EDITOR’S LETTER
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Crypto Weekly
Hello Welcome to Crypto Weekly
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rypto weekly is the brainchild of the guys at CMC and I am Rob Stone, Editor, and I hope to bring you an informative read on everything crypto every week of the year.
When I entered the blockchain revolution back in 2011, amid the isolation of the North Nevada Range where I worked as a Buckaroo for the Spanish Ranch it was out of necessity I find a better way to make a living than from the back of a horse. I knew that the computer in the back of the chuckwagon we used to talk to the main ranch could take me somewhere and I also knew that I would not have to go somewhere else to do it if I didǹ t want to. It represented freedom of place. I was getting to be old and old cowboys don’t last so well. My back was getting to me from all that chopping wood and carrying water.
We've seen the U.S. gov. turning its big head to cast its foreboding gaze and yet survived to keep evolving as an industry as the rules of the game are contemplated and change beneath our feet.
Here I am now all propped up in a comfy chair, a laptop in my lap, and a huge cup of coffee on the table beside me writing this letter to all of you. Now, I call this a way to make a living in style. Doǹ t have to put my body through all the stuff a hardworking man usually does to make a living. I love this job too, doing my part in the blockchain revolution that can only be called the inevitable future of world finance. I feel incredibly fortunate to be an active participant in changing the world for the better. This publication has given me the outlet to share ideas that people would have thought were crazy to have only a decade ago. Cryptocurrency is for action takers and people who believe in the future. My colleagues and I are proud to serve all of you as curators of the best information we know how to dig up to give you what you need to keep abreast of the industry's most recent developments. We will explore how cryptocurrency and blockchain technology is solving some of the most significant issues of our time. We will discuss smart contracts, decentralization, IDO's, ICO's and Defi, along with the regulatory environments that rule them. We will cover the top crypto influencers in social media and teach you, as they say, how to DYODD "do your own due diligence." Every week we cover newsworthy moments happening in the space. We will talk about exchanges and platforms, and wallets. We will have a section to feature NFT's and another to cover undiscovered gems. Crypto Weekly will address all your questions. If you're new to crypto, we're here for you, no matter what level of understanding you have. Hold onto your hat's and welcome to crypto. You are in for a wild ride! So without further ado it’s time to turn the page but please let us know your thoughts and if you would like to see something featured please do get in touch. editor@cryptoweeklymag.com
editor@cryptoweeklymag.com
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Robert Stone Editor
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NEWS Crypto Weekly
Digital Currencies May Weaken U.S. Sanctions, Treasury Warns new ways to evade American sanctions, including by using digital currencies that do not go through traditional banking systems. According to a Treasury official, better coordination with other countries to make it harder to convert cryptocurrencies into governmentissued money is one important measure to prevent sanctions evasion. Last month, the Biden administration expanded its use of sanctions to cut off digital payment systems that allowed criminal activity to flourish and threaten national security.
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he focus on cryptocurrency in the Biden administration's review of U.S. sanctions coincides with its efforts to regulate new financial technology. For the sanctions program to remain effective, it needs to be modernized, the Biden administration warned recently. According to a new report, the United States needs to modernize sanctions so that they remain effective tools for national security. It concludes that digital currencies pose a threat to America's sanctions program.
platforms, and new ways to hide crossborder transactions may reduce the effectiveness of American sanctions." Using these technologies, malign actors can store and transfer funds outside of the traditional dollar-based financial system. Additionally, the Treasury Department has expressed concerns that America's adversaries are taking steps to reduce their reliance on the U.S. dollar and said new digital payment systems could exacerbate this trend and undermine American sanctions.
The warning was part of a six-month Treasury Department review of the nation's sanctions program, which has been used more aggressively in recent years for international diplomacy. The focus on digital currencies coincides with an effort by the administration to determine how to regulate new financial technology without stifling innovation. According to the Treasury report, "technology innovations such as digital currencies, alternative payment
More than 9,000 US sanctions are in place, largely to punish countries like North Korea, Iran and Venezuela for facilitating terrorism, violating human rights or engaging in other illicit behavior. Considering the strength of the U.S. dollar and its role as the world's reserve currency, the United States can cut off countries, groups or individuals from a significant portion of the global financial system at its discretion. These efforts have increased efforts to find
Stablecoins, which are asset-backed digital currencies that have been growing in popularity, will be the subject of a separate report by the President's Working Group on Financial Markets later this year. The group also recommended creating a more systematic approach to sanctions designations, which could eventually lead to their removal. Additionally, the Treasury Department said sanctions needed to be more targeted to minimize "potential negative impact on others." At the moment, the agency is operating without a leader, since Senate Republicans blocked the confirmation of two of President Biden's nominees for top sanctions positions - Brian E. Nelson and Elizabeth Rosenberg. Since Sigal Mandelker resigned from the job in late 2019, there has not been an undersecretary for terrorism and financial intelligence at the Treasury Department. The Treasury Department needs Mr. Biden's nominees to be confirmed so that it can properly protect national security, a senior official said on Monday.
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NEWS
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Crypto Weekly
Scammers Scoop up Wrongly Spelled Cryptocurrency URLs to Steal Your Money
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hishing scams usually employ fraudulent email addresses to steal passwords to cryptocurrency accounts, bank accounts, and other valuable online data. Stealing using fake sites, however, is becoming more prevalent these days. The URL wwwblockchain.com isn't a typo, and neither is blpckchain.com or hlockchain.com. Those websites are designed to trick Internet users into visiting Blockchain.com, where users can buy and sell cryptocurrencies. There's a lot of money in minor typos. An Internet services company favored by far-right activists was hacked last year, and records leaked after the hack revealed that a man in Brazil paid more than $200,000 for those and other typo Web addresses. Additionally, he purchased conibase.com, a cryptocurrency exchange that copycats Coinbase. A cybersecurity expert at ZeroFox, Zack Allen, said the price the person paid "blew me away." The high price paid for web addresses, sometimes called domains, indicates someone expects to make a substantial
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profit. Scammers often target cheaper domains that end in .com, which cost around $10 per year. A monetization opportunity exists, according to Nick Nikiforakis, a computer science professor at Stony Brook University who has studied phishing - the technique of using lookalike websites to steal passwords. If your credentials are stolen, a thief can immediately begin transferring your money. Users have no recourse if they lose cryptocurrency, Nikiforakis said, especially if they lose regular money. In the event of a wallet theft, that security is designed to protect the thief, making it nearly impossible to recover it - even with a court order. A phishing attack using fake login pages to steal passwords resulted in 6,000 Coinbase customers stealing their cryptocurrency last month. Coinbase said the attack exploited a "flaw" in its two-factor authentication security system. The company said it refunded
the customers, but it did not disclose how much money was lost. Attempts to reach the man with a Brazilian address who bought the domains between November and February went unanswered via email and WhatsApp. It is unclear whether he still controls the domain names or if they have been sold. Blockchain.com and Coinbase do not claim ownership of conibase.com, wwwblockchain.com, holockchain.com, or blpckchain.com. As well, Coinbase claims it doesn't own any of the numerous other variations of Coinbase's name linked to security certificates and a server shared with conibase.com, discovered through data from ZeroFox and DomainTools, another cybersecurity company. A visit to conibase.com and wwwblockchain.com showed copies of Coinbase and Blockchain.com's sites at the time of this writing. Unless you were paying attention, it would be hard to know you were on a fake site!
