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What you need to know today in crypto and beyond May 12, 2021 Sponsored By: If you were forwarded this newsletter and would like to receive it, sign up here.
Send feedback to daniel.kuhn@coindesk.com – we'd love to hear from you!
Today's must-reads Top Shelf HALFWAY TO $1T: Ether, the native cryptocurrency of Ethereum, passed the market cap milestone of $500 billion Wednesday morning, making the decentralized network more valuable than JPMorgan ($480 billion) and Visa ($496 billion). Relatedly, ETH fees are at record highs as meme coins like the dogecoin spin-off, SHIB, take off. Don’t fear, a number of other self-referential projects not based on Ethereum are gaining ground. Take LoserSwap, the Asian project that seeks its own failure and which has found market success.
CORPORATE CRYPTO: Two U.S. corporates, eBay and MoneyGram, have announced plans to dip further into crypto. MoneyGram will debut cash-for-bitcoin trades at 12,000 locations after linking up with bitcoin ATM firm Coinme. Meanwhile, eBay said yesterday it will allow NFT sales on its digital marketplace.
HIGHBROW? Nine of the earliest CryptoPunk NFTs have sold for $16.9 million at Christie’s auction house. Meanwhile, Decentraland co-founder Ari Meilich is working to bring blockchain-based games and NFTs to a mass audience with Big Time Studios. The studio closed a $10.3 million in a Series A with support from Sam Bankman-Fried and actor Ashton Kutcher's venture fund, among other industry heavyweights.
– Daniel Kuhn
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Overheard on CoinDesk TV Sound Bite “[This] is the first opportunity for us to move upmarket into what are now largely recognized around the world – digital currencies and, with this case, with bitcoin.”
What others are writing... Off-Chain Signals U.S. inflation rose to 4.2% in April (FT) Small banks build bitcoin services to keep customers (American Banker) “There’s a lot of discussion over if it’s a good thing or a bad thing, what’s the true value or is it in a bubble – honestly speaking, I don’t know,” SoftBank’s Masayoshi Son said about crypto during its earnings conference (Bloomberg) Chainlink is “great,” but… Vitalik Buterin says Uniswap's UNI should become an oracle token (The Block)–D.K.
A message from Lisk Lisk.js 2021 is a free online event organized by Lisk, an open-source blockchain application platform. The two-day virtual event, open to all developers, blockchain enthusiasts and community members globally, will set the stage for the major reveal of Lisk's Interoperability solution. Developers can expect to learn how to develop a blockchain application with Lisk SDK in JavaScript, attend in-depth talks on blockchain interoperability, and get inspired by community members who have already built blockchain applications on Lisk.
A message from CoinDesk Introducing Unlocked 101 at Consensus by CoinDesk 2021 New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event.
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Putting the news in perspective The Takeaway This is a guest essay from John Mac Ghlionn, a cryptocurrency researcher.
Too Musk Power for One Man “Some are born mad, some achieve madness, and some have madness thrust upon 'em.”
Either way, madness has very much been thrust upon us.
The Tesla CEO, who appears to enjoy “breaking” the internet, posed a rather provocative question to his 42.2 million followers: “Do you want Tesla to accept Doge?” And 77% of respondents said “yes.” Almost immediately after the tweet, doge’s value increased by 10%.
If he passes away tomorrow, the cryptocurrency will die the quickest of deaths. This logic, I argue, is also applicable to Tesla. If Musk goes, so, too, will the allure of Tesla.
Whether or not Musk, the most successful entrepreneur in the world, is serious about dogecoin is debatable. Nevertheless, doge’s value is not. The Musk tweets and the exaggerated value of dogecoin display all the characteristics associated with a classic pump-and-dump scheme. Musk almost single-handedly has artificially inflated doge’s price, but the artificial inflation can’t go on forever. Eventually, like Icarus falling to his death, doge’s price will spiral downward, swiftly and unceremoniously.
–J. Mac Ghlionn
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