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I hope you are all well and are had an excellent week, welcome to CryptoGod-1’s blog on all things crypto. I am continuing my series based off some of the most interesting news stories of the last week, some of which I have written posts about on here. Within I will be making use of some Meme's as posted in the Reddit Group Crypto Currency Memes to really get the message across of what's been going on. Enjoy :)
Banks Go Bye Bye
News has emerged that the SEC is investigating the conduct of First Republic Bank executives, especially at a time right before the government seizure and sale to JPMorgan Chase & Co. The troubled bank was the biggest bank failure since 2008 when regulators stepped in to oversee its major assets get sold off. Like always, the banks are in trouble, and crypto is somehow to blame, even for the banks that outright refused anything to do with crypto.
Thankfully, even though they will all point the finger at crypto (like they do for everything it seems) there is one thing we can all be assured of. No matter what else, there is zero chance any of your coin, meme, shit, or otherwise, were impacted.
All in all its been a difficult period for the financial services industry. While crypto saw a mini boom recently, although is somewhat correcting itself currently, it is always somewhat pleasing to see the so called "safe options" such as banks all in the red. We in the crypto space are more than used to being down in percentage, in fact some of these numbers seem child's play in comparison. Wait until they are down 60-70%, then we can talk.
Pepe is really taking over
So we all know its shitcoin time right? I mean memecoin, of course that's what I mean. The latest fad and craze has been PEPE, and it has taken the place by storm. Some are claiming returns of millions from minimal investment, while others are considering their options of how to jump onboard and become exit liquidity for the OGs. One thing is for sure, it looks like dog season is finally over....
As for PEPE itself, well it is based on, at least its image is, the famed meme PEPE by cartoonist Matt Furie. He is a frog with a humanoid body and ends up in all sorts of crazy situations. Personally, I prefer to think the coin is based on one of the craziest defenders to ever play football for Portugal.
As for those who are seriously considering investing in PEPE, well, I would point to my earlier jibe on becoming exit liquidity for those who bought in early. PEPE is likely to stick around given just how popular it has become, although nothing is guaranteed. Like anything, those who get in earliest are those who will make the most from it, the rest might see returns, but the risk becomes much greater.
Gas Fees Ruining Crypto Again
With the PEPE craze taking off, it also apparently was part of the recent spike in gas fees. They are at a 1 year high on Ethereum, meaning users are once again faced with the horrible realisation that it will cost them too much to transfer or swap their tokens. When you start seeing this estimated gas fee, you know things are going wild west style once again.
For others, it might not be quite a body part that is required to process the transaction, but oftentimes the fee can outweigh the amount being sent. At times like these Ethereum becomes almost unusable for the everyday person, and only those with large sums can survive and thrive.
Biden. Tax. Crypto.
The White house is looking to introduce a 30% tax, phased in over three years, on the mining of cryptocurrency. This would mean any facility which currently engages in the mining of crypto would be paying the tax on the electricity they use for the operations, regardless of whether or not it is from renewable sources. Biden's administration team claim it is to tackle climate change, although many feel it is just another way to target the industry and place more taxes on citizens and businesses.
At the end of the day Biden has his reasons for taxing, taxing, and taxing some more. There are plenty of people out there struggling but ultimately, the SEC cannot get the job done alone when it comes to managing crypto. Team Biden is on the case, and they need to ensure they have plenty of ammunition to throw at anybody trying to survive these days.
Elizabeth Warren going after those Terrorist Crypto Users again
She is back again with a vengeance. Elizabeth Warren is looking to reintroduce a cryptocurrency bill to crack down on money laundering and terrorist financing. Having often been seen as a long-standing crypto critic, she is looking for law enforcement and national security to have the power to 'keep the country safe' from the awful evils that are cryptocurrencies.
Alex Mashinsky - It wasnt me
The Celsius co-founder was quick to deny any wrongdoing with the failed exchange, denying any wrong doing and being at fault for the collapse of the crypto lender. He says claims that he misled investors about the financial health of Celsius while he was chief executive are totally “baseless” and rooted in misinformation circulated online. I mean, how could we not believe the guy who told us we could trust him and that he was our friend?
CZ Targeted, This Time by.... ChatGPT
It was a strange week for Binance, as reports emerged that Changpeng Zhao had ties to the Chinese Communist Party. Of course it was immediately laughed off by BINANCE as untrue, and later it emerged that the original reports had come from ChatGPT. The AI had spread the false information around which ultimately led to OpenAI, and not Binance, having egg on their face. We can trust CZ. Definitely. Maybe.
Have a great day and enjoy your week ahead.
CryptoGod-1.
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You can find the previous entries here:
20th March - 26th March 2023
27th March - 2nd April 2023
3rd April - 9th April 2023
10th April - 16th April 2023
17th April - 23rd April 2023
24th April - 30th April 2023
