FFATH 🚀DeFi Adoption to Curb Wallstreet Crime Spree? 🏌️♂️ PGA Tour is here ⚖️ Laws That Are Good For You
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Headlines
🚀 Crypto adoption steadies in South Asia, soars in the Southeast
⚖️ Nasdaq about to launch an institutional crypto custody service
🏌️♂️ PGA Tour Golf NFTs Coming to Tom Brady’s Autograph Platform
⚖️ Binance sets up a new global advisory board to navigate regulation
⚽ Italy's AC Milan Launches NFT Game With MonkeyLeague
🎮 Playstation is now making NFTs
📱 T-Mobile to cover 5G dead Spots in Helium network
📺 Warner Bros collab on walmart exclusive NFTs
🎮 THNDR Games launches play-to-earn Bitcoin Solitaire mobile game
Certainly for our benefit
⚖️ Draft stablecoin bill in Congress to require Fed, state regulator approval
⚖️ Tether, Bitfinex ordered to show financial documents over USDT stablecoin
⚖️ IRS hunts crypto tax evaders
⚖️ UK Introduces Law to Seize, Freeze and Recover Crypto
Featured Story
📈 Wallstreet is at it again - Will DeFi adoption help curb Wallstreet crime spree?
My grandfather used to hide hundreds of thousands of dollars throughout his home. In closets, in the attic, or under a mattress. Traditionally, he would tell certain people where one, or maybe two stashes of money were kept. So that his son knew there was 80k in the closet behind a fake wall, his daughter knew of the stash in the mattress, and his wife understood that when my grandfather would eventually pass, he had hid her a small fortune in the attic. Despite the cries of his children to “put it in the bank” my grandfather insisted on holding a large sum of his assets away from Wallstreet. In hindsight, he did this because he was smart.
📉 So when Wallstreet’s criminal greed caused the global economic collapse in 2008, my grandfather was generally secured from the fallout. It was a big “I told you so”; a wake-up call to the rest of the world that the 6% interest they were earning on their savings was a meaningless facade against the onslaught of crime the world, and largely Americans, would experience by Wallstreet.
Better Markets, a financial watchdog organization in the United States released a special report in May 2022 highlighting 430 major illegal actions undertaken by six of the world’s largest banks. According to the report, Golden Sachs, JPMorgan Chase, Bank of America, Citigroup, Morgan Stanley, and Wells Fargo have all participated in “ongoing, repeated, and unlawful conduct [that] directly impacts the wallets and lives of Main Street Americans.”
🚓 The alleged or settled crimes highlighted in the report span almost every conceivable type of crime or violation from market manipulation to massive fraud in the sale of mortgage-backed securities. Moreover, the report states that the “number of cases against banks has increased, relative to pre-crash years for all six major banks.” Once again this feels like the beginning of a grandpa “I told you so” moment.
Unfortunately, grandpa has since passed on, but if he were around he may be interested in the hip-new-thing all the kids are up to. Decentralized finance (DeFi) is an exciting step forward in how we hold, spend and think about currency. If you don’t know, DeFi refers to the diverse financial applications that are built on blockchain technology. Trust is distributed across many different, randomized entities, eradicating human error and possibilities for manipulation.
🏧 One common way to hold assets sort-of akin to my grandfather’s strategy of keeping cash under his bed is to hold it in a Ledger Wallet. A hardware wallet using a seed phrase to secure it keeps all assets completely out of the hands of centralized institutions. Other wallet options can provide different types of security like social recovery, which doesn’t rely on seed phrases but distributes trust across other wallet accounts you choose. FinTech companies are embracing the new #BeYourOwnBank mentality by developing Dapps (Decentralized applications) to provide other services traditionally controlled by the world’s largest entities. Indeed, the time is fast-approaching when one could take out a loan with Dapps like MakerDAO, invest and stake directly with their DeFi wallet, buy and sell without any middleman.
🦹 So, the number of financial crimes only increases over time, and governments appear unable or unwilling to effectively prevent Wallstreet’s crimes. The stock market is currently bleeding, and crypto markets are largely red. History looks like it may be repeating itself and it seems like the only way to prevent Wallstreet stealing from the little guy is to not give them money in the first place. Would grandpa hop on the crypto train? I certainly think so.
Read the full report: BetterMarkets Wall Street RAP Sheet Report 052022.pdf
Insider News
⚔️ Sergey Nazarov, Chainlink CEO got into a fight in London (Here is the video)
👉 OpenSea will support Arbitrum
👉 Cardano’s Vasil upgrade triggers after a 3-month delay
👉 Optimism quests - earn NFTs while exploring Optimism apps!
💲 Coin98 launch his stablecoin CUSD
💲 Tether USD₮ is live on Polkadot
👉 Atom 2.0
👉 Magic Eden sets sights on a Multi-chain NFT future
🔺 BUSD on the Avalanche & Polygon Networks
⚠️ Celsius revival plan appears to include issuing wrapped assets
🔺 veQI is now live on Avalanche
🔥 UXD is live on Sei
⚠️ WazirX follows Binance in delisting USDC
Reads
📚 Axelar - Your Plug Into Any Blockchain - Xavier Meegan
📚 Liquidity, Capital and Bank Runs - EGirl Capital
📚 On building mobile first - Joel John
📚 The Next Big Crypto Narrative - Matti
📚 What Kind of Layer 3s Make Sense? - Vitalik
📚 DAOs are not corporations: where decentralization in autonomous organizations matters - Vitalik
Data
📊 State of Ethereum - Q3 2022
📊 Fantom Quarterly Report - Q2 2022
📊 Solana Quarterly Report - Q2 2022
📊 GameFi Report - August 2022
Builder and tools
🛠️ Master Web3 Fundamentals: From Node To Network
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