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➡️ Bank of America Says PayPal’s Stablecoin Will Not Record Significant Adoption In The Coming Months

A new report by the Bank of America suggests that PayPal’s new stablecoin, PYUSD will not record the projected adoption in the near term citing tougher competition and indifference of investors.

Per the report, the launch of the new stablecoin by the financial giant is great for the digital asset community and the company itself but it will struggle going head to head against USD Tether (USDT) and USD Coin (USDC).

“Investors may have been fine holding non-yield bearing stablecoins such as Tether (USDT) and USD Coin (USDC) when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive with short-term rates above 5%.”

A major criticism leveled against PYUSD is the company’s strategy to explore alternative monetization rather than the yield of reserves. The company plans to utilize its structure in centralized finance to drive adoption through a watertight market.

The bank in its analysis further cites a lack of new functionality, lack of wallet compatibility, and trading pairs as reasons why the asset could face headwinds in the future. Alkesh Shah and Andrew Moss, analysts with the bank argue that most investors do not care which stablecoins they hold as they are often considered safe and accessible.
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​​❗️Gmoney will release free tokens for NFT Alpha

Gmoney is launching an exclusive NFT collection, Admit One. It will release NFTs to a select group of people through a free mint, paying homage to the legendary CryptoPunk.

How does Gmoney distribute Admit One's NFT?
Admit One is a private group of 1,000 people made up of Web3 enthusiasts, developers and thought leaders. NFT owners will have access to a close-knit community as diverse and dynamic as possible. Considering that this community has only 1,000 admission tickets, Gmoney and the team spent months to calculate the distribution mechanism.

The first 11 Admit One tickets will go to the 11 wallets that own all 3 NFT Bitcoin Miami. Apparently, they were the ones who supported Gmoney from the beginning and this is one way to show their gratitude. Next, 200 spots will be reserved for a hand-selected group of people who will be valuable to the community. More than half of them are influential women in the NFT space.

Gmoney is allocating 698 seats for those who have a POAP from Bitcoin Miami in June 2021. It is also allocating 60 seats for Admit One partners/team members and 30 seats for future distribution. The rest will be up for grabs, and if not, future distribution.

There are so many ways to distribute NFT and over the past year we have seen both good and bad.

Gmoney wants the value of the collection to be determined by the community, not him. Further, he wants 100% of the community, including himself, to be on the same boat and working in the same direction. Making a profit from the mint will not be consistent with what he preaches.
👀 Everywhere you turn today, the buzz is all about one thing — the Azuki Elementals mint.

The fascination, the excitement, and the intrigue around this mint have created a fervor that is impossible to ignore.

The Azuki Elementals are the third addition to the rapidly expanding Azuki universe, including Azuki’s genesis collection and Beanz.

Spanning four different domains (Lightning, Earth, Water, and Fire) and rarity tiers, Elementals consists of 20,000 NFTs.

The first 10,000 were airdropped to Azuki holders at the project's recent Vegas event.
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💸 Billionaire Michael Saylor Responds to Charlie Munger's Criticism of Bitcoin – This is What He Said

Michael Saylor, the co-founder and former CEO of MicroStrategy, has addressed Charlie Munger's criticism of Bitcoin, claiming that he hasn’t taken the time to understand Bitcoin.

In a Friday interview with CNBC, Saylor said he is "sympathetic" to Munger's criticism of the broader crypto market, noting that thousands of altcoins are little more than avenues for "gambling." However, he argued that Warren Buffett’s right-hand man would have had a different idea about Bitcoin if he studied it.

“If he was a business leader in South America or Africa or Asia and he spent a 100 hours studying the problem, he’d be more bullish on bitcoin than I am,” Saylor explained, adding:

“The Western elites have not had the time to study … but I’ve never really met someone with an incentive living in the rest of the world that spent some time thinking about it that wasn't enthusiastic about bitcoin.”
☹️Liquidation of Silvergate led to increased distrust of the crypto-industry

The collapse of one of the largest banks in the crypto industry led to another crisis of confidence in the industry

One of the largest banks in the cryptocurrency industry, Silvergate Capital, plans to wind down operations and voluntarily liquidate. This decision has caused the shares of cryptocurrency-related companies to plummet as the bank's collapse has triggered a crisis of confidence in the industry, Reuters writes.

According to Marcus Sotiriou, a market analyst at GlobalBlock, investors are now worried about the bank collapse. It could have serious implications for U.S. cryptocurrency regulation and the ability of banks to work with digital asset platforms and cryptocurrency brokerage firms.

