👽Elon Musk, meme master just bought Twitter
GM degens 🤠 Have you started thinking about weekend already?! I feel ya.
We have seen some slow moves here and there. Hoping there will be a break through soon. We are @ $1.86 trillion market cap for crypto with BTC and ETH taking roughly 60% or more than $1 trillion market cap coming just from them.
Our lunch menu for today
👽Elon Musk, meme master just bought Twitter
👨🔧New York might ban Proof of Work (PoW) Crypto Mining
🧶 Twitter thread worth reading
🗞️ Other news in the space
👽Elon Musk, meme master just bought Twitter
Finally, it happened. Elon Musk buys Twitter. Just like that. It takes me longer to buy groceries than it took him to decide to buy a publicly traded company. Wild. In one of our previous newsletters, we have talked about Elon and his offer to buy Twitter. All this, in a matter of three weeks. Twitter board had a lot of pressure from the current shareholders so they had to take the deal and sell it to Elon @54.20 per share or roughly $43 billion for the entire shares. After the transaction happens, Twitter goes from publicly traded company to privately held. One thing to note is that this transaction is happening with his own money, Tesla or other projects of his own are not involved.
He is the richest of the richest with $219 billion net worth at the time we wrote this newsletter. This thing might change tomorrow big time.
After hours trading, stock price for Twitter is sitting $51.7 per share price, it was $38.6 exactly a month ago. Pretty good deal IMO.
Some people already started leaving Twitter as they saw the purchase happen. I feel like there are two types of people, those who hate him or those who absolutely love him. Definitely not a people pleaser, which might be the reason why he is the richest!!
Enlighten us, what this has to do with crypto?!
Well, probably not with the entire crypto space but with Dogecoin?! For sure. Dogecoin went up more than 20% on the news that Elon bought Twitter. We have already discussed this in our previous newsletter but it is expected that Elon will incorporate somehow Dogecoin within Twitter so it has more utility. How is that going to happen, no clue, but will definitely keep an eye on it. Once it happens, you, the reader of this newsletter will be among the first people to know about it.
👨🔧New York might ban Proof of Work (PoW) Crypto Mining
New York is one of states with the most strict rules and regulations about crypto. Most of the exchanges do not work in NY (Binance, Metamask and their Wyre, Transak and Apple Pay, FTX, Robinhood Crypto etc.) You might still be able to use other alternatives such as Coinbase or Gemini though.
Last month, members of the New York State Assembly’s Environmental Conservation Committee ( I know, what a stupid long name), voted on some sort of legislation which would ban people from mining cryptocurrency for 2 years. If you are a weirdo who loves reading stuff like this, here is the assembly bill posted.
Their rationale behind this decision is simply because of the amount of electric energy consumed by each crypto currency mining operation that uses proof-of-work authentication methods to validate blockchain transactions.
This legislation still requires to be voted by Senate and signed by the governor, so will see what happens. Something similar was proposed in EU Parliament, but it did NOT pass.
It will be interesting how it plays out, now that ETH will be moving from Proof of Work (PoW) to Proof of Stake (PoS). If you are not familiar with those concepts then you should definitely read our previous newsletter on those concepts.
🧶 Twitter thread worth reading
We dedicated this space for OthersideMeta project as they came out with the official details on how minting will happen. We want to avoid missing any important details out so it is better if you go through it yourself. It shouldn’t take more than a minute or two.
🗞️ Other news in the space
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NFT Bored Ape marketplace gets hacked, people lose 'millions' in ape pictures
Moonbirds COO Leaves Project for New Fund – With $1M in NFTs in Tow
NFT aggregator Gem.xyz acquired by OpenSea
