Crypto Weekly 28/02/2022

VIDEO OF THE WEEK

HIDDEN GEMS

CRYPTO The Future for Crypto

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Page 26

BEGINNERS GUIDE

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WEEKLY $2 cryptoweeklymag.com February 2022 | Volume 16

FUDDOXX INSIDER Page 04

Fintech's and the Metaverse Page 08

Could Bitcoin Crash?

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Impact of Music NFT`s Page 16

Investing Stupid Money Page 18

The Bottom Drop Page 22

Bidens Executive Order for Crypto Page 28

Bitcoin, a Second Look Page 30

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CONTENTS $2 cryptoweeklymag.com February 2022 | Volume 16

Venture Capital Firms Already Invest More than $2 Billion into Digital Asset Companies in 2022 ����������������������������������������������������������������������������������� 01 Digital Dollar On the Horizon as Boston Fed Announces its Prototype Can Handle 1.7 million Transactions Per Second ������������������������������������������������������������ 02 Not Even the Developers are Safe ������������������������������������������������������������������������������������������������������������ 04 How Will Fintechs Adapt to the Metaverse? ����������������������������������������������������������������������������������������� 08 Bitcoin Could Crash by 2023 as Macro Factors Show Crypto Price Weaknesses ������������������������������������������������������������������������������������������������� 10 Don't be fooled by these cryptocurrency scams! ���������������������������������������������������������������������������������12 Mark Zuckerberg Told Meta Employees Focus on Video Because of TikTok's 'Unprecedented Competition,' Report Says ��������������������������������������������������������������������������������������������14 Companies are Piling into China's Efforts to Build a Metaverse as Growth Projections in the Space Reach Trillions of Dollars ��������������������14 Music NFTs Could Impact the Music Industry �����������������������������������������������������������������������������������������16 ‘Stupid’ Amounts of Money are Being Invested in Crypto How Much to Invest if You Want to Test it Out ��������������������������������������������������������������������������������������� 8 Video of the Week ������������������������������������������������������������������������������������������������������������������������������������������ 20 Bitcoin, Ether, Cardano, and Solana Drop Ahead of Biden's Executive Order - Crypto Market Sheds $100 Billion ���������������������������������������������������������22 National Crypto Unit Being Formed by FBI to Seize Bitcoin and Other Cryptos ���������������������������������������������������������������������������������������������������23 Social Media Influencers are Begging to Cash In on the Metaverse ���������������������������������������������24 Hidden Gems ������������������������������������������������������������������������������������������������������������������������������������������������������26 Crypto Market VIP's Study Possible Effects of U.S. President Biden's Coming "Executive Order” �������������������������������������������������������������������������������28 Taking a Second Look At Bitcoin ��������������������������������������������������������������������������������������������������������������� 30 Munger: Crypto Traders Want Quick Riches Without Contributing to Civilization �����������������32

EDITOR’S LETTER

Welcome to Crypto Weekly Welcome, this is the 16th issue of Crypto Weekly.

We at Crypto Weekly are all working madly to prepare for next month's Dubai Expo on the 16th of March. We will be publishing a printed edition of Crypto Weekly just for the expo in addition to our regular weekly magazine. We have also scheduled our first regular quarterly bookazine of 150 pages to be printed on the 25th of this month to be distributed to a magazine shop near you in the U.S., Australia, and Great Britain.

Crypto Weekly will answer all of your questions. Whether you're new to crypto or have some experience, we're here to help. I hope you all have fun. Now that we have reached the end, it is time to turn the page, but let us know your thoughts. If you would like to see something featured, please get in touch with me. editor@cryptoweeklymag.com

Follow Me Robert Stone Editor

February 2022 | Volume 16

shaketheweb

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NEWS

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Crypto Weekly

Venture Capital Firms Already Invest More than $2 Billion into Digital Asset Companies in 2022

B

ankman-Fried founded FTX, a crypto exchange, in 2019. This year, it received $800 million in investments.

No one told venture capital firms, pouring money into digital asset startups, that crypto winter is coming.

Bitcoin and other cryptocurrencies have crashed in recent months, erasing more than $1 trillion in value.

The FTX exchange has already taken in $800 million in investments from cryptocurrency companies this year.

A crypto winter was not announced to venture capital firms. Despite the significant slump in digital asset prices, over $2 billion has been invested in crypto startups this year. Crypto whiz kid Sam Bankman-Fried founded FTX in 2019. After the $400 million raise in late January, the main business was valued at $32 billion. The U.S. arm of the company raised $400 million shortly after that, for a valuation of $8 billion.

million to reach an $8 billion valuation, while Blockdaemon raised $155 million.

These smaller investments bring the total raised to over $2 billion in the last month. It's a step in the right direction for the crypto sector at a time when it needs a ray of hope.

Riskier bets have been abandoned in recent months as investors anticipate a Federal Reserve rate hike in 2022 as a way to combat inflation. The price of Bitcoin has fallen over 40% since hitting a record high of $69,000 in November, and as of Friday morning, it was trading at $38,900, up sharply from the previous day. Tokens traded on the Ethereum network fell by a similar amount to $2,860. The combined market value of all cryptocurrencies, according to

CoinMarketCap, has fallen from around $3 trillion in November to around $1.8 trillion on Friday. It has prompted talk about a "crypto winter" - a period in which prices remain low for a long time.

According to James Malcolm, FX strategist at UBS, “the disconnect shouldn't come as a surprise. VCs focus on a few major infrastructure companies that could gain dominance in the crypto space, whereas individual crypto coins are losing appeal. They can diverge substantially,” he said. “VCs are competing for a limited pool of prime virtual real estate, such as promising digital asset infrastructure, while most coins and protocols face rising competition and macro headwinds.

VC concerns, however, are more nitty-gritty: most allocators vastly underestimate the regulatory risks of decentralized finance projects,” he said.

Osprey Funds CEO Greg King says it's still early days in the world of digital assets. "Investing in crypto is comparable to investing in emerging technologies," he told Insider. "We believe that it is difficult to predict which crypto products or applications will win the day." King believes that investment in the crypto space should help cushion the blow during downtimes. “There will be winters coming, but I also think there will be global warming in crypto, so the severity of the winters will decline." 

Reddit co-founder Alexis Ohanian - and husband of tennis star Serena Williams has also been active. Last week, he raised $500 million for his venture capital firm, 776, pledging to "double down" on crypto investments. Fireblocks raised $550

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February 2022 | Volume 16

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NEWS Crypto Weekly

Digital Dollar On the Horizon as Boston Fed Announces its Prototype Can Handle 1.7 million Transactions Per Second

I

n a significant step towards creating a government-backed cryptocurrency, the Federal Reserve Bank of Boston released a report about the feasibility of a central bank-backed digital dollar.

According to the white paper, the findings are promising for the viability of a digital dollar, as the research developed two different architectures for a possible central bank digital currency, which can process 17,000 transactions per second. Visa CFO, Vasant Prabhu, cited statistics showing more than 2.5 times the number of transactions Visa

February 2022 | Volume 16

can handle on its network. A majority of these transactions were also settled within two seconds, a compelling result for customers of U.S. banks who often have to wait days before their fund transfers are complete.

