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

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

Ukraine raises over $50 million in cryptocurrency

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

The world’s first NFT vending machine is here

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Bitconnect founder finally charged

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

Bank of America denies “crypto winter”

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s side are you on?

EU postpones crypto regulations vote

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

We have a consensus! Do you agree?

Bad idea of the week: BuyTheBroncos, hold your horses

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

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

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

What are your thoughts on BuyTheBroncos?

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

Meme of the week

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

And that’s our crypto news wrap-up!

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

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

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

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

JP Morgan steps into the metaverse

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Snoop Dogg creating first metaverse record label

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Salesforce employees protesting NFT plans

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

The DAO to free Julian Assange

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s side are you on?

Colorado accepting Bitcoin for state taxes

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s side are you on?

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

Meme of the week

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

And that’s our crypto news wrap-up!

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

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

See you in March!!!

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

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

Coinbase and the unconventional QR code ad

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Larry David stars in an FTX commercial

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

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

What did you think of the Larry David commercial?

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

Binance invests in Forbes

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who do you agree with?

The infamous crypto laundering couple

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

We have a consensus! Do you agree?

Russia backs off a crypto ban

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

Who’s side are you on?

Bad idea of the week: Watch out for romance scams

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

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

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

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

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

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

Neil says:

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

Em says:

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

Bottom line:

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

What do you think?

Meme of the week

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

And that’s our crypto news wrap-up!

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

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

Welcome to the February 11th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em examine the latest cryptocurrency news headlines and address the ever-relevant question: “Is this a thing?”

Bitcoin is back over $40,000, which means you may just be able to buy your Valentine one of many romantic crypto-related gifts. This week’s crypto news headlines include: Gensler wants exchanges to come to the table, the Super Bowl is selling NFTs, and job opportunities in the metaverse.

Gensler wants some cooperation

We pointed out last week that Biden was attempting to regulate Bitcoin, and that he was framing it as a national security matter. It looks like SEC Chairman Gary Gensler wants more crypto platforms to voluntarily work with the SEC to help define regulations.

Gensler isn’t exactly the cryptocurrency industry’s friend right now, so the olive branch may be a bit late. Countless crypto experts and insiders assumed Gensler would take a crypto-friendly approach to regulation since the former MIT professor has taught classes on blockchain technology in the past.

Gensler also admitted that some coins can qualify as commodity tokens, and that the SEC would work with the Commodity Futures Trading Commission to regulate those particular coins.

Should crypto exchanges consider this approach, or is it just too late to take Gensler at his word?

Neil says:

I wouldn’t trust Gensler. He’s made it clear he wants to protect investors, but it’s not like crypto exchanges will get anything out of actually meeting with the SEC. Gensler has made it clear that he wants to be the villain here, so why would anyone suddenly latch on to this olive branch?

Em says:

Everything that happens in the bureaucracy is a power play. If they can get the upper hand in controlling market players, they will. The whole point of crypto was to step outside of government control — now it’s just a battle to see who will win.

Bottom line:

Neil thinks this is a “don’t trust Gensler” thing; Em thinks it’s a power play thing.

Who do you agree with?

FTX enters Japanese markets with Liquid acquisition

It seems like every week, FTX seems to make the news. The crypto exchange made last week’s cryptocurrency headlines with its $32 billion valuation, and now it looks like FTX is aggressively pursuing Asian markets.

FTX has acquired the Japanese crypto exchange Liquid for an undisclosed sum. The acquisition is expected to close by March 2022, and Sam Bankman-Fried has been previously open in interviews about his international ambitions for FTX. The crypto billionaire has also previously stated he doesn’t believe we’re in a “crypto winter,” but that markets in general were “moving” more than usual.

FTX plans on more acquisitions, and its rise has already been meteoric. At what point should we be concerned about decentralization?

Neil says:

Yeah, I’m not going to lie – there’s something a bit disturbing about this. FTX is already massive, and they’re purchasing other large crypto exchanges. How does this not lead to more centralization? Some platforms will be more successful than others, but centralization should be a concern.

Em says:

The way companies and large endeavors are structured dictates that, as they grow and become successful, they’ll become more centralized. Only a conceptual shift can change that, and DAOs are trying to do it. Maybe with DAOs, even big companies like FTX can decentralize some day.

Bottom line:

Neil thinks this is a “stay wary” thing; Em thinks it’s a “maybe DAOs can help” thing.

Who do you agree with?

Will Florida be home to the first NFT purchase?

One of the most interesting things about blockchain technology is that it allows for tokenization. Any individual can tokenize their assets and sell them as a digital asset rather than a physical asset. It looks like a Gulfport home may just be the first home to sell as an NFT in the United States.

The house is located in Tampa Bay. The realty group is claiming that ownership of the home will be transferred in the form of an LLC, and that ownership will be transferred with the NFT. The owner hopes to “stimulate conversation” regarding real estate and blockchain technology.

The auction will be hosted by Propy, a blockchain proptech startup that was previously involved in the world’s first-ever NFT real estate transaction. The starting price is $650,000. The sale will also include a mural by a local Florida artist. Around 1,500 bidders have already lined up.

If this sale is successful, will we see a lot more U.S. homes sold as NFTs? Or is this really just a novelty thing?

Neil says:

This is one that might take a while to catch on. I think blockchain can absolutely disrupt real estate, but we also have to consider that the real estate sector has done things a certain way for a long time. Even the fact that it took THIS long for a home to be sold as an NFT in the U.S. kind of proves that. I think, for now, this will remain a novelty.

Em says:

Tokenized real estate is something people have been talking about since early NFT days. Everyone saw the possibility and the ideas of it, but the execution is only now starting to come to fruition. Hopefully, this won’t be the last time, but the beginning of the idea playing out in reality.

Bottom line:

Neil thinks it’s a novelty thing; Em thinks it’s a “just the beginning” thing.

What do you think?

The metaverse hiring spree continues

The “metaverse” buzzword gained a lot of traction in 2021, thanks especially to Facebook’s rebrand to Meta. It hasn’t exactly done wonders for Meta stock, which recently suffered its biggest one-day stock drop ever.

However, it doesn’t seem to be stopping many companies from actively hiring for the metaverse. In just the past two weeks, Nike posted five metaverse-related job positions. Disney is also recruiting for a metaverse-related business development manager position.

The hiring spree isn’t just limited to entertainment companies: fashion companies and athletic leagues and organizations are also hiring for similar positions. There are recent reports that Roblox will pay somewhere around $430,000 a year for metaverse-related positions.

Even with Meta’s recent fiasco, will we see a continued hiring spree for metaverse job positions?

Neil says:

I completely understand why people are skeptical about the metaverse, or think it’s dystopian. But it’s ridiculous to blame the metaverse for what happened with Meta. Facebook’s reputation has been terrible for a long time. The hiring spree won’t stop, and Meta is far from the only company pursuing the metaverse.

Em says:

The metaverse is going to happen. It doesn’t matter what people or the market want. When you have huge players like Meta and Disney sinking billions into it, the consumers will get on board. It just depends on whether it’s the “metaverse” that we envisioned or just another plutocracy.

Bottom line:

Neil thinks it’s a “the metaverse is bigger than Meta” thing; Em thinks it’s a “money talks” thing.

Who do you agree with?

Super Bowl NFTs are here

We know crypto companies have created Super Bowl commercials to help reach the masses, but it looks like the Super Bowl itself is interested in NFTs. This year, Super Bowl attendees will receive virtual commemorative tickets in the form of NFTs. The championship game remains one of the biggest television events in the world. Some are now referring to the Super Bowl as “The Crypto Bowl.”

