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Welcome to the April 1st edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em wrestle with the same question every week: “Is this a thing?”

What can you expect from this week’s crypto news-wrap up? ExxonMobil is mining Bitcoin, Ukraine launches an NFT museum, and we finally figured out who Satoshi Nakomoto is! Yes, that was a lazy attempt at an April Fool’s joke. Let’s get into these cryptocurrency headlines..

ExxonMobil is... crypto mining?

There’s no question cryptocurrency has changed the world, and it looks like some major international companies are getting in on the action. ExxonMobil, one of the largest oil companies in the world, is currently mining Bitcoin in North Dakota. Exxon is diverting natural gas to fund a Bitcoin mining operation involving several thousand Bitcoin miners.

The initiative began back in January 2021. While this pilot program does not help Exxon reduce emissions, it does help them “create use” out of the waste, which would otherwise burn in North Dakota wells. ExxonMobil is reportedly planning similar pilot programs around the world.

What do you think? It might not be something environmentalists are excited about, but is this innovative? Will more oil companies begin mining Bitcoin?

Neil says:

I’m not going to lie, this seems like a pretty innovative move. ExxonMobil is taking excess natural gas and mining Bitcoin with it, and we can expect other oil companies to follow suit. In fact, it looks like ConocoPhilips is already doing just that. Oil companies aren’t known to exactly be beloved by the public, but I think this is smart.

Em says:

This is kind of a funny conundrum because environmentalists tend to dislike both Big Oil and crypto mining. Meanwhile, Exxon claims this is actually mining Bitcoin to protect the environment. Now watch all the environmentalists short circuit. I’m not knowledgeable enough to know if it’s true from an energy perspective, but it seems like a good play from Exxon’s POV.

Bottom line:

Neil thinks this is an innovative thing, Em is a bit more cautious.

Who do you agree with?

Ukraine launches NFT museum

Ukraine is launching a digital museum that will feature NFT collectibles. Thanks to Ukrainian NFT artists, the museum was created in collaboration with Ukraine’s Ministry of Digital Transformation. The first drop took place on Wednesday, March 30th.

Each NFT will cost around .15 ETH (around $460) and will be sold in chronological order. The NFTs will feature news pieces from official sources and illustrations from NFT artists. The goal is to “preserve the memory of the real events at that time” and offer a truthful Ukrainian account of the ongoing Russia-Ukraine war.

The funds will reportedly go directly to the Ministry of Digital Transformation and then redistribute for Ukraine military and civilian aid. The museum will feature thousands of NFTs and is expected to raise somewhere between $2 and $3 million.

What do you think about Ukraine launching an NFT museum? Does the context matter to you at all?

Neil says:

Technology is pretty insane. I completely understand how someone is weirded out by selling news stories as NFTs to raise money for a war; but at the same time, it does make sense. I mean, not too long ago, social media was a strange concept to many people. Ukraine canceled the airdrop, and now investors can get an NFT. If you support Ukraine, this is a win-win.

Em says:

This is interesting but also it somehow feels weird and gross to people because it seems like the commodification of war. I understand it because social media and harnessing the narrative seems like the only option Ukraine has because they lack military power. Still feels weird though.

Bottom line:

Neil thinks this is a logical thing, Em thinks it’s still a weird thing.

Who do you agree with?

Crypto queen Katie Haun takes on Web3

We know there’s a major gender problem in the venture capital world, but Katie Haun is having no trouble raising money. Haun, a former general partner at Andreesen Horowitz, has raised $1.5 billion across two separate funds at Haun Ventures.

This wasn’t just a big deal for the cryptocurrency sector – it’s a big deal in general. Haun now has the largest debut fund by a female VC in history. Haun acknowledged the pressure but also stated that it was motivating. Many experts believe that this validates investor interest in Web 3.0.

Thoughts on this accomplishment? Does this essentially validate Web 3.0, or does this give more ammo to its critics who suggest that Web 3 will just be a VC-backed marketing scam?

Neil says:

Jack Dorsey has been saying for a while that Web 3.0 is a VC-backed marketing scam, and this seems to look a certain way. This massive fund is dedicated to building Web 3.0… shout out to Haun for at least acknowledging the criticism. This might be a big accomplishment in terms of numbers, but I’m not convinced it “validates” Web 3.0.

Em says:

It is a little ironic considering the dispute about whether Web3 is really all that decentralized when it’s highly VC-backed. But the only thing I can hope for is that Web3, like many DAO models, will decentralize over time. Maybe this is how it has to be to get it developed in the first place.

Bottom line:

Neil doubts whether this is a thing, Em thinks it could be a great “build a foundation” thing.

What do you think?

Justice Department charges Frosties NFT scammers

There are many interesting NFT projects out there, but there are also bad actors hoping to capitalize on the rise of NFTs. Two of those individuals are Ethan Nguyen and Andre Llacuna, the masterminds behind the “Frosties” rug pull.

The U.S. Justice Department recently charged them over the NFT scam. Once the pair raised around $1.1 million, they abandoned the project and attempted to make off with the investor money.

Of course, this is after their promises to investors involved not only tokens, but additional giveaways, mint passes, and “early access” to a future game they were supposed to develop. Instead, the two transferred money to different crypto wallets to begin “washing” the cryptocurrency (selling them on different exchanges to “hide” where it came from).

Any thoughts on these charges or additional advice for investors to avoid rug pulls?

Neil says:

There are lots of NFT scams out there, and it’s extremely unfortunate. They deserve to be charged. I will say one bit of advice might come in handy: If you truly believe in a long-term NFT project, it might be worth it to wait a little while. In the case of Frosties, these guys shut down their Discord server within an HOUR of the NFT drop. Sure, it’s a bit more conservative; but waiting a day, or a week, to “ape” into an NFT project might be a smart move.

Em says:

No one likes to see scams happen but it’s also a hazard of an unregulated market. Maybe everyone in crypto this early will get scammed at least once, or maybe you’re smart and shrewd enough to dodge the grifters. It seems like that may lead to losing out on some of the most insane returns, and that’s just a tradeoff everyone has to calculate for themselves.

Bottom line:

Neil thinks “wait and see” should be more of a thing, and Em thinks this is a “want crazy gains,
deal with scammers sometimes” thing.

What do you think???

Biden’s budget proposal will generate billions in crypto

Joe Biden, the president of the United States, finally released his 2023 budget proposal. The proposal may generate a staggering $11 billion by 2032 just by “modernizing” cryptocurrency legislation. This is part of a larger plan for the Biden administration to shrink the deficit over the next decade.

We all know cryptocurrency regulation is a slow process, but we also know there will be significant regulatory changes. First, certain taxpayers will have to report foreign taxpayer accounts, and rules for digital asset loans will also change.

What do you think? If you had to guess, will the proposal generate more or less than $11 billion? Do you think Biden will push back harder against cryptocurrency, or fall back for the time being?

Neil says:

Look, there’s no way there wasn’t going to be regulation. If you are such a crypto enthusiast/whale that you plan your entire life around your crypto holdings, maybe it’s time to fly to another country. Besides that, regulation was inevitable, and it’s better to have a clear framework than nothing. I don’t think Biden is “anti-crypto” necessarily, despite what some believe.

Em says:

Listen, as far as I’m concerned, this is theft. The fact that they’re “raising money” through regulations is inherently unjust. Wealth existing in the market doesn’t automatically mean the government has a right to a cut. There wouldn’t be a budget deficit in the first place if the government didn’t think it was entitled to abscond with the people’s wealth.

Bottom line:

Neil thinks this is a “regulation is inevitable” thing, and Em thinks this is a “taxation is theft” thing.

Consensus!

Bad idea of the week: Chinese Communist Party, meet the metaverse

We’ve written previously about the metaverse, and it looks like there is one institution that is hard at work in virtual worlds already: the Chinese Communist Party. There is a cade training school called the Chinese Academy of Governance, and the academy has adopted a metaverse-empowered “party-building” system.

The party’s metaverse system is meant to save time and travel costs, as cadres typically visit historical sites to learn more about the Communist Party. Participants can now use virtual avatars to move around and communicate, and users can also remotely access virtual activities and actively learn in immersive virtual environments.

Why is metaverse fever so high in China, especially when Meta (formerly Facebook) is the reason the entire world is talking about the metaverse?

Is this bad PR for the metaverse, or should we recognize that all sorts of organizations will be entering the metaverse? Is it proof that China might be ahead of the curve in terms of the metaverse, compared to the United States, like they seem to be with artificial intelligence?

Neil says:

So… why did I choose this for a “bad idea”? The answer is simple: one of the biggest tech companies in the world (Facebook) rebranded to Meta to become a metaverse leader, and we haven’t heard from them in terms of major partnerships or advancements. Instead, the metaverse is getting PR from the Chinese Communist Party? Seems like a PR fail for the metaverse in general.

