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

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

The NFT numbers are looking good

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

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

Snoop Dogg out to smoke the competition

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Kraken gets creative

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Crypto ads are coming to the Super Bowl

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

The case of the vanishing Bitcoin

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do YOU think?

Meme of the week

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

Thanks for reading before you pop champagne tonight.

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

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

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

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

The Uncensored Crypto podcast delivers straight-talk about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution who are shaping our economic, financial, and political future.

In the sixth episode of the Uncensored Crypto podcast, our CEO, Michael Hearne, speaks with Jesse Proudman. Proudman is a serial crypto entrepreneur, previously founding Strix Leviathan and currently the CEO of Makara, the first SEC-registered crypto robo-advisor.

What is Jesse Proudman hoping to accomplish with Makara, and how did he even get into crypto in the first place? Michael gets to the bottom of these questions – and more – in the latest Uncensored Crypto podcast episode.

What was Jesse’s journey to crypto?

First things first – Jesse is a natural entrepreneur. He started his first business at 13, and was even running a business while attending college. In his own words, he’s always preferred the entrepreneurship route – and “never had a real job.” IBM Ventures – a company known for embracing blockchain technology, hired him as a cryptocurrency subject matter expert after they acquired his company in 2017.

At this point, Jesse knew that his next venture would be in the crypto world. When IBM said there was no capital for a crypto accelerator program he designed; he left the company and built Strix Leviathan. Strix Leviathan is a crypto-focused quantitative hedge fund that has been quite successful.

But Jesse Proudman wanted to do more. He sat down with his team and decided to address some of the biggest problems facing the crypto sector – including how to address the fact that the digital asset world can be intimidating to newcomers.

What is Makara?

Makara is an SEC-approved crypto robo advisor, and the vision is simple: simplifying and democratizing the crypto investing experience. While many new investors may decide to invest at a centralized exchange, Makara offers baskets of assets that follow a particular “theme.” Once users sign up, a survey helps determine what basket makes the most sense for their investment goals. Gemini operates as Makara’s custodian.

There are many people who are curious about Bitcoin or other cryptocurrencies, but there’s usually a motive for that curiosity. Some established investors believe that Bitcoin is a great way to hedge against inflation, and aren’t interested in other cryptocurrencies.

Other crypto traders may want to focus only on DeFi tokens, believing that decentralized finance will grow over the next several years. Makara is a platform for democratizing access to crypto markets, and helping people “invest crypto on autopilot.”

How Does It Work?

When you think about a traditional robo advisor, the idea is to help clients design a portfolio according to their risk tolerance. Proudman points out that the entire crypto ecosystem is “volatile” when compared to traditional asset classes. As a result, the goal of Makara is to help cryptocurrency investors find assets based on their interests and goals.

Makara makes it easy for users to invest in a particular “theme.” It’s not a mutual or fund, but can be thought of as more of a model portfolio. When you subscribe to a basket, you’re actually HOLDING the assets. One example would be the Web 3.0 basket, where every asset is somehow related to Web 3.0. The company’s Blue Chip basket focuses on the largest and most established cryptocurrencies – hence the “blue chip” moniker.

Since you’re holding the assets, Makara users have more autonomy. You’re free to trade the assets – or baskets – at will, because you’re participating directly. How does the robo advisor determine what assets to include in their baskets? An investment committee examines the projects to determine that the project has sufficient trading volume, and is traded on enough exchanges.

Thoughts on the metaverse

Jesse Proudman also acknowledges in this podcast episode that the metaverse is here, pointing out that Makara will soon offer a metaverse basket. Michael asks him his thoughts on the rise of the metaverse, and Jesse points out that the word clearly means different things to different people. “At the end of the day, I think it’s about bringing social network capabilities onto the blockchain,” he says.

He tells the Uncensored Crypto podcast he’s excited about the metaverse because it allows people to interact, express themselves, and collect art. The metaverse obviously allows for new and innovative ways to interact, and Proudman appreciates the fact that it’s bringing new people to crypto who otherwise may not have been interested.