This isn’t a massive surprise, considering the NFL has previously issued commemorative tickets as NFTs. Super Bowl LVI will take place in Los Angeles on February 13, 2022, between the Los Angeles Rams and the Cincinnati Bengals.

If you had to guess, what do you think these Super Bowl NFTs will be worth by this time next year?

Neil says:

Well, it doesn’t get more mainstream than the Super Bowl. I’m going to assume it will be worth more this time next year – maybe several thousand dollars each. Let’s say $3,000 each.

Em says:

I like tokenization and NFTs. Do I like Super Bowl or sports NFTs? Personally, no. Do I think, despite my salty opinions on sports, they may have value in the future… um, no. Ok, so I’m not unbiased but only time will tell.

Bottom line:

Neil thinks this is a thing; Em disagrees.

Who’s side are you on?

Bad idea of the week: Don’t drug your father

We cover unfortunate stories in the “bad idea” section, but this one is particularly horrendous. Imagine this scenario: a 24 year-old offers a cup of tea to his father. Heartwarming, right?

In this case, no. Liam Ghershony told his father he was adding an “energy boost” in the form of a white powder to the tea – but it was benzodiazepine that he added. Benzodiazepine is a form of depressant, and Ghershony purposely added it to the tea to knock him out. Why?

Well, naturally, he wanted to steal his father’s cryptocurrency. He moved $400,000 from his father’s account into an account he could control. He claims now that he did not realize the amount of benzodiazepine he had added to the tea was lethal. He claims he believed his father would wake up. He was also struggling with drug abuse at the time.

Officers eventually found Ghershony’s father on the floor, where he was unresponsive. The father spent four days recovering at the hospital. Liam Ghershony was originally charged with attempted murder, but pled guilty to felony assault. Thanks to his parents’ wishes, Liam only spent 125 days in jail and also underwent two months of residential drug and mental health treatment.

There’s nothing much to say here: don’t drug your dad and try to steal his cryptocurrency.

Neil says:

Wow. Yeah, this story is pretty astonishing… I understand we are changing the way we think about drug addiction, but the fact that he didn’t go to jail for a long time is kind of crazy to me. Just a depressing situation, all around.

Em says:

Yikes!!! People will get up to some crazy hijinks and this is definitely an example of that. I can’t imagine a scenario where that would be worth it, even if you succeeded. Everyone please protect your keys and get a poison taster.

What do you think?

Meme of the week

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

And that’s our cryptocurrency weekly wrap-up!

Who are you rooting for in the Super Bowl, or are you more looking forward to Valentine’s Day? Do you feel like the markets are finally rebounding out of crypto winter now that Bitcoin is back over $40K?

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

Welcome to the February 4, 2022 edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em take on the latest cryptocurrency news headlines and answer the always-important question: “Is this a thing?”

It’s almost Valentine’s Day, which should warm your heart, but the financial markets are still ice cold. Hopefully you’re spending more time researching if you’re spending less time trading (we certainly don’t blame you!) This week’s crypto news headlines include: Biden pushing for more crypto regulation, a DAO wanting to start a fast food franchise, India planning on taxing crypto at 30%, and more.

Biden wants crypto regulation

The Biden administration is more interested than ever in cryptocurrency regulation, especially given recent volatility in the crypto markets. The word is that Biden wants to sign an executive order in February to regulate Bitcoin, framed as a matter of “national security.”

The administration reportedly wants to frame the regulation in a number of ways: claiming that crypto makes it harder to tax wealthy people, arguing that crypto hurts the dollar, and also pointing out that there is a legal “grey area” when it comes to DAOs.

Is this going to be a good or bad thing for the markets?

Neil says:

I can obviously understand why the government is trying to regulate crypto (to control it), and the bear market doesn’t make things any easier. I think a lot of people associate crypto with wealth, and the American public doesn’t like wealthy people right now. The White House claims it would have a central role when it comes to regulation – but how much can they really control? Even countries that banned crypto are home to millions of crypto traders. The real question is: will there be concrete regulation, instead of everyone always wondering about regulation?

Em says:

Of course the government is going to try to regulate crypto. It tries to regulate everything. It’s a hammer and everything is a nail. But, to me, It doesn’t matter whether this is good or bad. Politicians don’t understand the cryptosphere well enough to regulate well, even if they want to.

Bottom line:

Neil thinks this is more of a “wait and see” thing, Em thinks it’s more of a “politicians are too dumb” thing.

Who do you agree with?

Legendary heirs enter the NFT space

With the NFT boom of 2021 behind us, many experts and analysts expected that more corporations would enter the NFT sector now that there are billions of dollars at play. Of course, it also means that more high-profile artists want to get in on the NFT action – even if they are technically no longer physically with us today.

Some of the most legendary artists of all time have left behind memorabilia – and some heirs are looking to turn that memorabilia into NFTs. Julian Lennon, the son of John Lennon, will be auctioning off some of his father’s private collection as NFTs. The items include “Beatles iconography” and “personal items.” It includes the Afghan coat that John Lennon wore for the Magical Mystery Tour, a Beatles TV special.

Lennon isn’t alone! The heirs of Pablo Picasso will also be auctioning off 1,010 digital art pieces of one of his ceramic works that has never been seen publicly. Marino Picasso, the granddaughter of Pablo Picasso, is spearheading the project. Florian Picasso, Pablo’s great-grandson, claims that this would “build a bridge between the NFT world and the fine art world.”

Does this add more credibility to the NFT space, or does it just look like heirs cashing in because they realize the money they can make?

Neil says:

I do think this is a major deal, and pretty big crypto news. There have been some incredible NFT artists that have emerged, but Picasso art and Lennon memorabilia offer a different level of credibility. Obviously, they’re going to make a lot of money – but I do think that those kinds of names are held at a certain status, and they matter.

Em says:

Wait…John Lennon has a son? I legit didn’t know that. But I guess, get your profits, guy. Why not? Everyone else is taking advantage of the NFT cash cow these days. I can’t say that I would ever buy physical Beatles memorabilia, but I’m sure there’s a market for NFTs.

Bottom line:

Neil thinks this is a thing, Em doesn’t care that much.

Who do you agree with?

FTX valued at $32 billion

Even with a lot of negative cryptocurrency news headlines out there, it looks like Sam Bankman-Fried simply cannot lose. The billionaire’s crypto exchange has recently been valued at a staggering $32 billion, proving that investors are behind FTX despite the recent bear market. This happened thanks to a recent $400 million in Series C funding.

The valuation is $7 billion more than FTX’s valuation in October 2021. Incredibly, this means that FTX is now worth more than the Nasdaq exchange and Twitter. Bankman-Fried has said repeatedly that he believes 2022 will be a year where FTX forges new partnerships and enters new

FTX continues to succeed. Is this proof that investors are still behind crypto despite the bear market, or is this more of a “FTX is an exception” thing?

Neil says:

Honestly – this is really just a testament to Sam Bankman-Fried. There will always be success during bear cycles, but what he’s doing with FTX seems to be unprecedented. I think FTX is the exception here.

Em says:

I think this is a good omen for crypto. Even during a down market, the major players are still thriving, getting eyeballs, and getting new adopters. I definitely saw crypto.com ads during the division championship football games and probably we will during the superbowl. Keep hyping.

Bottom line:

Neil thinks this is an FTX thing, Em thinks it’s a crypto thing.

What do you think?

Will we see a fast-food DAO?

