The case for crypto 🙌

CBDC, Kanye West and tokenized real estate

Author

Build in Bear
October 17, 2022

This is Web3 Seems Legit, the weekly newsletter that fills you in on all things crypto, like a fun jelly-filled donut 🍩.

In this issue, we're exploring these latest news stories:

  • Is the dollar parity leading to CBDC? Global currencies are continuing to weaken and approach a single currency. Seems like the perfect time to introduce a central bank digital currency.

  • Why is Kanye good for crypto culture? After getting cancelled by the media and institutions, Ye has been seen rocking a Satoshi hat and we're loving it.

  • Home ownership is coming on-chain. An NFT of a home was just sold for $175k, but it's not just a jpeg, it's actual ownership of a physical home.

Is the dollar parity leading to CBDC?

For the past few months, the US dollar has been outperforming other global currencies. Particularly against the Euro and Pound, the US dollar is reaching parity, aka a single currency.

According to Biden, this means the US economy is "strong as hell" 🤔.

Last time we checked, US inflation and interest rates are continuing to rise. Nothing strong about that 🤷.

With global currencies weakening and becoming 1:1, it seems like a pretty opportune time to introduce a single global digital currency. This could mean:

  • Stronger enforcement of policies with tax codes

  • Greater control and regulation on how you spend "your money"

  • More access to ban transactions

Just look at PayPal. The popular payment platform recently announced their new misinformation policy that would allow them to fine customers up to $2,500 if they post anything they deem as "misinformation".

PayPal has since pulled back on the decision 🙄, but imagine that policy on a global scale and controlled by the government. That's basically what CBDC could look like 🙅‍♂️.

This is just all the more reason why we need a decentralized and censorship-resistant monetary system 🙌.

Why is Kanye good for crypto culture?

Kanye West has always been at the center of controversy. Between his random outbursts and rants, the media has always pegged him as an outcast.

Most recently, JP Morgan, one of the largest US banks announced cutting ties with Kanye due to some comments he made. Talk about censorship. If only there was a global decentralized monetary system that can't control user accounts 🤷‍♀️.

It seems like Ye is becoming a strong contender to Musk as crypto's favorite pop culture celebrity. He's even getting into the social media space with the purchase of free-speech platform, Parler.

We don't know what his plans are, but maybe we'll see some friendly competition with Musk's idea of a blockchain-based Twitter 👀. If anything, Ye's cancellation from JP Morgan is yet another case for why we need crypto 👍.

Home ownership is coming on-chain

There's been a lot of talk about how to bring real estate on-chain and it looks like it's finally becoming a reality.

Roofstock onChain is a partnership between Roofstock and Origin Protocol to introduce a marketplace of tokenized real estate. This could:

  • Reduce Seller fees by up to 50% compared to traditional standards

  • Create frictionless transactions

  • Democratize home ownership

Seems legit 💯.

In other news 🗞️

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