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

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

Crypto market hits $3 trillion

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

We have a consensus – duh!

Is the flippening finally coming?

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

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

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

Is “the flippening” something really worth considering?

Neil says:

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

Em says:

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

Bottom line:

Neil thinks this could be a thing, Em disagrees.

Who’s right about “the flippening”?

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

Zimbabwe may take the leap into crypto

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right about Zimbabwe? Weigh in.

Eric Adams really really REALLY loves crypto

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

Kevin Durant gets SPAC fever

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right?

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

We have a consensus! Do you agree?

Meme of the week

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

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

See you next week!

Back in 2010 when programmers and forum dwellers were playing around with Bitcoin and buying pizzas for 10,000 BTC, no one was really worried about how the government might tax crypto. But in 2021, when seven crypto billionaires made the Forbes list of richest Americans, IRS heads have fully turned. And although the regulations and specifics are still being formulated, it’s very clear that the government doesn’t plan to miss out on tax revenue—and that calls for a crypto tax guide.

In 2014, the IRS unofficially classified crypto as property and thus, taxable as property. The long and short of it is, yes, you have to pay taxes on your crypto. No, it’s not anonymous or untraceable. These days, crypto is legit. The “everyone who uses crypto is a criminal,” song has been sung into history and if you want to avoid the wrath of the US government, you’d better be ready to pay up. But don’t worry, crypto investing can still be more profitable than traditional investing, you just need to take note of US tax laws a little more closely than you would have ten years ago.

How crypto is taxed

Even the best crypto tax guide can only get you so far. As complicated and ever-evolving as the regulatory situation is for crypto investing, it’s important to DYOR and talk with a professional tax advisor who can help you with your specific state laws and financial situation. Just to get a basic understanding of the landscape, however, here are some current things to note for your crypto investing in 2021.

Fiat on-off ramps get KYC

Centralized exchanges and other kinds of fiat on-off ramps are working to comply with government regulations. That includes gathering KYC-AML and sometimes, sending you tax documents like a 1099. Crypto may still be a fledgling industry, but it’s definitely under the watchful eye of the trust monopolies it threatens. If you thought no one was looking at your crypto paper trail, think again.

Report profits and losses

Whether you have mad gains or you lose your shirt, make sure to report both. Gains, of course, are important because Uncle Sam wants his piece. Losses are also important because they can be deducted to offset your gains. Capital gains tax for short-term and long-term gains apply so, if you’ve held your crypto asset for more than a year, you will have a capital gains rate of 0%, 15%, or 20%. For short-term capital gains, there are varying brackets and you’ll want to document your transactions and calculate your rate.

What events are taxable?

There are several kinds of transactions to keep in mind as taxable:

Cashing out crypto for fiat
Getting paid in crypto
Trading one crypto for another
Paying a person or business for goods or services

It’s also possible that there the IRS could tax crypto from mining, different kinds of crypto rewards, or dividends. This is still murky waters, however, so keep an eye out for new or changing regulations.

Even if an exchange doesn’t send you tax forms, it’s your job to keep track of your transactions and report them. It’s often possible to export your crypto investing history from any exchange that you use, even if they don’t report to the IRS, themselves. And make no mistake, if the government knows about your crypto investing, they’ll hit you up with a letter at the least, and maybe worse.

Hodl to avoid paying

If you’re a Bitcoin maximalist who’s hodling for the long-term, you can breathe easy for now. When you buy crypto but you don’t sell, trade, or spend it, the transaction is not complete so you won’t owe taxes yet. Keep in mind, though, that if and when you do use it, the taxman cometh. If you happen to have a low-income year, that might be a good, strategic time to change some crypto into fiat for minimal tax consequences.

Crypto IRA

Looking into a self-directed crypto IRA might also be worth your time if you want to find other ways to tax-shelter your crypto. The benefit of an IRA if you’re bullish on hodling is avoiding potential capital gains taxes. Just know that investing options and fees are different in a self-directed IRA. Not to mention, if your crypto investing can’t hang out until retirement, it won’t be much use to you in an IRA.