NEWS
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Crypto Weekly
Walmart is venturing Into Crypto, Installing 200 bitcoin ATMs O
ver the past few months, the cryptocurrency space has welcomed numerous leading companies, and Walmart has now joined the list.
According to an interview with Bloomberg, Chief strategy officer and head of research at BitOoda, Sam Doctor, Bitcoin ATMs are already popular in the United States. Still, Walmart wants to make them more widely available.
Bitcoin Exchange CoinStar and Payment Processing Company CoinMe Team up with Walmart Walmart has partnered with coincashing machine company Coinstar and cryptocurrency exchange CoinMe to enter the cryptocurrency space. The retailer has installed 200 Bitcoin ATMs in various locations across the country. Bloomberg reported that Walmart plans
to install bitcoin ATMs in many of its locations throughout the United States so that its customers can purchase bitcoins. Walmart plans to install over 8,000 locations in the United States over the next few months.
In his opinion, Walmart will give Bitcoin more legitimacy among skeptics should it decide to roll it out beyond an initial pilot program. According to Coin ATM Radar, over 25,000 Bitcoin ATMs are at gas stations and grocery stores across the United States. Over 4,400 Coinstar kiosks currently sell Bitcoins in 33 states of the United States.
BIS Report Questions Developing Country Risk of Stablecoins and CBDCs E
merging markets and developing economies (EMDEs) have turned to stablecoins and central bank digital currencies (CBDCs) to address weaknesses in their financial systems. The Bank for International Settlements (BIS) released a paper on Friday stating that digital currencies are likely to cause significant problems in these markets and are unlikely to solve problems other fintech innovations have addressed. As noted in the report, What Does Digital Money Mean for Emerging Markets
and Developing Countries, stablecoin arrangements aim at improving financial inclusion and cross-border remittances, but they do not solve the problem. In Latin America and other regions, EMDEs are increasingly using stablecoins as a store of value. In countries with less stable currencies and possible capital controls due to inflation, stablecoins are appealing. Basel-based BIS supports central banks in their efforts to create financial stability by promoting research and cooperation between them. Stablecoins could "offer lasting competitive advantages over rapidly evolving digital payment services," including mobile payments, digital ID, and e-money, according to the report's authors. In addition, stablecoins could present new risks relating to governance,
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payment process efficiency, consumer protection, and data privacy. There is a risk that, in periods of systematic stress, households and others may switch from bank deposits or other instruments to CBDCs, triggering an unprecedented "digital run" of unprecedented speed and scale, and the authors question "whether they are necessary or desirable for all jurisdictions." They note that stablecoins have drawn attention to the challenges of financial inclusion and cross-border payments and remittances. This development has highlighted efforts to foster a less restrictive regulatory environment, improve "monetary and financial stability frameworks and payment infrastructures, particularly across borders."
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FEATURE Crypto Weekly
A Few Words of Wisdom About Managing Your Crypto Portfolio crucial. Research must be done, and your situation must be examined so that you can make accurate predictions.
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ven in a bear market, there are many things investors can do to reduce negative impacts on their portfolios and, even in some cases, generate growth. Many crypto investors are finding it challenging to stay positive in the current market environment. Even within more significant longterm trends referred to as bull and bear markets, the bitcoin and cryptocurrency markets have experienced many growth cycles followed by decline in the last year. For cryptocurrency investors, market uncertainty and rapid swings are standard and especially true for those who missed the extreme gains of the past when the market was relatively new. However, these aren't insurmountable obstacles, and investors can use several proven strategies to cut their losses and perhaps even make a profit. Information overload is possible. It's easy to let your instincts lead you to make some bad trades during market downturns, where you are likely to be overcome by your emotions. For this reason, you should get your information from the source. Bloggers, thought leaders, founders, press releases, and other news direct from companies or government agencies. Checking stories twice and thinking twice about unfamiliar sources can also ensure that what you read, hear and share is trustworthy. Thorough knowledge of cryptocurrency news and trends is
Fear of missing out (FOMO) and fear of uncertainty and doubt (FUD) are two common terms in the crypto space and can impact our decisions to buy or sell more than you might realize. An example of FUD is the negative market sentiment caused by a rumor, unfavorable news article, or an influencer having concerns about a specific market or asset. Traders may sell their holdings expecting further price decreases, which may negatively affect the price. Market participants who see positive price action or news can get swept up into wishful thinking, sometimes overlooking fundamental signals in the excitement to reach the moon. Investing beyond one's means is never a good idea, no matter how confident one is in the specific asset. Invest within your budget, establish clear goals, and diversify. Nobody wants to be caught up in an emotional rollercoaster as the price of their portfolio drops slowly while they wait for positive price action. Cryptocurrencies don't sleep. Due to the volatility of cryptocurrency markets, investors should choose their trading strategies beforehand and, if possible, decide where they will enter and exit. It is also tax-effective to hold cryptocurrencies over a long period of time in countries like the US. Holding for a year or longer may be more beneficial than selling in the short term. Even though "it's not until you sell that you lose," this statement does
have some validity. When the value of your assets decreases since you bought them, the value is only realized when the assets are sold for less than the original purchase price. Prices will likely recover subsequently due to economic forces such as scarcity, even if they fall temporarily due to a market correction or a longer bear market. Some people believe that this limitation in supply will further drive the price of cryptocurrencies like Bitcoin up over time. When you look at a longer-term investment timeframe (as opposed to weeks or months) you may consider the decrease in price as a temporary phenomenon and the stress of market volatility lifted off your shoulders. There are opportunities even when the crypto markets are falling if you know where to look. The wise see a window of opportunity for them to acquire their favorite assets at a discount and turn a profit. When stocks are down, short selling, or betting that an asset's value will fall, can also be a profitable strategy. You can further help level returns and improve your actual crypto balance by staking and Defi yield farming activities, even in a bear market or downtrend. When you think that an asset will eventually increase in value, dollar-cost averaging works regardless of what the markets do! This is the case when cryptocurrency prices are down. It is popular for traders who felt priced out of past gains to get into the market or increase their positions when the market dips. A downtrend will still have peaks and valleys because the market fluctuates. Technical analysts who have updated their skills can benefit here by identifying short-term movements and taking advantage of them by buying the lows and selling the highs when they occur. There is a lot more that could be added to this. An entire book could be written to cover all of the aspects involved. However, these basics referred to above take the major issues any beginning investor needs to master when first starting out to gain confidence and by the grace of the markets do well.