Ultimately, it seems like this aligns with Jesse’s vision: a future where crypto can be used as a democratizing force rather than an exclusionary one.

Everyone’s no doubt heard of Dogecoin: the dog coin that started as a parody of Bitcoin and ended up becoming a legitimate payment system. But what exactly is a dog coin? And what is a memecoin more broadly?

A memecoin is a type of altcoin created around internet jokes or memes. These coins are created just for fun and have an emphasis on community-building, charity-giving, and of course, memes. Animal-themed crypto coins are popular simply because animal memes are so widely beloved by internet culture.

After all, who doesn’t remember seeing the doge meme, the basis for Dogecoin, everywhere back in 2013? And who doesn’t like watching cute cat videos? Below, we’ll get into the top 11 dog-themed memecoins, ranked by market cap.

Top 11 dog-themed memecoins by market cap

1. Dogecoin

Dogecoin is the original dog-themed memecoin. It was created in 2013 by two software engineers as a parody of Bitcoin.

Since then it has evolved from a joke to become a widely used payment system and cryptocurrency investment project. Dogecoin has its very own blockchain, which is something that distinguishes it from other memecoins out there.

It has received attention from celebrities like Elon Musk, Mark Cuban, and Snoop Dog, which has resulted in its price skyrocketing over the past few years. Currently, Dogecoin has the highest market cap of any memecoin, at $27 billion.

The price for one coin is $0.21, down from a high of nearly $0.70 in mid-2021. It is the 10th largest crypto overall in terms of market cap.

Dogecoin’s market potential looks good, especially as it becomes more widely adopted as a payment system. For example, in 2021, the Dallas Mavericks started accepting Dogecoin as payment for tickets and merchandise. Dogecoin is projected to continue growing and could break above a dollar by 2025 according to some predictions.

2. Shiba Inu

Shiba Inu is Dogecoin’s biggest rival, and the second-largest memecoin by market cap. It was created in late 2020 as a parody of Dogecoin by an anonymous creator known only as Ryoshi.

It is an ERC-20 coin, which means it runs on the Ethereum network. SHIBA received a lot of media attention in 2021 when Ethereum’s founder Vitalik Buterin donated $1 billion worth of SHIBA to a Covid-19 relief fund in India.

The price of Shiba Inu grew thousands of times throughout 2021 until it reached its current price of $0.000042 and a market cap of $23 billion. It is the 13th highest crypto overall by market cap.

It has seen celebrity support from Nick Carter of the Backstreet Boys and NFL star Antonio Brown. In terms of market potential, SHIBA is projected to continue its growth over the next five years, though it likely won’t come close to Dogecoin.

3. Dogelon Mars

With a market cap of $828 million, Dogelon Mars is the third-largest dog coin. It was created in April 2021 by an anonymous creator, and also runs on the Ethereum network.

Since its initial creation, it has built up a large community of fans and outperformed many of the other dog coins that have been in the market longer. This growth has driven up the price of the coin, which grew 22,500% throughout 2021.

Dogelon Mars’ growth makes it one of the top cryptos of 2021, and some are predicting it will sustain this growth over the next few years, potentially reaching $0.10 by 2026. Currently, the price of one ELON coin is $0.0000015.

4. Samoyedcoin

Samoyedcoin is a dog coin created on the Solana network. It began in April 2021 and was developed by an anonymous creator.

The coin has built up a large community of supporters who consider it to be Solana’s official mascot and ambassador. The SAMO coin is focused on helping beginners navigate the crypto world, particularly those looking to be part of the Solana ecosystem.

It also creates NFTs and has its own DEX, SamoDex. Currently, the price of one SAMO is $0.06505, and it has a market cap of $179 million. Samoyecoin is a community-driven project that has already seen a lot of growth since it launched. Some price predictions project the SAMO coin to reach as much as $0.35 in 2022.

5. Hoge Finance

The HOGE coin was created on the Ethereum network in February 2021 by an anonymous group. These original creators ended up abandoning the coin after only a few days.

