Qrafty is hot and loaded with news about Bitcoin, Tornado Cash, coin unlocks and Qrafty's haiku!

***Qrafty rolling out the red VIP carpet*** Aloha, beautiful soul! We are blessed to wake up to a beautiful new day and I, Qrafty the Crypto lovin’ honey badger, dearly welcome you to Coinqraft 

In this whimsical realm of digital treasures,

Where blockchain paths unveil endless pleasures,

I'll be your trusty guide, by your side we'll explore,

The world of crypto, like never before!

🦡 So dive into the crypto rabbit hole with your favorite badger buddy because Qrafty has the news 📰 and scoops 🔍 from the crypto jungle:

1. Bitcoin Is An Exercise In Freedom

2. Short Term Holders Are Underwater

3. YGG, LDO & AVAX Coin Unlocks

Bonus: BRICS countries are building their own game

A good giggle… priceless. For everything else there’s… laughing hysterically.

Happenings today

1. Someone is accumulating Bitcoin

Someone’s been buying Bitcoin on the down low in the past three months, and quite a lot of it since it’s about $3 billion worth. Might be an exchange, might be BlackRock or a big fund.

We might have an answer thanks to the beautiful people of Reddit, who are quick to find that the address is labeled Robinhood: Jump Trading Custody and it was funded by an address it’s known to send and receive large funds from/to a known Robinhood hot wallet.

It’s important to remember that addresses can be mislabeled, so this isn’t 100% accurate. It’s interesting to see that someone has been accumulating BTC on the way down though, irrespective of the price. Qrafty will keep an eye out to see if there are any interesting movements.

2. Short term Bitcoin holders are in the red

Bitcoin is a game, a game of mental strength first of all. And most people fail to understand that it’s an investment. Which means that it will bear fruit over a longer period of time, but short enough to actually be happy with it. Glassnode just reported that short term Bitcoin holders aren’t having a good time.

Last week, the market underwent an abrupt sell-off, pushing BTC prices below $25k and concluding a period of unusually low volatility. Several crucial price support indicators were breached, placing bullish sentiment on the defensive.

In spot markets, there's still a substantial concentration of assets at relatively high levels, with more than 88.3% of Short-Term Holder supply currently showing unrealized losses.

Over $2.5 billion in open interest was wiped in a short time frame, clearing leveraged positions. While options markets have quickly adjusted their volatility premiums from record lows, open interest has remained quite steady.

3. Robert F. Kennedy: “Bitcoin is an exercise in freedom“

Politicians and priests are two social classes invented in order for the rich to control the poor and feed them bullshit, without having to deal with them directly.

But every once in a while, there comes a figure who has the education, the courage and especially the heart to love those he wants to lead, instead of despising and lying to them for his/her own corrupted interests and perverted soul.

One of these people was John Fitzgerald Kennedy. We all know how powerful his intentions were, how deeply his ideals penetrated people’s hearts and minds. We also know the way things ended, in a public demonstration of power by obscure forces. The same obscure forces who rule today, don’t be mistaken, but they have grown way more powerful compared to that time.

Qrafty asks: is that “once in a while“ moment happening again? Is the nephew of the president of all American hearts the one who will reignite that spirit of freedom and decency, which has been lately lost in the muds of corruption by depraved individual interests?

Is this the voice and spirit behind which people will rally, forget their petty differences which are so intensely and powerfully used against them? Will people find the light in that which unites them and rally forward into a Renaissance of the American spirit and Enlightenment of US society? Time will tell.

4. Sanctions maintained against Tornado Cash

If you don’t know that whole case about Tornado Cash, here it is in a single badger breath: it is a cryptocurrency smart contract mixer that facilitates the process of depositing cryptocurrency into one address and then withdrawing it from another wallet, all while ensuring that there is no traceable connection between these two addresses. So, long story short, a transaction anonymizing method.

The founder, Alexey Pertsev, was arrested in Netherlands for money laundering, shortly after the US declared the software illegal. So a Russian citizen is arrested in Holland at the command of US authorities for something that just the US deems illegal. Interesting, right?

In response, 6 individuals backed by Coinbase sued the Treasury Department on the claim that the department’s legal authority over foreign nationals’ interests in property was exceeded and violated the First Amendment.

Qrafty, what does that really mean aside from the word soup?

They basically argue that Tornado Cash is a piece of open source software that is decentralized and composed of smart contracts running on Ethereum.

Now, a judge decided that these sanctions will be maintained, because it’s not just the software, it’s also the developers and founders, along with the DAO, which has a direct economic interest and those who hold the governance tokens can vote on decisions.

The economic interest comes from the fact that the smart contracts are live and the software is charging fees, which go to the DAO, therefore those involved in the governance are interested in receiving those fees on a ongoing basis.

Coin Center also initiated a distinct legal action contesting the sanctions imposed on Tornado Cash in October of last year. This lawsuit is currently pending a decision on summary judgment from the U.S. District Court for the Northern District of Florida, as confirmed by Jerry Brito, the executive director of Coin Center.

Qrafty thinks this is going to take a looooong time and it’s not going to end well for Tornado Cash.

5. BRICS moving forward

Qrafty wrote a story yesterday about how BRICS might evolve their economic alliance into decoupling from the USD and how that might ripple into other effects.

Qrafty knows this is not related to crypto, but it’s important to understand that crypto is a bubble within bigger bubbles and it’s not disconnected. Everything that happens in the big world happens in the small world of crypto, as well.

And no, Bitcoin isn’t decoupled from anything… yet. What the wider markets are doing, especially on the way down, Bitcoin is doing as well.

