Inside the Crypto Dimension - Monday 29th of August
Number of crypto billionaires is growing | 51% of Bitcoin transactions are fake ₿ | Eminem, Snoop Dogg & Bored Apes 🎤 | Risks of NFTs ⚠️ | UNDP believes in Blockchain 🇺🇳
Hope you had a nice rested weekend. Cryptos don’t rest even during the weekend and things keep on rolling. As the cryptos are stumbling, the news of the past few days look similar as well. Crypto millionaires are growing in numbers, Eminem & Snoop Dogg utilize Metaverse and even United Nations is talking about possibilities of Blockchain. At the same time, stolen Apes, fake Bitcoin transactions and the risks of NFTs pop up in the news. So, as the story goes, Cryptos keep on staying controversial. Some see huge potential, others high risks.
From trading perspective, the crypto winter seems to continue as the week in Europe opens on the red. Bitcoin has fallen under 20 000 USD and ETH is under 1500 USD. Altcoins open the week on red as well. Just try to hang on even though the cold breeze is still blowing in the crypto world.
Not much more to mention about the prices. So, let’s dive into the news. Keep on scrolling! 👇
News and Events from the weekend in the World of Cryptos
The number of crypto billionaires is growing fast, here’s why
Cointelegraph writes about the rise of crypto billionaires. There some quite obvious and simple explanations: new money is being invested in cryptos and of course some of that ends up to project creators. Currently the number is only 19 (at least by Forbes), but we can surely expect this number to grow in the coming years.
More Than Half Of All Bitcoin Trades Are Fake
A new Forbes analysis of 157 crypto exchanges finds that 51% of daily bitcoin trading is likely fake. Many may also be surprised by the fact that there is no official accepted method for calculating Bitcoin daily volume. It can vary even by 10-20 billion USD, depending on the source. One good point by the article is that Cryptos are quite global. The trading does not only happen with dollars, euros or pounds. Other major trading pairs are Japanese Yen and Korean Won against BUSD and USDC. So, next time you see trading trading volumes shown, make sure to check how these are calculated.
Eminem and Snoop Dogg Perform Together - And in Metaverse!
Snoopp Dogg and Eminem took a stage on MTV and their song took place in Metaverse, depicting the rappers as Bored Apes. Is this a new trends that will start spreading?
The creation of the metaverse: What’s real, what’s hype and where we’re headed
Venture Beat writes in their article some thoughts on Metaverse and compare it to the hype of the World Wide Web back in the days. If you are not familiar with Metaverse concepts, this is a short introduction to the topic.
18 'uncomfortable' truths about nonfungible tokens
NFTs, the hot topic keyword can be a total money burner. NFTs have seen some huge hype (as is shown by Snoop Dogg & Eminem performance) but also quite bad failures. Celebrities endorse different projects, but still that does not guarantee anything. Check long-read Twitter on the topic.
United Arab Emirates Takes Steps To Regulate Crypto After Being Placed On Watchlist
We have mentioned Crypto regulation multiple times in different issues of Inside the Crypto Dimension and the stories seem to pile up, one after another. Latest announcement comes from United Arab Emirates. They were placed on the watch list by Financial Action Task Force over money laundering concerns. To combat this, Abu Dhabi formed a Blockchain and Virtual Assets Committee. According to the article, “The Committee is bringing together all the relevant stakeholders to build a robust, credible, and comprehensive regulatory and business ecosystem that addresses key risks and major governance issues, such as AML/CFT, investor protection, tech governance, and custody risk, to promote blockchain and virtual assets.”
These Are Not the Apes You Are Looking For
Andres Guadamuz argues in the Communications of the ACM that NFTs are not good at managing rights to digital assets. The author states that “Copyright licensing is the point where grandiose claims about a Web3 future of using of NFTs to manage creative works crashes back into reality.” Check out the article and see how that fits into your train of thought.
Building a Fortress of Blockchain to Protect Farmers and Livelihoods
United Nations Development Program is investing in Blockchain to help farmers protect their rights. The UNDP Accelerator Lab is working with various stakeholders in order to attain an infallible system of recording financial transactions and information made by each authorized stakeholder in the value chain. UNDP’s Accelerator Lab India has started building a prototype blockchain-powered traceability platform for Indian spices, jointly with Spices Board India of the Ministry of Commerce and Industry, Government of India. The goal is to identify supply chain problems and fix the as fast as possible. However, the technology is not the only problem, but requires working infrastructure and acceptance from the local people. This is one truly promising step towards real utility of Blockchain.