
<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>The winds of change blow with an unpredictable vigor. Binance, has pulled a trick, announcing its grand plan to bid adieu to BUSD, <a href="https://www.binance.com/en/busd">the Binance USD stablecoin</a>. But fret not, dear hodlers, for Binance isn&#8217;t leaving you hanging. They&#8217;ve got something up their virtual sleeves to keep your crypto adventures rolling. What have they prepared for us next? We bet, you can&#8217;t wait to know. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">FYI: Binance will stop BUSD in 2024🪙<br><br>According to an official announcement on crypto exchange Binance’s app, the exchange pops up a notification for users that they  will stop supporting  BUSD in 2024. <br><br>This is an elignment with Paxos phase out for purchasing BUSD by February… <a href="https://t.co/XiRPy71b3p">pic.twitter.com/XiRPy71b3p</a></p>&mdash; Nu Brave (@NuBraveIN) <a href="https://twitter.com/NuBraveIN/status/1696695457412788395?ref_src=twsrc%5Etfw">August 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>Is It a Goodbye, BUSD</strong>?</h2>



<p>Binance giving a sly wink to its users, encouraging them to start converting their BUSD holdings into other available assets. Why? Well, they&#8217;ve got plans, and they&#8217;re as big as the blockchain itself. On August 31, Binance confirmed the rumors swirling in the cryptosphere &#8211; BUSD&#8217;s days in Binance&#8217;s court are numbered, set to fade into the crypto twilight by February 2024. It’s in perfect harmony with a plan to bid adieu to BUSD redemption at that same time.</p>


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<h2 class="wp-block-heading"><strong>The Tease and the Pop-Up</strong></h2>



<p>If you&#8217;re wondering why you didn&#8217;t receive a formal invitation to this crypto party earlier, don&#8217;t worry, you&#8217;re not alone. Binance kept it low-key until August 31 when they dropped an official statement bombshell. It was the first time they&#8217;d publicly <a href="https://www.binance.com/en/support/announcement/binance-encourages-users-to-convert-busd-to-other-stablecoins-prior-to-february-2024-d392843e81fd4bc3a5f7e219aa01f34d">addressed the matter</a>, despite some sneaky users sharing screenshots of a pop-up on their mobile apps, teasing the impending support halt. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">As Paxos has halted minting of new BUSD, <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> will now gradually remove support for the stablecoin on our platform.<br><br>BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins.<br><br>Find more details below.</p>&mdash; Binance (@binance) <a href="https://twitter.com/binance/status/1697159019234791909?ref_src=twsrc%5Etfw">August 31, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>The Newbie: FDUSD</strong></h2>



<p>Binance wants you to swap your BUSD for a hot new contender in the stablecoin arena: First Digital USD (FDUSD). It&#8217;s like trading in your old car for a brand new, shiny one &#8211; with zero fees attached. </p>


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<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://media2.giphy.com/media/l2JefImZ9vCUCChLG/giphy.gif" alt="" style="width:451px;height:344px" width="451" height="344"/></figure></div>


<p>FDUSD, launched in June by the trusty folks at First Digital Group, made its grand debut on Binance in late July, and they&#8217;ve been wooing traders with their zero-fee trading pairs for FDUSD with Bitcoin (BTC) and Ether (ETH).</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">First Digital, a Hong Kong licensed trust company, launches a new USD pegged stablecoin (FDUSD), on <a href="https://twitter.com/hashtag/BNB?src=hash&amp;ref_src=twsrc%5Etfw">#BNB</a> Smart Chain.</p>&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1664135832863752199?ref_src=twsrc%5Etfw">June 1, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>Behind the Scenes Drama</strong></h2>



<p>Now, let&#8217;s delve into the juicy backstory. Binance&#8217;s decision to bid adieu to BUSD isn&#8217;t just a casual whim. It&#8217;s partly inspired by the United States Securities and Exchange Commission (SEC), which, on February 13, dropped a bombshell alleging that BUSD was an unregistered security. Imagine the SEC as the stern principal of the crypto school, pointing fingers. On the same day, the New York Department of Financial Services ordered Paxos to halt BUSD issuance. Drama, drama!</p>



<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/usdt-usdc-busd/">USDT, USDC, and BUSD – Which one is the best stablecoin?</a></li>



<li><a href="https://hodl.fm/circle-euro-stablecoin-avalanche/">Euro-Backed Stablecoin Launches on Avalanche Blockchain Platform by Circle</a></li>



<li><a href="https://devnext.hodl.fm/what-is-pepe-coin-why-ethereum-jumps-to-2k">What is Pepe Coin (PEPE) and why Ethereum Jumps to $2K</a></li>
</ul>



<p>In a world where cryptos rule and surprises lurk around every blockchain, Binance has thrown us a curveball. While they&#8217;re giving a fond farewell to BUSD, they&#8217;re ushering in FDUSD with open arms. It&#8217;s a classic tale of out with the old, in with the new, crypto-style. So, dear Hodlers,, it&#8217;s time to swap your BUSD for FDUSD, and let&#8217;s witness the birth of a new era!</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://y.yarn.co/96c2262d-193f-40da-9fca-0c9a346b2e7a_text.gif" alt="" style="width:486px;height:273px" width="486" height="273"/></figure></div>


<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


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Binance’s Transition Swapping BUSD for FDUSD-2

Binance’s Transition: Swapping BUSD for FDUSD


<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>X, formerly known as Twitter, has embarked on a fascinating journey towards becoming an all-encompassing &#8220;everything app&#8221; under the visionary leadership of Elon Musk. In its latest stride, X has secured a coveted currency transmitter license in Rhode Island, marking a significant move towards integrating cryptocurrencies into its services. Join us as we delve into this exciting development and explore the potential for crypto services within X&#8217;s grand vision.</p>



<p>Read more: <a href="https://hodl.fm/twitter-x-rebranding/">Elon Musk’s ‘X’ Rebranding; Farewell Bluebird</a></p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Buying Twitter is an accelerant to creating X, the everything app</p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1577428272056389633?ref_src=twsrc%5Etfw">October 4, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>Gathering the Necessary Licenses</strong></h2>



<p>To navigate the intricate world of cryptocurrencies, X has been diligently gathering the essential licenses. Rhode Island, in particular, requires entities handling digital currencies, including wallets, exchanges, and payment processors, to possess a currency transfer license. X has also wisely registered with the Treasury Department&#8217;s Financial Crimes Enforcement Network (FinCEN) in preparation for processing payments.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img decoding="async" loading="lazy" width="974" height="274" src="https://hodl.fm/wp-files/2023/09/image.png" alt="" class="wp-image-3687" srcset="https://hodl.fm/wp-files/2023/09/image.png 974w, https://hodl.fm/wp-files/2023/09/image-300x84.png 300w, https://hodl.fm/wp-files/2023/09/image-768x216.png 768w, https://hodl.fm/wp-files/2023/09/image-816x230.png 816w" sizes="(max-width: 974px) 100vw, 974px" /><figcaption class="wp-element-caption">X has a total of seven money and currency transmitter licenses. Source: <a href="https://mortgage.nationwidelicensingsystem.org/news/nmlsnews/Pages/default.aspx">NMLS</a></figcaption></figure></div>


