📈 Web3 TLDR: 😢 (Not A) G'Day Mate!
The Web3, NFT and Crypto Newsletter
Here Are The Things You Need to Know:
Current Price: $22,421 - 7D Change: 11.63% - 30D Change: -8.93 - YTD Change: -105.45%
Current Price: $1,752 - 7D Change: 7.70% - 30D Change: -13.09% - YTD Change: -94.64%
Disclaimer: This newsletter is not financial advice. Always do your own research
This edition is sponsored by TechMango.
- 🙏 24 Hours 'Till The Merge!
- 😢 (Not A) G'Day Mate!
- 💵 FTX Buys 30% of SkyBridge
- 📈 MicroStrategy Double? Triple? Quadruples Down on Bitcoin
Job of the week
AND NOW THE NEWS
24 Hours 'Till The Merge!
Here we go! The Merge is near and ETH prices have been jumping! What can we expect for the Merge? The biggest change: Migration from Proof of Work (PoW) to Proof of Stake (PoS). Still not sure what it is? Basically, the methodology in which new blocks are created will change. Currently, it's all about which miners have the strongest hardware to "win" the right to process any given transaction via cryptographically solving block puzzles. This has been a HUGE detriment on power resources and PoS will bring in a new methodology where miners will become "validators" whom have to put up 32 ETH to participate in validating transactions, no matter the type of hardware they own. The transaction validations will be evenly distributed amongst validators. This means a reported 99% power usage reduction. However, this has been a thorn in the side of the miner community who have collectively spent a lot of money to build these powerful mining machines, and have been pushing to fork Ethereum so they can continue using them. Although no one TRULY knows how well the fork will flourish, most indications point to it being a failure sooner than later.
Reminder: ETH buy/sells will be paused at some point leading to the Merge and shortly after, so if you are planning to buy/sell, do it soon! Also, there are rumors of an ETHW airdrop to all ETH wallet holders. If you want to receive this airdrop, make sure you have ETH in your private wallet, not on Coinbase or FTX or any other centralized exchange (rumors are that you may not be eligible to "own" the airdrop if your ETH is on a CEX). If you have your ETH in a staked program, you will not receive the 1:1 airdrop on ETH not directly in your wallet, so remove your staked ETH temporarily if you want to participate!
(Not A) G'Day Mate!
Older Australians have been having not so great of a time getting duped in crypto scams for an almost collective AUD$242.5m in 2022 so far. Most of the scams were romance baiting scams to classic Ponzi schemes and cryptocurrency scams. The Australian government is trying to create safeguards in how money is transferred between entities in order to KYC potential scammers, but it is going to be an uphill battle to get that implemented.
I know this is the same old tale of being cautious in the crypto world. Older generations are far more susceptible to these scams, but they are not the only ones. Everyone can and has been duped and we have to stay vigilant at all times. "Too good to be true" is absolutely applied here and if you see something that just doesn't fit, walk away. It's better to be safe than take the chance of losing all your money. There will be plenty of chances to get in on something great that's also legit!
FTX Buys 30% of SkyBridge
FTX led by Sam Bankman-Fried has acquired 30% of SkyBridge Capital, the alternative investment firm run by Anthony Scaramucci.
SkyBridge will use the money from FTX to buy $40 million in cryptocurrencies, which it will hold on its balance sheet. The timing is interesting as the value of SkyBridges current digital portfolio have come down with the rest of the markets so it appears the mooch is doubling down on Crypto all the while other investors have asked for refunds from the fund.
FTX continues its strategy of buying distressed crypto companies at discounts and saving most from bankruptcy.
Written by: WarBiscuitNFT
MicroStrategy Double? Triple? Quadruples Down on Bitcoin
MicroStrategy has filed to Sell Up to $500M of Stock to buy more Bitcoin Purchases.
Friday filing with the U.S. Securities and Exchange Commission revealed the stock offering, which will be for “general corporate purposes, including the acquisition of bitcoin.”
At this point the company has become more of a Bitcoin holding company than a enterprise analytics company where its stock price is tethered more to the price of BTC then its software revenue.
On a side note, Saylor and MicroStrategy were recently sued by the District of Columbia for allegedly evading taxes on Saylor’s earnings in the district.
Written by: WarBiscuitNFT
One Last Thing...
If only more people knew what our fiat money is based off of...
“Crypto is fake money it’s not real”
— Hawks (@NFTHawks)
Sep 11, 2022
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