billions of dollars, and it’s a huge reason why Adidas has grown so much over the past couple of years. It seems like they are more strategic here, so my money is on them.

Em says:

As far as brands hopping on the NFT bandwagon, I’ve gotta go team-Nike on this one. Adidas who?? My ironclad reasons, you ask? I like Nike more. And, of course, that’s all the reasoning you need when it comes to collectibles with social and status-flexing value.

Bottom line:

Who do you think will win the sportswear metaverse wars? Comment #Nikeforthewin or #Adidasforthewin and tag @decentralpub. Your comment could be featured in an upcoming article.

Ohanian and Polygon put up $200M

There’s no question about it: there’s more money flowing into the crypto sector than ever before. According to Bloomberg, venture capital firms alone invested almost $30 billion into crypto. For comparison, only about $8 billion in VC money flowed into the cryptocurrency sector in 2018.

Polygon and Seven Seven Six are investing $200 million in blockchain-based social media projects. The goal is to fund projects at the “intersection of social media and Web 3.0.” Seven Seven Six is a venture fund established by Alexis Ohanian, the billionaire co-founder of Reddit. Polygon is a DeFi-focused blockchain protocol that some consider to be an Ethereum competitor.

It isn’t the first time Alexis Ohanian has invested in the crypto sector. He recently invested in Islands, a startup focused on creating and mainstreaming NFTs. Islands was co-founded by Nikhil Srinivasan and Tiffany Zhong, who we profiled earlier this week. Both Ohanian and Zhong also started an NFT-focused podcast called “Probably Nothing.”

Will we see a Web 3.0 social media platform emerge in the next couple of years, and can a decentralized platform gain viable market share?

Neil says:

I feel like it’s definitely possible, and I feel like there’s a reason why so many powerful and influential founders are excited about Web 3.0. What does it look like, and will it suddenly become as popular as Tiktok? But if the right platform appealed to Gen Z or millennials, I can see how it could help popularize and mainstream Web 3.0. I didn’t think Tiktok would have over a billion users when I first heard about it, but here we are.

Em says:

This is good and I think we need stuff like this. But alsoooooooooo, decentralized social media is a tall order in this landscape. Because social media is…well, social, it requires a critical mass of users. There are already struggles with alternative Web2 social media platforms staying viable. I see this as something we need but something still quite a way off in the future.

Bottom line:

Neil thinks this could potentially be a thing, Em thinks a decade makes more sense.

Who do you agree with?

Millennial millionaires love cryptocurrency

If baby boomers are still skeptical about cryptocurrency, it’s definitely not something that is currently affecting millennials. When it comes to millennial millionaires, a whopping 83% of them own a cryptocurrency of some kind. The news gets even better: they plan on buying even more crypto in 2022.

But surely they aren’t going all in? Well, it looks like over half—53%—have allocated at least half of their wealth in cryptocurrency. These are incredibly impressive numbers when compared to only a paltry 4% of baby boomers who own crypto.

Spectrum Group conducted the CNBC survey. George Walter of the Spectrum Group pointed out “a big difference between different generations of wealth.” He also offered that “millennial millionaires are not going to ‘grow out of crypto.’” One thing is for sure: millennials, unlike others, are not concerned about crypto volatility.

Is this just a “millennial” or millionaire thing? What should we make of the generational divide?

Neil says:

Yeah, there’s clearly a very generational divide. I don’t blame boomers for not rushing to figure out what crypto is, they probably have other things on their mind. At the end of the day though, I imagine that even older people will come around. As for this survey, I think it’s extremely bullish for crypto in general.

Em says:

I would be ashamed of us as the first real tech generation if millennials weren’t the ones getting richest off crypto. And, though I love throwing boomers under the bus, of course, I can’t blame them for lagging. To be honest, I think it’s too late for the majority of boomers to capitalize. Not cause they can’t but cause they won’t. I mean, have you met your parents? Yeah. Exactly.

Bottom line:

Neil thinks it’s a generational divide thing, Em thinks it’s too late for the boomers.

Who do you agree with?

Kickstarter embraces Celo

What’s the first thing you think about when you think about cryptocurrency? Some immediately imagine a world where blockchain technology increases the transparency of various sectors and industries.

Others might imagine a world where cryptocurrency helps the unbanked population who may be living without access to traditional banking infrastructure. Regardless, many experts still seem to overlook that crypto can be used to crowdfund projects and businesses of all kinds.

Either way, it looks like Kickstarter got the memo. The company has struggled during the pandemic, but remains one of the largest crowdfunding platforms in the world. Since its inception, Kickstarter backers have pledged over $6 billion to over 200,000 projects. Now, they will be working on a decentralized crowdfunding protocol built on the Celo blockchain.

The move was met with some backlash, with Twitter users claiming that they would abandon the platform. Kickstarter clarified the move in a blog post, but made no indication that it was abandoning its plans. The online chat app Discord also recently received backlash for hinting at adding crypto wallet features, and the CEO eventually backed off.

Is the backlash real, or is this just a very vocal minority? Should these companies move ahead anyway, or listen to the critics?

Neil says:

I think a lot of social media backlash really comes from a vocal minority, but I do recognize that there are some people that just hate crypto for whatever reason. I do notice that Kickstarter didn’t necessarily back down, so their reaction is already different from Discord. Blockchain can be a gamechanger for crowdfunding, and critics aren’t going to be able to change that.

Em says:

Perhaps Kickstarter’s audience actually doesn’t give a rip about blockchain and they don’t want it. Oh well, let the market speak. Not every company can or will transition into future technologies. *cough* looking at you Kodak *cough* That’s life sometimes, move on and try different things—some are bound to fail (or get shouted down).

Bottom line:

Neil thinks this is a thing, Em thinks it might be.

Who’s right?

Musk says DOGE can buy Tesla merch

Elon Musk is back in the weekly crypto news, and we can’t say that we’re surprised. Musk has been vocal about his support for Dogecoin, which tumbled in price after he joked that the meme-inspired coin was a “hustle” on Saturday Night Live.

However, he has been open on social media that he’s a big fan of Dogecoin, even recently saying that it was better than Bitcoin when it comes to transactions. The billionaire Mark Cuban has even echoed this sentiment. Now, Elon Musk claims that Tesla will accept Dogecoin as a form of payment for Tesla merchandise.

The problem is a common one with Elon: is he serious or just joking around? Either way, Dogecoin rallied over 20% on the heels of the announcement. It should also be noted that Elon Musk previously claimed that Tesla would accept Bitcoin, only to backpedal, citing environmental concerns.

Can we trust Elon to deliver, or is this just another re-run of “Maybe we’ll accept it, maybe we won’t?”

Neil says:

I really don’t think Elon’s word should be trusted when it comes to cryptocurrency. He speaks his mind on social media, and there’s a good chance that he will flip-flop on this like he did before. I’d love to see a day where the markets aren’t moved by what Elon Musk says, but that day certainly isn’t today.

Em says:

We’ll always have influencers, pump-and-dumpers, shills, and—dare I say—snake oil salesmen. At least Elon is a known quantity, so we might as well keep him as our very own snake oil salesman. If we’ve gotta have them, let them be Shiba loving, awkward nerds that we can all collectively laugh at and roll our eyes at.

Bottom line:

Neil doesn’t think this is a thing, Em thinks this is a “better the pumper you know” thing.

What do you think?

Bad idea of the week: Don’t anger the ASA

If you want to advertise your cryptocurrency-related business, you’re going to have to follow some rules. It seems like that was the message that the Advertising Standards Authority wanted to send last Wednesday.

The ASA, the UK advertising watchdog, singled out seven ads that could potentially take advantage of consumers, given that they do not highlight the risks of crypto investment or trading. The regulator had seemingly warned the crypto sector weeks ago, stating that cryptocurrency ads were a “red alert” priority.

It isn’t surprising to see major crypto companies like Coinbase, Kraken, and Etoro on the list, but apparently, even Papa John’s landed in hot water over ads celebrating Bitcoin Pizza Day. For those unaware, the crypto holiday commemorates when Laszlo Hanyecz decided to spend 10,000 Bitcoin on pizza.

The pizza chain was trying to offer free Bitcoin through a promotion with Luno, which also had a separate in-app ad that the watchdog banned. The watchdog did not impose fines but instead stated that the “ads must not appear again in the format complained about.”

Was Papa John’s wrong for trying to stack extra dough? (Come on, you knew that was coming.) Is it better to tread cautiously until regulation settles, or should we encourage more crypto marketing campaigns? What’s best for mass adoption?

Neil says:

I think there will be issues with crypto advertising for a while now, with platforms probably going back and forth about what is acceptable. I think it’s fair to say that people should know that crypto investing can be risky…but as long as the ASA can really identify and articulate what’s wrong with the ad, companies will just have to adjust. At the end of the day, no one should think that crypto isn’t “risky.” It is. Ultimately, more people are realizing it’s WORTH the risk, though.