<h2 class="wp-block-heading"><strong>Crypto Speculation</strong></h2>



<p>While X has remained tight-lipped about which cryptocurrencies it will incorporate first, Elon Musk&#8217;s conspicuous enthusiasm for Dogecoin (DOGE) on Twitter has ignited speculation about the meme coin&#8217;s possible early inclusion. This aligns with a broader industry trend of social media platforms embracing digital payments.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="zxx" dir="ltr"><a href="https://t.co/wmN5WxUhfQ">pic.twitter.com/wmN5WxUhfQ</a></p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1642962756906418176?ref_src=twsrc%5Etfw">April 3, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>Steadfast Progress</strong></h2>



<p>X has been quietly strengthening its payment infrastructure for months. In November 2022, it applied for money service business (MSB) licenses with FinCEN, signaling its intent to operate nationwide. Although X has yet to officially launch a payment service, obtaining the Rhode Island Currency Transmitter License is a momentous achievement in its quest to create an all-encompassing digital platform.</p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading"><strong>Rhode Island&#8217;s Seal of Approval</strong></h2>



<p>Rhode Island&#8217;s regulators recently granted X the currency transmitter license it needed, allowing the company to conduct financial activities related to both fiat and crypto assets. This approval empowers X to securely custody, transfer, and exchange digital currencies, effectively opening doors to a world of financial possibilities. However, not all app users are as thrilled as we are. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">when Elon Musk sees any useful or valuable aspect of Twitter: <a href="https://t.co/xgLOBtzW5G">pic.twitter.com/xgLOBtzW5G</a></p>&mdash; ITYSL memes 💦🥩 (@ITYSL_memes) <a href="https://twitter.com/ITYSL_memes/status/1683212680922791936?ref_src=twsrc%5Etfw">July 23, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading"><strong>A Step Closer to the &#8220;Everything App&#8221;</strong></h2>



<p>Elon Musk&#8217;s vision for X as an &#8220;everything app,&#8221; complete with crypto and fiat payments, is rapidly materializing. While initial reports suggest X&#8217;s payment feature will primarily support fiat currencies, Musk has instructed developers to make room for future crypto integration, keeping pace with the dynamic crypto landscape.</p>



<p>This revelation comes hot on the heels of rumors that gained traction in recent days. The information comes courtesy of the renowned security researcher, Jane Manchun Wong, who has earned her place in Forbes&#8217; prestigious 30 under 30 list for her remarkable track record of exposing tech-related scoops. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Twitter is working on a “wallet prototype” that supports “crypto deposit and withdrawal”</p>&mdash; Jane Manchun Wong (@wongmjane) <a href="https://twitter.com/wongmjane/status/1584616567530483712?ref_src=twsrc%5Etfw">October 24, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h3 class="wp-block-heading">Read More: </h3>



<ul>
<li><a href="https://hodl.fm/elon-musk-tweet-sends-milady-nft/">Elon Musk Tweet Sends Milady NFT Collection Floor Price Upwards</a></li>



<li><a href="https://hodl.fm/elon-musk-xai-chatgpt-ai-crypto-tokens/">Elon Musk’s AI Showdown: xAI Takes on ChatGPT, Boosts AI-Related Crypto Tokens</a></li>



<li><a href="https://hodl.fm/elon-musk-ai-experiments-letter/">Elon Musk Signs Contentious “Pause AI Experiments-Open Letter” to AI Labs</a></li>
</ul>



<p>X&#8217;s journey towards becoming a comprehensive digital platform is gaining momentum, with the Rhode Island currency transmitter license as a crucial milestone. As X navigates the ever-evolving world of cryptocurrencies, its ambitious goal of becoming an &#8220;everything app&#8221; is within reach. Stay tuned for more exciting developments in the world of X and cryptocurrencies!</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media4.giphy.com/media/jPzNDcnrwc3zUzDwpN/giphy.gif" alt=""/></figure></div>


<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


X Clears the Path to Crypto Services with Rhode Island License

Top 10 Best Artificial Intelligence Games to Play (2)-2

Ronaldinho’s Crypto Controversy: From Soccer Star to Pyramid Scheme Probe


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<h2 class="wp-block-heading">SEC Ordered to Reconsider Grayscale&#8217;s Bitcoin ETF Application</h2>



<p>A federal appeals court has ordered the SEC to reevaluate Grayscale Investments&#8217; application for a Bitcoin ETF. The court <a href="https://grayscale.com/wp-content/uploads/2023/08/GBTC-Decision-829.pdf">found</a> fault with the SEC&#8217;s denial, stating it was &#8220;arbitrary and capricious&#8221; due to the agency&#8217;s failure to justify its differential treatment between Grayscale&#8217;s proposal and approved Bitcoin futures ETFs. Win for the crypto! </p>



<p>Read more: <a href="https://hodl.fm/ripple-sec-lawsuit-analysis/">Navigating Ripple’s Legal Drama: The SEC Lawsuit</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media4.giphy.com/media/2sXf9PbHcEdE1x059I/giphy.gif?cid=6c09b952jld6t12tdeui2smgbehwo3s5a0woe5x9w9yzjd32&amp;ep=v1_internal_gif_by_id&amp;rid=giphy.gif&amp;ct=g" alt=""/></figure></div>


<h2 class="wp-block-heading">Setback for SEC Chair Gary Gensler</h2>



<p>This court ruling marks yet another <a href="https://hodl.fm/chairman-genslers-resignation-rumors-debunked-by-sec-pr-team/">setback for SEC Chair</a> Gary Gensler&#8217;s efforts to regulate the burgeoning cryptocurrency industry. The SEC had initially denied Grayscale&#8217;s application, citing concerns about the unregulated nature of Bitcoin spot markets and their susceptibility to manipulation.</p>



<p>Grayscale, a major player in the crypto space, celebrated the court&#8217;s decision as a &#8220;monumental step&#8221; for Bitcoin exposure in the form of an ETF. However, they noted that they are reviewing the ruling&#8217;s implications. </p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">THIS JUST IN: The D.C. Circuit ruled 3-0 in favor of Grayscale and <a href="https://twitter.com/search?q=%24GBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$GBTC</a>. This is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper. Read the decision: <a href="https://t.co/ulAtcsad2G">https://t.co/ulAtcsad2G</a> <a href="https://t.co/BNZABvM7tw">pic.twitter.com/BNZABvM7tw</a></p>&mdash; Grayscale (@Grayscale) <a href="https://twitter.com/Grayscale/status/1696542302184038599?ref_src=twsrc%5Etfw">August 29, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading">The Wider Crypto ETF Landscape</h2>