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FEATURE Crypto Weekly
NFTs Are About to Make Major Inroads into the Entertainment Industry
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an and artist experiences are enhanced by NFTs. NFTs are rare collectibles that are stored on a digital ledger in the music world. NFTs allow artists and musicians to sell digital media to their fans who pay using cryptocurrencies like Bitcoin, Ethereum, etc. The NFT could have multiple buyers or only one owner. Also, the artist can receive royalties whenever a buyer of a digital copy sells it to someone else. Artists now have another way to monetize their art or other digital merchandise. Onlookers were wary of blockchainbased technology after the boom and bust of art NFTs. However, new developments in gaming, ticketing, and music royalties reveal the true power of NFTs. NFTs could have a huge impact on streaming platforms that simply
don't pay artists enough. It is possible that artists are able to sell their NFTs directly to music retailers, just like they used to with self-produced CDs. Thanks to NFTs, the music industry has been given a new way to generate revenue, interact with fans, and release music. TruWorld Inc is a new company on the scene. Founded by a group of entrepreneurs in crypto, they plan to create a tokenized music ecosystem to monetize music through creativity and innovation. By identifying and developing the talents of recording artists and songwriters, the company intends to own and operate a broad range of businesses in recorded music, music publishing, merchandising, and audiovisual content in more than 60 territories. Through creating new
services, platforms, and business models, TruWorld is enabling innovators to develop new commercial and artistic opportunities for music. TrueWorld wants to make that a reality, and it doesn't stop there. Opportunity and need have knocked, and floodgates have opened. The entertainment industry recognizes the need to develop concert venues, virtual and physical, establish a network of talent agencies and management, and streamline the movement of performers throughout the crypto-sphere.
Let Me Give You a Clue about What all of this Means NFTs provide undeniable proof of ownership in an easy-to-understand way. Whether it's a piece of digital
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FEATURE
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Crypto Weekly
art or a digital collectible, the token attached to the NFT can serve as a certificate of authenticity. NFTs are a very new technology, and eventually, they should be used in many different industries. NFTs are just beginning to gain traction in the music industry and become recognized for their potential. Artists and musicians can use NFTs and the tokens associated with them - to reward fans with special album incentives or even to gain access to special livestream performances. There are no boundaries to what can be done in terms of creativity. The key ingredient is the undeniable proof that the NFT holder is the authentic owner of that item — whether it's an album, concert ticket, fan club membership or special perk claimed only through an NFT. NFT transactions happen and are stored on the blockchain, a tamper-proof ledger that some in the music industry have predicted will change the way music is released in the future. Also, NFTs can be sold directly by artists to their fans without the need for streaming services or third-party
platforms. The NFTs can also include royalties in their contracts, providing artists with a tamper-proof method of earning residual income from their music.
The Music Industry could be Transformed by NFTs What are the benefits of NFTs for the music industry today? In addition to the collectibles and artistic pieces currently being offered by some artists, many things can be packaged as a oneoff collectible and sold as NFTs, such as concert tickets, special access, private performances, live streams, etc limitededition albums. A limited-edition collectible can be created almost anywhere using blockchain technology. Each step of the distribution chain is verifiable. The creator is also given 100 percent ownership and distribution rights when it comes to NFTs.
Blockchain Equalizes the Playing Field A major advantage of NFTs in the music industry is blockchain technology. It levels the playing field and allows
artists to compete with the largest distribution platforms, allowing them to interact directly with their fans. By avoiding multiple service providers and platforms, the company avoids having its profits divided among them. Because of this, all revenue and resale royalties go directly to the artists, making their music and offers more lucrative. Add to this the ability to create new ways for fans to interact with and support the artist, and you have a compelling argument that any artist looking for more control over their distribution, royalties, and offers should consider implementing a blockchain solution right away. Artists' post-career earnings can live forever on the blockchain, making their libraries and holdings priceless for generations. It's likely you've heard the terms "NFTs," "cryptocurrency," and "blockchain technology" before, but didn't think they applied to your career as a musician. In any case, we may be on the brink of a revolution in the way artistic and cultural expression is monetized. NFTs might just be the biggest disruption to the music industry since streaming.
Artist-Fan Relationships Can be Strengthened Through NFTs
NFTs are a very new technology, and eventually, they should be used in many different industries. NFTs are just beginning to gain traction in the music industry and become recognized for their potential.
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By purchasing a NFT, fans can own something directly from their favorite artists - whether it's a concert ticket that proves their attendance, or a limited-edition collectible. It's more meaningful when it comes directly from the artist - not from a distribution platform. This establishes a much stronger artist-to-fan relationship. In the absence of middlemen and third parties, it creates a better experience for the fans and a more profitable situation for the artists. This is a winwin opportunity for both sides, which is the main reason we will see NFTs take over the music industry.
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EDITORIAL Crypto Weekly
Tips to Avoid Crypto Scams: Don't Fall Victim
Cryptocurrency scams are everywhere. They pop up on social media, in your inbox, and even in the news. It seems like there is no way to avoid them! But that's not true. There are some simple steps you can take to prevent cryptocurrency scams from happening to you. We want everyone who invests or trades cryptocurrencies online to be safe and secure when doing so which is why we have compiled this list of tips on how you can avoid being scammed by crypto-related fraudsters out there today! These tips will help ensure that your investments stay safe and sound while also helping us create a safer environment for everyone involved with cryptocurrencies as well! Stay safe from scammers who may post links for "free cryptocurrency" or something similar. They'll offer you a supposed freebie, but once they have your email address and other personal information (which is often all that's needed to hack into accounts), it could be too late! DYOR: A good investment is not always easy to find, but if you do your own research and make sure not only that the company or product seems trustworthy enough for potential risktaking, there's a chance of making an amazingly profitable return! Don't share your private keys with anyone. There are some things that you should never share with anyone. Your keys are one of them! Misinformation is all around us, and it's not always easy to tell fact from fiction. Don't believe everything you read on the internet - oftentimes stories are fabricated or exaggerated just for clicks.
Beware of crypto scams masquerading as the real organization. One common way to identify a scam is by checking that their website has similar branding but with slight differences in wording or spelling errors. Don't trust links without a name or personal information attached to them. It's important because they might be phishing scams, and when you click on the link it could lead you to malicious sites that install dangerous viruses onto your computer. Checking credentials before investing is an easy way to avoid scams and fake products. If the company you're considering doesn't provide any, it is definitely worth doing more research on them! If at all possible, research the person behind the cryptocurrency and their background before deciding on whether or not you want to
invest your money with them. Read reviews of other people who have invested in that cryptocurrency what do they think? Has someone been trying to scam you? Don't let them get away with it! Report the person immediately before they steal any more of your crypto. Remember that if they're successful, not only do THEY win but YOU lose as well. Ask yourself: does this seem legitimate or not? If anything makes you feel uneasy, it might be best to stay away! Cryptocurrency scammers are everywhere looking for their next victim - YOU. They want your money so they'll do anything from hacking into a crypto exchange or social media account to tricking you with fake investment opportunities that turn out badly in the end. The best way to avoid these scams is to always be on guard when investing online because there's no telling who will try to take advantage of you.