Em says:

The bad idea here, in my mind, is the ASA. Over-eager regulators and monopolies (including government agencies) are largely the reason crypto exists. Of course they’re going to throw a tantrum about it but that doesn’t mean it’s a good idea or justified. It’s fine though, adoption is still climbing anyway—things like this will only spur it on.

Bottom line:

Neil thinks companies should be careful, but Em thinks the ASA is the bad idea here.

What do YOU think?

Meme of the week

As always, Em brings you your meme of the week:

What do you have in mind for your 2022 crypto investing plans? Be sure to tune in next week for the last weekly crypto news wrap-up of the year, the December 31st Decentral Publishing Weekly Crypto News Wrap-Up. Get your New Years’ crypto resolutions ready!

Welcome to the December 17th edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em review the weekly crypto news and attempt to answer the ever-relevant question: “Is this a thing?”

In last week’s edition of the weekly crypto news wrap-up, Neil and Em debated the NFT craze and how it’s getting a bit out of hand, Bitcoin beating PayPal, and the illustrious entrepreneur Jack Dorsey stepping down from Twitter.

This week, we’re back in business, as Neil and Em cover a Wall Street Journal article that suggests you might want to give your grandma some crypto, Whatsapp testing out a cryptocurrency feature, Russia getting search-and-seizure FOMO, and more.

Give your grandma an NFT

If we are talking about weekly crypto news that sets social media on fire, we would have to talk about the Wall Street Journal. The world-famous newspaper published a Christmas giving guide that featured a whole lot of cryptocurrency, and some people weren’t too pleased about it.

The story featured notable entrepreneurs in the NFT space, including Alex Salnikov, the CEO of NFT platform Rarible. The guide seemed a bit tongue-in-cheek, even featuring tungsten cubes.

What was so controversial about the article? It was certainly pro-cryptocurrency, but it was the tweet that seemed to anger the masses. The Wall Street Journal tweeted that you may want to consider getting your grandma an NFT, and many ended up dunking on the tweet or suggesting that it was ridiculous.

Is the NFT hate justified, and does the “hype need to die down a bit, or are people overreacting?

Neil says:

Sure, it’s definitely a bad gift for a grandma but I think the WSJ was trolling on purpose. I will say this though – gifting your grandma an NFT might be weird, but some of the people criticizing the article may not get their grandma anything at all! Humble yourselves. Remember to call your grandma on Christmas, too.

Em says:

I would totally give my grandma an NFT for Christmas! But then, I’m a certified troll and the only reason I’d be doing it is because it’s hilarious and nonsensical. NFTs are supposed to appreciate in value (theoretically), what’s an old person who’s not for this world much longer gonna do with one? They can’t even use gmail?

Bottom line:

Neil thinks this is an overhyped thing; Em thinks NFTs are gifts for younger people.

What do you think about gifting your grandma an NFT? Comment online using the hashtag #NFTforGrandma and tag @decentralpub. Your comment could be featured in an upcoming article.

Whatsapp testing crypto feature

Many crypto enthusiasts have speculated about when Whatsapp would finally consider incorporating crypto into their platform, and it seems like the day has come. Whatsapp launched a pilot program where a “limited number” of U.S. users can send and receive cryptocurrency within a chat. There are no fees.

The pilot program is operating thanks to the digital wallet, Novi, and the Pax Dollar stablecoin (USDP). Novi was developed by Meta (which owns Whatsapp). Once the Novi wallet is linked, users can reportedly send Bitcoin as easily as they send a message.

Could this be a move towards mass adoption, given how many people use Whatsapp?

Neil says:

Yeah…this is a pretty big deal. Whatsapp has over 2 billion users all over the world, and this is the kind of thing that makes crypto so simple and accessible. It’s also the most popular app in over 100 countries. They are just testing it now, but I do think this is a pretty big deal, beyond just regular weekly crypto news.

Em says:

Of course, Meta owning WhatsApp would want to use Novi. They’ve been trying to get that poor crypto project off the ground for agessssss. I can’t say I see myself using it but like with most of these sorts of things, the line we always hear ourselves saying is: adoption is adoption. I guess it still applies in this case.

Bottom line:

Neil thinks this is a big thing, Em thinks it’s an “eh, any adoption is good” thing.

Who do you agree with?

Swissquote plans exchange launch

Over the past several years, we’ve seen more traditional financial institutions embrace cryptocurrency. That trend doesn’t seem to be slowing down, and it’s no surprise that we are seeing more of that from Switzerland, one of the most pro-crypto countries in the world.

Swissquote is Switzerland’s largest online bank, and they plan on launching a cryptocurrency exchange platform. The online trading and investment platform hopes to launch the exchange by 2022, but it is unclear what cryptocurrencies besides Bitcoin they will offer. The company also plans to add staking services and stablecoins, as well.

More traditional banks in Switzerland are apparently interested in crypto after Switzerland’s stock exchange got regulatory approval for its digital asset exchange.

Will we eventually see U.S. banks launch crypto exchanges?

Neil says:

You know, I’ll be honest – I don’t see this happening in the U.S. The exchanges have already branded themselves…do you really think Bank of America is going to suddenly try to compete with Coinbase? The sad truth: they’re already probably too late. The Swiss are more progressive when it comes to crypto, that’s why this is possible.

Em says:

I could see this becoming a thing. Adoption is not slowing down, that’s what every crypto enthusiast promises themselves. And, as more and more of these institutional renovations happen, the more true that becomes. I like to see banks exploring this stuff—crypto will be entrenched before you know it.

Bottom line:

Both Neil and Em agree this is a good thing.

We have a consensus!

Banking giants love blockchain

There’s no question about it: banks are embracing blockchain technology left and right. Even cryptocurrency critics have admitted that the blockchain will disrupt various industries in the future, and that certainly includes traditional finance.

Wells Fargo and HSBC are using a blockchain-based platform to settle global forex trades. The platform will settle FX trades in as little as three minutes, and it completely sidesteps CLS, the traditional Federal Reserve regulated third-party commonly used for legal finality regarding forex transactions.

The platform was provided by Baton Systems, a payment provider known for its proprietary CORE distributed ledger. The two banking giants agreed to use the ledger, which means they agree to adhere to the Baton Rulebook. The Baton Rulebook is the regulatory framework for Baton Systems designed to provide legal clarity regarding settlements.

Will more banking giants turn to blockchain for forex settlements?

Neil says:

I’ll be honest – I’m more surprised that this isn’t happening more regularly. We know that blockchain can disrupt finance completely (look at the rise of DeFi), but maybe there’s just too much forex regulation. Either way, this is great to see…just surprised we didn’t see it sooner.

Em says:

I think this is cool. International exchanges have always been one more way that fiat currencies gouge our eyes out and there’s nothing the people have been able to do about it. Using blockchain to settle transactions doesn’t completely solve the problem of fiat, but slowly and surely changing the landscape is a plus, imo.

Bottom line:

Neil thinks this is a “better late than never” thing, Em thinks this is a cool thing.

What do you think? Can they both be right?

Bad idea of the week: Russia wants to take your Bitcoin

It may be nearing Christmas time, but Russia looks to be offering cryptocurrency investors nothing but a lump of coal. Russia’s version of the FBI, the Investigative Committee of Russia, is requesting that the government allow them to freeze wallets and seize crypto as needed.

The agency argues that the decentralized nature of crypto is making it more difficult to seize assets from accused criminals. As if that wasn’t bad enough, the Bank of Russia is now banning Russian mutual funds from investing in crypto.

This story is interesting given the fact that it follows a similar story in the United States. Last week, we pointed out that the U.S. government had actually seen their seized Bitcoin triple in value, and it makes you wonder whether Russia got jealous of all those American gains. Regardless, it sets a dangerous precedent.

Neil says:

It’s no secret that Russia is trying to crack down on crypto, but I honestly am not sure how it really even works. There are plenty of people trading crypto in China even though the government doesn’t like it. The DeFi sector there is booming. Regardless, this is obviously terrible for mainstream crypto adoption in Russia.

Em says:

Honestly, I wouldn’t expect anything less from Russia. After all, they’re the bad guys in every move for a reason, amirite??? Authoritarian governments grabbing more authoritarian power is a shock to literally no one on earth. Now, in my most scolding-mother-like tone I say, “Let this be a lesson to you all. Do you want that to happen to you?”

Bottom line:

Both Neil and Em agree this is a bad idea.

What do YOU think? (Just because Neil & Em agree, doesn’t mean you have to!)

Meme of the week

As always, Em brings you your meme of the week:

We will be back next week on December 24th with our Decentral Publishing Weekly Crypto News Wrap-Up. Until then!

Welcome to the first December edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em review trending crypto news and try, every week, to answer the ever-relevant question: “Is this a thing?”

In last week’s news, we had quite the shake-up with the sudden passing of Mr. Goxx, the beloved trading hamster.

This week, though, Neil and Em are getting their groove back and there’s a lot to for Neil and Em to discuss this week: the NFT craze getting a bit out of hand, Bitcoin beating out PayPal, Jack Dorsey stepping down from Twitter, and more.

