Riding The Wave News Summary 72

Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here

---

News

Table of Contents

1. Tweets

2. ‘The Future Is Here’—Visa, Mastercard And Binance Are Suddenly Making Bitcoin, Ethereum, XRP, Solana, Cardano And Tether Payments A Reality Despite Price Crash

3. Ethereum Could Get Kicked Off Cloud Host That Powers 10% of Crypto Network

4. Bitcoin price briefly falls below $20K on ‘bunch of nothing’ Powell speech

5. Facebook and Twitter will soon be obsolete thanks to blockchain technology

---

Tweets

Dennis Porter @Dennis_Porter_

I don’t know a single “macro expert” who predicted #Bitcoin to $3k followed by #Bitcoin to $69k yet we all pretend like they know what’s coming next in this market. News Flash: They don’t.

Wall Street Silver @WallStreetSilv

Fact Check : TRUE

Dylan LeClair 🟠 @DylanLeClair_

Adding laser eyes back at the bottom.

Dylan LeClair 🟠 @DylanLeClair_

guys idk exactly where btc bottoms what I do know is that the global monetary system is unwinding - we’re in the midst of a debt crises w/ inflation at four decade highs expect volatility as the credit based monetary system contracts and the house of cards begin to tumble

Dylan LeClair 🟠 @DylanLeClair_

I will live tweet when I make a lump sum bitcoin allocation. Intermediate term thesis is unchanged. Long term thesis as well. I’m the biggest bitcoin bull you will find, I simply just plan on buying lower.

Dylan LeClair 🟠 @DylanLeClair_

I quite strongly believe BTC gets pummeled at some point in the next quarter or two during a legacy deleveraging event. If this plays out, there will likely be an explosion of short interest into the lows, most of which is USD margined. The plan is to deploy with size there.

Dylan LeClair 🟠 @DylanLeClair_

I could be right or wrong. Either way, I’m putting my thoughts out publicly; full transparency. Unsure of the timeline, but I’ll be making my largest acquisition ever during the next ~12 months. The goal is simply to have as much bitcoin as possible on the other side.

Jason Lowery @JasonPLowery

In cybersecurity, ur threat is people using ur own code against u. Whatever rules u write, it can & will be used against u. Finding those systemic exploits is what we call "hacking." #BTC changes cybersecurity. Instead of writing rules, it imposes a physical cost on exploiters.

Cobie @cobie

They’re going to release the mtgox bitcoin the same week they unlock the post-merge staked eth. They just want to maximise chaos. 6-12 months away probably. Going to be funny. Don’t trust anyone

Alf @MacroAlf

Powell's speech in Jackson Hole was clear and unambiguous. Yes, bond markets (blue) believe the Fed (orange) will aggressively tighten until December. But they are still very skeptical the Fed can keep hiking in 2023 and later.

The Kobeissi Letter @KobeissiLetter

Recent developments: 1. Student loan cancelation fuels inflation, costs $24 billion 2. Fed promised "more pain" ahead 3. Housing market posted biggest decline since 2011 4. Pensions posted worst performance since 2020 5. Credit card debt new all time high Rough ride ahead.

The Kobeissi Letter @KobeissiLetter

We are now officially in a bear market WITH a recession. Historically speaking, bear markets with a recession last an average of 20 months and fall 35%. Currently, we are only 9 months into the bear market and the low is just 24% from the high. History says more pain is ahead.

---

‘The Future Is Here’—Visa, Mastercard And Binance Are Suddenly Making Bitcoin, Ethereum, XRP, Solana, Cardano And Tether Payments A Reality Despite Price Crash

The bitcoin price is down around 50% since the beginning of the year while the ethereum price and other top ten cryptocurrencies including BNBBNB +1.4%, XRPXRP +0.1%, solana and cardano have also tanked as the crypto market teeters on a $1 trillion knife-edge.

Now, card and payments giant MastercardMA -3.7% has announced a partnership with world’s biggest crypto exchange Binance to launch bitcoin and crypto payments in-store and online—while Mastercard rival VisaV -3.3% has also seen a ramping up of its crypto payments cards.

Mastercard is set to launch a cryptocurrency payments card—supporting 14 cryptocurrencies, including the U.S. dollar-pegged stablecoin tether, bitcoin, ethereum, BNB, cardano, solana, XRP and others—after striking a deal with Binance.

"Mastercard’s plan to integrate crypto could be an eye-opener for its competition like Visa, who may follow in Mastercard’s’ footsteps, in order to lead the payments industry in this sector," Marcus Sotiriou, an analyst at the digital asset broker GlobalBlock, said in emailed comments.

The crypto card will let users pay for everyday purchases using the crypto they have in their Binance accounts. The card converts cryptocurrencies into fiat currency at the point of sale and will first be launched in Argentina ahead of a planned wider rollout that will support some 90 million online and physical stores.

Meanwhile, Latin American crypto company Ripio has begun rolling out a prepaid debit card in Brazil that supports crypto payments and gives users bitcoin cashback rewards, Ripio CEO Sebastian Serrano told Coindesk this week.

While this adoption may not look groundbreaking, it is extremely important as it makes it easier for people who want to keep their money in crypto without having to convert it back to fiat currency to spend it. It also increases the odds companies start to accept it as payment rather than USD or other currencies.

Full Article

---

Ethereum Could Get Kicked Off Cloud Host That Powers 10% of Crypto Network

Ethereum appears at risk of getting kicked off the cloud-networking provider that powers roughly 10% of the second-biggest blockchain.

Hetzner, a German-based cloud services firm, said in a Reddit post this week that its terms of service specifically bar crypto mining and also staking, the approach Ethereum is moving to soon to run the blockchain.

“Using our products for any application related to mining, even remotely related, is not permitted,” Hetzner wrote. “This includes Ethereum. It includes proof-of-stake and proof-of-work and related applications. It includes trading.”

If Ethereum is forced off Hetzner, it would further whittle down where it resides, raising the question of just how decentralized the purportedly decentralized blockchain really is. According to ethernodes.org, over 60% of Ethereum nodes – the computers that process transactions on the network – are hosted by cloud service providers. Of these cloud-hosted Ethereum nodes, Hetzner powers roughly 16%, second only to Amazon Web Services at around 53%.

As this policy isn’t being enforced now, I would be surprised if shifting to proof of stake suddenly made them ban Ethereum. Crypto hosting brings in a massive amount of money for these hosting services, so unless the government told them to ban crypto, I expect this approach of disavowing the action but ignoring it to continue.

Full Article

---

Bitcoin price briefly falls below $20K on ‘bunch of nothing’ Powell speech