Has crypto experienced maximum pain?! – Bad News for August 31, 2022
My name is Max. Max Pain. And in case you are wondering if the crypto world has encountered me yet? Some say yes. But some say no. What we know for sure is that Michael Saylor may be in trouble for tax fraud, Crypto.com accidentally transferred more than $10 million dollars to a customer, and Samsung hopes to open a crypto exchange in Korea next year.
There are predictions and prognostications on what happens next with Bitcoin and the crypto market from experts, so-called experts and wanna-be experts. All I can tell you is you don’t want to meet me in a dark alley behind the exchange. You’re better off meeting those clowns from that horrible podcast. Take your chances with Joel and Travis on this bad news episode #631 of The Bad Crypto Podcast.
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ARTICLES MENTIONED IN THE SHOW
Market Update:
Bitcoin News:
- Bitcoin could become a zero-emission network: Report
- Banking uses 56 times more energy than Bitcoin: Valuechain report
- Expert Bitcoin Price Predictions from $10k to $22k in 2022 and beyond
- First Mover Americas: A Bleak Month for Crypto as Bitcoin Slides, Ether Stalls and Solana Tanks
Current Events
- District of Columbia Suing MicroStrategy Founder Michael Saylor for Tax Fraud
- Last Soviet leader Gorbachev, who ended Cold War and won Nobel prize, dies aged 91
- Crypto.com accidentally transfered $10.5M to client instead of $100 refund
- Bitcoin mining has never been more competitive even as BTC loses 13% in August
- Texas crypto-mining rush may need as much power as entire state of New York
- Powell sees pain ahead as Fed sticks to the fast lane to beat inflation
- Crypto News: FBI Pressures Crypto Projects to Place More Focus on Security
Around the World
- 1.7 Million Argentines Can Now Pay Taxes in Crypto in Mendoza Province
- Samsung Hopes to Open a Crypto Exchange in Korea Next Year
- Russian PM takes cue from Iran’s crypto payment permit for imports
- Crypto Miner Malware Hits Systems Across 11 Countries; Infects 111K Users Through Popular Apps
AltCoin News
- Ethereum Founder Issues Urgent Upgrade Warning After Wild Bitcoin And Crypto Price Swings
- ETH products grow in August as BTC products dip: CryptoCompare report
- Crypto Coin AVAX Drops 11% After Self-Described Whistleblower Says Avalanche Weaponized Litigation Against Rivals
Funny/Human Interest Stories
- Crypto crash: how a teacher’s dream investment turned into a nightmare loss
- How to communicate with your crypto community when things aren’t going well
- Twitter Saga: Elon Musk subpoenas Twitter whistleblower, seeking info on spam
- LinkedIn post on Web3 Bots.
NFT World
- Moonbirds will store NFT art ‘in chain’ — Raises $50M in Series A funding
- Here’s How Much Nike Has Made From NFTs
LISTENER FEEDBACK
iTunes Reviews
TIMESTAMPS
- 00:00 Intro
- 03:40 Crypto market cap
- 05:00 – What’s the Bitcoin magic number?
- 06:15 – Bitcoin could become a zero emission network, according to a report. How much does it cost to print printing press money, when printing presses go “brrrrrrr” and print money out of thin air?
- 07:05 – Harnessing stranded methane gas into mining power. Basically, when they can siphon cow farts, Bitcoin will be carbon neutral.
- 08:23 – Travis read that by the year 2046 – like every 12,068 years there is some sort of big massive die-off on the planet – and we’re 24 or 26 years away from that. But how can you even determine that? How do you know?
- 09:00 – There’s a link I followed from that story in the show notes; banking uses 56x more energy than Bitcoin, exposing the banking system as energy hungry, demonstrating Bitcoin is better for the planet and offers a million times more efficiency than the regular banking system.
- 11:11 – Travis shares his real life human 404 error experience with his car registration and tire repair in Puerto Rico; an example of the inefficiency of government.
- 13:04 – Bitcoin expert price predictions; depending on who you speak with. What are the things that are causing Bitcoin’s price movement? Well, the Federal Reserve, inflation, money printing.
- 14:04 – Bitcoin hasn’t been over $50k since Christmas 2021. BUT Bitcoin is still twice as valuable as it was two years ago.
- 14:43 – Crypto goes up, crypto goes down.