Are we turning everything into NFTs

The crypto news in 2021 has been dominated by NFTs: record NFT sales, NFT startups getting funding, and artists being able to make life-changing money by selling their work as an NFT. There’s only one issue: NFT news is also getting much weirder.

Jimmy Wales is the co-founder of Wikipedia, and he’s decided to sell its first edit as an NFT. Christie’s estimates that it will sell for over $100,000, and Wales has also decided to throw in his strawberry iMac. Proceeds will go towards another project from Wales: WT.social, an “alternative social media” platform.

As if that wasn’t enough, two award-winning artists want to go platinum, but NFT style. Deadmau5, an internationally known DJ, and Portugal the Man, a rock band from Alaska, have created 1 million NFT units of their new single. A quarter million units were available for sale at Art Basel. Michael Cohen is also making an NFT out of his prison badge.

This NFT thing is great…but should we pump the brakes a bit? Or should we all just start hashtagging #makemeanNFT so we can monetize every aspect of our existence?

Neil says:

I understand that NFTs are here to stay, but I do feel like it’s getting a bit weird. I think that when you really saturate the space it can give more legitimacy to criticisms about “hype.” I feel like anyone and everyone is hopping in for a quick buck, and that it could end up being an issue down the line.

Em says:

It’s beanie babies, it’s furbies, it’s tickle me elmo, it’s weird and cringey but crazes and fads are part of cultural phenomena. I don’t necessarily think it means longevity (where are all your Beanie Babies now, amirite?), but it certainly will make a stamp in cultural history.

Bottom line:

Neil thinks this is a bad thing, Em thinks it’s a part of cultural history. Who’s right?

What do you think about the NFT craze? Comment online using the hashtag #MakeMeAnNFTStar and tag @decentralpub. Your comment could be featured in an upcoming article.

The metaverse effect

Many tokens have soared in value over the past several years, but it’s clear there’s a new trend in town. Metaverse tokens are outperforming other tokens in terms of “theme,” by a lot.

Facebook’s rebrand to Meta has a lot to do with recent interest in the metaverse, but it appears like investing in the metaverse will only increase. While some may have dismissed the metaverse at first, we should also recognize that virtual land sales are reaching new records. Not only that, but virtual land is now leading the NFT sector.

What’s further proof that the metaverse is here to stay? It looks like the metaverse’s first nightclub is about to open. However, you will need an NFT to enter. It also begs new questions: how do we make sure the metaverse remains decentralized? Which metaverse platforms will succeed?

Is the fact that the metaverse is currently the best-performing cryptocurrency sector something we should take a closer look at? If they build it, will “they” come?

Neil says:

The metaverse is going to grow, and the fact that NFTs and crypto will undoubtedly have a role is huge for the sector in general. Will the metaverse be worth trillions of dollars, like some people believe? I’m not sure…but I can see metaverse tokens doing well for a while.

Em says:

We’re in the sci-fi future. This is 1984 and Brave New World. Maybe that’s a boomer take…but I don’t think the metaverse is completely bad, I just think we need to be careful about what we let happen. There is a real danger that technology can dehumanize society rather than advance it.

Bottom line:

Neil thinks the metaverse is a bullish thing, Em thinks it’s a dangerous thing.

Who’s right? What do you think about the rise of the metaverse?

Bitcoin is beating PayPal

PayPal remains a fintech giant, but it looks like good crypto news for bullish investors: Bitcoin is beating it out in terms of transaction volume. Now, many crypto enthusiasts are wondering whether Bitcoin will beat out other titans in the payments industry.

There’s now a new question arising for the payment sector: will Bitcoin eventually catch up with Mastercard? This is even more interesting when you consider that Mastercard has been pretty open about embracing the cryptocurrency sector. Is it inevitable that Bitcoin eventually handles more transactions than major credit card companies, or is that still a ways away?

Is Bitcoin beating PayPal a “thing,” or not really? Should we care?

Neil says:

This was inevitable and I’m a bit surprised it didn’t happen sooner. Yes, Bitcoin beats out PayPal in transaction volume…but is this really that noteworthy? If we are talking trillions in market cap, that’s worth celebrating. This? Not so much.

Em says:

I was at the hairdresser and she was asking me what Bitcoin even was. Yes, there are still people who have no idea. Everyone, however, knows what PayPal is. The more tech becomes ubiquitous, the less people will have to understand it. It will just be another option. Let it be so.

Bottom line:

No surprise here. Neil thinks this is not a thing, Em thinks it’s a thing.

Who’s right?

SEC Chair Gensler states the obvious

Many cryptocurrency enthusiasts thought that Gary Gensler would be a great SEC chair, but it is looking more and more like that may not be the case. Gensler has recently offered comments that seem incredibly obvious to most crypto traders and investors: that Bitcoin is in competition with the U.S. banking system.

What is the point of these comments, and why isn’t Gensler trying to offer some more concrete thoughts regarding regulation? It’s clear that he doesn’t want to give any concrete answers regarding regulation…but then what exactly is his job? Is he playing hardball because crypto enthusiasts finally got their Bitcoin ETF recently?

What, exactly, is Gary Gensler’s deal <Seinfeld voice>?

Neil says:

’m genuinely confused about what exactly this guy thinks about cryptocurrency. I mean, he used to teach a blockchain class at MIT, but now he’s all about regulation rather than innovation. I get that he has to walk that line, but what is the point of stating something this obvious and unhelpful?

Em says:

At this point, good ol’ Gar is meme fodder. People thought he was pro-crypto coming in but now he’s stating the obvious like it’s a revelation. Did he get amnesia or has he been heel’d by TPTB? Maybe we’ll never know (though I think we know).

Bottom line:

Neil thinks this is a bad thing, Emily agrees…but at least there are the memes.

Who’s right?

Crypto enthusiast and Twitter CEO Jack Dorsey steps down to focus on Block

We have seen various high-profile executives decide to make their way to the crypto sector, but this may take the cake. Jack Dorsey, the billionaire founder of Twitter, has decided to step down from the social media company to focus on Square. There’s another thing: Square is now undergoing a massive rebranding effort, and will now be known as Block. This is an obvious nod to blockchain technology.

Does this mean that Dorsey, one of the most influential Silicon Valley CEOs, will now be focusing his efforts entirely on the crypto sector? It would certainly appear that way. It’s also significant given the fact that Facebook has rebranded as Meta, hoping to be closely associated with the metaverse.

Is this proof that Jack will now become a Bitcoin missionary, or is that just wishful thinking?

Neil says:

I feel like Jack Dorsey has been signaling this for a while, and that he’s going full crypto. Yes, I do think this is a big deal. Square is one of the most important companies in the sector, and the name change to “Block” definitely means that he will be more involved in blockchain-based projects than before.

Em says:

I’ve said it before and I’ll say it again: I don’t trust Jack. Sure, people can change, views can be updated. But I don’t have any reason to believe that Jack isn’t still a power and wealth seeking bandwagoner. Let me be proven wrong, I’ll eat my words.

Bottom line:

Neil thinks this is a thing, Em’s thing is distrusting Jack Dorsey and what he represents.

Who do you agree with?

The search and seizure business is booming

Around this time last year, one of the biggest crypto news headlines was the fact that the U.S. government had seized the largest amount of cryptocurrency in history: to the tune of around $1 billion. What’s changed since then? Well, its value has tripled. The $1 billion in Bitcoin seized was associated with the underground Silk Road marketplace.

The government has seized profits from criminals throughout history: but this marks an interesting case where the U.S. government is now profiting from the cryptocurrency it seized, given Bitcoin’s rise in value. The profits will go directly towards funding future investigations.

Ross Ulbright is the creator of Silk Road. In other crypto news, he is apparently launching an NFT drop of his own. Also, a DAO has been formed to not only purchase the NFTs, but protest his imprisonment, as well.

Is it right that the government profits this way, and do recent IRS numbers mean that the government is trying to regulate crypto not through legislation, but law enforcement?

Neil says:

The government seizes a lot of assets, and that’s a problem. You won’t get any argument from me there. On the flip side…I’m wondering about the alternative. If the government seizes $100 million from an international human trafficker, or something, are we supposed to declare that they sell it immediately all at once, so that they don’t “profit” from the seizure? In bear markets, to be fair, the government will end up seizing “less” Bitcoin than it took originally.

Em says:

Das some bullshit. Look, I’m no proponent of wrecking people’s lives with drug trafficking and criminal activity. But that’s a danger of freedom isn’t it? The government coming in to rekt people’s lives in the name of arbitrary control and then profiting from it gets some serious side-eye from me.

Bottom line:

Neil thinks this a bad but unavoidable thing, Em thinks it’s a bad thing.

We sort of have a consensus…Who’s side are you on?

Weird idea of the week: ‘Star Trek’ creator’s signature goes where no NFT has gone before: DNA

We try not to be too judgmental at Decentral Publishing, so we’re calling this the “weird idea” of the week instead of “the bad idea.” Earlier in this newsletter, we spoke about how NFTs might be getting a bit…stranger. This story certainly confirms that trend.