Crypto tax guide resources

Don’t forget that this crypto tax guide is not comprehensive or authoritative. From here on out, you’ll need to research how your specific situation should comply with US tax laws. Not without a few parting resources, however.

Summary

Much as we all dream of the zero to billionaire crypto come-up stories, US tax laws are always there to provide the cold shower that we need. But don’t let the reality that “government’s gonna government”, slow you down or dissuade you from crypto investing. Yes, of course our faithful overlords will tax crypto. They’ll write new US tax laws. They’ll probably send you hunting for a crypto tax guide every year. But, hopefully, as time goes on, regulations will become more clear and crypto will become stronger in its role as the anti-fiat. Right now, during the growth pains and transition period, make a plan and DYOR. If you do, you can still get those gains!

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

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

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

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

Mr. Rodgers gets paid in crypto

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

Ubisoft invests in “play to earn” games

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

US Congress tries to regulate stablecoins

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right about the future of CBDC?

Will the real Satoshi please stand up?

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

Bad idea of the week: Squid Game scammers cash out

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

We have a consensus! Do you agree?

Meme of the week

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

Here is your beloved meme of the week.

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

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

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

Elon shade can’t stop Shiba Inu

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think about the meme coin wars??

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

Crypto gets political

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Do you agree with Neil or Em?

Facebook's whistleblower lives off of crypto

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right? Weigh in.

Ether keeps outperforming itself

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Walmart wants all your ATM fees

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right? Weigh in.

Mastercard + crypto = everywhere you want to be

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right? Weigh in.

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Do you agree?

Meme of the week

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

Here is your beloved meme of the week.

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

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

What an incredible week for Bitcoin, and cryptocurrency news in general. Emily eats crow, Bitcoin EFT is approved and hits an all-time high, investment scammers are swiping right on dating apps, and we made a Squid Games crypto meme. While we usually have differing opinions, it’s impossible to paint this week as anything other than a resounding victory for the entire crypto sector.

We finally did it: the first Bitcoin ETF begins trading

Cryptocurrency investors and traders have all had a major question ever since they went down the crypto rabbit hole: when will the first Bitcoin ETF happen? Finally, the world’s first Bitcoin ETF began trading on Tuesday at $40 a share. The ticker, “BITO,” jumped over 4% on the New York Stock Exchange.

The trading volume was more than impressive at around $1 billion dollars. The beauty of an ETF is that it allows investors to invest in Bitcoin without having to deal with wallets or crypto exchanges.

Many cryptocurrency analysts have stated in the past that it would take an ETF to help introduce cryptocurrency to more “mainstream” investors. Without a doubt, the ProShares Bitcoin ETF was a complete success.

Neil says:

I’ve been following/researching the space for years, and the entire community has been waiting for a Bitcoin ETF for a long time. This is pretty massive news, and it’s further proof that crypto is ready for mass adoption. $1 billion the first day? This is a big win.

Em says:

Well, let me eat crow. Last time I said I wasn’t holding my breath for an ETF approval and here we are just days later and I’m proven wrong. Let’s hope this is the first in a domino of crypto-legitimizing moves by the SEC. Let’s go!

Bottom line:

Both Neil and Em agree this is a very good thing.

What do you think about the Bitcoin EFT news??

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

BTC breaks all-time highs

The Bitcoin ETF was a major catalyst that was widely applauded by the cryptocurrency markets, so much so that Bitcoin has now made a new all-time high, above $66,000. This is a massive day for all Bitcoin investors, and a validating moment for the many crypto skeptics over the years who claimed that Bitcoin was a “fraud” or “worthless.”

CoinDesk claims that Bitcoin could hit $86K very soon according to its chart, but it might just be time to stop making predictions and enjoy the ride. In other incredible cryptocurrency news, Paul Tudor Jones, the legendary billionaire investor, just declared that he thinks crypto is a better inflation hedge than gold.

Neil says:

There’s no way to disagree here: this is massive! The fact that Bitcoin continues to make new all-time highs is a validation of the entire cryptocurrency space. It should be interesting to see where Bitcoin ends up by year’s end.