Em says:

Well, we know China has certain strategies, and they wouldn’t be getting into the metaverse just for funsies. Meanwhile, our government is out here trying to figure out what Twitter is and sleeping on the innovation that’s happening all around. Fingers crossed it doesn’t come back to bite us.

Bottom line:

Both Neil and Em agree this is bad PR, and that the U.S. should pick it up in terms of metaverse innovation.

Consensus again!

Meme of the week

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

And that’s our crypto news wrap-up!

Will Biden’s budget proposal generate more than $11 billion, or is that number too high? Will the Frosties NFT scammers serve jail time, or are fines/probation more likely? Will Haun Ventures end up shaping the future of Web 3.0? Why is there ALREADY a Will Smith slap token?

Tell us all of your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter!

The Ronin Network, the blockchain network behind the popular Axie Infinity game, had $625 million worth of Ether and USDC stolen by hackers.

The heist, which is thought to be one of the largest crypto hacks ever, occurred on March 23rd but wasn’t discovered by Ronin until six days later when a user reported being unable to withdraw their ETH from the network.

Ronin issued an official statement on March 29th detailing how the attack occurred and what steps they are taking to try to get the stolen funds back.

How did the hack happen?

The heist happened when hackers gained control over a majority of Ronin’s validators. They did this by stealing private keys and using them to forge the approval needed to withdraw the stolen funds.

The Ronin Network’s system was designed so five out of nine validators were needed to sign off on all transactions

After hacking the private keys, the hackers were able to take over four validators from the Ronin Network. They gained control over a fifth from a third-party validator run by the Axie decentralized autonomous organization (DAO).

According to Ronin’s statement, the hackers discovered a flaw in the validator system that allowed them to commit the attack.

“The validator key scheme is set up to be decentralized so that it limits an attack vector, similar to this one, but the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator,” the Ronin Network said.

The hack resulted in the loss of 173,600 Ether tokens and $25.5 million worth of USDC. At the time of the attack, the funds stolen were worth $540 million in total, making it the second-largest crypto attack of all time, according to analysis from fintech company Elliptic.

But in the week since, the price of the stolen crypto rose to $625 million, potentially making it first on the list of the biggest crypto hacks.

What is Ronin doing to get the funds back?

The Ronin Network is taking several steps in response to the hack, including changing its validator protocol. It will now be necessary for eight out of nine validators to approve transactions on the network.

In addition, the network is reaching out to major exchanges regarding the stolen funds. The Ronin Network also stated they are working with government agencies, law enforcement officials, and forensic cryptographers to bring the thieves to justice.

The network also decided to temporarily shut down a couple of its platforms to keep users safe until more is known about how the hack happened.

“We have temporarily paused the Ronin Bridge to ensure no further attack vectors remain open. Binance has also disabled their bridge to/from Ronin to err on the side of caution,” Ronin said in their statement.

They have also closed their Katana decentralized exchange (DEX) platform for the time being.

Who is the Ronin Network?

The Ronin Network is a type of blockchain platform known as a sidechain. It was created by Sky Mavis, the company behind both Ronin and Axie Infinity.

Sky Mavis built the Ronin Network specifically as a blockchain gaming platform to make the Axie Infinity game cheaper and faster for players.

The Ronin Network is a sidechain to the Ethereum network, but it operates completely independently. Ronin officially launched in February of 2021. By November of that year, $5 million worth of assets were deposited on the platform.

How will this impact the future of Ronin?

After the attack, the price of the RON token used to power the network fell 22.5%, according to CoinMarketCap.

Ronin is conducting a full investigation into how the hackers managed to steal the funds. In the meantime, they have blocked all users from making deposits or withdrawals on the network.

“We know trust needs to be earned and are using every resource at our disposal to deploy the most sophisticated security measures and processes to prevent future attacks,” the Ronin Network said.

They also added that Sky Mavis is committed to either recovering or reimbursing all the stolen crypto.

Sources are reporting football star Lionel Messi has come to an agreement for more than $20 million – one of the largest in history – to serve as a brand ambassador for the digital fan token company Socios.com.

The company describes itself as a “tokenized fan ecosystem” which allows sports fans to buy, trade, and vote on teams through its app.

“We are excited to welcome Lionel Messi as our newest global ambassador,” said Alexandre Dreyfus, CEO and founder of Socios.com.

“He is an icon in world sport and his passion for football combined with his involvement in blockchain technology and the Socios.com platform will ensure that we can create the best experience for our fans.”

Not much is clear about the specific role the football star will play as the new ambassador for Socios.com. It’s rumored at least part of Messi’s payday will include a crypto-backed payment in exchange for his appearances in promotional campaigns for the brand.

Sports stars flock to endorse crypto companies

Messi is not the first high-profile professional sports player to be involved in a cryptocurrency or blockchain venture. In January, former England captain Michael Owen became an ambassador for British crypto firm Global Crypto Offering Exchange (GCOX).

NBA star LeBron James is the new ambassador for Crypto.com, and NFL quarterback Tom Brady has gone so far as to buy an equity stake in crypto exchange FTX.com.

Will the lack of regulation slow down celebrity endorsements?

Cryptocurrencies have seen a surge in interest in recent years, with Bitcoin and other digital tokens rising in value sharply. However, there have been concerns about their lack of regulation and the potential for price manipulation.

Despite these concerns, it would seem that more and more high-profile sports stars are getting involved in the blockchain and crypto world.

Only time will tell if Messi, Brady, and James lending their names and reputations to these businesses will further legitimize them – or not.

Lionel Messi may be the winner in the Socios.com deal

Socios.com is having a PR problem. Allegations of unpaid wages from employees. Will the $20 brand ambassador deal with football star Messi save them from relegation? #crypto #endorsement

What do you think?

Is this a good move for Socios.com? Do you see other celebrities getting involved in the crypto or blockchain worlds?

Welcome to the March 25th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em address the same question every week: “Is this a thing?”

What can you expect from this week’s crypto news-wrap up? Buterin is bothered by where cryptocurrency is headed, Yuga Labs lunges into the metaverse, the metaverse kicks off a Fashion Week, and more.

Vitalik is worried about crypto’s direction

Vitalik Buterin might be 28, but he’s also arguably the most influential figure in the cryptocurrency space. For those who don’t know, Buterin is a co-founder of Ethereum.

He’s making our crypto news wrap-up headlines because of a TIME article pointing out that he’s worried about cryptocurrency and its future direction. He snagged the TIME cover, and TIME also decided to release their magazine as an NFT for the first time ever.

In the article, he admits that crypto has a lot of “dystopian potential.” He recognized that many people were buying “yachts and lambos” and expressed hope Ethereum could offer more sociopolitical solutions like universal basic income, better urban planning, or fairer voting systems.

Any thoughts on his comments? Do you think his concerns are valid? Is there anything you, in particular, are worried about concerning the crypto sector?

Neil says:

Yeah, I’m not going to lie: I like this. Vitalik is one of the biggest crypto figures in the world and I feel like he has valid reasons for these fears and concerns. In a sector where so many people are “shilling” rather than criticizing, I think it’s needed. It’s possible to be pro-crypto while also being honest about the bad things that could potentially happen.

Em says:

Listen, I think Vitalik is probably right to have these concerns. They’re big concerns, and I think society shouldn’t just walk blindly into the new kinds of power that tech development creates. I mean, look at FB and Google. But at the same time, he’s one of the most influential voices in crypto and maybe he’s just creating FUD.

Bottom line:

Neil thinks it’s a necessary thing, Em thinks it could be a FUD thing.

Who do you agree with?

Yuga Labs launches a token, teases a metaverse

Many companies have entered the metaverse even though they aren’t really involved with cryptocurrency at all, but Yuga Labs was a more predictable bet. Yuga Labs is the company that created the Bored Ape Yacht Club, and they are reportedly worth somewhere around $5 billion. According to a trailer released on Twitter, they plan to launch a metaverse in April.

Yuga Labs has had a busy week. In addition to releasing the metaverse trailer, the company also launched ApeCoin, thanks to an airdrop. Many analysts felt like the market was lukewarm toward the launch. In the same tweet featuring the trailer, Yuga Labs hints that the metaverse will be powered by ApeCoin. Other NFT collections also made cameos in the trailer.

BAYC has a high-profile reputation in the NFT space. Should they think twice about the metaverse move if ApeCoin isn’t getting the same love from the markets as their NFT collections have?

Neil says:

Okay, sure – the ApeCoin didn’t skyrocket. I don’t think that’s enough to write off everything Yuga Labs in general, especially when they’re one of the most influential cryptocurrency companies in the world right now. I think it’s possible that their metaverse works out, given the strength of the BAYC community.

Em says:

The trailer is definitely cool for sure. But people were kind of disappointed with ApeCoin; and with the centralization we’ve been seeing recently from Yuga Labs, a lot of crypto enthusiasts are getting frustrated. Hopefully they do some cool stuff, they should just be careful about creating a bad rep for themselves.

