EddieJayonCrypto
22 Aug 22
• I am on the lookout for more moves by traditional financial institutions to get into the crypto space• South Korea has regulations already on the books to hit people with a 10-50% gift tax on airdrops• Fed Governor, Michelle Bowman, thinks upcoming FedNow payment system could be better than Fedcoi...
• I am on the lookout for more moves by traditional financial institutions to get into the crypto space• South Korea has regulations already on the books to hit people with a 10-50% gift tax on airdrops• Fed Governor, Michelle Bowman, thinks upcoming FedNow payment system could be better than Fedcoin• Australia to use "crypto mapping" as a major part of their crypto regulatory framework• The merge has begun with the Bellatrix client release and Mainnet update• Cardano is still secure, fast and reliable; in other words, the checks and balances workedThere are some macro moves happening. Here is what is on my mind today.1. I have been paying attention to the coverage of crypto by traditional financial institutions to see if there is a trend that tells me with more coverage comes more action. We just saw a rapid drop in the market and people are freaking out over how much Ethereum has fallen. I remind you that Ethereum was under $1K just a few weeks ago. There are a couple of projects that saw an uptick and, to be expected, a pullback. However, those pullbacks were not as steep as people may think. Not nearly. Polygon is another that lost some ground, but did not give back everything it has gained. Do your own research and learn how not to lose your marbles and take advantage of dips. 2. South Korea is going to hit you with a 10-50% gift tax on airdrops. In a country that has traditionally embraced technology, it seems to be moving quickly toward creating a more stiff guardrail system. There just comes a point where you can no longer afford to have an industry moving without any kind of oversight or protection whatsoever. 3. So, there is no clear vision coming from the US government about a CBDC. Federal Reserve Governor, Michelle Bowman, says the upcoming FedNow payment service may be a better alternative to Fedcoin. A lot of us are looking at the Fed and expecting a more concerted effort toward developing a set of regulations that would create a more accountable Cryptoverse while still allowing growth and innovation. This tells me we may be waiting a while. 4. Australia is looking to make moves with a very different approach to crypto regulation. Using an approach dubbed "Crypto Mapping", they hope to be able to evaluate each token separately to capture nuances that could lead to a better way to regulate each project effectively. Supposedly, using this framework they would even recognize DAOs. This is going to be interesting to see implemented. 5. In case you didn't know, the merge is underway with Bellatrix client release and an update to Mainnet. The Ethereum Teku client releases required update v22.8.1 for all Mainnet users to prepare for the Merge. This is a significant step as the update has the Bellatrix upgrade and the merge transition configuration. Users are required to upgrade before September 6th. Reality it rolling in! 6. Cardano is having a hard time due to in-fighting. Truth be told, I think it was to be expected. There has been a lot of work going into the project and there was bound to be at least a little bit of it, right? From the outside looking in, I think Cardano is a very strong project that people sleep on a lot. It is a top 10 coin that is about to undergo a major upgrade. The checks and balances are working and this was not a failure of the actual coin, but on a testnet. I think there is going to be a major uptick for this project as time moves on and people start to realize just how secure it is. Something else this incident has told me is just how passionate everyone involved in the project really are. When I do my research, this is one of the things I look for.