We’ve seen more DAOs rise up than ever before, and some of them haven’t exactly been PR home runs. There was the DAO that tried to purchase a copy of the Constitution and failed, and the Dune DAO that didn’t seem to understand the concept of intellectual property.

FriesDAO wants to raise $9.69 million dollars to start a real-world fast food franchise. Those who invest can potentially influence how operating revenue is spent, given the fact that the tokens will act as governance tokens. Token holders will not get ownership rights, however. Brett Beller, co-founder of the alcohol delivery startup Drizly, points out that this is because of the way “the SEC has actually laid things out.”

It is unclear what fast-food restaurant that the DAO will purchase, but around $1.3 million in USDC has been raised within 2 days of the whitelist sale.

Does this idea make sense, and do you think it has a good chance of succeeding?

Neil says:

See, this is the kind of thing that I can get behind. Golf clubs, exclusive NFT restaurants…those are cool, but why not try to do something that everyone can participate in? Plenty of crypto enthusiasts can easily support the business without breaking the bank, too. I’m a fan of this idea: it’s more realistic than most.

Em says:

I think we’re kind of throwing mud at the wall with DAOs for now. Not to say any of these are bad ideas or definitely won’t work. We just don’t know exactly how best to utilize DOAs yet or what their future looks like. This is a time of experimentation and I’m fine with it.

Bottom line:

Neil thinks this is a down to earth DAO thing, Em thinks it’s an “everyone’s experimenting” thing.

Who do you agree with?

India wants to regulate crypto finally?

There has been a lot of discussion about the fact that two of the biggest and most powerful countries in the world, China and India, haven’t been too keen on crypto whatsoever. There have been rumors swirling that India would ban cryptocurrency for years.

There is some new crypto news that most enthusiasts can get behind: instead of banning crypto, India is looking to tax crypto at 30%. Also, India’s central bank will be launching a digital rupee by 2023, although details are scarce.

The announcements were made by India’s Finance Minister, Nirmala Sitharaman. Interestingly enough, her speech did not include the words “crypto” or “cryptocurrency.” Instead, the phrase “virtual digital asset” was used. Regardless, there’s no question that the cryptocurrency sector is booming in India, whether the government likes it or not.

Is the tax too high? Should we take India at its word, given the fact that they’ve seemed to reverse so much on this issue?

Neil says:

I think this is pretty good news. Yes, India might always “reverse their stance” technically, but this is a LOT better than a ban. More people in India are interested in crypto than ever before, and a 30% tax isn’t THAT far off a standard capital gains tax. I’d say this is a thing – a good one.

Em says:

Crypto was invented to sidestep government fiat currencies and escape monopolistic monetary systems. Of course governments want to tax it, but honestly I think it’s ridiculous. It’s not for anyone’s protection except the central banks and potential CBDCs in the future.

Bottom line:

Neil thinks this is a good thing, Em thinks it’s a ridiculous thing.

Who’s side are you on?

Bad idea of the week: Facebook’s Diem dreams are over

Zuckerberg’s crypto dreams are officially done for.

The Meta-backed Diem, many thought, would be a gamechanger. Meta owns Instagram and Whatsapp, and plenty of analysts$ thought that developing a cryptocurrency was the logical next step. Now, Diem has been sold to Silvergate Capital, a crypto bank, for $182 million dollars. The Diem was meant to be a stablecoin alternative, and was first rolled out in 2019.

How did this happen? You’re a social media platform with BILLIONS of users, and those users usually interact with their friends and family. It’s easy to see why Facebook was interested in developing a crypto, but was it doomed from the start because regulators would never allow it?

If you’re Jack Dorsey, the answer is simple. Zuckerberg was too busy trying to create his own cryptocurrency rather than embrace Bitcoin. The project was plagued not only by regulatory troubles, but there was also lots of internal conflict at Diem.

Should we pour out a little liquor for Diem?

Neil says:

I know that a lot of people think that this was doomed from the start, but it’s actually surprising to see someone with the money and power that Zuckerberg has, not be able to pull off their cryptocurrency dreams. It’s obviously a good sign for crypto enthusiasts who prioritize decentralization.

Em says:

We knew it was coming. This project has been struggling for years. There was no way regulators in the US were going to roll over and let Libra grab the market share of digital currency adoption before the government could roll out a CBDC. Unacceptable!!

Bottom line:

Both Neil and Em agree that Zuck was out of his league on this one.

What do you think?

Meme of the week

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

And those are our cryptocurrency news headlines!

What fast food restaurant do you hope that FriesDAO purchases? Will you bid on the Picasso or Lennon NFTs? How much do you think that Biden will try to tax crypto profits, or do you not have any profits to tax (we get it, it’s been a rough couple of months)?

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

Oh and if you’re still looking for gift ideas for your crypto valentine, check out our crypto gift giving guide: from personal mining rigs to crypto swag, there’s something for everyone!

In episode ten of the Uncensored Crypto docuseries, Michael Hearne sits down with crypto experts to discuss how beginners can get started in cryptocurrency and tell which projects are worth investing in.

The docuseries as a whole discusses how censorship is used to hide the benefits of cryptocurrency, blockchain, and decentralized systems from people looking for digital sovereignty and financial freedom. It also covers how crypto can completely change the traditional centralized systems as we currently know them.

The tenth episode looks at a key way to make this happen: how to get more people involved in crypto, especially those who are new and might be hesitant to invest. Crypto experts share their best advice for newbies so they can enter the world of crypto confidently and knowledgeably.

Recap of topics covered in episode 10 of Uncensored Crypto

Getting started in crypto

“Just go invest your first 20, 50, 100 dollars, and buy a little bit of Bitcoin. That’s your first step. And from there, that begins your process of your education, so that you can make informed decisions for yourself, and once you take the first step, the second step kind of comes naturally. Along the third, and then down the rabbit hole you go. But that’s an easy way to do it. Most people get stuck because they’re like, ‘Wow, I don’t know what to do.’ It is that simple. You just make your first baby step.” – Brock Pierce

Cryptocurrency is far from mainstream yet, so many people are still confused by what exactly it is. While many people have heard the words “crypto” and “Bitcoin,” they don’t really understand what they mean. And that’s before you get into other terms in the crypto world like blockchain, centralized and decentralized exchanges, and dApps.

It’s easy for anyone thinking of getting started in crypto to quickly become overwhelmed. Uncensored Crypto explores the best way for someone to start their crypto journey. Many crypto experts agree that a good strategy is to start slow and only invest what you can afford to lose, as you would with a regular investment.

Uncensored Crypto proves that crypto doesn’t have to be complicated, and you don’t have to be computer-savvy to understand it, either. Taking the simple step of investing just $20 will help set you on the path to keep learning more about it.

Evaluating crypto projects

“So I think community is very important because no matter how great the project is, no matter what real world problem it solves, and I think that’s another thing you have to look at, what’s the real world problem that this solves? What’s the market for it? But no matter how big that is, if they don’t have interest in the actual token or the coin from people within the community that are going to be buying it, then it doesn’t matter. It’s going to go nowhere. It’s going to sit at a stalemate and not move. And if you’re doing it for investment purposes, then you really want, again, you want that particular coin to move.” – Cecil Robles

Once you’ve decided to take the plunge into crypto, you face the next step: how do you decide what to invest in? With thousands of cryptos out there, how can you possibly tell which ones are worth it? How can you know which ones will be the next Bitcoin?

