Daily Crypto NewsEDITION #291, 25 August 2021

Non-fungible Beer

Hey Moni Maker

Today, in 1609, Galileo Galilei demonstrated to the Grand Council a new device: the telescope. But here's the problem! The Inquisition sincerely hated the genius scientist. So when you argue with the nocoiners, remember this episode of history. Not everyone understands the beauty of technology all at once.

But Digest understands it better than most. Let's go!

Budweiser has changed its Twitter profile picture to that of a rocket ship designed by NFT artist Tom Sachs.

Users say the beer company has also purchased the Beer.eth domain name for 30 ether (ETH, -4.67%), or roughly US$95,000.

A link to the DNS address on NFT marketplace OpenSea shows the rocket displayed in Budweiser's Twitter profile was bought for eight ether (US$25,000).

So what?

We wonder why Durex and Contex are still not in the NFT game? Non-fungible condoms sound cool!!!

Crypto exchange Kraken, along with five decentralized finance projects, is donating a total of $1.5 million to developing Ethereum 2.0.

"We believe it's our responsibility to give back to the open-source innovators who are building the next generation of cryptocurrency," said Jesse Powell, CEO and co-founder of Kraken in a prepared statement. "That's why we're excited to work with the Ethereum Foundation to ensure developers receive funding from an increasingly diverse range of stakeholders," he added.

Wow.

This is probably what the Paxos office thought when they decided to rename "Paxos Standard" to "Pax Dollar."

"The USDP ticker more easily identifies Pax Dollar as a US dollar-backed token ... As USDP, everyone will be able to instantly recognize our token as a dollar-backed stablecoin," said Paxos's Head of Strategy, Walter Hessert, in a blog post.

In addition! Earlier this month, Paxos's top lawyer claimed in a blog post that Circle's USDC was not a true stablecoin since, like Tether, a portion of it reserves were backed by assets like commercial paper and bonds. Circle initially blew off the criticism but, on Monday, announced that it was changing its policies so that USDC reserves would only consist of dollars and short-term Treasuries.

So what?

Hm...imagine the meeting of stablecoin CEOs: "You are scam! No, you are! You you you!!!"

According to glassnode, the number of BTC lost or held for the long term has reached 7,131,084, about 33.96% of the total supply.

This is the highest number in the last 5 months. According to Colin Wu, a Chinese crypto-journalist, this portion of tokens can be considered out of circulation.

This increases bitcoin's scarcity - its biggest virtue, which is often cited by maximizers comparing it to gold, fiat and altcoins, whose supply is close to infinity.

Michael Saylor's public company MicroStrategy has once again increased its stock of BTC. The company announced the purchase of 3,907 BTCs totalling $177 million at an average price of $45,294 per coin.

MicroStrategy's total BTC stock increased to 108,992 BTC, which is approximately $5.3 billion at current exchange rates.

Censorship-Resistance is level of protection against censorship and blocking

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)