According to Shihab Hazari, a software developer and former researcher at Ontario Tech University, performance is far superior to popular cryptocurrencies such as Bitcoin, which can handle just 7 transactions per second, and Ether, which can take 25, according to research.

While developers are exploring ways to

speed up these blockchains, it's unlikely that decentralized networks like Bitcoin will be able to compete with centralized networks like the one proposed by the Boston Fed and MIT. Suppose a central bank's digital currency is successful. In that case, it is likely to be opposed by Bitcoin purists, who see Bitcoin as a way to overthrow governments' and central banks' control over money. Even crypto enthusiasts who do not subscribe to the libertarian ideology behind Bitcoin's creation might welcome a digital dollar as a sign that

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the government embraces their vision of a global economy mainly fueled by digital currencies.

In addition to the research paper, the Boston Fed and MIT plan to upload the code that powers these experimental architectures to GitHub, which hosts open-source code and enables developers around the world to provide feedback and refine the code.

Jim Cunha, Executive Vice President of the Boston Fed, said “It is crucial to understand how emerging technologies can support CBDCs and what challenges remain. Through our collaboration with MIT and our technologists, we were able to create a scalable CBDC research model that will allow us to learn more about these technologies and the choices that should be considered when designing a CBDC." The majority of American transactions are already conducted with digital forms of money. Only 19% of all payments were made in cash in 2020, while 67% were made using digital money such as credit cards, debit cards, and bank transfers.

In many ways, central-bank digital currencies would be similar to the primarily bank-issued digital money Americans use today. The United States government backs it up, so there is no risk. Second, the use of a CBDC would enable transactions to be executed nearly instantly and at minimal cost, thus greatly reducing the cost and time involved in managing cross-border transactions.

In addition, advocates of CBDCs believe a digital dollar could enable people who are skeptical of banks to use a digital version of the Federal Reserve notes they carry in their pockets, allowing them to participate in a rapidly expanding online economy.

The Federal Reserve Board of Governors argues that if a central bank issued a digital dollar, it would be kept in the existing financial system, providing consumers with digital wallets or accounts to store digital dollars. The report stressed the importance of

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protecting Americans' privacy rights while maintaining a balance between this goal and "the transparency required to deter criminal activity."

Researchers at MIT and the Boston Fed identified competing priorities as a particularly difficult problem as they experimented with the technology. The white paper notes that although it may be possible to design a CBDC that retains little information about transactions, such a design makes it harder to audit transactions for accuracy or monitor them for cyberattacks.

Research is currently underway on Phase Two of the project, including further research on these issues and research on making a digital dollar interoperable with other central bank digital currencies and possibly private cryptocurrencies, like Bitcoin and Ether.

According to MIT's Digital Currency Initiative Director, Neha Narula, there are still many challenges to overcome when deciding whether or how to implement a central bank payment system. "Open-source software is a powerful way to collaborate, experiment, and implement."

In the eyes of financial regulators, a central bank digital currency would be a better alternative to popular

stablecoins like Dai, Tether, and USD Coin - digital assets whose value is pegged to the U.S. dollar. Investors use these instruments to protect their funds from cryptocurrency market volatility by parking unused funds.

In November, the Biden administration issued a report on stablecoins that outlined the risks that stablecoins pose to investors and the economy, including risks associated with a so-called "run" on a stablecoin when there is doubt about the backing assets.

The value of most popular stablecoins is maintained by the promise to always exchange one token for one dollar, backed by tangible assets. According to the report, a stablecoin that loses investor confidence could trigger a "self-reinforcing cycle of redemptions and fire sales of reserve assets."

In order to mitigate these risks, the Biden administration recommended Congress pass legislation requiring stablecoins to be issued by banks insured by the Federal Deposit Insurance Corporation and supervised by federal banking regulators. In contrast, a digital dollar that is both popular and effective could enable the crypto economy to convert its tokens seamlessly into central bank money, thus reducing the need for stablecoins. 

February 2022 | Volume 16

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FUDDOXX Crypto Weekly

Not Even the Developers are Safe E

very coin has two sides, and every story has two sides. In the world of crypto investing, we see this every day.

It can be the tale of an investor who made a small fortune by lucking into a contract or getting a heads up on a new token launch date. Then, there is the not-so-lucky investor who has seen an opportunity and pushed all their money into it in the hopes of making some quick money, only to end up trapped in a Honey Pot or a Rug Pull. The fight against scammers isn't only limited to investors any more. Legitimate developers also struggle, trying daily to enlist the services of influencers, developers, and marketing agencies.

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It is safe to say that 90% of investors believe they are the only ones who get scammed and do not consider the other side of the coin. In the future, developers may need multiple people to promote and build their projects; however, when many people are involved, there is a risk that the less trustworthy will scam the developer and ruin the project before it is launched.

chat groups, fake exchange listings, artists for all forms of your projects, NFT builders/designers, fake Telegram groups, developer impersonators, fake NFT artists who are claiming to have created the artwork, developers in your project stealing the marketing/liquidity funds from under your nose leaving you to answer to all the investors, meanwhile, they disappear into the night.

What are the scams targeting the world's developers? Well, it is a long list, but here we go. CoinMarketCap or CoinGecko early launch promises, influencers posting content, contract building, marketing, admins/mods of

New scams are created daily to infiltrate great projects and steal whatever they can get their hands on with no signs of remorse. Recently one of our projects had a scammer come into our Telegram group impersonating an old developer

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Readers get a chance to whitelist for the ambitious KAPEX project brought to you by Koda Cryptocurrency, Launch is expected next month (Feb 22) and public presale opens from 15th Feb. For more information visit https://KAPEX.me and join the conversation on telegram.

Referral code: CWEEKLY22 2 random applicants will be accepted to band A, and 10 band B. Other applicants guaranteed standard presale if before 15th Jan (up to maximum allocation).

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FUDDOXX Crypto Weekly

These influencers can be very beneficial in giving an honest review or even a short video clip in which a proper analysis of the project's prospects is made. However, it would help if you were sure that the influencer you are communicating with is that person and not someone impersonating them and promising you discounts on a review.

On the other hand, there is the flip side of the influencer coin, the "personality influencer," who has zero understanding of cryptocurrency and what it means, so they will have even less knowledge of what you are asking them to promote.

They don't care as long as they get paid. The ridiculous fees some of these online influencers are asking for are just literally getting out of control.

and team member. The lengths that this person had gone to were most impressive, from the profile picture to even the @ name, and they would always start the conversation with you in the same way we had had previous chats.

However, they are just buttering you up to only ask if you could help them out financially and promise to give you back the funds within an hour. Now, if you have been talking with a team member for a while, you may even feel comfortable helping them out.

The only problem was, I already had a chat open with the person they were impersonating, and when I called them out, the message was promptly deleted, and then to see them try it again a week later just made me laugh; I had to remind them of their first attempt.

Now there are two types of influencers in the crypto game. The first will be a crypto enthusiast and may even have proper knowledge and background in finance or investing.

10 BNB fee for a YouTube mention or even a tweet, give me a break. This has gone on for way too long, and they all want your funds upfront before doing a post, and for them to only give you an excuse as to why they have not been able to deliver on said agreement.

We live in an era of influencers, where the promise of a tweet, or short video clip, will attract investors to your project. Still, as good as that sounds, the influencer will only do what you have agreed on in their time and when it suits them, even when you have paid them ridiculous sums, and I've heard rumors of $50k+ for just a 10-second clip.