A long time ago, Gene Rodenberry signed the first contract to create Star Trek, one of the biggest American science fiction franchises. Now, that signature has been turned into DNA code that has been implanted into a living bacterial cell.

The Star Trek NFT is live on the Solana blockchain.

Who really wants a Roddenberry’s DNA? How much weirder can NFTs get?

Neil says:

If you’re a crypto enthusiast, you’re all about privacy and autonomy. The reason why NFTs are interesting is because they offer verifiable ownership…but what does DNA have to do with all of that? Why are people trying to make “living” NFTs a thing? It’s too dystopian for me.

Em says:

This is kinda weird, ngl. It’s one of the things I’d say we should be kinda careful about with new tech that intersections with biology. It’s cool and all in some ways, but it’s also blurring lines we may regret blurring in the future.

Bottom line:

Neil and Em both think this is weird.

Consensus. Duh.

Meme of the week

And just like that, we made it to December. Here’s your beloved meme of the week from our very own Em.

You can tell it’s getting to be the holiday season and the news cycle is slowing down a bit. The markets have cooled off considerably as people sell off their stocks and cryptos at the end of the year for tax purposes and presumably to pay off that holiday overspending (no more socks, mom!).

No need to panic! It’s a part of the January effect, where stock prices rise in the first month of the year after a mass-end-of-year sell-off.

In the meantime, be sure to follow and interact with us at @decentralpub on Twitter so you can comment on this week’s headline, and check out the Uncensored Crypto podcast, as well, where we discuss hot topics around DeFi and cryptocurrency.

We will be back next week on December 17th with our Decentral Publishing Weekly Crypto News Wrap-Up. Until then!

Welcome to the latest 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?”

At the Decentral Weekly Round-Up, we are used to discussing and debating the hottest cryptocurrency topics and news stories worldwide. However, there was a tragedy that struck the crypto world several days ago.

Unfortunately, Mr. Goxx has passed away. For those who don’t remember, we previously covered the crypto trading hamster Mr Goxx in past roundups. It was a short life, but it was an extraordinary life. I mean, try to think of more of a unique life than being the most famous cryptocurrency trading hamster in the world.

In today’s edition, we break down his achievements and celebrate his life, rather than his death. In honor of the passing of this fella, this week’s hashtag is #MrGoxxGoneTooSoon. Share your condolences and memories online @decentralpub on Twitter, and when you’re done mourning, check out the Uncensored Crypto podcast, as well.

But first, the news...

We will certainly be focusing on the late trading hamster, but there is some additional crypto news to discuss. An Omicron token has been soaring because it shares the same name as the new COVID variant, further proving that we really might be living in a simulation. The website describes the cryptocurrency as a “decentralized treasury protocol.” Ultimately, it didn’t end well.

Michael Saylor is a crypto billionaire and it was buying up Bitcoin that largely helped him get there. His data analytics firm, MicroStrategy, just bought $414 million more thanks to the recent dip in the crypto markets. Also, in other crypto news, NFTs are still blazing hot, on track for a record 2021.

Now, on to our tribute.

The achievements of Mr. Goxx

What to say about the trading hamster? The owners of Mr. Goxx suggested that the ultimate lesson was to never take life too seriously, even during a pandemic. His trades were based on a hamster wheel featuring 30 cryptocurrencies, and whether he subsequently went through a “buy” or “sell” tunnel.

Mr. Goxx wasn’t afraid of the spotlight, either. He was racking up Twitch followers quicker than many of his human competitors, and did it with style, grace, and elegance. He was a crypto influencer with tens of thousands of followers who made international headlines. The trading hamster was able to raise his owners more money through NFT sales, as well.

As of his death, his portfolio was up almost 20%. He was even on CNBC, and Elon Musk was a fan. How many people can say that they impressed a billionaire? He was also a budding entrepreneur, selling merchandise like T-shirts, hoodies, mugs, and more.

Will Mr. Goxx’s legacy live on?

What did we learn? Was our furry finance guru a victim of a Black Friday Bitcoin selloff? Even if he had a killer office, was it the stress of trading that ended up taking him away from us so early? What does his death mean for the future of crypto markets? Why didn’t he invest in Solana?

Some critics might suggest that the existence of Mr. Goxx is somehow proof that cryptocurrency is a scam. If we are being honest, there are hamsters, monkeys, and animals of all kinds that could end up building out a portfolio if they picked stocks at random. And yet, it seems like the cryptocurrency sector ends up getting most of the hatred. Mr. Goxx was able to make profits even if he wasn’t big on research. Who can hate on that?

Is it ridiculous that a hamster can trade better than you, or is it endearing and inspiring? Should you be buying a hamster and setting up a trading room for it ASAP? When your wife finds out you’re doing this, will she divorce you, or drive you to a psych hospital? Maybe. The answer is maybe, or both.

Neil and Em pay tribute to the legend

It wouldn’t be a tribute if I didn’t ask Em for her thoughts on the subject. We normally offer differing takes on crypto news headlines, but this time I asked her to elaborate on what Mr. Goxx represented, and how he should be remembered.

Neil says:

Jokes aside – I think there’s something to be said for “feel good” stories, and a trading hamster was a nice way for the crypto community to have a laugh. Do we need a zoo full of animals doing random crypto trades? No, but I wouldn’t be mad at seeing another hamster step up and take the helm of Goxx Capital. It’s what Mr. Goxx would’ve wanted.

Em says:

We will all miss him. He was a hamster among men—a hero to the trading community and a beacon of hope to all furry animals who aspire to fame and fortune. It’s a true heartbreak that he’s gone so soon, before he had the chance to reach his full potential. Just a few more market cycles and I’m confident this valiant hamster would have surpassed Elon in his whale status and cultural prowess. RIP Mr. Goxx.

Bottom line:

Both Neil and Em agree this is a sad news.

Pay your respects to Mr. Goxx Twitter using the hashtag #MrGoxxGoneTooSoon and tag @decentralpub. Your comment could be featured in an upcoming article.

Farewell, old friend - the crypto news will be less fun without you

For you true crime fans and Reddit detectives: stand down. There’s no case to solve here, because Mr. Goxx passed away thanks to natural causes. The owners admitted that the trading hamster had some kidney issues early on, but that he showed “no signs of serious illness.” Mr. Goxx began refusing to eat on Sunday, and fell asleep Monday.

He may not have stuck around for Bitcoin to hit $100K…but who knows? Maybe there will be another Mr. Goxx to take his place by that time. His two owners may have started Goxx Capital as a lighthearted side project, but don’t be surprised if the project re-emerges once again. While they are clearly taking the time to grieve; it doesn’t mean that a new trading hamster won’t eventually take his place.

Meme of the week

Sadly, here’s your beloved meme of the week from our very own Em.

Goodbye, Mr. Goxx. We hope hamster heaven is treating you well. We will be back next week with our December 10th Decentral Weekly Wrap-Up. Until then!

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!!

Welcome to 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?”

There’s been a lot of positive cryptocurrency news over the past several months, and the past week is no exception. This week, we’re covering the following cryptocurrency news topics: Miami’s Bitcoin dividend, the largest new crypto VC fund, Ukraine wanting to be more crypto-friendly than ever before, an NFT horror story, and more.

Miami wants to hand-out free crypto

In historic cryptocurrency news, Miami wants to give out free Bitcoin to its residents. Miami would be the first city to offer a Bitcoin yield, thanks to the city’s profits from MiamiCoin. MiamiCoin is a cryptocurrency launched by CityCoins that has generated $21 million for the city. MiamiCoin is also used to fund municipal projects.

Miami residents do not have to own any MiamiCoin to receive the dividend. The mayor of Miami, Francis Suarez, has said that this was about getting Bitcoin “into the hands of more people,” and that the city would create Bitcoin wallets for residents.

This is part of the overall race to become the country’s cryptocurrency hub. Eric Adams, the mayor of New York City, has also followed in Suarez’s footsteps, launching a NewYorkCoin with CityCoins. With this latest move, Suarez is arguably the most crypto-friendly politician in the United States.

It’s positive cryptocurrency news, but what about those who may not have the savvy to set up their Bitcoin wallet? Plus, Miami’s median age is 40.1…how much Bitcoin will be left on the table?

Neil says:

Look, this guy clearly wants to be the most crypto mayor in the country, and he seems to be backing up all the talk. Not everyone will get a Bitcoin wallet, sure, but this is clearly a huge positive. I guess the only downside is that I hope his career doesn’t take a downturn, since he’s so closely associated with the sector now.

Em says:

I’m tempted to up and move to Miami! I think this is a cool idea and I say it’s all the better for people who want to capitalize on this new way to use crypto in certain municipalities. Plus, with all the retired folks in Florida, it would be hilarious to make them start using crypto.

Bottom line:

Neil thinks it’s a good thing (for now), and Em thinks it’s a good thing, too.

What do you think about Miami handing out crypto?