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EDITORIAL
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Crypto Weekly
Digital Dollars are the Next Big Disruptive Force for Wall Street Banks
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espite the likelihood that the Federal Reserve will not develop its own central bank digital currency for a few years, Wall Street banks see digital currencies from central banks as the next significant disruption in the world of finance. Digital money, promoted by countries as large as China and as small as Micronesia, is gaining traction as the future of an increasingly cashless society. Currency has already been digital for years. But banking still operates mainly as it does today. It is based on the idea that commercial banks issue digital currency, which is convertible into paper cash, which is the property of central banks. An idea that China and other countries are currently exploring could overturn the traditional banking system if central banks began issuing digital currency directly. Aside from the fact that CBDCs are a full liability of the central bank and not commercial banks, they would reduce the need for much physical infrastructure, improve monitoring and regulation of the financial system, and increase financial inclusion. US households spend about as much on food as the potential cost savings in the US alone.
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In some respects, a digital dollar would resemble cryptocurrencies such as bitcoin or ethereum, but it differs in other important ways. Unlike a tradable asset with wildly fluctuating prices and limited use, a central bank digital currency will function more like dollars and be widely accepted. It would also be fully regulated by the central bank and under its authority. Before an institution of the Fed ventures into this area, several questions must be answered. However, momentum is building around the globe.
There are Some Things to Ponder Concern over getting the implementation right has come along with enthusiasm about a possible new horizon for the financial system. Advocates of central bank digital currency, on the other hand, cite multiple advantages. One of the most important reasons is to give unbanked people access to the financial system. Speed is also an essential factor. Government transfers, such as those made during the Covid-19 crisis, would be quicker and easier if the money
could be deposited directly into digital wallets. Some financial institutions, including traditional banks and fintech, may lose deposits if people put their money into central bank accounts due to the introduction of digital currencies. Concerns over privacy and integration are also present, and Wall Street is anticipating what the future will bring as the Fed and other central banks work through those logistical issues. Although there has been no formal race, China is perceived to have taken the lead early on. Last year, China's launch of a digital yuan raised concerns that its edge ultimately could undermine the dollar's position as the world's reserve currency. Unless the central bank also takes on lending responsibilities or becomes a regular source of funding for banks, it could significantly negatively affect economic growth. Initiatives of the CBDC are not intended to disrupt the banking system, but they may have unintended consequences. As digital currencies become more widely accepted, more opportunities for innovation and more disruption to the financial system will arise.
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FEATURE Crypto Weekly
Why Governments Can’t Get Away with Banning Cryptocurrencies The dollar is a failing fiat monetary system and the domination United States as a world power will fall off the wall, not unlike Humpty Dumpty. The very idea of governments banning cryptocurrencies is akin to the faerie tales we were all told in our youth. Inconceivable in the real world US law made it illegal for citizens to own more gold than a certain amount between 1933 and 1975 to prevent gold hoarding. At the time, paper dollars were losing their purchasing power and this was done to move citizens towards them. It was difficult to enforce the law back then, and only a few gold buyers being prosecuted cases are known. Also, the situation won't occur again since Bitcoin is not pegged to the dollar like gold was when the ban was put in place. Adding Bitcoin to the ever-growing list
of "banned" goods like weapons, drugs, and more would be a waste of time and resources. The "war on Bitcoin" will become part of everyday society whether it is fought against or not if it is as ineffective as the "war on drugs" or "war on terrorism." Bitcoin lacks a physical form, which makes it much more challenging for a government to attack it. Due to the lack of a physical form and encryption, it is difficult to confiscate. Bitcoin is completely uncontrollable, so governments can only try to control it by barring citizens from owning it.
Unfortunately, gold has already proved that this doesn't work. This scenario is also unlikely to happen, especially with major companies like Square, MicroStrategy, and billionaire hedge fund managers investing their capital. Billionaires, millionaires, and corporations have considerable lobbying power. As long as companies keep adopting Bitcoin in this way and its market cap reaches $1 trillion or more, a government ban would be too detrimental. Governments won't ban Bitcoin for a number of reasons, and even if they do, there's no stopping it.
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VIDEO OF THE WEEK Crypto Weekly
of the
week
The Primary Task of a Trader - by James Sides James Sides is an experienced and well respected trader who has been a friend of Crypto Weeklỳ s Editor for many years. He has a free to enter Facebook group if you would like to learn more from him called Crypto Common Sense
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NEWS
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Crypto Weekly
Facebook's digital wallet finally launches... without Diem cryptocurrency T
wo years after being announced, Facebook is finally rolling out a "small pilot" of its Novi digital wallet in the US and Guatemala today. In partnership with Coinbase (which will serve as the custody partner for the pilot), users will be able to send and receive money "instantly, securely, and with no fees" through the Paxos stablecoin. The pilot is meant to "test core features and operational capabilities in customer care and compliance," as well as demonstrate a viable use of stablecoins for payments. When Libra was announced, it was heavily criticized. Just a few months after the project was announced, PayPal, Visa, Mastercard, eBay, Stripe, and Mercado Pago all pulled out. The company recently moved its operations back to the US after halting plans
scope the company had originally planned), but that it wasn't ready for Novi's pilot today is telling.
to obtain regulatory approval for its stablecoin in Switzerland. Early this year, CNBC reported that Diem plans to launch a single US-based stablecoin tied to the dollar (as opposed to the broader
Marcus does note in his announcement that Novi remains committed to Diem and will launch with it when it goes live. There is no indication in the announcement when that will take place. Nevertheless, Facebook's launch today confirms just how much Novi and Diem have been reduced in scope and scale since Facebook originally announced them, and how far the company still has to go to become a truly mainstream cryptocurrency.
Revolut now offers cryptocurrency trading commission-free to US investors
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evolut, a fintech company valuated at $33 billion that offers cryptocurrency buying as part of its services, is now allowing U.S. customers to trade up to $200,000 per month commission-free. Revolut also announced free out-of-network ATM withdrawals of up to $1,200 and 10 remittance payments. Users will also be able to make fee-free international transfers to anyone with a bank account in 30 countries, including the U.K., France, the Philippines, Japan, and Australia. With Revolut, customers in the U.S. are empowered to drive their own financial journey, whether that’s opening their first bank account, trading overseas or sending money to loved ones abroad, said Ron Oliveira, Revolut's U.S. CEO. Most recently, it emerged that the London-based fintech firm is looking to launch its own cryptocurrency token.
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NEWS
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Crypto Weekly
U.K. regulators Say Young Investors Treat Crypto Trading as Competition with Friends
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inancial regulators say U.K. research shows nearly three-quarters of investors under 40 are motivated by competitiveness when investing in cryptocurrencies and other high-risk products. According to the regulator, a high percentage of younger traders compared investing in such assets to gambling. FCA previously warned that a "new, younger, more diverse group of consumers" was becoming involved in higher-risk investments. Traders under 40 invest in cryptocurrencies and other "high-risk" assets because they are competitive with their friends and family. Three-quarters of younger investors are motivated by competition when investing in cryptocurrencies or other high-risk products such as foreign exchange or crowdfunding, according to a study conducted by the Financial Conduct Authority. According to the FCA, 68% of respondents compared investing in such assets to gambling. The findings are based on surveys of 1,000 respondents aged 18-40 who invested in high-risk products.
