The Wolf Den #596 - True Colors Shining Through
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In This Issue:
True Colors Shining Through
Drop What You Are Doing And Tune In!
Bitcoin Thoughts And Analysis
Legacy Markets
Binance Bridge Hack
Canada Is Bracing For A Bitcoin Flood
Decentralizing The World And Becoming An Internet Citizen & Chaos Magician | Kevin Owocki, Gitcoin
My Recommended Platforms And Tools
True Colors Shining Through
It’s a sad day for PayPal users and supporters.
Over the weekend, the people behind the multi-billion dollar payments giant revealed their true colors and crossed the line. Most users will not forgive or forget this epic faux pas.
One small (but serious) Terms Of Service update called into question the motives and mission of the company and will probably cause backlash into the distant future.
For PayPal, it was just another weekend, releasing a minor update to their user agreement. To the rest of the world, a dangerous ideology was exposed. In PayPal’s updated user policy, a clause was added that would have allowed the company to fine its users for “the sending, posting, or publication of any messages, content, or materials that promote misinformation.” In other words, if PayPal doesn't like what you say, your money could become their money.
The new policy was slated to go into effect on November 3rd and allowed the platform to fine users $2,500, up to 4 times, if they were found guilty of breaking the rules.
I went on PayPal’s website to find their mission statement. You can see just how much this policy conflicts with their supposed core values.
“Our mission is to democratize financial services to ensure that everyone, regardless of background or economic standing, has access to affordable, convenient, and secure products and services to take control of their financial lives.”
It requires approximately one functioning brain cell to see that their actions do not align with their words. Not surprisingly, PayPal deleted the new TOS and claimed it was an “error,” but the damage was already done. Of course they backtracked after their users showed up with the torches and pitchforks.
How many lawyers, policy experts, and HR personnel do you think read that statement before it was released? My guess is quite a few, which makes the matter that much worse.
This was not a simple mistake.
PayPal’s previous president, David Marcus, had the following to say about the controversy.
“It’s hard for me to openly criticize a company I used to love and gave so much to. But Paypal’s new AUP (acceptable use policy) goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with. Insanity.”
Elon Musk, PayPal’s co-founder, chimed in to agree with Marcus.
The policy update raises so many questions. How would PayPal monitor its users? What political misinformation would qualify? How would it be determined that information was false? Who’s controlling the company agenda?
It’s all so twisted.
If you've been searching for a reason to opt out of traditional finance, let this be your cue. Your freedom is more important than their rules, and this situation once again reminds us how important it is to be your own bank and control your own finances.
Drop What You Are Doing And Tune In!
The next few days are going to be epic! I will be live-streaming from 12:30 PM EST to 9:00 PM EST for the next FOUR days with masterclasses, panels, and fireside chats - all at the Web3 Expo in Las Vegas. You won't want to miss this, so I'll make sure to spam all of you with more updates.
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Bitcoin Thoughts And Analysis
MONTHLY CHART
Quick refresher on the monthly chart, which I share occasionally for context. As you can see, price is still in the massive ascending channel since 2013 and is currently testing the support.
That is a HUGE support.
Otherwise, Bitcoin has been trading in a $1500-$2000 range for the past 3 weeks. There's almost NOTHING to see here.
Legacy Markets
Key events this week:
Earnings this week include: JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, BlackRock, Delta Air Lines, Fast Retailing, Infosys, PepsiCo, TSMC, Tata Consultancy, UnitedHealth, U.S. Bancorp, Walgreens Boots, Wells Fargo, Wipro
Fed’s Lael Brainard and Charles Evans speak, Monday
IMF’s World Economic Outlook and Global Financial Stability Report, Tuesday
Fed’s Loretta Mester speaks, Tuesday
BOE’s Andrew Bailey speaks, Tuesday
FOMC minutes for September meeting, Wednesday
US PPI, mortgage applications, Wednesday
OPEC Monthly Oil Market Report, Wednesday
Fed’s Michelle Bowman and Neel Kashkari speak
ECB’s Christine Lagarde speaks
US CPI, initial jobless claims, Thursday
G-20 finance ministers and central bankers meet, Thursday
China CPI, PPI, trade, Friday
US retail sales, business inventories, University of Michigan consumer sentiment, Friday
BOE emergency bond buying is set to end, Friday
Some of the main moves in markets:
Stocks
The S&P 500 was little changed as of 9:35 a.m. New York time
The Nasdaq 100 fall 0.4%
The Stoxx Europe 600 rose 0.3%
The MSCI World index fell 0.2%
Currencies
The Bloomberg Dollar Spot Index rose 0.2%
The euro fell 0.4% to $0.9701
The British pound fell 0.4% to $1.1047
The Japanese yen fell 0.2% to 145.56 per dollar
Cryptocurrencies
Bitcoin fell 0.5% to $19,390.26
Ether fell 0.4% to $1,315.86
Bonds
Germany’s 10-year yield advanced one basis point to 2.20%
Britain’s 10-year yield advanced 15 basis points to 4.38%
Commodities
West Texas Intermediate crude fell 0.3% to $92.40 a barrel
Gold futures fell 1.6% to $1,682.10 an ounce
Binance Bridge Hack
Late last week, unidentified hackers forged legitimate proofs on the BSC blockchain and managed to print 2 million BNB tokens out of thin air. Technically, Binance users were not affected, but the supply of BNB was inflated by half a billion US dollars because of a bug. The attack vector was a bridge... again.
Of course.
Binance immediately went into lockdown, but were largely unable to recover the funds. They were able to freeze them. In response to the hack, CZ reminded the community that, “software code is never bug-free,” but that didn't prevent the community from voicing concern about the centralization of the chain.
This too, shall pass.
Canada Is Bracing For A Bitcoin Flood
At a keynote speech this weekend, the Ontario Securities Commission CEO surprised the audience with a bold statement. According to their research, “more than 30% of Canadians plan to buy crypto assets in the next year.” Although the country hasn't taken the friendliest approach to regulation, the commission does openly consider Bitcoin and Ethereum to be commodities and does aim to take a “neutral approach” to the crypto market. Imagine what happens when it’s the norm for all countries to have +30% adoption.
Decentralizing The World And Becoming An Internet Citizen & Chaos Magician | Kevin Owocki, Gitcoin
Kevin Owocki describes himself as an internet citizen, DAO cartographer, EVM whisperer & chaos magician. But what is truly behind these identities? We met at Mainnet in New York and talked about the future of AI, security issues of proof of stake, Kevin’s background, why and how he built Gitcoin, and why he decided to turn the project into a DAO.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.
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