Bottom line:

Neil thinks the Yuga Labs Metaverse is a promising thing, Em thinks it’s a “let’s wait and see” thing.

Who do you agree with?

Goldman Sachs trades cryptocurrency over the counter

Several years ago, there was one lingering question in the cryptocurrency world: when was the institutional money coming in? In 2022, we know the institutional money is here, and it looks like Goldman Sachs has just made history. They are now the first major U.S. bank to trade crypto “over the counter.”

How was this accomplished? It all happened because of a partnership with Galaxy Digital. The transaction was completed thanks to a non-deliverable option, or NDO, described as a “Bitcoin-like instrument.” Yueqi Yang, at Bloomberg News, emphasizes that this trade is a “notable step in the development of the crypto market for institutional investors.”

Is this a big deal, or is this one of those milestones that doesn’t matter that much? Does it really ‘validate’ cryptocurrency as an asset class?

Neil says:

This is getting a little tiring for me. A lot of the same financial institutions that were bashing crypto seem to be getting all sorts of PR for being the “first” to do something, or finally “validating” cryptocurrency. No, I don’t think this is some massive milestone – I think it’s good Goldman Sachs PR.

Em says:

This just seems like more ways to bring crypto into TradFi. To me, it kind of has Ok Boomer vibes. Like, let them play with legacy financial instruments. Do we care? No. Crypto is busy doing new things and changing how people relate to money. If they want to come late to the party, let them.

Bottom line:

Neil thinks this is an annoying thing, Em thinks it’s a coin toss thing.

What do you think?

The Decentraland Metaverse Fashion Week is here

We’ve previously reported about fashion trends in the metaverse, but there’s a new event to note: Decentraland’s Metaverse Fashion Week is happening this week. The week showcased around 50 brands (luxury brands and digital brands), including Etro, Elie Saab, Roberto Cavalli, Tommy Hilfiger, and more.

The Fashion Week will take place from March 24-27, 2022. It’s free and open to everyone – and you can expect everything from digital clothes, to virtual catwalks, fashion NFTs, and more. This isn’t the first fashion show in the metaverse, however.

Everyrealm’s fashion show took place in February in the Second Life Metaverse and was sponsored by digital wearables brand Blueberry Entertainment.

Is it essential that the metaverse fashion week be a success, or is it already impressive that so many fashion brands are diving headfirst into the metaverse?

Neil says:

This probably wouldn’t have interested me much until recently, since I’ve started writing about how much the fashion sector is getting involved in NFTs and the metaverse. We’re going to see a WHOLE lot more of this, and it’s the most high-profile fashion metaverse event to date. Let’s see if the fashion week exceeds expectations.

Em says:

I think this is pretty fun — and smart. ‘Cause let’s be real: metaverse fashion is opening the fashion world to a new segment of people. After all, internet nerds aren’t known for their swag and cool factor when it comes to physical, irl fashion choices. We imagine that we’re cool, and now we can be in the metaverse. Hooray!

Bottom line:

Neil thinks this is a cool technological thing, Em thinks it’s a cool inclusive thing.

What do you think???

G2 Esports suing Bondly

There are many play to earn gaming companies embracing NFTs, but not every gaming/NFT partnership works out. In this case, G2 Esports, a European Esports organization, is now reportedly suing Bondly over a botched deal. The two companies originally partnered in June 2021.

The partnership was set to last two years, where Bondly would create NFTs for the organization and act as their “NFT partner.” Bondly also agreed to pay both an annual rights fee and an advance guarantee, but later wanted to postpone the agreement.

G2 Esports is seeking over $5 million in damages. G2 Esports has since moved on to other NFT partnerships, including one with Metaplex.

Any thoughts on this, and what it might mean for future Esports NFT partnerships?

Neil says:

A lot of people are trying to claim this will set a precedent because it’s one of the first big “NFT lawsuits.” Eh, I couldn’t disagree more. There will be all sorts of disputes between companies, whether they are in the cryptocurrency sector or not. I don’t think it will have some massive effect on future partnerships.

Em says:

No one likes to see these kinds of kerfuffles. But at the same time, it’s inevitable and sort of just sifting out bad projects from good ones. It’s bound to happen that sometimes priorities will get misaligned, projects will fail, dust-ups will happen. But I don’t think it’s the end of the world. Most people probably haven’t even heard about this.

Bottom line:

Both Neil and Em agree that this isn’t really a thing.

Consensus!

Bad idea of the week: Tom Brady’s crypto caption

If there’s one thing that the Matt Damon Crypto.com commercial proved; it’s that cryptocurrency companies may want to put more thought into the way that they advertise their products or services. While this isn’t a commercial, it… still seems like a pretty bad move.

When Tom Brady announced his return to football, there was someone who lost out in a very big way: the man who just purchased his pre-retirement football for $518,000. Brady put up an Instagram post featuring an animated Bitcoin in place of a football, with the caption asking FTX to give the fan a Bitcoin. Brady is an equity partner in FTX.

No, Tom Brady isn’t a cold-hearted villain. Tom Brady missed football and returned, but it kind of screws this fan over… completely… out of hundreds of thousands of dollars. On top of that, he makes an Instagram ad (essentially) out of the fact that FTX might “bail him” out of the situation? On top of THAT, the money doesn’t go to the football buyer, but a charity?

I’m not saying he should stop the world to help this guy out, but this does seem like Brady couldn’t care less. The football that was so recently worth over a half a million dollars is now worth somewhere around $20,000.

It’s possible that Tom Brady becomes a billionaire, but he’s worth several hundreds of millions of dollars. The fact that he has a stake in FTX… thoughts? Is 1 Bitcoin better than nothing?

Neil says:

This is so wrong on so many levels. Does Tom Brady have to pay back half a million dollars to the fan because he changed his mind? No. At the same time, does he have to create an Instagram post, tag a company he has equity in, and suggest that a Bitcoin be donated – not to the fan, mind you – but to a charity? It seems like a terrible response to someone who clearly appreciated Brady’s career.

Em says:

People who love Tom Brady love him, and people who hate him hate him. But this was pretty bad. When rich people get roasted for being unselfaware, it’s for things like this. Coming off so blasé and casual about normal people losing big sums of money is not a great look, Brady. Oof. No wonder I don’t like sportz.

Bottom line:

Both Neil and Em agree that Brady deserves to be roasted for this.

Consensus again!

Meme of the week

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

And that’s our crypto news wrap-up!

Does it make sense for an influential figure like Vitalik Buterin to voice his concerns publicly about where cryptocurrency is going? Will there be any flops at the Decentraland Fashion Week show? Will the Yuga Labs metaverse be a success compared to the ApeCoin?

Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.

Welcome to the March 18th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em tackle the same question: “Is this a thing?”

What can you expect from this week’s crypto news-wrap up? We debate headlines about Russians trying to liquidate their cryptocurrency, Coinbase’s new product, Limewire rebranding as an NFT marketplace, and more.

Russians look to liquidate cryptocurrency in UAE

Russians are looking to liquidate billions in cryptocurrency holdings in the United Arab Emirates (UAE), where crypto firms are getting flooded with requests. Some Russians are looking to purchase real estate, while others are trying to convert cryptocurrency into cash. The UAE has previously been clear about hoping to become a blockchain global hub.

Why is this suddenly happening? It’s simple: Russians are getting scared Switzerland might end up freezing their crypto assets any time now. Specifically, the Swiss government has been open about planning to freeze cryptocurrency owned by Russian citizens. This is quite the controversial move, given that many crypto enthusiasts believe crypto was created to avoid situations like this.

What are your thoughts? When can we agree on sanctions when it comes to human rights, or should we accept that “sanctions” will never be the same again, thanks to the rise of cryptocurrency?

Neil says:

Yeah, I think that’s where things get interesting. A lot of crypto enthusiasts know crypto can be used to circumvent sanctions, but there are certainly going to be situations where countries sanction each other. How will the exchanges respond to those governments, and how often will they obey or dismiss the requests? I think this is an important question to explore.

Em says:

I guess this just goes to show that some of the traditional whale investors still see crypto as a speculative asset and not what it’s meant for — an alternative money that should be in self-custody. Trying to figure out how to move it and where to move it to avoid sanctions shouldn’t be the main question if it’s being used for its decentralized purpose.

Bottom line:

Neil thinks this is a big “future issue” thing, Em thinks it is more of a “whale mindset” thing.

Who do you agree with?

Coinbase launches beta Coinbase One subscription

If you’ve followed the cryptocurrency news for a while, you know that Coinbase is one of the major players in the space. The crypto exchange is launching a subscription model-based product called Coinbase One that offers zero trading fees to the user. Coinbase still hasn’t disclosed how much Coinbase One will cost.