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The FCA found that more than half (58%) of respondents were incentivized to make a high-risk investment after hearing about it in the news or social media. After topping $60,000 last week, bitcoin is currently near an all-time high. The world's largest digital currency has proven to be highly volatile, dropping from over $64,000 in April to below $30,000 in July. However, so far this year, it has more than doubled in value. While bitcoin proponents describe it as a long-term means of accumulating wealth, the FCA found that only 21% of under-40s in the U.K. considered holding their most recent investment for more than a year. The FCA's executive director of markets, Sarah Pritchard, said that "we're seeing more people chasing high returns, but these can also mean higher risks.".Regulators said they want consumers to invest more confidently and safely by educating them about the risks involved. BMX gold medalist Charlotte Worthington has been recruited for a campaign warning against investing in high-risk assets.
The FCA warned earlier this year that online trading apps are luring a new generation of consumers into higherrisk investments. With platforms like Robinhood and Reddit, amateur investors flooded the stock market this year, resulting in volatile trading in so-called "meme stocks" such as GameStop and AMC. On Monday, the U.S. Securities and Exchange Commission said Robinhood and other online brokerage firms had gamified investing to encourage activity from users. Since cryptocurrency is not regulated in the United Kingdom, consumers are not protected if their funds are lost for any reason - for example, in a hack on an exchange. The FCA warned crypto investors to be prepared for losing their money at the start of this year, echoing a similar warning from Bank of England Governor Andrew Bailey. Jon Cunliffe, the BOE's deputy governor, compared the growth of the crypto market to the rise of subprime mortgages that led to the global financial crisis in 2008.
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NEWS Crypto Weekly
Crypto Will Be the Currency of the Facebook Metaverse.
T
he transition of Facebook to a "metaverse" company should be generally positive for tokens that are likely to serve as currencies in new online gaming and e-commerce markets. Metaverse can be used for a wide variety of companies and cryptos - a new generation of immersive virtual worlds where people will be able to work, play games, conduct e-commerce, and interact socially. Facebook recently announced that it would transform into a metaverse company and rename the company Meta Platforms while keeping the Facebook name for its social media platform. Meta's investors liked the idea. Meta's shares have risen by more than 5% since the announcement. Crypto companies, online gaming, and digital assets, in general, could benefit from the metaverse advancing, with or without Meta. The clear winners could be online gaming platforms and marketplaces that
use non-fungible tokens, or NFTs, as in-game tokens and collectibles. BTIG analyst Mark Palmer wrote in a note on Monday that the announcement by Meta CEO Mark Zuckerberg was "validation of their efforts."
plots on the platform for more than $900 million. Sotheby's has also purchased a home on Decentraland. During June, the company opened a virtual gallery in Decentraland's "Voltaire Art District," where NFTs can be auctioned off.
Those who had never heard of a metaverse have begun discussing it, he says. The momentum for play-to-earn gaming models and NFTs could now build.
The new metaverse interest isn't confined to Decentraland's tokens. Palmer points out that other gaming tokens, such as SAND from The Sandbox, WILD from Wilder Worlds, and TLM from Alien Worlds, are also experiencing price increases since last week. Ethereum or its side chains power many of these tokens, and Ethereum's token, ETH, could benefit from this.
Decentraland is cited as one example of a metaverse world that may benefit from Palmer's analysis. In Decentraland, users create avatars of themselves and interact with each other, and this is the first virtual world owned by its users. The Decentraland token, MANA, has soared over 225% since Meta's announcement. LAND tokens, which represent virtual properties on Decentraland, can also be purchased with MANA tokens. In June, Republic Realm, a digital real estate fund, purchased virtual
Coinbase Global (COIN) is also a potential long-term beneficiary. It is the second-largest crypto trading platform in the U.S. and globally. Its user base is more than double that of Robinhood Markets (HOOD) and Charles Schwab (SCHW) combined, according to JMP Securities analyst Devin Ryan. In addition to
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FEATURE
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Crypto Weekly
A Guide to Cryptocurrency
Exchange Fees Y
ou may have experienced this yourself if you tried to sell Bitcoin, convert it into dollars, then put the dollars back into your bank account to lock in a profit. Cryptocurrencies, it has been said, are supposed to make the dollar obsolete. However, in the current crypto-trading craze, companies that help investors buy and sell digital currency have been raking in these supposed outdated dollars while leaving their customers wondering what happened. You never really know how much you'll pay until after you've converted your money. These exchange fees can drive you nuts if you're a cryptocurrency trader like I am, and you want to cash out and book those gains into fiat to buy hard assets. Will more clarity on fees be
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forthcoming? There is no timeframe for this. It may happen quickly. We may still have to wait a few more years before specific trades and withdrawals become a bit fairer. What we need is more competition, and in time it will increase. What's clear is that companies are profiting and bigtime! They benefit either directly from trading fees or indirectly by selling data. As more people try their hand at trading and entering the space, more companies will be coming on the scene, and the competition should rearrange the fee equation over time. E#specialy as all these people become more aware and choose the places they do business wisely. Most of the exchanges are moving in the right direction. Some offer pro-
trader versions that reduce fees or cut them out to zero, depending on the transaction and quantity of transactions. My advice to you is to shop around. Every exchange is different, and there is absolutely no reason to stay with Coinbase just because it's all you have ever known. Get out there and shop around. Pay attention to what you are being charged and choose where you do business accordingly. Many people have the idea that if they live in the U.S., they are only allowed to use U.S. companies. It is not valid. Don't be fooled by that idea. Yes, some crypto companies will not allow you to use them because you are an American, but that is only because they got into some sort of trouble, as Binance did. So now Binance has opened Binance.us for Americans to use separate from Binance.com. I like to
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FEATURE Crypto Weekly
use Kucoin quite often and never had any kind of trouble. Why are fees so difficult to calculate and hard to nail down? Every exchange and transaction is handled differently on the blockchain, so things like Ethereum "gas fees" and multi-chain transaction costs come into play. A single exchange will not settle each trade individually on the blockchain, so the cost is usually incurred by moving assets from offexchange to on-chain. It would be like your digital purchase going through multiple pipes, and each tube charging a tiny amount until it reaches Coinbase or Gemini. Sort of like that. So choose the "tube" or paths you are using. Be conscious of it and the fees you are paying to make better decisions. DEX's or "Decentralized Exchanges" operate without the involvement of a central authority or third party. Decentralized exchanges rely on a variety of blockchains and smart contracts to operate. On the other hand, centralized exchanges "CEXes" are run by a third party, collecting trading fees. They are not entirely decentralized. CEXs do not use the blockchain, so they are faster and can transact both fiat and crypto. That can be an advantage for you. The advantage of crypto exchanges
over traditional financial and trading platforms is that they use crypto wallets, while traditional platforms rely on banks to back the money. Over time, the cryptocurrency exchange industry will likely centralize around a few exchanges and crypto custodian wallet providers. That should simplify the different fee structures across the biggest exchanges used by retail investors. Since anyone can now send crypto for free using PayPal, for instance, it eliminates fee issues. Progress! Ethereum's "gas fees" also don't help with fee structures. In simple terms, the price is paid to move crypto trades across a blockchain. Ethereum is often to blame for higher crypto trading costs. Users of Ethereum have to pay anywhere from $50 to $90 for a single transaction, which affects certain trades in specific cryptocurrencies. Layer-2 scaling solutions have been created to overcome these problems, the most popular of which are Polygon, Optimistic Ethereum, Arbitrum, and zkSync. Users should use the bridge service to transfer assets from Ethereum to one of these Layer-2 networks in order to reduce gas fees and increase transaction speeds. However, most retail investors will not trade in this environment. You need to
put $100 down on a Cardano coin or keep feeding your Bitcoin wallet so that you can swap BTC for USD and deposit it back into your checking and savings accounts. U.S. and European exchange rates are also very different. While there is a lot of competition globally, there is very little in the United States. Outside of the U.S., markets are much larger than those here. Citizens of the U.S. would be much better off if they weren't forced to use only U.S. exchanges.
