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Bad crypto news of the week

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It’s been a tough week for Bitcoin. The price has fallen more than 8 percent and dipped below $10,000 on three consecutive days. Analyst Willy Woo, though, thinks it’s all looking good. He believes that on-chain indicators, such as the NVT ratio, suggest a bullish outlook, while Su Zhu of Three Arrows Capital believes that a surge to $100,000 is more likely than a fall to $5,000.

The son of gold investor and Bitcoin critic Peter Schiff is convinced. The 18-year-old college freshman just bought some more Bitcoin, against his father’s advice. Asked whether they want to follow the student who’s never had a job or the 30-year investment professional, Twitter picked the Bitcoin fan. 

At least the young Schiff will be set for the end of the world. Podcaster Adam Curry has told comedian Joe Rogan that the apocalypse is coming, and as you hide in your bunker and battle the zombies, you’re going to need a Bitcoin. It’s no wonder that Bitcoin is now the world’s sixth-largest currency. And that’s despite dying again. As the cryptocurrency lost value this week, the Bitcoin Obituary got to add another eulogy to its list. 

As you’re mourning the 382nd death of Bitcoin, you might want to hold off on loading up on Bitcoin Cash, though. It turns out that Tim Draper didn’t recently buy some or thank Roger Ver. It looks like his Twitter account was hacked or a paid ad went wrong. 

But if the apocalypse does come, maybe the GoodDollar will save us. The eToro token will set aside a daily amount as a basic income for the platform’s participants. Andrew Yang would like it. Or alternatively, you could just hack a wallet. Crypto Twitter user Alon Gal has declared that he has a wallet containing 69,000 Bitcoins. He just doesn’t have the password. Hackers have been trying to crack it for two years with no luck. Did they try “password123”?

The number of active decentralized autonomous organizations, or DAOs, has jumped over the last year. It’s up 660 percent, from ten a year ago to 76 now. At the same time, the first phase of the MakerDAO debt auction is reaching its final stages. Bidders have already committed to buying $2 million worth of Maker tokens using Dai.

It’s not only DAOs that are on the up, though. Starbucks is now getting ready to deploy a blockchain to trace its coffee beans and enable greater product transparency. China’s Hainan Wenchang International Aerospace City will use a blockchain to support its Smart Brain Planning and Design Institute. And Bangladesh is about to get its first blockchain-powered remittance service. The service will let Bangladeshi expats in Malaysia send their money home.

There have been a few setbacks too this week. The Texas State Securities Board has detected some more cryptocurrency scams. Texas Securities Commissioner Travis J. Iles named Kumar Babu Bondesi and Darwin Eric Balusek as the alleged operators of the Forex Birds and PEK Universe scams. They could face up to ten years in jail. Balusek is also known as “Bitcoin Pope.”

And YouTube pulled the plug on Sunny Decree’s crypto livestream. The platform said the video violated its policy against “harmful and dangerous” content.

Finally, Jay Cassano, Cointelegraph’s editor-in-chief, has been promoted to CEO. His position will be taken by Jon Rice, previously the managing editor of Cointelegraph Magazine. Congratulations to them both.

Check out the audio version here:

Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.



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DeFi and NFT crossover project Aavegotchi releases ‘Gotchiverse’ litepaper

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One of the original decentralized finance and nonfungible token (DeFi/NFTs) crossover projects is taking a step forward today with the launch of a metaverse litepaper.

Aavegotchi — a project that creates upgradeable NFTs backed by yield-bearing positions on lending platform and money market Aave — announced the publication of a litepaper devoted to a gamified metaverse called the “Gotchiverse.”

Aavegotchi co-founder Jesse Johnson joked about the sometimes-esoteric features and backstory in the litepaper on a celebratory Twitter Spaces today:

“This is not your typical litepaper, it’s got a lot of lore in it […] We’ve got a bit of a DeFi RPG in front of us.”

The metaverse will introduce a new, fungible ERC-20 token, the “Gotchus Alchemica,” which will be farmable from REALM land plots, themselves backed as NFTs — similar conceptually to Decentraland’s MANA/LAND two-token system. 

Alchemica can be used to craft upgrades to REALM plots, including structures like the “Gotchi Lodge,” which will enable groups of players to socialize as well as combine their farming efforts. Upgrades will take a “certain number of blockchain blocks to finish constructing,” but liquidity providers to Aavegotchi’s in-house AMM, the “Gotchus Alchemica Exchange,” can hasten the process with rewards for providing liquidity.

This gamified yield farming is woven into the Gotchiverse’s considerable lore and backstory — about a third of the 14-page litepaper is devoted to storytelling and fleshing out the universe. The antagonists of the game, the Liquidators, refer to actual liquidators on the lending platform Aave, and the universe is speckled with DeFi in-jokes — a “home base” area of the map is called the “Citaadel,” and types of Alchemica include “Fud,” “Kek,” and “Fomo.”

RELATED: Aavegotchis sell out in under one minute as NFT euphoria continues

Aside from the farming gameplay, Johnson said the map will be “a huge game of Pac-Man,” where Aavegotchi run/float around the map to collect Alchemica and return it to their REALMs before getting caught by Liquidators, which may be player-characters as well as AI. 

A full release date for the Gotchiverse is pending, though Johnson said sections will be released as early as Q3 2021. Johnson added that the team has grown to 20 full-time employees, including veteran video game industry talent.

While Johnson has long been a bannercarrier for DeFi and NFT crossovers, interest in metaverses has been picking up as of late. This month, Nvidia’s CEO said that we’re on the “cusp” of a blockchain-powered metaverse, and the founder of major gaming title Fortnite said that metaverse tech is “going places.”