Broadly speaking, the markets recovered this week though extremely volatile midweek price movements from major cryptocurrencies. On Twitter, pundits have been engrossed in Ethereum Merge updates, other crypto winter stories, and Gary Gensler’s latest saga of Untold War on Ethereum.
Terra CEO Do Kwon kicked off the week with a bang when he lashed out at the self-proclaimed blockchain gumshoe @FatManTerra. In May, at the height of the Earth collapse, FatMan, who claims to be affiliated Earth Research Forumaccused Kwon of touching the top cashing in hundreds of millions of dollars “directly from the market capitalization of LUNA “over several years” to pay the salaries of Terra’s employees and operating expenses “.
What was FatMan’s offensive tweet? Nothing to do with Do Kwon! FatMan tweeted that he was offering a “leftover allocation” for a “carry-over trade” on Bitcoin to the victims of the UST crash. This time, it was Do Kwon who called FatMan a fraud.
Kwon held his position when a tweeter implied he was a hypocrite.
I am an optimist at heart, but not even I can remain open on a “remaining allocation” for a “carry trade on bitcoin”
On Tuesday, Ethereum co-creator Vitalik Buterin provided an update on the network’s long-awaited review of a proof-of-stake consensus algorithm. The second iteration of Ethereum is expected to address several key issues, including power consumption, scalability, gas tariffs, and speed. There was little to update us on, however … Everything is going according to plan.
The merger is still expected to take place around 13-15 September. What’s happening today is the Bellatrix hard fork, which * prepares * the chain for merging. However it’s still important: make sure you update your customers!
On the same day, a lone Bitcoin miner won a six-figure block prize.
On Wednesday, a former MP from the small Polynesian state of Tonga, Mataʻiʻuluaʻi Fonuamotu (aka Lord Fusitu’a), tweeted that his country will be legal tender in Bitcoin next month. Lord Fusitu’a is a self-proclaimed Bitcoin bull and is known for keeping the world informed on the progress of Bitcoin adoption in Tonga.
It’s actually scheduled for the end of next month bro, but I always appreciate your support and encouragement Fam👊🏽💪🏾🙏🏽🇸🇻🇹🇴❤️
Paolo Ardoino, the CTO of cryptocurrency exchange Bitfinex, praised El Salvador on the anniversary Bitcoin became legal tender there. In his thread Ardoino compared the move to the Italian Renaissance. Ardoino is a big hype man for El Salvador, but a recent report by an American NPO says Bitcoin uses in the country it was minimal since the law came into force.
Peter Van Valkenburgh, director of research at the think tank Coin Center, said Wednesday that the US government, the United Nations and various other organizations are free to use the Tornado Cash cryptocurrency privacy mixer, despite the service being blacklisted by the US Department of the Treasury. A rule for them, huh?
NFT Cirrus fan teased cryptocurrency influencers with a chart from Dune Analytics showing daily ETH trading volumes on the NFT OpenSea market.
Finally, Vermont regulators dropped the bombshell this week that Celsius was the bankrupt cryptocurrency lender insolvent since 2019. Cryptocurrency podcaster Cas Piancey resurrected a 2019 tweet to show everyone he has known forever.
Gensler vs Ethereum
It was news that apparently didn’t seem to be that significant: US Securities and Exchange Commission (SEC) Chairman Gary Gensler backrests giving Bitcoin oversight to the Commodity Futures Trading Commission (CFTC).
Gensler has stated in the past that Bitcoin is not a stock and therefore does not fall under its jurisdiction. This week, Gensler reiterated his stance on both Bitcoin and the CFTC as the leading cryptocurrency regulator, a proposal welcomed by many, both in Washington and in the industry, suggesting that he hopes the SEC will enjoy sizable cryptocurrency jurisdiction.
Crypto Attorney Jake Chervinsky took to Twitter after the news and pointed out what Gensler is Not saying he claims the SEC chief still has Ethereum in his sights.
For some time now, there have been rumors that President Gensler’s SEC would like to ditch its June 2018 guidance by saying ETH is not a security, but they haven’t yet found a credible way to do it. (There isn’t one.) I don’t read this article because it doesn’t even give a thumbs up.
The next day, a SEC filing revealed that MicroStrategy will sell up to $ 500 million in class A shares. Guess what the proceeds could be spent on? That’s right, in addition to his 129,000 BTC war chest; the largest corporate Bitcoin treasure in the world.
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