According to the crypto experts in Uncensored Crypto, there is no easy answer. Instead, it will take some research on your part to find which projects speak to you. Read the project’s whitepaper and learn what problem the team behind it is trying to solve. Are there competitors doing something similar? What makes this project stand apart from the competition.

But in the end, as Robles points out above, a crypto project should have a vibrant community behind it. The team should be actively interacting with them on social media. Seeing that others are so devoted to the project’s success shows that it has a lot of momentum behind it.

Investing and trading crypto

“So this is the kind of thinking that leads to people missing out on the gains, when you think that you’re already too late. A lot of us already have that thought all the time. ‘Oh, something’s already done a five X. I’m too late to invest in that,’ when in reality, no, it’s just getting started. And now you have the start of the momentum and you have validation that this is a good investment. I think looking at crypto as a whole, no, we’re still very early, even with Bitcoin.” – Alex Benfield

You’ve likely heard of the people who invested in Bitcoin early on and are now millionaires. If you’re new to the crypto world, you might want to invest in crypto with the same goal in mind: strike it rich.

But considering that Bitcoin is now valued at around $47,000 per coin, it can seem like you’re already too late. Well, the experts in Uncensored Crypto reassure would-be crypto investors that it’s actually not too late, and you should get started now rather than wait any longer.

Crypto is still very much in its early stages and is still not considered mainstream. While you realistically might not become a millionaire, it’s a good idea to buy and hold now before regulations, institutional investors, and retail investors jump on board.

What does the future look like for getting started and investing in crypto?

Is it worth getting started in crypto?

It’s safe to say that 2021 was a big year for the crypto market. During this bull market, investors saw the price of Bitcoin climb as high as $69,000. Ethereum peaked at $4,800, and new projects like Solana and Avalanche quickly grew and made it into the top 10 largest cryptocurrencies by market cap.

Bitcoin also saw some significant institutional adoption by countries like El Salvador and Zimbabwe, and was embraced by politicians in the U.S. like Miami mayor Francis Suarez and New York mayor Eric Adams.

Also, some new projects made partnerships with traditional institutions, like Avalanche’s partnership with Deloitte. And other crypto-related projects that were covered in the Uncensored Crypto docuseries saw explosive growth, like NFTs, web3, and DeFi projects.

All this to say, now is a great time to start investing in cryptocurrency! It’s not too late to miss out on making a good return on your investment, and not too early that the market is hard to navigate.

There are tons of beginner-friendly places out there to start investing, like Coinbase, Binance, or Gemini. And many simple hot wallets, like the Exodus or Trust wallets.

Currently, it’s estimated that around 23% of Americans invest in cryptocurrency, which is a considerable jump from the 8% in 2018.

And given the enthusiasm behind blockchain, the metaverse, and NFTs, it seems likely that more people, tech companies, retailers, and other institutions will be jumping on the bandwagon in the future.

Future of investing in crypto

In 2021, crypto investments increased 36% from 2020, for a total value of $9.3 billion. By late 2021, the total value of the crypto market reached $3.3 trillion.

This shows that investing in crypto has become a major industry and is only likely to keep growing in the future.

If the Uncensored Crypto docuseries shows anything, it’s that the crypto market as a whole is still new and is only getting bigger in the future.

As the docuseries explores, crypto and blockchain technology have the potential to revolutionize the current financial system as we know it.

Centralized exchanges like Coinbase have seen a huge jump in membership, with a growth of 56 million users and a total valuation of $65 billion in 2021.

As mentioned above, now more than ever there are many great places for newbies to start if they want to begin investing.

Of course, crypto enthusiasts won’t hesitate to tell you that you should jump on board now. However, you might hear from mainstream financial experts that it’s too risky and isn’t worth it. The truth is likely somewhere in the middle.

It’s true that cryptocurrency is notoriously volatile. And if you’re not careful with where or what you invest in, you could risk your money. But this doesn’t make crypto a bad investment.

While crypto has been around for a relatively short amount of time, given its long-term trajectory, it’s clear that holding it as a long-term investment can pay off for any investor.

Established projects like Bitcoin and Ethereum are safe choices, but there are many newer projects that show potential. Just remember, one way that crypto differs from traditional investing is that anyone can create their own coin.

So if you’re looking to invest in newer projects, be sure to do your research and never put all your eggs in one basket. Like investing in anything, diversity is usually best. And if you follow basic security protocols to keep your investments secure, you can have a safe, positive crypto investing experience.

When I started my journey to learn crypto back in November 2021, I knew absolutely nothing about the world I was entering. I was a complete crypto newbie, and while I heard of things like Bitcoin and Dogecoin before, I never really paid much attention.

But as I began my journey, I quickly started to learn about crypto, decentralization, and blockchain technology. Over seven weeks, I began researching projects to invest in, exploring wallets and exchanges, and made my first official investment.

Now that it’s been a month since I wrapped up my journey, what are my investments looking like? Did a hodl through the “January reckoning”? Have I changed up my investment strategy?

What I learned from the crypto market crash

2021 was an overall great year for crypto. But by the end of the year, the crypto market crashed.

Bitcoin had reached an all-time high of $69,000, but it is now around $43,000 at the time of this writing. Many other crypto projects similarly lost value during this crash, including those I invested in.

I chose to invest in a couple of projects around November 2021 when they were climbing in value, and they’re still currently worth less than I bought them at.

I remember thinking that one project in particular I wanted to invest in was going up in value every day, so I needed to invest sooner rather than later instead of waiting. If I had only been more patient, I could have invested at a much lower price than I did.

Source: Photo by Executium on Unsplash

Did I hodl?

So, did the “January reckoning” scare me away? Did I sell off my investments, or am I continuing to hodl?

Don’t worry, I haven’t given up that easily! I am definitely continuing to hodl.

If there was one takeaway I learned from all my research to learn crypto, it’s that the market is volatile.

So with that in mind, and considering the long-term, upward trend of the crypto projects I invested in, I plan to keep holding on.

I’ve only had these investments for a little less than two months, so I’m eager to keep hanging on and see what 2022 has in store for these projects and the crypto world as a whole.

Overall, I don’t regret the investments I chose. I am still interested in these projects and the potential of the technology behind them.

Do I have a new investment strategy?

As far as my investment strategy, I am also keeping that the same. I am maintaining a long-term outlook and don’t plan to sell my investments until years down the road.

When I first invested, I checked my Coinbase account multiple times per day to see the market changes– mostly because of beginner excitement.

But now, I don’t check my account nearly as often, maybe just once per week.

I also have not added any new investments yet or tried any new wallets or exchanges. While I don’t plan on investing a large amount of my money, there are some projects that I’m considering investing in.

Source: Photo by Executium on Unsplash

What will I do next on my journey to learn crypto?

There are other cryptos I’ve been thinking about adding to my portfolio to make it more diversified, but I haven’t done so yet. The top three crypto projects I’m considering investing in right now are:

Ethereum
Polkadot
Cardano
Cosmos

I’m also thinking of buying more of the same crypto I already have while the price remains low, or “buying the dip.” Check out my post on managing my portfolio to see which projects I am currently investing in.

Overall, I am still taking my journey to learn crypto slowly and making sure to do my research before I invest in something new. There’s still a lot for me to learn as a crypto newbie, but I’m still having fun while doing so!

In the Uncensored Crypto docuseries, Michael Hearne sits down with crypto experts to discuss some of the hottest topics in the crypto world. The overarching theme of the docuseries is to show how mainstream media and institutions censor information about crypto.

This censorship hides the benefits of cryptocurrency, blockchain, and decentralized finance systems (DeFi) from people looking for digital sovereignty and financial freedom. The docuseries also covers how crypto can completely change the traditional centralized systems as we currently know them.

