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Brian
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This Week in Crypto The cryptocurrency asset class hit $3 trillion USD market cap for the first time and although this was short lived. It currently sits at $2.66 trillion USD. Dogecoin is going to the moon – no seriously, it’s literally going to the moon! The DOGE funded SpaceX mission gets an early 2022 launch date, paid for entirely with Dogecoin. DOGE-1 is a small satellite that will orbit the earth from relatively the same distance as the moon, collecting information on what it sees or detects. This is actually significant because it will be the first time a small satellite orbits the earth from such a long distance, turning a “MEME” into a historical moment in space exploration. The cost for this mission was $250 million USD which equals around 1 billion DOGE (at current price). This creates a lot of buying pressure but it’s unclear if this will have any effect on the price of DOGE. An important note is that SpaceX or whomever received the 1 billion DOGE as payment will have to sell it to pay for the mission. This is obviously because DOGE isn’t legal tender. AMC Theatres accepts cryptocurrency. AMC CEO Adam Arron announced that customers can pay with Bitcoin ( $BTC ), Bitcoin Cash ( $BCH ), Ethereum ( $ETH ), and Litecoin ( $LTC ). The catch is that this method of payment is only possible using PayPal ( $PYPL ), which honestly defeats the purpose of crypto payments. He also noted that AMC will begin accepting $DOGE and $SHIB , possibly without an intermediary. Twitter is looking to build a crypto team, while Discord scraps plans to do the same. Twitter announced that they are looking to hire a dedicated cryptocurrency team. This team will be name Twitter Crypto, and will focus on development of DAPPs (decentralized applications), marketplaces, community crypto funding, and digital identity. Twitter Crypto will also work with BlueSky with the goal of building the future of decentralized social media. Twitter added BTC tipping to user profiles in September 2021. In addition, they will be adding a verification feature to all NFT profile pictures. Discord CEO Jason Citron tweeted a screenshot of a MetaMask and wallet connect integration for the discord app with the caption saying “Probably nothing.” This tweet was relatively positively received with a small vocal minority of users unhappy with Jason for even suggesting the integration of cryptocurrency into the app. They concerns primarily were focused on the use of NFT’s in money laundering and the Ethereum’s (ETH) proof of work’s effect on climate change. It is important to note that the Financial Action Taskforce (FATF) has stated that they are not concerned with NFT’s. This is significant because the purpose of the taskforce is to prevent money laundering. If NFT’s are something they are not concerned with then this should mean that money laundering via NFT’s is extremely uncommon. As for proof of work’s (PoW) effect on the climate, crypto miners are incentivized to look for the cheapest source of energy to maximize gains. The cheapest sources of energy are currently renewable. This means that a majority of PoW mining is using renewable energy, and is also a part of why the green energy trend continues to accelerate. This is also ignoring the fact that Ethereum will soon switch to proof of stake (PoS), emitting near 0 emissions. Keeping this in mind, Jason said that there are concerns around scams and fraud. With this he justifies delaying Ethereum’s integration with Discord. Some users are still asking Jason to commit to not integrating any form of crypto tech. However it’s important to note that Reddit is considering using cryptocurrency on its platform. This may pressure Discord to follow suit to keep up with the competition. Solana and Brave Brave announced recently its plans to integrate Solana ( $SOL ) into its browser. The Brave browser has crypto features built in the browser itself. This includes a crypto wallet that will soon support the Solana blockchain. The integration will happen in the first half of 2022 and will allow Brave users to access Solana DAPPs from within the browser, helping Solana continue its exponential growth and adoption. This will also create new demand for the Basic Attention Token ( $BAT ) potentially driving up the price. * If you would like to know more information about the Brave browser, please check out my previous posts. NYC crypto New York has launched its NYCCoin. This isn’t the first city to do this, Miami launched its MiamiCoin back in August. CityCoins are built