Snoop Dogg Spam, Scam, and Other Ways to Spend Crypto
There’s been some interesting developments over the last couple of days. The meme coin Shiba Inu was trending on Twitter, which caused a large jump for the coin.
Only a few weeks ago it was the 52nd largest coin based on market cap and not it’s jumped up to the 26th as of this recording.
Shiba Inu has been labeled as the Dogecoin Killer, and a lot of people are hoping it will beat Doge to the $1 mark. I’m a big fan of Shiba Inu, but the truth of the matter is – there is a LOT of Shiba Inu that was created.
Not all of it was released, but in order for it to hit the one penny mark a lot of coins will have to be burned. That being said since its creation in August 2020 – tens of millions of coins have been burned and more burns are expected to come.
$1 isn’t impossible if the burns continue and we see rising demand.
While we are talking about altcoins, Mark Cuban has come out to discuss an interesting trend.
The Mavericks owner said people are less likely to pay for tickets and merchandise using bitcoin. People don’t want to part ways with it because they see it as an appreciating asset.
He’s found that people have been paying using Dogecoin far more, as it is easier to spend and doesn’t appreciate as quickly.
Speaking of spending crypto.
For those critics who think Crypto can’t be used like cash, data from Findbold shows that over 21,000 Bitcoin ATMs have been installed globally in 2021 alone. Over 90% of the ATMs are located in North America.
These ATMs are a good push to seeing Crypto being treated like an actual currency. Earlier this year I was very excited to see one installed at a mall near me. I haven’t used it yet, because I am holding for the long term – but I love how accessible it is
I also wanted to talk about a new report that came out from Bank of America. They’ve said that Crypto is too large to ignore.
Their report has started the Defi has the potential to provide financial services to over 1.7 billion unbanked people globally.
Bank of America also said the market evaluation is over 2 Trillion dollars and 200 million users. They’ve also shown that the industry has become less about Bitcoin, with so many altcoins popping up.
Of course, this type of attention means we are going to see more government involvement around the world. Recently, the Security Exchange Commission, or SEC, sent a subpoena to Circle.
Circle is known as a stable coin issuer and was planning to roll out a new interest-bearing product called Circle Yield.
Circle has said they are cooperating with the SEC, but can’t comment at the moment.
Circle isn’t the first platform we’ve seen scrutinized for having high-yield interest products. I expect we’re going to see a lot more of this – as the unusually high-interest rates we see in the crypto markets make financial institutes nervous.
Not all institutions are fighting crypto though. US bank, the 5th largest financial institution in the US has embraced crypto as a legitimate investment.
They announced today that its cryptocurrency custody service is available to fund managers.
They will help store private keys for Bitcoin, Bitcoin Cash, and Litecoin.
In time they expect to support other coins, like Ethereum.
Now it’s time to shift our focus over to NFTs.
NFT market continues to grow, with the third quarter of this year seeing a trading volume of 10.6 billion dollars. That’s up 704% from the previous quarter.
Of course, a market that large means more and more scammers will enter it.
Thousands of investors put ether into an NFT project called Evolved ape. It was set to be a fighting game that stored over 10,000 unique NFTs that would be distributed to the best players.
Gaming NFTs is not a new concept and is a growing trend.
Unfortunately for these investors, the creator of this supposed game – whose pseudonym is Evil Ape – took 2.7 million dollars, closed the project’s official Twitter account and website, and disappeared.
This scam is known as a rug pull. So, if you do plan to invest in any project – make sure you thoroughly vet the source. If you want to know more about the project and the scam, the Vice article is linked in the show notes.
I want to move on from scamming to spamming.
Rapper Snoop Dog, who seems to have his hands in everything, revealed himself as the NFT pseudonym Cozomo de’ Medici.
He posted a tweet yesterday saying “If I see a jpg come into my wallet uninvited, and it is not fan art, you can rest assured I will never support that collection or any of its derivatives.
He also wrote “Mass spamming of garbage jpgs is an insult to the artists who work so hard to earn their way into collector wallets,”
NFT spamming has become more and more popular, and not long ago Budweiser had discovered its wallet was sent cartoonish Dick Pics. They’ve removed them – a good reminder that unsolicited dick pics is never a good idea.
Well, with everything going on I thought I would end this episode by listing the top then Crypto based on market cap:
1 Bitcoin
2 Ethereum
3 Binance Coin
4 Cardan
5 Tether
6 XRP
7 Solano
8 Dogecoin
9 USD Coin
10 PolkaDot
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Resources:
Over 10,000 Bitcoin ATMs installed globally in 2021 as demand for crypto surges
SEC slaps stablecoin issuer Circle with a subpoena as the agency homes in on crypto
US Bank launches bitcoin custody service as institutions race to cater to crypto demand
NFT Trading Volume Hit $10.67 Billion in Q3, Up 700% From Previous Quarter
Investors Spent Millions on ‘Evolved Apes’ NFTs. Then They Got Scammed
Snoop Dogg: Spamming Crypto Wallet With NFTs Is ‘Insult to Artists’
