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Welcome to the Decentral Weekly Crypto News Wrap-Up for the week as of October 15, 2021, where our colleagues Neil and Emily discuss cryptocurrency-related headlines and debate, declare, or disagree: “Is this a thing?”

Still no word from Mr. Goxx, but between the Fed, Edward Snowden, and big brands jumping on the NFT bandwagon, there is so much to discuss in the cryptocurrency world this week.

Lucky for you, we are still reading all the juicy crypto headlines so that we can provide a weekly wrap-up for you to peruse.

NFTs: brands are overdoing it and it’s getting weird

It doesn’t matter how massive the hype; there’s always a limit where the “new thing” goes too far. NFTs have been a red hot commodity over the past year, but it looks like the trend might be cooling off. Even though more money is pouring into NFTs than ever before, there’s something to be said for understanding when corporations are hopping on a trend—well—JUST to hop on, and nothing more.

We reported previously that TikTok was going to get in on the NFT action with none other than music megastar Lil Nas X, but it looks like things are getting rocky. How, you ask? Well, one massive problem is that the NFT never dropped. On top of that, Bella Poarch is apparently thinking about pulling out of the program, and this is AFTER a Lil Uzi Vert-related NFT scandal.

The “Macarena” was massive, but it had its moment. These scandals could potentially mean that the average investor begins viewing NFTs as a “fad” rather than a real sector, the same way that we all collectively decided that a summer anthem outlasted its stay, or that a TV show is more cringeworthy than we’d like to admit. The TikTok NFT partnership already appears to be flopping, and TikTok is one of the most popular apps in the world.

These are problems that don’t even take into account the environmental concern surrounding NFTs. Will this affect the NFT market moving forward, or not really?

Neil says:

Yeah, this is a pretty terrible week for the NFT space. Lil Nas X is a superstar, so the fact that the TikTok NFT didn’t even drop isn’t good publicity. This might not be cryptocurrency news that affects someone who already knows about NFTs, but it could pose a publicity problem in the future. The environmental debate about NFTs will continue, but with scams on top of that? It could get ugly.

Em says:

Say what you want about NFTs, but they’ve penetrated pop culture in a way that even Bitcoin hasn’t. Of course, Bitcoin built the credibility that crypto now has as a foundation, but NTFs are everywhere because they have cache in the culture. It’s not for nothing.

Bottom line:

Neil thinks there’s a chance, but Em thinks NFTs are just as solidified as Bitcoin at this point.

Who’s right?

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

60 more days: SEC postpones decisions again, but approves Crypto ETF

One of the most frustrating aspects of cryptocurrency news over the past several years is the fact that the U.S. government doesn’t seem too interested in finding any solutions. For years, there has been talk about “regulation,” but the SEC has failed to make concrete decisions regarding cryptocurrency, how it should be regulated, and how it should be taxed.

It appears as though this trend will only continue for the time being, considering that the SEC decided to extend the decision timeline for four Bitcoin ETFs. This has happened various times before, but many believed that Gensler, who has been vocal about his support for an ETF for some time now, would offer some concrete regulation rather than continued delays.

Are these just the same old delays…when will this ever be resolved? When will there FINALLY be some real guidance regarding cryptocurrency regulation?

Neil says:

I think a decision has to be made soon. It’s been a long time coming, and it will finally be the cryptocurrency news that so many have been waiting for. While some might say “It took long enough,” I think it could also help propel Bitcoin to all-time highs, depending on the timing.

Em says:

No surprise. Postponing things and slow motion innovation is kind of a baseline for government operations. I’d be more surprised if they actually accomplished something, to be honest. Keep holding your breath, everyone.

Bottom line:

Neil thinks the decision will come soon, but Em thinks this is par for the course.

Who’s right?

Corporate cash grabs or legitimate research?

It wasn’t too long ago that many traditional financial institutions were downplaying Bitcoin, or arguing that cryptocurrencies would never be that much of a factor in finance. It seems as though all of them are singing quite a different tune these days. In fact, they seem to be going out of their way to let potential clients know that they are researching the space.

