Crypto Community Unites, Ripple Wishes, Amazon Soars
Good morning. Ever wondered where your favorite meme stars are now? One of them you may know as “Disaster Girl”, but her name is Zoë Roth and she just made half a million dollars selling her viral image as an NFT. If there’s ever a time to ask the question, “what am I doing with my life?” —it’s now.
📺 OG crypto trader @CryptoCobain raided Twitch artist Yamer’s stream
🏦 After surviving its bout with the SEC, Ripple wants to go public
🛒 Amazon exceeds expectations in its latest earnings report, by a lot
Newest SEC enforcement chief, Alex Oh, has resigned from her position days after taking the role. Oh said she is resigning in order not to become a distraction, regarding a past cast where she defended Exxon in a human rights case. Oh no!
It’s not just the new 3000 series Nvidia GPUs that you’ve been waiting to be restocked since December, the global chip shortage is among us, and the latest companies to announce production cuts are auto-makers Ford, Honda, and BMW.
Founder and lead developer of Yearn.Finance, Andre Cronje had some not-so-kind words for an investor who feels like they were “rugged” by him. In Andre’s defense, the other guy started it. The two eventually agreed to settle their differences in the ring, this October in Dubai. The simulation is getting really weird.
The state of New Jersey just took profits on over $300 million worth in Bitcoin that they seized during a drug investigation.
The Wholesome Side of Crypto
Yesterday, OG crypto-trader CryptoCobain and the rest of Crypto Twitter joined Twitch streamer Yamer’s Thursday night stream where she draws anime characters on her Wacom tablet while chatting with followers. During the stream, Cobie and friends helped Yamer setup a MetaMask wallet to start accepting crypto donations. By the time the artist finished her drawing of Cobie and the stream was wrapped up, over $45K worth of Ethereum and other tokens were donated to her wallet!
Yamer, who mentioned she is saving up for a down-payment on a house, shared her experience of the night's events along with the final commissioned portrait of CryptoCobain. As you can imagine, she’s a lot closer to that house after last night. This is the crypto we signed up for.
Ripple Won’t Go Down So Easy
Immediately following its settlement with the SEC, cryptocurrency Ripple has ambitions to raise capital by going public in the stock market. Is that bravery, or irony?
On Wednesday Yoshitaka Kitao, CEO of Japanese financial firm SBI Group, stated that the crypto startup plans to go public after the company settles a lawsuit filed by the SEC alleging that Ripple Labs “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering”. Ripple’s official excuse was, “It’s a currency, not a security.” Kitao assured that Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen were all on the same page about going public. SBI is the largest Ripple-hodler, and Kitao thinks that the public listing would be a big payday for SBI’s Ripple investment.
For those who don’t know, Ripple (XRP) is not strictly a cryptocurrency as we’ve come to know it. It’s not a blockchain and it can’t be mined (it uses a Ripple-patented method called HashTree which reaches consensus by combining all transactions and balances, a process that is nowhere near decentralized). The currency is used exclusively for apps under the control of Ripple Labs. Ripple controls the supply (all 100B XRP already exist) and decides exactly when to release “new” Ripple. Talk about Monopoly money…
Still, Ripple may find success in the future with institutions who are looking for a centralized solution.
Delivering the Goods
Its Q1 2021 earnings report, Amazon blew out expectations sending the company’s stock to new all-time highs.
The earnings beat signals a post-pandemic paradigm shift. Consumers have gotten used to their stay-at-home habits, and may stick to them long after vaccines are finished rolling out and things have begun returning to normal. If that’s true, Amazon is sure to see similar results for Q2 and beyond.
Some highlights from the report:
Revenue: $108.52 billion vs. $104.47 billion expected
Revenue up 44% vs. this time last year
There are now more than 200 million Prime subscribers worldwide
The CFO confirmed that Prime day will take place a month early in June instead of July when Prime day usually occurs
The Bottom Line
Amazon made more profit this quarter than in the past three full years combined.