2023-09-18

👑 Coinbase's Base Dethrones Solana

September 18, 2023

Howdy friends,Me watching the charts go up, go down, and go back up again:

Guess what I was watching over the weekend!

📈 Base's Meteoric Rise
🍌 SEC's 'Banana' Controversy
🪤 Cuban's Costly Click

⛅ Coinbase's Base Network Outshines Solana

In a twist that has the crypto-world buzzing, Coinbase’s Layer-2 blockchain network, Base, is taking the lead.

Over the past two months, this underdog has witnessed a substantial uptick in transactions and new users, soaring past the established Solana.Aiding its ascent is the new social application, FriendTech. Talk about friendly competition! 🥊

Base's current figures are impressive, boasting a Total Value Locked (TVL) of approximately $374.43 million, leaving Solana behind with its $306.93 million.This happens when you actively build your platform during a bear market (rather than launching shoes, phones, and other non-related stuff! 🙈Structured atop the Ethereum framework, Base came to life through the joint efforts of Coinbase and Optimism.With its rapid growth, Coinbase recently unveiled the "Base Neutrality Principles," ensuring a balanced, decentralized journey.As the DJs say...

Jobs of the Week!

Crypto BookkeeperFirst Beat MediaWeston

Weston-based investment company seeks a bookkeeper skilled in modern investments like cryptocurrencies and web3 start-ups. Manage daily transactions, provide monthly reports, and assist in traditional accounting. Requires 1-3 years of experience, proficiency in Excel, CryptoWorth, multitasking, and maintaining confidentiality. Full-time, in-office position with flexible hours and comprehensive benefits.

Senior Crypto Tax AccountantPolygon Advisory Group Inc.Reston

Polygon Advisory Group, a leading virtual CPA firm focused on cryptocurrency, is hiring a Senior Crypto Tax Accountant. The role involves managing tax services for crypto entrepreneurs, including return preparation and process improvements. Requires 2-5 years in public accounting, in-depth crypto knowledge, and excellent communication and analytical skills. Proficiency in QuickBooks, UltraTax, and CoinTracking.info is desired. Remote work. CPA license and accounting degree are preferred.

Accounting Manager - BlockchainPropeller IndustriesNew York$90,000 - $125,000 a yearPropeller Industries seeks a remote Accounting Manager to offer top-tier accounting services to its diverse clientele of emerging companies. This role oversees month-end processes, financial statements, client audits, and more, while mentoring a team of accountants. Requirements include 6+ years of operational accounting, full close-cycle expertise, proficiency in QBO, Netsuite, and blockchain familiarity.

👺 Gary Gensler Faces Harsh Critique from NYP

Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), is facing a storm of criticism.

Recently, he's been likened to leaders of "banana republics" in an article by the New York Post. Charles Gasparino, a senior correspondent, didn't mince his words, suggesting Gensler "deserves a place in our country's Banana Republic Hall of Fame."Ouch! 🙊

Gasparino alleges that Gensler's approach to crypto regulation is heavy-handed, aiming to change longstanding securities laws. Furthermore, Gasparino observed Gensler's bias in enforcement. While chasing crypto companies, he seems to overlook "meme stock" activities that can cost innocent investors their savings.Like a sheriff chasing jaywalkers while a bank is being robbed nearby. 🤠

As the criticism mounts, Gensler's vision of "fixing" the markets is under the microscope. With ambitious plans possibly influenced by figures like Senator Elizabeth Warren, one can only hope that in this grand remodeling, investors aren't the bricks left out in the cold.

🎣 Mark Cuban Falls Victim to Crypto Phishing

Renowned billionaire and Dallas Mavericks owner Mark Cuban recently faced a hefty cyber hiccup, losing almost $870,000 in a cryptocurrency phishing scam.

Like realizing you've bitten into a wax fruit, Cuban logged into his crypto wallets after a dormant phase only to discover a significant drain.

In the crypto world, these deceptive tactics often involve fake wallet requests or fraudulent applications that resemble genuine ones, much like wolves in sheep's clothing.Last week, it was Vitalik; this week Cuban...these guys should really know better. 😵‍💫

According to blockchain data, Cuban's wallet saw a dramatic departure of U.S.-pegged stablecoins, stETH, RARE tokens, and some Ethereum Name Service domains.However, every cloud has its silver lining. Recognizing the breach, Cuban swiftly took action, safeguarding over $2.5 million in MATIC tokens by transferring them to a secure Coinbase address.Preliminary findings suggest that the source of this phishing calamity was a counterfeit MetaMask wallet application that Cuban inadvertently downloaded.All jokes aside, be careful what you click – even the tech-savvy aren't immune to digital deception. ⚠️