Looking for a quick recap of each episode? We’ve got you covered with the main themes of all 9 episodes, and the bonus episode!

Episode 1: Introducing Uncensored Crypto

“It is absolutely mind-boggling that a technology has emerged that can actually transform society in multiple dimensions in a way that has never been possible since the emergence of mankind.” -Martin Weiss, Founder of Weiss Ratings

Top themes covered:

How crypto can change people’s financial future
How blockchain can protect peoples’ digital identity
Fighting against surveillance capitalism
DeFi vs. traditional banks

The first episode of the Uncensored Crypto docuseries kicks off by giving an overview of cryptocurrency, blockchain technology, and how both can completely change the current financial system.

It shows that blockchain technology can be a tool to help protect peoples’ digital identities, fight against Big Tech and social media surveillance, and give financial power to the people rather than concentrating it in the hands of powerful banks. Finally, the episode explores how DeFi offers people more control over crucial financial tools, like loans, that they otherwise might not have access to.

**Episode 2: Blockchain, bitcoin, Ethereum, sh*thcoins**

“Anything that’s not Bitcoin, in my opinion, is pretty much a s*itcoin. Now, can you make money on that? Absolutely […] and I think they’ll be around forever, but they aren’t good stores of value.” – Josh Malinkovich, student and CTO of Bitcombine

Top themes covered:

Mass adoption of crypto
Bitcoin maximalists
Ethereum vs. Bitcoin
Are altcoins worth investing in?
Is it too late to invest in Bitcoin?

In the next episode, the docuseries examines Bitcoin. It presents the famous coin from two perspectives: Bitcoin maximalists who believe it is the only cryptocurrency worth giving any attention to, and other experts who believe the future lies with Ethereum and altcoins.

The episode also looks at the common myth of people who think they’re too late to invest in major cryptos like Bitcoin and Ethereum. Uncensored Crypto makes the case that this belief couldn’t be further from the truth.

Episode 3: Decentralization, web3, DAOs

“There’s no Fed. There’s no bureaucrats. There’s no politicians. There’s no interest rate manipulators. It’s really just us and the code and our own assets. Where the role that exchanges play in the ecosystem is that they let you trade between assets.” -Alan Van Taoi, THORChain and creator of RUNEBase.org

Top themes covered:

Decentralization
Web3
Decentralized exchanges
A system without trust and governance
Decentralized autonomous organizations (DAOs)

Next, Uncensored Crypto examines how almost everything in our current system is centralized, and that decentralization could give more power to the people. This is because there is no longer a need for trust in a decentralized system, so you don’t have to place all your trust in a government or corporation.

Then, DAOs and decentralized exchanges are examined as alternatives to centralized companies and banks. Lastly, the episode gets into Web3 and how it would change the internet as we currently know it by introducing a decentralized internet.

Episode 4: NFTs, tokenization, AI, metaverse

“Right now, all the AI progress is made by these large tech companies like Google, Facebook, Microsoft […] That’s why I think, on a high level, blockchain, crypto, or Web 3.0 can help mitigate the negative effect of that by decentralizing the storage of the data, so these platforms have less leverage against individuals or small organizations.” -Jerry Tang

Top themes covered:

NFTs
Tokenization
Artificial intelligence
Metaverse

Episode four gets into NFTs and tokenization. It shows how the process of tokenization can be applied to many different industries, such as real estate and supply chain logistics. It then turns to the harms of AI being concentrated in powerful centralized corporations, and how a decentralized web can help mitigate that harm.

It wraps up by looking at the metaverse, crypto’s role in it, and how it will be a more immersive, 3D experience of the web that we currently use.

Episode 5: DeFi, staking, lending

“The little guy doesn’t need a third party to give them permission to do anything now. You have your own financial sovereignty. You have access to investments that typically have only been held out for accredited investors and institutions.” -Alex Benfield, Crypto Analyst at Weiss Research

Top themes covered:

DeFi market
Impact of blockchain on the financial system
Crypto staking and lending
Risks in DeFi

In the fifth episode, Uncensored Crypto looks at the world of DeFi, which has been quickly growing as crypto and blockchain technology develop. The crypto experts explain what DeFi is and how it can help bring financial services to those who don’t have access to them or traditional banks.

It explains some financial services you can access with cryptocurrencies, such as crypto staking and crypto lending. Then, it wraps up by mentioning that because DeFi is still relatively new, it can carry some risks to those who aren’t careful.

Episode 6: Sovereignty, censorship, and privacy

“I think if we want to take back our human sovereignty, we have to first take back our attention and we have to first take back our data and our usage on the internet. And I think the first way to do that is to really introduce the idea that Bitcoin allows for financial sovereignty, Lightning allows for database sovereignty within a social network.” – Justin Rezvani

Top themes covered:

Digital sovereignty
Data ownership
Censorship and cancel culture
Privacy and security

This episode of Uncensored Crypto addresses some of the overarching themes of the series. It begins by going over the idea of sovereignty and how decentralization and web3 can help online users take some control over their digital lives away from Big Data.

Then, it looks at how giving people direct control over their digital data can give them a new form of income. Finally, it examines how web3 and decentralization can help fight against censorship and cancel culture by taking power away from Big Tech.

Episode 7: Banks, remittance, the federal reserve, and crypto as a store of value

“With crypto, we’re seeing an entire new generation becoming asset owners. For the first time ever, you’re seeing an 18-year-old actually own something, as opposed to paying for it as a service, as we’ve seen. The whole banking sector, it’s ripe to be completely decentralized, and there’s going to be a lot of pain. It’s not going to go quietly.” – Brian Rose

Top themes covered:

How stablecoins threaten banks
DeFi powering services that banks don’t provide
Using the blockchain for more control over your digital identity
Crypto as a store of value

Next, the docuseries takes an in-depth look at how blockchain technology and DeFi could threaten traditional banking institutions. The episode talks about how banks both embrace crypto and blockchain and fight against it and the change it brings.

It explores how DeFi provides services that regular banks don’t, and how banks can be motivated by profit while DeFi is not. Lastly, it looks at how blockchain can give you greater control over your digital life and how cryptocurrency acts as a unique store of value compared to fiat currency.

Episode 8: Regulations and black markets

“And so getting this regulatory clarity is going to be sort of a painful growth cycle that we’re going to need to go through as an industry. But I think the other side of that is going to lead us to a much larger market of potential end-users and people that are benefiting from blockchain-based systems than were in the past.” – Justin Newton

Top themes covered:

Lack of official regulation so far
Regulations as a way to control the industry
Black markets
Crypto scams

In episode eight, Uncensored Crypto looks at a major topic in the crypto industry: government regulation. The docuseries makes the case that even though the goal of DeFi is to remain an alternative system outside of government control, the future will likely bring some sort of regulation to the industry.

The episode also looks at crypto’s role in black markets and crypto scams. It points out that many other industries have scams, so blockchain and cryptocurrency aren’t unique in that regard, even though they are more unregulated.

Episode 9: Mining and renewable energy

“In the US, we generate four terawatt-hours of electricity. We lose 200 to 300 gigawatts of electricity per hour just through friction in the transmission lines. All of the Bitcoin miners in the US use less than 200 gigawatts of electricity. So we’re just using energy that otherwise would be wasted. Over time, Bitcoin mining becomes more and more energy efficient.” – Fred Thiel

Top themes covered:

Accessibility of crypto mining
Energy waste applications
Energy consumption
Renewable energy

In episode nine, Uncensored Crypto looks at how the crypto mining industry has grown and how large corporations have overtaken Bitcoin mining. Then, the docuseries explores the unique ways some businesses use energy waste from crypto mining.

