Bitcoin Rises, Investors Sue YouTubers Over FTX Influence

Bitcoin surges 37 percent against USD and hits $28,000. Some people are blaming it on bank instability. Former Coinbase CTO makes $2 million bet that BTC will skyrocket to $1 million by June. Remember when the late John McAfee said he’d eat his own dick if BTC doesn’t hit $1 million? Yeah, some things are just stupid, even if entertaining. The only thing this proves is that Balaji Srinivasan has too much spare change lying around.

FTX influencers have filed a class-action lawsuit against YouTubers for promoting FTX. I have mixed feelings about this. On the one hand, investors must perform their own due diligence, and take responsibility for their failures. If a friend recommends a bad movie and you go to see it based on that recommendation, do you sue your friend? YOU made the decision to waste your time. The difference here is that influencers, people who, by definition, get paid to assert their influence, received monetary compensation for making a recommendation. Do the influencers bear some responsibility for investor losses? I don’t think so, but I do believe they should disclose when they have been compensated for making recommendations, and if they want to be seen as credible, they should have some personal experience with the product or service they’re recommending. Nevertheless, investors must do their own due diligence.

The state of Wyoming is getting its own stablecoin. _What’s interesting here is that the governor consciously decided not to veto the bill that makes this a law. He didn’t sign it. He just didn’t veto. _One U.S. Congressman says the Fed is moving toward a central bank digital currency (CBDC). _I have no doubt that the U.S. will introduce a CBDC. The question is whether they’ll attempt to discourage the use of private cryptocurrencies. _Brian Parsons explains why CBDCs are creepy.

Blur marketplace is under critical eye for alleged market manipulation. Naaah! Couldn’t be. ;-)

NFT trading volume has slid 51 percent in response to recent banking crisis. Banking as usual leads to bitcoin stiffy and NFT limp. Hmmmm … what could that mean?

Microsoft is preparing for crypto wallet integration with its Edge browser.

Traffic for crypto exchanges is down overall. _Coinbase is losing its share of traffic. _Crypto funding slowed down this week.

Sony files for patent for cross-platform NFT trading framework.

Origin Story shows creators how to eliminate NFT fees. But will creators use it?

Key differences between Polygon supernets and Avalanche subnets.

Playboy loses $4.9 billion on Rabbitar NFTs. NFTs are getting physical. WTF is NFTFi?

Arbitrum Foundation launches a DAO.

The Hive blockchain turns three years old.

Shiller uses token gating for content creation and social community.

How to identify and avoid NFT wash trading. This is one of the most useful skills for traders and potential traders to acquire.

Flying Sheep Studios gets $1.2 million injection from German government for its metaverse game. Just because they want to encourage socializing.

Hong Kong is planning legislation to make cryptocurrencies legit.

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Snark and commentary are in italics. Inclusion of an item doesn’t mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.

Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. Original articles on Fridays.

First published at Cryptocracy. Not to be construed as financial advice. Do your own research.

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