Reversible transactions, ripple gains, recession

It’s been another glorious week in crypto, but a tough week for the economy as markets around the world faced turmoil.

This week we turn back the clock with Ethereum and ask if non-fungible tokens (NFTs) really hold the key to love and happiness. We also reveal who’s drinking bourbon with John McAfee in Texas (probably). Let’s do this.

Ethereum regrets (the worst kind)

If you could go back in time and change just one thing about your life, what would it be? If you answered “Ethereum transactions”, then Stanford researchers probably have some good news for you.

According to a paper submitted by collective gigabrains Kaili Wang, Qinchen Wang and Dan Boneh, new Ethereum token standards such as ERC-20R and ERC-721R could usher in a new era of reversible Ethereum transactions.

In other Ethereum news, the network is now 55% complete after the long-awaited merger. Next up in Ethereum’s development hell cycle comes the Surge, the Verge, the Purge and the Splurge. Is there any chance we can reverse these terrible name choices?

A tough week for the economy

It was bad news for the economy when it was confirmed that the US was entering a technical recession in Q2 of 2022. For the uninitiated, a technical recession is what used to be called a recession until recently, when the meaning of the word recession was changed by US legislators to avoid a.

If you can’t fix the economy, just fix the words. Thank you, Joe.

The week was characterized by a good deal of volatility in the markets with both Bitcoin and the S&P500 falling. A small sliver of consolation is that while global markets have continued to falter, Bitcoin has rallied to end the week better than it started. Well done BTC.

Non-fungible dating?

This week Be[In]Crypto asked, can you find love based on what NFTs you have? Spoiler alert: No! There are probably few phrases in the English language less likely to spark a romantic encounter than “please accept this JPEG as a non-fungible token of my love.”

Still, that won’t stop people from trying. Good luck in your search and we hope you find someone truly rare.

Malware scare

In news that will be of concern to all crypto HODLers everywhere, Be[In]Crypto reported a malware infection that has reportedly been successful in cracking both hot and cold wallets. The malware infection called “Erbium” is believed to be hidden in popular software downloads and games. Not that any of our readers would stoop to software piracy, but if you know a friend who does, ask them to start their virus check pronto.

XRP wins a small victory

A small legal victory for XRP could nevertheless turn out to be a massive victory for the entire crypto industry. This week, a judge ruled that William Hinman, the former director of the Securities and Exchange Commission’s (SEC) Corporate Finance Division, must hand over emails and drafts related to a speech he gave in 2018.

In that speech, Hinman argued that the Ethereum network, cryptocurrency and crypto trading do not constitute securities-related activities. What Hinman based these comments on, and the thinking of the SEC at the time, could be crucial not only to Ripple’s case, but to any further litigation the SEC may wish to bring.

At the moment, it remains highly speculative what the discovery process might uncover, but it could be the first step towards clearer industry guidance from the notoriously opaque and litigious governing body.

So as much as it may sting the throats of cryptolibertarians to cheer for XRP, it’s good news for everyone.

Do Kwon is not on the run

Finally, in non-crime news, Do Kwon certainly does not remain in hiding and not on the run, even though Interpol has issued a red notice on the Terra founder. So where is Do Kwon? Be[In]Crypto have heard reports suggesting the not-missing founder is drinking bourbon in Texas with a not-dead John McAfee. Probably not true, but you never know.

That’s all we have time for. If you’re still reading, thanks for joining us. You have now made up for the last week [In] Crypto.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.