It also presents arguments from crypto experts who make the case that mining may not consume as much energy as most people think and that it can even accelerate the adoption of renewable energy.

Episode 10: Getting started in crypto, evaluating projects, investing/trading

“So this is the kind of thinking that leads to people missing out on the gains when you think that you’re already too late. A lot of us already have that thought all the time. ‘Oh, something’s already done a five X. I’m too late to invest in that,’ when in reality, no, it’s just getting started […] I think looking at crypto as a whole, no, we’re still very early, even with Bitcoin.” – Alex Benfield

Top themes covered:

Getting started in crypto
Evaluating crypto projects
Investing and trading crypto

The last episode of the docuseries is aimed at crypto newbies looking to get started in crypto. Uncensored Crypto shows that cryptocurrency doesn’t have to be complicated. Taking the simple step of investing just $20 will help set you on the path to keep learning more about it.

The episode also gives tips for evaluating which projects are worth investing in and addresses the common myth that it’s too late to invest in Bitcoin or Ethereum.

What are some major takeaways from Uncensored Crypto?

Future of bitcoin

One key takeaway from the docuseries is about Bitcoin’s future. Some in the cryptocurrency space view Bitcoin as outdated, especially considering that there are blockchain platforms out there that offer faster transaction times, better scalability, and lower fees.

However, Bitcoin supporters point towards a healthy future for the original crypto. As mentioned throughout Uncensored Crypto, Bitcoin is currently seeing the most institutional adoption by countries worldwide and is being embraced by politicians.

In 2021, El Salvador announced they would accept the crypto as official legal tender and began working to create a Bitcoin City powered by the natural geothermal energy of its volcanoes.

In the US, Miami mayor Francis Suarez and New York mayor Eric Adams have announced their support for Bitcoin, with plans to take their paychecks in the crypto and turn their cities into hot spots for the crypto industry.

However, the possibility of new regulations in the crypto industry could impact its future, and some countries such as China have already banned the use of Bitcoin altogether. Another concern is Bitcoin’s environmental impact, which is why Tesla stopped accepting it as payment in 2021.

While Bitcoin is still relatively young, the fact that it has been around so long and seen so much growth, especially in 2021 when it reached a peak of $69,000, shows that there’s still more to come for the king of crypto.

Future of investing in crypto

Another top takeaway is that the crypto industry is still young, and it’s the perfect time to start investing. In 2021, crypto investments increased 36% from 2020, for a total value of $9.3 billion. By late 2021, the total value of the crypto market reached $3.3 trillion.

As the docuseries explores, cryptocurrency and blockchain technology have the potential to decentralize the current financial system so that individuals have more direct control over their finances.

Centralized exchanges like Coinbase, which are great places for beginners to start investing, have seen a considerable jump in membership, with a growth of 56 million users and a total valuation of $65 billion in 2021.

Crypto has been around for a relatively short amount of time. But given its long-term trajectory and the potential applications of its technology in the future explored in the docuseries, it’s clear that holding it as a long-term investment can pay off for any investor.

Hopefully, Uncensored Crypto has given you the information you need to make informed decisions about investing in crypto. If the docuseries shows anything, the industry is just getting started and its future is bright.

Welcome to the January 28, 2022 edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em take on the hottest cryptocurrency headlines and answer the question of the week: “Is this a thing?”

It’s starting to look like “crypto winter” might extend into February.

Our weekly crypto news wrap-up is stacked: we talk about how cryptocurrency markets have wiped out over a trillion dollars in value, Twitter launching NFT profiles, the unfortunate Crypto.com hack, and more.

The crypto.com hack

In a previous weekly crypto news wrap-up, our “bad idea” was the fact that Matt Damon’s Crypto.com ad didn’t make the impact that the company had hoped.

Now it looks like the company may have much bigger issues worth millions of dollars.

Crypto.com admitted that a hack took place on January 17th, where unauthorized crypto withdrawals totaled over $30 million. 483 users were affected, but the company has stated that all customers were reimbursed for their losses.

How bad is this for Crypto.com, or is this just something that crypto critics are exaggerating?

Neil says:

Yeah, this isn’t good. Crypto.com probably has the most aggressive marketing campaign in the cryptocurrency sector right now, with the Staples Center naming rights deal and the Matt Damon ad. This is a pretty bad look, but the good news is everyone was reimbursed.

Em says:

The only thing I can really say about this is that it seems like everyone (including myself) can never hear this lesson too many times: self-custody your crypto! Please everyone, take security seriously. :’(

Bottom line:

Both Neil and Em agree this is a thing.

We have a consensus! Do you agree?

Twitter rolls our NFT profile pictures

The NFT boom of 2021 is continuing into 2022, with NFT sales remaining strong even amidst the overall cryptocurrency market slump. Now, there are more NFT artists and NFT companies than ever before.

What about those who want to “flex” on social media with the verified NFTs that they own?

You can now set an NFT as your profile picture, thanks to a partnership between Twitter and OpenSea. It’s good timing when you consider that the NFT boom seems to be ever-growing, and your profile picture will be changed to a hexagonal representation of your chosen NFT. The feature is being marketed as a perk of Twitter Blue, the company’s new premium service.

It’s not that surprising that Twitter is embracing NFTs, especially given that Jack Dorsey is pretty vocal about being a pro-crypto billionaire. Elon Musk has criticized the feature, calling it “annoying.” Others have pointed out that the NFT profile pic feature seems to work even for NFTs that aren’t verified.

Twitter is one place where there seems to be more NFT criticism than anywhere else. Is this feature good, or will it just end up being a fad, or mocked mercilessly?

Neil says:

This isn’t going to be a “thing.” People who are not fans of NFTs are already creating hexagonal profile pics to try and fool people, and this seems more like a status thing than a mass adoption thing. I think this will be made fun of more than utilized.

Em says:

This is the kind of stuff we can expect to happen as adoption grows and the big players realize what they’re dealing with. Web3 isn’t perfect yet, and there are certainly conflicting narratives about how realistic it is, but this is part of the path to legitimacy… if we’re going to reach it.

Bottom line:

Neil thinks this isn’t a thing, and (no surprise) Em disagrees.

Who do you agree with?

Robinhood rolls out crypto wallets

There are several companies that are critical for cryptocurrency mass adoption, and many believe that Robinhood is one of those companies. The company has marketed itself as a millennial/Gen Z-friendly trading and investing app, and boasts around 18 million monthly active users.

Robinhood started rolling out crypto wallets, and there are reportedly over 1.6 million users on the waitlist.

As of right now, only 1,000 customers have access to the beta version of the crypto wallet. This could be much-needed good news for the company, which recently traded at all-time lows. And the company’s reputation has been tarnished a few times over the past two years.

How does this help in terms of mass adoption?

Neil says:

They’ve been talking about this for a long, long time. Robinhood’s reputation has suffered recently, sure, but at the end of the day, this is a big hit with younger investors (just look at the waitlist) which is difficult for finance/investing apps to accomplish. I think this helps.

Em says:

After the whole GameStop fiasco, I don’t know how many decentrally-minded crypto enthusiasts are bullish on Robinhood. I, for one, don’t really trust them. Their crypto options until now have been unattractive to boot. Can they redeem themselves? Idk, time will tell.

Bottom line:

Neil thinks this is a thing, Em disagrees and won’t be switching to Robinhood anytime soon.