Em says:

I think everyone’s crypto wallets are sitting fat and happy this week. Who could really be mad, watching those green candles? I hope you all bought the dip and you’re ready to ride the bull market.

Bottom line:

Both Neil and Em agree BTC hitting an all-time high is validating for the cryptomarket in general?

What do you think? Is this the beginning or end of Bitcoin’s bull run?

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

Tether's under the weather

One of the reasons that investors are drawn to crypto is because of principles like trust and transparency. It doesn’t look like Tether Ltd got the memo, given that the stablecoin issuer was recently hit with a $41 million fine. While this might not be a massive blow, it does, once again, have many crypto enthusiasts wondering about Tether’s legitimacy and credibility. The CFTC, or Commodity Futures Trading Commission, was the regulator responsible for the fine.

For a long time, Tether has been mired in controversy for some reason or another. Many cryptocurrency analysts have suggested that Tether was artificially propping up the market, and that it wasn’t the dependable stablecoin that others imagined. In July 2021, it was reported that Tether executives were going to face a criminal probe. Vitalik Buterin famously called it a “ticking time bomb.”

Is this really the demise of Tether, or is this just another day at the office?

Neil says:

It’s a bit depressing because it literally seems like Tether is involved in one massive scandal after another. I’m not sure if a $40 million fine really does much, but I do wonder if other stablecoins will emerge eventually. It seems like the scandals never end with Tether.

Em says:

Isn’t the whole point of cryptocurrency to escape the stranglehold of debt-backed fiat? What exactly is the point of debt-backed stablecoins? Especially if Tether was advertising it as being backed by actual dollars. Maybe it’s only a slap on the wrist but, as far as I’m concerned, keep the fines coming.

Bottom line:

Emily thinks the fines should keep coming, while Neil thinks the fine doesn’t address the real issue.

Who’s right?

The NBA plays ball with Coinbase

What’s more “mainstream” than basketball?

It appears as though Coinbase has struck a sponsorship deal with the NBA and WNBA. Although exact terms were not disclosed, the company will apparently be leveraging multiple NBA platforms, and the ultimate goal is to increase public awareness about the company and blockchain technology. With viewership back up, this partnership will certainly help spread the word about cryptocurrency investing.

The NBA is hoping to rake in somewhere around $10 billion this year, an obvious improvement from last year. Fans are returning to games, and sponsorships are expected to pick up rapidly. This is the first cryptocurrency sponsorship deal in NBA history, so Coinbase has made quite the major move here. The NBA is currently enjoying its 75th anniversary season.

Coinbase remains one of the most powerful and influential companies in the cryptocurrency sector, boasting a market capitalization of over $60 billion. The company trades under the ticker symbol COIN.

Neil says:

Yeah, I’d say this is a thing—and a pretty big deal. I don’t know if there’s going to be a Coinbase stadium anytime soon, but Coinbase has a lot of money, and they benefit from growth in the crypto ecosystem.

Em says:

Cool. Good for Coinbase and the NBA, I guess. Honestly, though, I don’t care about sports so this advertising will never hit my eyeballs. Perhaps the basketball viewing audience is a good market to target but it’s not really an arena I have much stake in.

Bottom line:

Neil thinks this is a thing, but Emily isn’t moved.

Who’s right?

All I want for Christmas is crypto

Mariah Carey has had an incredible career in music, but it looks like she’s interested in crypto these days. The Queen of Christmas has teamed up with the cryptocurrency exchange Gemini, offering $20 worth of free Bitcoin once followers sign up for a Gemini account. Gemini was founded by the Winklevoss twins, crypto billionaires, and influential figures in the crypto sector.

This is more than your average celebrity sponsorship deal. Through the Gemini partnership, a portion of trading fees will be donated to Black Girls Code, a nonprofit focused on providing technology education to African-American girls.

Look, we’re not saying that Mariah Carey can single-handedly move the markets…but Bitcoin DID hit an all-time high right after her Instagram post. Just saying.

Neil says:

Mariah Carey’s a legend, and it’s cool to see her embracing crypto.

