The current bout of inflation is transitory, but It’s far better than deflation. Source
Tackling the Inflation Misinformation Machine
Month: June 2022
Luxury Fashion Retailer Farfetch to Accept Crypto Assets for Payments – Bitcoin News
The British-Portuguese luxury fashion retailer Farfetch said it will accept crypto assets soon thanks to a partnership with the German crypto platform Lunu. Farfetch will accept seven different crypto assets including bitcoin, ethereum, and binance coin, and the feature will be rolled out to select clients and then expanded to the general public. Luxury House Farfetch Partners With Lunu and Plans to Accept 7 Different Crypto Assets for Payments Luxury and high-end fashion houses are dipping their toes into the world of digital currencies and blockchain concepts like non-fungible tokens…
Stablecoins are paving the way for mass adoption of crypto, June 2–8
Stablecoins are a controversial subject in crypto. Questioning the legitimacy and backing of Tether (USDT) is a right of passage for many entering the crypto market for the first time. The meltdown of the Terra (LUNC; or the old LUNA) ecosystem left little doubt that algorithmic stablecoins don’t have a future beyond Do Kwon’s fantasies. Pesky regulators are constantly poking and prodding at dollar-pegged assets to carve out firmer rules on their usage. But, if you look beyond all the fear, uncertainty and doubt, stablecoins are providing liquidity to millions…
Mike Novogratz Predicts Next Crypto Cycle Begins in October
As for how Galaxy Digital (GLXY) and others might navigate the next bull market, Novogratz says to “fight the impulse to be so greedy.” Those who got into Luna early enough had an easy 300X return, he said, and that’s just not reality in the markets. “When ecosystems go real fast, there’s a reason for it. Know what you are investing in. You don’t get 18% for free.” Source
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Mastercard Now Allowing Cardholders to Buy NFTs
NFT transactions gained another mainstream step as payments giant Mastercard (MA) said its card holders can buy NFTs on various marketplaces without needing to first purchase cryptocurrency. Source
Bitcoin and Stocks Drop; Analysts See Risk of Further Downside
Typically, investors reduce their exposure to risk during times of rising inflation, which is not just a U.S. issue. The median global inflation rate is now 7.9% year over year, versus 3.05% last June, according to Deutsche Bank. “The shock value from U.S. inflation has lessened even if today’s print was pretty shocking in itself,” the bank wrote in a research note. Original
Do Kwon’s alleged $80 million withdrawals before Terra fallout triggers mixed reactions
Reports that Terra (the new LUNA orLUNA2) founder Do Kwon allegedly withdrew $80 million monthly before the project crashed surfaced Friday, leading members of the community to voice their opinions on the matter. In a tweet, crypto trader and analyst Michaël van de Poppe said that Kwon deserves imprisonment. He compared the Terraform Labs CEO to the infamous fraudster Bernie Madoff. “Honestly, he deserves jail,” Van de Poppe wrote. Twitter user DaisiObanla also agreed with Van de Poppe. According to DaisiObanla, he wants to hear the news that Kwon is…
Huobi Enters Venture Capital With Ivy Blocks
Crypto exchange Huobi Global formed an investment arm that will focus on DeFi and Web 3. Source
Jack Dorsey is building ‘Web5’ powered by Bitcoin
Block subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution. The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021. Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down…