Now, it’s interesting how things develop in this area because Saudi Arabia is joining the conference. Why? Because the relationship with US is not really a bed of roses anymore. Saudi Arabia and Russia have reduced oil production in an effort to raise the price. The US wanted Saudi Arabia to increase production and flood the market with oil, especially at the beginning of the Ukraine war, in order to hurt Russia. That didn’t work… at all. Saudi Arabia actually reduced production in April, sending a subtle message that US ain’t in charge anymore.

China is pushing for opposition towards G7 and issuing of a new currency within the block. It’s important to mention that BRICS never declared that it is opposing the US or the Euro-Atlantic structures. The purpose is to create an alternative to these structures. Now, China is pushing for a full fledged competition against the West.

And finally, the Russian president just mentioned that the US dollar is losing its global role in an “objective and irreversible“ process. It’s true that these are political declarations, at the same time it’s true that things are moving and reshaping globally.

It’s important to hear with our eyes and look at what is happening, not what leaders are saying is happening.

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If my crypto wallet could beat me, I would be in a coma!

Qrafty’s thought of the day

Other stories from today worth noting

AVAX, LDO, YGG Tokens Scheduled To Unlock

Almost 3% of the total supply of AVAX, totaling $99 million to be unlocked this week; the price of the coin already dropped 18% in the past week, but hey… that’s what a bear market does.

8.5 million LDO tokens will be unlocked on the 26th of August, 2023, amounting to ~ $13.5 million; that is less than 1% of the total supply.

YGG (Yield Guild Games) will have quite a big unlock too, around 6% of the total supply, amounting to $12 million. This will happen on the 27th of August. At the beginning of August, the coin had a massive surge, but it has since retraced almost all of the growth.

In South Korea, your crypto can be legally confiscated by gov

A city in South Korea decided that if you owe money because you haven’t paid your taxes, your crypto will be taken.

How will they do that, Qrafty?

The authorities have instructed seven South-Korean crypto exchanges to check and identify the holdings of about 8500 users who owe more that $750 in local taxes.

Regulations allowing authorities to do that have been in effect since 2021 and they have confiscated close to $180 million dollars since then. So we have already reached the point where the governments are stealing our crypto too, not just our money.

Coming soon to a government near you!

Bankman Fried pleads not guilty, lawyers trying to push bs

The brilliant architect of the FTX/Alameda crash has pleaded not guilty. Lawyers are making a teary case that the gentleman is “subsisting on bread and water”. That is a blatant lie (that’s what lawyers are for) and the little lamb definitely has enough to eat, it’s just not what he would like to eat.

Considering that his stay in prison, food, safety, trial and pretty much everything is paid for by the US tax payers, it seems to Qrafty at this point that the team behind this guy hasn’t really understood the damage and destruction of people’s lives that have occurred because of his action.

To Qrafty, it seems that the people behind this character believe that this is all one big joke, considering the requests they have made lately, ranging from being jailed just for 2 days a week to receiving Adderall and vegan food. There’s a level of absurd that has been long passed here.

SEC keeping busy busy busy

The Securities and Exchange Commission (SEC) has accused Titan Global Capital Management, a fintech investment manager, of a range of advertising and compliance violations, specifically for misleading claims of annualized returns reaching 2,700%.

Titan paid $850,000 civil penalty, which will be addressed to affected clients, as well as nearly $200,000 in disgorgement and prejudgment interest. Of course, the company neither confirmed or infirmed SEC’s allegations.

But they paid in full, get it?

The Terra website was hacked

As if Terra supporters didn’t suffer enough, the website of the project was hacked and the developers issued a warning to stay away from the scam until further notice.

Binance launches in Brazil

Binance isn’t really looking good at the moment. They are having problems with the Checkout situation, which locked them out of cash. But they are launching in Brazil.

Feel that? What….? Your crypto IQ rising?… No no, not that! Nvm, let’s just focus on the crypto IQ, okay?

Qrafty, what are “Ordinals” and what’s the catch with them?

Gather 'round, crypto adventurers, for the tale of Ordinal the Crypto Explorer! Picture this: in the land of blockchains, there's a trend called "ordinals." Think of ordinals as magical messages written on the Bitcoin scrolls. These messages are tied to unique addresses, like secret treasure maps.

Now, you might think, "Wait, isn't that like NFTs?" Well, kind of! NFTs are like postcards pointing to data in the digital realm. But here's the twist: if that data vanishes like a wizard's disappearing act, the postcard is just a lonely pointer, a memory of what it pointed at in the digital realm.

Imagine, a century from now, Ethereum's grand party, but NFT guests like Bored Monkeys are nowhere to be found—vanished like socks in a washing machine! That’s the problem with NFT’s.

Here's where ordinals shine: they're stashed within the mighty Bitcoin castle. As long as the castle stands, the messages are safe, like dragon treasure in a guarded cave. The only way they'd poof into thin air is if Bitcoin rides off into the sunset, taking its castle with it (which means that Bitcoin has to disappear completely).

Fear not, for this tale ends with the unlikely vanishing of Bitcoin—magic unlikely to unfold. So, fellow crypto adventurers, embrace the ordinals, for their story weaves within the blockchain, unburdened by digital decay's dark spell!

Market Whispers

Bitcoin had another flash dump to 25300-25350, depending on exchange you are looking at.

It took all lows made from Thursday’s big drop. Went back to sweet 26k where it liked to hang out in the last days. Still waiting for a clear path.

Today is National Take Your Cat To The Vet 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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