Those who opt for Coinbase One also get access to 24/7 customer support and account protection up to $1 million dollars. Users will not be able to share their subscription and will not be reimbursed for previous crypto trading fees. The majority of Coinbase revenues still come from trading fees.

What do you think? Is this a smart move for Coinbase and/or wealthier crypto investors?

Neil says:

Yeah, I think this is a smart move. I would go so far as to say this should’ve rolled out even sooner, as some kind of premium service. It allows Coinbase to diversify its revenue while also catering to people who actively trade 24/7. This is a smart move from Coinbase, in my opinion.

Em says:

I guess a subscription for traders is an interesting idea. If you do a lot of trades, I guess it might be worth it and perhaps there’s a market for it. Everything seems to be a sub these days so I don’t blame Coinbase for trying it out. It’s their prerogative to make money whatever way they want to. It’s also my prerogative not to use it since I’m more of a HODLer than a trader.

Bottom line:

Neil thinks this is a thing, Em doesn’t care too much about it.

Who do you agree with?

Limewire comes back after a decade

If you grew up in the early days of the Internet, then you might remember trying to download music from a file-sharing service called Limewire. Limewire launched in 2000 and eventually attracted 50 million monthly users at its peak.

The music industry eventually helped shut it down in 2010. A federal judge claimed Limewire was responsible for copyright infringement on a “massive scale.” Limewire is often associated with other well-known P2P file sharing services of the time, including Napster, Kazaa, and Bearshare.

After over a decade, Limewire wants to come back as an NFT marketplace. The relaunch is planned for May, thanks to two Austrian brothers who purchased Limewire’s assets and IP last year. Limewire will focus on music-related NFTs rather than digital collectibles in general.

Any thoughts on Limewire’s rebrand? Since Limewire is familiar to millions of millennials, is this a smart play?

Neil says:

Yeah, I’m not going to lie – this is getting a bit annoying. It looks like there are so many millennial brands running straight to the crypto space to try to rebrand themselves, and it would be fine if the projects were working out. I still haven’t really heard much about Radioshack’s rebrand. I think the more revolutionary NFT platforms are going to be original companies, not an older brand trying to come back to life.

Em says:

Lollll most millennials remember Limewire. Good times. Who knows if this NFT marketplace will be any good but I view it kind of like BlockbusterDAO — it’s there for the nostalgia factor. And maybe that’s all it needs to succeed, who knows. But I’m sure all the boomers will be thankful if they’re not getting letters from their ISP saying to stop using P2P file sharing. hahaha.

Bottom line:

Neil thinks this is an annoying thing, Em thinks it’s a coin toss thing.

What do you think?

Yuga Labs acquires 2 NFT collections

When it comes to established NFT projects, there’s probably no bigger name than the Bored Ape Yacht Club, or BAYC. The creator of the BAYC project, Yuga Labs, is looking to capitalize on other NFT collections in the space.

Yuga Labs has acquired the intellectual property rights of both the CryptoPunks and MeeBits NFT collections. This is a massive acquisition considering these are two of the most well-known NFT collections in the sector. CryptoPunks sales skyrocketed as a result.

Yuga Labs clearly wants to be the biggest company in the space. When will consolidation become a major challenge to the principle of decentralization? What do you think about “M&As” within the context of NFTs and cryptocurrency?

Neil says:

It’s a very difficult question that has to be answered. If the company behind the world’s most high-profile NFT collection then ends up snatching up other high-profile collections, it seems kind of inevitable. The problem is: when do the acquisitions get to the point where it’s clear that decentralization is impossible?

Em says:

Considering crypto and blockchain are all supposed to be about decentralization, it doesn’t appeal or sit well when we see consolidation of assets like this. Sure, it’s the market tendency for these things to happen, but when they do, I say: “Let’s burn it down!” Ok, not literally. But you know what I mean — keep breaking up centralization wherever we see it.

Bottom line:

Both Neil and Em agree this is pretty much an inevitable, and unfortunate, thing.

We have a consensus! Do you agree?

EU crypto regulation is one step closer

Many crypto analysts, experts, and enthusiasts have been keeping a close eye on the EU vote regarding cryptocurrency regulation. The Economic and Monetary Committee voted 31-4 in favor of the Markets in Crypto Assets, or MiCA, framework. This was a new draft of the MiCA framework. The MiCA legislation was first introduced in 2020.

We reported last week and agreed that it was probably a good thing the vote was previously postponed, given that a provision was attempting to ban proof-of-work cryptocurrencies like Bitcoin and Ethereum. Instead, the committee voted for a provision that would eventually address the sustainability of crypto mining activities by January 2025.

What are your thoughts on this announcement? How much does this move the needle in Europe, or is this more performative than anything else?

Neil says:

I don’t know how to even celebrate a “regulatory win” when it comes to crypto. Crypto legislation will evolve over the next decade, and there are going to be all sorts of agencies and bodies that demand more from the industry. I guess it’s a win to celebrate cautiously, until some new regulatory hurdles come up.

Em says:

Watching governments and politicians try to figure out how to regulate crypto is kinda hilarious to be honest. It’s almost like when kids are playing freeze tag and the one who’s losing keeps making up new rules so he’s not losing anymore. Regulators still don’t know exactly how crypto works, but gosh darn it, they’re gonna try to regulate it anyway!

Bottom line:

Neil thinks it’s an evolving process thing, Em thinks it’s a freeze tag thing.

Who’s side are you on?

Bad idea of the week: trading a million for less than a penny

Many NFT buyers are hoping to become the next crypto millionaire, especially given that 2021 was a banner year for non-fungible tokens in general. Unfortunately, this next situation involves an NFT collector who has to start from square one.

A collector named Dino Dealer took to Twitter to admit he had sold an EtherRock for much less than intended. Dino Dealer had accidentally listed his EtherRock #444 for 444 WEI instead of 444 ETH. The NFT was immediately purchased and has since been relisted for sale. Dino Dealer admitted his net worth of around $1 million had just disappeared.

The Internet can be a ruthless place, and this situation was no exception. Many anti-crypto and anti-NFT accounts dogpiled on Dino Dealer, with some accounts asking why he had his “net worth in a rock jpeg.” Other pro-crypto accounts urged others to be more sensitive to the situation.

Yep, it’s another “I accidentally sold for x” horror story. Thoughts on what happened here?

Neil says:

I’m not here to “dunk” on this guy, because it honestly really is wild that someone can lose that much money that quickly. I think the immutability of the blockchain does mean we will have to figure out ways to recover from human error, but I’m not positive what that looks like. Regardless, it’s another cautionary tale about double-checking everything before buying, selling, listing, sending, or receiving anything.

Em says:

Ooooof. As a butterfingers myself, I know that this kind of thing can happen to anyone. If I had an EtherRock, you best believe I’d be super careful with it! But beyond just cringing and awkwardly chuckling at the self-imposed misfortune, I think it’s a good reminder about diversification. Is your net worth really $1 million when you can lose it with one mis-click?

Bottom line:

Both Neil and Em can empathize with this week’s bad idea. Also, never put all of your money into one NFT!

What do you think?

Meme of the week

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

And that’s our crypto news wrap-up!

On a scale of 1 to 10, how confident are you that Limewire will be able to rebrand as an NFT marketplace? Are you worried about Yuga Labs becoming the “Amazon” of the NFT space, or is it too early to care about anything other than growth right now? What would you do if you accidentally sold your most prized NFT for less than a penny?

Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.

Welcome to the March 11th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em tackle the same question: “Is this a thing?”

Ukraine is STILL dominating the crypto news wrap-up, but of course there are other headlines to discuss. They include Biden’s upcoming executive order, Drake partnering with a crypto betting company, Tai Lopez getting into NFTs, and more.

Ukraine crypto headlines everywhere

It’s no surprise that many cryptocurrency news items are about Ukraine, thanks to the ongoing conflict between Russia and Ukraine. The country has raised over $50 million in crypto, but there are also some new questions. There’s good news for those who want to donate: the government now accepts over 70 digital assets.

Ukraine had promised an airdrop, but then decided to cancel it. Obviously, this wasn’t good news to those who had donated hoping for some kind of return on their donation. Either way, Ukraine is now buying military gear thanks to cryptocurrency.

Any new observations since last week regarding how crypto is playing a role in the Russia-Ukraine conflict?

Neil says:

I think there are new questions regarding how crypto companies might “support” sanctions. I think it’s a hard line to walk because crypto exchanges have to comply with the law to some extent, but it’s still difficult to truly “ban” it in any meaningful way. I still think this conflict is proving how crypto will be used/weaponized in future conflicts.

Em says:

This crisis impacts everything — economics, politics, technology, and social and humanitarian issues. Of course crypto would be a player in such a serious world event. The problem is that it’s such a complex situation that it’s hard to even know what is happening, let alone which things will turn out as positive or negative events.

Bottom line:

Neil thinks this is still a crypto thing, Em thinks it’s a world event thing.

