EddieJayonCrypto
3 Nov 22
• SEC Commissioner Hester Peirce is fed up and has filed an Amicus Curiae Brief in favor of Ripple• Polygon spikes on the back of DBS Bank, WorldPay and Meta news• Coinbase Chief Product officer exits during company restructuring• Dapper Labs to send 22% of staff to pound pavement as NBA Top Shot di...
• SEC Commissioner Hester Peirce is fed up and has filed an Amicus Curiae Brief in favor of Ripple• Polygon spikes on the back of DBS Bank, WorldPay and Meta news• Coinbase Chief Product officer exits during company restructuring• Dapper Labs to send 22% of staff to pound pavement as NBA Top Shot dips to new lows• Lightning Network deploys patch only hours after exploit used in hack• Marathon Digital mines record 615 BTC while fellow miner Iris Energy is about to default on $103M loan• With a $1B war chest Binance is looking for key acquisitions, even a bankPolygon is on the move and people may not be paying attention. Here is what is on my mind today.1. You could see it coming. Well, Hester Peirce has filed an Amicus Curiae Brief to support Ripple in their defense against the SEC. As reported by analyst, Ben Armstrong (BitBoy), someone told him that Gary Gensler is happy to be on the winning side, even though he did not see this coming. This goes to prove my point that he is not fit for this role. Ms. Peirce has been anything but silent on her opinion on how the regulatory agency has been acting. 2. Polygon is on a tear. I kept saying they have a lot going on and told you about their play with DBS bank and another with WorldPay, yesterday. Today I am sharing with you their deal with Meta making Polygon the chosen platform for NFTs on Instagram. As a part of that deal decentralized storage solution, Arweave, is also pumping up because they are the chosen platform for saving the NFTs. 3. The Chief Product Officer gets pushed aside during restructuring. I am not sure anyone should be surprised. A few weeks ago they announced layoffs and rescinded job offers to people that had already accepted. You knew a restructuring was going to be the second shoe to drop. This may be the biggest departure, but I am sure there will be more to follow. 4. Dapper Labs is also suffering in the current economic climate and is about to send 22% of its staff to go pound the pavement. Again, is this a sign that some of these companies didn't learn from the example set during the dotcom bust or were they just arrogant in thinking it wouldn't happen to them. Its #1 project Top Shot, saw its lowest trade volume since December 2020. A mere $2.7M in trades. The decline in the Dapper Labs project is also reflected in its chosen platform, Flow. 5. Yesterday I told you how the bulk of the Lightning Network's nodes were disrupted by a rogue actor that was able to exploit a bug in the parser. Well, they were able to implement an emergency hotfix to correct their problem. That is a pretty fast turnaround. Hat tip to the team for moving so quickly to rectify the situation. 6. While crypto miner Marathon Digital was able to mine a record 615 Bitcoin, another miner, Iris Energy is about to default on a $103M loan. Mining is not an easy thing to do and, quite literally, is all about the numbers with some miners being better positioned to weather the storm than others. 7. Yesterday I told you about the decrease in volume for OpenSea, still the largest NFT marketplace. Today I am telling you the same thing about NBA Top Shot. October was its lowest month of trades in its short history. A mere $2.7M in trades. The decline in the Dapper Labs project is also reflected in its chosen platform, Flow. 8. According to a leaked document given to CoinDesk, Alameda Research's assets are entirely illiquid being predominantly FTT coin. There was a funny relationship with Voyager. So it is not surprising to me that one Sam Bankman-Fried company is going to have a strange relationship with another one of his companies. I think there may be more to come from this story.