📈 Web3 TLDR: 🤬 Web3 TLDR Opinion: Why Centralized Exchanges & Services Just Can’t Work
The Web3, NFT and Crypto Newsletter
Here Are The Things You Need to Know:
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This edition is sponsored ...
- 👀 Meta...more like Metta Find a new Job...
- 🤬 Web3 TLDR Opinion: Why Centralized Exchanges & Services Just Can’t Work
- ⚡️ Subway Zooms Down The Lightning Network
Job of the week
AND NOW THE NEWS
Meta...more like Metta Find a new Job....
Facebook as laid off 11,000 employees today. Although this may not feel like web3 news, some of the decisions are due to the downstream impact of Mark Zuckerberg's recently pursuit of the Metaverse via Horizon Worlds. The cut represents about 13% of the total staff according to a letter by Zuck.
In October the complanyposted Q4 earnings that showed a expenses jumping 19% year over year to 22.1 Billion dollars. Immedtly dropping the shares 20%. The stock continnued to spin down but cutting cost seems to be the best move for the company as ad revenues have suffered since the Apple privacy updates and Mark continuing to bet part of his farm on VR and the metaverse.
Written by: WarBiscuitNFT
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AND BACK TO THE NEWS
Web3 TLDR Opinion: Why Centralized Exchanges & Services Just Can’t Work
I’m sure you’re reading that headline and letting the week’s worth of crypto drama swirl around you, trying to make head or tails of what happened. Well, lucky for you, legend Shaan Puri put it in really easy terms in a tweet:
Here's the 30 second summary of the FTX drama that is blowing up in crypto.
1/ How FTX (a multi billion dollar co) almost died overnight
2/ And why this is a god tier strategic move by @cz_binance
— Shaan Puri (@ShaanVP)
Nov 8, 2022
After you read that, take a look at the latest development:
As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of .
— Binance (@binance)
Nov 9, 2022
Take a moment to let it in. Essentially, CZ, a billionaire who promoted fair practices, decides in a moment of pure rage against SBF (CEO of FTX) for what he considered tattling on him, to take him out by possibly causing a potentially devastating ripple effect across all of crypto by liquidating $2B worth of FTT (FTX’s fee token) and taking one of his rivals out. Although he never did it (or possibly never intended to from the beginning), people started to panic dumping FTT and pulling assets out of FTX in anticipation of such event. FTT price plummeted, FTX paused withdrawals, and for a rumored $1 buyout, CZ made an agreement to buy out SBF. Could SBF fought back? Yes. But it would have most assuredly crippled not only FTX, but possibly the market as a whole. Now, CZ claims due diligence shows he shouldn’t buy FTX?!
In my mind, this is the reason centralized exchanges and services should no longer be a primary vehicle for any crypto-related transactions (we still need their one function of converting fiat to crypto). All it takes is two young billionaire’s beef to crash a market, and everyone’s money with it. Look at all the revelations of Three Arrows or Celsius after they lost all of their customer’s money. Could regulation possibly prevent these kinds of things from happening? I’m not sure, but all I can remember in this moment is one of the reasons I became so attracted to the notion of crypto and Web3 is because of decentralized and permissionless services. We wouldn’t have a CZ, or an SBF, or Kwon Do make egotistical decisions in the heat of the moment that could cause a catastrophic downfall. Can DeFi protocols fail? Of course, but at least we are removing one point of failure, single human intervention. I’ve been fuming since this all started happening, and I think I’ve had it. I’ve only been using two CEX’s at the time of this article, but I think it’s time I made it zero. If at any point I do use one, it will be for fiat to crypto conversion, then moving it out to a private wallets ASAP. Readers, make the decision that’s best for you, but remember not only the crypto history lessons of the past, but everything we’ve seen so far in this crazy year of 2022.
Subway Zooms Down The Lightning Network
Subway, the company behind those popular dry, and stale sandwiches, is now entering the Bitcoin payments mixer once again. Once piloted at a location in Moscow 13 years ago, the world’s largest franchise (by number of restaurants) is now trying again at the three Subway locations in Berlin, with one owner offering 50% off for Bitcoin payers. The owner claims he has had 120 Bitcoin transactions in the last few months, with the number growing.
Kicking off the 7-day #usingbitcoin week with Lunch at Subway, Chausseestrasse in Berlin! 👏
50% off when paying with #bitcoin
— felix (@felixbillert)
Oct 19, 2022
The more that embrace accepting any crypto, the better. I just hope Subway uses future gains to make their sandwiches suck less.
One Last Thing...
This makes me feel so many things right now...
— nikethereum.eth (@nikethereum)
Nov 10, 2022
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