Friday, 7th April 2023

This edition of The Daily Spin has also been published on-chain at Mirror.xyz and can be collected at:
https://mirror.xyz/rukawin.eth/tYfuZCZwvmBzX6BGBv9sT_0GogNUE3jqSAqPVMxYIEM

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The Daily Spin. Pre-Easter Friday Edition. Coinweb publishes the wallet addresses of its token reserves and their intended usage in a medium post that asserts the team’s commitment to transparency and community, which can be viewed at the most recent entry of the “Ongoings at Coinweb” section. This information was released shortly after the capital investment made by SAVA and CWEB’s allocation of tokens into custodial management with Ceffu (formerly Binance Custodial).

Binance has remained a constant presence in the media, most recently announcing the addition of fiat off-ramps for its official non-custodial wallet, Trust Wallet, who has partnered with Ramp and MoonPay to bring ease of use and convenience to its 60 million active users. Meanwhile, Binance has initiated the cancellation of its Australian Financial Services derivatives license, which was promptly rescinded by the ASIC the following day. Dubai’s regulator has also requested Binance give information on their ownership and governance. This comes after multiple blows taken by the world’s leading cryptocurrency exchange from the CFTC and MSM, resulting in a 6% drop in market share and an inconsequential $1-2B exit of funds from the CEX in the past week.

In other news, surprisingly blockchain unique gaming wallets recorded an 8% slip for Q1, perhaps pointing to the sub-par solution space that currently exists. Hoskinson gives a public account of mistakes made by the Cardano Team, attempting to explain delays to expectations to its loyal community. AVAX introduces “Evergreen” subnets for institutional users. ASIC cancels Binance’s derivative AFS license at the request of the license holder, and the Dubai regulator demands information from Binance on its ownership and governance. Other notable jurisdictions with headlines include Singapore and Japan, each making announcements on policy decisions affecting the crypto space.

As the FEDNow and other CBDCs around the world close in on launching digital fiat, many have voiced legitimate concerns over its utility, unrestricted lack of privacy, and overreaching control of the public monetary system. Something to keep an eye on, as we are herded into a false understanding of the reasons that cryptocurrencies and blockchain were created – you can find a copy of the real reasons embedded into your Apple MacOS (in the form of the original Bitcoin whitepaper written by Satoshi Nakamoto). In TL today, we revisit Account Abstraction and ERC-4337, the positive impact of Bitcoin mining on environmental concerns, and a cost management perspective for crypto companies during this turbulent macroeconomic environment… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

Ongoings at Coinweb

Coinweb Prioritises Community Trust with Transparent Reserve Allocation
https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9

CWEB Token Usage and Utility
https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441

Coinweb has Closed $2 Million Fundraising Round from SAVA Investment Management
https://www.benzinga.com/pressreleases/23/04/a31637718/coinweb-has-closed-2-million-fundraising-round-from-sava-investment-management

The Coinweb Monthly Spin - Sixth Edition: Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3
https://coinweb.beehiiv.com/p/coinweb-monthly-spin-sixth-edition?_gl=1*1lv6vvu*_ga*NjEwNTkwMjc0LjE2NzU3NTc5NjQ.*_ga_E6Y4WLQ2EC*MTY4MDQ5NDg4Mi4yMy4xLjE2ODA0OTU1ODcuMzguMC4w

SoftServe, Ultra, Coinweb, ConsenSys, DSCVR and XDC Foundation on Blockchain Misconceptions
https://thefintechtimes.com/softserve-ultra-coinweb-consensys-dscvr-and-xdc-foundation-on-blockchain-misconceptions/

Coinweb’s Layer 2 marks 4 million transactions milestone
https://twitter.com/CoinwebOfficial/status/1638125472814092291?s=20

Coinweb Partners With Ceffu for Institutional Crypto Custody
https://www.ceffu.com/blog/coinweb-partners-with-ceffu-for-institutional-crypto-custody?utm_source=twitter&utm_medium=organic_social&utm_campaign=cweb0321

Coinweb’s Fireside Chat Series, digitALL: Innovation and Technology for Gender Equality
https://twitter.com/CoinwebOfficial/status/1636676933361745920?s=20

"A Thread on Refereed Delegation of Computation” by Kawin on Twitter
https://twitter.com/CoinwebOfficial/status/1635952081302589441?s=20

Coinweb to bring cross-chain tokenisation to Layer 2
https://cryptoslate.com/coinweb-to-bring-cross-chain-tokenisation-to-layer-2/

"A Thread on L2 Scalability, Network Efficiency and Throughput/TPS” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1633424957693915137

A Leading Layer 2 Platform Looking To Tackle Crypto's Interoperability Issue
https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue

"The Reality of Large-scale Enterprises Adopting Blockchain Technology” an article by Toby Gilbert for CityAM Magazine
https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/

Coinweb Labs is proud to unveil LinkMint 📷📷, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander.
https://www.youtube.com/watch?v=CSKA3cAB15U

"A Thread on Guaranteed Liveness and the Coinweb Routing System” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1630052477579169793?s=20

"A Thread on Rollups, Monolithic, and Modular Blockchains” by Kawin on Twitter
https://twitter.com/rukawin/status/1616342851507613696?s=46&t=BjBOK3soH3kOMbsWEa_jlg

Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c

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On the Radar

Ethereum Shanghai-Capella Upgrade, Apr 12 (On-chain)
Hong Kong Web3 Festival, Apr 12-15 (Wan Chai, Hong Kong)
Consensus 2023, Apr 26-28 (Austin, Texas)

Web3 Weekend, May 8-13 (Jakarta)
Non Fungible Conference, Jun 7-9 (Lisbon)
AIBC Asia, Jul 19-22 (Manila)

TOKEN2049, Sep 13-14 (Singapore)

Blockchain Events curated by CryptoNomad
https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

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On the Block(chain)

The Bitcoin Whitepaper may still be secretly stored on your computer
https://cryptoslate.com/could-steve-jobs-be-behind-bitcoin-satoshi-nakamoto-mystery-deepens/

Bitcoin crossed 800M transactions in 2023 Q1; price grows 70%
https://cryptoslate.com/bitcoin-crossed-800m-transactions-in-2023-q1-price-grows-70/

Dogecoin dips 6.5% as Twitter logo returns
https://cryptoslate.com/dogecoin-dips-6-5-as-twitter-logo-returns/

Blockchain gaming unique active wallets decreased 8% in Q1 2023
https://cryptoslate.com/blockchain-gaming-uaw-decreased-8-in-q1-2023/

Ethereum rises against Bitcoin as shappella upgrade nears
https://cryptoslate.com/ethereum-rises-against-bitcoin-as-shappella-upgrade-nears/

Over 75% of crypto holders have NFTs
https://cryptoslate.com/over-75-of-crypto-holders-have-nfts/

Reddit deploys Gen 3 NFT avatar contracts on Polygon
https://cointelegraph.com/news/reddit-deploys-gen-3-nft-avatar-contracts-on-polygon

Charles Hoskinson: Cardano delays due to betting on wrong tech, ambitious roadmap
https://cointelegraph.com/news/charles-hoskinson-cardano-delays-due-to-betting-on-wrong-tech-ambitious-roadmap

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Competitive Landscape

Tether USDT supply reaches $80B for 1st time in almost a year
https://cryptoslate.com/tether-usdt-supply-reaches-80b-for-1st-time-in-almost-a-year/

Binance self-custody wallet launches crypto-to-fiat off-ramp
https://cointelegraph.com/news/binance-self-custody-wallet-launches-crypto-to-fiat-off-ramp

Avalanche introduces ‘Evergreen’ subnets to connect institutions on blockchain
https://cointelegraph.com/news/avalanche-introduces-evergreen-subnets-to-connect-institutions-on-blockchain

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US. Coordinated Regulation Failures

US Treasury sees ‘potential benefits’ of DeFi following risk assessment
https://cryptoslate.com/us-treasury-sees-potential-benefits-of-defi-following-risk-assessment/

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World

ASIC issues cancellation of Binance’s derivative AFS license, at the request of Binance
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-091mr-binance-australia-derivatives-afs-licence-cancelled/

Dubai regulator demands Binance provide info on ownership, governance: Report
https://cointelegraph.com/news/dubai-regulator-demands-binance-provide-info-on-ownership-governance-report

Singapore to introduce uniform screening standards for crypto bank accounts
https://cointelegraph.com/news/singapore-to-introduce-uniform-screening-standards-for-crypto-bank-accounts

Japan pushes for friendlier environment for crypto with Web3 proposals
https://cointelegraph.com/news/japan-pushes-for-friendlier-environment-for-crypto-with-web3-proposals

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Thought Leadership

Account Abstraction & ERC-4337, a Web3 Cultural Reset
https://blog.nefture.com/account-abstraction-erc-4337-a-web3-cultural-reset-c760082157b5

Hash rate and sustainability: How Bitcoin’s rising processing power is a net positive for the environment
https://cryptoslate.com/market-reports/hash-rate-and-sustainability-how-bitcoins-rising-processing-power-is-a-net-positive-for-the-environment/

15 ways crypto companies can manage costs in the current economy
https://cointelegraph.com/innovation-circle/15-ways-crypto-companies-can-manage-costs-in-the-current-economy

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https://preview.redd.it/bsieuomabesa1.png?width=755&format=png&auto=webp&v=enabled&s=49ff6d3cef24a1f5783707b6e6017e00cacda6e0

Cardano Daily Discussion - April 07, 2023

Hello everyone,

Welcome to the Cardano Daily Discussion!