Em says:

We love it for her! Hopefully the queen of Christmas will hodl to the moon. My only concern is if she gets so immersed in crypto (how could she not, amirite?) that any forthcoming, iconic Christmas content gets compromised. Please don’t let it happen Mariah!

Bottom line:

Both Neil and Em appreciate the Carey to crypto storyline arc.

Do you agree?

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

Hundreds of millions of people all over the world turn to dating apps to find love, lust, and everything in between. If you’ve ever had a Tinder tryst, you aren’t alone: 30% of Americans have tried out online dating in some form or another.

What does this have to do with the cryptocurrency news?

Unfortunately, it appears as though scammers are finding victims on apps like Tinder and Bumble. Apparently, the scam extends across continents, and cybercriminals racked up almost $1.4 million in Bitcoin from it. It gets worse: the cybercriminals can actually access the phones of the victims and control their devices remotely.

The scam is quite simple: the scammers would suggest that they move the conversation outside of the app. Once this was accomplished, the scammers would try to convince victims to download a fake cryptocurrency trading app. If you’re looking for digital love, keep your eyes peeled for anyone telling you to install anything…even if they compliment your selfie.

Neil says:

If you match with someone on a dating app and they ask you to download something, I hope that most people understand that it will never be something good. Dating apps are already hard to navigate, but…

Em says:

I mean…all I can say is that if you were unlucky silly enough to get your wallet drained by a dating app scam, I hope you at least found love—although I’m just a tad skeptical. RIP everyone taking investment advice from randos in your DMs.

Bottom line:

Both Neil and Em agree that crypto scams on dating apps are not a good look.

Do you agree?

Meme of the week

We hoped you enjoyed reading our hot takes and debates in this weekly wrap-up of the cryptocurrency news from Decentral Publishing!

Here is your beloved meme of the week.

Squid Game just became the most-watched Netflix show of all time, so it’s only right that we give you the best—and most wholesome—Squid Game crypto meme around.

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 as of October 8, 2021, where our colleagues Neil and Emily discuss cryptocurrency-related headlines and debate, declare, or deny: “Is this a thing?”

Mr. Goxx may have been silent, but El Salvador did not disappoint, as the country leaned super hard into its newfound love for crypto with… volcanoes? In any case, we know it can be overwhelming to keep up with cryptocurrency news on a daily basis. Lucky for you, we’re still here to provide a weekly wrap-up that summarizes some of the most fascinating crypto headlines.

The castle for crypto addicts

How’d you like to live in a castle? That’s right. There’s a private hospital that claims to be the first center in the world to treat cryptocurrency addiction, and it’s run out of Castle Craig. It’s located about 25 miles from Edinburgh, Scotland, and they treat international visitors who claim that they are addicted to cryptocurrency trading. The clinic has apparently experienced a tenfold rise in inquiries in their crypto addiction services since last year.

Castle Craig has actually been treating cryptocurrency addiction since 2018. A therapist at the clinic, Tony Marini, compared the cryptocurrency habit to a gambling habit, although he admits that his patients often do not view it the same way. Marini also pointed out that many of his early patients had drug and alcohol issues, and often heard about cryptocurrency through the Dark Web

Neil says:

This is a pretty strange one…I’ve heard about gambling addictions, but I’ve never heard of a “stocks and bonds” rehab center. Addiction has so many forms, and I will say that cryptocurrency markets are 24/7, which certainly doesn’t help addictions, or even mild obsessions…overall, this is not the best look for the cryptocurrency sector.

Em says:

While I’m sure crypto addiction is a real thing—do we really need a specialized addiction center for it? Is it wildly different from other kinds of addiction recovery or is this another way to capitalize on a booming crypto market? Just a question.

Bottom line:

Neil thinks this is a thing, but a bad thing…and Emily has questions.

Who’s right?

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

Bitcoin run-up: back in a bull market?

As both novice and expert crypto traders know, Bitcoin’s price determines a lot in the cryptocurrency markets. This is one reason why many experts were concerned that Bitcoin had dipped down—twice—near the $40,000 level in September. As a result, many analysts declared that it would be a “bullish sign” if Bitcoin could recover to $50K. Bitcoin has done so, and crypto news headlines everywhere have celebrated.