Bank of America is apparently now releasing crypto reports. They aren’t the only financial company interested in diving into crypto, either. Apparently, Visa sees massive potential in a future “universal payment channel” across interconnected blockchain networks. As if that wasn’t enough, apparently even Morgan Stanley wants to get in on the action. Is this important cryptocurrency news or just a corporate cash-grab?

It might feel satisfying to actually SEE Bank of America admit that crypto is “too large to ignore,” but will they actually bring any value to the sector? In a sector that values decentralization, is there REALLY a place for these corporations?

Neil says:

This all seems very artificial to me. This is clearly more about PR than any meaningful research, and I don’t really know how committed they are to actual research or investment. It’s really just about being backed into a corner because crypto is here to stay.

Em says:

Well, I think this was an inevitable outcome. Crypto is too big to ignore now, even though institutions are late to the game. I say, let them join the fun. The pace fintech evolves at will just leave them behind again anyway.

Bottom line:

Neil leans towards no, while Em feels like it could be a good thing.

Who’s right?

Six new billionaires

In a world where global business has had to deal with the wrath of an unrelenting pandemic, there’s been some good cryptocurrency news. There are now six new crypto billionaires on the Forbes 400 list, with a combined wealth of somewhere around $55.1 billion dollars. These six individuals have landed on the list of the nation’s richest people. Check back for new profiles we’re releasing on crypto billionaires.

The billionaires are not too surprising to anyone who follows the cryptocurrency sector closely. The six include Brian Armstrong and Fred Ehrsam, co-founders of Coinbase. Coinbase is one of the largest and most influential cryptocurrency companies in the world. Jed McCaleb also joined the list, who is famous for founding Mt. Gox, an early cryptocurrency exchange that was hacked and closed down in 2014.

Forbes remains one of the most prestigious business publications in the world, and they are world-renowned for their “lists” specifically. While these new additions might not single handedly lead to massive retail investor interest, it does help to legitimize the sector and bring in new eyeballs and investors that may not otherwise be interested.

Neil says:

The world doesn’t exactly love billionaires right now. It’s obvious that this proves that wealth is possible, but I’m not sure it’s the kind of cryptocurrency news that gets people that excited. Regardless, it might be inspiring to future investors/traders.

Em says:

Millennials and everyone younger feel shafted by legacy economics. They can’t earn, they can’t save, they’re unwillingly getting drowned in debt. Crypto finally gives them their own way to “make it” and that’s hopeful! I think we can expect more of this.

Bottom line:

Neil thinks this isn’t much of a thing, but Emily disagrees.

Who’s right?

Edward Snowden weighs in on crypto

For those who don’t know, Edward Snowden is arguably the most famous whistleblower in the world. A former NSA agent, Snowden leaked documents regarding various global surveillance programs. He is a polarizing figure, with many Americans divided over whether Snowden was justified in revealing classified documents, even if it exposed illegal and/or unconstitutional activity.

Whether you like him or not, Snowden’s opinion on anything technology-related is bound to hold weight. Some Americans view Snowden as a modern hero of our times, thankful for the fact that he exposed global surveillance programs that the government didn’t know about. Others feel like Snowden betrayed his country, or should come back to America to face his charges. For crypto enthusiasts, you can count this as overall positive cryptocurrency news.

Snowden tweeted on October 3, 2021, pointing out that Bitcoin was up around “10x” since a March 2020 tweet where he claimed that he was interested in buying the cryptocurrency for the first time. Snowden pointed out that Bitcoin was resilient, even despite the recent China crypto ban.

While this might not be monumental cryptocurrency news, the fact that Snowden is now pro-crypto is probably a net positive for the crypto markets.

Neil says:

I think Snowden’s opinion definitely means something, even if you’re not a fan. If you have almost 5 million Twitter followers, and you’re respected in the tech world—your voice “matters” in the crypto sector, 100%. Good to see him on board.

