Cardano Rumor Rundown May 11, 2023

Hey Everyone!

Let’s go….

Newly Covered Today:

1. There’s already a new version of Lace Wallet out. https://twitter.com/lace_io/status/1656347737355608066
2. A nice thread on the many strengths of Cardano. https://twitter.com/TobiasIlskov/status/1656388178369212416
3. Remember, lobster traps are a thing. https://twitter.com/TheCardanoTimes/status/1656064744225120257
4. Today (May 11 at 1pm EST) there will be a Messari Cardano Analyst call with Charles & Frederik. https://twitter.com/StakeWithPride/status/1656272372452954112
5. I think we all love it when they start making our case for us. https://twitter.com/WatcherGuru/status/1656379837823561730
6. Ethereum is lamenting many of its poor design choices that Cardano already fixed. https://twitter.com/moo9000/status/1656215016016683008
7. Drunkenmiller says this is the broadest asset bubble he’s ever even studied let alone seen firsthand and we’ve only had a few soft landings since 1950. https://twitter.com/Stephen_Geiger/status/1656416819312222219

Previously covered, but still interesting:

1. Messari has published a “State of Cardano” Q1 2023 report. https://messari.io/report/state-of-cardano-q1-2023
2. Charles dropped a video on his feelings around the Cardano Member Based Organization. https://www.youtube.com/watch?v=AiEFbCBErfU
3. Congressman McHenry ripped into Gensler today in the House Financial Services Committee after he refused to answer whether a specific crypto asset was a security. https://twitter.com/sassal0x/status/1648338351832064003
4. Congressman Emmer also aggressively interrogated Gensler on everything from Chokepoint 2.0, meeting with FTX, Terra Luna failure on his watch, lack of rulemaking on crypto, his 55 crypto enforcement actions, lack of ability for crypto to register, and etc. https://twitter.com/TylerSCrypto/status/1648360838544203777
5. Gensler was called “an incompetent cop on the beat…pushing American firms into the hands of the CCP.” https://twitter.com/TylerSCrypto/status/1648360838544203777
6. Congressman Davidson is introducing a bill to remove Gensler and restructure the SEC. https://twitter.com/GavinClimie/status/1648393327740329985
7. Check out this crypto score card that ranks the crypto friendliness of US Congress members. https://www.cryptoactionnetwork.org/scorecard
8. The Cardano Foundation has released an annual report. https://cardanofoundation.org/pdf/cf-annual-report-2022.pdf
9. There has been a big on-going stealth Robbery Forest event targeting crypto OGs. https://twitter.com/tayvano_/status/1648187031468781568
10. Adrienne Harris of the NYDFS just corrected Gensler and said the Signature bank failure was not due to crypto. https://twitter.com/coinage_media/status/1648799936195055617
11. Rep. Donalds went deep on Gensler not having authority to regulate crypto. https://twitter.com/Kellykellam/status/1648408843200651264
12. Coinbase is making good on its promises to offshore and appears to be setting up operations in Bermuda. https://twitter.com/scottmelker/status/1648825725783273472
13. The CF wrote an article about Aiken. https://cardanofoundation.org/en/news/aiken-the-future-of-smart-contracts/
14. Ken Kodama is seriously stepping up his Twitter activity. Making threads about Cardano trends. https://twitter.com/Emurgo_Ken/status/1649222919187492864
15. This will be surprising to some: there is significant debate about the long-term security picture of Bitcoin. https://twitter.com/mira_hurley/status/1648624743589740545
16. The manipulation of gov’t blockchain money by the traditional actors is already in full swing. https://twitter.com/0xCygaar/status/1649108182957178882
17. Texas just passed a bill requiring exchanges to provide proof-of-reserves and forbidding comingling of customer funds with their own. https://capitol.texas.gov/tlodocs/88R/analysis/html/SB00770I.htm
18. A very well articulated argument before Congress for sensible stablecoin regulation. https://twitter.com/i/status/1649079073006665730
19. With publicly accessible AI suddenly increasing the power of attackers, it’s slowly dawning on the EVM crowd that the lack of security in the Solidity Robbery Forest may be a laugh now/cry later scenario for them vs. arguably more secure languages like Plutus. https://twitter.com/StakeWithPride/status/1649996146990022656
