Cardano Rumor Rundown November 17, 2022

Hey Everyone!

Let’s go….

Newly Covered Today:

1. Vitalik is worried about bugs in SC code and “most worried” about hacks of ZK-Rollups. I believe it’s obvious that ETH ZK-Rollups will generally be DnPs (“deposit and pray”). https://twitter.com/VitalikButerin/status/1592881308002549761
2. ScotFest is only two days away. You can watch the stream on youtube. https://twitter.com/InputOutputHK/status/159293618740435763
3. The US House Committee on Financial Services has planned a hearing on the FTX collapse for December. https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409920
4. The Financial Services Committee hearing will not be the first time the Chairwoman of that committee has met SBF. https://twitter.com/hexidethmal/status/1591100345395990530 https://twitter.com/ChuckRossDC/status/1592951865519800320
5. Congressional scrutiny of Binance’s role in the FTX collapse is interesting. How about you determine FTX’s role in the FTX collapse before pointing fingers elsewhere? https://twitter.com/TheBlock__/status/1592945434355384321
6. FTX Contagion Update: Genesis has suspended redemptions and new loan originations. https://twitter.com/GenesisTrading/status/1592867208275046401
7. Yoroi has some kind of “especially exciting” announcement for the Cardano Summit! https://twitter.com/CryptoKeish/status/1592983315157770243

Previously covered, but still interesting:

1. Greenland is looking into blockchain voting. https://www.computerweekly.com/news/252526273/Greenland-investigate-potential-blockchain-based-election-system
2. The next FutureFest concert is going to be a multi-destination concert with several venues all built on Unity. https://twitter.com/unitygames/status/1582370930709274624
3. All of the beachfront parcels on Spy Island in REACH are now gone. https://www.market.reachmetaverse.org/map
4. The LexPunk Army is making public a copy of the Digital Commodities Consumer Protection Act that is making the rounds in Washington. https://github.com/LeXpunK-Army/Crypto-CaseLaw/blob/main/DCCPA%20Markup%20Latest%2010.19.22.pdf
5. Here’s some great analysis on the leaked DCCPA draft. https://twitter.com/ianDAOs/status/1582897980935266304
6. SBF floats his ideas on crypto regulation and people aren’t happy about it. https://www.ftxpolicy.com/posts/possible-digital-asset-industry-standards https://twitter.com/SBF_FTX/status/1582835426116575235
7. Liqwid’s Agora code audit is 50% done. https://twitter.com/DCdoso/status/1583152577079701505
8. It looks like the new info coming out of the SEC on NFTs is already having an effect on decisions made by NFT projects. https://twitter.com/Canadian4Crypto/status/1583090643043516416
9. ADA Realm just did something really important. They made a beach bar and explicitly called it a “bar”. I approve. https://twitter.com/AdaRealm/status/1583190472591568896
10. A certain youtube personality seems extremely angry at a certain Ethereum personality. https://twitter.com/WatcherGuru/status/1583202589654495232 https://www.youtube.com/watch?v=o2dhgZopyBs
11. Even Representative Tom Emmer of the US Congress says we shouldn’t sacrifice decentralization or DeFi in the name of new crypto legislation. https://twitter.com/RepTomEmmer/status/1582915646157131779
12. A user on FTX is reporting that he had $1.5MM USD stolen from his account. Another person is reporting a loss of $2MM USD. Brutal! The discussion seems to mention possible compromise of 3commas trading software API Keys by the attackers. The team behind 3Commas seems to be pointing to a phishing strategy by the attackers. https://twitter.com/littlesand2/status/1583830658203283456 https://twitter.com/3commas_io/status/1583571729628004352
13. Shahaf Bar-Geffen makes a very important point about your future as an AI with whom your great grandchildren might interact. https://twitter.com/shahafbg/status/1584244982537277440
14. Sam Bankman-Fried responds to a question about why FTX hasn’t listed spot ADA.
15. Just the metrics examines Aptos as compared to more decentralized blockchains like Cardano. https://twitter.com/Soorajksaju2/status/1584133947227013120
16. The ETH/EVM world is having a hard time right now trying to hash out how much of their DeFi is going to fall under the control of regulators. https://twitter.com/JonnyRhea/status/1584252081493667842 https://twitter.com/lex_node/status/1584180230297890817 https://twitter.com/SBF_FTX/status/1584184430117425152
17. MuesliSwap has completed its transition to MuesliSwap v2! https://twitter.com/MuesliSwapTeam/status/1584650148273336320
18. Liqwid mentions that they’ve been working with Platonic Systems and it has accelerated their launch timeline. https://twitter.com/liqwidfinance/status/1584587690712104960
19. Apparently, Apple has decided that Apps in the App Store aren’t allowed to sell NFTs that unlock features in the App. https://twitter.com/wongmjane/status/1584609845570768897
20. It’s reported that Twitter is working on a crypto wallet. People surmise this is an impetus for Elon’s purchase. https://twitter.com/CaitlinLong_/status/1584729157401202688
21. The Pavia map is looking a lot fancier. https://pavia.io/map
22. Reportedly, this video is of a fox walking past 10 Downing Street ( https://twitter.com/itvnews/status/1584976609232445440) as Rishi Sunak prepares to take his position as the next Prime Minister of the UK. No idea if this is actually current or if the fox was voluntarily there or planted. We already know that Rishi Sunak seems to be very pro-CBDC and likes BAYC more than Crypto Punks. Sunak is a familiar figure from back in April when, as Chancellor of the Exchequer he declared: “It’s my ambition to make the UK a global hub for cryptoasset technology…” https://twitter.com/hmtreasury/status/1468193641638207489 https://twitter.com/tier10k/status/1584635528695017472 https://www.gov.uk/government/news/government-sets-out-plan-to-make-uk-a-global-cryptoasset-technology-hub https://twitter.com/greyskulledm/status/1511026486798651393
23. There are reports that the UK House of Commons also voted to treat cryptocurrencies as regulated financial instruments. Apparently there was even language around the inclusion of stablecoins. https://www.yahoo.com/now/uk-lawmakers-vote-recognize-crypto-153128469.html
24. NMKR now has a function for you to auction off any NFT. https://twitter.com/nmkr_io/status/1584975658777972736
25. Here’s the link if you missed the Rare Bloom Keynote from Charles. https://www.youtube.com/watch?v=TZ8K8FW72BA
26. US cryptolaw is turning into the worst export ever. https://twitter.com/lex_node/status/1584962177739653121 https://twitter.com/brian_armstrong/status/1585001996490510336
27. Nami Wallet Version 3.4.1 is out now! https://twitter.com/berry_ales/status/1585395882605903879
28. Apparently, people are now paying for telemedicine on Cardano! https://twitter.com/Citaldoc/status/1583548196927983616?s=20&t=hK3-IVgaiGG7V7voRgiOuA
29. Looks like A16Z is getting stung by this crypto winter! How do you say 40% mark down in their fancy abbreviation system? https://www.wsj.com/articles/andreessen-horowitz-went-all-in-on-crypto-at-the-worst-possible-time-11666769270