Em says:

Edward Snowden is a big voice in tech. And he definitely sees himself that way with the way he tweets. Big voices do influence people, but Snowden is a refugee for a reason. Should the Elons and the Snowdens of the world be the biggest factors in adoption?

Bottom line:

Neil thinks this is a thing, but Emily isn’t the biggest fan.

Who’s right?

The Fed launches digital currency review committee

Well, well, well.

It appears as though officials at the Federal Reserve want to study whether creating its own digital currency is a smart move. On behalf of Decentral, I’d like to honor the Fed with the “Late to the Party” award. This is also apparently a passive-aggressive party, considering Jerome Powell was bashing cryptos several months ago, suggesting they were mere vehicles for speculation. Now, they’re thinking about launching a CBDC (central bank digital currency).

It’s strange to think that the Fed suddenly believes that ITS version of cryptocurrency is valid, given the fact that the existence of a federal reserve isn’t something that many cryptocurrency die-hards are excited about. The Fed has been exploring the concept of a digital dollar for some time now, and this certainly doesn’t mean that they are embracing crypto—as much as trying to see how they can make blockchain technology work for their purposes.

Many crypto investors would argue that the Federal Reserve and the crypto sector are at odds, given that one is a centralized institution and the other sector hopes to emphasize the importance of decentralization.

Is this just a means to try to control or regulate the sector?

Neil says:

It makes sense that a “digital dollar” can solve all sorts of problems. I’m not really sure how the crypto community would react to a stablecoin issued from a central bank…but I don’t think it’s good for the sector. Maybe it’s inevitable, but right now, it doesn’t even seem like they can agree on much.

Em says:

Most governments in the world are looking into CBDCs. Of course the USA has to do it also. They don’t want to get caught with their pants down if when crypto creeps up on fiat adoption. But, I suspect they’re just trying to find a new way to restore their monopoly on trust.

Bottom line:

Neil thinks this is bad cryptocurrency news, but Emily thinks this is just about credibility.

Who’s right?

This week’s bad idea: mining at the office on the taxpayers’ dime

There is some cryptocurrency news that is just terrible publicity, no matter how you try and spin it. This week’s bad idea belongs to Christopher Naples, a Suffolk County IT supervisor who was running a cryptocurrency mining operation out of a government office. Apparently, Naples was mining so much cryptocurrency that it inflated the electricity bill by $6,000.

He was charged, but apparently investigators are still trying to find out whether he profited from the scheme. Naples was charged with public corruption, grand larceny, computer trespass, and official misconduct. Incredibly, at least ten of the machines had been running since February.

Naples had been a county employee since 2020. The mining devices were hidden under floorboards, inside server racks, and even inside an electrical wall panel. The devices were found in six separate rooms.

Neil says:

Well, if he made some money…it will probably go to legal fees. It’s pretty nuts that he decided to use taxpayer resources to do this, and it’s more surprising that he didn’t get caught earlier.

Em says:

Ummmmmmmm…where to begin. You go to the trouble of hiding your mining rig in the floorboards, meanwhile, the electricity bill ran up $6k. Seems like a flawless plan, tbh. Don’t know how he got caught.

Bottom line:

Both Neil and Emily think this was a very bad idea.

Looks like we got a consensus!

Meme of the week

We hoped you enjoyed your weekly wrap-up of the cryptocurrency news from Decentral Publishing!

Here is your beloved meme of the week.

Take some time away from refreshing your headline news app while you wait for the Fed to approve ETFs … and we’ll see you next week.

Welcome to the Decentral Weekly Crypto News Wrap-Up for the week, where our colleagues Neil and Emily debate, declare, or deny: “Is this a thing?”

It can be overwhelming to keep up with cryptocurrency news on a daily basis. Lucky for you, we’re here to provide a weekly wrap-up that summarizes some of the most important and interesting topics of the week.

Oops...China cracked down...again

If you’ve been following cryptocurrency news for a while, you may not be too surprised to find out that China has recently cracked down on cryptocurrencies. Specifically, the superpower is looking to crack down on both crypto trading and crypto mining. The news has obviously had a negative impact on Bitcoin.

