Qrafty is bringing on the weekend with ETH smartphone, Grayscale CEO reserved, Coinbase fixes bug and a streamer gets robbed live!

***Qrafty smiling the biggest smile*** Mahalo, fellow curios soul! I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for those who are busier than a beehive in rush hour traffic yet more curious than a cat in a room full of unopened boxes! !🌟

🦡   Get ready to dive into the depths of crypto's rollercoaster ride and come out on the other side with insights 📰 hotter than a jalapeño in a salsa contest! 🌟

1. First Ethereum OS smartphones sold out

2. LimeWire is back!

3. OKX has nice reserves

Bonus: It seems that people in Kansas like BTC ATM’s

Main thought forms of the day 👇️ 

1. First Ethereum smartphone sells out

The first 50 devices of the new Ethereum smartphone have sold out in less than 24 hours. The software they’re running is called ethOS and it’s based on… you guessed it: Dogecoin!

Qrafty is only joking, of course it’s based on Ethereum. Those who bought the phones first bought the ethOS NFT, to reserve them. The operating system, ethOS, is based on Google Pixel 7a. What’s cool about it is that it’s open source, meaning the code is visible for anyone. No back doors, no exploits or malicious code.

It’s more like a digital wallet phone with specific blockchain applications such as payments but also messaging and Ethereum VM’s (virtual machines). The best part is that it supports ENS (Ethereum Name Service), which makes payments easier between users.

Think that you have a phone that connects you to the social layer of world of humans and now you have one that connects you to the financial/crypto layer of the world of humans.

In April 2023, Solana launched a Web3 mobile phone called Saga. This snazzy contraption adds a splash of Web3 magic on top of the smartphone basics. Imagine a phone that's not just "smart," but "Web3-smart"!

It has a DApp store for good measure, making it easier than ever to dive into the world of decentralized apps. Plus, it's so cozy with crypto wallets and DApps that they probably share memes together. Now, they slashed the price from $1,000 ro $599, hoping to steal some of EthOS’s thunder.

This is an interesting market developing, worth keeping an eye out for.

2. LimeWire rebrands in crypto

Around the year 2000, there was a cute little thing called LimeWire from where you could download awesome music and other digital stuff. But they did some things with the content and hurt the feelings (and rights) of some famous people and got sued. They had to pay a lot of money and went silent for a time.

Now, they are back and launching their AI creator studio on top of Polygon network. Long story short, they are merging LLM’s and blockchain with a social layer on top of it while building a marketplace for digital content.

They are allowing creators to monetize their content on their network. It’s like your posts can be traded by others and you get a 2.5% share as perpetual royalty. It’s not bad at all!

The problem? It’s a marketplace, this means it has a chicken and egg problem: it needs creators and it needs audience. But, as it is just starting, it’s lacking both for now. The concept is very nice and worth keeping an eye on.

3. OKX flexes its reserves

In their latest audit report dated August 25th, OKX revealed an interesting bit: the exchange itself is currently in possession of a larger stash of BTC, ETH, and USDT compared to what their users hold.

The audit data indicates that OKX users collectively have 135,259 BTC in their accounts, whereas the exchange itself holds a grand total of 138,584 BTC. This figure includes an intriguing 3,056 BTC securely held in custody by a third party.

This is a very very nice approach from OKX, which will definitely increase the reputation of the exchange in the crypto world.

4. UK is crypto hungry

“From 1 September 2023, cryptoasset businesses in the UK will be required to collect, verify and share information about cryptoasset transfers, known as the ‘Travel Rule’.“

The UK Financial Conduct Authority introduces new rules for crypto transaction reporting. The Financial Action Task Force (FATF) have urged other regions to promptly adopt the Travel Rule, a measure that harmonizes the procedures for cryptoasset businesses when sending and receiving transactions with established practices in the broader financial services sector.

Simply put, it enforces KYC, AML and all the same verification level for customers of crypto businesses as any other financial institution.

5. Turkish people are in on crypto

KuCoin have released their “Into The Cryptoverse“ report, based on a survey of 550 adult crypto investors in Turkey, aged 16 to 60. They regard a “crypto user“ as someone who has invested in or owned crypto in the past six months.

• Women on the rise: more than 50% of Turkish adults are actively involved in cryptocurrency investments, and this trend is seeing a notable rise in participation from young women.