30. Elon musk just walked into Twitter HQ with a literal sink in his hands saying “let that sink in”. This could have a significant impact on crypto if his purchase is related to the potential of Twitter as a payments network as some have surmised.
31. Elizabeth Warren & AOC seem mad that crypto is now engaging in effective lobbying just like their buddies in big tech. https://punchbowl.news/wp-content/uploads/10.24-Letters-to-Regulators-re-Crypto-Revolving-Door.pdf https://www.opensecrets.org/members-of-congress/alexandria-ocasio-cortez/summary?cid=N00041162 https://www.opensecrets.org/members-of-congress/elizabeth-warren/summary?cid=N00033492
32. The Monetary Authority of Singapore has proposed new crypto regulations with a special focus on stablecoins. https://www.mas.gov.sg/news/media-releases/2022/mas-proposes-measures-to-reduce-risks-to-consumers-from-cryptocurrency-trading-and-enhance-standards-of-stablecoin-related-activities
33. Everyone who saw the “Day in the Life of a Meta PM” video comes away shocked at the -20% dive after the earnings report. Was the culprit rooftop avocado toast and lattes, the $3.9 billion lost on the metaverse, or the (currently) ill-fated stock buy back? Time will tell. (Oct 27). https://twitter.com/zerohedge/status/1585398981995233304 https://twitter.com/unusual_whales/status/1585376066713321472 https://twitter.com/zerohedge/status/1585374381211062273
34. One of the AI generated Tim Beiko tweets is too accurate! https://twitter.com/TimBeiko/status/1585699510243950594
35. Paypal just quietly reinserted the $2500 penalty if you engage in a transaction they think amounts to a “form[] of intolerance that is discriminatory”. https://twitter.com/WallStreetSilv/status/1585643176185823236
36. The World Mobile Aerostat program is amazingly cool. https://twitter.com/WorldMobileTeam/status/1585715475690004481
37. It looks like Army of Spies is in the running for the Educational Influencer award at the Cardano Summit 2022. Vote here: https://voting.summit.cardano.org/nominees
38. Elon has consummated the transaction to acquire Twitter and the slaughter of executives has already begun. https://twitter.com/WallStreetSilv/status/158526910183167181
39. IOG has released a new article on the pros and cons of changing the K parameter vs. changing the minimum fee for stakepools. https://www.essentialcardano.io/article/staking-parameters-and-network-optimization-where-next-for-k-and-min-fee https://twitter.com/InputOutputHK/status/1585600629740896257
40. Even Forbes Crypto is now talking about how Cardano is #3 for NFT volume. https://twitter.com/ForbesCrypto/status/1586628979556917249
41. World Mobile says it is looking to almost double the number of airnodes in Zanzibar by the end of the year. https://twitter.com/WorldMobileTeam/status/1586789320471576576
42. The Cornucopias bridge from BSC to Cardano is coming today! (Oct 31). https://twitter.com/CornucopiasGame/status/1586849014611329024
43. Don’t forget that the Cardano 360 for October is out and available. https://www.youtube.com/watch?v=hZRwLWKNNfQ
44. Erik Voorhees crushes SBF’s logic by asking him to distinguish between KYC for DeFi front ends and KYC for email front ends. https://twitter.com/artofbagholding/status/1586117772005605376 https://twitter.com/ctaggr/status/1586104117197475844
45. If front ends become a focus of regulation, we might have to move to headless dApps. https://twitter.com/ERG_Armeanio/status/1586423711350984704 https://youtu.be/temmjyKpsEU
46. If you missed it check out this post from Pavia. It looks like you need to comment to get on the list for the Plaza test event. https://twitter.com/Pavia_io/status/1585939474030428160
47. It looks like the Cornucopias bridge from BSC to Cardano is now live (as of Oct. 31). https://twitter.com/CornucopiasGame/status/1587110191031541761
48. Check out the new weekly thread series “This Week in Cardano”. https://twitter.com/Soorajksaju2/status/1586813500596232193
49. Sooraj & Laura will also have a new Cardano podcast coming soon. https://twitter.com/Soorajksaju2/status/1586998510892863488
50. Somehow I totally missed this video preview of the cyberpunk themed district of the Pavia Plaza. https://twitter.com/Pavia_io/status/1580554201813618689
51. Elon’s going to make the blue check mark accessible to all for $8 (or the purchasing power equivalent in your country) and also reward content creators. This could have significant effects on crypto ecosystems like Cardano that rely heavily on Twitter. https://twitter.com/elonmusk/status/1587498907336118274
52. Virtua has given us a look at what the entire planet of Virtua Prime will look like including the location of Cardano Island in relation to the other land masses. https://twitter.com/VirtuaMetaverse/status/1587525839628951552
53. Artifct has made a decision to shut down their marketplace. Hopefully, this will mean a focus on the moon metaverse project instead. https://twitter.com/ArtifctApp/status/1587168164336390144 https://discord.com/channels/882364185244237884/882374348638404628
54. Here’s another teaser from the Pavia cyberpunk district. https://twitter.com/Pavia_io/status/1587476665516662784
55. MuesliSwap has revealed some upcoming farming UI changes. https://twitter.com/MuesliSwapTeam/status/1587481326097207298
56. Ardana has revealed a new roadmap. https://ardana.org/roadmap/ https://medium.com/@ardanaproject/roadmap-2-0-the-journey-to-ardana-ba59335c6303
57. FutureFest just participated in the world’s first multi-destination virtual concert along with some other unity projects. https://twitter.com/futurefestxr/status/1587555369810731008
