Daily Crypto NewsEDITION #335, 26 October 2021

SEC says no to DeFi

🤪 Hey Moni Maker

Today, in 1900, the first subway line opened in New York City. The subway is a real paradise for creative people; for example, Dmitry Glukhovsky described the Moscow subway very richly after the nuclear war in his book "Metro 2033". Well, we crypto dogs also sit in a kind of subway Glukhovsky: if you go out into the light, you immediately try to get eaten by monsters from the SEC, the tax authorities, or anyone else worse.

But one day, the subway will be home to all those who try to save their money and escape the financial crisis of the fiat world. Wow, what a metaphor! Ah, yes...the Digest. Let's go!

Three days after suing the U.S. Securities and Exchange Commission over receiving a subpoena from the agency, Terraform Labs co-founder and CEO Do Kwon struck a more conciliatory tone about the regulatory landscape.

Speaking at the Yahoo Finance All Markets Summit today, Kwon suggested that friction between regulators and the crypto industry typically leads to "frameworks that are a little bit more accepting of innovation and change."

It's not hard to see why the SEC would be interested in Terraform and Kwon. Last December, the project launched Mirror Protocol, which enables synthetic versions of U.S. stocks and other assets so that people outside America can easily trade them; instead of buying and selling TSLA on the New York Stock Exchange, you can buy and sell mTSLA at nearly identical prices via blockchain.

Speaking at the summit today, SEC Chair Gary Gensler said DeFi would "end poorly" if not properly regulated. When it was his turn to speak, Kwon said Terraform is "happy" to educate regulators about cryptocurrency.

So what?

Netflix, plz….

Worldcoin, which already touts a $1 billion valuation, aims to onboard more people into crypto by doling out free coins to anyone who scans their eyes on a device called “the Orb” that will convert an image of your eyes into “short numeric code” to check whether you already have Worldcoins.

Snowden took to Twitter to tell his 5 million followers his issues with Worldcoin: the use of the human body for crypto.

"This looks like it produces a global (hash) database of people's iris scans (for "fairness"), and waves away the implications by saying "we deleted the scans!"

Yeah, but you save the *hashes* produced by the scans. Hashes that match *future* scans."

Mastercard is preparing to announce that any of the thousands of banks and millions of merchants on its payments network can soon integrate crypto into their products, CNBC has learned.

That includes bitcoin wallets, credit and debit cards that earn rewards in crypto and enable digital assets to be spent, and loyalty programs where airline or hotel points can be converted into bitcoin.

CNBC tells so.

Eight years ago, a particular Reddit user Luka Magnotta published a thread where he admitted to being a time traveller.

Long Story Short:

- In 2025, where he was writing from, people were divided into the very rich and the very poor;

- The very rich are the bitcoin hodlers, who bought it in 2013 and beyond;

- The rich built citadels and settled there, shooing away the poor;

- The Winklevoss brothers, the fathers of the USDC, were killed for bitcoins.

Nowadays, dystopias are very popular: we remember Zamyatin, Animal Farm, and Orwell's 1984, and we groan and groan that reality itself is already dystopia.

Under the hype, Satoshi Shore has made a crypto citadel where "blockchain and cryptocurrency enthusiasts can network in luxury."

So what?

Doctor Who, save us :(

Remember Frances Haugen? Well, the one who made a fuss about Facebook. She left there with a stack of papers saying that Facebook didn't care about the moral health and well-being of its users.

So, in an interview here, she claimed that she was managing her finances because she had cryptocurrency. In fact, she moved to Puerto Rico to improve her health, and she has many "crypto friends" there, whatever that means.

So what?

Why do you want to hear this news? Well, it's just ridiculous: a heroine-informant from Facebook praises cryptocurrency.

Bagholders are the people who hold assets until the last, even if the price has gone to 0. Such people invest long-term and believe that future profits can outweigh all the losses and risks. HODL is all of them.

And more you can find in our Glossary!

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