What happened during the week of October 4-10, 2021 in quotes: who wants to relegate the dollar to the background and how to prevent it, the movement of the Sri Lankan government towards the adoption of crypto legislation, what’s new in the NFT world and much more.
Cryptocurrency From the Evil One, Or a Potential Threat to the Dollar
The US is seriously concerned that cryptocurrency could harm the dollar. This week, Ken Griffin, founder of the Citadel LLC hedge fund, who believes cryptocurrency development is the hand of America’s detractors, the jihadists, spoke out:
It’s a jihadist call that we don’t believe in the dollar
What surprises him most is that an impressive amount of American taxpayer money goes to financially support talented young people who work in high technology:
What a crazy concept this is, that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency
In his view, it would be much better to channel their energy on their own projects that would increase US influence in the world:
I wish all this passion and energy that went to crypto was directed towards making the United States stronger
At the same time, Edward Snowden stresses cryptocurrency cannot be broken. What should have destroyed it, on the contrary, strengthened it:
“Sometimes I think back to this and wonder how many people bought #Bitcoin then. It’s up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency. China even banned it, but it just made Bitcoin stronger”.
Sri Lanka Introduces Mining at the Legislative Level
Sri Lanka has taken steps toward integrating cryptocurrency into the life of the country. For this purpose, the Committee for the Study and Implementation of Blockchain Technology and Cryptocurrency Mining was created, which should first study the successful experience of other countries.
Mohan Samaranayake, Director General of Government Information of Sri Lanka, confirmed that the country’s ruling elite has decided to let crypto technologies into the country to be on par with their business partners:
The authorities were convinced of the need to develop an integrated system of digital banking, blockchain and cryptocurrency mining technology
The basis of the new laws will have to be chosen by the new Committee:
This committee will be mandated to study the regulations and initiatives of other countries such as Dubai, Malaysia, Philippines, EU and Singapore etc, and propose a suitable framework for Sri Lanka
The President of Ukraine Sent the Law On Cryptocurrency For Revision
We recently talked about the active movement in Ukraine in cryptocurrency legislation. In early September, the Parliament of the state adopted the “Law on Virtual Assets”. It remains to wait for the adjustments to the Tax code, which would allow the business to fully work with cryptocurrency.
However, the President of Ukraine Volodymyr Zelensky sent the “Law on Virtual Assets” for revision, slowing down the process.
As it turned out, the president did not like the fact that it was proposed to create a special body to regulate the cryptocurrency legislation, which would entail additional expenditures from the budget:
“According to the legislation, regulation of the virtual assets market is to be carried out by various state bodies depending on the type of such assets, particularly by creating a new executive body. The creation of a new body, as provided by this law, will require significant expenditures from the state budget”.
Volodymyr Zelensky proposed not to add a fifth wheel to the cart, but to legitimize the role of the crypto market regulator of the existing National Securities and Stock Market Commission.
Develop NFT, Not Speculate On It
Yat Siu, one of the founders of Animoca Brands, an NFT game developer, offered to stop speculating on NFT. Instead, it is worth paying attention to the further development of blockchain technology, which will allow art and its values to be preserved for centuries to come.
Because first of all, NFT allows you to transfer art into the virtual world, which means prolonging its life.
What is art? Art stores culture
We describe NFTs as stores of culture because they embody a moment in history
For those who are just getting acquainted with NFT, he suggested:
Start with buying your first NFT, not with the intention to make money for you but simply with a desire to […] learn from it
The Disappearance of the Evolved Apes NFT Collection Creator
NFT collections are in demand among connoisseurs of virtual art and can be very expensive. We have already talked about the success of “CryptoPunks”, the price of which increased several times after being minted. Therefore, many cryptocurrency owners buy lots of NFT collections to invest and make money.
However, a drop in the price of the NFT token collection might also occur, as happened the other day with Evolved Apes.
The creator of “Rugged Apes”, Evil Ape, after minting all 10,000 lots of the collection, suddenly disappeared with 798 ETH equivalent to $2.7 million. He blocked the Evolved Apes Twitter account and website.
Almost immediately, the price of Evolved Apes collapsed to 0.005 ETH, which is less than the original lot value.
At the same time, the owners of the “monkeys” unite in a new community and promise to give further life to the project:
Can the rugged apes of #Evolvedapes also get some love? Sure was a bad week for ape-kind #ballerapeclub! We have a new community of volunteers coming together to #fightbackapes and can use any support or expertise
Project investors are trying to find Evil Ape and get their money back.
Stealing an NFT Collection By Right-clicking
While some are looking for a crypto collection developer who left the Internet with a crazy amount of money, others are ridiculing the supposed value of NFT tokens.
So Lauren Walker, an active Twitter user, tells her devious plan to steal NFT values:
I have stolen over 4 terabytes of NFTs via the little known hacker technique known as “right click -> save as”. my collection has a net estimated value of over 8 trillion dollars
She hints you can download any images on the web to your device and enjoy the art at any time. So why pay incredible sums to own NFT tokens of these pieces of art?
But supporters of NFT-collecting object to her in response:
This is basically the same as making a joke that you stole the Mona Lisa by taking a photograph of it
The most interesting thing is that there was a person who took a screenshot of Lauren’s tweet and put it up as an NFT token for auction. There is already a bid from someone willing to buy this $5,000 NFT screenshot…