GM anons of unprecedented times. Show some empathy to $LUNA holders today. It’s supposedly the worst crash in crypto history.
This is CryptoBrew. We bring you hot news in small portions so that you can digest it more easily.
Here are today’s market moves:
Here's what you need to know:
Terra's Do Kwon was behind another failed algorithmic “stablecoin” project
Shortly after the catastrophes began with TerraUSD and Luna, CoinDesk reported that Terraform Labs CEO Do Kwan had also previously led a different failed stablecoin project. WHAT THE FUCK IS GOING ON.
Using the pseudonym "Rick Sanchez", Kwon created "Basis Cash" (BAC), another algorithmic stablecoin. Basis Cash also aimed to peg to the US dollar, but never actually achieved this value. The coin has traded far below $1 for most of its existence, dropping and remaining below $0.01 in early 2021.
First the Azuki founder’s drama and now this shit gets revealed. There has to be a vetting process for founder’s to get into crypto projects 🙏🏻
My condolences to Azuki and Terra holders.
As we speak, Terra $LUNA token drops in price by 98% amidst ongoing TerraUSD stablecoin collapse.
Algorand is on a marketing/buying spree 🔥
Earlier this month, Algorand announced that they are the official partners of FIFA. We thought this was huge and would catch the eyes of mass audience.
Now they announce this 👇
When it came to paying artists, the music industry was due for disruption. That's precisely what happened as middlemen like Apple Music and Spotify took a larger cut. The labels followed suit and suddenly—after years of earning nothing—artists do have hope.
CryptoBrew’s prediction: Napster will follow the NFT tech and give IP rights directly to artists.
El Salvador unveils future “Bitcoin City”
What is this? A city for ants?
They also have an airport! and no it’s not going to be made of gold!
Crypto lingo of the day
UP ONLY:
Originally popularized by @CryptoCobain for ETH this year.
It is everyone's desired direction of NFT prices, certainly preferable to the less popular alternative of "Down Only"
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