The problem is that China regularly announces that they will crack down on crypto, only to switch their position later, “clarify” their stance, or walk back their statements. The superpower is famous for purposely spreading FUD (fear, uncertainty, and doubt) that affects the markets, so is this time any different?

If you were a savvy investor, you might have even benefited from the crypto ban in China. A lot of money ended up flowing into decentralized exchanges, which meant that many top decentralized exchanges directly benefited. Many DEX tokens rose in value once the crackdown news spread.

Neil says:

China’s tried to stop Bitcoin even before Bitcoin “became mainstream.” It didn’t work then, and it looks like they are getting more desperate than ever. With the rise of DeFi, China probably realizes the ability to “crack down” on cryptocurrency is extremely challenging.

China can announce crackdowns all it wants, but it doesn’t seem to be affecting markets like it used to.

Em says:

China’s crypto-banning ratchet only goes one way, you guys. I think they’ll always tighten restrictions and increase bans and that those will always have some impact on the market.

Even if the impact decreases with time, China is a big player and markets will react.

Bottom line:

Neil thinks this isn’t a thing, while Emily points out that China’s stance still makes a notable difference.

Who’s right?

Hamster watch: Mr. Goxx

Since we started off with some bad news, let’s move on to something more fun: a hamster that is better at managing their portfolio than you may be. That would be the cryptocurrency trading hamster, Mr. Goxx, who lives on Twitch and has captured the hearts of many crypto traders. The hamster already boasts over 10,000 followers. A hamster that trades crypto is already cool, but did you know that Mr. Goxx is beating the NASDAQ…and Bitcoin…and Warren Buffett???!!!

When Mr. Goxx spins his hamster wheel, he selects a cryptocurrency to trade. Later, he chooses between two tunnels, which indicate whether he “bought” or “sold” that cryptocurrency. His decision is then sent to a real-time trading platform, where funds are traded based on what the hamster chooses and does. Time will tell whether the crypto ban in China will slow his profits down.

Mr. Goxx started trading in June, and he’s already up 20%. We’re not saying that you should take all of your investments and let a hamster decide your financial future, but we are saying that this is a lot more adorable than an algorithm or trading bot. The owners have stressed that Mr. Goxx’s portfolio exists “for entertainment purposes only”.

Neil says:

This has already made headlines everywhere, so it could spread awareness about crypto. In a world where a hamster trading crypto can beat NASDAQ, that’s probably overall positive cryptocurrency news.

People who didn’t know about crypto before might be interested in this article, and the fact that it went viral means more people are learning about cryptocurrency markets.

Em says:

Anyone who thinks that they can call markets or the next breakout projects might as well just trust a hamster.

Even if you’re Encyclopedia Brown, in a complex and changing ecosystem, you’re ultimately guessing because you never have all the information.

Bottom line:

Neil thinks this COULD be a thing, while Emily remains unimpressed.

Who’s right?

Crypto + true crime = Netflix gold

For those new to the cryptocurrency space, a crypto mystery has plagued the community for years. What exactly happened to Gerald Cotten? Cotten was the founder of Quadriga, a Canada-based cryptocurrency exchange. A new Netflix documentary will explore his life, Quadriga, and his mysterious death. “Trust No One: The Hunt For The Crypto King” will be released on Netflix sometime in 2022.

At one point, QuadrigaCX was Canada’s largest cryptocurrency exchange. In 2017, during the cryptocurrency bull run, Quadriga processed a staggering $2 billion in trades. The real issue emerged when Cotten died while traveling to India in December 2018. Cotten reportedly died of Crohn’s complications. His death made it so that somewhere around $145 million of the crypto holdings of Quadriga users is now inaccessible.

The world’s obsession with true crime is well-documented. Cryptocurrency was formerly associated with the dark web, and those associations prevented people from embracing Bitcoin and other cryptocurrencies. Will this documentary have a positive or negative effect on the markets?