58. ADA Realm is creating “The ADA Realm Council”. Anyone who holds a plot can join to help provide input into the development of the metaverse. https://discord.com/channels/903957555083087892/903971388812050462
59. The U.S. Fed gave us another very unsurprising 75 basis point hike in the federal funds rate today (Nov. 2). This brings us to 3.75-4% which is the highest rate we’ve seen since January 2008. https://www.cnbc.com/2022/11/02/fed-hikes-by-another-three-quarters-of-a-point-taking-rates-to-the-highest-level-since-january-2008.html
60. Apparently, Twitter has a program called Birdwatch that could be used to add “readers notes” to misleading tweets about Cardano. Maybe we should look into this to combat the psyops against Cardano. https://twitter.com/micsolana/status/1587774389264973826
61. Crypto and the Howey Test are on a collision course. https://twitter.com/scotty2ten/status/1587620216938594304
62. Here’s another case of a supposed news outlet trying to pretend like Cardano liquid staking isn’t the biggest and best out there. https://twitter.com/danny_cryptofay/status/1587761429607768064
63. There is speculation that the November announcement might be the actual building of a PEReDi (Privacy Enhanced Regulated Distributed) CBDC. A CBDC that isn’t a panopticon does sound better than the alternative. https://iohk.io/en/research/library/papers/peredi-privacy-enhanced-regulated-and-distributed-central-bank-digital-currencies/ https://twitter.com/Northern_ADA/status/1587805885379842050
64. For November surprise contenders, we also still have the speculation around BMW. https://twitter.com/seenwasad/status/1574144652902555652
65. Looks like IOG just acquired the talents of Dr. Vanishree Rao who led development at Mina! You’ve heard Charles mention some of the innovative work done at Mina in his AMAs. https://twitter.com/timbharrison/status/1588183693599731718
66. Goldman has teamed up with Coin Metrics to unveil a new crypto classification system they are calling Datonomy. Very clever Goldman: data + taxonomy. I’m sure you focus grouped the hell out of that one. https://www.cnbc.com/2022/11/03/goldman-sachs-unveils-crypto-classification-system-aimed-at-institutional-investors.html
67. You can do Cardano smart contract transactions with your Ledger hardware wallet device on an experimental basis. https://twitter.com/Ledger_Support/status/1588114156401856517
68. JP Morgan has now executed its first DeFi trade according to Bloomberg. https://twitter.com/ZeMariaMacedo/status/1588225282850390018 https://www.bloomberg.com/news/articles/2022-11-02/jpmorgan-executes-its-first-defi-trade-using-public-blockchain
69. The way they’re currently structured and operating, a lot of DAOs may get smashed as regulators will just view them as on-chain corporations who sold early stage securities to non-accredited investors. https://twitter.com/lex_node/status/1588184594133749760
70. Jpeg Store now has bundles. This will make it much easier for anyone trying to sell a metaverse estate. https://twitter.com/jpgstoreNFT/status/1588279773331001344
71. Check out this intro to Demeter Run, a “cloud environment with all the tools for building & deploying your Cardano dApp”. https://twitter.com/DemeterRun/status/1582893470015844352
72. Cardanians makes a really good point about Cardano having the largest team in crypto behind it. https://twitter.com/Cardanians_io/status/1588059198461558784
73. a16z thinks social media needs three separate game modes from safe space to wild west and to be governed by its users. https://a16zcrypto.com/toppling-the-internets-accidental-monarchs-how-to-design-web3-platform-governance/
74. There’s a whole crypto twitter drama happening right now with the finances of FTX and Alameda that has apparently led to Binance announcing that they will sell their FTX Token holdings (Nov. 6). https://twitter.com/JohnEDeaton1/status/1589305305388621824 https://twitter.com/cz_binance/status/1589283421704290306 https://twitter.com/DU09BTC/status/1589135270103773184
75. Colin from Obsidian and Lode Wallet gives us an early look at Hydra. https://twitter.com/osColinH/status/1588890270149783553
76. There’s trouble in DeFi land as it’s pointed out once again that LPing in AMMs seems to very frequently involve impermanent losses outpacing fee revenue. In this case, it’s asserted that the lab behind the AMM didn’t even understand the extent of the problem due to a mismeasurement. Of course, the prospect of new DEXs with impermanent loss mitigation brings something new to the table. https://twitter.com/thiccythot_/status/1589022227437039616 https://twitter.com/ravanave/status/1589264438087266305
77. LBRY announces that they lost in their case with the SEC. The ruling is pretty much the opposite of what everyone was hoping. https://twitter.com/LBRYcom/status/1589645453091827712 https://odysee.com/@lbry:3f/secvslbrysummaryjudgementruling:a
78. Virtua’s mobile app is coming today (Nov 8). I’m curious to see how much of the functionality relates to their metaverse. https://twitter.com/virtua_official/status/1589691063211790337
79. Pavia says only one more dev sprint until they can reveal the Plaza test event date. https://twitter.com/Pavia_io/status/1589601264102699008
80. This twitter space today (Nov. 8) on audits and security includes MLabs, Runtime Verification, Simon Thompson of IOG, and Tweag. https://twitter.com/thompson_si/status/1589620874269044736
81. Charles dropped a whole video on how Elon can decentralize Twitter with Doge and Cardano. https://www.youtube.com/watch?v=G7dmU2CCJo
82. MuesliSwap drops a mysterious tweet saying it is working on one the biggest Cardano DeFi innovations. https://twitter.com/MuesliSwapTeam/status/1590096808042459136