It does not guarantee a spike in your chart or an increase in your chat members even if you get the video, considering their followers may not even be crypto investors or even of the right age to invest.

So using so-called high-profile influencers comes with a buyer beware.

Yes, you may reach millions of people, but is the investment justifiable if their target audience is 13-year-old kids? Every time an investor is being scammed, a developer is also being scammed. We are all fighting the exact cause to get rid of these scammers in the crypto space. We are all fighting for a safer investing environment, whether investors or developers. 

February 2022 | Volume 16

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FEATURE Crypto Weekly

How Will Fintechs Adapt to the Metaverse?

A

How can I understand the Metaverse?

It is essential to learn what the Metaverse is and how it will be used by financial technology companies in the future, regardless of what the Metaverse ultimately becomes. Eightyeight percent of Americans use Fintech somehow, so it is critically important to see what these companies will do with the Metaverse.

Metaverses are hard to explain unless you've experienced them firsthand, but they are essentially digital universes. As players have access to hyper-realistic, 3D worlds that allow players to interact through social media and the internet, the Metaverse is rapidly developing in the gaming community. Metaverses are already expanding into parallel worlds with our own, as developers and users are making virtual worlds that are only limited by our imagination. Land, for example, is a commodity in the

s an emerging technology, the Metaverse holds lots of promise and many unknowns. Despite predictions that the Metaverse will become the "new normal" in the future, others believe gamers will only use it.

February 2022 | Volume 16

Metaverse since users construct their own worlds that may or may not be based on the real world.

Is it possible to conduct actual financial transactions in the Metaverse?

You can buy real products in the Metaverse using real money. For years, gamers have been able to purchase tools that would help them advance to new levels, such as specialized weapons and new skills. In the Metaverse, you can buy everything from land to buildings to unique avatars.

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FEATURE

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There are a lot of substantial, realworld financial transactions taking place in the Metaverse. Real estate and other purchases in the Metaverse are real investments, and many have already skyrocketed in value, some reaching seven figures. Some plots of land were recently sold for $575,190 in Decentraland, one major Metaverse project. During the time of this writing, the price may have increased even more.

CryptoPunks' "alien punk" sold for $7.58 million and is currently being resold for $142.4 million.

You can use traditional currency to purchase some things in the Metaverse, but most NFTs, avatars, and other items are built on the blockchain, where cryptocurrency is king. This is one of the reasons why cryptocurrency investors are so bullish, as they see a whole new economy developing in the Metaverse that relies on cryptocurrency.

How will Fintechs contribute to the Metaverse?

The goal of Fintech is to simplify financial transactions, but it is also to make money for the company. Fintechs will almost certainly be involved as the Metaverse expands and becomes more like the "real" world.

Financial transactions in the Metaverse are similar to those in the physical world.

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Fintech companies will be popular if they can make transaction processing easier in the Metaverse, and first adopters may prove to be the ones who profit the most. When it comes to things like payment processing, auto loans, and home mortgages, fintechs will have to step up to the plate if they're going to live up to expectations. Traditional banks will want their hands on these transactions as well, but Fintechs may have an advantage when it comes to mobile technology, ease of use, and the ability to process crypto transactions.

Fintechs are likely to contribute and help shape the entire economic environment within these parallel worlds, and the financial services industry will be one of the most competitive in the Metaverse.

How does it affect you as an investor?

Picking winners in the Metaverse is something of a fool's errand at this point.

No one is really sure what the Metaverse will be and what exact services will be needed, let alone which Fintechs will ultimately dominate the space. At some point, Fintechs will make a lot of money in the Metaverse.

Find out which Fintechs are more likely to be early adopters, thereby positioning yourself to benefit by talking to your financial advisor about this exciting, emerging market opportunity. 

February 2022 | Volume 16

10

FEATURE Crypto Weekly

Bitcoin Could Crash by 2023 as Macro Factors Show Crypto Price Weaknesses

As the Fed normalizes interest rate policy, Bitcoin could drop to $10,000 by 2023.

Three macro factors influence Bitcoin's price, according to the firm.

"We see Bitcoin trading within a broad trading range, bounded by year-to-date intraday levels, with a greater downside risk," Stifel said.

Due to three macro headwinds affecting Bitcoin, its price may plummet 76% from current levels to $10,000 by 2023. Prices of Bitcoin are affected by the global money supply, the 10-Year U.S. Treasury yield, and the equity risk premium of the S&P 500. A tightening of the Federal Reserve, including an increase in interest rates and a reduction in the balance sheet, could have a negative impact on Bitcoin.

“In 2022, we expect Bitcoin to trade in a broad trading range bounded by yearto-date intraday trading levels with greater downside risk in 2023 if the Fed continues to normalize its policy in a standard two-year tightening cycle,” Bannister said.

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Here are the three macro factors Bannister is monitoring to gauge what may be in store for the price of Bitcoin going forward.

1. The role of Bitcoin in global money supply.

"Both the S&P 500 and Bitcoin move with global money translated into dollars, Bitcoin just moves more... If the dollar strengthens then global M2 money growth slows, which could tighten U.S. financial conditions. If U.S. financial conditions tighten, a highpowered speculative asset like Bitcoin would likely fall significantly," Bannister said.

2. "Bitcoin as a function of the real 10-year yield, gold price and oil price."

"If 10-year real (after-inflation) TIPS U.S. Treasury yield... rises due to Fed tightening... it restrains Bitcoin upside, and if the rising 10Y TIPS yield pulls gold lower, that also pressures Bitcoin.

If Bitcoin divided by gold falls to the low end of its range (Fed tightens)

Bitcoin could drop to $10,000 by 2023," Bannister said.

3. "Bitcoin as a function of how far the Fed can go before cracking stocks."

"We believe the 10Y real yield rises no more than 80 basis points in 2022, the first year of a 2-year Fed tightening cycle, but then the S&P 500 (and Bitcoin) break down in 2023 as the Fed keeps going; this is part of 'equity risk premium.' Bitcoin likes a lower equity risk premium, so watch if Fed exit raises equity risk premium (bearish Bitcoin) or lowers equity risk premium (bullish)," Bannister said.

A drop to the $10,000 target would represent a total drawdown of 86%. The value of Bitcoin is already 39% below its record high in November, and a drop to the $10,000 target would represent a total drawdown of 86%. A decline like this is not unusual for Bitcoin, since the extremely volatile and speculative asset fell 83% from its prior high of about $20,000 in 2018. 

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BEGINNERS GUIDE Crypto Weekly

Don't be fooled by these

C

cryptocurrency scams!

ryptocurrencies are becoming increasingly popular, with many people all over the world being introduced to this fascinating new technology and financial system daily. According to Crypto.com, more than 300 million individuals now use cryptocurrencies, and this number is exponentially increasing by the minute.

A large portion of those interested in cryptocurrency have little knowledge, making them easy prey for scammers.

February 2022 | Volume 16

While it is nearly impossible to prevent all cryptocurrency fraud due to the anonymous nature of crypto, you can still recognize potential fraud by their general traits. Please familiarize yourself with the following scams and how to avoid them.

