Missed the big events in crypto this week? Take a scroll though Cryptohead and you’ll get a good feel for what’s been happening. Alternatively, some of the latest memes will also put you in the picture…
US crypto-tax amendment foiled by one senior senator
The amendment to the US$1 trillion bipartisan infrastructure bill that would’ve seen a better and much clearer outcome for crypto-taxation provisions was about to pass in the US Senate earlier this week.
Until 87-year-old Republican Senator Richard Shelby voted against it at the 11th hour. And all because he didn’t get his own separate amendment passed, which demanded an extra US$50 billion for military spending.
The crypto world had its own take on the source of his motivation, though…
Maybe this Indian crypto fan, meanwhile, has been following the US Senate’s crypto-regulatory hoo-ha…
India’s government is known for being even more indecisive than the US about how it treats cryptocurrency, but if crypto and cricket can get on the same page, then that’s surely a sign the subcontinent’s more than ready for a blockchain-based boom.
Bored hacker has ‘fun’
Possibly the biggest news of the week was the DeFi-hacking insanity that was the record-breaking US$611 million Poly Network exploit.
A bored, anonymous “shadowy super coder”, dubbed “Mr White Hat” by the Poly Network, apparently masterminded the hack for a bit of “fun” and to “keep the network safe”.
After bizarrely conducting an AMA about it all directly on Ethereum blockchain, he or she has reportedly now returned all the funds, bar a cool $33 million worth of frozen USDT.
Well, Poly Network did ask nicely…
Other meme-makers, meanwhile, were helping the crypto-insurance cause beyond the decentralised finance hacks (there was at least one other big exploit this week as well).
The NFT world is going bezerk
From low-resolution renderings of rocks and crappy cat cartoons, to the Wu-Tang Clan’s Method Man and Pudgy Penguins, the nutbag world of NFTs has been getting pretty frothy this week and shows no signs of stopping any time soon.
Just about every other hour, it seems like there’s a new cartoon animal or pixelated-punk NFT collection spruiking unique characteristics among a limited supply of 10,000 NFTs or so.
It sounds and looks absurd. And then you see how much money some people are making from it all.
The world of sports has been getting its NFT game on, too. Particularly football.
And, while social “fan tokens” aren’t NFTs as such, it’s all in the same half of the field. Argentine superstar Lionel Messi’s move from FC Barcelona to Paris St Germain has caused the PSG fan token to go on a bit of a ride this week.
Fear and greed and fear and greed: repeat
Most crypto investors were feeling much the same as a PSG token at various stages this week, too. It’s been a typically topsy-turvy one – but full of the usual themes, including hopium…
… career re-evaluations…
… solidarity (but not for everyone)…
… relentless but misplaced Bitcoin maxi tribalism…
… and just the odd keen observation here and there…
And, while this one’s not a meme, it is some valid crypto-market sentiment to leave you with for the weekend…