Download Crypto Song
Jeana Lemasters
Randi captioned the post, 'A decade ago, I sang this song on Broadway. Today I sing this song, surrounded by new friends, as a rallying cry for the women of web3. Together, we can accomplish anything. And have fun doing it! #WAGMI PS Look for some fun cameos! PPS Sorry for *language* at the end.'
While that probably wasn't her intention, Randi said that she wanted the video to be a 'fun way to explain crypto jargon to newcomers', adding that all the acronyms and phrases can feel 'super-intimidating' and that the video would hopefully serve as 'a fun 2-min crypto lingo 101 lesson'.
One user wrote that the song wasn't 'successful in that regard' as it didn't explain crypto jargon, and that he showed it to his wife, who said 'a straightforward explainer video would have been a better use of the time and money spent'.
How do we incentivize the use of climate-friendly blockchains? Should lawmakers play a key role in creating opportunities for underserved communities via crypto assets and Web3? And what can the crypto asset industry do to ensure wealth-building opportunities are accessible to historically excluded communities?
The crypto world already gets a bad reputation, from men buying NFTs as girlfriends to Matt Damon starring in the world's cringiest Bitcoin commercial, not many people are too excited to jump on board.
Another drop-off is Park Kwan-ho, the founder and chairman of game developer Wemade. Park joined the three-comma club in 2021 as the Seongnam-based company rode the wave of blockchain gaming. Its shares have since nearly halved with the company posting a net loss of 123.9 billion won ($93.4 million) last year after the crypto collapse.
There is a bitter irony in the turmoil currently gripping the crypto universe. Crypto was born in the depths of the great financial crisis of 2008 as a backlash against the failings of the conventional financial system, with its overleveraged shadow banks and daisy chain of leverage and maturity mismatch. The original Bitcoin white paper published that same year sold a vision in which money was refashioned as a self-sustaining system of peer-to-peer transfer without the need for intermediaries. However, today's upheaval bears all the hallmarks of precisely the failings that the industry's early proponents railed against. As firms collapse and coin prices crash, the unravelling of this new daisy chain of over-leveraged shadow crypto banks is now in full flow.
First, many supposedly decentralised protocols turn out to be highly concentrated in terms of who actually governs and controls things. Often, it is the founder and a small number of venture capital backers that are in charge - as evidenced by the implosion of the Terra stablecoin in May. In most instances, crypto is decentralised in name only.
Second, centralised intermediaries, such as Sam Bankman-Fried's FTX, play a pivotal role as the gateway into the crypto world from the conventional financial system. They channel the flow of new investors, which is the oxygen that keeps these speculative dynamics alive. BIS research in this area has highlighted how crypto only really works when this is happening. To the extent that recruiting new investors is key to the survival of crypto, centralised intermediaries are crucial to propping up the edifice.
The current collapse of FTX, and other falling dominoes in the sector, has led to much soul-searching among crypto promoters. Predictably, we are hearing calls for the industry "to go back to its roots" and be reborn in a purer form. The vision is to turn back the clock to the days when crypto was the preserve of a small group of enthusiasts rather than something marketed as a mainstream financial product. In this vision, it would be more like a niche hobby among a small minority of followers, rather than entering our living rooms through television advertising in an effort to draw in retail investors.
This pure form of crypto, which imagines getting rid of centralised intermediaries, would have only a very small footprint. But crypto would not have grown to its current size without these entities channelling funds into the sector. Rather than standing in opposition, centralised intermediaries and crypto feed off each other. For this reason, any policy intervention now taken to mitigate crypto's impact will need to take account of this mutual dependence, as well as the role that stablecoins play as the gateway from the conventional financial system.
Some say "just let crypto burn", but the idea that it will disappear of its own accord may be wishful thinking. When financial conditions change, even a much diminished sector that is the preserve of purists could still provide the embers for the renewed entry of centralised intermediaries.
