Qrafty knows about FED pausing rate hikes for now, Stanford to return million of $$ to FTX and the CBDC ban bill passed

***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. Hackers: Natural Predator of Digital Currencies?

2. India is World’s Second Largest Crypto Market

3. Fed Pauses Rate Hikes

Bonus: CBDC ban bill passed

Hackers: Natural Predator of Digital Currencies?

You know how in nature, every creature has a natural predator? Well, humans are kind of unique because we don't really have one. That’s the thing, humans don’t seem to have a natural predator. Some could say viruses are our natural predators or… vampires!

The whole idea of a natural predator in nature is to help keep a balance in the population. They go after the older or weaker members of a species, which helps keep everything in check so the ecosystem doesn't get thrown off balance. Like how lions hunt slower or weaker animals.

In the world of cryptocurrencies, hackers play a similar role. They look for weaknesses in projects and try to exploit them. Some, called ethical hackers, do it for rewards or because they're really passionate about cybersecurity. They actually help make the crypto world safer by finding and fixing these vulnerabilities. It's like a quality control system.

But then there are the not-so-nice hackers, called black hat hackers. They exploit weaknesses to steal or cause trouble, and that can really hurt people's trust in the crypto world.

Even though ethical hacking is important, it can raise concerns about privacy and security. Striking a balance between finding weaknesses and respecting privacy is really important.

This whole dynamic between hackers and the crypto world is like a reflection of bigger struggles in society. It's all about the constant battle between security and vulnerability, which is a big part of being human.

And thinking even broader, it makes us consider the responsibility that comes with creating new technology. Ethical hackers are like digital neighborhood watch programs, looking out for everyone's safety.

It also makes you think about how incentives work. The rewards for ethical hackers show how when interests are aligned, everyone benefits. This idea goes beyond just cybersecurity and can be applied in lots of different areas.

Lastly, it reminds us how important it is to be resilient and always improving, especially when facing new challenges. Just like animals develop ways to defend themselves, blockchain projects have to keep evolving to stay safe.

🙃 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! 😇 👇️

1. Fed Pauses Hikes. For Now.

After an 11-rate-hike marathon since March 2022, the Federal Reserve decided to pause the hikes for the moment. Not permanently, just for now. Always keep ‘em on the edge, right?

Now, for households, this news isn't a comedy show… it's more like a tragicomedy. The Fed's 11-rate hike bonanza has pushed the key interest rate to a range that hasn't been seen in over two decades.

While prices have been doing their best rocket impression in the past couple of years, wage growth for many Americans is more like a snail's pace race. So, you've got households stuck between a rock and a hard place, having to take on debt just when borrowing rates decide to reach for the stars.

Of course, the average Joe takes the full power of the hit: despite this financial tango, no discounts on credit card debt, house hunting, car shopping, or tapping into home equity.

Remember, the Fed said that they want to see higher unemployment in order to start thinking about pushing down rates. So they want more people unemployed, which leads to mortgages not being paid and people losing the houses… Who is benefitting from this?

2. Idiocracy is Real and Now

Qrafty doesn’t know if you ever heard of BitBoy. Think of him like the Picasso of pumping and dumping coins, leaving his followers in awe and out of pocket.

The media company he birthed in 2018, the HitNetwork, decided to give him the boot after a merry-go-round of fraud scandals. This drama has been going on for a while and Qrafty wrote about it in a previous edition.

But here’s the comedy. This fabulous gentleman hit the financial bottom and now is turning to… wait for it… the same audience he pumped and dumped on, to give him money for his legal fund.

So what’s wrong with this, Qrafty?

He was doing this crocodile tears routine while wearing a $350,000 Rolex. Yeah… read that again. And this doesn’t stop here. The irony in this is that people actually sent him around $120,000 until now. You seriously can’t make this stuff up.

3. Apple Wants You to Trade

Looks like Apple's getting in on the stock trading game! They had their grand unveiling of their new trading app planned for last year, but decided to let the stock market have its little moment. You know how it is, even the big players like to give the market its time to shine.

Rumor has it, they got the bright idea during the whole meme stock frenzy back in 2020. Guess they thought, "Why not join the party?" After all, who doesn't want a slice of that juicy stock market pie and pleb money?

