The best kept secret in Web3
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
Today’s edition includes:
NFT king makers (OpenSea) reveal the 'best kept secret in web3'
Bitcoin's cut throat stage mom, Michael Saylor, takes a $205M loan to buy more BTC
RESOURCE: The story of 'The World's Most Generous Billionaire' (founder of FTX)
Bitcoin community tells Ripple co-founder to 'F*#K OFF'
NFT king makers (OpenSea) reveal the 'best kept secret in web3'
What happened:
OpenSea just announced that they're bringing Solana based NFTs to their platform.
Why it matters for users:
Solana offers faster transactions (50K per second) and much lower fees (~.00025c per transaction) when compared with Ethereum (~15 transactions per second at a fee of ~$82).
Why it matters for Solana:
If you wanted to create a hit mobile app in the early 2010's, you needed Apple's iOS operating system.
(At the moment) if you want your cryptocurrency to be a truly dominant player in the NFT space, you need the support of the worlds largest NFT platform: OpenSea.
Bitcoin's cut throat stage mom, Michael Saylor, takes a $205M loan to buy more BTC
Founder/CEO of Micro Strategy, Michael Saylor, doesn't just like Bitcoin, he's obsessed.
If you ask him what he thinks about BTC, he won't bore you with a boiler plate response like 'it's a great reserve asset that'll outpace inflation'...
The dude will get Shakespearean on you:
(Is it just us, or would he make a great cult leader?)
It should come as no surprise that Micro Strategy just used their existing BTC as collateral to take a 3 year, $205 million dollar loan, to buy more Bitcoin.
But 'Billionaire Buys More Bitcoin' isn't the headline here.
What matters is that a publicly traded company is very loudly preaching (and so far proving) to anyone else looking to preserve their buying power, that Bitcoin is the answer.
Corporate adoption of Bitcoin will benefit the entire Web3 space because, as we mentioned yesterday, Bitcoin is the tide that rises all ships.
Resource of the day
The story of 'The World's Most Generous Billionaire'.
(Founder of FTX)
Bitcoin community tells Ripple co-founder to 'F*#K OFF'
Here's what happened:
Ripple co-founder, Chris Larsen, has banded together with Greenpeace to campaign for Bitcoin's mining protocol (aka mining method) to be changed from Proof of Work (PoW) to Proof of Stake (PoS).
Here's what you need to know:
Proof of Work is more secure, but it consumes a lot more energy.
Whereas Proof of Stake is highly energy efficient, and less secure.
In the world of Bitcoin, the miners decide what stays and what goes. But miners are very much influenced by the broader Bitcoin community (aka their users).
...and the Bitcoin community isn't having any of it.
Noelle's response is a little more even tempered:
So yeah, this $5 million dollar campaign from Larsen is probably going to fail.
Your Daily Dose of Web3
Hal Finney (rumoured creator of BTC) predicted BTC would be used as a currency reserve
An ETH whale sent $58.5M off Bitfinex yesterday (read why this is a big deal)
Alright, that’s it for today!
Love to the family,