Any intervention would need to overcome one key challenge: if policy allows crypto to intertwine itself with the mainstream financial system, it will usher in something that has been avoided so far. In particular, if stablecoins are brought into the regulatory perimeter, their role as the entry point to the rest of the crypto ecosystem will need to be addressed. Policy should guard against letting them become the "cuckoo in the nest". The new standards issued by the Basel Committee on Banking Supervision on banking sector activities in crypto are a significant step in the right direction.
More generally, the approach to regulation will need to distinguish the underlying economic function of crypto from what it looks like on the surface. Even during the worst excesses of the subprime mortgage boom, the daisy chain of leverage ultimately led to real world activity - most obviously buying a house with money. Crypto, on the other hand, is largely self-referential; its activities deal with trading other types of crypto and have little reference to tangible economic activity.
A more promising approach is through central bank digital currencies that operate within the broader digital monetary system. This is an approach that builds on the trust embedded in central bank money, and could serve public interest in a future monetary system. The technology benefits flow to real world economic activities rather than just other types of crypto. The economic benefits of decentralisation should also be scrutinised more effectively. We are now seeing what happens when an industry rests simply on an article of faith.
Proposed Rule 223-1 (Safeguarding Rule) would replace current Rule 206(4)-2 (Custody Rule) under the Investment Advisers Act of 1940. Unlike the Custody Rule, which applies only to funds and securities, the Safeguarding Rule would apply to all assets, including crypto assets, whether or not they are funds or securities. Moreover, the Safeguarding Rule would apply to all client assets, even those for which the RIA receives no compensation. To be clear, the Safeguarding Rule would not apply to ERAs, nor would it apply to non-US RIAs with respect to their non-US funds, although these advisers may receive questions from their investors regarding how their crypto assets are held.
Like the Custody Rule, the Safeguarding Rule would include various exceptions. For example, there would be an exception for certain assets unable to be maintained with a QC. However, this exception, which would apply to privately offered securities and physical assets, is unlikely to apply to crypto assets (if at all), either because they are not securities or because they are recorded on public, permissionless blockchains (rather than on the nonpublic books of the issuer or its transfer agent).
The music icon and entrepreneur starts the video for "House I Built," from his latest album, with a phone call to a man he refers to as Nick. He's got a question about the value of his stake in a particular cryptocurrency.
I had already published my first Jimmy Song portrait when the man himself messaged me to ask if I could do a cowboy-themed commission. On hindsight, a Wild West-inspired portrait of Jimmy was probably the most appropriate given where he was from (and the general state of the crypto industry).
Dr. Song's research explores the interplay between software, hardware, and networks that render computer systems susceptible to attacks. She employs theoretical approaches to comprehend and mitigate security challenges in computer systems and networks. Her research spans various domains, including software security, networking security, database security, distributed systems security, applied cryptography, and the intersection of machine learning and security. [6]
Forty-year-old Aaron Lammer, who co-wrote the Kardashian song titled "Morning," started in his new job at crypto quant-trading firm Radkl in October, according to his LinkedIn profile. The firm, which launched in September, is personally backed by Cohen, the billionaire founder of hedge fund Point 72 Asset Management, The Wall Street Journal reported previously.
Lammer's journey to Wall Street has been anything but traditional, according to Bloomberg, which first reported the news. He's written songs with Drake and Ye, formerly known as Kanye West, edited cookbooks, and launched a website for long-form journalism and a podcast to go with it.
The rise of ethereum, a decentralized blockchain that writes smart contracts, and the subsequent so-called dApps that power DeFi guided Lammer's move into the crypto world, Bloomberg said. Now, when he's at playdates and birthday parties for his daughter, he often finds himself explaining DeFi to parents in the financial sector who know the term but not much else about it.
Michel Traore, the co-founder and CEO of AnotherBlock, stated that turning universally beloved songs into NFTs is an effective way to introduce the masses to Web3. He emphasized that this initiative also aims to highlight the significant contributions of producers who often go unnoticed.
The global crypto market cap is $1.68 trillion with a 24-hour volume of $48.26 billion. The price of Bitcoin is $43,797.43 and BTC market dominance is 51.2%. The price of Ethereum is $2,297.20 and ETH market dominance is 16.5%. The best performing cryptoasset sector is Debit Card, which gained 71%.
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