The standard sub rules apply here (see sidebar), with the exception that price discussion is allowed in this thread, though we encourage you to try not to make this the focus and talk about the project itself. Please ask questions, help others and be civil - be sure to get involved in Project Catalyst too!

If you're new, please make sure you're read through the newbies guide and share it with others (use the ?newbies comment command to reference it).

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⚠️ Scam Warning ⚠️

Please read the Cybersecurity guidelines for Cardano Users.

There are ongoing giveaway scams on youtube and many scammers lurking in Cardano's social channels impersonating ambassadors/moderators/official staff contacting users via direct messages.

For example, searching 'cardano' on youtube and sorting by most recent upload date shows several giveaway scams running (all videos in screenshot are scams):

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Ongoing 'giveaway' scams on Youtube

The youtube scams are automated; use stolen footage usually of Charles Hoskinson and are restreamed so to appear to be 'live'; appear to have many watchers (which are bots); use bought hacked channels and are edited to appear like official channels.

See this post for more examples of what they look like

Do not be fooled!

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To be clear:

• ⚠️ There is no such thing as a Cardano giveaway
• ⚠️ Never share your seed phrase with ANYONE
• ⚠️ Never send ADA to someone promising to send you more ADA back
• ⚠️ You will never be contacted by ambassadors/moderators/staff

Please report scams on the Cardano Fraud Detection Bureau.

⚠️ Scam Warning ⚠️

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https://preview.redd.it/60ofludzpq8a1.png?width=284&format=png&auto=webp&v=enabled&s=7d58fc8aaa2eb5f125624608b97bdd7b943a1111

Midnight Subreddit

In anticipation of Input Output's new data protection blockchain 'Midnight', I've managed to acquire r/Midnight through some negotiation and repurpose it for the Cardano Community (the sub was created for a card game back in 2011 but was mostly unused).

I decided to do this as I thought the project will eventually need a home on reddit and best to setup now before any scammers do. Obviously there's not much to post about on there right now as it's early days as the project is yet to be released, but if you'd like to be kept up to date on the project please feel free to join the new subreddit if the project interests you and I'll be sure to post updates as and when they become available.

Right now the sub is mostly a carbon copy of r/cardano, I've copied most of the automod and rules over, so certain aspects may seem a little incongruent atm, but I'll tailor and tweak the sub as we go. Feel free to send me or post any input if you want stuff to change.

Cheers all

Help, please help me understand the IRS. I spent like 25k of my money on crypto, moved it around a bunch in the exchanges trying to time the market for a year, and a few years later come out with less but still close to the same when I cashed out. IRS is trying to say I had 170k of income in 2021.

Okay, so let's say I bought a Bitcoin for $50,000, then I turned around and sold it for $49,000. The IRS is telling me that's $49,000 income for 2021. Or if I solid it for $50,002, that's $50,001 income. See, I see that as $2 income. (Completely hypothetical, I didn't buy bitcoin really).

That's basically what's going on in a nutshell. Uphold, Robinhood, Binance, all reported to the IRS for me automatically (I remember I think it was Uphold that initially sent out bad tax records and had to "apologize" to everyone and resubmit to the IRS). Not sure how much that has to do with it.

Anyway, it looks like they are treating every single sale for USD as a taxable event. I was under the impression if it's on exchange and I'm just doing quick trades back and forth to switch/convert/trade for different cryptos that wouldn't happen.

Am I completely screwed? Should I have been parking in tether this whole time to switch between crypto coins?

It's so frustrating how complex this is and almost no tax accountants know anything about crypto to answer these questions.

It's pretty much impossible to talk to the IRS it seems and of course it's still corrupt and won't tell you how much you owe.

Not only that, I don't think they called me. I missed the mail they sent me with a deadline to tell them if I contest the amounts....

I'm not running from the law or ignoring it or evading it, but I didn't file it on my return because I know I came out of my trades overall making less than I put in, so in my mind, that's no income, so it wouldn't be taxed.

I may have made a horribly uneducated decision.

Any advice is appreciated.

Bitcoin events in Salvador

Hi there, in couple of weeks i am coming to El Salvador for the first time. Can't find any information about Bitcoin events, meets in this country.

Anyone knows where to find some info?

Also what beaches are best to visit? ATM have plan to stay in El Zonte.

Thanks