• Youth drive growth: the cryptocurrency market is primarily propelled by the younger generation, with 31% of new crypto investors entering the space in the recent quarter. Additionally, 36% of these investors allocate over 100,000 Turkish Lira (~ $3,700) to their crypto investments.

• Motivations behind crypto investments: a majority of crypto investors, accounting for 58%, view crypto as a means to accumulate wealth over the long term. In a close second, 37% invest in cryptocurrencies for the purpose of storing value securely.

• Interest in crypto investments: Bitcoin remains the top choice among investors with 71% showing interest in the OG coin, followed by Ethereum at 45%, and stablecoins at 33%.

• Exploring crypto usage in Turkey: a significant portion, or 70%, of individuals in Turkey engage in cryptocurrency trading, while 22% use crypto to purchase NFTs.

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Qrafty’s thought of the day

Other stories of this beautiful day

Grayscale Investments CEO knows strategy

During an interview with Bloomberg Television, Grayscale Investments CEO, Michael Sonnenshein, mentioned that the company intends to hold off making a decision about a potential reapplication until they have clarity on the definitive operational procedures laid out in the court's mandate.

He expressed doubts regarding the necessity of re-submitting the company's application to the SEC for transforming its GBTC product into a spot bitcoin ETF.

Despite growing market optimism surrounding the conversion, a sense of caution continues to linger.

Being popular ain’t always good

Portuguese crypto-influencer Ivan Bianco unintentionally disclosed his seed phrase while on a live stream concerning his DeFi (Decentralized Finance) profits and trying to login to his Gala account. This occurrence highlights the critical significance of securing confidential data associated with one's digital assets. Don’t mess with that!

Coinbase fixes 0 balance bug

Back in 2022, users of Coinbase Wallet encountered a comparable problem related to inaccurate balance displays, although the company did not provide specific information about it.

In May, vulnerabilities were discovered in Coinbase Wallet, where it became susceptible to stealth attacks initiated by smart contracts, shedding light on possible security weaknesses.

Now, Coinbase say that they solved the bug and you can resume with just the panic attacks from the price swings in the market. At ease, soldier!

Nexo’s card has dual mode now

A new, crypto-powered debit and credit Mastercard for the European Economic Area (EEA) from Nexo starting September 1st. The dual mode crypto card allows you to switch from credit card to debit card in an instant, being able to reap those cashback rewards for credit cards.

They offer interest on your crypto for the debit card part and up to 2% cashback on the credit card side. On top of that, you can access a credit line with rates maxed at 15.9%.

Ripple introduces clawback feature

The Clawback feature in amendment XLS-39 enhances security for businesses issuing digital tokens. It allows issuers to reclaim assets in specific situations like account loss or fraud detection, providing greater control over distributed tokens.

It doesn’t apply to XRP and will be an option that issuers on the XRP Ledger will have. Considering Ripple is going big on CBDC’s, it’s obvious that this is meant for financial institutions; it’s optional, but irreversible.

Someone’s using crypto ATMs… for some reason

On of the top advantages for Bitcoin (and cryptocurrencies) is the high mobility and relative ease of use for transferring crypto from wallet to wallet. Without approvals (except for yours), without stupid questions and forms to fill out.

But it seems that the people of Kansas City prefer the OG way, by physically moving their bodies in front of this metal, secured box with a monitor. By poking the monitor in certain ways, it tells them almost the exact same things their mobile phone would tell them. Even though the ATM’s are ripping them off!

Kansas City Federal Reserve Bank has noticed the above mentioned behavior in their report: The Controversial Business of Cash to Crypto Bitcoin ATMs. They also identified four user groups who user ATMs:

• cash users without access to banking

• older folks who are used to this behavior

• convenience of using an ATM? As opposed to what, your phone?

• those who want anonimity

So in spite of the bear market and in spite of the ATM practicing high fees, people are still buying crypto.

Market Whispers

It's weeeekend! That means party! And also watching the weekly close on Btc. Qrafty will not mention the monthly August close, as it is a big red candle which sends shivers down the spine.

So, as I was saying yesterday we still have to keep up with the prayers because for now the weekly candle is not fun at all.

Qrafty put a line on the chart so you can see why I keep repeating myself with 25k must hold, If not, we will most likely revisit at least 22k.

Or, as the "Analysts" will say "there are 75% chances that Bitcoin will trade around 22k level in the near or medium term future".

Qrafty ends channeling his inner analyst.

Today is GINGER CAT DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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