Howdy howdy howdy. Once again it's Taylor, CEO of Hedgehog, where you can track and trade your whole crypto portfolio in one spot.
I discovered that OKEx (an exchange) has sweet introductory resources on its website. For example:
- What is this "Web 3" thing anyway?
- How and why everybody pays attention to crypto whales (more depth than just "we wanna be rich too, duh," I promise!)
So, how 'bout the news, huh? Regulation is the hot topic du jour. I often find myself wondering, "Can regulation be fun?" Most of us would say no, but it seems like the SEC has shown up in half the headlines lately, and they're ready to party!
- "Coinbase drops plans for crypto lending product after SEC tussle"
- "Messari Founder Announces Senate Run as SEC Shadow Hangs Over Mainnet Conference"
- "Celsius chief claims he 'redistributes wealth' in face of regulatory pressure"
On that last one, let's just say, uh, opinions differ: "The Alabama Securities Commission explained Celsius' so-called Earn Rewards program 'constitutes the solicitation of an investment of money; from which an investment return is expected; with such investment return based on the managerial efforts of Celsius.'" The organization’s counterparts in New Jersey and Texas have also scolded Celsius. Oof.
Finance commentator Matt Levine described the dynamics in play:
If you're a bank you have examiners in the building, and you talk to them regularly, and you have built up a level of trust between your lawyers and your regulators, and you have various formal and informal ways to run things by them. But also you are very confident that like 99% of your business is totally legal; you occasionally go to regulators with gray-area things but mostly there is broad agreement that the bones of the business are fine. If you’re a crypto exchange you can call up the SEC and say, like, "is it legal to be a crypto exchange," and they just won't return your call, but the odds of them just suing you tomorrow on the theory that it is illegal to be a crypto exchange are not zero. Is it legal to be a decentralized finance platform? A crypto lending platform? Are you sure? You'll find out when they sue you.
Tldr: Regulators gonna regulate.
Remember MiamiCoin? Miami sure does! According to the mayor, Francis Suarez, the project earns $2,000 for the city every 10 minutes. Pretty baller.
Suarez said in an interview with Fox, "It's interesting because it's not an involuntary tax, it's not philanthropy, it's something that is completely different and could revolutionize the way governments are funded in the future."
Tldr: At the current pace, that's $1B in annual revenue!
By popular demand, Robinhood is testing an actual crypto wallet that will let users deposit and withdraw cryptocurrency.
Tldr: Mega-corp to build feature that users want. This feels wrong somehow.
When Reddit raised a ton of money and hired a media growth legend, I'm sure sending AMC to the moon was never on anyone's mind. But as we slowly try to make sense of what's happened in the financial markets over the past year, it's worth remembering how a redirection in a business model and UX tweaks can create massive outsized behavioral changes that make the world a lot weirder and harder to understand.
Remember to use the social platforms that you're on instead of letting them use you. That said, we're largely Snoo-positive here at Hedgehog. The crypto world doesn't have many options for mainstream advertising, especially as a young startup, so Reddit has been an important venue for Hedgehog to find users interested in the service.
Tldr: The engagement machine is always hungry, never satisfied! Hmm, I could use a snack...
To lighten the mood a bit, here's a non-crypto tidbit: Recently I've been reading a lot of hardcore science books on theoretical physics, black holes, time travel... stuff like that. Most of it is interesting of course, but dry and sometimes hard to get through. My most recent book, however, is an absolute white-knuckle ride! It's about anti-gravity, and it's absolutely impossible to put down.
Tldr: *pauses for laughter*
Question of the week: Which story grabbed you this time? Better yet, what's a link that I absolutely should have included, but didn't? Bonus points if you include a punny joke. Enter to win a Ledger Nano S by replying to this email with your answer.
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