The meme coin of 2022
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.
In today’s edition:
FTX's founder is paying big money for tighter rules on crypto
Does this win 'Meme Coin of 2022'? We're pretty sure it does...
RESOURCE: Top 10 crypto YouTube channels (in 17:30)
The founder of WeWork just raised money again (this time, in Web3)
Terms used (click for translation):
Web3, Decentralized, Stablecoins, Blockchain.
FTX's founder is paying big money for tighter rules on crypto
Do you ever wonder if we (as humans) have a love/hate relationship with freedom?
When you zoom out and look at it, we spend a lot of money to have others regulate different parts of our lives.
We pay for:
Nutritionists to regulate our diets.
Physical trainers to regulate our movement.
Financial planners to regulate our spending.
The world of Web3 is built off a hunger for a free and decentralized monetary system, but the tendency to seek regulation is still there.
And Sam Bankman-Fried, owner of the FTX Trading platform, is no exception to this rule.
The man has donated $31.5 million dollars to political action committees in the lead up to the US mid-term elections, asking for more federal oversight in the crypto industry.
Invite more rules and restrictions into the space? It feels counterintuitive...
But there's a very simple reason for it:
More regulation = less scams = a safer industry = more investment from institutions (i.e. big banks).
Makes sense.
But as we've said at the end of just about every article we've ever written on regulation:
Let's hope it's fair and balanced.
Does this win 'Meme Coin of 2022'? We're pretty sure it does...
This story - and we cannot stress this enough - is not a joke.
A tech trio, known as Mossy, are launching a stablecoin - not backed by crypto, not backed by US dollars...
Instead, backed by cans of AriZona Iced Tea.
(Whose price has stayed level at $0.99c for the past three decades)
"We intend to stabilize the fragile cryptocurrency ecosystem by creating a new token backed by a hard asset whose price has been constant for 30 years:
AriZona Iced Tea."
The token is currently live on the Ethereum blockchain, and if you want to look it up, it's called - wait for it...
USDTea.
We're not exactly sure how this came to be, but we're so glad it did.
Bravo, Mossy, bravo
Resource of the day
Top 10 crypto YouTube channels
(in 17:30)
The founder of WeWork just raised money again (this time, in Web3)
Remember that kid who would yell "HEADS UP" just to make you duck for cover, as if a ball were about to hit you?
...eventually, the ploy was figured out and you'd stop ducking altogether.
Until, one day - BAM! Football to the face.
Right now, in the world of Web3, ‘that kid’ is Adam Neumann and instead of "heads up" he’s yelling "opportunity".
For those who don’t know, Adam Neumann is the controversial co-founder and ex-CEO of WeWork.
(You know, the guy who raised / mismanaged $4.4 billion from Softbank?)
Yeah, he’s at it again.
Neumann just raised $32 Million for his new company, Flowcarbon, in a round led by big dog investors Andreessen Horowitz, to:
“Bring the voluntary carbon market to the blockchain”.
What’s the voluntary carbon market you ask?
Put simply, businesses that produce a lot of carbon (e.g. a manufacturing plant) buy credits in projects that reduce emissions (e.g. reforestation) which offsets their carbon footprint - potentially right down to zero.
Suddenly, that dirty manufacturing plant is kiiiiind of not so dirty.
Neumann's plan is to track carbon offset credits on the blockchain and allow businesses to resell their credits based on market demand.
It's a neat idea.
BUT, based on his record, is he the right person to make this happen?
Will it 'elevate the world’s consciousness'?
We’re not so convinced.
Your Daily Dose of Web3
Atari announces new Web3 initiative and reaffirms commitment to blockchain business
Billionaire Ray Dalio says ‘Blockchain is great, but let’s call it digital gold’
Web3 education platform pitches ‘Earn while you learn’ to business executives
Alright, that’s it for today!
Love to the family,