<p>The SEC has repeatedly rejected Bitcoin ETFs from various asset managers, including Fidelity Investments. Currently, the SEC-approved Bitcoin ETFs are based on futures contracts, which trade on regulated derivatives exchanges.</p>



<p>SEC Chair Gary Gensler has prioritized bringing cryptocurrency markets in line with federal regulations. He has strengthened the SEC&#8217;s crypto enforcement team and remains committed to addressing the issue of unregistered cryptocurrencies circulating in the market.</p>



<p>Also this June, <a href="https://hodl.fm/blackrocks-etf-bullish-breakdance/">BlackRock submitted</a> an application to list its own spot Bitcoin ETF. This move was widely interpreted as a clear signal that the world&#8217;s largest asset manager believed the SEC&#8217;s resistance to such ETFs was surmountable. Following BlackRock&#8217;s lead, Fidelity and other prominent fund providers also unveiled their proposals for spot Bitcoin ETFs.</p>



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<h2 class="wp-block-heading">Challenges in the Crypto Regulation Landscape</h2>



<p>Gensler&#8217;s regulatory approach has faced challenges, including a recent federal judge ruling against the SEC in a case involving Ripple Labs&#8217; XRP cryptocurrency. This ruling has the potential to impact the SEC&#8217;s cases against platforms like Coinbase and Binance.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Some have asked whether they could revoke the bitcoin futures ETFs, highly unlikely in our view, esp given their recent openness to Ether futures ETFs. In the end, I know it and you know it and even animals know it- the best move is to just approve the damn things already. <a href="https://t.co/fZCOIur4of">https://t.co/fZCOIur4of</a></p>&mdash; Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1696564558146556306?ref_src=twsrc%5Etfw">August 29, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading">The Role of GBTC </h2>



<p>Grayscale&#8217;s Bitcoin Trust (GBTC), launched in 2013, provides investors with exposure to Bitcoin without the complexities of direct ownership. GBTC currently holds a substantial amount of Bitcoin and charges an annual management fee.</p>



<blockquote class="wp-block-quote">
<p>Now is the time for the U.S. to embrace innovation by making bitcoin available to investors through exchange-based products or risk falling behind global powers that are moving faster to claim this advantage.</p>
<cite>Alex Adelman, <a href="https://www.lolli.com">Lolli</a> CEO and co-founder</cite></blockquote>



<p>GBTC was the first SEC-registered vehicle for Bitcoin exposure but saw its shares trading at a discount after the approval of similar products. Grayscale believes converting GBTC into an ETF could address this issue.</p>



<h3 class="wp-block-heading">Read More: </h3>



<ul>
<li><a href="https://hodl.fm/binance-us-wash-trading-crypto-capers/">Unveiling the Allegations: The SEC’s Case Against Binance.US and Wash Trading Explained</a></li>



<li><a href="https://hodl.fm/coinbase-sec-delisting-drama-seo/">SEC’s Odd Request: Coinbase Rejects Delisting All But Bitcoin</a></li>



<li><a href="https://hodl.fm/chairman-genslers-resignation-rumors-debunked-by-sec-pr-team/">Chairman Gensler’s Resignation Rumors Debunked by SEC PR Team</a></li>
</ul>



<p>In a plot twist that even Hollywood would envy, the federal appeals court has given the SEC a little nudge to rethink Grayscale&#8217;s Bitcoin ETF application. It&#8217;s like a scene from a suspenseful movie, where you&#8217;re not quite sure how it will end. While we can&#8217;t predict the sequel with certainty, this ruling cracks open the door to the possibility of a Bitcoin spot ETF finally making its grand entrance in the United States. It&#8217;s as if Bitcoin has been rehearsing for its big Broadway debut.</p>



<p>This legal drama also highlights something important &#8211; cryptocurrencies are becoming the rockstars of the financial world. They&#8217;ve got the potential, the charisma, and the crowd&#8217;s attention. But, just like rockstars need good managers, cryptocurrencies need clear regulatory frameworks to support their meteoric rise.</p>



<p>As the SEC revisits its script, the crypto community is in the front row, popcorn in hand, eagerly awaiting the next thrilling episode in the saga of digital assets. Stay tuned for more crypto adventures, where the only thing certain is that there&#8217;s never a dull moment in the world of blockchain!</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://readthejoe.com/wp-content/uploads/2021/01/Innovation-ARK-ETF.gif" alt=""/></figure></div>


<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


Top 10 Best Artificial Intelligence Games to Play – Copy

Grayscale Wins the Court Battle Against SEC


<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Less than three weeks after its highly-anticipated launch, <a href="https://www.friend.tech">Friend.tech</a>, the decentralized social network, is already facing its own eulogies. Critics are ringing the death knell as key metrics, including activity, inflows, and transaction volume, experience a significant downturn. Friend.tech &#8211; is it truly &#8220;dead&#8221; or merely undergoing a transformative phase?</p>



<p>Read More: <a href="https://hodl.fm/friend-tech-crypto-social-network/">Friend.tech: The Crypto Social Network with $1M Success in 24h</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://pbs.twimg.com/media/F4NoRL5XgAAl5HW?format=jpg&amp;name=900x900" alt="" style="width:484px;height:272px" width="484" height="272"/></figure></div>


<h2 class="wp-block-heading"><strong>The Meteoric Rise</strong></h2>



<p>Friend.tech made a grand entrance into the crypto sphere with its beta version launch on Coinbase&#8217;s layer-2 Base on August 11th. Within a week, its fees soared to over $1 million in a single day, outshining giants like Uniswap and the Bitcoin network.</p>



<h2 class="wp-block-heading"><strong>The Sudden Plunge</strong></h2>



<p>However, the euphoria didn&#8217;t last long. Daily fees, which peaked at $1.7 million on August 21st, <a href="https://defillama.com/fees/friend.tech">plummeted</a> by over 87% to approximately $215,000 by August 26th, as reported by DefiLlama. Transactions on Friend.tech also nosedived, with a staggering 90% <a href="https://dune.com/cryptokoryo/friendtech">drop</a> from nearly 525,000 on August 21st to just over 51,000 on August 27th, according to Dune Analytics data compiled by Crypto Koryo. The Twitterverse was soon flooded with condolences for the beleaguered network.</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">RIP Friendtech<br><br>August 2023-August 2023💀 <a href="https://t.co/Fb0bh23Fyo">pic.twitter.com/Fb0bh23Fyo</a></p>&mdash; Beanie (@beaniemaxi) <a href="https://twitter.com/beaniemaxi/status/1695543917444288807?ref_src=twsrc%5Etfw">August 26, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p></p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading"><strong>The Business Model</strong></h2>



