This Week in Crypto Twitter: Bitcoin Miami Mocking by Maxis, Bitcoiners Embrace Anti-Bitcoin Art – Decrypt

Illustration by Michele Prefer for Decrypt

Although the upward action this week was slower than last week, several major crypto coins still posted notable gains over the past seven days, after Credit Suisse became the latest catastrophe to shake the banking world. , which is driving investors towards riskier assets as a potential hedge. against infection.

They weren’t just deposits in blockchain assets. On Tuesday it emerged that PlayStation maker and electronics giant Sony is up for “cross platform” NFT trading, according to Twitch streamer Brycent.

Also that day, a screenshot of an abusive email by BitBoy, aka Brian Armstrong, made the rounds. BitBoy is one of several YouTube influencers who were sued last week for a whopping $1 billion for allegedly advertising unregistered securities to their viewers as yield-bearing accounts offered by FTX. For.

In the US this week, three prominent Republicans rebelled against the idea of ​​a Central Bank Digital Currency (CBDC), essentially a cryptocurrency pegged to a dollar that would be issued by the Federal Reserve. Warren Davidson, a Republican representative from Ohio’s 8th Congressional District, tweeted his opposition on Tuesday, arguing that the CBDC was an “Orwellian payment system.” He attached a letter to his colleagues urging them to reject the CBDC.

Ethereum scaling solution Arbitrum handled more transactions that day than the Ethereum mainnet.

Economics and finance analyst John Paul Koning disputed Coinbase’s claims that it is fully compliant.

He wasn’t alone this week. Payments and digital money regulation/compliance expert Simon Lelyvelt wrote in a multi-tweet thread that Coinbase has similarly maneuvered with regulators in the Netherlands.

Nayib Bukele, the bitcoin-maxi authoritarian president of El Salvador, tweeted an announcement of some important upcoming legislation. Changpeng “CZ” Zhao, CEO of Binance, applauded him.

The banking crisis has had a clear effect on bitcoin’s liquidity, falling to a 10-month low as market makers pulled two of the biggest fiat-to-crypto on-ramps—Silvergate’s SEN and Signature Bank’s Signet—from exchanges after has drawn its liquidity. The result of the closure of the banks they were associated with. Bitcoin-Maxi Dylan LeClair sheds light on the situation.

Footage of Do Kwon being escorted off the court in handcuffs made headlines on Friday. Quan is the founder and CEO of Terraform Labs. He created the disastrous so-called “algorithmic stablecoin” UST, which was linked to the US dollar via smart contracts that maintained value by burning Terra’s other cryptocurrency, Luna. UST went into a death spiral last May, rapidly undermining Capital’s Terra ecosystem and causing a wave of high-profile crypto company bankruptcies during the rest of the year.

Also on Friday, crypto bank Custodia shared a message to the Federal Reserve. Custodia has applied for oversight from US regulators but has been repeatedly passed over. The recent bankruptcies and subsequent bailouts of several crypto friendly banks have added insult to injury for Custodia, which claims to be fully solvent and compliant.

NBC reporter Ben Collins highlights the fact that an account belonging to California Congresswoman Grace Napolitano got completely taken over by crypto scam bots.

skull of satoshi

Greenpeace highlights the relatively high power consumption of the bitcoin network in a new campaign, featuring a cool piece of art by artist Von Wong called “Satoshi’s Skull”.

Bitcoiners ended up loving the image. One of them proposed that it was worth at least one bitcoin. Von Wong himself claimed that he was paid less than “a fraction of that”.

He later tweeted that he was happy to join the conversation and that bitcoin environmentalists were adding depth to his understanding of the subject.

Von Wong later tweeted that converting the network to a lower consumption but more centralized proof-of-stake (PoS) system (like Ethereum) went against the ethos of bitcoin. However, a more energy-efficient update is still needed for the world’s favorite cryptocurrency.

Maxis turns down bitcoin miami

Bitcoin maxis were up in arms this week about the fact that Ordinals—a protocol that brings non-fungible digital assets to bitcoin—will be making an appearance at the Bitcoin Miami conference.

Some less ardent bitcoin fans took this as the best form of promotion for the conference.

Source: decrypt.co