And as if Apple wasn't enough, even PayPal and X are tossing around the notion of diving into the stock trading arena. It’s easy money, especially if the money printer starts going brrr again.

4. India - Second Largest Crypto Market

India has stealthily slipped into the number two spot in terms of raw transaction volume, leaving the UK, Turkey, and Russia in the dust. According to a recent Chainalysis report, they've racked up a cool $269 billion in crypto volumes between July 2022 and June 2023.

Now, here's the kicker - India's crypto scene is thriving despite the government having huge tax rates. We're talking a 30% dip into gains and a 1% transaction tax! It's like they're saying, "Sure, tax us, but we're still gonna play with our crypto toys!"

So India's crypto appetite is insatiable even if regulators view digital currencies as a scam. They're like the kid in the candy store, and they're not slowing down anytime soon. So, even with Uncle Sam holding down the fort, India's still standing tall as a major player in the global crypto spectacle. The U.S. might have the biggest piece of the pie, but India's got its own slice, and it's growing. Good for them!

5. Stanford to Return Millions from FTX

Oh, the saga of FTX and Stanford, it's like a plot straight out of a crypto soap opera! So, FTX Trading's founder's parents are accused of playing Robin Hood with the company's money, showering Stanford with gifts, and splurging on a fancy mansion.

The lawyers are pointing fingers, alleging that Allan Joseph Bankman and Barbara Fried used their parental powers to work some financial magic.

Yep, Bankman, who happens to be a Stanford law professor (the irony, right?), allegedly steered over $5.5 million from FTX to the university. It's being called "naked self-dealing" and an attempt to "curry favor" with the university.

Why is this happening? Obviously, because it’s been found out! Up until now everyone was hush hush. You can't make this stuff up!

Hey hey 🙃 Qrafty hopes you are enjoying the experience here and would like to regularly get Qrafty’s letters!

If so, please click on the button below. Qrafty is really really grateful to have you here, so thank you!

Tomorrow: the elusive horizon we forever chase, where life's best punchlines are written by fate's mischievous hand

Qrafty’s thougt of the day

Other stories

CBDC ban bill passed

The US House Financial Services Committee is doing a preemptive strike on the Federal Reserve, saying: "No CBDC fun for you!" Congressman Tom Emmer's bill says, "No CBDCs, not even a pilot, before you even think about it!"

Another day, another hack

Balancer, a decentralized finance (DeFi) protocol running on Ethereum, recently fell victim to a front-end assault on its website, resulting in a theft of over $200,000.

A Lennon is a fan of XRP

John Lennon’s son, Sean Ono Lennon, made a joke on X about David Schwartz, the CTO of Ripple. They have some physical similarities and Sean wanted to make a bit of fun on this idea.

Former Deutsche Bank banker pleads guilty

The Justice Department stated that Rashawn Russell could potentially receive a maximum prison sentence of 30 years. Additionally, as per his plea deal, Russell will need to pay over $1.5 million in restitution.

Ex congressman gets 2 years for insider trading

Former Indiana Congressman Stephen Buyer has been sentenced to 22 months in prison. Buyer was found guilty after trial of four counts of securities fraud related to his involvement in two insider trading schemes.

Coin Listings/Delistings - September 21, 2023

BingX lists SPACE (@mvcglobal) with SPACE/USDT pair at 10:00 (UTC).

Bitrue lists MNT (@0xMantle) with MNT/USDT pair at 10:00 (UTC).

OKX delists HEGIC-USDT, MDA-USDT, API3-ETH, API3-USDC, AVAX-ETH, BAT-BTC, BAT-USDC, DGB-BTC, EGLD-BTC, ENS-BTC;

Market Whispers

As Qrafty mentioned yesterday, Bitcoin did stay in his line until FOMC meeting. Not that it did much after Powell speech, just dipped from $27,300 $ to $26,800, just to take out all the happy longs opened at the pause of interest rates news.

DXY aka The Dollar stole the show printing an almost 1% (0,8% actually) green candle today. But, despite all the intra day drama, Bitcoin's daily looks promising for another green candle.

Qrafty ends channeling his inner trader.

Today is INTERNATIONAL NFT 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!

If you enjoyed Qrafty’s letters, you can make Qrafty mucho happy happy and subscribe below 👇️ Wahaha!