<p>Friend.tech&#8217;s core revolves around the buying and selling of &#8220;keys&#8221; that grant access to private messages between users, with the platform taking a 5% cut. Its unique concept attracted crypto and non-crypto influencers, such as UpOnly podcast host Cobie, YouTuber Faze Banks, and the Russian protest group Pussy Riot.</p>



<h2 class="wp-block-heading"><strong>The &#8220;Dead&#8221; Verdict</strong></h2>



<p>In a candid August 27th post on Twitter, Lisandro Rodriguez, Coinbase payments risk manager, didn&#8217;t mince words. He declared the platform &#8220;dead,&#8221; attributing its demise to &#8220;greed and poor execution.&#8221;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Friend tech is dead because of greed and poor execution. We can see that after the initial influencer pump volume has fallen off a cliff. Let&#39;s dig into how this failure came to be 👇🏾 <a href="https://t.co/WDQncTQJ21">pic.twitter.com/WDQncTQJ21</a></p>&mdash; Lisandro (@TheRealLisandro) <a href="https://twitter.com/TheRealLisandro/status/1695598059491582405?ref_src=twsrc%5Etfw">August 27, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Alongside the fee freefall, the number of buyers and sellers also tanked. On August 27th, the platform witnessed approximately 10,000 buyers and 7,800 sellers, a stark contrast to the peak on August 21st, which saw over 58,000 buyers and 27,000 sellers, according to Dune data.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://pbs.twimg.com/media/F38WO-RXkAATipL?format=jpg&amp;name=900x900" alt="" style="width:520px;height:292px" width="520" height="292"/></figure></div>


<h2 class="wp-block-heading"><strong>Inflows Dry Up</strong></h2>



<p>Dune data also revealed that inflows suffered a drastic decline from the August 21st high of $16.8 million to a meager $1.6 million on August 27th — an alarming 90.5% decrease.</p>



<p>Even before the recent downturn, some community members had already voiced their pessimism regarding the platform&#8217;s future. Crypto commentator Yazan predicted a decline in user key prices and activity within six to eight weeks. </p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Let me tell you one thing.<br><br>Something isn’t right about <a href="https://twitter.com/friendtech?ref_src=twsrc%5Etfw">@friendtech</a>.<br><br>🚩 Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?<br><br>🚩 The way pricing works is ridiculous and can be easily taken advantage of.<br><br>🚩 Pumps and dumps. <a href="https://t.co/TJqcktEM6P">pic.twitter.com/TJqcktEM6P</a></p>&mdash; Yazan (@YazanXBT) <a href="https://twitter.com/YazanXBT/status/1693086023058694222?ref_src=twsrc%5Etfw">August 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>He questioned the sustainability of price hikes for user keys, with some paying more than 1 Ether to access private chats.</p>



<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/chatgpts-history-by-chatgpt/">Self Made Story: ChatGPT’s Bio Told Me by ChatGPT</a></li>



<li><a href="https://hodl.fm/worldcoin-orb-eye-scan-crypto-launch/">You Spin My World Right Round: Worldcoin Explained</a></li>



<li><a href="https://hodl.fm/threads-the-app-that-takes-over-twitter/">Threads: The App that’s Making Twitter Sweat in its Blue Feathers</a></li>
</ul>



<p>Friend.tech&#8217;s journey, from a promising star to a pronounced &#8220;dead&#8221; project, serves as a stark reminder of the volatile and unforgiving nature of the cryptocurrency world. Greed, execution issues, and unsustainable models can quickly turn the tide against even the most hyped platforms. As we bid adieu to Friend.tech, it&#8217;s a poignant lesson for both crypto enthusiasts and investors alike to tread cautiously in this ever-evolving digital landscape.</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;<a href="http://hodl.fm/" target="_blank" rel="noreferrer noopener">HODL.FM</a>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;<a href="http://hodl.fm/" target="_blank" rel="noreferrer noopener">HODL.FM</a>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


8zxkxm8dwnmnbbm91cn5x106mgybwd4n8rsjb5v7h6n0fgdn6Ax8w5xfp0rm59Ajnkyc69qtjn9mf6w4cvyt6hgsqgz5xwAmgcdm7wzj8smfhlkmdwrmdpyjl9b0b7wyp7bmj34cjdh1dthx7122d4dz8lph0gmpnsln0dtp2xfbkb2yjjnq

Friend.tech: Is It Truly “Dead” or Just Hibernating?


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<p>The British adult content subscription service, OnlyFans, is making headlines once again as it reaches unprecedented heights. From a surge in user numbers to substantial dividends, OnlyFans, under the ownership of Leonid Radvinsky, is riding high on a wave of success that defies expectations.</p>



<p>Read more: <a href="https://hodl.fm/mysterious-ethereum-address-0xd275e/">Explosive Revelations: Mysterious Ethereum Address ‘0xd275e’ Raises Eyebrows in Crypto Circles</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://media4.giphy.com/media/w9xG5hsxZlqtevPlJQ/giphy.gif" alt="" style="width:516px;height:270px" width="516" height="270"/></figure></div>


<h2 class="wp-block-heading"><strong>The Half-Billion Dollar Windfall</strong></h2>



<p>At the helm of this captivating tale is Leonid Radvinsky, the US-based Ukrainian who acquired OnlyFans in 2018. Recent revelations from Companies House indicate that Radvinsky has reaped a staggering $485 million in dividends in the past year. A financial feat that speaks volumes about the platform&#8217;s profitability.</p>



<h2 class="wp-block-heading"><strong>A Year of Explosive Growth</strong></h2>



<p>OnlyFans has witnessed an explosive year of growth, with over 50 million new users joining the platform in the 12 months leading up to November 2022. Alongside this remarkable user influx, more than a million new content creators have flocked to the site, turning it into a digital powerhouse. Together, these users collectively spent an astonishing $5.5 billion on the platform.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.tenor.com/hT40dUCSq5UAAAAC/growth-you-know-what-that-is.gif" alt=""/></figure></div>


<p>The financials behind OnlyFans are equally astonishing. Revenues for the platform soared to an all-time high of $1.1 billion, marking a 17% increase in sales. Pre-tax profits followed suit, rocketing by an impressive 21% to reach a remarkable $525 million during this period of growth.</p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading"><strong>The Controversy Surrounding Safety</strong></h2>



<p>However, amidst this financial triumph, OnlyFans has faced a barrage of criticism concerning safety standards. A <a href="https://www.bbc.co.uk/news/uk-63249018">BBC News investigation</a> in the previous year revealed that children had been involved in selling and appearing in videos on the platform, despite OnlyFans&#8217; claims of blocking access to under-18s.</p>