on Bitcoin (BTC) using Stacks, which is a crypto project that acts as a smart contract enabled layer 2 for BTC. Rather than being issued by their home cities, CityCoins are created by the crypto community. These CityCoins offer a way for cities to raise funding. ex. Miami has raised over $20 million USD to date Mayor Francis Suarez of Miami announced that he will be giving some of these yields from staking to Miami residents in Bitcoin. However, Mayor Eric Adams of New York City has yet to announce plans to do the same with its yields from staking, although this is probably because he was only recently elected. Mayor Adams has stated that he plans on taking his first three paychecks in Bitcoin ($BTC). Bitcoin (BTC) taproot upgrade On November 14, 2021 the Taproot upgrade went live on the Bitcoin blockchain. Without getting too technical, the Taproot upgrade makes all BTC transactions appear identical on the blockchain. This is significant because it increase privacy of transactions coming from Multi-Signature wallets. These multi-signature wallets are typically used by wealthy persons or entities. Transactions coming from these multi-signature wallets are easy to spot because you can see all the addresses that have signed the transaction. Taproot makes these transactions look like regular wallet transactions. With this level of privacy, Institutions and wealthy individuals may feel more comfortable holding BTC as an asset. This could also help create compliant custody solutions that the SEC wants before it approves a spot BTC ETF. For the average retail investor, Taproot adds privacy to lightning network transactions. This is because opening and closing a lightning network channel presents a completely different transaction on the Bitcoin blockchain. Taproot makes this opening and closing of channels also look like standard or regular transactions, theoretically giving lightning network transactions privacy comparable to Monero (XMR). Infrastructure bill and the new laws for Cryptocurrency Over the weekend the infrastructure bill was signed into law, inside this bill are two clauses that will have an effect on crypto investors. SEC 80603 – Information reporting for brokers and digital assets. This provision redefines and expands how the SEC constitutes what a broker is. An example of a traditional broker would be Coinbase. Whenever you buy a crypto asset from Coinbase, you are buying that asset directly from Coinbase. This is in contrast to Coinbase pro, which matches Buyers with Sellers. This means that when you use Coinbase Pro and purchase an asset, it does not come from Coinbase Pro. Rather, the asset comes from whomever you were matched with via Coinbase Pro - this is why Coinbase Pro is cheaper than Coinbase. With this redefinition, a broker is now any person who is responsible for regularly providing any service effectuating transfers of digital assets on behalf of another person. This means that if you are transferring digital assets (crypto, NFT’s, tokens, etc.) on the blockchain, you are now legally required to report those transactions. This is because you would now be classified under the new guidelines as a broker. There’s a slight problem with this though, the definition of broker is now so broad that it now includes practically everyone that’s participating in crypto. This has the potential to include people that are investing, staking, validating, nodes, miners, hardware developers and businesses even though they may not be knowingly transferring digital assets. This is simply because of how blockchains work. Provision 6050i – Anyone who receives $10,000 USD or more, legally must report that income to the IRS, letting them know that person’s social security number and mailing address. Non Compliance would result in a federal offense. Again, this applies to crypto, tokens, NFT’s, etc. This is to ensure that people are paying their share of taxes, which is projected to raise around $28 billion USD. This will help pay for the new Infrastructure bill. Sources - https://www.coindesk.com/ - https://cointelegraph.com/ - https://decrypt.co/ - https://coinmarketcap.com/ - https://www.coinmarketcal.com/en/ - https://www.irs.gov/ - https://www.coinbureau.com/ Not financial advice. DYOR. DCA. BTD. HODL. #unbankyourself #crypto #cryptocurrency #public #publiccommunity #longterm #growth #learningtoinvest #learningaboutcrypto #possibilities #tech #technology #btd #hodl #passiveincome #passiveinvestor #doge #dogecoin #dogearmy #shib #shibaarmy #tothemoon #learning #ltc #bch #infrastructure #inflation #spacex #sol #solana
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