Who do you agree with?

Billionaire backs off anti-crypto stance

If you’ve followed crypto for a while, you know that many financial experts and businessmen tried to downplay cryptocurrency when it first went mainstream. It seems like more and more, many of these same people are beginning to understand cryptocurrency is here to stay.

Ken Griffin is the billionaire CEO of investment firm Citadel, and he is finally saying he made the wrong call regarding crypto. He stated that Citadel would begin engaging with crypto “in the months to come.” In 2017, Griffin had compared interest in Bitcoin to tulip bulb mania.

Should we applaud this, or is this just a hedge fund owner doing the bare minimum?

Neil says:

There were a lot of bankers and financial “experts” that criticized crypto, and many of them are still criticizing it. It’s great that he walked it back, but let’s also remember that Ken Griffin is the guy that bought a copy of the Constitution, at least partially so the ConstitutionDAO couldn’t get it. He knows he was wrong, and admits it – but he’s still clearly “against” crypto, and this is about optics more than anything else.

Em says:

Money talks. And if there’s one thing a billionaire knows about, it’s money. I don’t think we can blame people for not seeing the trajectory of crypto before it came to fruition. Many people didn’t, even if they knew about it. Even if he’s getting on the bandwagon late by crypto enthusiast estimations, he’s getting on the bandwagon.

Bottom line:

Neil doesn’t think this is an “applaudable” thing, Em thinks it is.

Who do you agree with?

Drake partners with Stake

Drake is easily one of the biggest music artists in the world, and he’s been teasing a possible cryptocurrency partnership for some time. The internationally-known rapper will be partnering with Stake, a crypto betting site. Stake is considered one of the biggest crypto casinos in the world, although it is not available to United States users.

It looks like an announcement has finally been made on Drake’s Instagram, and the rapper will participate in a live event called “Drake on Stake.” The rapper has apparently been an active player on the platform, reportedly making a $1.3 million Superbowl Bitcoin bet several weeks ago.

Any thoughts on this particular deal? Should Drake be wary of this partnership, given the fact that the SEC has targeted other entertainers regarding crypto deals and sponsorships?

Neil says:

Whether you listen to him or not, Drake is one of the biggest artists in the world. Do I think that this announcement will shake up the crypto world? No. Still, it’s one of the world’s biggest artists partnering with a crypto casino. As for breaking the law, I assume (and hope) Drake’s team did their due diligence to avoid any potential fines or legal consequences. This is a net positive.

Em says:

To be honest, I don’t think I could name one Drake song, so him getting into the cryptosphere is as meaningful to me as if your cousin’s dog groomer made a partnership with Stake. But hey… do you, Drake. Have fun, get in the game — just try not to get public backlash or lawsuits for being scammy like so many other celebrities have.

Bottom line:

Neil thinks this is a thing, Em doesn’t care about it.

What do you think?

Biden’s executive order is coming

Last month, we reported the Biden administration was moving closer towards providing cryptocurrency regulation. It looks like the Russia/Ukraine conflict may have made it so that Biden plans on signing an executive order this week, even though the administration had planned for an order before the war began.

The executive order will reportedly do several things, including asking the Financial Stability Oversight Control (FSOC) to study illicit financial concerns. The FSOC is a government agency created to monitor the stability of the U.S. financial system. The order also may explore the possibility of a new U.S. central bank digital currency.

What do you think the executive order will say? Do you anticipate any surprises? Any thoughts on how this will affect the markets?

Neil says:

There’s just no way that this is going to be too anti-crypto. I think the Biden administration understands cryptocurrency is here to stay, and I think the language will be pretty careful. Biden is worried about how crypto can help countries avoid sanctions, so there might be something about that – but frankly, I’m not sure what exactly can be “regulated” here.

Em says:

It seems to me that Joe Biden is the Mr. Magoo of our world political leadership. It would be funny if it wasn’t so excruciating. And when it comes to an executive order about crypto, I don’t know what it will say, but I can’t imagine it will be anything super meaningful. Politics doesn’t understand crypto, and an executive order won’t stop the advancement of technology.

Bottom line:

Both Neil and Em don’t really think this executive order will be much of a thing.

We have a consensus. Do you agree?

Andre Cronje and Anton Nell calls it quits

There are some developers that are critical to the growth of a sector, and Andre Cronje is considered a “godfather” in the DeFi space. Anton Nell, one of his frequent collaborators, took to Twitter to announce that both Cronje and himself would be quitting their DeFi projects.

Nell pointed out that this was not a “knee-jerk reaction” and that it was time that they “closed this chapter.” Cronje had already deleted his Twitter account and updated his Linkedin account to reflect he is no longer associated with the Fantom Foundation.

Dozens of DeFi tokens tumbled as a result of the announcement. Cronje first came to prominence as the founder of Yearn Finance.

What are your thoughts on this announcement? What does the fact that dozens of tokens have fallen say about “decentralization,” if they have this much impact?

Neil says:

Yeah, this is a pretty bad look. If Defi is going to truly be decentralized, then a couple of key developers can’t be responsible for affecting dozens of tokens like this. Cronje has definitely voiced concerns in the past, and I’m sure the tokens will recover – but it’s still a bad look.

Em says:

Well, it’s too bad. Whatever caused them to peace-out of the community, hopefully they’re happier. But it’s not really that big of a shocker. Cronje has left projects before and made complaints about the community. I don’t know how difficult it is out there for developers ‘cause I’m not one, but hopefully Fantom has a strong team and can bounce back.

Bottom line:

Neil thinks it’s a bad look thing, Em thinks it’s a “too bad” thing.

Who’s side are you on?

Bad idea of the week: The Tai Lopez NFT disaster

There are many NFT influencers out there, but one influencer hasn’t had the most welcome entrance into the NFT space. That would be Tai Lopez, a social media influencer most known for his advertisements that feature him showing off luxury cars. He’s been a controversial figure for some time now.

Tai Lopez has launched his own NFT collection, and it isn’t going well. Around 2,000 NFTs have been minted (out of 18,300), and only about $1.3 million was raised. These are even worse numbers when you consider that Lopez has pledged to purchase a hotel, nightclub, AND a restaurant that would be exclusive for those who bought his NFTs.

The collection is called the OG (Original Garage) Social Club. You can find further details here. On social media, countless NFT influencers and enthusiasts have pointed out flaws with his project, and it’s getting ridiculed relentlessly.

Neil says:

Yeah, I’m not going to lie… I can’t stand this guy. Even guys like Gary Vee seem to have a lot more sincerity and better intentions than Tai. I mean, in case it wasn’t obvious, the NFT immediately siphons out funds into the team’s wallet. It’s such an obvious cash grab that it’s insane: it costs $50,000 for an NFT to win $10,000 in a basketball game with him. All in all, the NFT community avoided this collection, and Tai embarrassed himself.

Em says:

Haha! If Joe Biden is the Mr. Magoo of politics, Tai Lopez is the Billy Mays of the internet — amusingly entertaining, but who really takes him seriously? I mean seriously, if you heard that Tai Lopez got into crypto, how could you NOT guess that he’d be embroiled in scam accusations?

Bottom line:

Both Neil and Em agree this was a bad idea.

What do you think?

Meme of the week

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

And that’s our crypto news wrap-up!

Would you buy a Tai Lopez NFT? Does a Drake endorsement make you think twice about opening an account with a cryptocurrency casino? Do you think DeFi tokens will make a strong recovery? Any thoughts about Ukraine/Russia and how they are both using crypto to their advantage?

Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.

It’s been a long time coming, but it looks like crypto regulation is finally on the horizon in the United States. According to reports, President Joe Biden will sign an executive order aimed at bolstering crypto regulation within the next few days. Sources indicate that the initial efforts will be focused on conducting studies on regulating and issuing cryptocurrency.

This is good news for those who have been calling for more clarity and trust in this area, as well as for investors who want to see greater stability in the crypto markets.

Crypto regulation oversight may be shared amongst several agencies

Commodity Futures Trading Commission (CFTC) chair Rostin Behnam indicated last that he wanted the committee to be tasked with the regulation of the crypto spot market. Behnam also asked if the CFTC could work together with the Securities and Exchange Commission (SEC) to share the responsibility for crypto regulation, and it looks like President Joe Biden is taking steps to make it a reality. In an executive order set to be signed this week, the president will direct federal agencies to begin working on a plan to regulate the cryptocurrency market – this includes CFTC, SEC, the Financial Crimes Enforcement Network, and the Office of the Comptroller.

This move comes as no surprise given the increasing popularity of crypto assets and the groundswell of concerns amongst US citizens about the rising costs of inflation. With this executive order, the president is sending a clear message that his administration is taking crypto regulation seriously and is ready to respond to consumer demand. With the sheer number of agencies potentially involved in the studies and possibly regulation oversight – it looks like some guidance will be expected soon.

