Qrafty heard that SBF wanted to be POTUS, the Lightning network is growing and Cramer's saying BTC going down. Long?

***Qrafty smiling the biggest smile*** Aloha, crypto curious! I am Qrafty - the crypto lovin’ honey badger 🦡 !

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Qrafty has fresh bits from the crypto jungle, so let’s dive in: 📰 🌟

1. SBF Wanted To Be POTUS 🤣 

2. Lightning Network Is Growing

3. Binance Blocks Hamas’s Wallets

Bonus: Cramer says Bitcoin is going down. Long?

SBF Had POTUS Ambitions. Srsly!

Can’t make this sheet up, as Qrafty isn’t this inventive! Just when you thought things can’t get any worse, funny or retarded, Caroline Ellison testified and… it’s juicy in all possible ways. Just imagine the thoughts that lettuce head had going on inside that effectively altruistic little brain of his.

He got excited with bribing lobbying politicians and thought that mommy and daddy are forever going to protect him. So much so, that one day he’ll grow up and be president of the country! 👇️ 

It’s pretty clear that Ellison was well trained and prepared for this testimony and the purpose is to dump as much as possible on SBF.

But, aside from that, she also let us know that Alameda took a few billion dollars from FTX customers. Now that’s a cool way to keep things separated, isn’t it?

How much did Alameda take, exactly? Well… in total $14 billion worth of FTX customer funds and used $10 billion of that to repay its lenders.

The killing blow? In Ellison’s words: "He directed me to commit these crimes". It doesn’t get any more clearer than that.

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

The Lightning Network is Growing

The Lightning Network is like a super-fast express lane for Bitcoin transactions. It helps people send and receive Bitcoin really quickly and with very low fees. Instead of waiting for a regular Bitcoin transaction to be confirmed on the main network, the Lightning Network lets you make instant payments off the main chain.

In their new report, River mentions that in August 2021, the volume was $12.1 million and 303 BTC. Now, in August 2023, those numbers have skyrocketed to $78.8 million and 2,950 Bitcoin, marking a 546% and 874% increase, respectively.

Routed transactions have also seen an extraordinary surge from 503,115 in August 2021 to 6,599,553 in August 2023, demonstrating near-vertical growth of 1,212%. The report also noted that 25% of all network activity occurs between 1-10 sats (or $0.0002), mainly in gaming and streaming. Another 25% falls in the 10-1,000 sat range (mostly related to tipping), while transactions from 10,000 satoshis and up are typically used for commerce, remittance, and node rebalancing. On the public network, the average Lightning transaction size was approximately 44.7k satoshis, equivalent to $11.84 in August 2023.

Although these numbers may seem impressive, it's important to note that the network has been around for 5 years, and its growth has been relatively slow. While adoption hasn't reached its full potential yet and there have been other solutions promising similar or better transaction speeds and costs, the future remains uncertain as to whether the network will continue to gain momentum.

Long Bitcoin?

Cramer is a live meme character and if you believe him… well… that’s 100% on you. Betting against him has turned out to be a pretty good strategy to win in the market if you look at it historically. Translated, this means that the guy has the worst possible track record for accuracy. That’s why he’s a meme, placed there strictly for entertainment purposes.

Now, he’s saying that Bitcoin is about to “go down big“. Remember: never trust these people, they’re not paid by you to represent your interests. Qrafty isn’t saying that Bitcoin is going to go up or down, just never trust these people. They are being paid to provide entertainment to you, not financial advice.

Russia Hopes Big With CBDC

The Bank of Russia initiated its CBDC project back in 2020, with the release of an analytical report on this new national currency concept. It's important to note that Russian officials have acknowledged that conducting trials of the CBDC platform would be limited to nations considered "friendly" and possessing the necessary technological capabilities, such as India and China.

The Bank of Russia is now in the process of establishing a regulatory framework that will enable foreign banks to open accounts for accessing the digital ruble, which is Russia's version of a central bank digital currency (CBDC). These foreign banks will be provided with special accounts, and the CBDC system will meticulously monitor all their transactions.

It is anticipated that foreign banks will gain the opportunity to open digital ruble accounts on the Bank of Russia's platform starting in 2025. It is also anticipated that this will actually happen with financially friendly nations, such as China and India.

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Tomorrow is the cosmic punchline we're all waiting to hear, a philosophical riddle wrapped in the mystery of what's yet to appear!

Qrafty’s thought of the day

Other stories

Binance Helps Block Hamas’s Wallets

After laundering money for them for a long time despite sanctions, Binance suddenly switched sides. Now, Israel is saying that they blocked ‘em. The cyber police unit in Israel worked together with the Ministry of Defense, Shin Bet intelligence, and Binance to track down and secure crypto wallets associated with Hamas, which were being used for fundraising purposes.

VanEck not happy with Avalanche

Looks like Avalanche's C-Chain is having a bit of a siesta. According to VanEck, these days it's only managing to scrape together about $11,000 in daily transaction fees. That's a 98.9% drop from its glory days two years ago. Ouch!

Friend dot tech ups security

In recent weeks, FriendTech has witnessed its users facing the challenge of SIM-swap attacks. To counter this threat, they have implemented a new security enhancement, called 2 factor authentication. Better late than never.

Bitmain paid its employees… for September

It’s not easy in crypto right now. Bitmain, world’s largest Bitcoin mining machine manufacturer, has now paid its employee wages for September after payments were delayed and deducted due to cash flow issues.

UK’s SEC barks a bit

The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning to 146 crypto companies, as part of their efforts to enforce new promotional regulations mandating registration with the FCA.

Market Whispers

Booring... well, boring day if you just look at the daily candle. If you watched or worse, traded, every one hour candle, it has been quite a rollercoaster.

From $27,735 to $27,335, back to $27,630 in just one hour candle aaand back down to $27,300... Pretty undecided Bitcoin as bulls and bears fight with all their longs and short to win the play.

Until we see either a sweep of the October open and back above $27,000 to long it or a sweep of last weeks high and back below $28,400 to short it, there's not much to play with.

Qrafty ends channeling his inner trader.

Today is WORLD MENTAL HEALTH 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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