This week on Crypto Twitter: Coinbase NFT collapses, Musk mocks NFT, Scaramucci pumps Algorand

Illustration by Mitchell Preffer for decryption

Crypto merchants feel fear. For starters, the price of Bitcoin has fallen below $ 35,000 for the first time since January earlier this morning, although this is not unexpected in light of the fact that the prices of most of the leading cryptocurrencies are in the fifth consecutive week falls.

Still, most industry experts on Crypto Twitter have refrained from too much bearish negativity this week. The week started with a lot of screaming aimed at the creators of the Bored Ape Yacht Club (BAYC) franchise Yuga Labs over the fall of NFT last weekend which many considered unfortunate. Decipher covered some dissatisfied reactions to the Mint earlier this week.

Yuga Labs has since it was returned 90.57 ETH (approximately $ 265,500) to customers who paid astronomical gas fees during the forging craze for transactions that failed. Yuga said “it seems quite clearly”That it will move the original ApeCoin BAYC ecosystem token from Ethereum to its own blockchain, prompting Ethereum developer Mark Beylin to call the company“ high-ranking fraudsters ”.

Also Monday, crypto podcaster Peter McCormack had something to say about a proposal to improve Bitcoin 119 (BIP-119). The proposal, presented to the Bitcoin community by Jeremy Rubin, the developer of the Bitcoin core, introduces a controversial new operating code. “CheckTemplateVerify” (CTV) on the network.

CTV brings the idea of ​​“vows” (conditional transactions) into Bitcoin, which means that a portion of Bitcoin could theoretically be spent only if the wallet owner meets certain conditions. For example, one wallet could receive a certain amount of Bitcoin, but it could only be allowed to send money to addresses on the whitelist.

Critics like McCormack argue that this potentially undermines the very substitutability of Bitcoin. Contracts could also leave the world’s favorite cryptocurrency subject to increased regulatory scrutiny.

It is worth noting that others are delighted with Rubin’s proposal, cit solid use for CTV, including the ability to bring elements of smart contract functionality into the blockchain.

On Tuesday, the former White House communications director and current Bitcoin / Ethereum / Algorand HODLing SkyBridge CEO Anthony Scaramucci tweeted his joy over last week’s news that the world’s largest sports association, FIFA, used the green blockchain Algorand in a new sponsorship deal. Scaramucci tweeted his love for ALGO behind his Bitcoin-maxi laser eyes.

No, really, Scaramucci was over the moon.

Meanwhile, that same day, Dubai’s Crown Prince Hamdan bin Mohammed announced on Twitter that his crypto-smart regulators were opening an office in the … wait for it … metaverse! It is definitely a safer and more dynamic regulatory approach than Lack of President Joe Biden’s executive order. White House, pay attention!

Ethereum co-founder and CEO Vitalik Buterin jumped on a tweet from Ryan Adams who called Ethereum “not expensive” and gave us quick news about its creation.

On Wednesday, new Twitter owner Elon Musk changed his profile picture to a BAYC collage and reiterated a common opinion among NFT critics, calling the picture “somehow interchangeable. ”

The original artist had something important to say. Musk quickly changed his profile picture again. I guess it’s not that interchangeable after all.

The next day, Binance CEO Changpeng Zhao warned followers of the $ 500 million Binance had provided for Musk’s $ 44 billion offer on Twitter.

By Thursday, Coinbase’s new NFT market had been active for a day now attracted only 150 new active users. Nick Tomaino of 1confirmation for crypto investment, and himself a former Coinbase employee, tweeted his disappointment, saying Coinbase’s current NFT platform is “not that”. (But like DecipherJeff John Roberts wrote two weekends that it would be foolish to turn down Coinbase’s chances of NFT’s success this early.)

Horizon Worlds project leader Meta for the virtual reality game, Dare Obasanjo, highlighted the extensive gap between people’s lofty expectations of Coinbase NFT and the harsh reality after launch.

Finally, crypto investigator ZachXBT has implicated American boxer and convicted domestic abuser Floyd Mayweather in not one, not two, but three alleged carpet pulling scams.

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