Tone Vays goes even further. The veteran crypto trader believes that the bull market could continue into 2023, when Bitcoin might be worth as much as $250K or $333K. Glassnode, a crypto analytics firm, points out that long-term holders could create a supply squeeze that can trigger a new bull cycle.

Bitcoin has been able to do so, and many enthusiasts were excited about this cryptocurrency news. You can always count on countless analysts and experts to give their opinion about whether Bitcoin is entering its next bull cycle or not. Does this really mean that we are going to see Bitcoin hit $100K relatively soon?

Neil says:

I’m not a big fan of labeling something a “bull cycle” too quickly. Bitcoin’s price tends to fluctuate, and the China crypto ban may have held it back before…but it doesn’t mean that we should expect some massive run up to $100K just yet. I think we would need to see more price action…let Bitcoin make a new all-time high, and that’s more of a reason to get excited.

Em says:

I’m no prophet, but why not walk on the optimistic side? If on-chain analyst Willy Woo thinks the four-year bull and bear cycle is a thing of the past, who am I to object? To the moon is a good enough reason for me to “hodl.”

Bottom line:

Emily thinks that this is a thing, Neil doesn’t think it’s that big of a deal.

Who’s right?

Facebook’s having a bad week

Facebook is one of the most powerful tech companies in the world, but it has been having a terrible week. First, Facebook, Instagram, and Whatsapp suffered a major outage that caused them to go offline for about six hours on Monday, October 4th. Eventually, the platforms were back online by Monday evening.

Bitcoin has reached quite the milestone in major cryptocurrency news: its market capitalization surpassed Facebook’s market capitalization. While it might be more of a symbolic “surpassing” than usual, it is still positive news for those who invest in cryptocurrency.

It also raises questions about Facebook. Will Web 3.0 find ways to be more responsible and transparent in ways that Facebook could have avoided? Will decentralized social media platforms be able to usher in a new age of better online interaction and consumption? Does this somehow prove that decentralization is the answer?

Neil says:

There’s no decentralized Facebook, or “Web 3.0” Facebook. I don’t think Facebook having a terrible week means that crypto enthusiasts should start celebrating, especially considering that there aren’t any decentralized platforms that can come close to “replacing” Facebook.

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:

Sure, lots of people and businesses still use Facebook like it’s going out of style (it is, btw). Some might say we still need Web2 infrastructure until Web3 can be built. I say: if it all gets torched, the decentralized web will get built that much faster. 😀

Bottom line:

Emily thinks this is a good thing, Neil remains skeptical.

Who’s right?

TikTok pretends to be carbon neutral with NFTs

What happens when one of the hottest “crypto trends” in cryptocurrency news teams up with the “trendiest” platform, famous for challenges, dances, and teenage discourse? You’ve guessed it: NFTs are coming to TikTok!

Lil Nas X, one of the biggest artists in the music industry, will lead the NFT collection and become the first artist in history to drop an official TikTok NFT. Each artist has been paired with an NFT creator to create six unique NFTs, and other artists like Grimes and Bella Poarch will be dropping NFTs, as well.

There is a possibility that this is more than just TikTok hopping on a trend…the company is reportedly exploring NFTs as an option to compensate creators. Six famous TikTok moments will be sold off over the next several weeks, and it’s all made possible thanks to Immutable X. Immutable X is an eco-friendly Layer 2 solution, and the platform claims that any NFT created or traded on the platform is 100% carbon neutral.

Either way, more people will know about NFTs than ever before. That’s because TikTok boasts 1 billion monthly users, and it might be an overall positive for mass adoption.

Neil says:

Lil Nas X is a marketing genius, and he knows what he’s doing. It makes sense for artists to “cash in” on the rise of NFTs, but this all just screams “hype” to me. TikTok knows that NFTs are booming right now, and it makes sense for them to get in on the action. However, this isn’t exactly moving the needle, much, to me.

Em says:

Forget that China owns TikTok and everything they do is a contradiction and obfuscation. The demographic using TikTok probably overlaps with the reckless crypto degen demo, so I say let them degen into “carbon neutral” NFTs. Degens will be degens, amirite?

