2023-02-14

📫May the Battle Commence!

February 14, 2023

Happy Valentine's Day 💖you beauties!I hope your partner is treating you today (crypto is a romantic gift, right?), and if you’re a fellow single person, treat yourself to a big bag of your favorite token!Remember, Valentine’s Day is the best time to go out for a meal on your own. Lots of awkward, once-a-year dates to chuckle at! 🤣Anyway, enough of this vomit-inducing romance…Today we have our usual trio of tasty topics. 😋

Paxos Returns Fire!
Ordinals, not your Ordinary BTC Activity.
Drake; The “BTC Chief” of Super Bowl Betting!

Paxos Dons Its Armor and Prepares for Battle ⚔️

After what can only be assumed was a long day in the Paxos head office, a statement was released late yesterday (13th Feb 2023) afternoon…“Paxos categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws. This SEC Wells notice pertains only to BUSD. To be clear, there are unequivocally no other allegations against Paxos”They went on to say…“Paxos has always prioritized the safety of its customers' assets. BUSD issued by Paxos is always backed 1:1 with US dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts”.Ending with cannon fire from the port bow…“We will engage with the SEC staff on this issue and are prepared to vigorously litigate if necessary.”

For clarity, Paxos is a New York-based company. In order to run a virtual currency business in the state of New York a BitLicence must be held.Paxos does have a BitLicence.A BitLicence is one of the most difficult licenses to be granted in the U.S. It has heavy regulatory requirements. So, why are the SEC going after Paxos?According to James from the respected crypto YouTube Channel, MoneyZG. It could be that the SEC wants to “bring down the power of Binance”Or will Gensler and his henchmen be coming after other, similarly backed stablecoins like USDT and USDC?Only time will tell.One thing we can be sure of is Paxos is not going down without a fight!

Ordinals Project Boosts BTC Activity but not Everyone Is Happy!

According to on-chain Bitcoin analysts, Glassnode, non-zero Bitcoin addresses hit a record high of 44 million recently.This boost in activity is due to the launch of the controversial NFT protocol, The Ordinals. Glassnode stated…“This is a new and unique moment in Bitcoin history, where an innovation is generating network activity without a classical transfer of coin volume for monetary purposes”A reported 69k have already been produced (Spookily similar to Bitcoin’s all-time high valuation!While many are feeling positive; that increased network activity will bring more use cases for Bitcoin, others are less than amused.

What do you think?

Should Bitcoin only be used for peer-to-peer financial transfers, or is a little NFT action a good thing?

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Drake Wins Big on the Super Bowl…Again

Notorious crypto-gambling rapper, Drake, won $1,262,000 worth of Bitcoin betting on the outcome of the Superbowl LVII.He made two winning bets, the first, that the Kansas City Chiefs won the title, netted him a cool $777k in Bitcoin.

The second wager predicted that Patrick Mahomes would score a touchdown; he scored three! Drake's $50k bet netted him another $700k.

It’s not all roses and sunshine though…The star rapper made several other bets, all of which were unsuccessful, losing him $215k.

It must be nice to have that much Bitcoin to throw around…personally, I'd be keeping it locked up safely, possibly with a dragon guarding it…but that’s just me—you do you, folks!