EddieJayonCrypto
19 Jul 22
• Bankrupt Celsius gets OK to create new Bitcoin mining facility• Mastercard adds Nexo feature to allow digital assets as leverage for fiat purchases• Gemini laying off another 800• SBF and I agree the next the global economic macro event could stem from a lesson not learned after the pandemic• Open...
• Bankrupt Celsius gets OK to create new Bitcoin mining facility• Mastercard adds Nexo feature to allow digital assets as leverage for fiat purchases• Gemini laying off another 800• SBF and I agree the next the global economic macro event could stem from a lesson not learned after the pandemic• OpenSea introduces a Solana launchpad in a step to transform into a multi-chain NFT marketplace• Add the CFTC's RED (Registration Deficient) List to your #DYOR effortsImagine waking up to a Cryptoverse that is up and realizing there is even more research to do. Everything looks good when things are up. Here is what is on mind today.1. Yesterday I touched Celsius and the idea that the Three Arrows Capital contagion may not have been the problem. Imagine if it was simply piss-poor management and shady moves. Well, as a part of the restructuring plan, Celsius plans to construct a Bitcoin mining facility. Celsius has more plans to stabilize the company, but this one in particular makes me scratch my head. In a climate where energy prices are high and expected to get worse, why would you get into an energy intensive business? 2. Nexo is taking third party credit to a new level. Imagine using your digital assets as collateral for fiat purchases. Well, Nexo has created that space and is bringing it to everyone with a Mastercard. The other day I mentioned Mastercard was starting to make moves to secure its future. Well this is one of them. I know there are a lot of people that are going to go for something like this and Nexo will make really good money from it. I get it, but I am one for achieving financial freedom. Leveraging is not necessarily something I would recommend for most people. This is because most people don't have the discipline to manage how much they are leveraged. Something else I am not a fan of is adding yet another hand in your pocket. Clearly, there are two here: Mastercard and Nexo. That means they are going to get paid and both the user and the vendor take the hit. The service is being introduced in the European Economic Area. You had better believe it will become prevalent around the globe soon enough. 3. Gemini, a crypto exchange started by the Winklevoss twins, had a document leaked that shows they laid off another 800 people. It follows layoffs in early June of 100 people. Does this stem from the CFTC suing them over alleged false and misleading statements? I think it says they don't know how to run a company. Just because you have money doesn't mean you know to make money. 4. Sam Bankman-Fried says the economic risk is another pandemic and I agree. The world has not learned from its recent history. We weren't ready before the pandemic and we are no ready now. Others also point to a weakening labor force, especially in the US. Ken Moelis, CEO of Moelis & Co., pointed to energy, especially when it comes to Germany's dependence on Russian energy. In a nutshell, there are a number of macro events that can have a huge impact on the global economy. 5. Bringing interoperability, OpenSea unveiled a Solana launchpad. A multichain approach is a gamechanger for the growing NFT marketplace. It really does seem like everybody and their mother has an NFT marketplace. I think it is great that there are new features coming, but I am still waiting for new ideas on NFT use. 6. People have been asking about the various companies they are interested in working with. The first question I ask is "Have you done your own research?". Almost invariably the response is something to effect of yes, but they don't have time to dig deeper. You should start with the Commodity Futures Trading Commission's (CFTC's) Registration Deficient list (https://www.cftc.gov/LearnAndProtect/Resources/Check/redlist.htm), also known as the RED list.