Comment on twitter with your predictions using the hashtag #freeBTCinMiami and tag @decentralpub –> your tweet could be featured in an upcoming shout out

Paradigm’s new 2.5B fund

With crypto markets on fire over the past year, it’s not too surprising that more traditional financial institutions are changing their attitude on cryptocurrency in general. Paradigm has now debuted a 2.5 billion dollar fund. Paradigm was founded by Coinbase co-founder Fred Ehrsam and Matt Huang, a former Sequoia Capital partner.

This dethrones the previous $2.2 billion raised by Andreessen Horowitz, one of the world’s most powerful and influential VC firms. Paradigm has invested in Web 3.0 projects in the past, but the announcement did not elaborate on where the money would be invested. We all know that there’s a rift between traditional finance and crypto.

Will Paradigm help legitimize the concept of a “crypto VC” and pave the way for similar funds in the future?

Neil says:

Sure, many enthusiasts will say that this is great crypto news. I’m not so positive about that…VCs can definitely help to grow the crypto sector, but shouldn’t we be wary of traditional finance entering the sector that’s supposed to change it for the better?

Em says:

More money flowing into crypto? Not surprised but definitely not mad. Institutional investors would be crazy to ignore what’s happening in the crypto space and, of course, this was inevitable. We’re looking at the future of tech, and people are starting to realize that.

Bottom line:

Neil thinks this could be a bad thing, Em thinks more money flowing in can only be a good thing.

Who’s right?

Bloomberg likes Solana

Most cryptocurrency news revolves around the two biggest cryptocurrencies, Bitcoin and Ethereum. Solana’s native token, SOL, has had an incredible year, rising by a staggering 16,000%. Solana is also known for its speed and the fact that it uses a proof-of-history validation model.

Solana is now the third cryptocurrency to be tracked by the Bloomberg terminal. The price tracker is called the “Bloomberg Galaxy Solana Index.”

Solana is a public blockchain platform that is often compared to Ethereum, as it can be used to run dApps. Solana’s rise has been quite incredible, as it now outperforms all non-Ethereum smart contract platforms, and many believe that it will be an eventual “Ethereum killer.” Solana is now the fourth-largest cryptocurrency in the world, behind Bitcoin, Ethereum, and Binance Coin.

Will Solana really be the “Ethereum killer,” or is it all hype?

Neil says:

Well…Bloomberg now tracks Solana—that’s great, I guess? I think it’s proof that Solana is clearly here to stay, but it’s more of a symbolic move than anything else. Bloomberg looks “smart” by tracking it, but it’s not like Solana needed validation from them.

Em says:

Just another example of institutions waking up to the fact that crypto is the place to be. There’s a tightrope to walk for balancing the capital impact of institutions and the increased awareness drawing regulation. But overall, it’s probably a good thing.

Bottom line:

Neil thinks this isn’t a thing, Em thinks this is a good thing but remains cautious.

Who’s right about what all of this Solana means? Weigh in.

Ukraine wants to be the crypto capital

Ukraine is looking to be the crypto capital of the world, according to a recent New York Times article. In September, the Ukraine parliament made it clear that it was embracing crypto by passing a measure that legalizes and regulates digital assets.

The country has always tried to attract entrepreneurs, and its low taxes and software engineer talent have made it a more attractive option for startups over the years. However, Ukraine remains one of the poorest countries in Europe.

Many entrepreneurs appreciate that the country has “no rules” and an “anything goes” ethos, but there are also serious problems to consider. Ukrainians are known for crypto adoption, but many believe this is mainly because of severe issues with Ukrainian banks and financial service companies.

Ukraine isn’t exactly a power player in terms of the global economy. Can Ukraine become a crypto capital, or are those expectations a bit too high?

Neil says:

I think there’s a big difference between “anything goes” when it comes to innovation, and “anything goes” when it comes to crime. Ukraine has very real crime and corruption problems that crypto cannot fix…I think Ukraine would have to solve a lot of problems before it becomes a “capital” of any kind.

Em says:

This is probably an only-option kind of move for Ukraine to try to make. When their narrative for so long has been corruption, lack of industry, and population loss, this is a perfect opportunity for them to reinvent themselves…let’s just hope they can pull it off.

Bottom line:

Neil thinks this is a bad thing, Em thinks it might just be Ukraine’s ONLY thing.

Who’s right?

Cops nab $30M crypto gang

Unfortunately, all cryptocurrency news can’t be positive news. Yikes!

Recently, a 39-year-old cryptocurrency trader was kidnapped in China and tortured for almost a week. Luckily, the victim has now been rescued by police.

Seven individuals were arrested for the kidnapping operation. The kidnappers are aged between 25 and 32, and all of them are members of the Sun Yee On triad. The gang lured the crypto trader by setting up a $4 million Hong Kong dollar Tether purchase. The group originally demanded an 8 million HKD ransom but increased the ransom to 30 HKD million eventually. Police believe that there are more individuals involved that are currently on the run.

The victim was able to escape through a window in a metal hut where he was kept. Police, already in ambush, were able to rescue the victim and raid the hut once he was safe. Thankfully, the victim is now under 24-hour police protection.

Will crypto millionaires be at a higher risk of kidnapping and ransoms?

Neil says:

I obviously have empathy for the victim, but I have to point out that he was meeting someone in person for a cryptocurrency deal, in China, which has cracked down on crypto, almost in the same way that people meet for drug deals. I don’t think it’s fair to blame “crypto” for this…criminals saw an opportunity to kidnap someone and did it.

Em says:

All I can say is: “Hide yo keys, hide yo wife.” Meeting sketchy people to make a trade is not advisable but still a big bummer for the guy who got held hostage. This is why we don’t talk about, advertise, or do sketchy stuff with our crypto holdings. Don’t make yourself a target.

Bottom line:

Both Neil and Em feel for the victim, but wonder about whether crypto is necessarily to blame here.

We have a consensus! Do you agree?

Bad idea of the week: an NFT sale disaster

You may think that it’s good news that an artist could sell an NFT for $19,000. However, in this case, it is undoubtedly bad news. This is because a CryptoPunks NFT worth millions was “accidentally” sold for this amount, far below its true value.

This mistake likely occurred because of a fat finger trade, a well-known concept in the finance world. Fat finger trades have caused “flash crashes” in the past. It is likely that the seller hoped to offer the CryptoPunk for 444 ETH, but instead listed it as 4.44 ETH.

The rise of the NFT has been critical in terms of the rise of the DeFi sector. However, there are some legitimate concerns to consider regarding this incident. The buyer “bribed” Ethereum miners to front-run their buy order, sending them 3.3 ETH to make sure that they purchased the NFT before anyone else.

Was the seller’s hastiness to blame or could the platform have done more to prevent this?

Neil says:

Man…the wrong fat finger trade can ruin your day, or even your year. Not even a month ago, Binance had a Bitcoin flash crash because of a similar mistake. It’s certainly not good PR for CryptoPunks, but I doubt this will affect the NFT sector much beyond being a cautionary tale.

Em says:

As someone who regularly mistypes, makes mistakes, and fumbles apps, I feel this person’s pain. Oof. One little zero can mean big losses. Be careful out there, y’all. If you’re as clumsy as me, know it will happen and double, triple, quadruple checkkkkkkkk pleaseeeeee.

Bottom line:

Watch your fingers, or it might just cost you a lot of money.

We have a consensus! Do you agree?

Meme of the week

Here’s our meme of the week by our very own Em!

We hope you enjoyed the weekly wrap-up, and we will see you next week! Happy investing!

Welcome to the Decentral Weekly Crypto News Wrap-Up, where our colleagues Neil and Em review trending crypto news and debate, declare, or deny: “Is this a thing?”

This week’s news includes Facebook’s rebrand to Meta, Congress trying to regulate stablecoins, football players getting into Bitcoin, Ubisoft’s investment in play-to-earn games, and the SQUID scam.

Crypto market hits $3 trillion

Well, it’s been an incredible couple of weeks for crypto investors. Both Bitcoin and Ether have made new all-time highs, and the cryptocurrency markets have now hit $3 trillion. It’s quite a massive milestone for the sector, as it is clear that crypto markets are more “mainstream” than they were just a year ago.

The market cap of cryptocurrencies recently topped the $2 trillion mark several months ago. It’s clear that there is currently a lot of money flowing into crypto, and that momentum isn’t slowing down anytime soon. One of the reasons for the money flow is the rise of the DeFi sector. The rise of NFTs is undoubtedly another reason why there are more cryptocurrency investors than ever before.

The $3 trillion is a massive W in terms of cryptocurrency news…but is it really a major milestone?

Neil says:

This is obviously something we won’t disagree on: the $3 trillion milestone is massive, especially considering we just recently hit the $2 trillion mark.

Em says:

If you’re here, you love to see it. Why would any of us be interested in what crypto is doing unless we wanted it to succeed. (…lookin’ at you, Peter Schiff.)

Bottom line:

This is definitely a “thing”…and one of the biggest cryptocurrency news stories of Q4 2021.

We have a consensus – duh!

Is the flippening finally coming?