Cloned Project Scams This scam involves cloning a generic cryptocurrency, setting up a quick website, creating a temporary community, and promoting the project to gain attention. Typically, the scammers make their intentions clear within a few hours of launching their scam coin as they cash out all of the liquidity or have a back door plan to take investors' money for a quick profit, leaving hundreds or thousands of investors with worthless coins. There is no doubt that it is the most elaborate scam, combining all the skills of a con artist into the perfect scam.

Scams targeting rug pulls, and ICOs can be pretty difficult to detect; therefore,

researching a project before investing is very important. They rarely update their Telegram, create minimal effort on the website, and make false promises.

AI Scams “We offer a robust artificial intelligence program built to outperform Warren Buffett's investment strategy. Send us an amount in BTC and system will return you ten times investment in just a couple of hours." Poor grammar, syntax, and an instant request for your crypto are all red flags.

Scammers ask you to invest money for higher returns without taking any financial risks. Risk is inherent in every investment; anyone claiming otherwise is a fraud. Next, the scammer will provide you with their crypto address and ask that you send a screenshot of the transaction. As soon as they receive the screenshot, they block the 'investor' and move on to scam another victim.

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BEGINNERS GUIDE

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Crypto Weekly

divulged, your security and investment are at risk. This scenario can happen in many ways. Scammers are creative, so it is essential not to be deceived.

Keep these points in mind:

of cryptocurrency to the scammer's address in hopes of verifying the address. The scam is now complete while the unknowing victim endlessly waits for their address to be verified and winnings deposited.

Impersonation Scams Fraudsters use various methods to tell people about their "automated" or "management by expert" programs. It is common for scammers to contact crypto users via WhatsApp, Telegram, and any other possible channel. As people catch on to their scams, scammers now put more effort into making their websites appear more trustworthy. Scams like this remain essentially the same in that the investor sends cryptocurrency to the scammers' address expecting tenfold returns within 48 hours.

Always keep this in mind; if it seems too good to be true, it probably is.

Contest Scams Congratulations! You won 0.5 BTC in our lucky lotto. Please send 0.012 BTC to verify your address to know where to send your prize.

Someone reaches out to you claiming to be a team member and asks you to send them some coins. The problem?

They are a scammer. They state things like "the developers have selected a few members from the Telegram group chat for an airdrop," and you will need to verify the token address by sending tokens to a provided address. Scam!

Additionally, you may be asked to fill out an application because "the system is undergoing an update and they need data about all holders" or for some other made-up reason. The form asks for personal information, such as your email address, password, and private keys. As part of your contribution, you may be requested to forward the form to other investors. When such information is

You can be confident that your funds are secure if you use a reputable wallet and encrypt your passwords.

Never send cryptocurrency to third parties with which you are not familiar.

Do not share your two-factor authentication (2FA) security codes or passwords with anyone. Fraudsters will pretend to be customer support at a cryptocurrency and try to obtain this information from you.

Scammers share text messages and websites that often contain grammar and spelling errors, requesting money early in the conversation.

These requests are an easy way to identify a scam.

The cryptocurrency world is new and exciting, but it can be hard to stay on top of all the scams. The anonymous nature promotes a sense of safety in this space, allowing scammers to brainstorm elaborate ways for innocent people to get targeted by their evil intent. There's just no way around eliminating these issues! As readers here of Crypto Weekly: educating yourself about what exactly happens when someone falls victim can go a long way toward helping you avoid being taken advantage of; don't let them trick you into sending your coins or keys. 

Scammers usually have their social media accounts set up with fake comments to convince their target that they are legitimate and have won a prize.

As a result, social media sites are thrown together quickly, looking quite pathetic.

Images, comments, and likes are easy to fabricate.

Being new to this space, people may be excited to hear that they have won (a give-away they never signed up for) and send the requested amount

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February 2022 | Volume 16

14

NEWS Crypto Weekly

Mark Zuckerberg Told Meta Employees Focus on Video Because of TikTok's 'Unprecedented Competition,' Report Says

Meta's recent quarter included $10 billion in losses in the Metaverse and its first user decline.

levels of competition" from TikTok.

Its CEO reportedly told staff Thursday the company faced "unprecedented" competition from TikTok.

He said Meta should focus on its short-form video feature Instagram Reels to get out of its rut.

ON WEDNESDAY, Facebook CEO Mark Zuckerberg announced that Meta would focus on Instagram Reels, a feature similar to TikTok. Bloomberg reported that Zuckerberg appeared red-eyed and told staff he might tear up during the meeting, not because of the topics discussed but because he'd scratched his eye.

During the company's brutal fourthquarter earnings call on Wednesday, CEO Mark Zuckerberg reportedly told employees to focus on the company's endgame: video. A company-wide meeting was held Thursday, according to Bloomberg. According to an attendee not authorized to speak about the call, the company faced "unprecedented

Facebook's user base shrank for the first time in its history in the fourth quarter. Daily active users dropped by approximately 1 million from the previous quarter. In 2021, the company also lost a $10 billion investment in the Metaverse, according to its earnings call on Wednesday. Meta's market value fell by nearly $240 billion on Thursday, the

most significant one-day decline in U.S. stock history. Zuckerberg's net worth fell by roughly $30 billion.

Meta did not immediately respond to a request for comment. 

Companies are Piling into China's Efforts to Build a Metaverse as Growth Projections in the Space Reach Trillions of Dollars

Reports said Wednesday that a state-backed group in China has added more companies to its committee focused on developing the Metaverse.

State-owned China Mobile started the committee that's working on creating standards and discussing technology projects for the emerging industry.

The committee's membership of companies and individuals has increased to 112.

China is extending its push to put its stamp on the development of the online virtual world known as the Metaverse, enlisting more companies to work on related technological and industry projects, according to reports Wednesday. According to Reuters, the China Mobile Communication

February 2022 | Volume 16

Association's Metaverse Industry Committee has added 17 new companies to its roster, and three of them are publicly listed in local markets, citing a notice on the committee's website. The move boosts the committee's membership of companies and individuals to 112.

State-owned China Mobile started the committee last year and is focused on creating standards and discussing technology projects for the emerging industry. In China, the committee is among initiatives that involve government-backed groups and local officials seeking stakes in Metaverse companies, according to the Financial Times.

According to the report, a district in Beijing last month established a fund to support Metaverse start-ups and research. Among the major tech

companies investing in Metaverse activities are China's Huawei Technologies and Facebook's parent company Meta Platforms. Analysts predict the Metaverse will be a huge growth opportunity, with Goldman Sachs projecting it to become an $8 trillion market. 

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NFT FEATURE Crypto Weekly

Music NFTs Could Impact the Music Industry N

o exploitation, no royalties, no copyright issues. In terms of creating and distributing their music, musicians around the world face a number of challenges. It is possible for the music industry to be changed for the better with the emergence of music non-fungible tokens (NFTs).

non-fungible token that belongs solely to the owner. In contrast to MP3s you download onto your smartphone, music NFTs can be sold on the secondary market and allow musicians to earn royalties.

Discover what Music NFTs are, how they work, and how they can empower musicians globally.

When it comes to the music industry, NFTs can take various forms. A song can be represented by an audio or video

How do music NFTs work?

file, an album cover, a concert ticket, or signed merchandise.

Music NFTs can also be produced or sold using the same principles. Bands and musicians decide what they want to sell to their fans, whether it's an audio file, tickets, or merchandise.