Crypto trading fees should be kept as low as possible. Since Bitcoin only appeared just over a decade ago, cryptocurrency trading is still relatively new. There is no industry standard for how brokers pass along fees. Although even the crypto-focused brokers have different fees, they can be confusing and may vary depending on the size of your transaction. A percentage of the purchase price is usually charged in fees, and they can be pretty high sometimes. The Coinbase fee is 1.5%. Cryptocurrency trades are generally more expensive than other markets, but there are ways to reduce them. Imagine you are looking at decentralized exchanges. In addition to offering peerto-peer crypto swaps, they have low fees (beyond transaction fees). Uniswap and PancakeSwap, for example, charge flat fees of 0.3% and 0.25%. Compare decentralized exchanges too to find lower fees. Even though they may use a "middle man," not all charge the way, Coinbase does. If you can sign up for a professional account, take the time and do it. Compared to standard users, Coinbase Pro charges a fraction of the fees. One thing I do is to invest in coins with trading discounts. Customers who own Binance coins at Binance.US receive a 25% discount on spot trades.
Authored by: Robert Stone @shake_the_web on Twitter
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FEATURE
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Crypto Weekly
What in the World is Ethereum Anyway? A
blockchain platform, Ethereum introduces its own currency called Ether (ETH) or Ethereum, along with its own programming language called Solidity. Ethereum acts as a decentralized public ledger for verifying and recording transactions. Network users can create, publish, monetize, and use applications on the platform, and pay with Ether cryptocurrency. Decentralized applications on the network are called dApps by insiders. As a cryptocurrency, Ethereum is second in market value only to Bitcoin at the time of this writing. Ethereum's blockchain currently similarly secures ETH to how Bitcoin's blockchain secures it. Using all the computers on the network allows massive computing power to verify and guarantee every transaction, making it
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virtually impossible for third parties to interfere. A cryptocurrency is safe because its fundamental ideas are permissionless, and its software is open-source, which means that countless computer scientists and cryptographers have examined the network's security. Ethereum-based apps, however, are only as secure as their developers make them. For example, bugs in code can sometimes lead to money being lost. While Ethereum's source code is visible to all, the number of users as a whole is much smaller than that of individual apps, so fewer people watch them. It's essential to research any decentralized app you intend to use. Ethereum 2.0 is an upgrade to the Ethereum protocol that improves its performance and security. The Bitcoin blockchain has been compared to a bank's ledger or a
checkbook. Through the computing power of the network computers, the running tally, which has been kept since the network's inception, is kept secure and accurate. On the other hand, Ethereum's blockchain is more like a computer: while it also documents and secures transactions, it is much more flexible than Bitcoin's. Ethereum can be used to build a wide range of tools - from logistics management software to video games to a wide range of Defi applications (which include lending, borrowing, trading, and more). To accomplish all this, Ethereum uses a 'virtual machine,' which is like a vast global computer made up of many individual computers. All those computers require participants to invest in both hardware and electricity. For this purpose, the network uses a cryptocurrency similar to Bitcoin called Ether (or, more commonly, ETH). Ether is the backbone of the network. You interact with the Ethereum network
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FEATURE Crypto Weekly
By early 2021, Ethereum 2.0 and Ethereum 1.0 began to exist side-byside - but the original blockchain will eventually merge with Ethereum 2. As of December of 2020, the transition to ETH2 started with a two-year timeline. It is challenging to move a popular crypto asset to a new platform, but it is essential if Ethereum is to scale and evolve.
by paying for smart contracts using ETH. ETH fees are therefore called "gas." Gas rates depend on how busy the network is. Ethereum 2.0, a new version of the blockchain that aims to increase efficiency, began rolling out in December 2020. (The transition to the new blockchain is expected to take two years.
A Little About Ethereum 2.0 Ethereum 2.0 (ETH2) is a major upgrade to the Ethereum network. As well as increasing security, speed, and efficiency, it also allows Ethereum to grow. By early 2021, Ethereum 2.0 and Ethereum 1.0 began to exist side-byside - but the original blockchain will eventually merge with Ethereum 2. As of December of 2020, the transition to ETH2 started with a two-year timeline. It is challenging to move a popular crypto asset to a new platform, but it is essential if Ethereum is to scale and evolve. As a result of ETH 1.0's "Proof of Work" method for verifying transactions, there are bottlenecks, fees increase, and substantial resources are consumed (mainly electricity).
A Little About "Proof of Work" With no central authority such as Visa or Paypal in the middle, how do cryptocurrency networks prevent the same money from being spent twice? Through consensus. ETH 1.0 adopted the Proof of Work consensus mechanism introduced by Bitcoin. A Proof of Work requires tremendous computing power, which is contributed by virtual "miners" worldwide who compete to solve a time-consuming math puzzle first. A predetermined amount of Ethereum is awarded to the winner, who updates the blockchain with the latest verified transactions. It happens every 30 seconds (compared to Bitcoin's approximately 10-minute cadence). Due to the limitations of Proof of Work, fees spike unpredictably as traffic on the network increases. Ethereum 2.0 going to "Proof of Stake" solves this problem.
How Proof of Stake Works Proof of stake is the consensus mechanism used by Ethereum 2.0, which is faster, less resource-intensive,
and (at least theoretically) more secure than Proof of Work. Similar to Proof of Work, a network participant is chosen to verify the latest transactions, update the blockchain, and earn some ETH. Proof of Stake relies on a strong network of participants invested in its success rather than a network of miners racing to solve a puzzle. These participants are known as validators. Rather than contributing processing power to a mining pool, validators stake ETH instead. "Staking" is the act of contributing ETH to the pool. Staking some of your ETH will earn you rewards proportional to the amount you stake. Staking functions like interest-bearing savings account for most users. The network decides on the winner based on the amount and length of time each validator has owned their ETH - literally rewarding the most invested participants. After the winner has validated the latest block of transactions, other validators can confirm accuracy. When a threshold number of these attestations has been made, the blockchain is updated. The network distributes ETH in proportion to each validator's stake to all participating validators.
