EddieJayonCrypto
21 Aug 23
I am seeing more downward pressure, but where is it coming from? Here is what is on my mind today.1. OpenSea is about to find out. Mark Cuban, an investor in OpenSea, thinks they are making a huge mistake by implementing its new royalty system. Or, should I say wrecking it. OpenSea disabled it. This...
I am seeing more downward pressure, but where is it coming from? Here is what is on my mind today.1. OpenSea is about to find out. Mark Cuban, an investor in OpenSea, thinks they are making a huge mistake by implementing its new royalty system. Or, should I say wrecking it. OpenSea disabled it. This means creators are not to receive any money from secondary sales of their work. I am not so sure how I feel about this. I can truly understand both sides, but if the art is sold on canvas, the artist only gets paid for the initial sale and nothing else in the physical world. They must hope their name gains value and increases the value of future work. From a monetary perspective, I think OpenSea just alienated artists since that is the system they are trying to move away from. 2. You knew it was coming. Sour grapes is now coming to NFTs as BAYC investors sue Yuga Labs, Sotheby's, and others over plummeting NFT prices. Of course, the companies are ready to defend themselves. I think people with money wanted to cash in on the hype and took it to heart when they started losing money. I think they should look in the mirror. 3. We all know the SEC is appealing the ruling in favor of Ripple. We also know that Ripple has responded with 3 objections to the interlocutory motion. I strongly suggest people get a tad more intimate with the case as it has many twists and turns. Like the one where the SEC labels XRP as a non-security. I think the SEC is still grasping at straws in hopes it will be able to still collect money from this almost insanely expensive venture. 4. Gemini is fighting back. The company has finally filed a response to the SEC lawsuit against them. It is with a motion to dismiss the case. The company believes the SEC has a weak case. I for one think the SEC believes they can roll out the same playbook against all of the centralized exchanges and collect fees from them without offering a path for those same companies to get legal in the eyes of the agency. You know, like Prometheum did. 5. Is low volatility killing Bitcoin? Mike McGlone may not think so, but he does think it will stop Bitcoin from having any bi pumps moving forward. Mike is a senior macro strategist at Bloomberg Intelligence. He shared some data yesterday demonstrating the Bitcoin-to-gold convergence and describes the BTC drop in volatility compared to gold and how that makes the coin less risky. It is an interesting read.