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- 🌐 SEC comes for Ethereum (again)
🌐 SEC comes for Ethereum (again)
PLUS: $FLOKI is NOT on Solana and Base
Have you ever used a Bitcoin ATM?(Click to vote / see results 👇) |
Sup, nerds!
Here’s what you’re getting in today’s edition:
💅 This is cool:
In one sentence: After a reduction in global installations post the dumpster fire that was 2022, Bitcoin ATMs are about to reach their all-time high installments again.
This ones for your dad.
Wait — no! Don’t leave!
That wasn’t leading to an insult. Our intentions here are good. Swear!
Here’s what’s happening:
After a reduction in global installations post the dumpster fire that was 2022, Bitcoin ATMs are about to reach their all-time high installments again.
We know, we know — who cares!?
Well, as we said at the top, your dad (probably).
You know why Apple made its early app icons resemble real-world things? It was because initially, no one really knew what a smartphone was, or how the new applications installed on it related to their existing behaviors.
(E.g. The news stand app ☝️).
What’s more familiar to pretty much anyone that isn’t crypto-savvy, and/or Gen Z?
A) A crypto exchange app where you’re required to add all sorts of personal information, before being confronted with hundreds of different crypto tokens?
Or
B) An ATM, where there’s one withdrawal option (Bitcoin), and works similar to a cash ATM?
Crypto ATMs may not be relevant to everyone, but they’re an important function in creating a broad crypto adoption spectrum.
(Heck, if we had have had a Bitcoin ATM in close vicinity to us back in 2017, you better believe we would have taken that option).
We love to see it!
🥇 Want the news before anyone else?
🔎 This seems important:
In one sentence: The SEC just filed a lawsuit against Consensys (creators of MetaMask), claiming that their staking services are “offered and sold as investment contracts and [are], therefore, securities.”
If you grew up with a younger sibling, you’re probably familiar with the following sort scenario:
Mom tells you to stop hitting each other → but you still have vengeance to lay down → so start destroying your siblings toys.
(Sure, you just ripped the head off Eric’s beloved childhood teddy bear…but you’re still abiding by mom’s ‘no hitting each other’ decree).
Well, turns out old habits die hard.
The SEC may have stopped going at the throat of Ethereum, but now it’s attacking the companies that support it.
Specifically: Consensys (creators of the world’s most popular Ethereum wallet, MetaMask).
This time around they’re claiming that MetaMask’s staking services are “offered and sold as investment contracts and [are], therefore, securities.”
Now, much to the disappointment of our family, we’re not lawyers…
But this feels like one of the longer shots the SEC has taken in recent memory.
They’ve just categorized Ethereum (and by proxy/precedent, Ethereum-like products) as commodities (‘things’ like oil & gold) — i.e. not securities (enterprises).
Staking pays users interest on their ETH (a commodity), the same way banks pay customers interest on their cash holdings (also a commodity)…
So the SEC is about to go and fight a case where its biggest hurdle is self-imposed (its recent categorization of ETH being a commodity).
We don’t get it. But it’s nice to know they’re likely fighting a losing battle.
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🔪 Let's dissect this:
In one sentence: The official $FLOKI token is only available on the BNB and ETH chains, however a ton of official sounding ‘FLOKI’ tokens have popped up on both Solana and Base which may lose trust in the official FLOKI project.
Floki Inu has been on a journey.
It was first launched in July 2021, inspired by Elon Musk's pet dog, Floki.
Then, what started as a memecoin, ended up surpassing 417,400 holders on the BNB Chain; and launched a rewards program, letting holders claim a percentage of interest rewards, followed by an extended roadmap for 2024.
Now they’re facing a new issue which they’re calling screaming to their users to be aware of.
The official $FLOKI token is only available on the BNB and ETH chains.
However, a ton of official sounding ‘FLOKI’ tokens have popped up on both Solana and Base.
None of the unofficial FLOKI tokens were created by the the FLOKI team…which means one thing: pump and dump schemes.
This is dangerous for both investors and for FLOKI itself, because of a little psychology term called ‘Generalization.’
(The idea that if a ‘FLOKI-imitator’ coin on Solana or Base is a rug pull, people may think that it was actually the official FLOKI team themselves).
Be careful out there - scammers will be scammers.
If in doubt, check the official links.
💡 Bellwethers in Web3
"Bellwether's in Web3," is a daily profile series recorded live with Nolcha Shows and Movement Labs in collaboration with Bellwether Culture. Check out the latest video below.
Interview: Michael Heinrich Co-Founder & CEO of 0G Labs
Michael is the co-founder & CEO of 0G Labs (0g.ai), the first modular AI chain. In the past he has generated over $200 million in revenue and secured $200 million in venture capital. His strategic leadership has guided over 650 employees through volatile markets and achieved remarkable customer satisfaction. Michael previously worked at Microsoft, SAP Labs, Bain, and Bridgewater Associates. He has been named a top technologist, top YC company, and top entrepreneur, being featured in many esteemed media outlets. Educated at Stanford, Harvard and UC Berkeley.
@mheinrich (Twitter), @0G_labs (Twitter), Michael Heinrich (LinkedIn)
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👇 Other stuff you may have missed
Alright, that’s it for today!
Love to the family,
P.S. Want to learn how to research and value cryptocurrencies? We have a framework that does just that .
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