14 Jun 24
 14 Jun 24
 14 Jun 24

tl;dr

So, PayPal launches their off-again on-again stablecoin and people are going nuts. ARK Invest's Bitcoin spot ETF decision nears. Here is what is on my mind today.1. PayPal announces their new stablecoin and people are going nuts over it. There are a slew of fake coins hitting decentralized exchanges...

So, PayPal launches their off-again on-again stablecoin and people are going nuts. ARK Invest's Bitcoin spot ETF decision nears. Here is what is on my mind today.

1. PayPal announces their new stablecoin and people are going nuts over it. There are a slew of fake coins hitting decentralized exchanges hoping to cash in on similarly named coins. When PayPal announced a deal with MetaMask way back in December of last year, nothing really came of it until May of this year. Similarly In February of this year, there was the first public talk of a stablecoin, but it was something where they were saying it was not going to happen anytime soon. Fast-forward 6 months and here we are. My question is "just how many stablecoins do we need?". I think about this more now since this coin does not seem to be backed 1-to-1 by any fiat. Yet another Paxos project.

2. Solana-based Cypher Protocol was exploited and forced to freeze their smart contract. Their exposure is about $1M. Steadefi was also hacked, but all funds are at risk in this case. I know $334K doesn't seem like a lot of money to some people, but it is still a lot of money to lose. There has been a marked increase in DeFi hacks. Be mindful of which one you use. Look into their security history.

3. If you have been paying attention, you know that a decision date on the Bitcoin spot ETF filed by ARK Invest is coming up. Given the rules, I do not expect a decision. What I am expecting is can getting kicked down the road until January and for no real reason. The only other thing I could see is an outright rejection. I hope the latter is not the case, but there is a chance it could happen and it would rattle the markets. Hence, My odds are on a can being moved.

4. Brazil releases the name of their CBDC and it is called DREX. My question is why is everyone making such a big fuss over a name? Secondly, why wasn't it just called the digital real since that is really what it is? It is based on technology similar to blockchain. I am going to be watching closely as they roll it out. Frankly, I will be watching how each BRICS nation launches their respective CBDCs. I will also be looking for points where corruption can happen.

5. Worldcoin's warehouse in Kenya was raided by police. It is being reported that data equipment was seized. Mind you that equipment had stored data on it. My question is whose data was stored? Was the data only from Kenya? Anyone that has gotten involved with Worldcoin should be asking the same questions, if not more.

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