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Bitcoin and Ethereum are De-Correlating

The Great Migration Has Begun

Good morning!

Today, you’ll be receiving two emails. One from Substack and one from Paragraph when I re-post to that platform. If you don’t receive both emails, please let me know.

I have begun the migration from Substack to Paragraph, based on the recent survey results. Future emails will come from Paragraph, but I will be taking a week off from posting any emails at all. Two reasons for this:

  1. I leave Wednesday morning for Pennsylvania and will be on the road for about a week, maybe a little longer.

  2. I will spend that time instead to read the Paragraph source documents thoroughly and gain a better understanding of how to use the platform most effectively.

If you are a paid subscriber on Substack, feel free to cancel your subscription. I’ll present opportunities on Paragraph for subscribing and collecting NFTs. You’ll get much more bang for your buck, I believe, by collecting content NFTs. More details to follow soon.

And now, without further ado, let’s get down to the crypto brass tacks.

Bitcoin and Ethereum are de-correlating, but what’s that mean for investors? It means the market is maturing. Ether maxis still predict ETH to outperform BTC during next bull run. Nasdaq compares Ethereum to Solana. Which is the better buyDo your own research. Please.

The International Monetary Fund is launching a global central bank digital currency (CBDC). The launch of Unicoin (UMU) by the Digital Currency Monetary Authority, which is no authority at all, almost ensures the launch of a U.S. CBDC at some point in the future. If Unicoin takes off, and it could in other parts of the world, I’d expect a U.S. CBDC sooner rather than later. Christian readers might be tempted to call this the “Mark of the Beast.” I wouldn’t dispel that notion, but I’m not going to affirm it either without further investigation.

Oh, yeah, wouldn’t you know it? UMU will make use of artificial intelligence. Learn more about the Unicoin Network hereI am leery of any crypto making use of AI.

Coinbase CEO Brian Armstrong calls for Congressional interference in SEC drama. I completely agree with Armstrong on this. The only way to resolve the issue of whether staking products are securities is for legislation to make some definitive definitions. Congress should tell the executive branch how to perform. In no situation should the executive branch of the government be calling the shots on what is necessary to enforce. In other news, Coinbase is now licensed to operate in Bermuda. Coinbase and Gemini enter bidding war over Celsius assets.

Cardano NFTs are on the rise. NFT sales spiked this week, overall.

Tether is now almost fully recovered.

Bitcoin Cash now has its own leveraged trading appBCH will always be just a BTC fork. Nothing more.

Trust Wallet fixes its security problem, but your crypto could still be at risk.

Chainlink introduces NFT lending and renting.

Who are the 20 most popular crypto influencers? Hint: You’re not one of them.

DeFi total value locked hit all-time high then fell below $50 billionWoops!

DAO Maker launches incubator for NFT projects.

Web3 venture funding has fallen 82 percent year-over-year. The economy has slowed. When that happens, venture capitalists pull back. Isn’t that what the Fed wanted? Can Web3 social media solve the misinformation problemThere will always be a misinformation problem. Give people the freedom to speak and many people will speak belligerently. They’ll get basic facts wrong and advocate for the most awful things. I still support maximum freedom for the maximum number of people. That’s the value of decentralized social media. I discuss this at length in this book and that book.

What ChatGPT says about PolkadotIt’s always interesting to see what Chat GPT says about anything.

3 times this blogger educated a stranger about bitcoinBitcoin evangelists are everywhere. As they should be.

NomadFury and I discuss Web3 social media, crypto, and artificial intelligence.

7 crypto coins for beginners. I generally ignore these types of recommendation, but it’s your money.

Science DAOs speed up scientific progressDAOs can be used for all sorts of initiatives, in science and other disciplines. There are plenty of creative uses for DAOs, and if you can’t find one, you can always start one.

FilDA exploited, halts operations.

Chinese digital currency stocks surge.

Zimbabwe introduces gold-backed digital currency.

Voices from Web3 Social Media

Because I won’t be publishing this Wednesday, I’m including my usual Web3 links here.

@cryptowendyo points out that Gary Gensler lied under oath.

@pvmihalache unveils Hats Finance meme competition winners.

@mypathtofire publishes a Play2Earn gaming update.

@depressedfuckup (what a name!) issues a Hive Students Hub book distribution reportThis is one really cool initiative.

On Mirror: Mind Attic exposes the fraudulent employer through comics.

A screenshot

Speaking of Mirror, @GregYounger is hosting a 30-day Mirror challenge.

Got it yetCollect it instead.

Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.

That concludes this issue of Cryptocracy, a decentralized newsletter published several times a week. Cryptocracy is published at ParagraphMirrorSubstack, and other places around the Web.

This post first published at Substack.

Not to be construed as financial advice. Do your own research.

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