There’s been all sorts of positive cryptocurrency news, especially with major cryptocurrencies making all-time highs. However, some analysts are making quite a bold prediction. These people believe in “the flippening,” or the idea that Ethereum will “flip”—or overtake —Bitcoin’s market capitalization.

It’s understandable that some people may think that Ether will eventually overtake Bitcoin, especially with the rise of the DeFi sector. There’s also the fact that Ethereum has tripled its market capitalization in the same time that Bitcoin’s has doubled. Some crypto experts believe that even if it doesn’t happen soon, that the flippening is inevitable.

Of course, many analysts disagree on exactly when this will happen. Rahul Rai, a Gen Z crypto hedge fund manager, thinks that it could happen in as soon as six months. Others believe that it may take years.

Is “the flippening” something really worth considering?

Neil says:

There’s no way that the flippening is happening anytime soon. Is it ultimately possible down the line? Sure. It’s way too early to talk about it, though. I’m not sure that will happen in the cryptocurrency markets until many years from now.

Em says:

Ethereum is great. I really do hope it gets the updates rolled out and the network improved. I certainly don’t want to see ETH fail. Can it catch up with Bitcoin, though? Nah. I don’t think so. The flippening is fun to think about but if that happens for real, I’ll be shocked.

Bottom line:

Neil thinks this could be a thing, Em disagrees.

Who’s right about “the flippening”?

Comment on twitter with your predictions using the hashtag #theflippening and tag @decentralpub –> your tweet could be featured in an upcoming shout out

Zimbabwe may take the leap into crypto

One of the biggest cryptocurrency news stories of the year is the fact that El Salvador was the first country to designate Bitcoin as legal tender. Many crypto investors and enthusiasts have been wondering about which country will be second. In fact, El Salvador recently announced that it would use Bitcoin profits to build 20 new schools.

It makes sense that an African country would be next: crypto adoption is up 1,200% over the past year, according to Chainalysis. Zimbabwe’s finance minister, Mthuli Ncube, previously called crypto “unstoppable.” It was rumored recently that Zimbabwe was in talks to embrace Bitcoin, which would be big news for the cryptocurrency markets.

One thing is for sure: more countries recognizing Bitcoin as legal is only positive for the cryptocurrency industry. Zimbabwe may take some time to decide, but this is certainly a good sign. The minister has publicly dismissed this idea, suggesting that Zimbabwe is more interested in a central banking digital currency.

El Salvador made the first move…will Zimbabwe follow suit soon?

Neil says:

Zimbabwe may not be a “power player,” but we’re already seeing some positive results from the El Salvador “experiment.” I think these first countries are really important, and it could end up helping their economies. Zimbabwe might not commit to anything publicly, but it seems like there’s a reason for the rumors.

Em says:

Honest question: could you point out Zimbabwe on a map? Be honest. No shade to Zimbabwe, but when the big players take the leap, that’s when my head turns. The Bahamas already has a CBDC but still everyone talks about China. Good for Zimbabwe, but frankly, it’s a small fish.

Bottom line:

Neil thinks this could be a thing, Em thinks Zimbabwe isn’t much of a factor.

Who’s right about Zimbabwe? Weigh in.

Eric Adams really really REALLY loves crypto

If there is one mayor in the United States right now that is making it very clear that they are supporting the cryptocurrency markets, it would have to be Eric Adams, the Mayor of New York City.

Eric Adams made news because he plans on taking his first three paychecks in Bitcoin, and claimed that New York City would soon be “the center of the cryptocurrency industry.” This is partially in response to Miami mayor Francis Suarez, who announced he would take his next check in Bitcoin on November 2. It all started because of a tweet from cryptocurrency influencer/podcaster Anthony Pompliano, who asked on Twitter: “Who is going to be the first American politician to accept their salary in Bitcoin?”

Adams is clearly taking things a step further, now suggesting that crypto should be taught in schools. He will also play a role in launching the New York City Coin (NYCCOIN). The cryptocurrency is being launched by CityCoins, who also did something similar in Miami. The MiamiCoin was the company’s first “CityCoin to market.”

Does Eric Adams really care about crypto, and if he does…is he going a little too far with this?

Neil says:

You’re the mayor of one of the most important cities in the world. It’s a bit weird to be a mayor and getting into a social media contest about who loves crypto more. In a pandemic where parents are trying to make sure their kids are well-adjusted and well-educated, saying that “schools should teach crypto” is too much pandering.

Em says:

Do I like Eric Adams? No. Do I like most politicians? Again, no. Buuuuuut…. no press is bad press, right? Most people pay attention to politics at the same level that they pay attention to crypto: only headlines. So, go hype BTC and do your part, Eric. That’s all we need from you.

Bottom line:

Neil thinks this comes across as forced, Em cares more about the PR.

Who’s right about Eric Adams’ enthusiasm? Weigh in.

Kevin Durant gets SPAC fever

If there’s one major non-crypto finance trend that has dominated the news, it has to be the rise of the SPAC. A SPAC is a special purpose acquisitions company that essentially acts like a shell company, but it allows companies to raise money to eventually acquire another company.

Okay, that’s nice, but what does it have to do with cryptocurrency news? Kevin Durant is apparently looking to launch a $200 million SPAC named Infinite Acquisition Corp. Durant will be launching it with his business partner Richard Kleiman, and the SEC filing specifically highlights digital assets and cryptocurrency.

Durant is no stranger to crypto profits, as he was an early Coinbase investor. Is this SPAC a good move for the crypto sector?

Neil says:

Durant isn’t new to crypto. If you’re an early Coinbase investor, I can see why you would double down on the sector. I like that crypto is democratic in that sense…the hedge fund world may not care about athletes, but the cryptocurrency sector embraces them. That’s smart.

Em says:

I’ve said before that sports interest me exactly zero. Sports guys making headlines in crypto news keeps happening, and good for them. The fact that they’re in the news doesn’t make me, personally, care more.

Bottom line:

Neil thinks this could be a thing, Em doesn’t care about sports or sports influencers.

Who’s right?

Bad idea of the week: FTX might have stolen Jack In The Box's logo

It wouldn’t be a cryptocurrency news wrap-up without our bad idea, and it involves…a fast-food lawsuit. Jack In The Box is suing FTX, the cryptocurrency exchange, claiming that it stole its mascot and made a “far inferior version.” FTX’s mascot is named Moon Man, and the lawsuit claims that FTX infringed on its IP and diluted its trademark.

FTX was founded by crypto-billionaire Sam Bankman-Fried. The exchange was recently valued at $25 billion, and Bankman-Fried is considered to be one of the most influential people in the cryptocurrency sector. FTX is quite critical to the cryptocurrency markets in general, processing billions of dollars in volume daily.

Is this lawsuit really a big deal, and was it a bad idea for FTX to use a mascot like this in the first place?

Neil says:

Yeah…I know both of these companies have lots of money for legal fees, but I’m not even sure that FTX can get out of this one. It’s possible that they knew this was coming and just planned for it, because the mascot is very obviously a rip-off. It’s obvious.

Em says:

So he has a blue mouth instead of a red one, a round nose instead of a pointy one, and a moon textured face instead of matte white…you could argue he looks different enough from Jack. Then I saw the commercial. Oof. Honestly, don’t know what this marketing team was thinking.

Bottom line:

Yeah… this was definitely a bad idea on FTX’s part. How hard is it to get a logo these days? Sheesh.

We have a consensus! Do you agree?

Meme of the week

We hope you enjoyed your weekly wrap-up of the cryptocurrency news!

Since we spoke about the flippening this week, it’s only right we offer you this meme:

See you next week!

Welcome to the Decentral Weekly Crypto News Wrap-Up, where our colleagues Neil and Em review trending crypto news and debate, declare, or deny: “Is this a thing?”

This week’s news includes Facebook’s rebrand to Meta, Congress trying to regulate stablecoins, football players getting into Bitcoin, Ubisoft’s investment in play-to-earn games, and the SQUID scam.

Only because we have to...let’s talk about Meta

If there is one massive story in terms of cryptocurrency news in the past week, it would probably have to be Facebook’s rebrand to Meta.

The new name is a reference to the “metaverse,” which will be Facebook’s immersive digital world. Many cryptocurrency enthusiasts are ecstatic about the news, given the fact that this metaverse will likely require cryptocurrencies to pay for goods and services and NFTs to designate ownership of virtual property. Facebook has confirmed that the metaverse will support NFTs.

A lesser-known cryptocurrency, Decentraland, benefited from the announcement. MANA, the native token of Decentraland, experienced a 400% surge thanks to the fact that it is a metaverse platform that enables users to purchase virtual land.

Will crypto be important to the metaverse? Will Facebook’s rebrand to Meta succeed, and could the metaverse “save” Facebook, given the fact that the company is going through some serious PR issues right now?

Neil says:

I can understand why investors and enthusiasts are excited about this cryptocurrency news. The metaverse will probably be a huge driving force in the NFT sector moving forward, even if you think that the idea is a bit dystopian.

Em says:

Considering everyone calls it boomerbook and Zuc is the meme poster-child of the internet, it’s understandable why they’re trying to do something “cool.” The only problem is that, at least in my circles, nobody thinks it’s cooooooooool.