Will crypto regulation protect consumers?

Only time will tell how this executive order will impact the crypto-asset market overall. Many industry participants feel that crypto regulation is necessary in order to protect consumers and foster innovation in the space. However, others worry that too much regulation could stifle growth and innovation. There are also looming concerns that have yet to be addressed from high-ranking officials like SEC Commissioner Hester Pierce about the already “fragmented regulatory systems”.

It remains to be seen exactly how this new regulatory regime will take shape and its impact on existing systems, but it’s clear that the days of crypto being a Wild West are numbered. So if you’re thinking about investing in cryptocurrency, now is the time to do your homework and make sure you understand the risks involved.

Stay tuned for more updates as this story develops.

Welcome to the March 4th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em tackle the always-relevant question: “Is this a thing?”

This week’s crypto news wrap-up includes Ukraine raising millions of dollars in cryptocurrency, NYC’s NFT vending machine, some closure to the infamous Bitconnect scandal, and more.

Ukraine raises over $50 million in cryptocurrency

The world’s news headlines are dominated by Russia’s invasion of Ukraine, but cryptocurrency has emerged as a relevant talking point. The country has managed to raise over $50 million in cryptocurrency and has even kept wallet addresses in a pinned tweet on their official Twitter account. There’s more: UkraineDAO has also raised millions of dollars in support of the Ukrainian army.

The situation is also a bit interesting given the fact that Ukraine now wants to weaponize cryptocurrency by also asking crypto exchanges to block Russian users. Several exchanges have chosen to refuse.

What are your thoughts on how crypto is playing a role in the Russia-Ukraine conflict?

Neil says:

I think crypto is really proving its power when it comes to raising money for Ukraine, and I also think it was smart for crypto exchanges to refuse to block Russian users. Times like now prove that cryptocurrency is useful. Overall, I think a lot of cryptocurrency critics should recognize how it’s helping Ukraine here.

Em says:

In a war, everyone will use every tool they have. At the end of the day, crypto is just a tool. Whoever uses it best will win. It’s also true that this economic, social, technological, and international upheaval we’re experiencing is what crypto was created for. Hold on, everyone.

Bottom line:

Neil thinks it’s a “crypto proving its power” thing, Em thinks it’s a “crypto is a tool” thing.

Who do you agree with?

The world’s first NFT vending machine is here

The world is still crazy about NFTs, but it looks like it might get a bit easier to buy them if you live in the Big Apple. The world’s first NFT vending machine has arrived in Manhattan’s Financial District. The machine is open for 24 hours a day and allows customers to purchase Solana-based NFTs.

Neon, a Solana-based NFT marketplace, is behind the machine, and the CEO claims he’s trying to help people understand they don’t need cryptocurrency to buy NFTs. The machine accepts both debit cards and credit cards.

NFT vending machines: Is this something that will catch on, or is this really just about novelty?

Neil says:

I’m not really a fan of this one. I don’t think it’ll catch on, and I think the entire concept is a bit ridiculous. In the Guardian story where a reporter actually visits the machine, multiple things go wrong. This is just one of those ideas that isn’t really going to pan out right now.

Em says:

Maybe this idea is kind of silly and counter to the most philosophical and “pure” uses of crypto — according to the enthusiasts. But also… we know giant-claw-plushie-toy vending machines are also a complete scam, but we like them anyway. Maybe there’s a place for NFT vending machines at Dave & Buster’s! 😛

Bottom line:

Neil thinks this isn’t a thing, Em thinks it could be a thing.

Who do you agree with?

Bitconnect founder finally charged

If you’ve followed cryptocurrency for several years, you probably know Bitconnect was one of the biggest crypto scandals in recent history. The saga is finally coming to a close, with Bitconnect’s founder, Satish Khumbani, indicted by a federal grand jury for the $2.6 billion crypto scheme. He was charged in San Diego, but reportedly still remains at large.

Bitconnect operated as a Ponzi scheme, where money from newer investors was used to pay back earlier investors. This was marketed through a “lending program” that didn’t exist. Bitconnect went defunct in 2018.

Any thoughts on the Bitconnect scandal finally coming to a final conclusion? Do you think they will find Kumbhani soon, or not?

Neil says:

This whole fiasco was a huge deal in 2017 and 2018, and it’s a bit insane it took this long for Kumbhani to be charged. It’s even crazier that he has now apparently disappeared. Something tells me they might find him eventually, but it’s all a bit embarrassing.

Em says:

This dude kinda had is coming, and if he gets nailed, he gets nailed. Maybe it’s bad publicity for crypto, but at the same time, this kind of stuff happens in every new market. It happens in every old and established market too, tbh; it’s just hidden better by the big, influential players. *cough* the fed *cough*

Bottom line:

Neil thinks this is a bad thing, Em thinks it’s a “scammers are in every market” thing.

What do you think?

Bank of America denies “crypto winter”

Many people suggested that the cryptocurrency sector has fallen victim to a “crypto winter,” likely referring to the fact that both Bitcoin and Ethereum have fallen significantly from their all-time highs. Bank of America recently released a note suggesting that the idea of a “crypto winter” is exaggerated.

The note stated that user adoption and developmental growth means that “crypto winter” isn’t likely. The note was titled “”Digital Assets: In The Flow.” However, it also acknowledged that crypto upside would likely be limited thanks to “Federal Reserve and macroeconomic headwinds.”

What do you think of Bank of America’s note and/or their agenda behind the note?

Neil says:

Bank of America has been releasing some pro-crypto reports, but it is still a bit strange to see one of America’s biggest banks declaring that a “crypto winter” might not exist. Is Bank of America trying to embrace crypto more than the competition strategically, or is this just one random note? I’m not sure, but I wouldn’t take this too seriously.

Em says:

This does seem, on the surface, like it’s counter to BofA’s interests as a legacy finance institution. I can only conclude that it’s a PR play of some kind, or they’re actually resigned to the idea that crypto isn’t going away. Either way, I think it’s positive narrative hype for the crypto market in the short term, and I can’t complain about that.

Bottom line:

Neil doesn’t think this is a thing, Em thinks it’s a narrative thing regardless.

Who’s side are you on?

EU postpones crypto regulations vote

The European Parliament was expected to vote on crypto regulations on February 28, but that didn’t happen. Instead, the vote was canceled. Stefan Berger, the “rapporteur” (parliament member in charge), clarified that he didn’t want the framework to be misinterpreted. The vote has been postponed indefinitely.

What’s the reason for the sudden change? It might be that the draft included a provision hinting that lawmakers were hoping to ban proof-of-work cryptocurrencies starting January 2025. Both Bitcoin and Ethereum, the two largest cryptocurrencies in the world, rely on proof-of-work.

Is this postponement a good thing, or a bad thing? Any additional thoughts on cryptocurrency regulation in general?

Neil says:

Yeah, I have no idea why they even thought this would be feasible. I do think that there should be more concrete steps towards regulation, and it’s a bit surreal to see delay after delay. In this case, however, a postponement was a good thing.

Em says:

Listen. Regulators still don’t understand crypto. They have a long way to go before they do, so I’m glad this got the brakes before it was voted on. Governments are still trying to figure out what to do with crypto and how it can be regulated, but my view is that the longer they’re on the fence, the better for crypto.

Bottom line:

Both Neil and Em agree that the postponement was a good thing.

We have a consensus! Do you agree?

Bad idea of the week: BuyTheBroncos, hold your horses

Our crypto news wrap-up always ends with a bad idea, but this particular idea is more unrealistic than “bad.” I’m referring to the fact that there is now a DAO – the BuyTheBroncos DAO – that wants to buy the Denver Broncos.

Many have pointed out that DAOs can revolutionize crowdfunding. There’s a lot of potential here, but it’s not the time to try to raise billions of dollars to buy a sports team. There’s also no way the Denver Broncos would even allow themselves to be “governed” by a DAO.

Look – DAOs can raise millions of dollars. Just last week, we discussed Julian Assange raising millions of dollars thanks to his DAO. There’s also a massive difference between raising millions of dollars and raising BILLIONS of dollars.

What are your thoughts on BuyTheBroncos?

Neil says:

BuyTheBroncos wants to raise $4 billion, and there’s just no way I see this happening. At this point, there’s no real reason for this to happen. There’s a lot of well-deserved interest in DAOs, but this particular goal is not the move. How would a DAO govern a sports team? What about NFL ownership laws? It’s not realistic.

Em says:

It’s definitely ambitious, I’ll give them that. Buying the Broncos is a moonshot if I ever saw one. But at the same time, I’ve also written about how buying a sports team could play out in concept for DAOs. Even if they’re a bit premature to the game, it may be possible in the future. If it ever does happen, just know I told you so. 😀

Bottom line:

Neil thinks it’s an impossible thing, Em thinks it’s a possible thing.

What do you think?

Meme of the week

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

And that’s our crypto news wrap-up!