83. Charles sums up today in Cardano perfectly. https://twitter.com/IOHK_Charles/status/1590151060639059970
84. CZ of Binance signed a non-binding letter of intent to acquire FTX to help remedy what he describes as a liquidity crunch at FTX. https://twitter.com/cz_binance/status/1590013613586411520
85. I definitely did not think I would wake up this morning and watch Martin Shkreli and Do Kwon in a live discussion of a non-binding LOI for Binance to acquire FTX. https://www.twitch.tv/uponlytv
86. Here’s a great thread offering a very thorough explanation of what has gone down with FTX. https://twitter.com/milesdeutscher/status/1589631447517655040
87. Elon files paperwork with FinCen for Twitter to become a payments network as a money transmitter. https://twitter.com/jp_koning/status/1590413986843201536
88. Here’s a nice video of Charles crushing the kid from The OC (who is now a middle aged crypto critic) along with some other person who says that “crypto has ruined lives.” The actor basically thinks that every cryptocurrency is just a security. He also reminded everyone he went to college and has a book coming out. https://twitter.com/casey_lau/status/1589530354217783296
89. Out of the FTX-Alameda chaos, things are really REALLY not looking good for Solana. https://twitter.com/DU09BTC/status/1590307342884962305
90. Virtua gave us a sneak peek of the inside of the Cardano Island condos. They look good! https://twitter.com/virtua_official/status/1590450026957840384
91. My…my…my…how the tables have turned, Solana. https://twitter.com/MagicEden/status/1590435695080140800
92. Rumors are swirling that wrapped BTC in Solana issued by FTX and/or Alameda and present on many lending and AMM platforms will spread the contagion very widely. https://twitter.com/weremeow/status/1590461628864397312
93. The Cardano Summit registration for virtual attendance is now open. The Summit will run Nov. 19-21st. https://twitter.com/Cardano/status/1591793019975397377
94. Cardano development stats are looking very nice (Nov 14). https://twitter.com/InputOutputHK/status/1591822447346536449
95. IOG’s virtual ScotFest will be happening right before the Summit Nov 18-19. Kickoff will be 10:00 AM GMT on the 18th. Keynote from Charles at 2pm GMT on the 18th. https://iohk.io/scotfest/
96. Apparently, Crypto.com says it accidentally sent $400 million to Gate.io and then had to ask Gate to send it back. People should be asking some serious questions about controls at crypto.com. https://twitter.com/kris/status/1591605600638881792
97. BlockFi appears to be impacted by the FTX/Alameda implosion. https://twitter.com/BlockFi/status/1590875997351866368
98. Carda Station has a treasure hunt going on inside their metaverse! https://twitter.com/Carda_station/status/1591462387776888833
99. A large ETH podcast gets called out and ratioed hard for its past behavior in the context of current events. https://twitter.com/StakeWithPride/status/1591500079873265665
100. Charles straight killed it in that mega twitter space with a bunch of big crypto names by pointing out that Cardano and Bitcoin are good in all this because they’re actually decentralized which is what the whole space needs to pursue instead of a bailout. The whole crypto space needs to live up to the label of “decentralization” we slapped on this thing. https://twitter.com/iamshamdol/status/1591933841337638913
101. The Dragon is using FTX as a foothold to paint all of crypto as “smoke and mirrors”. Shocker: she wants “aggressive enforcement”. https://twitter.com/SenWarren/status/1590496981751058432
102. Things keep getting worse with FTX/Alameda. The Wall Street Journal is reporting that “Alameda Amassed Crypto Tokens Ahead of FTX Listings”. https://www.wsj.com/livecoverage/stock-market-news-today-11-14-2022/card/alameda-amassed-crypto-tokens-ahead-of-ftx-listings-public-data-shows-z6KFN051ToEpFohTXA89
103. Senator Lummis explains why the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand Bill. https://twitter.com/SenLummis/status/1592212987259281408
104. Humans often seem to value optimization of short-term growth over optimization of long-term growth. Even some Western Economists in the Cold War thought the USSR would outgrow the US. The crypto space is making the same mistake in undervaluing Cardano’s long term optimization. https://www.thecrimson.com/article/1960/10/17/professor-predicts-soviet-union-growth-will/ https://marginalrevolution.com/marginalrevolution/2010/01/soviet-growth-american-textbooks.html
105. The New York Fed is rolling out a CBDC proof-of-concept along with BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank and Wells Fargo. https://www.newyorkfed.org/newsevents/news/financial-services-and-infrastructure/2022/20221115 https://www.businesswire.com/news/home/20221115005936/en/Members-of-the-U.S.-Banking-Community-Launch-Proof-of-Concept-For-A-Regulated-Digital-Asset-Settlement-Platform
106. FTX-Alameda Contagion report: SALT lending has paused withdrawals and deposits. https://twitter.com/coffeebreak_YT/status/1592567205727961089 https://twitter.com/Travis_Kling/status/1592198107734876160
107. Here’s a sneak peek at the upcoming Cardano Summit 2022 NFTs from TURF. https://twitter.com/Turf_NFT/status/1592536651472855041
108. Sounds like we’ll get news on the Pavia live event “very soon”. https://twitter.com/PaviaRoss/status/1592474815096848385
109. Frederik Gregaard’s latest interview definitely poses a hypothetical related to BMW involvement in Cardano. https://youtu.be/Uk9arH5qMIo?t=4234
110. Caitlin Long’s Custodia Bank gets a preliminary win against the Federal Reserve in its quest to get a master account (that is necessary to get a routing number and etc). https://twitter.com/wadaniel/status/1592171742889480192