However, the coin’s investors and fans of the project bought the Hoge smart contract from the developers. They then turned Hoge Finance into a truly decentralized and community-owned product. These investors became known as the Hoge Association.

Since then, Hoge Finance has expanded to offer NFTs, merchandise, and even a unique platform called Hoge University, which offers courses on blockchain and cryptocurrency.

Currently, the price of one HOGE coin is $0.0003699, and it has a market cap of $159 million. Hoge Finance is a long way off from reaching the levels of Shiba Inu and Dogecoin, but the fact that it’s rumored to get picked up on a major exchange means there’s a lot of potential for growth for this dog coin.

6. MonaCoin

With a market cap of $112 million, MonaCoin is the largest cat-themed coin and the sixth-largest memecoin overall, so it deserves a spot on this list!

MonaCoin is an older memecoin, developed in Japan back in 2014 by an anonymous creator known only as Mr. Wantanabe. It is considered Japan’s first crypto and is mainly used in Japan as an alternative to Bitcoin and Litecoin.

It has its own blockchain and serves as a currency for decentralized, peer-to-peer transactions. MonaCoin was born from a hard fork with its parent coin, Litecoin. Just as the goal of Litecoin was to be faster than Bitcoin, the goal of MonaCoin was to be faster than Litecoin.

Currently, the price of one MonaCoin is $1.72. MonaCoin’s future seems relatively stable considering that it can successfully create blocks in only a minute and a half, much faster than Bitcoin’s time of ten minutes. In addition, the memecoin has received approval to be used in everyday transactions by Japan’s regulatory authorities.

7. Doge Dash

Doge Dash is unique from the other dog coins mentioned above because it’s actually a game that just launched in December 2021. It is available on the Apple and Google Play stores.

Just a couple weeks before the release of the full game, the coin’s market cap was $85 million and the price of one DOGEDASH was $0.001572.

It was founded by Paul Caslin and developed by Narsun Studios, a tech company that seeks to integrate blockchain technology with games and other software.

Players can earn 10,000 DOGEDASH coins on each of the 10 levels. After they finish the game, the coins will be airdropped into the player’s wallet. 100 coins are required to play each level. Doge Dash also offers NFTs and a merch store.

8. SafeMoon Inu

SafeMoon Inu is a dog coin that was created on the Ethereum network in mid-2021. It gives 2% of every transaction to everyone who owns the SMI coin, in order to incentivize people to hold it.

Currently, SafeMoon Inu is also planning to launch a gaming platform where players can get other rewards for their coins, including NFTs.

SafeMoon Inu strives to combat the volatility of most memecoins by rewarding those who hold their coins over a long-term period.

For this reason, they charge a 10% fee on every sale of their coins. Currently, one SMI coin is worth $0.00002348 and its market cap is $23 million.

9. DOGGY

Crypto Doggies is an NFT marketplace that sells animated NFTs of different dogs. Each NFT is generated cryptographically, and each characteristic of the dogs, such as breed, pose, and accessories, has a certain percentage chance of occurring.

This means that some NFTs will be a lot rarer and harder to collect than others. Crypto Doggies NFTs can only be purchased with 100,000 DOGGY coins, which can be found on Bakeryswap.org. All the DOGGY coins spent will be burned.

Crypto Doggies also offers staking opportunities for those who hold NFTs. At the moment, the price of one DOGGY dog coin is $0.005642 and the market cap is $22 million.

10. Dogs of Elon

Dogs of Elon is another NFT marketplace that offers 10,000 unique NFTs of different dogs as well as Elon Musk.

The DOE token runs on the Ethereum network and can be used to purchase the NFTs. These NFTs can then be staked to earn even more DOE. Dogs of Elon was launched in November 2021, and currently has a price of $0.08096 and a market cap of $15 million.

Since the project started only recently, the developers have plans to keep growing the community, including donations to dog shelters and animal charities.

11. Dogey-Inu

Last but not least is Dogey-Inu. This dog coin was created on the Ethereum network in mid-2021 as a peer-to-peer payment memecoin. Its goal is to build a global DeFi community connected through memes and a desire for financial freedom.