Bottom line:

Is this a thing? Neil doesn’t think so…but Emily still has hope.

Who’s right?

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

Last week, we spoke about how El Salvador was embracing Bitcoin, and how the president of El Salvador, Nayib Bukele, seems to believe that Bitcoin will play a critical role in improving the country’s economy. Bukele, who many consider to be authoritarian and even a dictator, has been famously pro-Bitcoin for some time now. Now, his country will invest in ensuring that volcanoes can mine Bitcoin.

The problem here is that Bukele seems to be celebrating WAY too early. The volcano has only mined $269 worth of Bitcoin, which makes you wonder if it’s really worth bragging about this early. It doesn’t seem like this volcano is helping El Salvador become a crypto mining titan anytime soon.

This technology isn’t exactly revolutionary, either. A Bitcoin miner named Alejandro de la Torre has pointed out that Iceland has been using volcanoes to mine Bitcoin for years now. “It’s just geothermal energy…Iceland has been doing this since the very, very beginning of Bitcoin mining.”

Neil says:

This is one of those PR stunts that almost sounds like it’s part of a Bond villain plot, but it’s also probably not the best promo. The goal is for Bitcoin to help address real problems, but this just makes Bukele look a bit desperate for attention.

Em says:

This is the sci-fi modern age we’ve all been waiting for. Even if it doesn’t do much for the global crypto narrative, I’m for it cause it just sounds cool. Volcano crypto mining, AI trading bots, blockchain identity, and butt implants are the future we’re here for.

Bottom line:

Neil wonders whether this misses the mark a bit, and Emily doesn’t care because it sounds like a cool sci-fi dystopia that we should all embrace.

Who’s right?

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

This week’s bad idea comes straight from Robert Leshner, the founder of an Ethereum-based DeFi platform named Compound. Compound accidentally gave a staggering $90 million to its users, and Leshner begged users to give it back.

He told users to keep 10% but send the rest of the cryptocurrency back. Then, he threatened to dox users on Twitter if they chose to keep the money. Once he made this threat, it’s safe to say that Leshner’s problems…compounded (sorry, it was too easy). Leshner feels like it presents a moral dilemma that the sector should recognize and face.

Many high-profile figures in the cryptocurrency sector immediately criticized Leshner for the response. To his credit, Leshner admitted that his response was “bone-headed” in a followup tweet, but it was definitely a terrible PR move. Julien Bouteloup, a member of the core team at Curve Finance, suggested that this was “extortion” in a tweet.

The cryptocurrency community believes in decentralization, and many of its most enthusiastic supporters believe in the need for privacy and anonymity. If a DeFi protocol founder threatens to “dox” users, they prove that they do not value these principles.

Some have suggested that Leshner was better off asking nicely for users to return the COMP tokens, rather than threatening to expose personal information. Incredibly, two users returned tokens worth around $12 million, so that’s a start!

Neil says:

Obviously this was a terrible idea, and it didn’t really do Compound any favors. At the same time, Leshner did apologize pretty quickly. Either way, this was a horrible idea, all the way around. You were better off begging than threatening, honestly.

Em says:

I sympathize with the feeling of doom that a $90mil bug would cause. But threatening to dox people in a community whose main priorities include anonymity? Yeah, how did you think that was going to play out, friendo? Know your audience. lol.

Bottom line:

Both Neil and Emily agree that this was, as the kids say, a “massive L.”

Finally, we have 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. Let it be a warning to you! Take some time away from the markets, before you end up in Castle Craig…and we’ll see you next week.

No one knows exactly what crypto trends will come to fruition in the rapidly changing cryptocurrency world.

Innovations are happening so quickly it can be difficult to keep up with what is happening, let alone guess what will happen. But, there are trends that we have on our radar. Cultural attitudes, project successes, and institutional responses all create narratives that foreshadow where the crypto space may be headed.

Here are some crypto trends to keep your eye on in the next year.

#4 Increased Bitcoin adoption

Everyone has their own opinions about Bitcoin.