Would you ever buy an NFT from a vending machine? The Bitconnect founder might be charged, but when will he be found? How much will crypto play a role in the Russia/Ukraine conflict?

Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.

Welcome to the February 25th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em examine cryptocurrency news headlines and ask, yet again: “Is this a thing?”

This week’s crypto news wrap-up has stories featuring JP Morgan, Snoop Dogg, Salesforce, and Julian Assange – so it’s safe to say that there’s something for everyone. Let’s get right into the biggest cryptocurrency news items of the week.

JP Morgan steps into the metaverse

It looks like a major bank has just stepped into the metaverse. JPMorgan Chase, the largest bank in America, just opened a lounge in Decentraland. The lounge is named Onyx, a nod to the bank’s blockchain-based platform.

There’s even a portrait of Jamie Dimon in the lounge. Dimon has been the CEO of JPMorgan Chase since 2005 and has also criticized cryptocurrencies in the past, claiming they “have no intrinsic value.” This isn’t that surprising considering the bank has been vocal about the immense potential of the metaverse.

If you had to guess, do you think major banks will follow JP Morgan into the metaverse?

Neil says:

No, I don’t. I think a lot of banks are bullish on the metaverse, but I still feel like it’s a bit early. I feel like metaverse early adopters will lean toward the creative side: artists, gaming developers, and fashion brands. I think banks still have time, and JP Morgan might be first, but it won’t force anyone else’s hand.

Em says:

Which came first, the chicken or the egg: companies sinking money to make the metaverse happen? Or the metaverse happening so companies sink money? Either way, it seems like the metaverse is happening. Whether it’s today or tomorrow, I think the other banks will all have to jump in if they don’t want to miss out.

Bottom line:

Neil thinks this isn’t a thing, Em disagrees.

Who do you agree with?

Snoop Dogg creating first metaverse record label

Many rap fans were excited to hear Snoop Dogg had acquired Death Row Records. For those who don’t know, Death Row Records is a legendary hip-hop label that helped launch the careers of artists like Dr. Dre, Snoop Dogg, and 2Pac.

It looks like Snoop Dogg wants to turn the record label into an “NFT label” and hopes to be the first major record label in the metaverse. Snoop Dogg isn’t a stranger to the space, and he might end up raising over $125 million with his latest NFT collection. This was made possible thanks to a partnership with Gala Games, a blockchain gaming platform.

What do you think about the Death Row rebrand? Can a metaverse record label be successful right now?

Neil says:

Look – if anyone is staking their claim in the metaverse early, it’s Snoop Dogg. Salute to him and his success, but I think it’s a bit early for music acts to be “broken in” in the metaverse. The metaverse has to become more popular for this to really work, and NFTs are easier to market with established artists, not rookies.

Em says:

I hope people in the metaverse like Snoop cause it seems like he’s angling to be king of the whole place. As far as the record label goes, if it’s a successful one, I don’t think it matters how they run it — the music is what’s important, the tech is just a vehicle.

Bottom line:

Neil thinks it’s a “too early” thing, Em thinks it’s a “bigger picture” thing.

Who do you agree with?

Salesforce employees protesting NFT plans

Salesforce is planning on exploring NFT initiatives, and a lot of employees are upset about it. Hundreds of employees signed a letter protesting the move, citing environmental and economic concerns.

Employees also cited the rise of NFT scams as another reason to protest the move. Salesforce plans to create an “NFT Cloud” where users can create NFTs and list them on NFT marketplaces. Salesforce claims it will be holding a “listening session” to hear about employee concerns.

Do you really think that hundreds of employees will walk away from Salesforce jobs over NFTs, or is this just more about taking a “moral” stance?

Neil says:

I think there are many people who hate NFTs and say so all over social media, but I sincerely doubt whether all these people are walking away from their jobs. I don’t see Salesforce caving here, but employees are certainly allowed to express themselves. It’s one thing to have an opinion, and another to walk away from a job position.

Em says:

I’m not really too surprised by this because its product is largely used by nonprofits with some kind of cause. It would make sense that its employees would be willing to herald a cause as well. And honestly, these days it seems like upward pressure from a small but vocal group often works. We’ll see if it does and the company changes its tune.

Bottom line:

Neil thinks the protest is a “it will blow over” thing, Em it’s a “we’ll see” thing.

What do you think?

The DAO to free Julian Assange

Julian Assange remains one of the most controversial figures in the world, with some people believing he’s a hero and some arguing he’s a traitor. Assange is the founder of Wikileaks, an international nonprofit focusing on news leaks and offering otherwise classified information to the masses.

Assange is currently working to appeal his extradition to the United States. The AssangeDAO has now raised $53 million in Ethereum in support of Assange, which is more than the amount raised by the ConstitutionDAO several months ago. The funds were raised thanks to an NFT auction for an NFT collection called Censored, created by Assange in collaboration with digital artist Pak.

Do you think crypto has the power to help Assange fight his legal battles? If so, would that be a huge victory against critics who claim “Web 3.0” is a marketing scam?

Neil says:

I think that these DAOs to help people with legal battles are definitely interesting, and we know Ross Ulbricht also has a DAO. If the world could see that crypto can help someone as well-known as Assange, then yes, I think that would be a pretty big move to show DAOs do have value, whether you like Assange or not.

Em says:

It’s apropos that the new way of crowdfunding through DAOs would be harnessed for Assange. Back in the Wikileaks days, crypto was how Assange was able to keep it funded, and now things are coming full circle. I think this is the type of thing crypto is perfect for and should be used for.

Bottom line:

Neil thinks this can be a validation thing, Em thinks it’s a “full circle” thing.

Who’s side are you on?

Colorado accepting Bitcoin for state taxes

There is still a lot of debate about crypto regulation in the United States, but it looks like Colorado is proving to be a bit more crypto-friendly than most states. The state will soon accept Bitcoin and other cryptocurrency for state-related tax payments.

In a CNBC interview, Colorado governor Jared Polis said he expects Colorado will begin accepting crypto “by the summer.” The state hopes for additional innovations, such as accepting Bitcoin for other state-related payments. Polis was clear that Colorado would immediately convert the crypto into dollars to maintain current accounting standards.

Is this a major move, or is this just more of a symbolic move as we wait for more concrete legislation? Should more states be doing this, or should crypto enthusiasts care more about the bigger picture first?

Neil says:

There are a couple of states out there with pro-crypto legislation, but it doesn’t look like these local initiatives are really working out (check out our “bad idea” of the week). I think paying taxes in BTC is a big step for a state, but it’s not really that significant or historical. We need clear federal legislation that offers regulation but supports innovation.

Em says:

Is it just me or does it seem highly ironic to use crypto to pay taxes? Considering the purpose of crypto in the first place — to exit the central bank and fiat game — the fact that we now want to use it to bow before the central bank is horrifying and hilarious at the same time.

Bottom line:

Neil thinks it’s not a thing, Em thinks it’s an ironic thing.

Who’s side are you on?

Bad idea of the week: Miami’s cryptocurrency proves to be mediocre

In a previous crypto news-wrap up, we debated about Francis Suarez and his plans to launch a Miami-focused cryptocurrency. Now it looks like the MiamiCoin has been losing steam. In fact, it recently reached an all-time low.

MiamiCoin has lost over 90% of its value since its debut, so it’s extremely hard to declare it as anything other than a complete failure. In a Fox Business interview, Suarez tried to frame the coin as a success since it has “generated $20 million in revenue” for Miami. Suarez claims $5 million will be used for rent stabilization funds.

He says he “never obsessed over the price” and pointed out there are still “use cases to be utilized” with respect to MiamiCoin.

Okay, it’s been several months, and the price is at an all-time low. Is it time to admit MiamiCoin is now bad PR for crypto, instead of the good PR many believed it would be?

Neil says:

Yeah, this is pretty much a complete failure. You’re the mayor: you have all the business and government partnerships to help make this a success. If you aren’t showing the value of MiamiCoin, it’s going to just eventually be worth nothing. It is definitely a “bad PR” thing at this point.

Em says:

We know crypto is volatile and most of crypto is down right now, so this is not much of a surprise. If you’re gonna be the first on something like this, go all in. That does seem to be what Suarez is doing. But it’s still quite funny to watch government endeavors go so classically as they always do.

Bottom line:

Neil thinks it’s a failure thing, Em thinks it’s a government thing.

What do you think?

Meme of the week

As always, Em brings you this beloved meme of the week:

And that’s our crypto news wrap-up!

Will JP Morgan still charge overdraft fees in the metaverse? Who will be the first rapper to sign a metaverse record deal, and will Salesforce cave under the pressure or stick to their NFT plans?

Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.

See you in March!!!

Welcome to the February 18th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em explore cryptocurrency news headlines and work diligently to answer one important question: “Is this a thing?”

