Next, everything you need to know to mansplain your way through the crypto crash this Turkey Day. The Node will be back to regular programming on Monday, Nov. 28.
Litecoin Surges to 6-Month High. Why? Litecoin (LTC) has surged amid a sector-wide market decline following the collapse of the FTX crypto exchange. Analysts, searching for a way to explain the price action for an asset that lacks development or real use cases, are pointing to LTC’s coming “halvening.”
This event is scheduled to occur in eight months and will cut the pace of its supply by 50%.
CoinDesk TV’s “The Hash” panel discusses what this means and whether this says anything about Bitcoin’s own programmatic halving event just 450 days away.
Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate: Brendan Blumer, the founder and CEO of EOS developer Block.One, is now the majority stock owner of crypto bank Silvergate Capital (SI). Block.One, known for developing the rarely used EOS.IO protocol (and buying boatloads of bitcoin) bought an additional 7.5%, according to Securities and Exchange Commission documents filed on Wednesday.
“We believe Silvergate’s current equity prices do not accurately reflect their strong balance sheet, their strategic positioning, or their market-defiant growth trajectory,” the company wrote. Silvergate is one of the few banks willing to work with crypto companies.
ApeCoin DAO Launches Community-Driven NFT Marketplace: Built by NFT infrastructure company Snag Solutions, the new community marketplace lists for-sale NFTs from Yuga Labs-owned NFT collections like BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside.
The ApeCoin marketplace is not directly affiliated with Yuga Labs though does offer benefits to holders of Bored Ape-themed cryptocurrency Apecoin. This marks the latest expansion of the most established NFT project.
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Putting the news into perspective
The Takeaway
(Tyler Donaghy/Unsplash)
Mansplaining Your Way Through the Crypto Crash at Thanksgiving
D.K. covers the three trends that really drove crypto prices and retail buying during the bull market. This includes the era of “cheap money,” celebrity shills and people lying about what crypto can accomplish. So even if you did recommend Terra’s Anchor protocol (and its 20% returns), you can still eat guilt free. Read the story here.
What others are writing
Off-Chain Signals
How Crypto’s Collapse May Have Done the Economy a Favor (WSJ – paywalled)
North Korea’s crypto-heists show vulnerabilities in Western security: experts (FOX – lol)
Are crypto bros really selling their Lamborghinis? (The Verge)
Was Tether at the center of Sam Bankman-Fried’s empire? (Protos)
Generation C hosts Avery Akkineni of Vayner 3 and Sam Ewen from CoinDesk share how brands and marketers are using Web3 to experiment and potentially transform their businesses. Tune in to explore how Fortune 500 companies and new start-ups alike are coming to the blockchain to generate attention, gain customers and create value for their bottom line and their communities. Listen now.
For those who have been in crypto for a while now, this isn’t their first winter. While crypto winters past and present have tumbled some of the most well known players in the industry, those who remain continue to adhere to core principles and build on the trust they’ve gained along the way.
Even if FTX fully collapses, crypto will continue to prevail and the future will be dependent on projects and companies like Huobi that continue to push for a more transparent, democratized financial system.