You may hear, “Bitcoin to the moon!” from your favorite celebrity on Twitter, and “Bitcoin will be gone in five years,” from the guy at your gym, and “Bitcoin is high-risk, but high-reward,” from your buddies on Discord.

But maybe you’ve also noticed a theme: everyone is talking about it.

Adoption has always been the song of those who make predictions about Bitcoin-especially for “Bitcoin maximalists“. Whether they’re bullish or bearish on crypto in general, everyone can agree that mass adoption is a key factor in the fate of crypto.

Well, chances are the adoption train will keep chugging in the next year.

Today, Bitcoin adoption is comparable to internet adoption in 1997.
The growth rate indicates that Bitcoin’s trajectory is steeper than the internet’s was and will reach 1 billion users by 2025, three and a half years faster than the internet.
On an adoption curve, early adopters are followed by the early majority, then after the peak, late majority and laggards follow.

Analysis suggests that Bitcoin is still in the early adopters phase of the curve, but that it’s on track to move into the early majority in the next several years.

The number of active Bitcoin addresses has been steadily climbing, as well, almost doubling between January of 2020 and April of 2021. Active addresses are volatile, just like the price of Bitcoin, and have dipped in the second half of 2021, but the trend continues upward on the whole. In fact, by the time you read this article, Bitcoin will have reached another all-time high.

Another good sign for Bitcoin adoption is the increase in retail investors.

Some speculate that the stimulus checks people received in the last year and a half ushered retail investors into Bitcoin faster than usual. That, along with increased awareness and soaring prices, makes this bull market attractive to brave newbies willing to take on some risk. If this bull run is anything like the one in 2017, there could be an activity dropoff as the price comes down, but retail investors aren’t the only ones entering the market this time.

Institutional investors, corporations, and billionaires are beginning to buy in. Big players like JP Morgan, Tesla, and MicroStrategy are all getting exposure. And major corporations like PayPal allowing Bitcoin usage will likely encourage others to get in the game as well. In addition to the big companies, some governments are even beginning to consider Bitcoin as an alternative to hyper-inflated fiat.

El Salvador is one of the first countries to make BTC legal tender and others like Panama may soon follow. These trends confirm that Bitcoin has multiple attractions and adoption will press forward both in large developed economies and weaker economies wanting to join the global marketplace.

#3 WIDESPREAD cryptocurrency adoption

Mention cryptocurrency adoption in mainstream circles over the last ten years and you might get some chuckles or jokes cracked about “fake internet money.”

These days, digital currencies are swiftly gaining ground as a legitimate asset class in people’s minds.

It’s not just Bitcoin that’s legitimizing crypto in the minds of the public either.

Altcoins and stablecoins are getting their come up as well. Ethereum’s success with smart contracts and Dogecoin’s memeability are just a couple of examples of use cases that legitimize and increase cryptocurrency adoption.

Here are a few more signs that cryptocurrency adoption is going mainstream.

Celebrity endorsements

Crypto wallets

NFTs

Play-to-earn

Celebrity endorsements

Crypto wallets

NFTs

Play-to-earn

#2 DeFi explosion: DAOS, DExs, and More

Speaking of DeFi (decentralized finance), this area of the crypto space still has projects popping up like dandelions in the spring.

Decentralized finance one of the most promising movements in crypto and is attracting the most enthusiasm and eagerness.

Even before “DeFi” was coined as a term a few years ago, fans of decentralization were looking for it on the horizon. Charles Hoskinson, the founder of Cardano, was talking decentralized financial services back in 2014–and DeFi momentum has gone parabolic in the last year. Smart contracts and other blockchain technologies are fast coming into the collective consciousness as a real alternative to current centralized apps and services.

The summer of 2020 was a huge DeFi extravaganza as investment dollars flowed into the ecosystem, and in August, asset value was growing by nearly half a billion dollars a week. In the ensuing year, DeFi continued to explode and by August of 2021, it had more than $160 billion total value locked (TVL). This growth is expected to continue into 2022 as more new projects get off the ground.