~Army of Spies

Daily TA by Tritador 16th of November

November 16. Apparently a (non)-Russian missile hit a village in Poland killing 2 farmers. Originally, the news ran with the story that this was a Russian missile and actual war might follow. Then the story broke that this was a Ukranian missile and conspiracy theories about a false-flag operation to drag other countries into war surfaced. Then the story came out that it was a defensive Ukranian missile that accidentally hit Poland, so sorry.

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Meanwhile, the (in)famous Donald Trump announced he'll be running for US president in 2024.

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Inflation in the UK is up to 11.1% due to high energy costs.

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The BRICS countries are getting together to eventually stop using the USD as their reserve currency. The DXY remains around 106, having broken out of its ascending trend.

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Mr. Wonderful himself declared that if Big Sam started another venture, he'd be happy to invest in it.

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Dave Chapelle apparently propagated antisemitic tropes on SNL, though overall his act was pretty hilarious except for the awkward pauses where nobody laughed when he said something iffy about the Jews...on a TV show in New York, because as the greatest comedian there's ever been, he somehow forgot how to read the room. Or maybe he didn't.

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Tulsi Gabbard still looks like Rogue from the X-men, which makes most of her suddenly right-leaning fanatical rantings forgivable because Rogue is the coolest.

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Another crypto-earn platform, Genesis, has paused crypto withdrawals. We know where this is going. The crypto world worries that the larger company, Gemini, whose Gemini-earn program is powered by Genesis, may be affected.

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12 financial institutions and the NY Fed are getting together to run a test version of the US digital dollar. Get ready to have every transaction tracked and your money turned off if you leave your permitted geofenced area or say something bad about the government on Twitter. Crickets are a great source of protein, minerals, and fiber.

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You really can't make this shit up. There is no silly set of facts I could possibly write that would be crazier than the real world.

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Meanwhile, Bitcoin is holding at 16.5k and not plummeting any farther (yet) following the FTX dump, though many analysts are still calling for an 11-14k bitcoin. But retail pessimists are clamoring for 3k or lower, declaring this is completely different, crypto is all over, dead, a ponzi scheme, and this time the ride is done, which usually means the bottom is in. So we'll see.

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The stock market is down. Amazon is firing 10k employees. Target stock is dropping like a stone after warning about weak profits due to low demand (a known consequence of all of the interest rate hikes the Fed has been implementing).

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ETH is sticking around near 1200. Osmo seems to like 1.15 and keeps moving back to that place after some volatility. Juno's at 2.27, similar story.

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Evmos and Atom look dumpy and have settled in and begun crabbing at new local lows, with Atom at 10.13 and Evmos at 1.16.

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Tori dropped from its latest pump toward 70 cents all the way down to 61 cents. If you've been compounding and own a lot of Tori by now, a few pennies makes your portfolio value change a lot more than you'd like. If Tori falls below 60, that would make a lower low from its previous dip and signal a downtrend, but if it keeps bouncing between 60 and 70 cents, there's money to be made.

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Scrt had a mysterious pump from 63 cents to 1.15, and has since sold off to 89 cents. There's a rumor that Europe's going to ban privacy coins, Scrt included, to combat money laundering. Which seems a lot more bearish than bullish. Crazy times.

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GLTO is at 0.0013 USD. Virtually no buying or selling volume today, just price movement as Osmo moves. GKEY is at 230. A little more volume, but still mostly a reflection of the moving Osmo price.

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I got nothing today. I'm working for fiat, DCAing into bitcoin every day, grilling chicken thighs tonight. Just buy bitcoin, other projects you really believe in, play poker tonight, play Gelotto lotteries, and spend time with your loved ones. The big picture is all over the place, the world is changing in weird ways, and at the end of the day, what's really important is good food, good friends, and your health and happiness. Not world events or crypto chart movements.

Crypto's Faustian Bargain

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Crypto's Faustian Bargain

When Satoshi Nakamoto introduced Bitcoin, he stated, “It’s completely decentralized, with no central server or trusted parties, because everything is based on crypto proof instead of trust.” Satoshi identified trust as a point of failure within our current financial and monetary system, and he has been vindicated time and time again. On the surface, trust is a positive idea. Being able to trust someone is a great thing, and it’s required for healthy relationships. The problems only arise when trust is betrayed, whether it's cheating, spending other people’s money as if it was their own, or regularly debasing a currency, but I repeat myself. The problem staring every one of us in the face is the fact that our relationship with legacy financial institutions is incredibly unhealthy.

Satoshi’s revolutionary idea was not an attack on trust itself, but to remove it from the equation entirely. In so doing, he designed Bitcoin to be trustless, thereby making trust in third parties obsolete, at least within our financial system. Bitcoin debuted in the wake of the ‘08 financial crisis, a timely repudiation of a system of banks and firms who leveraged common people’s money to further enrich themselves. When the house of cards came crashing down, these very same institutions were bailed out because they “were too big to fail”, while the little people outside of this category were left with the bill, many losing their homes, jobs, and potential lifetime earnings.

