Is a crypto renaissance coming? 💸

The money printers are going BRRR

Author

Build in Bear
September 29, 2022

This is Web3 Seems Legit, the weekly newsletter that keeps you sane on all things web3 and crypto while the central banks print money like crazy 💸.  

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

  • What does all this money printing mean for crypto? Printing more money to solve the problems created by printing money sounds smart. Maybe crypto can help?

  • Where's Do Kwon? The wild goose chase for Terra's Do Kwon goes international, but that doesn't stop him from tweeting.

  • Should Apple charge 30% for NFT sales? Would you sell NFTs on your app listed on the Apple marketplace, even if it means giving 30% commission for every sale?

  • Why are major crypto CEOs quitting? The Great CEO Resignation continues with Celsius Network CEO and FTX US President stepping down. What's going on?

What does all this money printing mean for crypto?

There's nothing much to say when you look at this chart 👇

We're in a currency crisis and what is the government's solution? Turn ON the money printers 💸!

What does this mean for crypto? Well, things might not look good right now, but the stress caused by excessive money printing and the debasement of fiat currencies shows that we need crypto more than ever.

In the short-term, crypto will likely continue to follow other risk-assets, but we could see a "crypto renaissance" soon 🤞. 

Where's Do Kwon? 

He may be wanted in 195 countries and is on every government's watchlist, but that doesn't stop Do Kwon from casually tweeting in public 🤷‍♀️. 

Earlier this week, the International Police issued a worldwide search and arrest on Terra's fearless (literally, fearless) leader, Do Kwon. According to him, he's "making zero effort to hide" 🤔.

He also denies the allegations of cashing out over 3,313 Bitcoin.

Now South Korea wants to freeze his $62 million worth of Bitcoin...if only there was a way to control decentralized money 🤦.

This public game of "Where's Waldo" with Do Kwon is all a bit strange if you ask me. But if we can learn one from this, it's that if an internationally wanted man can continue to tweet to his followers, there's no reason why projects and founders can't 🙊.

Should Apple charge 30% on NFT sales? 

Apple charging a fee on their app store marketplace isn't new. So when they announced that they would now allow NFT trading on listed marketplace apps, it should come to no surprise that it also comes with a price of a 30% commission. 

Some people are upset. NFT sales are typically charged 2-5% fee on other platforms.

Others are bullish about what this could mean for adoption.

Our take is that this is nothing new and unexpected of Apple, which is why it's important to diversify your platforms and not rely on one source.

Why are all major crypto CEOs quitting?

Forget the Great Resignation, it's been a Great CEO Resignation. As the bear market continues to put pressure on crypto companies, a wave of top dog CEOs are dropping like flies. Most recently, we saw the CEO of Microstrategy, Genesis, Alameda and Kraken step down 🫡.

This week on the chopping block, we have the CEO of troubled crypto lender, Celsius Network.

Shortly after that announcement, the US President of FTX joins in on the fun.

It's hard not to ask questions. What do they know that we don't? Is there an incoming regulatory crackdown? Who's next? 👀

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