Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: The secondhand luxury market enters web3

• 🔎 This seems important: What happened yesterday?

• 🤝 Partner: You’ve heard it before… “Don’t beat around the bush”​

• 🔪 Let's dissect this: Terraform Labs and Do Kwon settle with the SEC

• 💡 Bellwethers in Web3: Brittany Kaiser, Own Your Data Foundation

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Web3, NFTs.

💅 This is cool:

You Can Now Earn Loyalty Points for Buying Secondhand Luxury Items

In one sentence: Solana Labs just introduced their ‘web3 gateway’ for luxury brands, which lets buyers log their purchases (both first and secondhand), and reap loyalty benefits in return.

We wear the same cheap, brand-less black t-shirts every day…

But even basic schlubs like us can recognize this is a smart idea.

Solana Labs just introduced their ‘web3 gateway’ for luxury brands.

Basically, it allows buyers to log their purchases of luxury goods — both first and secondhand — and reap loyalty benefits in either situation. While the luxury brands can get a better understand of their customers buying habits.

Which is cool.

But it’s not why we think this is a smart idea.

No. It’s a smart idea because the crypto space is full of wealthy users looking for a place to spend their new found wealth, who are also obsessed with status symbols (hi NFTs 👋).

The easier a luxury brand (or any business) makes it for cashed-up folks to spend their money → the more money they’re likely to make as a result.

(The real opportunity here lies in the fact that so few businesses accept crypto).

Bravo Solana.

Bravo.

🥇 Want the news before anyone else?

🔎 This seems important:

What Happened Yesterday? The Market Rallied, Then Dumped — All Within a Few Hours…

In one sentence: Inflation came in lower than expected, which rallied the market as expected, all before dumping back to where it started the day (after Jerome Powell’s press conference).

You know how in video games, you can wear out a non-player character’s (NPC’s) list of preset responses?

Where at a certain point they just start to repeat themselves?

It feels like the Federal Reserve is stuck on a similar setting.

The past three times they’ve met to discuss inflation and set interest rates (the latest being yesterday), their response has been:

“We will continue to monitor the data and adjust accordingly.”

(It’s boring. But it’s better than “damn dude, things ain’t looking too good”).

In response to yesterday’s infinite-loop-of-the-same-statement, the markets were…choppy.

Inflation came in lower than expected (a 3.3% yearly increase, instead of 3.4%), which rallied the market as expected — pushing BTC from $67.7k to $69.9k.

…all before seeing it dump back below $67.7k a few hours later (after Fed Chair Jerome Powell’s press conference), taking the rest of the market with it.

Long story longer:

As of this writing, we’re pretty much back to where we were on Tuesday.

Easy come, easy go.

🤝 Partner:

You’ve Heard it Before… “Don’t Beat Around the Bush”

If you want to become a better options trader, the Vantage Point team can’t wait to show you how to approach your trades directly and without hesitation.

Imagine your portfolio performance if you started buying weekly expirations dependent on future trends.

Now you can.

🔪 Let's dissect this:

Terraform Labs and Do Kwon Settle with the SEC (for $4.5 Billion USD!)

In one sentence: Yesterday, Terraform Labs and its former CEO, Do Kwon, agreed to settle their SEC fraud case…for $4.5 billion.

Yesterday, Terraform Labs and its former CEO, Do Kwon, agreed to settle their SEC fraud case…for ~$4.5 billion.

In May, a Manhattan jury found that Kwon and Terraform Labs misled investors about the success and stability of the Terra blockchain before it imploded, leaving investors $40B in the hole.

Of the $4.5B owed, Kwon is personally liable to pay $204 million, which the SEC said would “send an unmistakable deterrent message.”

But here’s the thing:

It makes sense that the company might have $4.3B in treasury assets (i.e. $4.3B worth of BTC, ETH, gold, USD or something else of value).

And that a bankruptcy estate currently has control over whatever assets they do have and will be able to pay that back.

But it raises two big questions…

Firstly, shouldn’t that money be going back to investors directly?

Maybe the ultimate plan is for the SEC to distribute it giving investors ~$0.10 on the dollar.

Secondly, how in the heck does Do Kwon have $204M?

(It’s not like you can work in a Montenegro McDonalds and make that kind of cash in a year).

If Do Kwon comes up with the cash (which is required within 30 days), it seriously makes you wonder how many more crypto assets he has.

Sounds like justice - but we’re as confused as you are.

💡 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: Brittany Kaiser,
Co-Founder of the Own Your Data Foundation

Brittany Kaiser is the Co-Founder of the Own Your Data Foundation. She is also a Co-Founder of the Digital Asset Trade Association (DATA), a nonprofit lobbying firm advancing legislative reform protecting the rights of individuals to control their digital assets. She is the co-founder of one of the world's largest bitcoin mining companies and the only 100% renewable bitcoin mining company, Gryphon Digital Mining.

Brittany is also the primary subject of the Netflix Original documentary The Great Hack.

Follow: @own.your.data (IG), @OwnYourDataNow (Twitter)