Afterwards, they will choose which blockchain to use for minting their NFT, or which platform to use for their music NFT. The music NFT family of platforms

How do music NFTs work?

The year 2021 was arguably the year of non-fungible tokens, with multiple uses popping up beyond crypto art and collectibles. One of these uses is music NFTs. NFTs are unique cryptographic tokens recorded on a blockchain that represent digital or physical assets. NFTs cannot be changed or duplicated once they have been created. In addition, NFTs can be coded to pay royalties to the creator, making them an exciting technology for musicians.

A music NFT is a piece of music recorded on a blockchain in the form of a unique

February 2022 | Volume 16

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currently includes NFT TONE, Opulous, and OpenSea. In addition to notifying fans of their NFT drop, they will put them up for sale at whatever price they see fit as soon as they identify the platform they will use. As music NFTs (and all other NFTs) cannot be replicated, they may opt to have a one-time auction for an audio file, where the highest bidder owns the original audio file (but not the copyright). You could also create a limited number of NFTs of the same audio file, say 10,000, and then sell them on an online music NFT marketplace.

When fans purchase the NFT, they own the work of their favorite musicians.

Afterward, they can store the music NFTs in their crypto wallets, and if they wish, they can sell them to a higher bidder in the future. While owning and being able to sell the unique NFT, the musician who created it can also earn revenue from resales of the work, which is one of the most powerful ways music NFTs can empower musicians.

independent musicians make their money through streaming platforms.

Through music NFTs, artists can sell directly to their fans and earn from the sale of their music or merchandise.

Creating an active fan base By creating a space where fans can find unique NFTs related to the artist's works, music NFTs allow musicians to build their fan bases. NFT airdrops, for instance, allow musicians to reach audiences they may not otherwise have been able to reach.

Furthermore, musicians can offer unique fan experiences such as virtual, or in-person, hangouts with their fans.

Snoop Dogg accomplished this in his SandBox hangout session and Post

Malone sold NFTs so people could play beer pong with him.

Providing opportunities to new artists In the music NFT scene, there are no barriers to entry because no one holds new musicians back from releasing their music or expects them to fit into a certain 'box' in order to score a record deal. A musician simply needs to mint their music on their platform of choice and market it to their fanbase with music NFTs. Currently, only a few musicians are exploring the feasibility of music NFTs. Music NFTs provide a significant opportunity for artists to profit from sales due to increasing awareness and adoption by fans. 

The NFT model has already benefited a number of bands and musicians. Over $11.6 million was sold for DJ 3LAU's NFT drop, the Ultraviolet Collection. 33 tokens were included in this drop. The Canadian musician Grimes also sold digital artworks in a collection called WarNymph, which made around $6 million in early 2021.

Musicians can be empowered by NFTs. In addition to providing immediate income, NFTs can empower musicians in other ways.

Royalties earned From the subsequent sales of their NFTs, musicians who create them will earn income. Musicians will be able to earn more from the sale of their work and from centralized streaming services as a result.

Cutting out middlemen The main challenge musicians face is that they are often bound by contracts with record labels. Alternatively, most

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February 2022 | Volume 16

18

FEATURE Crypto Weekly

‘Stupid’ Amounts of Money are Being Invested in Crypto - How Much to Invest if You Want to Test it Out. I

am a longtime marketer and successful internet entrepreneur. In addition to diversifying your portfolio, avoiding MEME coins, and investing smaller amounts over time, I recommend.

You should limit your exposure to cryptocurrency to 5% of your net worth or less.

Cryptocurrencies are all around us.

While it has reached the mainstream, it still has a way to go. Crypto is held by less than 0.98% of the world's population. In contrast, there are about 7.9 billion people on the planet and 78 million crypto wallets. Investing in this

February 2022 | Volume 16

company may be a once-in-a-lifetime opportunity.

A lot has changed since I first invested in Bitcoin in 2011.

The number of coins and altcoins available for investment has also exploded. There are now more altcoins than Bitcoin will ever have (only 21 million BTC will ever be in circulation).

Almost any coin or token can be invested in. Fancy owning a piece of virtual land in Decentraland? Take a look at MANA. How about investing in Defi

(decentralized finance)? Look into SOL or ETH. Web3 is accelerating at warp speed, and there are an infinite number of cryptography applications. In history, there has never been a time when you could get so rich in the middle of the night by simply clicking on your phone.

However, you are probably aware that crypto markets are extremely volatile.

Minutes can make or break a fortune.

Scams abound. Recently, SQUID, a token marketed as an invitation to a game based on the Netflix show Squid Games,

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was actually a "rug pull," when a token's creator cashes out and disappears.

Investors lost over $2 million in this case. What is the best way to invest in crypto?

Despite my enthusiasm for blockchain technology, I think it's too early to invest heavily in cryptocurrencies unless you are a rarity and know what you are doing.

Crypto investing accounts for too much of the net worth of many investors. Every week, I get emails from people who have taken out loans, second mortgages, or leveraged their crypto holdings to buy more crypto. I think this is dumb and dangerous. The risks involved in this investment are too high.

Some will become wealthy, but would you bet your financial future on a coin flip? I believe in taking risks, but they must be calculated risks.

You shouldn't invest more than 5% of your net worth in crypto - and even less if you're just getting started. Invest most of your money in more historically predictable asset classes like stocks, bonds, and real estate.

You can invest more of your net worth as you learn more about crypto, but you must feel comfortable with the risk. Do your crypto holdings keep you awake at night? Could you lose everything in your crypto portfolio? I have, but for most, if so, then you have probably invested too much.

Diversify between traditional and alternative cryptocurrencies.

Humans are incapable of predicting the future. Most coins and tokens will have little or no value within the next few years. In the same way that 90% of investors cannot beat the stock market, it will be difficult to predict the longterm winners of crypto. Diversification is crucial. It is best to have a diversified portfolio of traditional coins and altcoins, not just a few cryptocurrencies.

MEME coins are a dumb investment.

Investing does not involve gambling.

Investing in meme coins is gambling at this point, and I do not recommend you do so.

visit their Reddit page. Not just coins that you have a hunch will double overnight, but in projects and founders that you believe in.

Believe in the founders and projects you invest in.

Your investments should be costaveraged.

It's important not to lose sight of the fact that underlying crypto is a decentralized blockchain's exceptionally simple, and beautiful, concept. Over the next few years, this concept will disrupt many industries on the planet.

Dollar-cost averaging your investments over time is similar to traditional stock investing. Rather than investing all of your money at once, you invest smaller amounts over time (weekly, monthly, etc.).

Don't invest in anything you don't understand, just like any other investment. No matter whether you have a background in technology or computer science to understand some projects, learn about their mission and founders before investing.

You are able to buy the asset both at a low and high price over time, effectively averaging your cost and protecting you from a big price drop right after you buy.

Listen to their podcasts, join their Telegram group, read their work, and

If you have a bucket of money or want to invest some of your paychecks, consider dollar-cost averaging your investments.

Most crypto trading apps have this feature to make it easier to automate.

Remember, investing isn't gambling.

Investing and living at this time is great, but I urge you to be careful and never invest more than you can afford to lose.