The DINU coin is unique from some other coins because the developers locked away DINU’s liquidity tokens for 79 years in order to ensure the coin’s stability and growth.

The Dogey-Inu project is entirely community-driven, and the team’s goals are to build up a large community of supporters and create their own decentralized applications in the future.

Currently, the price of one DINU is $0.00000001538 and it has a market cap of $6 million.

What is the future of the dog coin?

Given the large amount of dog coin projects created in 2021 alone, it’s clear that dog-themed memecoins aren’t going anywhere anytime soon! These memecoins are an important part of the crypto investment culture because they represent a fun, light-hearted way of “investing.”

But more importantly, these projects bring people together and build vibrant communities over shared jokes and interests. These people are passionate about their projects and work together to not just make a successful coin, but a successful brand.

Some dog coins also play an important role by giving back to the community by donating to charity, which shows the real-world impact these coins can have.

Of course, with the rise of cat coins, who knows what the future will hold for their dog coin counterparts. Can cats rise up and unseat dog coins from their throne? While that could happen one day, it doesn’t seem like it will be anytime soon.

How to stay safe and still have fun with dog coins

While dog coins sound like a lot of fun, it’s worth noting that a memecoin is a riskier investment compared to other types of crypto, since pretty much anyone can make their own. So how can you be sure you’re not entering a scam? The best way is to evaluate the coin’s community. What are people saying about the coin on social media? Are the developers active in the community?

Also, have the developers chosen to audit their project or verify it some other way? Is there a legitimate-looking whitepaper? Does the project have a roadmap?

Most importantly, what is the distribution of the coin like? How big is the market cap? Do the developers hold most of it, or do the investors? Do the developers have a way of controlling the inflation and deflation rates of the coin (such as regular burnings)?

Try to answer all of these questions before diving in and spending your money on a dog coin. And just as with any investment, it’s typically best to only invest what you can afford to lose.

The Uncensored Crypto podcast delivers straight-talk about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution who are shaping our economic, financial, and political future.

In this fifth episode of the Uncensored Crypto podcast, our CEO, Michael Hearne, has a wide-ranging conversation with Spencer Marr. Spencer Marr is the president and co-founder of Sangha Systems, an 82 MW Bitcoin mining facility. The facility is based out of a former facility in Hennepin, Illinois.

It takes a special individual to transform an old steel mill into a state-of-the-art Bitcoin mining facility, and Spencer Marr certainly qualifies. He certainly has a lot to say, whether the young entrepreneur is discussing the technical aspects of crypto mining or his vision of a future “Utopia.” The Sangha Systems story (so far)

Spencer Marr co-founded Sangha Systems in 2017, and was originally focused on hosting and data center colocation. Marr was able to understand that Bitcoin mining was an immense opportunity, and the business pivoted. Spencer Marr believes that one major decision has been critical to their success: the company had the sense to sign a profit-sharing agreement with a large Bitcoin mining company.

Spencer believes that this was a game-changer. Sangha Systems didn’t have to dilute equity or take on debt to see a way forward, and they were able to scale from 6 megawatts to 32 megawatts within several months. Spencer stresses that this was not easy, but his team was able to scale quickly while also maintaining operational integrity.

Now, Sangha Systems is home to a 900-acre facility called Hennepin 82 River North. There was some lingering litigation that is no longer an issue, and Spencer is excited about the future. He points out that this is incredibly positive news, but that he now has to get practical about details: timelines, deadlines, and capital requirements. Marr recognizes that the company also has to “tell a story” to succeed.

Wisdom from an upcoming whitepaper

What better way to tell a story in the Bitcoin mining industry than a whitepaper? Marr is clear about his ambitions: he obviously wants to paint a positive picture of Bitcoin mining, hopefully convincing politicians and urban planners about how crypto mining can create a positive economic impact.

He offers: “What makes Bitcoin mining different is that there is one unit of economic input, and getting ten units of economic output. What else can you look at in the world that is unleashing, seemingly, value out of thin air?” In the upcoming Sangha Systems whitepaper, he wants to explore how this value can be transformed.