"The demise of Silvergate was not a cryptocurrency issue. It was clearly because Silvergate didn't have enough cash, which led to a lack of capital because of bank runs," Sotiriou said.

That said, Konstantin Shulga, head and co-founder of Finery Markets, believes that the bank collapse could potentially mean a definite trend for cryptocurrency to move outside the U.S., at least until there is a more comprehensive cryptocurrency regulatory framework in the U.S.

KBW Managing Director Michael Perito recalled that Silvergate still has a $205 million Microstrategy term loan outstanding, though that loan was substantially collateralized by BTC and was running at year-end, and there is now no idea how or at what cost it might be liquidated.

"This would entail licensing crypto-financial intermediaries under securities laws and SEC oversight, and it should prevent the kind of fiasco that led to the bank raid on Silvergate in the first place," said Aaron Kaplan, head of Prometheum Inc.

Several companies have announced that they are cutting ties with Silvergate. LedgerX was the first to cut ties with the bank.
📈Big Move: How Bitcoin Ordinals Is Taking NFTs To New Heights

Wu reported that the BSV community has been instrumental in developing Bitcoin Ordinals and BRC 20. Unisat, the core wallet of BRC20, was created by the Chinese development team of the former BSV community, which also developed Sensible Contract, a smart contract solution on BSV.

The BSV community has extensive participation in Bitcoin Ordinals and BRC 20. Behind Unisat, the core wallet of BRC20, is the Chinese development team of the previous BSV community, which has developed Sensible Contract, a smart contract solution on BSV. By TechFlowPost

— Wu Blockchain (WuBlockchain) May 9, 2023
The team behind Ordswap, the first BRC20 trading platform, developed RelayX, the first decentralized trading platform on the BSV network. Twetch, a social application built on BSV, is behind the Ordinals Wallet. Additionally, the founder of the Mempool mining pool is a core member of the BSV community.

These advancements have paved the way for Binance NFT Marketplace to announce its upcoming support for Bitcoin Ordinals. Bitcoin Ordinals are a way to create NFTs by attaching data to individual satoshis on the blockchain. Each bitcoin consists of 100,000,000 satoshis, and the protocol allows each satoshi to be identified and transacted with extra data attached. The additional data can include text, images, videos, or other content and is added to each satoshi through inscription.

The Taproot and SegWit upgrades to the Bitcoin protocol have made this possible. As a result, ordinal inscriptions do not require a sidechain or separate token and allow the creation of true, immutable collections on the Bitcoin blockchain. More than one million inscriptions have been made in the first three months since the Bitcoin Ordinals launch, creating yet another use case for Bitcoin beyond simple value transfer or storage.
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🔔 Coca-Cola and Top DAOs Join Coinbase's 'Onchain Summer' Web3 Festival for Base Launch

Crypto exchange Coinbase has kicked off the multi-week Onchain Summer event to celebrate the launch of its much-anticipated Layer 2 network Base. The crypto giant said that each week in the series will bring new activations across Web3, including art, music, culture, and gaming.

Companies, artists, and creators will be running onchain events "that will make crypto more accessible, fun, and useful than ever before," Coinbase said. New mints will happen daily from August 9 through August 31.

The exchange wants users to bridge their ETH to the new network to mint a free NFT - hence, boosting the activity and engagement on Base. The "first-of-its-kind onchain festival" includes "over 50 leading brands, platforms, marketplaces, artists, and creators," Coinbase said.

Popular decentralized autonomous organizations (DAOs), such as Nouns and Friends With Benefits will participate, as will the soft drink giant Coca-Cola.
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📈Big Move: How Bitcoin Ordinals Is Taking NFTs To New Heights

Wu reported that the BSV community has been instrumental in developing Bitcoin Ordinals and BRC 20. Unisat, the core wallet of BRC20, was created by the Chinese development team of the former BSV community, which also developed Sensible Contract, a smart contract solution on BSV.

The BSV community has extensive participation in Bitcoin Ordinals and BRC 20. Behind Unisat, the core wallet of BRC20, is the Chinese development team of the previous BSV community, which has developed Sensible Contract, a smart contract solution on BSV. By TechFlowPost

— Wu Blockchain (WuBlockchain) May 9, 2023
The team behind Ordswap, the first BRC20 trading platform, developed RelayX, the first decentralized trading platform on the BSV network. Twetch, a social application built on BSV, is behind the Ordinals Wallet. Additionally, the founder of the Mempool mining pool is a core member of the BSV community.