<p>In response to the allegations, OnlyFans made this statement: </p>



<blockquote class="wp-block-quote">
<p>It goes above and beyond the legal requirements, and our peers, to provide a safe platform for creators and fans while maximizing the freedom of creators and fans to control and monetize the lawful content they produce and view.</p>
</blockquote>



<h2 class="wp-block-heading"><strong>The Economics of Content</strong></h2>



<p>OnlyFans operates on an intriguing economic model, where it collects approximately £1 for every £4 generated by content creators on its platform. Some of its adult content creators have achieved remarkable success, with one creator disclosing earnings exceeding £4 million, even investing some of those profits in a rival platform.</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Adult content subscription service Onlyfans’financial report shows that it invested part of its working capital into Ethereum Onlyfans purchased$19.889 million worth of ETH.<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> <a href="https://twitter.com/hashtag/CRYPTONEWS?src=hash&amp;ref_src=twsrc%5Etfw">#CRYPTONEWS</a> <a href="https://t.co/eoyQdokrPO">pic.twitter.com/eoyQdokrPO</a></p>&mdash; Raider®️ Crypto Memes 🚀 (@Raider8386) <a href="https://twitter.com/Raider8386/status/1695710995149451353?ref_src=twsrc%5Etfw">August 27, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"><strong>Controversial Content and Advertising</strong></h2>



<p>The OnlyFans universe is not without its share of controversies. Recently, OnlyFans star Eliza Rose Watson stirred the pot by placing posters featuring a model in a bra top on billboards in various locations, sparking complaints about its appropriateness for children. However, the UK advertising regulator eventually ruled that the image was not overtly sexual and did not objectify women.</p>



<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/tesla-bitcoin-strategy-unveiled/">Tesla’s Bitcoin Moves: Unpacking the Quarter’s Crypto Strategy</a></li>



<li><a href="https://hodl.fm/ethereum-price-prediction-2023-2024/">Ethereum (ETH) Price Prediction 2023 – 2024: Smart Contracts, Liquidity Staking Tokens and Post-ETFs Era</a></li>



<li><a href="https://hodl.fm/rise-and-fall-sam-bankman-fried-ftx-founder/">Sam Bankman-Fried: The Rise and Fall of FTX Founder</a></li>
</ul>



<p>OnlyFans is a digital phenomenon that continues to captivate audiences and challenge conventions. With record-breaking revenues, controversial safety concerns, and a unique economic model, it remains a platform that generates both awe and debate. OnlyFans stands as a testament to the power of adaptability and innovation in the world of adult content subscription services.</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


digest 19_1-2

OnlyFans Proprietor Gains $485 Million in Dividends While the Company Dives into Ethereum Investments


<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<p>Tesla, the electric vehicle juggernaut led by the ever-controversial Elon Musk, disclosed that it had divested approximately 75% of its Bitcoin holdings between April 1st and the close of June. This strategic financial manoeuvre injected a robust $936 million in cash into Tesla&#8217;s coffers. </p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media1.giphy.com/media/v1.Y2lkPTc5MGI3NjExdmFwZTdsMjI2YzQyeWUybmRxcmJpZHNmbndlYm5oYWFyNGtkODhvYiZlcD12MV9naWZzX3NlYXJjaCZjdD1n/MX90KDcJmu8aE9NedB/source.gif" alt=""/></figure></div>


<h2 class="wp-block-heading">Tesla&#8217;s Bitcoin Journey</h2>



<p>Back <a href="https://decrypt.co/56957/elon-musks-tesla-has-invested-1-5-billion-into-bitcoin">in February 2021</a>, Tesla made headlines by announcing its purchase of $1.5 billion worth of Bitcoin, a move touted as diversification of their balance sheet away from traditional currency and an attempt to maximize returns. This audacious leap into the world of cryptocurrency left many astonished and fueled the crypto market&#8217;s bullish rally.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://y.yarn.co/8abc83fb-3ab2-4d91-9ca7-0740356f7b32_text.gif" alt=""/></figure></div>


<p>However, just as the crypto world was getting comfortable with the idea of Tesla embracing Bitcoin, the plot thickened. <a href="https://www.zdnet.com/finance/blockchain/teslas-musk-says-will-stop-accepting-bitcoin-because-its-an-energy-hog/">In May</a>, Elon Musk, the maverick at the helm of Tesla, made a U-turn, declaring that Tesla would no longer accept Bitcoin as payment for its electric vehicles, mere months after the initial embrace. This led to a swift 4% drop in Bitcoin&#8217;s price, showcasing Musk&#8217;s undeniable influence in the cryptocurrency arena.</p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Tesla &amp; Bitcoin <a href="https://t.co/YSswJmVZhP">pic.twitter.com/YSswJmVZhP</a></p>&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1392602041025843203?ref_src=twsrc%5Etfw">May 12, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading">The Financial Jigsaw Puzzle</h2>



<p>Tesla&#8217;s financial statements, a subject of much speculation, revealed intriguing insights. As of June 30, Tesla&#8217;s balance sheet reported only $218 million in &#8220;digital assets, net,&#8221; a dramatic drop from approximately $1.2 billion in the preceding three quarters. While it&#8217;s safe to assume that a significant chunk of this &#8216;digital asset&#8217; is Bitcoin, Musk dropped a cryptic hint that Tesla still holds its Dogecoin. An unanticipated revelation, as up to this point, Tesla&#8217;s involvement with Dogecoin was shrouded in secrecy.</p>



<p>Read more: <a href="https://hodl.fm/elon-musk-tweet-sends-milady-nft/">Elon Musk Tweet Sends Milady NFT Collection Floor Price Upwards</a></p>



<h2 class="wp-block-heading">Unpacking the Bitcoin Sale</h2>



<p>Tesla&#8217;s move to convert the lion&#8217;s share of its Bitcoin holdings into fiat currency raised eyebrows. </p>



<blockquote class="wp-block-quote">
<p>We converted a majority of our Bitcoin holdings to fiat for a realized gain, offset by impairment charges on the remainder of our holdings netting a $106 million cost to the P&amp;L included within the restructuring</p>
<cite>Tesla spokesperson on <a href="https://www.youtube.com/watch?v=kwpYe1Empwo&amp;t=1239s">Tesla Q2 2022 Financial Results and Q&amp;A Webcast</a></cite></blockquote>



<p>Musk, ever the showman, chimed in, insisting that this move was not a &#8220;verdict&#8221; on Bitcoin. Instead, it was a strategic maneuver to bolster Tesla&#8217;s cash reserves amidst the uncertain backdrop of COVID-19 restrictions in China, which had a significant impact on their Shanghai Gigafactory.</p>