Spencer Marr also understands his own bias, recognizing that he is very “left-leaning” politically. However, he has some ideas about how Bitcoin can unite both the right and left. He offers an incredible example to illustrate his point.

Marr wants Sangha Systems to have a self-imposed tax, and let the Bitcoin mining proceeds go towards a publicly controlled wallet. This wallet would be owned by the citizens of Hennepin, who could then use blockchain technology to determine how the funds are used. In this way, Marr is advocating for a “decentralized direct democracy.” No matter where you are on the political spectrum, how can you argue with Spencer’s approach?

Is a crypto utopia possible?

There are many Bitcoin mining entrepreneurs out there, but many of them aren’t thinking about the future of cities. Spencer Marr wants his facility to attract smart and interesting people, but it’s not just about making lots of money every quarter. Marr admits that he’s interested in figuring out how they can become the “masters of their own domain.”

Here, Marr sounds more like a philosopher than a crypto entrepreneur. He believes that Bitcoin can lead directly to a stage of “human flourishing” similar to The Renaissance, and also help people reach their true potential. Michael agrees, adding that it’s only possible if enough people participate.

Thoughts on entrepreneurship

Michael Hearne and Spencer Marr also talked a bit about entrepreneurship and its importance. Michael points out that he started the Uncensored Crypto podcast to inspire entrepreneurs and that he feels like entrepreneurship can often feel like a “magical journey.” Marr agrees, adding that it’s all been such a “crazy experience” and he doesn’t often get the time to reflect on how far he’s come.

Sangha Systems started as a quick lightbulb moment in a New York cubicle, and now it’s one of the most well-known Bitcoin mining facilities in the country. There’s a buzz of activity and the company has become this “organism” who is so much bigger than him. He also points out that he’s been lucky to meet smart and capable people who have helped him execute his vision.

Marr admits that he was rudderless at a boring law firm job, at first. He now states that he wouldn’t trade entrepreneurship for the world, and Michael agrees that becoming an entrepreneur can feel like a “self-actualization experience.”

Learn more on the Uncensored Crypto podcast

Check out the full episode for the Uncensored Crypto Podcast on Spotify here, on Apple here, and leave us a review if you feel inspired by what we’re sharing!

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

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

Adidas earns its NFT stripes

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Ohanian and Polygon put up $200M

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Millennial millionaires love cryptocurrency

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Kickstarter embraces Celo

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right?

Musk says DOGE can buy Tesla merch

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

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

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do YOU think?

Meme of the week

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

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

The Uncensored Crypto podcast delivers straight-talk about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution who are shaping our economic, financial, and political future. In the Uncensored Crypto Podcast episode 4, Michael speaks with Fred Thiel. Fred Thiel is the CEO of Marathon Digital Holdings, a Bitcoin mining company that is currently “building America’s leading enterprise Bitcoin miner.” Marathon Digital Holdings trades under the stock ticker $MARA.

What is going on with Marathon Digital Holdings?

bitcoin mining fred thiel uncensored crypto podcast episode 4

Michael opens up the interview by pointing out that Bitcoin recently surpassed all-time highs, and that this is positive crypto news for Marathon Digital Holdings. Thiel agrees, but he also recognizes that a Bitcoin mining operation is unique. His company cannot control the price of Bitcoin, or the global hash rate, but mainly focuses on the cost of power and number of miners deployed. Marathon Digital Holdings is different from other crypto startups because it’s a public company. While other crypto entrepreneurs are busy looking for funding or networking, Fred has to focus on expansion since the company has to consider its shareholders. Thiel does point out that thanks to its partners and scale, Marathon Digital Holdings can sidestep obstacles that would arise in a smaller Bitcoin mining company.

