Ripple co-founder initiates a campaign against Bitcoin.
The Bored Ape Yacht Club breaks the internet.
Don't forget your sunglasses.
We're going to crypto paradise.
My name is Ben.
And this is your crypto nightly news wrap-up.
Let's get it!
Chris Larsen, co-founder of Ripple, has donated $5 million
to support his new campaign against Bitcoin,
cleanupbitcoin.com.
Tagline for the campaign is
change the code, not the climate.
He feels as though Bitcoin will lose support from its users
unless they change the way they process transactions.
To drive this point home,
this website is filled with environmental FUD such as
Bitcoin uses more energy than all of Sweden
and that the carbon dioxide emissions could cause the planet to warm more than two degrees.
His goal here is to get Bitcoin to change its code from proof-of-work
to proof-of-stake like Ethereum is doing.
As noble as his efforts sound,
his arguments are completely flawed.
First of all,
Bitcoin would have to hardfork to switch to proof-of-stake.
And it's not as simple as downloading a video game.
It's an extremely complicated process
that's taken Ethereum, for example, several years to do.
It's not even done yet.
Not to mention the years to create and test the technology to do so.
And it would have to be voted on by the community.
Larsen's arguments sound convincing if you don't look at any data,
but since Ripple is already embedded in trade fi,
it's logical that they want to dethrone Bitcoin by any means necessary.
I'm not hating on XRP of course or anything like that.
I just believe Larsen is going for a low blow with this one.
He's embellishing the facts.
Fundamental flaw in his argument is that power consumption is bad.
Wrong.
Power consumption is progress.
If we didn't consume the power that we do,
the technology and advances humans have made the past 100 years would all be for nothing.
Now, before we get to Frankie Candles for the market watch,
be sure to smash that like and subscribe button.
Alright, Frank. What's going on with the markets?
Thanks, Ben!
Alright, guys. Let's jump in and do a little market watch here.
We got Bitcoin coming in at $47,468.
We got Ethereum coming in at $3,397.
Up about 1% for the day.
Let's go ahead and check our top movers here.
We got GMT up 57%!
Aave starting to make move, up 27% for the day.
Waves up 19% on the day.
THORChain just will not stop.
What else is new? Up about 16% on the day.
And Compound up about 14% for the day.
Guys, I am expecting a little bit of a pullback here.
We have had quite the rip.
I would be expecting a healthy correction.
We do have the daily VWAP start to come down.
But if you guys want to follow me, it's Frankie Candles on YouTube
and @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
Imagine a remote tropical island paradise where only crypto is used for transactions,
NFTs are used for ownership,
and the people that inhabit the island live in a real democracy
instead of the illusion of one.
Sounds too good to be true, right?
Well, there's a scenic private island in the South Pacific Ocean
between Australia and Fiji
that is being developed into a crypto utopia.
And it's known as Satoshi Island.
It's a 32-million square foot island
that will be developed into a true crypto economy blockchain democracy.
If you want to live in this exclusive crypto community,
you must apply for the Satoshi Island Citizenship NFT.
This acts as the whitelist to enter the Land NFT sale.
Only 21,000 Citizenship NFTs will be created,
and so far, over 50,000 people have already applied.
If you think it's too good to be true,
check out this tweet from Satoshi Island.
It reads,
"Yes, we already own the island.
Yes, we can develop as advertised.
Yes, the government supports our plan.
Yes, our team has relevant experience."
Cointelegraph recently reported
that the prime minister of Vanuatu gave Satoshi Island the green light on March 16.
Get your sunscreen, flip-flops and beach chairs ready.
Bullish news for another day in paradise.
In other news,
the Bored Ape Yacht Club released an exclusive members-only merch drop yesterday.
The website was immediately flooded, and the traffic jam ensued.
There were several hiccups with the launch,
such as customers not receiving confirmation codes
after the ApeCoin used to purchase the merch was already taken from the buyers' MetaMasks.
Bored Apes did launch a series of tweets promising that everyone will be refunded
and to complete your entire order in a single transaction.
Some were quick to notice
that the transaction issues weren't the only thing wrong with the merch drop.
If you owned a Bored Ape before the APE drop,
you received over 10,000 APEs
worth about $128,000.
Mutant Ape holders received over 2,000 APEs
worth about $26,000.
The problem is,
ApeCoin isn't used for just day trading and playing Benji Bananas.
It's a way to vote to make decisions in the ApeCoin DAO.
Considering you have to use ApeCoin to purchase the merch,
in a way, by buying the merch,
you're giving a part of your vote back to UGA Labs.
theverge.com points out the suspicious timing of the merch drop,
considering there are only two days left to vote on the initial DAO proposals.
Other than that, ApeCoin has been swinging around the charts,
gaining about 1,700 new users per day since their launch.
It's already inside the top 100 crypto coins by market cap.
90th to be exact.
That's all I got.
Be blessed.
BitBoy out.