A new opportunity arises every day, and if you miss one, another is always around the corner. Investing in crypto now puts you in the top 1/10 of 1%, and that's one of the best things about it. It's going to take a long time for everyone to catch up. Be patient.  Robert Stone | Editor

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of the

week

NFT

WATCH: Mark Cuban talk crypto future at Bitcoin Conference

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agromatic

agromatic

agromatic

agromatic

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NEWS Crypto Weekly

Bitcoin, Ether, Cardano, and Solana Drop Ahead of Biden's Executive Order - Crypto Market Sheds $100 Billion dramatic, but Biden can't really do too much other than tell agencies to develop policy. The real action will come from the Treasury, OCC, and Fed. —Robert Stone Editor: Crypto Weekly As part of Thursday's announcements, the FBI commissioned a new crypto unit while the DOJ appointed a top computer crimes prosecutor to deal with growing cases of crypto-related crimes. This is seen as a step in the right direction despite the lack of comprehensive crypto legislation in the U.S.

B

itcoin, Ethereum, Cardano, and Solana all fell on Thursday after Yahoo! Finance reported President Biden may tighten oversight on cryptocurrencies.

“The President of the United States is expected to issue an executive order next week directing agencies to study cryptocurrencies and a central bank digital currency (CBDC) and formulate a strategy to regulate digital assets,” Yahoo's Jeniffer Schonberger reported.

An executive order will direct a Financial Stability Oversight Council (FSOC) study on CBDCs in light of the ongoing debate.

As part of the CBDC system, the Director of the Office of Science and Technology Policy also needs to provide feedback.

Numerous state agencies, including the Department of Justice, Homeland Security, the Department of State, and the Department of the Treasury, need to report on the future of money and payment systems as well. The deadlines for the reports have not been set.

heated debate over crypto. Bloomberg reported that Treasury Secretary Janet Yellen is at the center of a dispute between Treasury's staff and the White House over delays in signing the executive order (which was supposed to be signed last month). Experts claim that this, combined with the fact that the U.S. is more focused on the Ukrainian dispute, might push the executive order forward.

"There is a lot of talk today about a crypto Executive Order. Jeff Roberts, an executive editor for Decrypt and a lawyer, told me it probably won't drop until early March. "Also, "Executive Order" sounds

Despite this, traders continue to brace for an increasingly unpredictable regulatory environment, with cryptoassets suffering the most. Following Yahoo’s report, almost $300M liquidations were reported in the last 36 hours.

As of press time, Bitcoin is trading at $40,400 after losing all of its gains from the week, while Ethereum has dropped back below $3,000 and is trading at $2,793. In terms of current performance, Cardano, Solana, and Avalanche are down 3,37 percent, 5,58 percent, and 4,14 percent, respectively.  Robert Stone | Editor

President Biden and other legislators have been calling for more stringent crypto laws in the wake of an ongoing

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National Crypto Unit Being Formed by FBI to Seize Bitcoin and Other Cryptos

R

euters reports that the federal government has appointed Eun Young Choi to lead its new national cryptocurrency enforcement division.

Choi is an experienced prosecutor of computer crimes. Lisa Monaco, the Deputy Attorney General, announced this at the Munich Cyber Security Conference in Germany on Thursday last week.

He was the lead prosecutor in the case in which a Russian hacker was sentenced to twelve years in prison for stealing personal information from 100 million people at JPMorgan, the Wall Street Journal, and other institutions.

In the new cryptocurrency department, he will lead cyber and legal experts in prosecuting accused individuals.

Monaco also said that the FBI would launch a "virtual asset exploitation"

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unit to investigate suspected crypto crimes and seize virtual assets. Both organizations would work together and collaborate with international investigators to bring crime perpetrators in the blockchain sector to justice.

"The DOJ busted a couple earlier this week for allegedly trying to launder over $4.4 billion in Bitcoins lost during the infamous 2016 Bitfinex hack. As a result of that recovery, crime watchdogs increasingly place crypto-related crimes at the top of their priority lists.

The primary currency used for extortion payments is crypto. The FBI's Cyber Division is the only game in town," Bryan Vorndran, an assistant director, told Bloomberg on Tuesday before stating that the department was giving the crypto sector more attention in the coming months.

Following a series of cyberattacks which often result in extortions, such as the one that rocked the U.S. fuel pipeline network and Beef supplier JBS by a notorious Russian group called REvil that often demands a ransom in crypto, Biden and other like-minded leaders have increasingly been calling for a beef-up of scrutiny on the crypto sector.

Despite that, a Wednesday report from leading blockchain data analysis website Chainalysis found that despite various nations recovering and prosecuting suspected crypto criminals, there are still some 4,068 "criminal whales" who have a combined cryptocurrency value of $25 billion. The FBI and DOJ will increase their scrutiny, so it will be fascinating to see how these villains handle the intricate web of snares laid out. 

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NEWS Crypto Weekly

Social Media Influencers are Begging to Cash In on the Metaverse According to a recent survey, the majority of social media influencers say they are contributing to the virtual world, but they have yet to make money from their efforts. Based on an online survey it conducted in November, Izea, an influencer marketing platform, reported that 56% of US social media influencers participate in the Metaverse.

The majority of social media influencers view themselves as creators in the Metaverse, according to Izea.

Virtual and augmented-reality headsets can be used to view immersive worlds through the Metaverse, the next generation of the Internet. A number of companies, such as the parent company of Facebook, Meta, and the software giant Microsoft, are preparing spaces that will attract users and advertisers.

According to Izea, social media stars will drive more people to play, shop, and work in the Metaverse in the coming years.

60% of influencers also see themselves as creators in the Metaverse. According to the firm, influencers can do this by hosting virtual events or co-creating and promoting NFTs. Influencers can already make hundreds of thousands of dollars a year promoting brands on popular social media platforms like Instagram. Izea reports that 51% of influencers are considering ways to monetize the Metaverse. However, only 21% have already made money through their virtual businesses.

Still, Wall Street's investment banks have projected huge potential in the Metaverse. Goldman Sachs, for instance, predicts the Metaverse will be worth $8 trillion. Grayscale estimates that Metaverse advertising, hardware, and other components will bring in $1 trillion in revenues annually. What are the preferred payment methods for influencers in the Metaverse when there is so much money to be made? Almost half of them said Bitcoin. One in nine respondents chose Ethereum, followed by one in five who chose "another cryptocurrency." 

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PROJECT 1

nigels.io

NIGELS (NIGELS)

NigelsBSC

NigelsforNigels

The Nigel token is dedicated to those who have been scammed, or had their rug pulled in the crypto world. The Nigel project was created by ten crypto-enthusiastic friends who were scammed by a scammer they all knew as Nigel. After the carnage, they got together and decided to launch their own legitimate project and name the token after the person who brought them together under those unfortunate circumstances. Although it started out as a joke, the goal of the retributive campaign became to show that dedicated, transparent developers behind a simple and straightforward project can outperform con artists.

Nigel's is a community-driven token that aims to make the crypto space safer due to efforts made as a collective. The BSC space has become ubiquitously known for its scams. The Nigel community believes that the best way to mitigate scams or frauds is to educate new and inexperienced users through

PROJECT 2

adacash.io

Plans for the Future Nigels is beginning its media content journey with Radio Nigel's flagship production. Wielding the tools of a digital generation, the initial entry is coming to the podcast space. The first series, Nigelcast, highlights up-and-coming crypto projects and provides an engaging and enlightening experience.