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<h2 class="wp-block-heading">A Glimpse into the Future</h2>



<p>Musk&#8217;s statements on Tesla&#8217;s willingness to embrace cryptocurrency in the future were carefully measured. He expressed openness to increasing Tesla&#8217;s cryptocurrency holdings down the road, reinforcing that this decision should not be misconstrued as a complete disavowal of Bitcoin. However, the lingering specter of economic uncertainty due to the COVID-19 lockdowns in China remained a crucial factor in their financial strategy.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.tenor.com/qn_L3oU5rbIAAAAC/delorean-time-travel.gif" alt=""/></figure></div>


<h2 class="wp-block-heading">Tesla&#8217;s Production Rollercoaster</h2>



<p>Beyond the cryptocurrency, Tesla had its hands full with its core business. The company reported impressive figures with total production for Model S and X, along with Model 3 and Y, reaching 258,580 units in Q2, marking a 25% year-on-year increase. However, this achievement was tempered by a 17% decline in production compared to the previous quarter and the delivery of 55,000 fewer vehicles.</p>



<p>Tesla attributed these challenges to a cocktail of factors, including the ongoing COVID-19 disruptions, global supply snarls, labor shortages, and an array of logistical complexities that handcuffed their ability to operate their factories at full capacity.</p>



<h2 class="wp-block-heading">The Inflation Conundrum</h2>



<p>Addressing concerns about the recent 10% price hike across Tesla&#8217;s entire product line due to inflation, Musk offered a perspective that&#8217;s as enigmatic as his Twitter feed. He hinted that the possibility of reducing prices hinged upon the unpredictable trajectory of inflation. Musk emphasized that Tesla&#8217;s unique delivery timeline, spanning six months to a year from order to delivery, necessitated anticipation of future inflation trends.</p>



<blockquote class="wp-block-quote">
<p>When or if we see indications that the inflation rate is declining, then we would not need to increase our car prices. It&#8217;s possible there could be a slight decrease in car prices but this is fundamentally dependent on macroeconomic inflation.</p>
<cite>Elon Musk</cite></blockquote>



<h3 class="wp-block-heading">More Info: </h3>



<ul>
<li><a href="https://hodl.fm/twitter-x-rebranding/">Elon Musk’s ‘X’ Rebranding; Farewell Bluebird</a></li>



<li><a href="https://hodl.fm/elon-musk-xai-chatgpt-ai-crypto-tokens/">Elon Musk’s AI Showdown: xAI Takes on ChatGPT, Boosts AI-Related Crypto Tokens</a></li>
</ul>



<p>In the ever-evolving saga of Tesla, the recent Bitcoin maneuvers, production challenges, and pricing debates have added more layers to the mystique of this innovative automotive and tech giant. While Elon Musk&#8217;s statements provide some clarity, the path ahead remains as uncertain as the cryptic world of cryptocurrency itself. Tesla&#8217;s ability to navigate these tumultuous waters will undoubtedly keep the world watching, waiting, and speculating.</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;<a href="http://hodl.fm/" target="_blank" rel="noreferrer noopener">HODL.FM</a>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;<a href="http://hodl.fm/" target="_blank" rel="noreferrer noopener">HODL.FM</a>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


Chinese Official Sentenced to Life for Bitcoin Mining & Corruption – Copy-2

Tesla’s Bitcoin Moves: Unpacking the Quarter’s Crypto Strategy


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<p><a href="https://ripple.com/">Ripple Labs</a> emerged in 2012 with an ambitious mission to revolutionize cross-border money transfers through its innovative technology, RippleNet, and its cryptocurrency, XRP. However, what began as a promising venture quickly escalated into a legal entanglement with the United States Securities and Exchange Commission (SEC). In this comprehensive article, we delve into the intriguing narrative of Ripple&#8217;s journey, the SEC&#8217;s lawsuit, the legal battleground, and the potential implications for the broader cryptocurrency industry.</p>



<p>Read more: <a href="https://hodl.fm/ripple-xrp-not-security-judge-torres-victory/">Ripples SEC’s Pond: XRP Not a Security, Says Judge Torres</a></p>


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img decoding="async" loading="lazy" src="https://hodl.fm/wp-files/2023/08/supermeme_14h43_13.jpg" alt="" class="wp-image-3514" style="width:542px;height:353px" width="542" height="353" srcset="https://hodl.fm/wp-files/2023/08/supermeme_14h43_13.jpg 1000w, https://hodl.fm/wp-files/2023/08/supermeme_14h43_13-300x196.jpg 300w, https://hodl.fm/wp-files/2023/08/supermeme_14h43_13-768x501.jpg 768w, https://hodl.fm/wp-files/2023/08/supermeme_14h43_13-816x532.jpg 816w" sizes="(max-width: 542px) 100vw, 542px" /></figure></div>


<h2 class="wp-block-heading">Ripple&#8217;s Genesis and XRP&#8217;s Evolution</h2>



<p>In 2012, Ripple Labs introduced RippleNet, a cutting-edge network designed to facilitate efficient cross-border transactions. Over time, their cryptocurrency, XRP, gained traction beyond its intended scope, leading to a series of events that would set the stage for a legal showdown.</p>



<h2 class="wp-block-heading">The SEC&#8217;s Lawsuit: Unpacking the Allegations</h2>



<p>The SEC&#8217;s legal onslaught against Ripple Labs and its key figures, Chris Larsen and Brad Garlinghouse, stems from allegations of unregistered securities offerings. The commission claimed that Ripple engaged in unauthorized sales of XRP, which it considered to be a security, rather than a utility token.</p>



<h2 class="wp-block-heading">XRP and the Howey Test: The SEC&#8217;s Definition of a Security</h2>



<p>To establish XRP&#8217;s status as a security, the SEC employed the &#8220;Howey test,&#8221; a pivotal criterion used to classify financial instruments as securities. This legal benchmark hinges on factors such as investor control over profits and the presence of a speculative value proposition. We explore how XRP&#8217;s characteristics aligned with this test.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img decoding="async" loading="lazy" src="https://s3.cointelegraph.com/storage/uploads/view/bf25c719f29fd7d11bd04128c74cdb71.png" alt="" style="width:616px;height:439px" width="616" height="439"/><figcaption class="wp-element-caption">Source: <a href="https://cointelegraph.com/learn/the-sec-vs-ripple-lawsuit-everything-you-need-to-know">Cointelegraph</a></figcaption></figure></div>


<h2 class="wp-block-heading">Ripple&#8217;s Response: A Legal Battle of Unconventional Tactics</h2>



<p>Unlike many firms that choose to settle with the SEC, Ripple Labs embarked on a unique legal journey by contesting the allegations. Their argument centered around the notion that the SEC failed to provide fair notice of XRP&#8217;s classification as a security. This approach challenged the commission&#8217;s authority and credibility.</p>



