EddieJayonCrypto
5 May 23
There are so many things pointing toward a bright summer. Here is what is on my mind today.1. I was having a conversation yesterday and the current banking debacle came up. At the end of the conversation we agreed that some of the banks having issues don't really have any problems. Banks like Wester...
There are so many things pointing toward a bright summer. Here is what is on my mind today.1. I was having a conversation yesterday and the current banking debacle came up. At the end of the conversation we agreed that some of the banks having issues don't really have any problems. Banks like Western Alliance a fundamentally in a good place. This paints a picture that there is a strong current of shorters that are bringing them down. Unfortunately, some banks could go down because of this. 2. Voyager is planning to start returning customer funds in a few weeks. This is even after the Binance.US deal fell through. Unless an objection is filed against the bankrupt company's plan, they will move forward. I am interested to learn what the percentage the return will be. 3. Coinbase is just staying in the news. This time it is because it beat Wall Street estimates with a smaller loss than expected. Coming in with a loss of only $79M, Coinbase's stock rose over 8%. In other news, Coinbase has opted to NOT support the airdrop for GALA V2. The company says they will deprecate V1 on May 15th and will not facilitate the upgrade of user funds from V1 to V2. My suggestion for people in that case would be to move their assets to a wallet that will be supporting the upgrade. 4. In a major move Deloitte has partnered with parachain Polkadot to enhance their digital identification protocols. The project aims to leverage the KILT Protocol's reusable digital identity credentials to support Deloitte's know your customer (KYC) processes. This is a very big deal for the Big 4 consulting firm and for the Polkadot ecosystem. 5. Cardano is not seeing any upward movement even with launching their Hydra scaling solution. As you might have guessed, Hydra is actually a set of layer 2 protocols specifically created to make Cardano more scalable. This will be great for use cases requiring faster and cheaper transactions. In the end, I do not think it will be a single crypto that will be the standout. The sheer volume of transactions will require many cryptos to handle the load. It would be a very, very long time before a single solution would be created. Even then I think it would stem from a merge of all of the cryptos in some type of way. 6. I am not sure what it is but Reuters seems to have a serious bee in their bonnet when it comes to Binance. The latest article says Israel has seized about 190 accounts that have been linked to terrorist organizations like Hamas and Daesh. The article also questioned the compliance practices at Binance they say are outdated. Binance immediately shot back with specifics on what they comply with, such as AMLD5/6 anti-money laundering and counter-terrorism financing requirements. Binance also noted they work with law enforcement around the world to identify and prevent terrorism financing.