February 28: Crypto Summary
World's first crypto war is happening now. Doodles discord server hacked.
gm to everyone transferring their coins to a non-custodial wallet.
Not your keys, not your crypto.
Markets
Here are today’s market moves:
Here's what you need to know:
World’s first crypto war is happening right now
In the words of the Washington Post, the battle between Russia and Ukraine is "the world's first crypto war" as both sides discover the advantages of a borderless, permission-less currency.
The West is limiting Russia's access to SWIFT systems and frozen Russian assets. Russia can easily turn to crypto as a way to circumvent the economic sanctions piling up on them and enable them to continue the war/invasion/human suffering.
Ukraine, on the other hand, is getting millions of dollars in donation from around the world to arm themselves better.
The only difference between using fiat and crypto is the transparency we get. We track payments with an open ledger. We see where the funds have been utilised.
Bitcoin might help the good guys, but it can also help the bad guys. As many in crypto like to say, the tech is agnostic 🙏🏻
Doodles discord server gets hacked
On 26th February, the enormously popular "Doodles" NFT project announced that their Discord server had been "penetrated by a hacked bot", and that all messages should be ignored. They wrote, "Our lawyers, friends at discord, and the community are helping us".
Later that day they announced that they had regained control of the server, and that they would compensate community members affected by the attack.
It wasn't clear the scale of losses that may have been suffered by members of the Discord who believed that messages coming from an attacker were from the official team.
Two developers have built a blockchain layer on Minecraft
For those unaware, Minecraft is an online multiplayer game owned by Microsoft and since 2011 it has been a huge hit. Some of Minecraft’s software is open source, meaning that anyone with the right technical knowledge can build upon it.
Two devs, unaffiliated to Microsoft, built NFT Worlds, a project built on third-party Minecraft servers with a Polygon-based overlay. NFT Worlds’ blockchain layer on Minecraft will allow players to access Web3 features, such as an online shop where they can buy items for their Minecraft experience using the $WRLD ERC-20 token.
Check out the video. Pretty cool stuff going on.
Did you hear?
eBay exploring Bitcoin and crypto payments, says CEO.
Bitcoin volume traded in Russian Ruble spiked to a 9-month high.
Crypto lingo of the day
Staking:
Proof of Stake based cryptocurrencies offer staking- aka locking up your coins for certain amount of time and earning rewards for holding them. Popular staking crypto is ATOM, ALGO, FTM, ADA, DOT and others. DYOR.
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