2023-10-03

💸 Musk's Fiat Slam: Backing Bitcoin?

October 03, 2023

Good morning, beautiful people,When you check the charts and the only things red are the ones you hold...

Let's boogie!

🥊 Musk Challenges Fiat
⛏️ A Controversial Crypto Goldmine?
😤 Tweet Trouble for CZ?

😬 Elon Musk Labels Fiat Currency "A Scam"

In a world where sending a tweet can ruffle feathers, Elon Musk, the maestro of controversy, has done it again.

Comparing fiat currency (think dollars, euros, and yen) to smoke without fire, X mogul Musk dubbed it "a scam."For the uninitiated, fiat currency is like a promise note; its value isn't linked to physical commodities like gold but rather the trust in the government printing it.Yep, that's right...the cash we have always used is nothing more than an IOU! 🤫

Musk's tweet set the digital world abuzz, with Bitcoin backers seeing it as a high-five for cryptocurrencies.Makes sense, right? After all, they champion digital currencies as the future, free from government control and inflation's cruel clutches.While it's unclear if Musk's tweet is just another enigmatic echo in the vastness of social media or if he'll delve deeper, one thing's for certain: the battle between traditional and digital money is heating up. 🍿At this point, I think most of us realize that there's probably an ulterior motive to anything Elon does!

👯 Friend.tech Revenue Soars Amidst Intense Criticism

Where polarities pull interest, Friend.tech, the decentralized social media behemoth, is catching the eye of naysayers.

Bursting onto the scene in August 2023, the platform’s coffers swelled even as the doom-and-gloomers wagged their fingers.With its revenue rocketing to a staggering 10,663 ETH in just two months, Friend.tech seems to be defying gravity.

What trick has it got up its sleeve? Friend.tech allows users to trade "keys" - digital passes to exclusive chatrooms and content of influencers or pals.Personally, I'm not convinced...but then again...I don't have any friends! 🤣Think of it like trading cards, but instead of baseball stars, it's your favorite internet personalities.

But it's not all roses. Crypto journalist Collin Wu threw shade on the whole affair by pointing out that a whopping 34% of the revenue went straight into the pockets of sniper bot wallets.Others argue it's just a speculative bubble. Either way, online spaces are jam-packed with influencers hyping up their Friend.tech profiles.I've started to get the "ick" every time I read the word "influencers." 🤢The question remains: Is it sustainable genius or just another fleeting crypto craze?

🤼 Binance CEO CZ Faces Suit over FTX Collapse Tweets

In a plot twist that reads more like a courtroom drama than your everyday cryptocurrency headline, Binance's CEO, Changpeng "CZ" Zhao, is caught in a storm over tweets.

A group of investors, spearheaded by Nir Lahav, has hurled a legal missile at Binance and its boss, laying partial blame on them for the catastrophic downfall of rival exchange, FTX.Sour grapes, perhaps? 🍇

The charge sheet? Using Twitter as a weapon. The investors claim that CZ’s tweets played a sinister role in triggering a 14% drop in the value of FTX's native token, FTT, all within a day’s work.So, nothing to do with SBF et al. and their inability to count or be honest??? 🙄These tweets allegedly set off a domino effect, sending the token's price tumbling from a lofty $25 to a mere $3 faster than a house of cards in a gale.

Accusing Binance and its head honcho of playing dirty in the crypto sandbox, the lawsuit alleges unfair competition and violations of SEC rules.As the dust settles, the crypto community is left wondering: Did a tweet really ruffle the feathers of an entire exchange?