Should we go ahead and call this the Super Bowl crypto news wrap-up? Crypto was front and center in the past week. This week’s crypto news headlines include: Coinbase’s unconventional ad, Larry David joining forces with FTX, crypto romance scams, and more.

Coinbase and the unconventional QR code ad

Coinbase remains one of the biggest and most influential companies in the cryptocurrency space, so it’s only right they had their own Super Bowl ad. Instead of nabbing an A-list actor to help them reach the masses, they did something else entirely.

The Super Bowl ad was a QR code floating around on a black screen for 60 seconds. Was this a screensaver or a commercial? While many on social media thought the ad was confusing, it was successful. The Coinbase app crashed because of the ad’s popularity, and Coinbase stock is reacting favorably. The issues only lasted for several minutes.

Was this ad a runaway success, and do the numbers speak for themselves? Should the community be paying attention to criticisms about oversaturation?

Neil says:

Yeah, this was genius. Coinbase got about 20 million hits in a minute, and it wasn’t the kind of commercial that tries to get you to embrace crypto. If you want to scan the QR code, you can. They could have hired a movie star and spent (more) millions on production, but they went the unconventional route and it was incredibly successful. I can only salute it.

Em says:

Haha, well, divisive things get people’s attention. From a marketing perspective, I think it was a good play. But it’s worth pointing out that I detest QR codes and would not have scanned it out of pure spite! When I go to restaurants and I have to scan a thing to get the menu, I’m physically enraged… but that’s just me. 😀

Bottom line:

Neil thinks this was a genius thing, Em is less impressed.

Who do you agree with?

Larry David stars in an FTX commercial

FTX continues to be a cryptocurrency exchange that knows how to skyrocket to the top, and we discussed their expansion into Asia last week. Now, FTX is making headlines because its Super Bowl commercial featured Larry David, a comedy legend who had never appeared in a commercial before.

David is known for the contrarian character he plays on Curb Your Enthusiasm, a fictional series inspired by his real life. In the commercial, David plays a time-traveling skeptic who doesn’t seem to ever believe in some of the most powerful discoveries in human history. The commercial ends with him remaining skeptical about cryptocurrency.

What did you think of the Larry David commercial?

Neil says:

Yeah… I should put a disclaimer that I’m a pretty big Larry David fan. He’s famous for playing a contrarian skeptic, and it worked really well here. The fact that FTX got Larry David to do his first commercial… and he’s talking positively about the experience… definitely a win for FTX.

Em says:

I loved it. It perfectly fit Larry David’s persona, and it was very funny. Good build up, good punchline, great marketing. I can see why it irked people if they don’t like Larry or don’t like crypto but whatever, I thought it was hilarious.

Bottom line:

Neil thinks Larry can do no wrong, Em thinks it was well-executed.

Who do you agree with?

Binance invests in Forbes

When you think about cryptocurrency, you might think about the future: a world where life is a bit more decentralized, and there are less intermediaries with respect to your finances, identity, and even real estate. You probably aren’t thinking about legacy media at all.

Well, it looks like Binance is certainly interested in media, because it’s making a $200 million strategic investment in Forbes. Forbes is also planning its own SPAC, and many believe that this is part of Binance’s bigger initiative for Web 3.0 content generation.

Is this a smart move, or is this the kind of investment that should be met with more scrutiny? Is Forbes going to lean more pro-crypto now?

Neil says:

I could see how this would be criticized, but I mean… Bezos owns the Washington Post. If we are being honest, a lot of Forbes articles are pro-crypto regardless. I think it’s a smart move on Binance’s part, and it’s a bit amusing when you consider that Binance wanted to sue Forbes at one point. Either way – if Binance has a major scandal, I guess no one should expect Forbes to remain neutral.

Em says:

I think this story is also hilarious. The fact that legacy media pretends to be objective but can literally be bought — and that’s exactly what Binance is doing — is so full of irony that it puts a giant smile on my face. These are the things crypto companies should be doing.

Bottom line:

Neil thinks this is a standard thing, Em thinks it’s an ironic thing.

Who do you agree with?

The infamous crypto laundering couple

It’s a good thing that the Super Bowl happened when it did because most cryptocurrency headlines were talking about an interesting couple. Heather Morgan and Ilya Lichtenstein were arrested for laundering money from the infamous Bitfinex hack.

Ok – so a couple of people were arrested for being shady. What’s the big deal? Well, the couple was able to launder a staggering $4.5 billion dollars worth of Bitcoin. It’s now officially the largest financial seizure in the history of the Department of Justice.

Morgan was also a rapper, and many of her music videos were shared on social media after news of the arrest broke. Morgan performed under the moniker “Razzlekhan.” Netflix announced a new series involving the Bitfinex hack.

Is this bad PR for crypto, or is this more about the fact that crypto will always be home to people trying to game the system? There are strange details about the story that make it interesting, but will it fade out over time?

Neil says:

This was a massive story on social media, but it already looks like the story has faded away thanks to the Super Bowl ads. It’s pretty fascinating, and I can see why Netflix swooped in. I mean, check out some of Razzlekhan’s rap videos. Is this a major scandal? Eh. I think people will forget about it completely by next month.

Em says:

Oof. This is rough. Of course, we know that crime happens and criminals still exist. If crypto exists, bad guys will try to take advantage. But I think that’s unavoidable. Skeptics of crypto are going to be skeptical and the people who like it still like it … and the criminals still do crime.

Bottom line:

Both Neil and Em agree this is a “crime” thing, not a crypto thing.

We have a consensus! Do you agree?

Russia backs off a crypto ban

Russia hasn’t exactly embraced cryptocurrency, even recently suggesting that it would ban crypto in general. It looks like the country is deciding to regulate crypto instead of ban it, a move that is sure to be applauded by crypto investors and enthusiasts. The regulations are likely to take effect in either late 2022 or early 2023.

Policymakers are expected to introduce new legislation to help oversee crypto as a currency. This move is also significant because Russia is home to around 11% of all Bitcoin mining operations. India recently changed its tune regarding crypto, after once threatening to ban cryptocurrency altogether. Transactions over 600,000 rubles (around $8,000 USD) will have to be declared.

Regulation is obviously better than a ban. Do you think this helps force the hand of the United States and other countries, as in “If Russia can start regulating, you can, too”?

Neil says:

Yeah, I think the fact that countries like India and Russia are backing down from crypto bans kind of says it all. I do think that when other major countries are figuring out what to do, the United States is pressured to take more initiative and offer some concrete regulation.

Em says:

Yes, we expect this kind of stuff out of Russia. And there could be a whole debate about what countries are doing the best/worst or are slowest/fastest adapting to and regulating crypto. But honestly, there are bigger fish to fry. The Ukraine situation is much more worrying than whether an authoritarian government is trying to regulate your BTC.

Bottom line:

Neil thinks this is a thing, Em thinks there are bigger fish to fry.

Who’s side are you on?

Bad idea of the week: Watch out for romance scams

Loneliness can be tough to deal with, but it’s better than losing all your money. Romance scammers in particular are turning to crypto, making off with about $139 million last year.

The number of romance-related frauds that were reported to the FTC rose around 70% in 2021.

In other words, criminals are relying on romance-related scams more than ever before. A recent documentary on Netflix, Tinder Swindler, detailed the adventures of Shimon Hayut, a conman who duped several women into sending him money after meeting them on Tinder.

The scammers will feign love interest in individuals but eventually ask for money. Their method varies, with some scammers claiming they need money for an emergency. Other cybercriminals claim to be financial experts who can help victims invest in the crypto markets.

If you take anything away from this crypto news-wrap up: don’t send crypto to the person you’re talking to over the Internet, and take some real steps towards protecting your crypto holdings!

Stay away from anyone on dating apps asking you for money. Is this a bad look for crypto in general – or is this more about the fact that people are lonelier during the pandemic?

Neil says:

Romance scams have existed for centuries. The fact that crypto is involved makes sense – there’s more privacy than saying “Hey, send that money to this bank account.” I think scammers are always trying to find some kind of angle, and it’s easy to see how romance scams would become more popular during a pandemic where more people feel lonely. It’s that simple – it’s more about loneliness than crypto.

Em says:

I know everyone just wants to be loved. But please, for the love of God, learn to recognize scams. The internet is a wonderful and dangerous place. Maybe just get back in church and meet someone that way if it’ll save you from a romance scammmm :’(

Bottom line:

Neil thinks romance scams have always been around, Em thinks you should go back to church and find someone more wholesome (and less scammy!).

What do you think?

Meme of the week

As always, Em brings you this beloved meme of the week:

And that’s our crypto news wrap-up!

What was your favorite Super Bowl crypto ad, or did you find any of them a bit cringe? Are you thinking about setting up an NFT portfolio now that the markets are looking a bit better? No matter how lonely your Valentine’s Day was – don’t send your Bitcoin to someone you never met, even if they text you back quickly.

Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.

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