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<h2 class="wp-block-heading">The Timeline: Unraveling the Legal Drama</h2>



<p>Let&#8217;s take a closer look at the key milestones in the Ripple vs. SEC lawsuit:</p>



<ul>
<li><strong>2012</strong>: Ripple Labs is founded, introducing RippleNet for cross-border transactions.</li>



<li><strong>2013</strong>: Ripple Labs raises funds by selling XRP tokens.</li>



<li><strong>2020</strong>: The SEC files a lawsuit against Ripple Labs and its CEOs, Chris Larsen and Brad Garlinghouse.</li>



<li><strong>SEC Allegations</strong>: The SEC alleges that Ripple conducted an unregistered securities offering through XRP.</li>



<li><strong>XRP&#8217;s Howey Test</strong>: The SEC invokes the Howey test to classify XRP as a security.</li>



<li><strong>Ripple&#8217;s Response</strong>: Ripple chooses to engage in a legal battle rather than settle with the SEC.</li>



<li><strong>December 2020</strong>: SEC initiates the legal action against Ripple Labs.</li>



<li><strong>XRP Delisting</strong>: Coinbase delists XRP from its platform, influenced by the legal dispute.</li>



<li><strong>March 2021</strong>: Larsen and Garlinghouse challenge the SEC&#8217;s fair notice regarding XRP.</li>



<li><strong>Immediate Hearing</strong>: The SEC requests an immediate hearing in response to Ripple&#8217;s arguments.</li>



<li><strong>March 2021</strong>: Judge Sarah Netburn rules that XRP possesses currency value and utility, distinguishing it from Bitcoin and Ether.</li>



<li><strong>April 2021</strong>: SEC Commissioner Hester Peirce publishes the Token Safe Harbor Proposal 2.0.</li>



<li><strong>June 2021</strong>: The court extends the SEC&#8217;s deadline for disclosing internal crypto trading policies.</li>



<li><strong>August 2021</strong>: SEC&#8217;s internal crypto trading policies disclosure deadline.</li>



<li><strong>October 2021</strong>: Expert discovery deadline for gathering expert opinions on cryptography and securities.</li>



<li><strong>February 2022</strong>: Netburn grants the SEC an extension to appeal Ripple Labs&#8217; sensitive document disclosure.</li>



<li><strong>September 2022</strong>: SEC and Ripple Labs file initial motions for summary judgment.</li>



<li><strong>September 2022</strong>: Chamber of Digital Commerce granted permission to file an amicus curiae brief.</li>



<li><strong>December 2022</strong>: Replies to summary judgment motions made public, providing insights into legal arguments.</li>



<li><strong>December 2022</strong>: SEC attempts to prevent public release of Hinman documents related to the case.</li>



<li><strong>June 2023</strong>: Hinman documents are unsealed and made public, adding a new dimension to the legal battle.</li>



<li><strong>July 2023</strong>: Ripple Labs wins the case, but with a partial victory. The court rules in favor of Ripple regarding XRP sales on public exchanges but finds certain sales to institutional buyers as unregistered securities offerings.</li>



<li><strong>Ongoing</strong>: The legal process may continue with potential appeals, settlements, or new developments, potentially impacting cryptocurrency regulation and similar cases in the future.</li>
</ul>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://lh3.googleusercontent.com/Pwrjz0AEOQNM6WALb93i32hZ3ql2qJfJGxoKYNv69ECN3AzMquIiIzseE_hD8tn8Jh5SI4JLyzZrsNwLTkbuqPxcuymCyIDLIgY2OgrOvCtX5hajbuH14fbpV8Hu7iUrbRuzvDN5KW5gNVa3D5rz4_FoREWxyOAxczxaXE1MEPpfDGTfqph5xc4S0F9IFA" alt=""/></figure></div>


<h2 class="wp-block-heading">Ripple&#8217;s Partial Victory and the Aftermath</h2>



<p>In a surprising turn of events, Ripple Labs secured a partial victory as the court ruled that XRP&#8217;s sales on public exchanges did not breach the law. However, the court also ruled that certain sales to institutional buyers constituted unregistered securities offerings. This nuanced verdict opened doors for potential appeals and further legal proceedings.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img decoding="async" src="https://media.tenor.com/UniGtspR-BcAAAAC/damage-thats-a-lot-of-damage.gif" alt=""/></figure></div>


<h2 class="wp-block-heading">The Ripple Effect: Implications for the Crypto Landscape</h2>



<p>As the dust settles on the Ripple vs. SEC case, the implications reverberate throughout the cryptocurrency industry. The verdict&#8217;s potential influence on regulatory paradigms, the treatment of digital assets, and the future of legal battles in the crypto space are all under scrutiny.</p>



<div class="d-flex justify-content-center"><ins class="64c250b9b41a4b5be53156b1" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c250b9b41a4b5be53156b1",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h3 class="wp-block-heading">Read More: </h3>



<ul>
<li><a href="https://hodl.fm/digest-16/">Art Evolution, DeFi Aggression, Ripple’s Transparency Clash, and Crypto Losses</a></li>



<li><a href="https://hodl.fm/xrp-rises-from-the-ashes-and-becomes-4th-largest-crypto/">XRP Rises from the Ashes and Becomes 4th Largest Crypto</a></li>



<li><a href="https://hodl.fm/sec-lawsuits-shake-solana-polygon-and-cardano/">SEC Lawsuits Shake Solana, Polygon, and Cardano</a></li>
</ul>



<p>Ripple&#8217;s journey from a fintech innovator to a legal defendant has captivated the cryptocurrency world. The SEC&#8217;s lawsuit against Ripple Labs underscores the regulatory complexities surrounding digital assets. While Ripple celebrated a partial victory, the broader impact of the case on the industry&#8217;s regulatory landscape remains to be seen. As the crypto ecosystem matures, this legal saga stands as a testament to the challenges and opportunities facing the nascent sector.</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;<a href="http://hodl.fm/" target="_blank" rel="noreferrer noopener">HODL.FM</a>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;<a href="http://hodl.fm/" target="_blank" rel="noreferrer noopener">HODL.FM</a>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


Navigating Ripple’s Legal Drama The SEC Lawsuit-2

Navigating Ripple’s Legal Drama: The SEC Lawsuit


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<p>Friend.tech, a groundbreaking social network that&#8217;s causing quite the stir in the crypto community. Launched as a test version on August 11, this platform is revolutionizing the way we think about social connections. Think about buying and selling parts of your friends&#8217; networks, and imagine having private chats with them through this unique system. Intrigued? Well, hodl on tight. </p>