20. Here’s the IOG development update for April 21. https://www.essentialcardano.io/development-update/weekly-development-report-as-of-2023-04-21
21. Cardano is currently 47,000 times more efficient than Bitcoin. https://twitter.com/InputOutputHK/status/1650111221507522562
22. Don’t forget! Cardano 360 is coming on Thursday April 27th. https://twitter.com/InputOutputHK/status/1649452965684469761
23. The SEC is on a really silly course of proposing a rule that would support their bringing DeFi under the definition of an “exchange” for purposes of the 1934 Securities Exchange Act. https://www.sec.gov/rules/proposed/2023/34-97309.pdf
24. Coincenter’s comment to the proposed rule points out the absurdity that their comment itself might be considered an exchange under the rule due to code in the comment. https://www.coincenter.org/comments-to-the-securities-exchange-commission-on-amendments-regarding-the-definition-of-exchange-and-alternative-trading-systems/
25. Here’s another update from Ken Kodama on all things Emurgo plus a few others. https://twitter.com/Emurgo_Ken/status/1650399365033336833
26. Now Coinbase is suing the SEC to provide some regulatory clarity to crypto. https://twitter.com/iampaulgrewal/status/1650655451720318976
27. There is discussion about the profitability of Cardano stake pools. https://twitter.com/SantoNode/status/1650651276458315777
28. Great thread from a Cardano stake pool operator with a degree in AI comparing the AI adoption curve to that of crypto so far. https://twitter.com/NilsCodes/status/1650556595607310336
29. Grimes has already figured out how to combine AI and crypto. Anyone can use her voice in AI created songs and she will split the royalties 50/50 with them via crypto payments. https://twitter.com/Grimezsz/status/1650531656695009281
30. Cardano projects selling their own tokens into secondary is discussed as a part of project funding. https://twitter.com/RichardMcCrackn/status/1650843810623004672
31. There is also speculation about a single team being behind several projects. https://twitter.com/UnpopularEL/status/1650893382519013383
32. Cardano Whale makes a very good point about the staying power of Cardano in the top ten over half a decade. https://twitter.com/cardano_whale/status/1650922343416360960
33. The CFTC is apparently saying there is no immediate path forward for Binance. https://www.cnbc.com/2023/04/25/cftc-commissioner-hopes-to-find-path-forward-in-binance-lawsuit.html
34. Binance had this to say. It is bailing on the deal to acquire Voyager assets because of the “hostile and uncertain regulatory climate” in the U.S. https://twitter.com/BinanceUS/status/1650932061866172435
35. Gensler in 2018: “ ¾ of the market are non-securities. It’s just a commodity, a cash crypto.” https://twitter.com/ZK_shark/status/1650689125580668931
36. Charles is talking about GPT + Marlowe! That could be an incredible combination for the production of a large volume of smart contracts underlying useful dApps. https://twitter.com/StakeWithPride/status/1650996198411759616
37. There are big questions about First Republic Bank possibly falling into receivership and what happens after that. https://twitter.com/CaitlinLong_/status/1650973374053773312
38. The UN Refugee Agency has a Cardano stakepool? https://twitter.com/Padierfind/status/1651301698495733760
39. At least one Cardano DeFi project is using ADA handles to increase transparency on their platform. https://twitter.com/liqwidfinance/status/1651315687648796680
40. Carda Station now has a live builder tool. https://twitter.com/macfoucin/status/1651377194428518401
41. IOG will be hosting a “Hydra for Auctions” Twitter space today on April 27th. https://twitter.com/macfoucin/status/1651377194428518401
42. Cardano 360 is going down today April 27. https://twitter.com/InputOutputHK/status/1651285307268923396
43. Emurgo will be at Consensus if you find yourself there. https://twitter.com/emurgo_io/status/1651212183689375746
44. It looks like John MacPherson is moving on from the CF. https://twitter.com/John_CF/status/1651398161036869633
45. In May, the Cardano Foundation will hold an on-chain poll of Stakepool Operators as to certain staking parameters and values (K! minFee?). Apparently, Delegators will be able to see an initial poll and then redelegate if they don’t like their pool’s position. https://cardanofoundation.org/en/news/entering-voltaire-on-chain-poll-for-spos/