When will the last Bitcoin be mined?

bitcoin mining wide view of green mining facility from uncensored crypto podcast episode 4

Fred Thiel says that blockchain technology is designed to add one block to the blockchain every ten minutes. In this way, it “self-regulates.” He states that according to this logic, the last Bitcoin will be mined in 2140. He points out that it can vary, but not by much. As he puts it, “it’s programmed into the code.” Regardless of how much mining his miners do, they currently cannot mine more or less Bitcoin than the 900 Bitcoin mined per day. Michael also notes that this seems accurate given the fact that the same amount of Bitcoin was produced even amid the Chinese crackdowns on both Bitcoin mining and trading.

Does Marathon Digital Holdings have international ambitions?

Fred Thiel cannot disclose the company’s long-term plans, but it seems clear that Marathon Digital Holdings has plans for global expansion. He states that he talks to large power providers around the world about potential opportunities, but is waiting to make the right decision regarding when and where to expand. Fred says that the company’s name, Marathon, clearly hints that the company wants to do “a lot of things, long term.” Obviously, Thiel is interested in a country that embraces crypto, but that isn’t all. He also wants to choose a politically stable country, rather than a government that might legalize Bitcoin and ends up cracking down on it the next month. Thiel doesn’t seem limited to one region of the world. He thinks that Bitcoin mining could be a catalyst to develop renewable energy sources. Michael points out that crypto can act as a “stop gap” in this way – incentives to create new infrastructure.

Thoughts on NFTs and oracles

bitcoin mining nft from uncensored crypto podcast episode 4

Michael steers the conversation towards solving bigger issues regarding censorship and “truth.” Thiel responds that he’s interested in NFTs because they act as a “stamp of authenticity,” or proof of ownership. He believes that the world will soon begin viewing NFTs as more than an investment but as a utility. Fred Thiel is also clearly interested in oracles, which focus on smart contracts meant to provide objective data. Fred Thiel believes that both NFTs and oracles will be critical for creating “objective truths,” or a more advanced way of fact-checking. He also adds another interesting point, that NFTs and oracles can help with “information asymmetry”: when a company (or party) has access to specific data, while others do not. He notes that the internet was critical for democratizing this access to information and that NFTs and oracles can serve the same purpose.

What’s next for the Bitcoin mining industry?

Fred Thiel is very clear on what’s next: Marathon Digital Holdings will expand its footprint in the Bitcoin mining industry and continue to add value. He also says that the company is actively thinking about future use cases for Bitcoin, such as “Layer 2, Layer 3, and beyond.” Lastly, Fred has some advice for budding crypto entrepreneurs. Michael asks where someone should start if they are hoping for a career within the Bitcoin ecosystem. Thiel thinks that the biggest opportunities are in the Layer 2 network and tokenization technology.

Quote of the episode

It wouldn’t be a podcast review if we didn’t leave you with a final captivating quote:

“We’re, today, where the Internet was in 1997, but we’re moving a lot faster, linear, year by year, than the Internet did.”

Check out the full audio of the Uncensored Crypto Podcast episode 4 on Spotify here, on Apple here, and hit that subscribe button if you feel inspired by what we’re sharing!

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

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

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

Give your grandma an NFT

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

Whatsapp testing crypto feature

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Swissquote plans exchange launch

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

Both Neil and Em agree this is a good thing.

We have a consensus!

Banking giants love blockchain

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

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

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

Will more banking giants turn to blockchain for forex settlements?

Neil says:

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

Em says:

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

Bottom line:

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

What do you think? Can they both be right?

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

Both Neil and Em agree this is a bad idea.

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

Meme of the week

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

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

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

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

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

Are we turning everything into NFTs

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

The metaverse effect

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

Bitcoin is beating PayPal

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right?

SEC Chair Gensler states the obvious

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s right?

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

The search and seizure business is booming

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

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

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

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

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

The Star Trek NFT is live on the Solana blockchain.

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

Neil says:

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

Em says:

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

Bottom line:

Neil and Em both think this is weird.

Consensus. Duh.

Meme of the week

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

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

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

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

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

The Uncensored Crypto podcast delivers straight-talk about Bitcoin and other cryptocurrencies, Web3, the blockchain, DeFi, NFTs, and more. Host Michael Hearne interviews the disruptors at the forefront of the crypto revolution who are shaping our economic, financial, and political future.