These advancements have paved the way for Binance NFT Marketplace to announce its upcoming support for Bitcoin Ordinals. Bitcoin Ordinals are a way to create NFTs by attaching data to individual satoshis on the blockchain. Each bitcoin consists of 100,000,000 satoshis, and the protocol allows each satoshi to be identified and transacted with extra data attached. The additional data can include text, images, videos, or other content and is added to each satoshi through inscription.

The Taproot and SegWit upgrades to the Bitcoin protocol have made this possible. As a result, ordinal inscriptions do not require a sidechain or separate token and allow the creation of true, immutable collections on the Bitcoin blockchain. More than one million inscriptions have been made in the first three months since the Bitcoin Ordinals launch, creating yet another use case for Bitcoin beyond simple value transfer or storage.
South Korean Police Arrest Girl Aged 14 for Buying Crystal Meth with Crypto 👮

A 14-year-old South Korean girl has been arrested on suspicion of using cryptoassets to buy methamphetamine (crystal meth).

Per Dong-a Ilbo, the girl is a third-grade middle school student who lives in the Dongdaemun District of Central Seoul. Police say she was found “collapsed” on a stairwell in an apartment block. Officers say she had dissolved the substance – also known as Philopon in East Asian nations – in a bottle of water.

Officers explained that the girl had paid just over $300 worth of crypto for 10 “doses” of methamphetamine. Police said the girl had managed to find the ID of a Telegram-based drug dealer “without any difficulty” while she was “searching the internet out of curiosity.”

They think the girl may have discovered this information via an unnamed social media site.
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Ok x Introduces New Ordinals Marketplace Amid Bitcoin Inscription and BRC20 Buzz

On Tuesday, the crypto firm Okx announced the launch of a new Ordinals marketplace. The platform is accessible via the Okx Wallet and will enable users to mint and trade Ordinal inscriptions and BRC20 tokens. While the Ordinals marketplace is still in its early stages, users can take advantage of the ability to view and transfer Ordinal inscriptions using the multichain wallet.

Okx, the crypto firm, exchange, and Web3 company, has announced the Okx Wallet now provides seamless access to the groundbreaking Ordinal and BRC20 ecosystem.

Okx has always believed in the power of Bitcoin to revolutionize global markets and bring us closer to a truly decentralized system, Jason Lau, the chief innovation officer at Okx, said.

We are embracing Ordinals and BRC-20, despite early criticisms about their impact on transaction costs, because we see the potential of Bitcoin to expand its use cases into areas previously dominated by Ethereum-based applications, Lau added.
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🔥 Magic Eden Rolls Out Bitcoin Ordinals NFT Creator Launchpad

Non-fungible token (NFT) marketplace Magic Eden said Thursday it’s rolling out a creator launchpad for Ordinals, helping creators successfully inscribe their Bitcoin-based NFT collections.

While the company already has the infrastructure for creators to list and sell Ordinals, the launchpad will help onboard creators to the ecosystem to easily facilitate the creation of tokens on the Bitcoin network.

The process of inscribing an Ordinal NFT is far different from minting a digital asset on Ethereum, which poses a barrier to entry for many creators who aren’t familiar with the intricacies of Taproot and inscriptions. This led Magic Eden to find a way to help ease the process for the growing market of Ordinals collectors.
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Revolut taps Koinly for automated cryptocurrency tax reports

Revolut
has partnered with Koinly to integrate cryptocurrency tax report services for users.

As cryptocurrencies increasingly fall under the purview of global tax authorities, fintech Revolut has integrated an automated tax reporting service for its users.

The digital financial services provider has partnered with cryptocurrency tax solution Koinly to allow users to generate cryptocurrency tax reports to work out gains and losses. Revolut users will be able to synchronize their cryptocurrency transaction history with Koinly to expedite tax calculations.

Koinly’s global head of partnerships Jane McEvoy tells Cointelegraph that the partnership has been a work in progress since the start of 2023. The service works with more that 50 different partners around the world, which has enabled the company to cater to a wide range of users with different cryptocurrency tax preferences and requirements.
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A cryptocurrency wallet prototype found in Microsoft Edge browser code

The screenshots presented by the researcher show the user interface of the cryptocurrency wallet, the decentralized application store and the news feed service. The wallet's interface shows cryptocurrency purchases via Coinbase exchange and MoonPay service.

Albacore noted that all the functionality is already built into the latest versions of the Microsoft Edge browser, but for now the cryptocurrency wallet is hidden from users.

The researcher stressed that Microsoft developers often test various features, but far from always this code gets into release versions:

"The Edge browser team is constantly adding all sorts of different features and looking at their acceptance. You could say they throw a baby in the water and see if it swims out. The list of different features they've added but ended up removing is pretty long."
Forwarded from Laika The Cosmodog
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