Easy Mining Rigs, 4 Pillars of Regulation, and Gaming Wars

Well, this weekend had a bit of ups and downs. This morning the market was down – but so were stocks so it seems to be an all-around thing. 

We’ve been seeing some resistance with bitcoin at around $62,000 dollars – but luckily the drops haven’t been anything too bad – so hopefully we will be able to breakthrough.

There may be some help with that as Square made an announcement over the weekend that they are looking to make mining rigs – but not for themselves. 

They are considering making mining rigs that are easy to use, and possibly as simple as plugging into a wall so that the average consumer is able to mine on their own. 

Of course, mining isn’t really that hard – but it can feel a little overwhelming to the average person and can be discouraging. 

This could possibly bring more people into mining – which would create more competition but at the same time could make it more acceptable if it’s common to see a rig in a person’s home. 

Chances are these rigs won’t make you a millionaire – but could be an added income for households. The project is still very much in its infancy and has a lot of details to work out – so I will keep you updated as things happen. 

Another thing that may help Bitcoin break through the resistance is regulation, which would help more traditional investors feel safer about entering the space. 

I know you’ve heard me say before what an advocate I am for regulation – so I’ll spare you that this time. 

But Coinbase made a step forward, by publishing a proposal for regulations. 

Brain Armstrong, Coinbase’s CEO, was quoted saying “Today we’re launching our Digital Asset Policy Proposal (DAPP) which we hope will help chart a course for clear regulation of cryptocurrency and web 3.0 in the U.S. It’s critical to bring clarity to this space and ensure America remains a financial leader.”

This is not about Coinbase — we completed more than 75 meetings with stakeholders in government, industry, and academia to help shape this proposal, and we feel it represents a consensus point of view. It’s inclusive and democratic by design.

Coinbase has proposed four core pillars for regulation. 

The first is that there needs to be a digital native framework for regulation that doesn’t encumber innovation, inclusion, and financial empowerment for all sectors of society.

Second, that cryptos regulation needs to be done by a single regulator, and an authority that would handle the application of new digital assets.

Third is the need for customer protection, which can also happen through transparency of processes as well as disclosures to purchasers of digital assets.

The last pillar is to promote interoperability and fair competition in cryptocurrency and blockchain technology. 

Coinbase also wants anyone who would like to comment on their thoughts of the regulation to do so on their Github, so feel free to hop over there and let them know. 

Let’s jump over to the world of NFTs now. 

NFT is seeing some interesting adoptions lately. The sports gambling site Draft Kings has teamed up with an Ethereum based NFT platform Polygon to create a DraftKings marketplace where they can release custom sports-based NFTs. 

This isn’t DraftKing’s first jump into the NFT world. They previously released NFTS of iconic sports figures such as Wayne Gretzky and Tom Brady – which nearly sold out immediately.

Another company expanding NFTs is Epic Games, realtor of the hit Fortnite. Their CEO Tim Sweeney said they will open their store to blockchain technology games as long as they follow laws and their terms of service. F

Epic Games, however, will not support blockchain itself at the moment – nor will they be accepting cryptocurrency as payments although I am sure that will change in the future. 

On the opposite end, however, Valve has announced they are going to ban all Blockchain games and NFTs on Steam. 

That’s a move I imagine won’t win them any favors, and will likely hurt them in the long run. 

Valve’s reasoning is the belief that items gaming items should not have real-world value.  Amy Wu, a partner in the Venture capital firm Lightspeed, believes a big part of this is due to the fact that when using web 2.0 – the gaming store gets a part of the sales. 

With blockchain, it completely cuts out the gaming store – leaving them unable to take a piece of the revenue brought in through their gamers. This is an issue we’ve seen in the past, with Apple’s removal of Epic Games from the App store. 

Well, today is Market Cap Monday and as always there’s been a little bit of a shake-up. As of this recording, these are currently the top ten Cryptocurrencies based on market cap:

1. Bitcoin
2. Ethereum
3. Binance Coin
4. Cardano
5. Tether
6. XRP
7. Solana
8. Polkadot
9. Dogecoin
10. USD Coin

If you are interested in signing up for our upcoming newsletter, please go to CryptoDailyShow.com. There you can also find links to where you can follow me on social media.

Please follow our show wherever you listen to podcasts – and please leave a review on Apple Podcasts. If you get your podcasts on Youtube, be sure to subscribe and leave a comment there.

I’m Dustin Knouse, thank you for joining me today.

Resources:

Jack Dorsey says Square is looking to build bitcoin mining hardware for the masses

Coinbase Publishes Proposal for Crypto Regulation Pushing 4 Core Recommendations

DraftKings partners with Polygon to expand NFTs, cryptocurrency possibilities

Epic welcomes blockchain games but don’t expect any Fortnite NFTs