Microwave

Thinking a lot about crypto and law.

[Microwave @microwave369]

The latest drama around the Balloonsville🎈 rug pull on @MagicEden_NFT (ME) is a reminder that the #NFT space remains dangerous and filled with scams.

But it doesn't need to be.

(a thread 👇)

[Microwave @microwave369]

@dropsydotsol @SOLBigBrain External administrators/liquidators usually have their duties and obligations defined by legislation.

It would be ideal for the community to self-regulate, such that there is no need to (a) introduce new laws; or (b) extend the operation of existing laws to cypto.

[Microwave @microwave369]

@dropsydotsol @SOLBigBrain This already exists offchain. Failing businesses often appoint external administrators/liquidators to have their assets sold off in parts.

A good example is property developers or builders, whose partially complete projects get sold to other developers/builders to finish.

[Microwave @microwave369]

@easymoneyding Closing a project due to a lack of "community support" has arguably defrauded people who bought on the condition/representation that the roadmap (promise) would be fulfilled.

You don't get to walk away from a promise without legitimate reasons. This is nothing but illegitimate.

[Cozomo de’ Medici @CozomoMedici]

I am once again asking you to say gm.

[Microwave @microwave369]

@easymoneyding Thanks for your brilliant work

[Microwave @microwave369]

Really loving @easymoneyding's regular and comprehensive updates. Objective analyses in a sea of shameless shills - a real diamond in the rough #Solana #NFTs

[easymoneyding @easymoneyding]

24hr summary of solana nft market w/ @SolsWatch:
slight uptick in overall volume compared to previous two days, top 5 for volume covered 13k, it's been interesting to track price walls, accumulation at new zones and picking projects that are on the precipice of breaking out

[Microwave @microwave369]

Doing God's work out here

[YupiG @YupiG_Crypto]

A research made by @mindfolkART mods and admins reached the same results found over @BoryokuDragonz alpha chat.
Really interesting to see how the situation is going to evolve now, he always had this off-putting vibes which were what gave him away and put him on the spot

[Microwave @microwave369]

@eth_janet Thanks for reading!

[Microwave @microwave369]

@dustydude42079 @NoshitArmy @NOSHITCoin_io Thank you for reading!

[Jake Chervinsky @jchervinsky]

Lost in the mess of today's news cycle was another positive & constructive House Financial Services Committee hearing on stablecoins.

The big question is if all stablecoin issuers have to become insured depository institutions (read: banks).

The Committee mostly said "no." 👍

[Microwave @microwave369]

@howlingnft @easymoneyding All businesses require capital to get started. Presently, the risk profile is highly favourable to NFT projects. Devs can kickstart their projects with no skin in the game, whilst minters assume the risk of being defrauded.

Don't think it's the right balance. Food for thought.

[Microwave @microwave369]

@howlingnft @easymoneyding Good point, but the difference between fundraising through Kickstarter and minting NFTs, is that we know the people behind Kickstarter projects. Yes, they may fail but they don't get abandoned nearly as much as NFT projects, and usually not for the same reasons (i.e. rug pull).

[Microwave @microwave369]

I haven't seen NFT projects that use escrows or payment milestones. If it can be implemented with ease, it would be a great solution to this nightmarish problem.

The crypto community love exploring uncharted territory. But we don't need to reinvent every wheel💡

[Microwave @microwave369]

The latest drama around the Balloonsville🎈 rug pull on @MagicEden_NFT (ME) is a reminder that the #NFT space remains dangerous and filled with scams.

But it doesn't need to be.

(a thread 👇)

[Microwave @microwave369]

Project developers will consequently face an increased barrier to entry, as their cash inflows will be paid in instalments.

But #defi has unlocked access to funding like never before. It will be a price worth paying, for the betterment of the NFT community.