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Check out these developments in the Crypto industry that have set the news cycle for cryptocurrency around the world. Given the difficult start of 2022 with bitcoin fairly flat at approximately $41k, Ether up 2% up to $3,113, and other coins like Cardano, Terra and Dogecoin, struggling back there is a lot to go through.
6.) Tesla Accepts Payments In Doge For Their Merch Store
That’s right! On January 13th, 2022 Elon Musk (popularly known as Papa Elon to many in the r/WallstreetBets Reddit community announced to the world that his Tesla Electric vehicle brand which has spawned almost as many memes as the Crypto will now be accepting the ultimate meme cryptocurrency: Dogecoin.
Tesla merch buyable with Dogecoin
— Elon Musk (@elonmusk) January 14, 2022
According to NBC, “This includes 835 coins for a “Giga Texas Belt Buckle” and 300 coins for a “Cyberwhistle,” among other items. That’s about $134 and $48, respectively, at current prices.
The price of dogecoin jumped more than 15% on Friday following the news and topped 20 cents before leveling off. It’s now trading at 16 cents, according to Coin Metrics.”
5.) Users can now report ‘Suspicious activity on Crypto.com
Because certainly, no one has ever heard of a shady crypto deal going down (*cough* Robinhood *cough*) Crypto.com announced via Twitter, ““we have a small number of users reporting suspicious activity on their accounts. We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.” According to reports, Crypto lost about $15 million coinciding with allegations of a hack. CEO Kris Marszalek tweeted that “No customer funds were lost,”
We have a small number of users reporting suspicious activity on their accounts.
We will be pausing withdrawals shortly, as our team is investigating. All funds are safe.
— Crypto.com (@cryptocom) January 17, 2022
4.) Cash App is integrating Lightning Network
Jack Dorsey fresh off of his exit from Twitter, has announced that Block’s Cash App is integrating with the Lightning Network in order to allow faster, cheaper bitcoin transactions. This will now allow Cash App’s user base in the United States (excluding New York) to send bitcoin at no charge to anyone around the world.
3.) Block is Now Building A Bitcoin Mining System
Dorsey, hitting the ground running has also confirmed that in another move deeply impacting the Crypto market, Block formerly known as Square ( the naming convention though… ugh) will be “officially building an open bitcoin mining system,” A project they’ve been considering since October.
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack (@jack) January 13, 2022
CNBC reports that “the project’s goal is to make mining bitcoin, the largest cryptocurrency by market value, “more distributed and efficient,” tweeted Thomas Templeton, the company’s general manager for hardware.”
2.) Kim Kardashian and Floyd Mayweather ensnared in alleged crypto scam
Once upon a time, Kim Kardashian logged into her Instagram and started promoting a cryptocurrency called EthereumMax.
“Are you guys into crypto???” she posted. “This is not financial advice but sharing what my friends told me about the Ethereum Max token!” complete with #ad, the near-universally understood sign of ‘This is a promo that I’m getting paid for’ .
It probably seemed like one of any hundreds of promotional posts to her gargantuan audience… but there’s a problem. A Class Action lawsuit has been levied in the U.S. District Court for the Central District of California that accuses Kardashian, Floyd Mayweather, and multiple celebrities of varying fame of “making false or misleading statements” about EthereumMax to increase its value… also known as advertising.
A spokesperson for EthereumMax told the press that the lawsuit was “riddled with misinformation” and claimed that the crypto certainly isn’t a scam… which leads us nicely to our number one development.
1.) Jack Dorsey has created a legal defense fund for bitcoin developers (Because that’s clearly needed now.)
Seeing the trouble that Kim Kardashian and Floyd Mayweather have found themselves in, while they can no doubt afford a lawsuit, you can imagine that a burgeoning Crypto-developer probably can’t. That being said, Jack Dorsey, seeming to recognize the enormous risks to building a new cryptocurrency has launched his plan to create a “Bitcoin Legal Defense Fund”.
“The Bitcoin Legal Defense Fund is a non-profit entity that aims to minimize legal headaches that discourage software developers from actively developing Bitcoin and related projects,” Dorsey wrote in an email.
The new initiative will defend bitcoin developers from legal battles “including finding and retaining defense counsel, developing litigation strategy and paying legal bills,” It’s a good start, and hopefully will make developing bitcoin more accessible.
