Crypto Changes Lives, Elon’s Reign of Terror, The Epic-Apple Saga
May 17th, 2021 | Sign Up
Good Morning. Everyone just take a deep breath. Your true net-worth is what’s on the inside… right?
⬇️ Bitcoin: $46,431 ( -0.71%)
⬇️ Ethereum: $3,582 ( -1.77%)
⬆️ Dogecoin: $0.5137 ( +0.99%)
⬆️ Solana: $45.85 ( +7.74%)
⬆️ SushiSwap: $16.57 ( +2.37%)
Prices as of 11 PM EST 05/16, data from FTX.com
Markets: Deep dippage. While stocks rallied back on Friday, the cryptocurrency market took its biggest dive of the year this weekend, with the total crypto market cap down over 10%. Is the bottom in?
World: Israeli warplanes continued bombarding Gaza City overnight, bringing the death toll to over 200 Palestinians—half of which are women and children. Israeli Prime Minister Benjamin Netanyahu said Sunday the attacks will continue at "full-force" and will "take time." Diplomatic efforts by the U.S. and U.N. Security council have been stepped-up, but show no signs of progress.
Another Wholesome Act
Well, Cobie and friends were at it again this weekend, this time donating over $800,000 to leukemia survivor J.O. and family via cryptocurrency donations.
After seeing a viral video of a child returning to school after recovering from leukemia, crypto Twitter personality @MilkMan2228 contacted the child’s family. Upon discovering the family could use help with hospital bills, @MilkMan2228 set the family up with an Ethereum wallet and tweeted out the address to his followers. The donation wallet was soon shared by crypto thought-leader @CryptoCobain, sparking hundreds of donations to the donation wallet. Some donations came from big names including CEO of FTX exchange Sam Bankman-Fried. The donation wallet ended up receiving over $800,000 in various cryptocurrencies.
Here is J.O. giving some thank you messages to Crypto Twitter:
Donations so far
Over $45K to Digital artist Yamer
$200K to guitarist Mela Bee
$800K to Leukemia survivor J.O. and family
The Ugly 😖
The wholesomeness didn’t last long. Did you think the Dogecoin saga was over? A lot of name-callings, back-and-forth with frogs, and debating went down over the weekend. Here’s what happened.
Doge Founders Speak Out
One of the Dogecoin co-founders logged into his inactive Twitter account to comment on the centi-billionaire’s interest in Dogecoin.
The Founder of Cardano Makes a Pitch
The exchanges with Elon weren't the only spicy twitter debates that occurred over the weekend.
Founder of controversial cryptocurrency Cardano, Charles Hoskinson, pitched Cardano to new DeFi participant Mark Cuban. Looks like Charles needs to work on his shark tank pitch
Charles Hoskinson @IOHK_Charles@mcuban You're breaking my heart mark.... But levity aside. Come by the farm in Colorado sometime and let's chat.
We pissed off Elon
Some members of the Bitcoin community have been hard at work writing Twitter threads defending Bitcoin and criticizing Elon for supporting Dogecoin. Elon apparently decided he’d had enough and decided to shake things up, again.
An Educational Frog
Twitter user @ChainLinkGod chimed in to offer a criticism of Dogecoin, hoping to educate Elon:
But, it looked as if the damage had already been done, and Mr. Musk wasn't having it:
A lot to keep up with, we know.
If you want to read the entire exchange and/or learn a bit about decentralization yourself, ChainLinkGod put together a nice thread, explaining the differences between Bitcoin and Dogecoin in regards to decentralization.
These exchanges led to some people having the theory that Tesla is going to, or has already dumped their Bitcoin. This is just a theory/rumor that has in no way been confirmed. But Elon being Elon perpetuated the rumor with more ominous tweets.
Later in the evening, he attempted to clear things up:
Twitter user ashtoshi summed the weekend up pretty well with this statement:
lf Numbers Are Your Thing
Bitcoin dominance reached its lowest since 2018
What does this mean? Bitcoin Market Dominance is a term for the percentage of the total cryptocurrency market cap that Bitcoin commands.
Out of all the USD invested in cryptocurrencies, 40.2% of them are in Bitcoin, the lowest since 2018. Bitcoin commanded 69.7% of the total cryptocurrency market cap at its highest point this bull run. Ethereum is 2nd to Bitcoin in market dominance, commanding 19.2% of the total cryptocurrency market cap at the time of writing.
This chart shows the decline of Bitcoin’s dominance since the beginning of 2021
Is the king being overthrown?
Epic v. Apple 🥊
The Apple vs. Epic Games saga continues. If you’re not caught up, Epic games and Apple are in a long court battle over Apple’s control of what apps can and cannot do, and most recently, what even is considered a game?
What Epic Wants
To prove that Apple has a monopoly over apps in their App Store
For users to be able to pay for in-app items using Epic’s own payment processing, bypassing the 30% cut taken by Apple
To eventually allow a "metaverse" where players and creators can buy and sell content within the app and play games across platforms
What Apple Wants
To prove that it is competing within its own app store with only about a third of the market share, and therefore cannot be a monopoly
To prevent a “store within a store” that could bypass Apple’s review process, potentially enabling the purchase of inappropriate or harmful apps.
To keep their 30% cut of all app-store purchases
Epic Financial Insights
Epic isn’t a publicly traded company, so its financial data isn’t widely available. However this court case has brought to light some interesting figures:
Fortnite made $9.1 billion in two years
Epic has spent at least $1 billion on exclusives
Epic offered Sony $200 Million for Playstation exclusives
Epic has spent more than $11M on free games
Sony charges for cross-play support to protect PSN Network’s income
Epic’s push back on Apple controlling how much developers can make sets a precedent going forward. Even if Epic loses, their continuous pressure has proven effective in nudging the industry towards Epic’s overall goal.
Bill Gates hides out at a fancy California country club
Golden State Warriors will face Los Angeles Lakers in the first round of the 2021 NBA playoffs
The Suez Canal will be widened by 131 feet to avoid another blockage
Fish can feel pain
Thanks for reading! 👋
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