Neil says:

I hate to be cynical, but a couple of years ago, there was a movie called Crypto that came out with Kurt Russell. A lot of crypto enthusiasts were convinced that it would take a mainstream movie to really “spread the word” to reach more people, but the movie didn’t really go anywhere.

This is also more of a negative story: investor funds were lost, and Cotten died mysteriously. If I can summarize my stance, I would say: this may satisfy true crime fans more than crypto enthusiasts.

Em says:

My demographic—millennial white women—doesn’t have deep crypto knowledge. It does, however, have deep true crime knowledge! Yes, I said it.

If you want to increase visibility in new demographics, a true crime/crypto crossover is a perfect way to do that. ;P

Bottom line:

Emily thinks this could be a thing; Neil disagrees.

Who’s right?

Can’t cancel this: using crypto to tip on Twitter

It might not have been publicized that much, but there’s something different about Twitter. Yes, the new font is incredibly annoying…but the platform now allows for Bitcoin tipping! You can “tip” influencers on Twitter by sending them Bitcoin, but will their audience actually choose to support them this way?

This does beg the question: how will cryptocurrency fare on a platform known for “canceling” people? The blockchain cannot be censored, and the technology allows fans to support content creators without giving the middleman (a platform) a cut.

While this is great news for accounts with massive followings, will this result in more people tipping this way? Is Patreon in trouble? Will crypto users flood to Twitter to use the new feature?

Jack Dorsey may have founded Twitter, but he’s also famously pro-cryptocurrency. The billionaire CEO has previously said that “Bitcoin will unite the world.” He’s also the founder of Square, a financial services company that has been supporting cryptocurrencies for some time now. Square, which is publicly traded, has a market capitalization of over $100 billion.

Neil says:

I don’t think Patreon should be too worried about this. They have had a huge head start since they started back in 2013. Twitter is trying out what works, just like they have done before.

It IS good overall though…Jack Dorsey is very pro-crypto, and it could potentially be a great way to incentivize artists, journalists, writers, or influencers in general. Not the best Twitter marketing move, but it’s a net positive for the cryptocurrency sector.

Em says:

Please, Jack Dorsey. This, to me, feels like an empty gesture of crypto support from a platform that is known as the pinnacle of cancel culture and censorship.

Why would crypto users rush into using crypto to tip on Twitter when they’re trying to escape the fintech death grip?

Bottom line:

While it might be a cool new feature, Emily and Neil agree that this will not really be a thing.

Do you agree?

2.1 million people in El Salvador can’t be wrong

Several weeks ago, there was a huge milestone for countless cryptocurrency enthusiasts: a country chose Bitcoin as its official currency. El Salvador was that country, and while some people might doubt this economic experiment, it appears as though the transition is going smoother than many had thought. It was a huge cryptocurrency news headline that dominated the sector for several days.

Would it actually work? Would people actually start using Bitcoin, or would it fail?

There were countless skeptics regarding the Bitcoin decision. One notable critic called the entire ordeal “a scam” in a WSJ Opinion column. Mary Anastasia O’Grady argued that this was really about undermining dollarization more than anything else, and that this represented a threat to “currency stability.”

It’s safe to say that her comments haven’t aged too well. 2.1 million people already actively use their Chivo Bitcoin wallets, which represents a third of the entire country. Given that the announcement only took place several weeks ago, this kind of progress is astonishing. Clearly, the citizens of El Salvador see some value when it comes to using cryptocurrency rather than other well-known payment providers like Moneygram.

Neil says:

A lot of people were doubting this, and hoping it failed…but a third of the country is actively using Bitcoin? After a couple of weeks? It’s hard to argue this is anything other than a win. I’m not saying Bitcoin will single-handedly solve everything, but this is pretty big cryptocurrency news, and other countries might follow its example.

Em says:

This project seems like regulation bait to me. El Salvador is a small country that’s not a big player in the global economy. It’s probably just attracting the attention of governments who’d love to crack down. Most countries would likely rather develop their own CBDC than adopt Bitcoin as legal tender.