In the latest episode of the Uncensored Crypto podcast, our CEO, Michael Hearne, speaks with Alex Brammer. Alex Brammer is the VP of Business Development at Luxor Tech, a company focused on building infrastructure for digital assets. Luxor is also well-known for its crypto mining pool, as well as other products and services.

The topic of crypto mining is covered a lot in Uncensored Crypto podcast episodes. Be sure to also check out the Episode 4, where Fred Thiel also offers insights regarding the future of Bitcoin mining.

The rise of ASIC financing

One of the first things discussed is that Bitcoin recently hit new all-time highs, and Brammer points out that the growth in the cryptocurrency markets continues to amaze him. He points out that it’s not just about new companies, it’s about new deal structures and new ways to access capital, as well.

He also brings up ASIC financing concerning crypto mining companies.

Michael points out that he hasn’t heard much about ASIC financing. Alex points out that even in 2021, it can be pretty tricky for Bitcoin mining startups to obtain financing. It is difficult for some crypto companies to get insurance policies, or even a bank account, because banks are often reluctant to deal with Bitcoin-related companies in general.

How investing and analyzing have changed

Michael asks if an everyday retail investor can invest in Luxor Tech. Brammer points out that the company is post-Series A, as it already raised a $5 million Series A funding round led by NYDIG. Brammer admits that investors may need to be “accredited” to be involved at this point, since many crypto mining startups are funded by institutional investors at a certain level.

Alex Brammer also adds that he’s glad that crypto analysts ask more questions and get more details regarding the crypto mining space. These days, experts are asking about the cost of power, hash rates, immersive cooling, what types of miners they are choosing, and more. Brammer feels like this will lead to more accurate valuations in the crypto space, and that this is a huge step in the right direction.

The future global reserve currency

One of the most interesting parts of this Uncensored Crypto podcast episode is when the two begin talking about Bitcoin as a global reserve currency. Alex Brammer brings up the fact that the United States used to operate under the Bretton Woods system, where gold was the basis for the dollar. Brammer points out that it seems like there are inflation headlines everywhere these days.

Brammer points out that Satoshi Nakamoto made it clear that Bitcoin was created partially because currencies can be debased and manipulated in the traditional fiat monetary system. He believes that Bitcoin was literally designed to be the global reserve currency, and that it was only inevitable, barring a “black swan” event.

Michael points out that he once read a book called The Perpetual Traveler, and its five flag theory helped him think differently about the world. He believes that Bitcoin is part of the sixth flag—digital—that helps offer a new level of financial freedom.

Alex agrees, and also points out that it is impossible to truly “ban” Bitcoin, and that it ultimately is a tool for financial sovereignty. Alex Brammer puts it quite simply: “If you’re not long Bitcoin, you should probably get long.”

From pessimistic to hopeful

Alex Brammer refers to the fact that his time in the military made him pessimistic about the world. He even recognizes how insane it sounds, but says: “Bitcoin legitimately gave me hope for the future, in a way that is sometimes hard to put into words.”

He realizes that it sounds contrived, but he genuinely means that it gives him hope for civilization. Brammer feels like if you truly explore some of humanity’s biggest problems, they often have a lot to do with misaligned incentives.

Brammer is not just optimistic; he’s “deeply hopeful” about the future. He knows that it will be a “bumpy ride,” but stresses that the people in this space who are building, educating, and advocating for crypto are critical. Lastly, he urges crypto enthusiasts to keep talking to your “boomer dads” and “Luddite brothers” about Bitcoin and blockchain.

Welcome to the latest edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em review trending crypto news and try to answer the all-important question: “Is this a thing?”

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

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

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

But first, the news...

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

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

Now, on to our tribute.

The achievements of Mr. Goxx

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

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

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

Will Mr. Goxx’s legacy live on?

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

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

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

Neil and Em pay tribute to the legend

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

Neil says:

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

Em says:

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

Bottom line:

Both Neil and Em agree this is a sad news.

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

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

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

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

Meme of the week

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

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

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