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HIDDEN GEMS
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Crypto Weekly
PROJECT 1
https://arenavs.com/
Sambrela`s Arena Master (ARENA)
ArenaMasterToken
Arena Master A Medieval Inspired Blockchain Game. Arena Master is a skill-based mobile game developed under the memorandum of Sambrela LLC and GameXChange. It is a tokenized gaming platform integrated with blockchain technology to create a whole different concept that most gamers are yet to experience. They seek to merge cryptocurrency economics with gaming fun to create, maintain, and expand the borders of a whole different realm of possibilities. Arena Master, although still a developing solution, is a pioneer as it is the first mobile game with battles and fighting styles to be built on blockchain technology. The game will be available on both Android and iOS devices because we intend to change the lives of as many gamers using either form
PROJECT 2
https://closedsea.com/
of device. Arena Master is a multiplayer mobile game that may be played with random people all over the world! The game takes place between two players exchanging virtual coins that you can convert to real currency at a certain rate. Each player has six different characters in the game, and the characters do not have a different skill set. The game is played at various arenas, selected randomly, and it can be played with different bets winning virtual coins.The game consists of seven positions and three rounds. The first round has three positions; the second and the third rounds have two positions. Out of all these seven positions, the player must win four to win the game
ClosedSea (SEA)
closedseanft
As you know, NFTs are the current talk of the crypto industry — Closedsea presents the FIRST world-class, ZERO-FEE & TRULY multi-chain NFT Marketplace designed to offer the best NFT buy, collect, sell and create experience. Closedsea focuses on four primary areas within the blossoming NFT Marketplace space. These are mainly, high fees, Multi-chain accessibility, reliability and user experience. Closedsea offers NFT transactions on low fee networks such as Binance, Polygon and Solana as payment options while also maintaining the ETH option. Closedsea introduces the $SEA TOKEN which allows members to have ZERO (0) fees on all their transactions by simply holding a limited number of $SEA tokens Closedsea is designed to offer the FIRST
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arenamastergame
closedseanft multi-chain experience across BSC, POLYGON, ETH , SOL, and more allowing for users to trade on the network that best suits their requirements. One of ClosedSea’s primary focus areas is to provide the most affordable fees in the NFT Marketplace space. ClosedSea offers two options to this problem. Closedsea is also designed to offer the best create, buy, collect and sell experience at par or better with market leaders by offering a familiar and predictable interface lacking on platforms outside the ETH network. Closedsea is designed to offer reliable transaction security, high availability, less to no failed transactions, further enhancing attractiveness to the wider NFT economy.
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HIDDEN GEMS Crypto Weekly
PROJECT 3
blockwrk.io
blockWRK (WRK)
blockwrk
blockWRK solves a real problem. Companies still rely on old-fashioned management tools and compensation models that are ineffective with remote workers, even though smart contracts can automatically reward daily goal achievement which has been proven to increase productivity. blockWRK has developed a blockchain solution. Bonuses, raises and other infrequent incentives are replaced with small, immediate rewards paid in WRK for achieving daily goals that accumulate to make a substantial difference to the company and provide immediate positive feedback to employees. Studies have shown giving employees frequent positive feedback and rewards for achieving clear daily goals improves employee retention, engagement and productivity. blockWRK uses WRKpowered smart contracts to allow employers to automatically reward workers in real-time as soon as daily goals have been
BlockWrk achieved. b lockWRK understands that studies have shown giving employees frequent positive feedback and rewards for achieving clear daily goals improves employee retention, engagement and productivity. How blockWRK ecosystem works is that WRK drives a decentralized compensation model where employees are incentivized to achieve daily goals rather than paid to simply show up and sit in a chair. Employees work toward daily goals tracked on their devices. Data is passed into blockWR. blockWR Manages RDA smart contracts, WRK rewards & payment. Converts user data to WRK rewards, manages wallets and exchange on layer 2 and processes fiat payments to users. Employees save WRK or can cash out to fiat at current exchange rate. Payments processed immediately with blockWRK's layer 2 technology.
Stardust (SD)
PROJECT 4
stardust-crypto
SD_Official_StarDust
Stardust is a new platform for all in one staking, farming, swap, dapp and much more. Stardust Protocol aims to solve the problems of prior cryptocurrencies including mining rewards, farming rewards, and liquidity provisioning. Mining equipment can be both costly and harmful to the environment, but mining remains of interest due to the opportunities afforded by it. As an easy alternative to mining rewards, we propose allowing users to participate in a smart contract token reflection to produce tokens inside their own wallets. Another challenge remains to facilitate and maintain liquidity on decentralized exchanges. By nature, decentralized exchanges require liquidity for user participation, thus the responsibility is on the developers to
Stardust_DevJr
provide it. Historically, developers created incentives aimed at users to provide liquidity which can be outweighed by risk due to the subjectivity of impermanent loss. As a solution, we propose utilizing a smart contract function to automatically capture liquidity to be used on the decentralized exchanges and held in custody independent from user possession. Additionally, a smart contract that provides the capability to burn tokens can promote scarcity by reducing the total supply. Together, the combination of these tokenomics may afford far superior benefits for the community within the decentralized venue. Allowing these functions to be amplified and dependent on volume provides an ideal incentive to expedite adoption and foster new use cases.
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BEGINNERS GUIDE
25
Crypto Weekly
A Beginner's Guide to Staking in Crypto
Cryptocurrency has been a hot topic in the world of finance for several years now. With Bitcoin and Ethereum leading the way, it is not hard to see why crypto-enthusiasts are so excited about this new type of money. One thing that some people don't know is what "staking" means in the crypto world. Staking is when you invest your cryptocurrency with someone who will give you more coins as interest for doing so. This article will go over staking basics, how to do it, and common pitfalls to avoid!
S
taking your crypto coins is just like when you deposit money in a bank account. The difference is that instead of getting interest like in a savings account, your crypto coins will gain more value over time with staking! Staking is an investment strategy that has been around for a while. It's not too complicated, but it does require some knowledge about the basics of cryptoinvesting and how to do it correctly. This article will go over what staking is, why you should stake your coins, and how to do it! The first thing to know about staking is how to get started. To stake cryptocurrency you need two things: an online wallet and some crypto coins. You
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can find many different types of wallets on the internet but it's important to set up one specifically for staking so you don't accidentally lose track of all the other ones! After downloading a trusted wallet app, you'll need to get some crypto coins in it. You can purchase them on an exchange or find a personal offer through social media groups and cryptocurrency forums. Once you are staking your coins, there are two common pitfalls that many newcomers make: forgetting the password to their online wallet and not checking back often enough for updates from the wallet company about how
much interest they're earning! If you lose your wallet password, you'll be out of luck and need to purchase a new wallet. If the company updates its wallet, it's important that you download any necessary patches or upgrades as soon as possible so your coins don't get lost in limbo. Make sure you understand how long your coins will be unavailable before investing! You will also need to research which companies to stake with. The interest rates will vary as well and is dependent on the company you are staking with. You should research which companies to stake your coins with
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BEGINNERS GUIDE Crypto Weekly
before investing! The risks involved in cryptocurrencies can be great; make sure you understand them before making an investment decision. Staking typically involves a set time period that your coins are locked. If you were to take your coins back, you would be giving up any potential profits. To save time, you might want to stake with a company that offers to stake with multiple coins at the same time. This can be advantageous because it'll take less research on your part! However, make sure they are reputable companies before investing your money in cryptocurrencies as this is still very risky and unregulated territory so far.
