EddieJayonCrypto
2 Aug 22
• Visa is screwed, royally screwed and it is self-inflicted• Nomad is yet another bridge gets hit and loses just shy of $200M• New York Attorney General, Letitia James, is asking the public for tips from people thinking they were duped with crypto• Ledger snaps up $100M at a $1B valuation• Binance's...
• Visa is screwed, royally screwed and it is self-inflicted• Nomad is yet another bridge gets hit and loses just shy of $200M• New York Attorney General, Letitia James, is asking the public for tips from people thinking they were duped with crypto• Ledger snaps up $100M at a $1B valuation• Binance's US subsidiary delists a Flexa's AMP token after SEC calls it a securityThere is a lot news hitting the wires that will have long lines into the future. Here is what is on my mind today.1. Visa is screwed, royally screwed and it is self-inflicted. Mastercard could be right behind them. I mention this because this could leave a larger opening for the Cryptoverse to flourish. Both of these financial giant wield massive power, but this child pornography lawsuit could turn people off to using their services and move them toward the Cryptoverse faster. I have lost all respect for Jim Cramer. He just seems like it is OK for Visa, et al, to not be held accountable. He thinks it's OK to deflect that is it the fault of law enforcement for not acting sooner on similar things. Just wow. 2. Nomad is yet another bridge gets hit and loses just shy of $200M. So many bridges. So little time. Exploit after exploit, we continue seeing bridges get drained of funds at an increasing rate. Bridges are used when people are holding one coin but want to transact via another protocol. Think owning Bitcoin and wanting to participate in DeFi on Ethereum. A bridge connects the protocols. I think the pace at which the exploits happens screams more scrutiny in development is required for the space to mature. Take that as I think bridges are necessary and want them to succeed. 3. New York Attorney General, Letitia James, is asking the public for tip-offs concerning people that believe they were duped into bad crypto investments. I want people to stop and think about this. The NY AG and her team are looking to go after bad actors. Honest projects have zero to fear. It's the shady ones that should be fearful. This AG office has a bite that is probably stronger than its bark. That said, I am hoping NY will also provide a stronger environment for good actors to thrive in the state. NY is losing out to California for the second time and it should be embarrassed. 4. Ledger snaps up $100M at a $1B valuation. The company has got some pretty hefty plans for the future and the money will be used to power that expansion and growth. I am a fan of Ledger, but they don't pay me. I will definitely say I am expecting much more than just new hardware. If the future called for that I don't think they would need that much money to make it a reality. 5. In a quick move, Binance's US subsidiary delists a Flexa's AM token. This is following as stance taken by the SEC that AMP is a security. I think this is a smart move by BinanceUS to act quickly regarding this stance and avoid the additional scrutiny had they not. As you might recall, the SEC announce nine alleged securities that were listed on Coinbase. Of them, only AMP was listed on BinanceUS. I think if you want to be the Amazon of crypto exchanges, you may want to be more careful about what you decide to list on your exchange.