Bottom line:

Neil thinks this is good cryptocurrency news, Emily is less impressed.

How “meta” are you feeling about Facebook turning “Meta”?

Comment on twitter using the hashtag #meta4meta and tag @decentralpub –> your tweet could be featured in an upcoming shout out

Mr. Rodgers gets paid in crypto

There was major cryptocurrency news for those who are both crypto and football enthusiasts. Aaron Rodgers, the quarterback of the Green Bay Packers, will be taking part of his salary in Bitcoin. (Aaron Rodgers also got Covid this week, but I digress…)

Rodgers also announced that he will be teaming up with CashApp to give away $1 million in Bitcoin to his fans. In the video, Rodgers was dressed up as John Wick for Halloween. He pointed out that Bitcoin could be “intimidating,” but hoped that the giveaway made it more accessible. He began the video by stating, “Bitcoin to the moon.”

Rodgers is not the only NFL player who has decided to take part of their salary in Bitcoin. Trevor Lawrence teamed up with Blockfolio previously to have some of his signing bonus placed into a cryptocurrency account.

Will it help with crypto adoption if athletes are getting paid in crypto?

Neil says:

Sure, I think this is pretty good PR for Bitcoin, and he’s a pretty famous quarterback. I’m not sure this is a major milestone, though – I think this is part of athletes realizing that cryptocurrency can make them a lot more money than just accepting fiat.

Em says:

Getting paid is getting paid, amirite? If Aaron Rogers wants to stack Sats, more power to him. I do wonder though…how deeply do these sports guys understand crypto? I’m not saying jocks are dumb but like…what do the Vitaliks of the world have going for them if Aaron Rodgers is a crypto whiz?

Bottom line:

Neil thinks this is a good look, Em questions Rodgers’ crypto knowledge.

Who’s right about the pro athletes’ influence on crypto adoption?

Ubisoft invests in “play to earn” games

Ubisoft is one of the largest gaming companies in the world, and it has created massive games such as Assassin’s Creed and Just Dance. It also has no problem repeatedly mentioning blockchain in its earnings calls, and it is clear that the video game company wants to begin developing “play to earn” NFT and blockchain-based video games.

There are billions of people who play video games in the world, and it’s obvious that blockchain technology has a lot to offer in the future in terms of enhancing the gaming experience. Mythical Games, a platform that allows for game creation with NFTs, recently just raised $150 million at a $1.25 billion valuation. It looks like the future of gaming will involve a whole lot of blockchain.

Is this a major move for blockchain and gaming, or is Ubisoft just making the most logical move?

Neil says:

It’s very clear that NFTs—even if some people think they are overhyped—will revolutionize the gaming industry. There are billions of people who play games, so it only makes sense that Ubisoft would try to enter the space ASAP.

Em says:

Everyone goes where the money is. And right now, signs are pointing to money in P2E games. I think it’s a necessary move for gaming. Ubisoft is making smart moves, imo.

Bottom line:

Both Neil and Em think this is a thing, and that blockchain will be big for gaming.

Who’s right about the future of blockchain and gaming? Weigh in.

US Congress tries to regulate stablecoins

There’s a new report suggesting that stablecoins can transform the way Americans can pay for goods and services. This report was highly anticipated and recently released by the Biden administration. Apparently, the White House is very interested in regulating stablecoins.

A Treasury-led panel thinks that there should be a regulatory framework for stablecoins as soon as possible. The report also points out that stablecoins can disrupt the financial services industry by offering a quicker form of payment than many existing companies.

Jeremy Allaire, the founder of Circle, praised the report, claiming that it was “huge progress in the acceptance of stablecoins and provides a path for adoption.” Circle is a fintech startup that recently went public at a $4.5 billion valuation.

Is this really progress in terms of cryptocurrency regulation, or is Congress just dragging their feet?

Neil says:

I see so much news about crypto regulation and Congress that I’m not really sure exactly how to take it. I think the Bitcoin ETF was a good start, but I’m not sure that the U.S. Congress is going to be launching a stablecoin anytime soon. Even if they did, it might happen too late. It would be nice to see some more action here, but I’m not too optimistic.

Em says:

Of course it’s in the government’s interest to look for ways to regain a monopoly on the monetary system. A CBDC would be a step in that direction and regulating stablecoins is a step toward a step in that direction. But, if they actually manage to shake up the crypto space by regulating stablecoins, people will be mad.

Bottom line:

Neil doesn’t think this is a thing, Em thinks it could be.

Who’s right about the future of CBDC?

Will the real Satoshi please stand up?

There has been all sorts of speculation regarding who Satoshi Nakamoto is, whether it’s a person or a group of people, or whether Bitcoin was created by NSA researchers. The question is now more relevant thanks to a new trial.

The trial centers around a staggering $69 billion worth of Bitcoin, around 1.1 million Bitcoin. This is a civil trial regarding Craig Wright, an Australian computer scientist, and Ira Kleiman. Kleiman alleges that his late brother helped Craig Wright with the early development of Bitcoin, and is entitled to a share of the Bitcoin wallet. Wright has repeatedly claimed to be Satoshi Nakamoto, to the skepticism of the majority of the crypto community.

Craig Wright supposedly began distancing himself from David Kleiman (Ira’s brother) after his death. The suit alleges that Wright formed a partnership with David, but Wright has repeatedly denied this claim. The trial is expected to last three weeks. While the court won’t directly rule that either individual is Satoshi, it certainly is a legal battle that many in the crypto sector will be watching.

Neil says:

Craig Wright is a bit of a clown when it comes to the crypto sector. That tends to happen when you’re the kind of person who claims to be Satoshi, but there are all sorts of holes in his logic. I’m honestly not sure this trial is important besides the fact that it’s such a massive amount of money.

Em says:

If you have a million BTC, you’re gonna be a target. Good guy, bad guy, neutral guy—doesn’t matter. I think these kinds of fights are bound to happen because people want to get their cut of anything they can. The question is, how much will big chunks of the supply moving around rattle the market?

Bottom line:

Neil doesn’t think this is a thing, Em thinks it only matters if it rattles the market somehow.

Who’s right? Will pseuds keep pretending to be Satoshi?

Bad idea of the week: Squid Game scammers cash out

Squid Game is a South Korean survival drama series that has now become the most-watched show in Netflix history. If you’re reading this, there’s a good chance that you’ve seen it (did you know that the series was rejected for nearly a decade?)

All of a sudden, there was a cryptocurrency associated with the show, called SQUID. The cryptocurrency exploded 2400% in 24 hours, and its whitepaper claimed that the token presale sold out within one second. If all that sounds too good to be true, that’s because…it is.

Yes, that’s right—the Squid Game cryptocurrency was a massive scam, and SQUID plunged to $0. This may have been one of the more obvious in terms of crypto scams, but that didn’t stop investors from losing around $2.67 million.

Neil says:

I’m a huge fan of the show, but this is definitely one of those depressing scams that give crypto a bad name. It’s a bit ironic given the fact that the show is about a game where players participate for money because they are down on their luck. That being said – this was one of the most obvious crypto scams in recent history.

Em says:

Wellllllll, if you bought into SQUID, I hope for your sake you did it for the lolz. If you can’t spot a sh*tcoin as obvious as that one, you might want to stick with a target-date fund in your 401K—that would get you more positive news to look forward to re: your portfolio.

Bottom line:

Both Neil and Em agree that this was a bad investment, and an obvious scam.

We have a consensus! Do you agree?

Meme of the week

We hope you enjoyed your weekly wrap-up of the cryptocurrency news!

Here is your beloved meme of the week.

This meme is just too good, given the fact that it uses Squid Game dialogue to poke fun at the recent SQUID cryptocurrency debacle. We urge you to stay away from any and all hype cryptocurrencies inspired by popular TV shows. Until next week!

There’s no need to keep up with cryptocurrency news on a daily basis when Decentral Publishing brings you the most important and interesting topics of the week. Welcome to the Decentral Weekly Crypto News Wrap-Up, where our colleagues Neil and Em review trending crypto news and debate, declare, or deny: “Is this a thing?”

This week’s news includes Elon not being able to stop Shiba’s success, Walmart letting you buy Bitcoin (at a hefty price), Mastercard getting into the mix, and the dystopian future that Worldcoin thinks we deserve.

Elon shade can’t stop Shiba Inu

When it comes to crypto, there appears to be a “new dog” in town. Shiba Inu has gone on quite a run recently, even doubling within the past week. Over the past month, Shiba Inu has increased in value by over 700%.

It’s the latest dog-inspired cryptocurrency that is often compared to Dogecoin, another dog-inspired token that originally started as a joke. Its supporters even describe the cryptocurrency as the “dogecoin killer,” and it’s been described as such in cryptocurrency news headlines.

Elon Musk has been open that he supports Dogecoin, but he recently confirmed on Twitter that he didn’t own any Shiba Inu tokens. This didn’t stop an unknown whale from purchasing over $11 million in Shiba Inu cryptocurrency, sparking what many consider to be a “meme coin war.” The purchase helped propel the Shibu token, SHIB, to new all-time highs.