Some of the benefits of staking cryptocurrencies include: • Staking cryptocurrencies allows you to earn passive income from your investments (as long as they are staked). The keyword here is "passive" - while this does not require any work on your part, it also means that there's no guarantee of success. By investing in crypto assets, you're taking the risk and hoping for a reward! • Building a crypto portfolio without having to do any of the work. This is especially helpful for newcomers who want to get into crypto but
might not be able to afford to invest in all the different coins available! You can just invest some money and let it grow while you go about life. • Another benefit of staking your coins is that it helps secure the network. This is acrucial part of crypto, and without it we might not have blockchain! • A final benefit of staking your crypto is that you don't need any fancy equipment or know-how to get started - crypto staking works on just about anything and everything. The benefits seem great, right? While the benefits are great, you should still do your own research. Research is key to your success! Start by learning the terminology and reading available articles online. Understanding staking terminology will make it easier to understand the different ways you can earn crypto while staking. • Proof of stake (PoS) is a cryptocurrency mining algorithm that substitutes the need for the
traditional proof-of-work system, with an alternative method called "proof of ownership." The idea behind PoS is that each coin held by the user will act as a kind of vote in deciding what gets executed on the blockchain; this means that those who own more coins have greater voting power and thus are able to carry out their decisions faster than others. This makes cryptocurrencies using this consensus mechanism highly democratic. • Block reward refers to newly mined coins received from blocks found after completing a set amount of work done during the mining/minting process. Rewards are calculated based on many factors, such as how many coins are currently in circulation and the number of blocks found. • A user's mining power can be estimated by calculating their stake, which is determined by multiplying a coin's current supply (total coins mined so far) with its staking interest rate. This allows crypto users to get an idea about what they should expect from The crypto space is constantly changing, so it's important to understand the risks. In this article, we talked about staking and how you can get started with a few easy steps, but before you do anything else - make sure that you know what you're getting yourself into! If all of these concepts still seem confusing or scary, don't worry. There are plenty of resources for people who want to learn more about cryptocurrency and blockchain technology without having to read through lengthy technical whitepapers. Take your time and do some researchbefore jumping in head first on any new concept, especially when money is involved! Don't be scared of crypto or staking! Do your own research and get started today. Happy staking!
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FEATURE
27
Crypto Weekly
The Reasons why Governments Oppose Crypto
T
he Chinese government recently declared cryptocurrency illegal, and Washington policymakers have questioned its legitimacy and legality. Earlier this year, Senator Elizabeth Warren called cryptocurrencies "a fourth-rate alternative to real currency." According to this article, the president is purportedly working on a new executive order to crack down on cryptocurrencies. However, why? It's best to start by asking a question. How much money do you have? I'll save you the trouble of digging through your pockets.
of cotton and linen. An "instrument of exchange," known as a "note," is a sort of negotiable instrument that bears the promise that its holder will be able to redeem it for whatever the person who created it has pledged.
There is no answer to this question, and you have no money.
Federal Reserve notes are not dollars; they promise to pay the holder however many dollars are indicated on the bill. In 1913, the Federal Reserve Act was intended to work this way. Congress created a central bank at that time to maintain a stable money supply. Congress authorized it to issue promissory notes that could be redeemed in gold at the Treasury Department of the United States upon demand.
Those green slips of paper, often called money, are Federal Reserve notes made
This was nothing special. Before 1890, the dollar was a specific quantity of gold
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rather than silver, as specified in the Coinage Act of 1792. Roosevelt was forced to issue an executive order in 1933 requiring citizens to turn in "all gold coins, gold bullion, and gold certificates" to the Federal Reserve and its member banks. Immediately afterward, Congress passed a law prohibiting Treasury notes from being redeemed in gold. Private ownership of gold was now illegal, so the link between gold and Federal Reserve notes was largely theoretical. In 1971, President Nixon ended the practice of foreign governments converting their notes into gold, which had been restored in the 1944 Bretton-Woods accord. This ended the connection between the dollar and gold.
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FEATURE Crypto Weekly
FedReserve notes are currently convertible into "lawful money." Another provision of federal law mandates that "United States coins and currency (including Federal Reserve notes and circulating notes of Federal reserve banks and national banks) are legal tenders for all debts, public charges, taxes, and dues." In other words, if one goes to the bank to redeem Federal Reserve notes, one will receive the same amount of Federal Reserve notes and possibly some coins. The Treasury Department has the legal authority to mint dollar coins, but these are defined by their size and require no precious metal. No general circulation dollar coins have been minted for the past decade, and now the dollar is primarily a hypothetical accounting unit. Dollars evolved from precious metals to accounting units largely without public discussion. America's currency has gone from being based on scarcity (the limited supply of gold and silver) to being based on the willingness of people to use it as a means of exchange. In other words, the dollar has become a fiat currency. Fiat currencies can be useful. As a result, they allow central banks to engage in "quantitative easing" by
borrowing (through the issuance of notes) something that doesn't exist and therefore can't be repaid (dollars, in the case of the Federal Reserve). Most advanced national economies have fiat currencies, so America is not an exception. The phenomenon is widespread, but it is also relatively new.
competition for government notes that can be printed indefinitely. Additionally, cryptocurrency can be used over the Internet without the involvement of banks, which have a monopoly on transactions in government money. Authorities are less able to track cryptocurrency transactions.
The reason for Washington's aversion to crypto is rooted there, as well as in governments in other countries. There are only 21 million bitcoins in existence, the most widely used cryptocurrency. Other digital tokens, such as Ether, have mechanisms that ensure a set (or at least predictable) inflation rate. Cryptocurrency can gain user confidence at the expense of fiat currency by returning to a scarcity-based monetary system. Most frightened by stablecoins are central bankers, like those following Facebook's proposed DIEM.
The modern world is under threat from cryptocurrencies and decentralized finance. Governments can respond in three ways:
A stablecoin is a cryptocurrency backed by tangible assets, and these assets can include dollars, gold, oil, or anything else. Stablecoin is a coin redeemable for something that has a finite supply, effectively restoring the precious metal standard behind government-issued money. Restoring currency's connection to scarce or tangible assets creates
• Tolerate cryptocurrency by incorporating it into existing regulatory schemes. • Develop government-backed alternatives (which many central banks are actively exploring). • Make cryptocurrency prohibitively expensive or outright illegal. The Chinese have made their choice. Currently, policymakers in the United States are considering their options, and their decisions will have significant ramifications. We can only hope that there will be more public participation this time than with the shift from gold to nothing as the basis of the dollar.
The Treasury Department has the legal authority to mint dollar coins, but these are defined by their size and require no precious metal. No general circulation dollar coins have been minted for the past decade, and now the dollar is primarily a hypothetical accounting unit.
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The new Cryptocurrency based in London, UK Avaliable on BSC
Super car giveaway - 3 cars over one year, just HOLD KODA
First draw live in Dubai T&C’s apply
https://koda.finance
https://linktr.ee/KodaCryptocurrency
