Reversible Transactions, Ripple Wins, Recession
It has been another glorious week in crypto, but a tough one for the economy as markets around the world faced turmoil.
This week we turn back time with Ethereum, and ask whether non-fungible tokens (NFTs) really hold the key to love and happiness. We also reveal who is drinking bourbon with John McAfee in Texas (probably). Let’s do this.
Ethereum regrets (the worst kind)
If you could go back in time and change just one thing about your life, what would it be? If you answered “Ethereum transactions,” then Stanford researchers sure do have some good news for you.
According to a paper filed by collective gigabrains Kaili Wang, Qinchen Wang, and Dan Boneh, new Ethereum token standards such as ERC-20R and ERC-721R could bring about a new era of reversible Ethereum transactions.
In other Ethereum news, the network is now 55% complete following the long awaited Merge. Next up in Ethereum’s development hell cycle comes the Surge, the Verge, the Purge, and the Splurge. Is there any chance we could reverse these terrible name choices please?
A tough week for the economy
There was bad news for the economy when it was confirmed that the U.S. entered a technical recession in Q2 of 2022. For the uninitiated, a technical recession is what used to be called a recession until recently, when the meaning of the word recession was changed by U.S. legislators to avoid one.
If you can’t fix the economy, just fix the words. Thanks, Joe.
The week was marked by a fair amount of volatility in the markets with both Bitcoin and the S&P500 falling. One small crumb of comfort is that while global markets have continued to linger in the doldrums, Bitcoin has rallied to close out the week better than it started. Well done BTC.
This week Be[In]Crypto asked, can you find love based on what NFTs you hold? Spoiler alert: No! There are probably few phrases in the English language less likely to spark a romantic encounter than, “please accept this JPEG as a non-fungible token of my affection.”
Still, that won’t stop people from trying. Good luck in your search, and we hope you find someone truly rare.
In news that will be of concern to anyone crypto HODLers everywhere, Be[In]Crypto reported on a malware infection that has reportedly had success cracking both hot and cold storage wallets. The malware infection dubbed “Erbium” is believed to be hidden within popular software downloads and games. Not that any of our readers would stoop to software piracy, but if you know a friend who has, tell them to fire up the virus checker pronto.
XRP wins a small victory
A small legal victory for XRP could yet prove to be a massive win for the entire crypto industry. This week a judge ruled that William Hinman, the former Director of the Securities and Exchange Commission’s (SEC) Corporate Finance Division, must hand over emails and drafts relating to a speech he made in 2018.
In that speech, Hinman asserted that the Ethereum network, cryptocurrency, and crypto trades do not constitute securities-related activities. What Hinman based those comments on, and the thinking of the SEC at that time, may be crucial not only to Ripple’s case, but any further litigation the SEC might wish to bring.
At the moment it’s still highly speculative what the discovery process might uncover, but it could be the first step towards clearer industry guidance from the notoriously opaque and litigious governing body.
So as much as it might stick in the throat of crypto libertarians to cheer on XRP, that’s good news for everyone.
Do Kwon is not on the run
Lastly, in not crime news, Do Kwon remains absolutely not in hiding and not on the run, even as Interpol has issued a red notice on the Terra founder. So where is Do Kwon? Be[In]Crypto has heard reports suggesting the not missing founder is drinking bourbon in Texas with a not dead John McAfee. Probably not true, but you never know.
That’s all we have time for. If you’re still reading, thanks for joining us. You’ve now caught up with the Last Week [In] Crypto.
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