46. Cardano Summit tickets are now available. https://summit.cardano.org/
47. Paul Grewal and Brian Armstrong of Coinbase have made a video response to the SEC’s Wells Notice. https://twitter.com/brian_armstrong/status/1651668247811624960
48. The Gensler Tapes from MIT in 2018 keep getting better and better. In this one he basically states that the SEC has already determined that Ether is not a security. https://twitter.com/ZK_shark/status/1651594738229805056
49. People are noticing how much work has gone into Cardano. https://twitter.com/Flowslikeosmo/status/1652477886971146240
50. Remember, anyone can make a token with any name or image. But, it may be totally unconnected with what it mimics. https://twitter.com/TapTools/status/1652682488446087168
51. Counting First Republic we now have five major bank failures in two months (including Silicon Valley Bank, Silvergate, Credit Suisse, and Signature). https://finance.yahoo.com/news/banks-wait-on-us-to-decide-fate-of-first-republic-183757350.html
52. Some believe First Republic is just the next in a line of non-Too Big to Fail bank failures. https://twitter.com/CryptoHayes/status/1652808916898824192
53. Larry Summers (fmr Sec. of Treasury) and Elon Musk have an interesting exchange over the chances of recession (Summers–70%, Elon–already here) and the level of severity (Elon thinks very high if Fed hikes more). https://twitter.com/LHSummers/status/1652304208060710912
54. The safety of ETH L2 rollups is called into question. https://twitter.com/SoorajKSaju/status/1652774675766755332
55. It’s becoming harder and harder to deny that Cardano has the biggest (actually) liquid staking protocol in all of crypto. https://twitter.com/cardano_whale/status/1653158216963092480
56. Coinbase’s position on Cardano keeps slipping more and more in our favor. https://twitter.com/StakeWithPride/status/1653240691747880963
57. There is discussion of “false metrics” and Solana. https://twitter.com/Davyegld/status/1653070941306462214
58. Much more of this and we won’t call them banks anymore. They’ll just be called Morgans. Apparently, an exception to the 10% rule. https://www.nytimes.com/2023/05/01/business/first-republic-jpmorgan-fdic.html
59. Some are calling this a decision to nationalize the banking sector. https://twitter.com/CryptoHayes/status/1653175131123126272
60. Pretty much everyone seems to see what’s going on here. https://twitter.com/CaitlinLong_/status/1653031538324303872
61. Looks like the fighting over the debt limit is ramping up. https://www.bloomberg.com/news/articles/2023-05-01/yellen-warns-congress-treasury-may-run-out-of-cash-soon-as-june?leadSource=uverify%20wall
62. Balaji has settled his million dollar bitcoin bet to put us all on notice about the trillions being printed. Here are his thoughts backed up by plentiful references. https://twitter.com/balajis/status/1653449321185169409
63. So much ghostbusting would be needed to clear us out. https://twitter.com/TheOCcryptobro/status/1653527418588774401
64. Charles was on Fox again and discussed a wide range of topics with Maria. https://twitter.com/IOHK_Charles/status/1653571613135196163
65. Coinbase didn’t waste any time in getting their non-US futures platform open. https://twitter.com/coinbase/status/1653385513011740672
66. A former SEC Chair in his 90s sees that the current SEC is wrong on crypto. https://twitter.com/ramahluwalia/status/1648134506359009280
67. Rumor is that Pacwest is next on death row. https://twitter.com/CryptoHayes/status/1653403052899192833
68. ADA + Lime Wire. Only asked for 300 retweets…they definitely don’t know us. https://twitter.com/limewire/status/1653834307259998221
69. Token locking. Not a comment on any specific project. But, Is there any good case it’s not really just to artificially drive price up? Obviously also useful to centralize liquidity. https://twitter.com/MatthewPlomin/status/1653773401645826049
70. You can’t say that many of us in Cardano didn’t warn about exactly this. Always the same with these VC coins. https://twitter.com/mr_cata/status/1653788019084734468