What do you think? Is this another Robinhood disaster in the making?

Crypto crash erases over $1 trillion in value

Look, let’s be honest: cryptocurrency markets aren’t doing well right now. Let’s not forget though: the financial markets cycle and the traditional stock market is a great mirror to what is happening in crypto right now.

Both Bitcoin and Ethereum have fallen to 6-month lows, and many average crypto investors are wondering whether “buying the dip” is really the best strategy right now. Believe it or not, over $1 trillion in value has been erased from the crypto markets.

Is this a typical “crypto winter” and will things pick up in the next couple of months as the financial cycle continues cycling back to business as usual?

There is now word that President Biden will be issuing an executive order focused on cryptocurrencies and evaluating their associated risks, and it could be released as early as February 2022. A lot of crypto predictions might be aging pretty badly right now, but is it something to be REALLY worried about long-term?

There’s no way to get around it: this is obviously bad news for the cryptocurrency markets.

Neil says:

We’ve seen this before! Cryptocurrency is volatile. If we want historic bull runs, then we’re going to have to deal with corrections from time to time. I don’t think this is something to be concerned about long-term. Yeah, it’s bad, but the question is whether anyone remembers this “correction” 5 years from now.

Em says:

Oooooof. Yeah, this is a painful correction. I don’t think anyone would deny it. That being said, however……..BUY THE F*CKING DIP.

Bottom line:

Both Neil and Em think this a “thing,” but that it’s also just part of the crypto/stock market cycles.

We (sort-of) have a consensus? What do you think?

Meta and Instagram (and now YouTube) may launch NFT marketplaces

As mentioned earlier, we already know that Twitter wants to embrace NFTs. However, it looks like other social media platforms have the same idea. Both Meta and Instagram (owned by Meta) are reportedly interested in launching an NFT marketplace.

The sources aren’t named, but Meta is reportedly looking to challenge OpenSea, the largest NFT marketplace in the world. Meta’s digital wallet, Novi, will likely play a role if the marketplace is launched.

That’s not all—it looks like YouTube is now interested, as well.

But with their recent decision to cut off their native creators, it’s not clear if YouTube has the time (or PR budget! ha) to take on another roll-out. Plus, given the fact that Facebook and Instagram are home to many cryptocurrency scams, some NFT artists don’t trust these platforms at all.

Is this good news, or will this just lead to Meta (formerly Facebook) being more powerful?

Neil says:

This is a tough one — so many crypto enthusiasts argue for decentralization, and argue that tech companies have too much power. I do think that there are plenty of NFT marketplaces out here that have a BIG head start, and honestly, I’m wary about this.

Em says:

Like the Twitter NFT play, this is probably good for adoption in the long run, even if it’s kind of *eyeroll* in the short run. Companies and brands know if they don’t make a play, they’ll lose out. It’s just a question of whether any of them will do it right.

Bottom line:

Neil thinks this is a “we should be wary” thing, Em thinks it’s a “I hope they do it the right way” thing.

No consensus! Which side are you on?

Bad idea of the week: Paris DR. TRIES to sell a X-ray NFT

Oh dear. In Decentral’s weekly crypto news wrap-up, we’ve examined a lot of bad ideas. We painfully read all about these bad ideas, discuss them, and then work hard to explain why we think they are bad ideas, or how it might be a bad look for the cryptocurrency industry in general.

I have to say: this might take the cake (so far).

A senior surgeon at a Paris hospital decided to sell a patient’s X-ray as an NFT.

Yes, you read that right.

A senior surgeon – which is a licensed medical professional sworn to an oath to act in the best interests of the patient – thought it was a good idea to sell a patient’s X-ray… online… without their permission… as an NFT.

Obviously, Mr. Masmejean is now facing legal action and possible misconduct charges. The patient in question is a young woman who was shot in the arm during the 2015 Bataclan attack, where 130 people were killed. The young woman’s boyfriend was killed, as well.

Have we reached a point where we need to have a refresher on the code of ethics – and some basic laws – about patient privacy and protection?

Neil says:

This man is a “senior surgeon” and didn’t realize how illegal it was? There’s this disturbing trend where a lot of crypto enthusiasts think that, since the industry emphasizes decentralization, anyone can do anything with respect to IP. We saw after we wrote about the Dune story, which was the “bad idea” last week. This is shameful and disturbing.

Em says:

Omggggggg. Haha. Tokenization is supposed to PROTECT data and reclaim privacy for people. In case this person didn’t also realize… ummm… I don’t know what they call it in France, but I’m sure they have something equivalent to HIPAA. Gurl, bai.

Bottom line:

Neil and Em clearly agree this is a bad idea. (Ethics, yo)

What do you think?

Meme of the week

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

And that’s our weekly crypto news wrap-up! We hope that you are weathering the crypto winter (at least as much as you can), and make sure to tweet us your thoughts/ opinions/ perspectives by tagging @decentralpub on Twitter.

In episode nine of the Uncensored Crypto docuseries, Michael Hearne sits down with crypto experts to discuss cryptocurrency mining and its energy consumption. Topics covered include whether Bitcoin mining is worth it for anyone aside from large companies, the energy consumption of mining, creative ways that energy waste from crypto mining can be used, and renewable energy in mining.

The docuseries as a whole discusses how censorship is used to hide the benefits of cryptocurrency, DeFi, and decentralized systems from people looking for digital sovereignty and financial freedom. It also covers how crypto has the potential to completely change the traditional centralized systems as we currently know them.

But the ninth episode takes a step back and focuses on an important aspect of cryptocurrency: how it’s created and how mining could have some key benefits for the economy, improve our energy efficiency, and actually increase the development of renewable energy.

Recap of topics covered in episode 9 of the Uncensored Crypto docuseries

Accessibility of crypto mining

“There’s a lot of incentives to mine Ethereum. And I get it that you can just make the argument of like, oh, well the pools make it decentralized. But honestly the fact that it’s the barrier to entry is one graphics card. One kid in his dorm room can support the network right now. Whereas, Bitcoin mining to run an S9, which is still going to be like four or five hundred bucks in today’s market, which is old gen equipment […] And so you really are starting to see this world where it’s like, if you want a Bitcoin mine, it’s for the wealthy or public traded companies or institutional money.” – Daniel Conover

One worry in crypto mining, particularly when it comes to Bitcoin, is that only large mining companies stand to have any profitability and that individuals or smaller organizations cannot compete.

This is because larger companies can purchase better quality equipment and more mining rigs, which gives them a higher chance of solving the mathematical equations needed to verify the blockchain. When they solve an equation, they can distribute the earnings to all the miners in the company.

This means that a miner who joins a company or pool has a better chance of making a profit than working on their own. However, the docuseries examines the downside to this. If there are no individual miners or small organizations, then mining becomes centralized in a small number of larger companies.

When it comes to verifying the blockchain, it’s better for there to be many different miners so the system remains as decentralized as possible.

Energy waste from crypto mining

“Crypto mining has a dirty reputation in terms of its utilization of energy, and one of the things that I really enjoy about what we do is we help people take that power that goes into these crypto mines and find alternative applications for the heat […] For me, those are the types of applications that are exciting. We have people heating their homes, heating their pools. We have customers up in Scandinavia that are heating the sidewalks of their towns in an effort to prevent the use of salt and carbon in order to clear that snow.” – Gary Testa

The Uncensored Crypto docuseries explores the unique ways that some businesses are using energy waste from crypto mining. Crypto mining rigs produce a lot of energy because they are constantly running 24/7.