The good news is we have been given an alternative. Bitcoin, and a few other cryptocurrencies who have followed its example, offer something better. “Be your own bank” is not just a catchphrase; it’s a call to action. If you do not approve of the way things are, then it is up to you to be the change you want to see in the world. The construction of an alternative financial system is not going to occur overnight, but every private wallet, every accrual of a decentralized token over a centralized fiat dollar, and every transaction occurring on a blockchain instead of some middleman’s payment channel is a step in the right direction. On the other hand, every choice to sacrifice intrinsic Bitcoin ideals like trustlessness, decentralization, and censorship-resistance is two steps back and an affront to financial sovereignty itself.

The Invitation

In folklore, various evil creatures like vampires and some demons can only gain entrance to haunt someone after they receive an invitation. Similarly in German legend, the character Faust sells his soul to the devil in exchange for earthly gain. This ancient trope has been retold many ways, but the moral of the story is sacrificing your ideals ultimately leads to ruin. Despite the popularity of this myth, the crypto community at large remains woefully ignorant of its lesson.

Sam Bankman Fried & FTX could be the proverbial devil in our story right now, but a few months ago it was Do Kwon & Terra Luna or the Celsius Network. At one point it was Bitconnect, before that it was Mark Karpelès & Mt. Gox, and it’s been a million shitcoins, NFT projects, and even whitepapers in between. Although the fallout of the FTX Faustian bargain is still unfolding, it is safe to say these kinds of events will continue until people realize many of Bitcoin’s features are not bargaining chips; they’re non-negotiable.

Perhaps centralized exchanges are a necessary evil, at least for the time being. I can accept that. If you can as well, it would be prudent to recognize an exchange is not a wallet. They possess wallets intended to hold their customers’ funds, who must trust the exchange not to use said funds like Bankman-Fried did to fuel his ‘effective altruism’ lifestyle to “try and do as much good as you can”, cover various “business expenses”, donate them to a political war machine founded by his mother, or mint counterfeit Bitcoins like soBTC (wrapped BTC on Solana). “Not your keys, not your coins” remains true. If you hope to have financial sovereignty, it begins by taking responsibility for your own assets. If you are reading this and still have tokens on an exchange, stop reading immediately in order to withdraw them into your own wallet. If you must use a CEX, at least try to use one that publishes audits, and only keep your funds there as briefly as possible.

Exchanges like FTX are an example of how the cryptocurrency industry has been infected by the same wicked spirit that possesses the monetary system Bitcoin was designed to escape. There is a narrative we should be accepting when crypto behaves more like legacy finance, because it gives us some kind of legitimacy, but in the eyes of whom, the same system it was built to be an alternative to? Thankfully, decentralized exchanges are well on their way to being able to fulfill this necessary role via rollup technology with built-in compliance, as explained by Jagdeep Sidhu.

Bitcoin is more than trustless digital gold, the most secure censorship-resistance decentralized network in existence, adjudicator of truth for the transactions it records. It is the base layer of a new paradigm. It is an idea people do not need to rely on fallible third parties to control the monetary system, that people should be able to make transactions amongst themselves, that we can bank the unbanked, that a decentralized system is more capable of lifting people up rather than egalitarianism somehow trickling down from the top of a pyramid. Sacrificing these ideals for temporal gain is not to be lauded as it is a sign one would rather maintain the status quo than aspire towards something higher, enriching themselves by trampling others.

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Exorcize

If we hope to achieve the promise of Bitcoin, we must remain vigilant to avoid the devils in our midst. In the same vein of protecting the idea of Bitcoin, we must preserve the standards that make it possible, namely decentralization and security. Any cryptocurrency that sacrifices either for the sake of scale or anything else cannot be fully trusted because it will never be trustless. Solana made this sacrifice to achieve momentary monetary success and look at it now. Even if it was not inextricably linked to the FTX fiasco, it was never going to be more than a cheap counterfeit of the real deal.

I am not Bitcoin maxi in the sense that I do not take issue with the very existence of other blockchains. As long as the ideals are preserved, I do not see a problem. Bitcoin provided a solid foundation for us to build on, but there have been many worthwhile innovations made since the Genesis block was mined within and outside of Bitcoin. The most obvious would be the introduction of smart contract functionality introduced by the Ethereum Virtual Machine, which paved the way for decentralized applications and the transition to Web3. However, unlike Bitcoin, Ethereum has become proof-of-stake. Post-Merge, Ethereum’s staking model has brought censorship and ensures those who hold the most ETH, the rich, get richer while the poor get poorer, which only compounds ETH’s inequitable distribution originating from its premine. Smart contract functionality is not incompatible with the Bitcoin ethos. Ethereum itself is another question.

