📝 Web3 Field Notes #5: Destination Unknown
📝 Web3 Field Notes #5: Destination Unknown
Bitcoiners vs. the rest; Crypto's identity crisis; Messaging in Web3; Ethereum Shanghai update; Starbuck's "Odyssey"; Regulation; New start-ups & more.
“It is crazy to want what is impossible. And impossible for the wicked not to do so.”
– Marcus Aurelius
📚 Readings:
On the widening divide between Bitcoiners and the rest. Excellent take on the state of affairs. Link
Crypto’s identity crisis. What's the way forward? A few of my observations. Link
Michael Saylor on the the FTX implosion. The best explanation I heard so far. Link
The Economist: A crypto-exchange founder makes his case for decentralized finance. Link
81 of the Top 100 Public Companies are using blockchain technology. Link
Talking to the protocol: messaging in Web3. A lot of new start-ups are exploring how comms, analytics and marketing to wallets can be improved. Link
🚨 What caught my eyes:
Ethereum All Core Devs call: Agreement to Shanghai update for March 2023, likely to include ETH withdrawals from staking accounts. The team is wary of preventing further delays. Link
Starbucks launches “Odyssey”, it’s NFT loyalty program on Polygon. Link
WhatsApp releases “Communities”: In web3, community is everything. A new way to manage communities outside of Discord? Link
G20 governments working together to develop a unified cryptocurrency policy. Link
Canada bans leverage and margin trading. Link
ECB calls for a ban on crypto. It’s getting boring. Link
WSJ questioned the solvency of Binance and viability of its proof-of-reserves. Users have withdrawn over billions in last days hours from the exchange. “Bank runs” like this are a real threat to exchanges. Link
Class action lawsuit against celebs who promoted Bored Ape Yacht Club NFTs. This feels a lot like after the 2017 ICO craze. Link
🚀 Interesting Web3 start-ups:
Glass: The home for video NFTs.
Tribes: Messaging in web3.
Dispatch: Seamless wallet check-out and communication.
Disco: Your identity for the metaverse.
💡Ideas & Take-Aways:
The FTX collapse has put the whole industry on trial. Regulators and policymakers are starting to wrap their heads around the dangers of leaving crypto unregulated.
G20 governments want to create a unified cryptocurrency policy. The UK is finalizing plans for crypto regulation. The SEC faces calls to boost crypto-exchange enforcement. U.S. Treasury's Yellen says cryptocurrencies need regulation. In this week’s hearings in front of the Senate Committee the need for regulation of some sort became a running theme.
“I don’t get the point of crypto or blockchain. It’s like counting how many times you chew gum. It makes no sense to me,” is one sentence I overheard.
We have a long road ahead.
That’s all for now, folks.
Back to building an learning! 🚀
– Marc
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