- 15:38 – At some point, we will see a decoupling from the stock market. But I don’t see how we avoid max pain. COVID-19 discussion and prolonged economic impact unraveling in Europe with high energy prices (impacts of Russia shutting off access to oil) and small business foreclosures.
- 17:29 – I sent you a meme yesterday. It’s a conspiracy theory.
- 18:30 – Didn’t something happen with Solana this week?
- 18:55 – Travis was watching some stuff about Unreal Engine on a couple of YouTube channels, and they were talking about Star Atlas as one of the most amazing games about to come out, currently slated for release on Solana.
- 19:42 – Breaking news: District of Columbia suing MicroStrategy Michael Saylor for tax fraud and suing the business for helping Saylor shield earnings from the tax man. Discrepancy based on registered home state on IRS tax forms.
- 23:14 – Those of us who were adults in the 1980s remember the end of the Cold War with Ronald Regan as President and Michael Gorbachev. Gorbachev died at age 91 this week. 6,660 days between Regan’s death and Gorbachev’s death.
- 24:27 – Crypto.com accidentally transferred $10.3 mln to a client instead of $100 refund. Court reports the recipient bought a luxury home. They have been ordered to sell the property and return the funds.
- 26:12 – Bitcoin mining has never been more competitive, even as Bitcoin loses more than 13% in August. The hash rate is looking at new all-time highs of its own.
- 26:35 – Texas crypto mining rush may need as much power as the entire state of New York. Crypto miners are moving into Texas, sending the state’s electricity skyrocketing ahead of winter. Why are we not using solar power for mining, yet?
28:03 – Powell, Fed Reserve chairman, spoke and sees “pain ahead” (max pain) as Fed sticks to the fast lane to beat inflation. That means, if they need to bring interest rates up, that’s what they’re going to do. - 29:40 – Travis reads an opinion from Judge Keith Albur, California dated 1954. How to overturn a democracy.
- 31:59 – The FBI is pressuring crypto projects to place more focus on security.
- 33:30 – Argentines can now pay taxes in crypto.
- 33:47 – Samsung, the technology power house, wants to open a crypto exchange in Korea next year.
- 34:54 – Crypto miner malware hits systems across 11 countries via exploited apps. Scammers and hackers are getting more sophisticated.
- 35:30 – Joel encountered a verified Twitter handle with a Pudgy Penguins scam offer. Be careful, friends; check those handles before engaging with social media accounts.
- 37:20 – The ETH Merge is coming around Sept. 10-20th, and the Beacon chain hard fork is coming then, too. Update your clients. The markets might get very scary for a little bit with the ETH Merge. Our last Episode, #630, featured Matt Cutler sharing the details around the ETHmergency with us; tune in: badco.in/631
- 38:15 – ETH products have grown in August as Bitcoin products have dipped. A lot of speculation on what the Merge means to the ecosystem.
- 39:25 – Max pain for a teacher invested in crypto. Welcome to crypto.
- 39:55 – There’s a whistleblower inside Ava Labs, behind the Avalanche blockchain. Whistleblower is alleging legal was paid to hurt competitors and keep regulators at bay. The founder is dismissing it as a smear campaign. We interviewed Ava Labs’ Jay Kurahashi-Sofue, VP Marketing in Episode #593; listen here: badco.in/593
- 40:31 – What I am looking forward to is hearing from the Twitter whistleblower. Let’s see how many bots are faking us out on Twitter.
- 41:10 – Travis goes off the rails with an off-the-cuff news story. Jigger has done some analysis on every web3 game site and token launchpad. They determined one game that sits on top 3 of Binance with 35k monthly active users has been determined to be 70% bots.
- 42:31 – Moonbirds are going to store NFT art in-chain, meaning the NFT can be generated completely off the underlying smart contract without any need for an off-chain storage provider and they raised $50mln in Series A funding.
- 43:16 – 43:36 – Bad Crypto is a Blue Chip podcast
- 43:42 – A report from Dune Analytics is saying that Nike is number one out of these 10 companies in terms of the revenue they have made from NFTs; $185 mln in NFTs due to their acquisition of RTFKT.
- 45:10 – 46:10 Reviews and feedback
- 46:11 – Outro
Jebb McAfee is a 21 year old asset trading prodigy who has built a thriving media company around his God given gift to empower his daily livestream audience with powerful market insights.
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