<p>Read more: <a href="https://hodl.fm/threads-the-app-that-takes-over-twitter/">Threads: The App that’s Making Twitter Sweat in its Blue Feathers</a></p>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Meet <a href="https://twitter.com/friendtech?ref_src=twsrc%5Etfw">@friendtech</a>: the first viral social dapp on Base founded by a team with expertise in onchain social <br><br>So, how does it work? And why does it matter? <a href="https://t.co/LpMK36P2J2">pic.twitter.com/LpMK36P2J2</a></p>&mdash; Base 🛡️ (@BuildOnBase) <a href="https://twitter.com/BuildOnBase/status/1691941354405020110?ref_src=twsrc%5Etfw">August 16, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<h2 class="wp-block-heading"><strong>Friend.tech&#8217;s Meteoric Rise</strong></h2>



<p>In just one remarkable day, on August 19, Friend.tech generated over a staggering $1 million in fees, surpassing major players like Uniswap and Bitcoin. The concept is simple yet ingenious: every time a user makes a social connection trade, Friend.tech takes a modest 5% cut as a fee, with a portion also benefiting the trade initiator. However, what truly sets Friend.tech apart is its foundation on Coinbase technology, a factor that propelled it to generate an impressive $2.8 million overall. With more than 650,000 transactions and over 60,000 traders on board, the numbers are only climbing.</p>



<figure class="wp-block-image size-large"><img decoding="async" src="https://s3.cointelegraph.com/uploads/2023-08/f6636e94-7773-44f9-b232-a78d733e718f.png" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://defillama.com/fees/friend.tech">DefiLlama</a></figcaption></figure>



<h2 class="wp-block-heading"><strong>The Figure Behind Friend.tech</strong></h2>



<p>Beneath the surface, a shadowy figure known as Racer is believed to be the mastermind orchestrating Friend.tech&#8217;s meteoric rise. Racer, previously linked to networks like TweetDAO and Stealcam, seems to have a knack for digital innovation. Friend.tech&#8217;s target audience includes crypto enthusiasts and blockchain-powered companies, offering them a fresh opportunity to profit through trading fees. The intrigue doesn&#8217;t stop here; Friend.tech&#8217;s success sparks discussions about its financial strategy, potential risks, and future prospects.</p>



<div class="d-flex justify-content-center"><ins class="64c25105bd391bf86a4f85f8" style="display:inline-block;width:1px;height:1px;"></ins><script>!function(e,n,c,t,o,r,d){!function e(n,c,t,o,r,m,d,s,a){s=c.getElementsByTagName(t)[0],(a=c.createElement(t)).async=!0,a.src="https://"+r[m]+"/js/"+o+".js?v="+d,a.onerror=function(){a.remove(),(m+=1)>=r.length||e(n,c,t,o,r,m)},s.parentNode.insertBefore(a,s)}(window,document,"script","64c25105bd391bf86a4f85f8",["cdn.bmcdn6.com"], 0, new Date().getTime())}();</script></div>



<h2 class="wp-block-heading"><strong>Expert Insights and Concerns</strong></h2>



<p>An anonymous researcher in the decentralized finance realm, Ignas, raises an eyebrow regarding Friend.tech&#8217;s reliance solely on trading fees, potentially attracting provocative figures aiming to exploit this setup for higher earnings. There&#8217;s even speculation that the spread of fear, uncertainty, and doubt (FUD) could be weaponized to generate fees.</p>



<blockquote class="wp-block-quote">
<p>I think the platform will collapse as BitClout did. We are in a bear market, and there’s nothing to do. Everyone jumps on an opportunity to make money, but I think the platform will be done within the next weeks to months. </p>
<cite><a href="https://twitter.com/0xCygaar/status/1693030043314802835?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1693030043314802835%7Ctwgr%5Ed9335ce432c6e8b0909dc5713818cac1473ac057%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ffriendtech-social-media-app-how-long-will-it-last">Cygarr</a>, pseudonymous software engineer</cite></blockquote>



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Let me tell you one thing.<br><br>Something isn’t right about <a href="https://twitter.com/friendtech?ref_src=twsrc%5Etfw">@friendtech</a>.<br><br>🚩 Creators making money from a group chat that doesn’t even work when you can’t even reply directly to people?<br><br>🚩 The way pricing works is ridiculous and can be easily taken advantage of.<br><br>🚩 Pumps and dumps. <a href="https://t.co/TJqcktEM6P">pic.twitter.com/TJqcktEM6P</a></p>&mdash; Yazan (@YazanXBT) <a href="https://twitter.com/YazanXBT/status/1693086023058694222?ref_src=twsrc%5Etfw">August 20, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Lux Moreau, the founder of Talk.Markets, emphasizes the significant price hikes experienced by shares as they are traded on the platform. This dynamic might incentivize smaller interest groups to form or give rise to alternative sub-groups.</p>



<h2 class="wp-block-heading"><strong>The Verdict and What Lies Ahead</strong></h2>



<p>With Friend.tech rapidly gaining momentum, the crypto community is divided. Critics suggest that its explosive growth may fizzle out within six to eight weeks due to unsustainable share price increases. Drawing parallels to past DeSo apps like BitClout, they express doubts about its longevity, especially during a bear market.</p>



<p>On the flip side, some crypto experts laud Friend.tech for its innovative UX developments, addressing long-standing issues in crypto applications. These include the app&#8217;s seamless installation, automatic fund bridging, and simplified transaction verification, making it a significant breakthrough for crypto.</p>



<p>In any case, Friend.tech has undeniably made its mark in the crypto landscape. With a recent seed round funding from Paradigm, the platform&#8217;s future seems bright, leaving the crypto world abuzz with speculations of airdrops and potential token launches.</p>



<h3 class="wp-block-heading">Read more: </h3>



<ul>
<li><a href="https://devnext.hodl.fm/opensea-review">OpenSea Review 2023 – Full Overview of OpenSea NFT Marketplace</a></li>



<li><a href="https://hodl.fm/beware-crypto-twitter-scams/">AI Hunts Down 95K ‘Free Giveaway’ Scams on Twitter</a></li>
</ul>



<p>Friend.tech is a testament to the ever-evolving landscape of crypto innovation. Its rapid rise and the debates surrounding its future only highlight the dynamism of the crypto community. Whether it will maintain its meteoric ascent or face challenges down the road remains to be seen. One thing&#8217;s for sure, though – Friend.tech is a name you&#8217;ll want to keep on your radar in the crypto universe.</p>



<p><strong>Disclaimer</strong>:&nbsp;<em>All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort,&nbsp;</em><em><a target="_blank" href="http://hodl.fm/" rel="noreferrer noopener">HODL.FM</a></em><em>&nbsp;strongly recommends contacting a qualified industry professional.</em></p>


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Tesla’s Bitcoin Moves: Unpacking the Quarter’s Crypto Strategy

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