71. Caitlin Long points out that both the non-main candidate challengers in the 2024 Presidential race are pro-crypto and anti-CBDC. https://twitter.com/CaitlinLong_/status/1653528247655694336
72. The Fed raised by a quarter point bringing the federal funds rate to 5-5.25%. https://www.cnbc.com/2023/05/03/live-updates-fed-decision-may-2023.html
73. As predicted PacWest is facing death. https://twitter.com/WatcherGuru/status/1653873317110071305The Florida anti-CBDC bill passed both the FL House and the Senate. https://twitter.com/samuelarmes/status/1653761904169320448
74. A sitting US Senator just said that the modern banking system is a sophisticated ponzi scheme. https://twitter.com/BertusMaximus2/status/1653819148596543489
75. Hydra is live on mainnet. https://twitter.com/rom1_pellerin/status/1654185072415723529
76. IOG wants you to know about the advantages of native tokens on Cardano. https://twitter.com/InputOutputHK/status/1654077799697727488
77. Cardano Movies! https://twitter.com/coc_space/status/1653862307439542275
78. We really need to primary some members of the U.S. Congress. https://twitter.com/BradSherman/status/1653928972026093569
79. Wow! Not surprised at what’s being said here back in November. Just surprised it’s being said publicly. https://twitter.com/balajis/status/1654239504574853120
80. Here’s the longer video of that FDIC meeting for context. http://fdic.windrosemedia.com/index.php?category=Systemic+Resolution+Advisory+Committee
81. Looks like Western Alliance is up next. https://twitter.com/WatcherGuru/status/1654133106037739522
82. The weekly development update from IOG is out. https://twitter.com/InputOutputHK/status/1655248376194105347
83. It’s not hard to make a meme coin on Cardano. https://twitter.com/nmkr_io/status/1654923697885532160
84. Still a crazy amount of mark-to-market losses that haven’t been absorbed by the system. https://twitter.com/BillyM2k/status/1655207860572422144
85. Warren Buffet gives a not too comforting answer to a question about the status of the dollar: “America…we’ve got everything going for us…but…you can’t print money indefinitely as debt.” https://twitter.com/GRDecter/status/1655203348033810439
86. …and then everyone remembered what fee markets look like in busy times. https://twitter.com/CryptoStylesUSA/status/1654711146673479680
87. …same for Bitcoin. https://twitter.com/MatthewPlomin/status/1655320093084057600
88. Cardano hit 94% load. https://twitter.com/SebastienGllmt/status/1655624561789112321
89. he MEV game is getting out of control over on Cardano’s biggest competitor chain. Convince me this shouldn’t just be called “theft” or “fraud”. https://twitter.com/0xNox_eth/status/1655615309695586306
90. Cardano Native Assets are vastly superior to BRC20 and ERC20 tokens. https://twitter.com/TheOCcryptobro/status/1655673557710692352
91. Rumor: SEC is going to make a move against Binance. Will the DOJ also? https://twitter.com/AP_Abacus/status/1655546961968103425
92. At the end of Q3 of last year, 722 banks reported unrealized losses greater than 50% of capital. https://www.federalreserve.gov/supervisionreg/files/board-briefing-on-impact-of-rising-interest-rates-and-supervisory-approach-20230214.pdf
93. Here’s a new article called “The Denominator” from Arthur Hayes explaining in detail why every non-Too Big to Fail bank is going to fail unless the Fed or Treasury do one of two things and what this means for crypto. https://cryptohayes.medium.com/the-denominator-68c3ad8f4ae4
94. Wyoming is inching closer to a state stablecoin. IOG’s significant presence there may turn out to be a huge advantage. https://cowboystatedaily.com/2023/05/09/wyoming-stable-token-a-multibillion-dollar-opportunity-as-officials-wrestle-with-how-to-make-it-happen/
95. Paypal disclosed almost $1 billion in customer crypto in its latest 10-Q. https://blockworks.co/news/paypal-discloses-1b-crypto
96. MiCA is shifting the balance of crypto investment to Europe. https://twitter.com/paddi_hansen/status/1655883224726241281
97. Today (May 10) will be a joint hearing of the Agriculture and Financial Services Committees on Crypto. The CLO of Kraken will testify. https://financialservices.house.gov/
98. This is a legit point about centralized L2s: the best ones are called Coinbase, Kraken, and Binance. https://twitter.com/el33th4xor/status/1655845787593502720

~Army of Spies