If a superior consensus mechanism arises to challenge Bitcoin’s proof-of-work without sacrifice, then it should be considered, tested, and potentially adopted. In the meantime, there is no need to fix something that isn’t broken. Thankfully, Satoshi envisioned a multichain ecosystem operating symbiotically through a process called merged mining. Merged Mining not only shares Bitcoin’s security with others, but also allows Bitcoin to be augmented to support greater functionality. If more projects took advantage of merged mining, they would gain greater security than they could likely achieve on their own and be less tempted to make the expensive sacrifices of ideals that call their value into question. As an added bonus, merge-mined projects effectively become an extension of the Bitcoin ecosystem, so supporting them offers secondary support to Bitcoin as well.

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Ascend

It’s paramount we avoid projects who have sacrificed Bitcoin’s ideals or made their own deals with the devil, and support honest Bitcoin and projects who preserve Satoshi’s vision, and are working to effect actual positive change. If we hope to avoid the pain caused by making the wrong decision, or worse, the regret that comes from longing for the way things could have been, we cannot set a price on our values. Therefore, may this serve as a lesson for those who did not know any better and a reminder for those who have forgotten. The struggle for decentralized finance is ongoing and there is no foregone conclusion. It is up to each person on an individual level to choose to be the change they wish to see in the world. If we believe in the ideals of Bitcoin, we must not be enamored by the ill-gotten gifts of legacy finance or be willing to sacrifice our ideals for their sake . After all, what does it profit you to gain the whole world, only to lose your soul?

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Elon Musk: Bitcoin Will Survive The Crypto Winter

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https://bitcoinmagazine.com/markets/elon-musk-bitcoin-will-make-it

Elon Musk, the newly appointed CEO of Twitter, said “BTC will make it, but might be a long winter,” on Twitter early Monday morning.

The comment follows recent cataclysmic events which led to an implosion of the cryptocurrency ecosystem. However, this “crypto winter”, as it's often referred to, has been slowly getting worse amid both institutional failure in the ecosystem and changes in global financial conditions.

Musk’s reply was made in reference to a comment recounting BTC’s previous high of $69,000 which asked where the price of bitcoin might be a year from now. Indeed, the price of BTC has drastically fallen, as has trust in the broader industry.

Cascading effects of doubt plagued the industry once the collapse of Terra’s so-called stablecoin disrupted the world of finance. Suddenly, institutions and the world had to accept that algorithmic stablecoins could fail. Company’s with an abundance of exposure soon crumbled with the Terra infrastructure.

Thus, Voyager Digital, BlockFi, Celsius, Babel Finance and others fell due to their exposure. As companies began to drop like flies, so too did the price of bitcoin and cryptocurrencies. As the winter took hold and some began to speculate on when the bottom would come in, the market was faced with a new problem.

BingX Carnival Kicks off With Big Prize Pool to Celebrate 2022 Football Event

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An exciting Carnival program for World Cup 2022 was revealed by BingX, the world’s leading social trading crypto exchange, which will see millions up for grabs for the next six amazing weeks.

The 22nd edition of the World Cup football tournament, to be held in the Qatar capital of Doha from November 20 to December 18, has fired the passion of the world. To synchronise the joy vibe, leading crypto exchange BingX unveils details and awards for the carnival, which will be themed around football and the mega event. Participants will play games and trade to share a prize pool of up to 600,000 USDT and popular coins like Bitcoin and Ethereum. They also have a chance to win tickets to the World Cup Final and coveted autographed jerseys of renowned football stars.

BingX will kickstart the carnival on November 7. All BingX users will be able to participate in various games during different stages. In this carnival, all games are closely tied to the World Cup theme, as well as the schedule and phased reward system. For example, in the warm-up period, you could pick a team with the best World Cup odds and win big if your prediction is right. You can also vote for your favorite football player and draw a lottery on BingX live stream if he tops in the vote. There are more games to be expected for round of 16, quarterfinals, semifinals, and final. Moreover, participants are allowed to win more bets on the games by increasing trading volume.

“We wish more users to celebrate this big event with us and have fun”, said Elvisco Carrington, PR and Communications Director at BingX. “In addition to investment returns, they could have a real good time this time. We have enriched the games system with more options and prizes so that all users could find pleasure in it. We are expecting overwhelming responses from our users and their excellent performance will absolutely push us to take the tournament a step forward. We look forward to welcoming them for what we are sure will be an exciting and memorable BingX World Cup Carnival.”

Details: https://bingx.com/act/worldCup/

About BingX

BingX is a cryptocurrency social trading exchange that offers spot, derivatives and copy trading services including but not limited to trading pairs BTC USDT, XRP USDT, ETH USDT and Luna USDT to more than 100 countries worldwide with over 5 million users. The copy trading function implemented with our unique technology has benefited over 20,000 copy trading traders and 5,000 daily traders.