Nigels plans on building an entire ecosystem of content and media with a strong focus on crypto safety education. The team believes that the first line of defense from being a scam victim is to be armed with knowledge.

ADAcsh (ADAcash)

adacashtoken

ADACash is the step forward in yield-generating contracts on the Binance Smart Chain (BSC). A revolutionary new token that earns you ADA reflections just for holding. On each transaction 10% is distributed between all holders as CARDANO every 60 minutes dependant on volume.

You receive rewards distributed in ADA rather than token reflections and the contract employs a static reward system. This allows rewards to extend outside of simply holding the coin as would a reflection-based coin operate.

February 2022 | Volume 15

engaging content. They all plan to work towards this goal by creating crypto educational media and content and highlighting legitimate crypto projects.

adacashbsc

ADACash’s Tokenomics:

Token supply of 100,000,000,000,000 ADACash

15% Buy and Sale Tax* • • •

10% ADA is redistributed among holders 2% is used to increase the liquidity pool.

3% is allocated towards funding the marketing wallet.

NOTE: you must hold 200,000,000 or more ADACash tokens to be eligible for the ADA dividends.

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Crypto Weekly

XRise

PROJECT 3

xrisecoin.com

XriseCoin

XriseCoin

With volatility as the main antagonist of mass crypto adoption, XRise is bringing a smart contract that offers a substantial amount of certainty to investors. The goal being to minimize risk and loss that all too often, troubles the BSC space. XRise does this by controlling the max sell limit on every transaction, nurturing exponential growth.

Purchases carry no upper limit, and laddering out (safely taking profits) is welcomed. If you invest $1,000, and you have a 500% increase, ($5,000), your day 1 withdrawal would be set at your initial investment, plus 10% of your profit, ($1,000+$400). Let’s say day 2 realizes a 200% profit, putting your remaining $3600 from day 1, at $7200. Your day 2 withdrawal limit would be 10% of your total holdings, ($720). As the process continues, investments and holdings continually grow, while sells have a much lesser impact on the chart.

Initial investment-$1,000 Day 1 (with a 500% increase)-$5,000 Profit-$4000 Day 1 withdrawal limit (Initial investment+10% of profit)=$1400 Remaining balance-$3600 Day 2 (with a 200% increase)-$7200 Day 2 withdrawal limit (10%)-$720 Brought to you by the powerhouse team at FudDoxx, XRise will launch on the Binance Smart Chain on February 28th and are accepting presale allocations on their Telegram channel.

FudDoxx will pay out their staking rewards in XRise, adding holders, and continually growing a consistent upward trajectory to the XRise token.

r

PROJECT 4

FuddoxxToken

FudDoxx Token (FDOX)

FudDoxx

FudDoxx

Building on security, FudDoxx offers a wide range of services to benefit the entire crypto space. The team has compiled a list of projects that have passed their extensive verification process. FudDoxx offers doxxing services to bridge the gap between investors and developers. The doxxing info received by the team is securely stored for use in the event that a project scams, and is proven as far as possible, then that information would be released to the public and authorities. FudDoxx Audit service goes beyond the detailed analysis of solidity code. Not only tearing apart the smart contracts, but their risk assessment factors in the audited projects vision, team, maturity, funding, and community.

name a few. The simple navigation process streamlines buying and selling digital art.

The FudDoxx team has also incorporated a beautiful, userfriendly NFT marketplace in their ecosystem, (see for yourself, FudCoinNFT.com), where you will find everything from pixelated images, audio, video, and unique sports memorabilia NFT's, to

FudDoxx Token (FDOX) launched on Binance Smart Chain with a total supply of 100 trillion and has 328 holders at the time of writing. A 12% tax is attached to every transaction which breaks down to 7% LP, 3% marketing in BNB, and 2% native reflections.

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Fuddoxx doesn't stop there!

Swap platform: Complete (Swap.FudDoxx.com) Staking and Farming platform: In development ICO launchpad: In development

With so many avenues for continual success in crypto, FudDoxx truly covers every base with their comprehensive suite of revenue-generating, and security, features.

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NEWS Crypto Weekly

Crypto Market VIP's Study Possible Effects of U.S. President Biden's Coming "Executive Order”

U

.S. President, Joseph Biden, will make the final decision on Bitcoin and other cryptocurrencies with the release of a White House Executive Order (EO) in February. Reports and guidelines from the U.S. Treasury, Congress' finance oversight committee, and the U.S. Federal Reserve are likely to guide Biden's executive order. The Federal Reserve recently released a report backing the establishment of a digital dollar that functions as a regular currency.

The outlook for the U.S. economy has been anything but stable since Biden took office as President in January 2021. In 2021, many expected that the pandemic would have tapered off by that time. However, new forms of the disease kept evolving, making progress difficult. Bitcoin, two spots above the projected 5% inflation line, attracted

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U.S. investors seeking safe havens from a wobbly dollar. Over the last few years, cryptocurrency investors have contributed close to $600 billion, raising concerns about the government's ability to control monetary policies and currency circulation.

In the absence of cohesion in the definition and scope of digital assets activities, legal loopholes were left unattended and were exploited by the infant crypto companies springing up in the U.S. Two of the top crypto firms in the U.S., Ripple Labs and Terra Luna, are currently involved in a legal dispute with the Securities and Exchange Commission (SEC).

The first time Biden showed any anticrypto dispositions was during the creation of the Infrastructure Bill in July 2021, which aimed to rob all non-

compliant crypto exchanges of close to $12 million in taxes. As recently as last month, Biden nominated Sally Omarova, a well-known socialist sympathizer and proponent of deposit nationalization, for the job of U.S. comptroller of currencies.

As a result of such past events, there is concern that the forthcoming EO will introduce more clauses and orders that will prove too stringent and stifle the innovation of cryptocurrency companies. Biden's latest executive order will consist of a brief handbook detailing the roles and responsibilities of various US financial agencies with regard to the fate of Bitcoin and its friends. Also on the horizon is an official statement on the next steps for the development of a US Central Bank Digital Currency --a lofty innovation stifled by bureaucratic bottlenecks. 

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Crypto Weekly

Taking a Second Look At Bitcoin

A

lthough the original cryptocurrency was created 12 years ago, it is still widely misunderstood today. Despite Bitcoin's market value rising, and its presence in the business world growing, it continues to be dogged by skepticism and misinformation. Business leaders are often compelled to reconsider their core beliefs when faced with breakthrough technologies.

Those who grasp the value and utility of the digital currency may still be able to seize a first-mover advantage, while those who don't may lose out. The following are some misconceptions about the

February 2022 | Volume 16

world's first and most successful digital currency.

Bitcoin isn't for everybody.

As Bitcoin emerged in 2009, it was the preserve of technologists and financial theorists, receiving little attention from other sectors.

Some observers still see it as something for tech obsessives.

That is no longer the case.

Glassnode, a blockchain data provider, says Bitcoin is now used in more than 250,000 transactions a day worth a combined $15 billion.

Cryptocurrencies are now being

used by an entire ecosystem of established financial services and technology companies. Businesses and banks are increasingly adopting Bitcoin for their activities.

