Massive bitcoin price crash trigger?
Biden chooses climate over crypto. Details inside 👉
GM frens ✨
We’re reporting back for duty! From the ever-bustling land of web3, we have picked and created everything that matters, so this week we have:
US Government making crypto greener
The fake Apple crypto scam
Web3 funding, jobs & bonus reads
Estimated reading time: 2:50 mins
Weekly Wrap: Numbers & News 🗞
Quick web3 updates curated for you:
Poolin, the largest bitcoin mining pool, suspended withdrawals from its wallet service on Sunday, acknowledging it had liquidity issues.
Coinbase’s stablecoin proposal is expected to earn MakerDAO $24M annually.
Franklin Templeton, which has over $1.4 trillion in assets, has launched a new metaverse fund for European investors.
Ethereum’s last upgrade before the Merge—Bellatrix Fork was successful.
Despite recent volatility in the cryptocurrency market, Y Combinator is doubling down on crypto startups.
Make bitcoin mining greener or No mining at all!
Crypto has been looked down on by climate activists because of its large carbon footprint, and The US government seems to be catching up.
Citing this issue, Biden gave the executive orders to ensure the responsible development of digital assets in March this year. This Thursday, The White House indicated that U.S. lawmakers and regulators could soon crack down on cryptocurrency mining. There would be a nationwide mandate for crypto miners to reduce greenhouse gas emissions, with help from relevant federal agencies.
The government will collect more data on power usage from the industry
Advance energy efficiency standards.
Promote the use of environmentally responsible crypto-assets.
Bitcoin, using the energy-intensive proof-of-work consensus mechanism, could even be banned in the U.S., according to the proposal. Some think this might be a trigger for a massive bitcoin price crash.
What could this mean for the future of earth? Something good. Lots of good! We’re big believers in the crypto industry here, but no one can turn a blind eye to its climate impact.
And what could this mean for the crypto industry? Well, more onboarding of individuals from all backgrounds and ultimately increased adoption worldwide.
Wanna dig deeper into what else the orders bring? read the full report here.
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70,000 viewers watched a fake Apple crypto scam
Hours after the recent iPhone 14 announcement event, around 70000 crypto fans tuned in to watch a supposed crypto event by Apple. The title: "Apple Event Live. Ceo of Apple Tim Cook: Apple & Metaverse in 2022.” No, Apple was not holding the event.
The graphics were a clear indicator of phoniness, with Bitcoin and Ethereum logos and “URGENT NEWS” at the bottom. Here’s the rundown:
The interview footage was a CNN Money interview with Tim Cook from 2018.
The stream appears to have been a minor hit while it was live.
Those who clicked through into the channel’s YouTube profile (“Apple LIVE”) were greeted with an URL that had nothing to do with Apple, suggesting an honest YouTube account may have been hijacked by crypto scammers.
Following the links in the video’s description led viewers to a dubious crypto site.
The video was removed shortly after. But this misleading stream seemed to be an attempt to trick people who may not be aware of Apple’s actual big day.
So, what did we learn? DO NOT CLICK LINKS YOU’RE NOT SURE ABOUT. And if you think something looks phoney, it probably is.
Stay safe Web3 peeps; the saying rightly goes, “Where there is money, there are scams.” (…or something like that).
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Grab a good read and chuckle if you made it here ☕️
It’s Time to End Maximalism in Crypto
How a carbon-backed cryptocurrency is tackling climate change
Meme of the week 🤠
That’s a wrap for This Week in Web3, see you next week! 🚀
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