This Week on Crypto Twitter: Wikipedia Accused of Playing Politics, Coinbase Chain Monkey Collaboration Much Mocked

This Week on Crypto Twitter: Wikipedia Accused of Playing Politics, Coinbase Chain Monkey Collaboration Much Mocked
This Week on Crypto Twitter: Wikipedia Accused of Playing Politics, Coinbase Chain Monkey Collaboration Much Mocked

Illustration by Mitchell Preffer for Decrypt

Leading cryptocurrencies won in value this week despite the US Federal Reserve’s announcement on Wednesday that interest rates will be raised by another 75 basis points to combat inflation.

Usually, announcements like this are detrimental to crypto markets. Last month, the Fed raised interest rates by 75 basis points in the steepest increase since 1994. Crypto prices crashed hard as borrowing costs rose, prompting investors to dump riskier assets. No such response came this timewith all leading cryptocurrencies showing notable seven-day gains.

ONE heated debate are now raging whether the US, after two consecutive quarters of negative GDP growth, is in a recession. The White House does not think so.

The debate has been so intense that Wikipedia has given permission to edit it “Recession” page to “semi-protection”, meaning new or infrequent users must wait four days and make 10 edits on other pages before they can edit the article.

Wikipedia’s privacy policy says: “Semi protection is useful when there is a significant amount of interruption or vandalism from new or unregistered users.”

The news struck a nerve with Binance CEO Changpeng “CZ” Zhao, however at least he lent a helping hand.

And he confirmed a meeting with Turkey’s finance minister, Nureddin Nebati.

In April 2021, Turkey’s central bank banned crypto payments despite the country having some of the world’s highest crypto usage per capita. However, a report by Bloomberg in May confirmed the country is design of regulations to control the market. One preliminary proposal requires crypto companies to have a minimum of 100 million lira ($5.6 million), while global exchanges and lenders looking to expand in Turkish territory may have to open branch offices that could be taxed by the government.


In other CEO news, Bitcoin maximalist and MicroStrategy chief Michael Saylor, who has spent an eye-watering 3.98 billion dollars on Bitcoin and probably still underwater on the investment, stands firm.

Saylor threw shade at Ethereum in a video interview earlier this month, suggesting that the world’s second favorite cryptocurrency is a centralized security. Responding to a tweet about it this week, Ethereum creator Vitalik Buterin wasn’t happy.

Buterin also gave his opinion on the company’s attempt to build the metaverse. Hint: He doesn’t think Mark Zuckerberg will corner the market.

Responding to a reply to his original tweet, Buterin elaborated that he believes Metas metaverse pivot will fail simply because it is too early.

‘Web3 bingo cringe festival’

Coinbase teamed up with Bored Ape Yacht Club to produce a three-part metaverse-themed film called “The Degen Trilogy.” The first part was released on Tuesday.

The film meanders along with little sense of plot or suspense or drama. It’s basically a five-minute crypto shill. Crypto Twitter panned the project widely. And someone should check if crypto podcaster Cobie is still answering his phone.

On second thought, he’s fine.

A tweeter known as Coin Bureau suggested reporting the film to the Securities and Exchange Commission.

Coin Corner CEO Danny Scott wants his five minutes back.

And finally, on a related note, multi-platinum hip-hop producer Illa Da Producer announced that he has joined the BAYC team at Yuga Labs.

Illa is known for his frequent collaborations with crypto lovers rap legend Eminem.

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