Last year, among the significant milestones, was when a leading technology company announced that it was using Bitcoin as its cash reserve asset and essentially adopting the Bitcoin standard.

Bitcoin was a weird thing for many institutions, but when a $7 billion company uses it, you take notice.

Possibly the most regulated monetary system in history is Bitcoin. The way it works is that

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every single member of the network audits every single transaction. Bitcoin is more than just a tool for techies, as it can benefit investors looking to protect their assets from inflation since the digital currency has a finite supply by its very nature. A government or central bank cannot devalue this cryptocurrency by printing more of it.

The persistence of this misunderstanding shows an asymmetric opportunity for people who grasp this property early and avoid getting distracted by the cacophony of misunderstandings and misconceptions that dominate the discourse surrounding Bitcoin.

Bitcoin does not exist.

Since Bitcoin is a virtual currency, it does not exist physically, but that does not mean it is not real. Bitcoin is gaining a monetary role because of two characteristics: its supply is strictly limited, giving it great salability over time, and its digital nature allows it to travel very rapidly, giving it great salability over space. A good is more likely to have a monetary value if it possesses more properties. Gold retains its value over time because its annual production is small. It is not true that being digital makes something incapable of performing its function as money; on the contrary, it makes it easier for it

to do so. Remember that cowrie shells were one of the longest-lasting forms of money. These shells have no intrinsic value, but they were used for a thousand years worldwide because they are scarce and durable, more so than money printed by governments.

Bitcoin is real money because it's used by millions of people every day. This growing usage creates an opportunity for companies to provide consumers with a range of Bitcoin-related services, including credit and retail payment services.

There Is No Security for Bitcoin.

Many skeptics question Bitcoin's security. Many people are concerned about the potential failure of the Bitcoin network or its vulnerability to a price crash. Hackers may gain access to exchanges and wallets connected to the internet, say some. The Bitcoin network has not been compromised once. Even though Bitcoins that aren't properly secured can be stolen, this is a risk with all forms of money.

Fiat money poses other, more serious risks. It is a worldwide phenomenon that continuously destroys the value of national currencies at varying rates and at different places and times. Some banks have collapsed and depositors'

money has vanished at certain times and places. Bitcoin relies on mathematics and cryptography rather than trust in people and institutions for its security.

Even though the technical aspects may appear intimidating at first-but compared to the horse, the automobile's superior reliability and speed have made the knowledge required to operate it a fair price for most people.

Aside from its stability, Bitcoins can be sent overseas at a low cost, making them an appealing option for organizations trying to increase financial inclusion in unstable regions. Individuals should consider securing their computing equipment before investing in cryptocurrency. In order to guide their Bitcoin investment strategy, institutions should seek the help of a knowledgeable third party.

Bitcoin is an unregulated currency.

Perhaps the most regulated monetary system ever invented is Bitcoin, the cryptocurrency. Although Bitcoin isn't unregulated, regulatory approaches are still being developed. As an example, Bitcoin exchanges in the United States are governed by the Bank Secrecy Act and must comply with anti-money laundering and know-your-customer laws. Every member of the network audits every transaction if you look at how it works.

Members must agree that transactions meet the network's rules and regulations before a transaction can be validated.

Regulators worldwide have approved the use of Bitcoin by financial institutions due to its radical transparency.

As a regulatory framework matures, financial advisers, tax planners, and attorneys will assist Bitcoin users in managing their assets in compliance with their governments' rules.

There are several other misconceptions about Bitcoin in these early days, but the network of users is expanding as more corporations revisit their assumptions about the digital asset to identify risks and seize opportunities. 

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Munger: Crypto Traders Want Quick Riches Without Contributing to Civilization

O

n Wednesday, Berkshire Hathaway Vice Chairman, Charlie Munger, criticized cryptocurrency traders as part of a get-rich-quick scheme and criticized the U.S. for not banning cryptocurrency trading outright.

"I don't think our country should go bananas over Bitcoin and other cryptocurrencies," says the 98-yearold critic of cryptocurrency trading.

Munger made the comment in an interview with Yahoo Finance Editorin-Chief Andy Serwer ahead of the Daily Journal's annual shareholders meeting, in which he serves as Chairman.

Munger made similar remarks about crypto in the past. Berkshire Hathaway CEO Warren Buffett has also described Bitcoin as "rat poison".

According to a survey conducted by JPMorgan Chase (JPM) last June, one-

February 2022 | Volume 16

third of mainstream investment firms agree with Buffett's assessment.

"We made a huge mistake allowing it at all," Munger says. In contrast, Munger praised China for its cryptocurrency ban in September. "I think we were not as wise as the Communist Chinese," he said. Despite the uncertainty regarding cryptocurrency regulation in the U.S., top federal officials have said they want to increase oversight. Janet Yellen called last month for the adoption of rules for stablecoins, a form of cryptocurrency that is pegged to a commodity or currency, such as the U.S. dollar.

The company held its annual shareholders meeting over the weekend.

Gary Gensler, the Chair of the SEC, described the crypto market as the "wild wild west" in August, and he has since indicated a desire to regulate it. Mr. Munger expressed skepticism about the government's willingness to regulate cryptocurrency.

"Our regulatory establishment - when they leave government, they go into this heavy promotional capitalism," he says.

"So it is very hard to get the government to make good, wise decisions about something like Bitcoin." 

www.cryptoweeklymag.com

Manifest Performance indicators, balance sheets and regulator guidelines are not the most appealing things to hear about in crypto, but it's necessary for us to operate correctly. Bouncing off of that, there is a certain appeal to a crypto that has its ducks in a row. Countless projects are removing general quality and value from their project and replacing it with marketing and high spirits. We are happy to get people pumped up about crypto, but it has to be done the correct way. For example, you want to tell people key things of what to look for when considering their vote of confidence in that particular crypto. Who is the team? Previous quality projects completed? Are they purely marketing? Is the use case frantically thought of or flimsy? Does the team have a vision of expansion in the future? Does the project rely on people's addiction?

Of course, this isn’t financial advice, but we feel you should have a checklist that you are checking off when you inspect a project. This can be as vast as you want it to be and ultimately can be tuned to your liking. This can be personal auditing procedures or standardized trading strategies. These steps take time to curate correctly and can benefit the user greatly. A simple checklist. Of course you can bend your own rules, but these rules protect you from overvalued and hollow projects. The goal of most of the projects we currently see is short term, under established and widely false. Crypto is fast, this doesn't mean you can forget the key factors of a trade and fundamentals of crypto. Never mistake a tax on a taxation token as a use case or utility.

All that brewing has ultimately led to the market's sour taste and low level mentality. The key to leveling the playing field is a short and sweet one, actually educating people on crypto. A lot of projects will detest what we have to say about them in a formal audit. We have decided to audit any project or firm that audits us, to help people better understand the process. As we pay for more intense auditing services, we can perform even deeper audits of these projects. Meaning, we will bring you the truth. This is going to make us naturally unpopular, we are crypto veterans, we will be alright. We buy the dip!

In summary, don't trust us, or anyone else until you know their tokenomics and team. This is the most basic level of understanding the project. Please make efforts to learn more about the cryptocurrency space overall. We will be in the telegram often to answer people's questions. We don't allow posting of other projects in the group, but if you bring your checklist to us, we can help refine that with you.

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