Despite its massive growth, there are a few reservations that diehard decentralization advocates have with current DeFi implementations. Interoperability is one of those issues, but projects like Ethereum 2.0 and Polkadot are working to solve it. Making applications operable across multiple chains will be a huge improvement for DeFi, and as these kinks get worked out, more investors will continue to buy in.

Decentralized autonomous organizations (DAOs) are also looking trendy in the near future. The DAO, the pioneer of this organizational structure, did not survive a hack and an SEC ruling that determined DAO tokens to be securities subject to federal securities laws. But it solved the principal-agent dilemma by eliminating administrative power, giving members voting rights and making all decisions governed by consensus and transparent on the blockchain. Now, DAOs like MakerDAO and Aragon are becoming popular in the decentralization space.

Perhaps one of the most compelling aspects of DeFi is the potential to bank the unbanked in developing economies around the world.

Like El Salvador adopting Bitcoin, other DeFi solutions are poised to usher millions of the unbanked into the global economy. Stablecoins can offer more reliable payment and remittance opportunities for expat and low-wage workers; DEXs ease currency exchange friction for those wanting to conduct business outside of capital controls; and microlending and insurance opens the door for underbanked in all economies who want greater financial opportunity.

#1 Cryptocurrency regulation

It’s not all sunshine and roses in the crypto world though, with cryptocurrency regulation looming.

Because decentralization threatens the interests of governments and institutions that currently have a monopoly on the world economy, it’s no surprise that there are massive efforts going into regulating cryptocurrencies. SEC chair Gary Gensler has described crypto regulations as intended to protect investors from fraud and scams. However you choose to see it, the SEC has been working hard in the US to keep up with fast-changing fintech and craft regulations for crypto and DeFi.

More governments including the US are beginning to research central bank digital currencies (CBDCs) as well. Rolling out fiat on the blockchain will certainly drive regulations as they compete directly with Bitcoin and altcoins.

A $1 trillion infrastructure bill passed in the Senate in August of 2021, potentially putting big tax burdens on the crypto community.

Defining “brokers” very broadly, the bill seeks to require KYC and transaction reporting to raise $28 billion in taxes over ten years. The House voteed on the bill on September 27, and the struggle will likely continue in the coming years as Wile E. Coyote regulators chase Roadrunner crypto advancements.

There is a case to be made that some regulation may not be all bad. Despite the conflicting interests of centralized powers and crypto movements, some clear regulations could make developing projects easier. The current, murky, and frustrating game of cat and mouse between developers and bureaucracies has caused many projects to lose steam or be shut down.

Crypto enthusiasts would much rather be solving technical problems and creating new innovations than negotiating with regulators over every little thing. A few clear regulations may allow that.

What's next for crypto trends?

The biggest narrative in evaluating crypto trends has always been around centralized power versus the decentralizing foils. And this continual arms race for control will keep going next year and beyond, regardless of the project and market volatility that makes so many people unsure.

What are some crypto trends you foresee in the next year or two?

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

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 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.

Crypto market hits $3 trillion

Is the flippening finally coming?

Zimbabwe may take the leap into crypto

Eric Adams really really REALLY loves crypto

Kevin Durant gets SPAC fever

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

Meme of the week

In This Article

How crypto is taxed

Fiat on-off ramps get KYC

Report profits and losses

What events are taxable?

Hodl to avoid paying

Crypto IRA

Crypto tax guide resources

Summary

In This Article

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

Mr. Rodgers gets paid in crypto

Ubisoft invests in “play to earn” games

US Congress tries to regulate stablecoins

Will the real Satoshi please stand up?

Bad idea of the week: Squid Game scammers cash out

Meme of the week

In This Article

Elon shade can’t stop Shiba Inu

Crypto gets political

Facebook's whistleblower lives off of crypto

Ether keeps outperforming itself

Walmart wants all your ATM fees

Mastercard + crypto = everywhere you want to be

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

Meme of the week

In This Article

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

#4 Increased Bitcoin adoption

#3 WIDESPREAD cryptocurrency adoption

#2 DeFi explosion: DAOS, DExs, and More

#1 Cryptocurrency regulation

What's next for crypto trends?

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