📈 Web3 TLDR: ⛏ POW Miners Won't Go Quietly
The Web3, NFT and Crypto Newsletter
Here Are The Things You Need to Know:
Current Price: $19,998 - 7D Change: -7.00 - 30D Change: -18.28 - YTD Change: -144.16%
Current Price: $1,486 - 7D Change: -9.13% - 30D Change: -14.09% - YTD Change: -117.5%
Disclaimer: This newsletter is not financial advice. Always do your own research
This edition is sponsored by TechMango.
- 🌵 OpenSea Running Dry
- ⛏ POW Miners Won't Go Quietly
- ⚖ Singapore Tightens Up Retail Access To Crypto
Job of the week
AND NOW THE NEWS
OpenSea Running Dry
Due to the ongoing BendDAO NFT liquidity crisis, NFT marketplaces are feeling the rippling effects from it. OpenSea, arguably the most popular NFT marketplace, has seen a 99% drop in trading volume, from its' last highest volume set back on May 1st. Volumes this low might suggest a looming NFT bubble about to burst with users' interest waning in digital collectibles, coupled with Ethereum's prices dropping in parallel.
All of us who own NFT's have felt the pinch here. I've lost an estimated 80% peak value across my NFT portfolio. However, what I've been getting into recently is free minting! There are plenty of projects out there that are looking to mint for free, in order to gain popularity afterwards. A great place to start looking is on NFT Mint Radar, where there's a calendar of free mints. As always, exercise caution when minting anything. Some projects might seem valid, but can employ rug pulls easily. Check their Twitter/Discord accounts to make sure they are on the up and up!
POW Miners Won't Go Quietly
With The Merge on its' way, there are a group of users who are wondering how they will survive this event: Ethereum POW miners. Currently, POW (proof of work) miners make quite a bit of ETH with their powerful crypto-solving machines. However, The Merge will introduce POS (proof of stake) where node operators will be required to deposit 32 ETH in order to be eligible to become network validators. This will inevitably decrease the amount of incoming transaction fees that miners have been enjoying thus far. Coinbase has responded to these outcries and will investigate possibly creating a fork in order for POW miners to keep plying their trade.
Rest assured, all potential forked tokens of Ethereum, including PoW forks, will go through the same strict listing review process that is done for any other asset listed on our exchange.
— Coinbase Assets (@CoinbaseAssets)
Aug 25, 2022
Say what?! So because efficiencies and improvements are reducing the amount of income for miners, a fork of Ethereum is the best solution?? What about the dwindling profession of coal mining? Their jobs have been reduced decade over decade due to advancements in renewable energy sources. Should society push for a new way to use coal so their industry can flourish again? It's time for POW miners to see the inevitable here. Can't just force an "outdated" and power-hungry method of validation to continue for a lame reason like that...
Singapore Tightens Up Retail Access To Crypto
The crypto friendly county is now saying most traders are “irrationally oblivious” about the risk of crypto.
It now plans to roll out new regulations to make it more difficult to trade cryptocurrencies for day to day traders by "adding friction" to retail access.
Ravi Menon, the director of Monetary Authority of Singapore said on Monday, “These may include customer suitability tests and restricting the use of leverage and credit facilities for cryptocurrency trading,” he added at a seminar titled “Yes to digital asset innovation, No to cryptocurrency speculation.” The country's, seen as a crypto friendly is now is home to make crypto firms which have felt the pain of the recent market drop, triggering fears at the government level.
The organization will seek public feedback on this proposal by October so there will be time for citizens to chime in on shaping the policy (hopefully it counts).
Written by: WarBiscuitNFT
One Last Thing...
Bear market indicator, or ploy to kill remote work?
It’s not looking great
— Cobie (@cobie)
Aug 29, 2022
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