Bottom line:

Neil thinks that this is a good thing! Emily thinks it’s regulation bait.

Who’s right?

Stablecoins remain stable...will Djed succeed?

There are several stablecoins out there, and they serve a real purpose for the DeFi sector. However, all stablecoins are not necessarily equal in the eyes of the cryptocurrency investor. Tether has had all sorts of issues, with some critics calling it a threat to the entire cryptocurrency ecosystem, others criticizing the rate at which it issues new USDT, and the Department of Justice investigating possible Tether bank fraud.

Cardano plans to issue a new stablecoin, however, by the name of Djed. Djed will officially be launched by Coti, Cardano’s payment provider, and it markets itself as a DeFi-focused stablecoin. Djed, apparently, is an ancient Egyptian symbol representing stability.

Djed plans on dealing with volatility by being an algorithmic stablecoin, meaning that the system keeps a reserve amount of coins and uses smart contracts to ensure price stabilization. It promises a lot more transparency and stability for stablecoins, which is ironic considering that stablecoins were created for stability!

Issues with other stablecoins have many crypto investors believing that this will be the most reliable stablecoin moving forward. Stablecoins are incredibly critical to the cryptocurrency markets, since they help to bridge the gap between fiat and crypto, and help significantly with liquidity issues.

Neil says:

This could definitely be big news. Out of all the major cryptocurrencies, Cardano has been doubted for a long time…that seems to be changing. The concept of an algorithmic stablecoin contract actually makes a lot of sense, and it could end up being pretty necessary. When you consider that Tether has massive transparency issues, I think Djed could end up being bigger than analysts realize.

Em says:

We definitely need new innovations. They’re cool. But I don’t think Djed will make a huge difference in the DeFi space. So far, it’s unproven and considering the number of projects that stay unproven while the rest of the ecosystem moves on, I probably won’t be putting my eggs in the Djed basket.

Bottom line:

Both Neil and Emily agree that this could be a big thing.

Do you agree?

Bad idea of the week: don’t consult with North Korea

Neil says:

This was very obviously such a bad idea. I have no idea what he got paid, but I imagine he is spending much more than that on legal fees.

Em says:

Yeah. Bad idea confirmed. The only good reason I see for doing something that could be construed as “conspiring with North Korea” is if you’re so itchy for thrills that the rollercoaster of the crypto-verse still doesn’t inject enough adrenaline for you.

Bottom line:

Both Neil and Emily agree that this was 100% a bad idea.

Do you agree?

Meme of the week

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

Here is your beloved meme of the week. It celebrates none other than the world’s most famous non-human cryptocurrency trader, Mr. Goxx.

Oct 22 weekly crypto news wrap-up: is this a thing?

Debating hot topics and cryptocurrency-related news for week ending October 22, 2021

We finally did it: the first Bitcoin ETF begins trading

BTC breaks all-time highs

Tether's under the weather

The NBA plays ball with Coinbase

All I want for Christmas is crypto

Bad idea of the week: Bitcoin and Bumble don’t mix

Meme of the week

In This Article

NFTs: brands are overdoing it and it’s getting weird

60 more days: SEC postpones decisions again, but approves Crypto ETF

Corporate cash grabs or legitimate research?

Six new billionaires

Edward Snowden weighs in on crypto

The Fed launches digital currency review committee

This week’s bad idea: mining at the office on the taxpayers’ dime

Meme of the week

In This Article

The castle for crypto addicts

Bitcoin run-up: back in a bull market?

Facebook’s having a bad week

TikTok pretends to be carbon neutral with NFTs

James Bond plot... or volcanic update from El Salvador

This week’s bad idea: defi and doxing don’t mix

Meme of the week

In This Article

Oops...China cracked down...again

Hamster watch: Mr. Goxx

Crypto + true crime = Netflix gold

Can’t cancel this: using crypto to tip on Twitter

2.1 million people in El Salvador can’t be wrong

Stablecoins remain stable...will Djed succeed?

Bad idea of the week: don’t consult with North Korea

Meme of the week

In This Article