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Saturday, 05 November 2022
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Partner

Polygon. Image Source: Forbes.
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Good morning!

On Monday, the thirteenth anniversary of the release of Bitcoin whitepaper was observed. Recall that the document was first made available on 31 October 2008 by the pseudonymous Satoshi Nakamoto.13 years down the line, Bitcoin has taken the world by storm, rising meteorically in value.

Apart from that exponential growth in price, the perception of the digital asset and the technology backing it has changed a great deal. Now in 2022, the world can hate or love Bitcoin, but they most definitely can’t ignore it. Cheers to me, cheers to you and all of us that have always believed in the revolutionary technology.


Here is our weekly newsletter roundup. Now get a bucket of popcorn and follow through. First, a brief summary….
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Summary of the news

  • Bitcoin whitepaper anniversary
  • SEC indict people for Ponzi
  • Coinbase reports loss in Q3
  • United Kingdom to explore NFT
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Whitepaper anniversary

Crypto market cap declines by 4% just 24hrs of news of Ukraine invasion
It is now fourteen years since Satoshi Nakamoto first sent an email to the Cypherpunk mailing list with the subject line - “Bitcoin P2P e-cash Paper.” The email included a link to the white paper, an outline of the future one trillion-dollar market.

The iconic first sentence of the email reads:
I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

Over the past 14 years, Bitcoin has metamorphosed into a universally recognised brand. It has been made legal tender in El Salvador and the Central African Republic amidst calls for a global regulatory framework.
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SEC indict people for Ponzi

Founders of popular crypto ponzi scheme, Forsage arrested for $300m
The United States Securities and Exchange Commission is charging four people for allegedly operating a $295M bitcoin Ponzi scheme, the agency said on Friday.

Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor and Jonathan Tetreault all have been charged by the SEC for their roles in Trade Coin Club, a multi-level market program that raised more than 82K bitcoins from over 100K investors.

Braga, who created and controlled the MLM program that operated from 2016 through 2018, had allegedly promised investors that they could earn minimum daily returns of 0.35% through a trading bot; instead, he used investors' deposits to pay himself along with TCC promoters Paradise, Taylor, and Tetreault.

David Hirsch, chief of the Enforcement Division’s Crypto Assets and Cyber Unit said:

We allege that Braga used Trade Coin Club to steal hundreds of millions from investors around the world and enrich himself by exploiting their interest in investing in digital assets,”
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Coinbase reports loss in Q3

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Major crypto exchange Coinbase saw a huge fall in its transaction revenues in quarter 3 2022 after activity fell amid a broader market downturn, according to the shareholder letter on Thursday.

The company shared that transaction revenue had fallen from $655.2 million in the second quarter to $365.9 million, representing a decline of 44%. It cited poor macro conditions, with daily average crypto market capitalisation falling 30% and trading volumes shifting away from the United States due to the lack of regulatory clarity as reasons for the decline.

It also blamed the numbers on an increasing amount of retail customers holding, while advanced traders have been using other platforms with more complex products amid the bear market.

Despite the ailing numbers, Coinbase CEO and co-founder Brian Armstrong appeared bullish during the Q3 earnings call, commenting that the regulatory environment could be one of the “biggest unlocks” to growing the industry and even allow for “prices to go back up:”
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United Kingdom to explore NFT

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Members of the United Kingdom’s Digital, Culture, Media and Sport Committee have opened an inquiry to hear from the public on the potential benefits and risks of NFTs and blockchain on the country’s economy, in a Friday announcement.

The DCMS committee said its inquiry was related to the sudden growth of the NFT market, responding to fears the assets may be overvalued and at risk of the bubble bursting. According to the committee, NFT regulation in the UK is “largely non-existent,” with the DCMS planning to assess the assets ahead of a review by the treasury department.

The committee chair, Julian Knight said:
“NFTs swept through the digital world so fast that we had no time to stop and consider. Now that the market is veering wildly, and there are fears that the bubble may burst, we need to understand the risks, benefits, and regulatory requirements of this groundbreaking technology.”
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Other stories we are following

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Have a nice weekend!
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