Forwarded from Canva
Crypto․com adds Google Pay and Apple Pay support for Visa card users in Canada.
Forwarded from Canva
Decentraland #MANA the largest #metaverse by mc has less than 500 daily active users and a $1.2 billion market cap. Meanwhile games like #Fortnite, #PUBG and #Roblox have more than 30m daily active users each.
The current state of the #metaverse is a scam. It has been shifted towards quick profit making and less on the utility of the technology.
The current state of the #metaverse is a scam. It has been shifted towards quick profit making and less on the utility of the technology.
Forwarded from Canva
Malaysia announces plans to build a national public #blockchain.
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Portugal proposes a 28% tax on all #cryptocurrency profits held for less than 12 months.
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Google partners with Coinbase to accept #cryptocurrency for cloud services.
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Russian lawmakers will review a new legislative proposal to legalize cryptocurrency #mining. Anatoly Aksakov, chairman of the Parliamentary Financial Markets Committee, explained that the document authorizes the use of #cryptocurrencies as a means of payment outside the country.
Forwarded from Canva
The FTX / Binance situation explained:
FTX only represents like 1/10th of the SBF kingdom's revenue. Most has been made by aggressive trading strategies at Alameda. FTX has been trading on that revenue to prop up and build FTX - by trading Alameda's tether for FTX's FTT. FTT has zero utility though and there is virtually zero demand for it. Whereas with #BNB you have all of the added utility of paying for goods/services with projects built on Binance Chain.
So unlike BNB, FTT is an illiquid asset. And now the #tether coffers at Alameda are bare. FTX and Alameda have now been reduced to flywheel trading #FTT back and forth to create illusion of value, liquidity, and revenue. This was uncovered by a CoinDesk report this week and built on by research by Dirty Bubble Media.
A lot of people don't know this, but CZ actually incubated FTX two years ago. They wouldn't be here today without Binance. Then a year ago, Binance decided to cash out. It turns out that they were paid $2.4B by Sam in Tether and FTT. That should have set off alarm bells for CZ though.
Why would he accept FTT instead of straight tether? Now we know why, Sam desperately needed to keep the value of FTT inflated in order to continue attracting outside investors with inflated valuations (based on FTT holdings in part) to get real cash injected.
Now CZ has seen the evidence that FTT is iust a massive circle jerk/flywheel scheme, so he noped out of it and started to sell his position so that he wasn't left holding bags.
It's now FASCINATING (but not surpising now) that Alameda offered to buy all of Binance's FTT in a closed-door deal for $22. Because if CZ sells it on the open market, the price of FTT will begin to fall.
Will be interesting to see how CZ plays this. On the one hand, another major project failing is bad for the industry.
On the other hand, it has become blatantly apparent that FTX is not a force for good in the industry and we might be better in the long run if bad actors fail fast. Also, it's not a good look for the industry if CZ agrees to skirt the free market and agrees to this back-door deal. Those types of deals are anti-competitive and therefore anti-user.
FTX only represents like 1/10th of the SBF kingdom's revenue. Most has been made by aggressive trading strategies at Alameda. FTX has been trading on that revenue to prop up and build FTX - by trading Alameda's tether for FTX's FTT. FTT has zero utility though and there is virtually zero demand for it. Whereas with #BNB you have all of the added utility of paying for goods/services with projects built on Binance Chain.
So unlike BNB, FTT is an illiquid asset. And now the #tether coffers at Alameda are bare. FTX and Alameda have now been reduced to flywheel trading #FTT back and forth to create illusion of value, liquidity, and revenue. This was uncovered by a CoinDesk report this week and built on by research by Dirty Bubble Media.
A lot of people don't know this, but CZ actually incubated FTX two years ago. They wouldn't be here today without Binance. Then a year ago, Binance decided to cash out. It turns out that they were paid $2.4B by Sam in Tether and FTT. That should have set off alarm bells for CZ though.
Why would he accept FTT instead of straight tether? Now we know why, Sam desperately needed to keep the value of FTT inflated in order to continue attracting outside investors with inflated valuations (based on FTT holdings in part) to get real cash injected.
Now CZ has seen the evidence that FTT is iust a massive circle jerk/flywheel scheme, so he noped out of it and started to sell his position so that he wasn't left holding bags.
It's now FASCINATING (but not surpising now) that Alameda offered to buy all of Binance's FTT in a closed-door deal for $22. Because if CZ sells it on the open market, the price of FTT will begin to fall.
Will be interesting to see how CZ plays this. On the one hand, another major project failing is bad for the industry.
On the other hand, it has become blatantly apparent that FTX is not a force for good in the industry and we might be better in the long run if bad actors fail fast. Also, it's not a good look for the industry if CZ agrees to skirt the free market and agrees to this back-door deal. Those types of deals are anti-competitive and therefore anti-user.
The difficulty of mining a bitcoin block fell by 7.32% today, with miners powering off machines as a brutal bear market eats into profit.
The adjustment at block height 766,080 is the biggest downward change since July 2021.
The adjustment at block height 766,080 is the biggest downward change since July 2021.