Neil says:

I’m not a fan of Elon’s ability to affect the price of a cryptocurrency that much. It kind of goes to show that even with decentralization, Elon still has a massive amount of influence. The one good thing here is that he couldn’t stop Shiba, so maybe that’s changing.

Em says:

Everyone likes to dog (ba dum tss) on Elon for being such a DOGE shill. And, of course, it’s funny to see him get answered by SHIB, but I’m all for meme coin wars. It’s fun, it’s part of crypto culture, increases awareness, and takes retail degens out of the serious hodl positions. I say keep it going.

Bottom line:

Neil doesn’t think Elon’s influence is a good thing, but Emily thinks meme coin wars serve a purpose.

What do you think about the meme coin wars??

Comment on twitter using the hashtag #memewars and tag @decentralpub –> your tweet could be featured in an upcoming shout out

Crypto gets political

While many politicians are questioning the legitimacy of cryptocurrency, Rand Paul is taking a very pro-crypto stance recently. Paul said that he was now thinking about whether cryptocurrency could become the world’s reserve currency, and eventually replace the dollar. He made the comments in an interview that aired last Sunday on Axios.

Rand Paul is a well-known Republican senator from Kentucky. This isn’t the first time that Paul has made crypto news. He previously made headlines in 2015 when he announced that his campaign would accept Bitcoin donations.

Paul thinks that part of the reason the cryptocurrency sector has grown so much was because more people worldwide were losing trust in government. Paul is quite the controversial figure, as he made headlines for being banned from YouTube for his claims about the COVID-19 pandemic.

In other political cryptocurrency news, Matt West, a former Yearn.Finance developer, is running for Congress. West will be running as a Democrat and will have a pro-crypto platform.

Neil says:

I think more politicians should be talking about crypto, but I’m not sure whether Rand Paul really cares about crypto. I have to admit a bias here—this guy isn’t really the best advocate, in my opinion. Pro-crypto or not, he doesn’t seem too big on transparency.

Em says:

Lots of people don’t like Rand Paul, so maybe it’s bad PR. But his small-government politics can fit pretty well into the decentralization and take-back-our-finances attitude of a lot of crypto enthusiasts. Plus, we need pro- crypto politicians; so, I say this is a good thing, whichever side you’re on politically.

Bottom line:

Neil thinks Rand Paul isn’t the crypto advocate we need, Emily thinks this is a good thing regardless.

Do you agree with Neil or Em?

Facebook's whistleblower lives off of crypto

One of the biggest news stories these days is the fact that there is a Facebook whistleblower. Her name is Frances Haugen, a former Facebook product manager, and she has turned over tens of thousands of internal documents to journalists. Facebook has even changed its name to Meta in the wake of the whistleblower news.

What would a Facebook whistleblower have to do with crypto news? Well, believe it or not: she says that she’s financially stable because of crypto. Haugen even told The New York Times that she moved to Puerto Rico specifically to be with her “crypto friends.” Puerto Rico is a favorite destination among crypto millionaires.

Neil says:

Facebook is definitely dealing with all sorts of optics issues right now, and it’s definitely interesting that she can make a living while also sticking to her morals. I’m not sure where the billionaire backing plays into this…but I also do know that Facebook doesn’t care about privacy at all. I guess this is a net positive in terms of crypto news.

Em says:

I don’t know if anyone is beating anyone when it comes to big tech vs government. They all have their reasons for crypto dreams and I’m sus that any of those have to do with democratizing data or finances. Call me a cynic, but I think the whole controversy was manufactured and I don’t care about it.

Bottom line:

Neil thinks it’s a good thing overall, Emily disagrees about intentions and agenda.

Who’s right? Weigh in.

Ether keeps outperforming itself

Many crypto investors and traders have been eager to find the next undervalued crypto gem, but Ether has already performed incredibly over the past year. Many have been anticipating a rise in price given the fact that the Altair Upgrade will help Ethereum become more environmentally-friendly. Ether has since reached new all-time highs.

Ether remains the second-largest cryptocurrency in the world. The Ethereum 2.0 Beacon Chain update has apparently gone smoothly, with the vast majority of nodes already upgraded. The upgrade will reportedly help Ethereum become faster and more scalable.

Neil says:

Ethereum will continue to make new all-time highs, and I wouldn’t be surprised if it rises in value over the next year even more than Bitcoin.

Em says:

What the price of ETH is doing today or in the last 12 months probably won’t matter that much if they don’t find a solution to high gas prices and slow throughput. People are waiting for Eth2.0 and even big players (like the second biggest blockchain) can get rekt if they’re outpaced by new solutions…just ask Kodak.

Bottom line:

Neil thinks this is a good thing, Emily thinks that Ethereum needs more changes.

Who do you agree with?

Walmart wants all your ATM fees

It’s always good crypto news when a financial services giant joins the crypto sector, and that’s exactly what happened with Mastercard. Mastercard teamed up with Bakkt and will now be offering cryptocurrency card payments.

There are 2.8 billion Mastercards in use, so this is obviously good cryptocurrency news for those hoping for mass adoption. What percentage of Mastercard holders will begin spending crypto? That remains to be seen. Shares of Bakkt, which only recently began trading publicly, rose over 200% on the news.

Is this just another standard corporate crypto announcement, or will Mastercard help more everyday people get into the markets? Does this REALLY lower the barrier for entry, or is it more of a symbolic move?

Neil says:

Wow…these fees are absolutely insane. This isn’t worth it, even for crypto to be accessible at Walmart. I think this is 100% a bad thing.

Em says:

I see these crypto ATMs as just a novelty to capitalize on the crypto space and make money. If you’re dumb enough to get taken by those fees, they saw you coming. You’ll make a beautiful couple—invite me to the wedding.

Bottom line:

Neil thinks this is a bad idea, and Emily thinks it’s a good idea if you’re dumb enough to fall for it.

Who’s right? Weigh in.

Mastercard + crypto = everywhere you want to be

It’s always good crypto news when a financial services giant joins the crypto sector, and that’s exactly what happened with Mastercard. Mastercard teamed up with Bakkt and will now be offering cryptocurrency card payments.

There are 2.8 billion Mastercards in use, so this is obviously good cryptocurrency news for those hoping for mass adoption. What percentage of Mastercard holders will begin spending crypto? That remains to be seen. Shares of Bakkt, which only recently began trading publicly, rose over 200% on the news.

Is this just another standard corporate crypto announcement, or will Mastercard help more everyday people get into the markets? Does this REALLY lower the barrier for entry, or is it more of a symbolic move?

Neil says:

I used to think that these announcements were a big deal, but I’m not too sure about that anymore. I think the real challenge here is getting people to make everyday purchases in crypto, but these announcements by corporations don’t really move the needle much. It’s good crypto news, but it’s not groundbreaking. I think it’s mostly symbolic.

Em says:

At the risk of sounding like a hypocrite after just ripping Walmart… I say go for it, Mastercard. This is probably also not a great opportunity for serious crypto users as merchants will likely take the same big cuts they always do. But if we’re going to get mass adoption, there’s probably a customer-gouging phase that has to happen in the meantime

Bottom line:

Neil thinks this isn’t a big deal, Emily thinks this can help mass adoption.

Who’s right? Weigh in.

Bad idea of the week: Worldcoin wants to see your iris

Sometimes, there’s crypto news that isn’t just positive or negative: it’s downright depressing. This is certainly the case with Worldcoin, a Layer-2 Ethereum cryptocurrency hoping to be more scalable than Bitcoin. The goal is ambitious: the startup wants to distribute a universal basic income, or UBI, to citizens all over the world.

There’s ONE little tiny baby minor catch [sarcasm]: Worldcoin wants to scan your eyeballs. It wants to do this with a device called “The Orb,” which is already being used in a pilot program in countries like Chile, Kenya, France, Indonesia, and more.

One of the wildest aspects of this story is the way that Sam Altman, CEO of Worldcoin, responded. He seemed genuinely surprised at the fact that millions of people weren’t excited about getting their retina scanned, and said in a tweet that this discourse was all an “interesting update” for him. When Edward Snowden is criticizing you about data privacy, it’s safe to say that you may want to hire a PR firm of some kind.

Neil says:

This is just depressing and dystopian all around. I can’t really believe that he thought this was a good idea, even if his intentions are for a universal basic income.

Em says:

Yay! Let’s all submit our biomedical information into a database ‘cause that’s in keeping with the security concerns of cryptography and decentralization. [sarcasm.] Seriously, what made him think the crypto community would take kindly to this idea? LOL

Bottom line:

Both Neil and Em agree that a crypto startup asking for your eyeballs is a bit too much.

Do you agree?

Meme of the week

We hope you enjoyed your weekly wrap-up of the cryptocurrency news!

Here is your beloved meme of the week.

This meme is possible thanks to Worldcoin, because we are still stunned that they thought scanning eyeballs worldwide would appeal to a community that values privacy. See you next week!

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