This energy is in the form of heat, which is typically just wasted, adding to mining’s reputation as energy inefficient. As crypto mining becomes a bigger industry, miners have begun finding ways to use this heat to offset the emissions.

The heat can be harnessed and applied to other industries, like heating greenhouses, homes, water, and food production. This ensures no energy is wasted and also benefits miners by giving them another stream of income to profit from.

Mining energy consumption

“In the US, we generate four terawatt hours of electricity. We lose 200 to 300 gigawatts of electricity per hour just through friction in the transmission lines. All of the Bitcoin miners in the US use less than 200 gigawatts of electricity. So we’re just using energy that otherwise would be wasted. Over time, Bitcoin mining becomes more and more energy efficient. The machines we use today are twice as efficient as the machines that people were using five years ago. And in five years, machines will be twice as efficient as they are today.” – Fred Thiel

Crypto mining has a reputation for consuming large amounts of energy. Indeed, this is a big reason why it’s not possible for any individual to just start mining in their home. The cost of electricity for running your rig 24/7 can quickly get too expensive.

However, the Uncensored Crypto docuseries makes the case that mining may not consume as much energy as most people think and not much more than is already wasted in regular energy production.

For this reason, some view mining as a key way to stop energy waste. In addition, some crypto experts view Bitcoin and other coins as a store of energy. This is because when electricity is produced, it must be either consumed or stored somewhere. So any excess electricity that power companies are unable to sell can be used for miners.

Renewable energy and crypto mining

“If you think about Bitcoin as like an energy battery where you translate electrical energy into financial energy, and then you can transact that across time and space, that is going to lead to a whole bunch of innovations that are actually going to accelerate the transition to renewable energy-based infrastructure.” – Alex Brammar

A constant critique of mining proof-of-work systems is how bad they are for the environment. This has led to more proof-of-stake blockchain technologies, such as Cardano, which emphasize being more environmentally sustainable. Even Ethereum is moving to a proof-of-stake system for this reason, among others.

However, the Uncensored Crypto docuseries argues that crypto mining doesn’t have to be a drain on the environment. In fact, it can complement renewable energy and even accelerate its adoption.

Many mining organizations have partnered with renewable energy companies to work towards sustainable solutions. This includes finding ways to use solar, wind, geothermal, and hydropower energy for mining.

What does the future look like for mining and energy consumption?

Future of crypto mining

Mining Bitcoin has become increasingly difficult due to several factors such as the coin’s hash rate, its halving event every four years, and the cost of equipment and electricity.

Despite this, many corporations haven’t been dissuaded from setting up large mining operations, and many crypto experts still view crypto mining as a profitable industry.

First, as mentioned in the Uncensored Crypto docuseries, the future of crypto mining is with larger mining pools or organizations that can combine their resources. It’s nearly impossible for a single individual to successfully mine on their own. And given Bitcoin’s halving event every four years, the current reward for mining will be cut in half in 2024.

Miners must find top-of-the-line mining equipment, which can cost up to tens of thousands of dollars. They must also make sure the cost of electricity is something they’ll be able to afford.

After Bitcoin’s explosive price growth in 2021, many new mining operations have been set up worldwide. Most notably, after El Salvador made Bitcoin official currency, they announced plans for a Bitcoin mining city.

The docuseries shows that Bitcoin mining is still profitable, though it has come a long way from the early days and developed into a large industry.

Many experts believe the future of crypto mining lies in finding sustainable, renewable energy sources, which is a problem many cryptocurrency and energy companies are currently trying to solve.

Future of renewable energy in mining

In early 2021, Tesla announced it would start accepting Bitcoin as payment. But only a few months later they decided to stop, citing Bitcoin’s fossil fuel consumption and impact on the environment. In late-2021, Iran decided to ban Bitcoin mining in an effort to conserve electricity.

However, Bitcoin remains the most popular choice for institutional adoption by different countries, despite its impact on the environment. As shown in the docuseries, many governments and corporations are making strides to offset their emissions by relying more on renewable energy.

For example, El Salvador’s Bitcoin City is powered by the natural geothermal energy of a nearby volcano. And they weren’t the first to think of this– crypto mining operations have been set up in Iceland that also use natural geothermal energy.

The crypto community is also well aware of the problem. Organizations like the Crypto Climate Accord and Square’s Bitcoin Clean Energy Initiative were created to help the crypto and blockchain industries reduce their carbon footprint. Their goal is to shift cryptocurrency towards renewable energy.

Many Bitcoin miners are looking to partner with renewable energy companies in the hopes that this will help Bitcoin be accepted as legal tender.

For example, energy technology company Lancium announced they were spending $2.4 billion to build a renewable energy-powered data center facility dedicated to Bitcoin mining. And another mining operation in South Carolina claims to be 92% carbon neutral.

Ukraine raises over $50 million in cryptocurrency

The world’s first NFT vending machine is here

Bitconnect founder finally charged

Bank of America denies “crypto winter”

EU postpones crypto regulations vote

Bad idea of the week: BuyTheBroncos, hold your horses

Meme of the week

In This Article

JP Morgan steps into the metaverse

Snoop Dogg creating first metaverse record label

Salesforce employees protesting NFT plans

The DAO to free Julian Assange

Colorado accepting Bitcoin for state taxes

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

Meme of the week

In This Article

Coinbase and the unconventional QR code ad

Larry David stars in an FTX commercial

Binance invests in Forbes

The infamous crypto laundering couple

Russia backs off a crypto ban

Bad idea of the week: Watch out for romance scams

Meme of the week

In This Article

Gensler wants some cooperation

FTX enters Japanese markets with Liquid acquisition

Will Florida be home to the first NFT purchase?

The metaverse hiring spree continues

Super Bowl NFTs are here

Bad idea of the week: Don’t drug your father

Meme of the week

In This Article

Biden wants crypto regulation

Legendary heirs enter the NFT space

FTX valued at $32 billion

Will we see a fast-food DAO?

India wants to regulate crypto finally?

Bad idea of the week: Facebook’s Diem dreams are over

Meme of the week

In This Article

Recap of topics covered in episode 10 of Uncensored Crypto

Getting started in crypto

Evaluating crypto projects

Investing and trading crypto

What does the future look like for getting started and investing in crypto?

Is it worth getting started in crypto?

Future of investing in crypto

In This Article

What I learned from the crypto market crash

Did I hodl?

Do I have a new investment strategy?

What will I do next on my journey to learn crypto?

In This Article

Episode 1: Introducing Uncensored Crypto

Top themes covered:

Episode 2: Blockchain, bitcoin, Ethereum, sh*thcoins

Top themes covered:

Episode 3: Decentralization, web3, DAOs

Top themes covered:

Episode 4: NFTs, tokenization, AI, metaverse

Top themes covered:

Episode 5: DeFi, staking, lending

Top themes covered:

Episode 6: Sovereignty, censorship, and privacy

Top themes covered:

Episode 7: Banks, remittance, the federal reserve, and crypto as a store of value

Top themes covered:

Episode 8: Regulations and black markets

Top themes covered:

Episode 9: Mining and renewable energy

Top themes covered:

Episode 10: Getting started in crypto, evaluating projects, investing/trading

Top themes covered:

What are some major takeaways from Uncensored Crypto?

Future of bitcoin

Future of investing in crypto

In This Article

The crypto.com hack

Twitter rolls our NFT profile pictures

Robinhood rolls out crypto wallets

**Episode 2: Blockchain, bitcoin, Ethereum, sh*thcoins**