🔮 Crypto: to benefit society or not?

🔮 Crypto: to benefit society or not?🐒 CryptoPunks ape NFT sells for $4.5 Million despite bear market conditions👷 Russian lawmakers propose allowing crypto mining in energy-rich regions

GM, vEmpions! Our motto today is: "Labor omnia vincit". That means "hard work conquers all".

It's a fitting motto for a day like today, when we all need to put in some extra effort before the weekend. So let's all get to work and show everyone what we're made of!

But before you continue, stop and take a look at today's newsletter:

🔮 Crypto: to benefit society or not?🐒 CryptoPunks ape NFT sells for $4.5 Million despite bear market conditions👷 Russian lawmakers propose allowing crypto mining in energy-rich regions

Crypto: to benefit society or not?

Citadel Securities' CEO thinks it's ironic that people use cryptocurrencies to avoid government involvement, yet still rely on the government to solve many of their other problems. Citadel Securities is a biggest global market maker and liquidity provider, specializing in equities, fixed income, commodities, and digital assets.

In an interview with CNBC's Scott Wapner at the Delivering Alpha conference, Ken Griffin commented on the role of cryptocurrencies in society.

Griffin stated that it was "real irony" that people use cryptocurrencies as a way to pull away from government involvement, yet still rely on the government to solve many of their other problems.

He went on to say that he believed cryptocurrencies were here to stay, but that their true value would only be realized over time. He also said that he didn't believe cryptocurrencies were currently being used in a way that would benefit society as a whole.

Well, to that I say, there's also some real irony in the fact that a CEO of a company like Citadel Securities is talking about what's best for society. I mean, let's be honest, their kind are also the ones who benefit the most from the current financial system – a system that has left many people behind. So, while I agree with Griffin that cryptocurrencies are here to stay, I also believe that you don't need to rely on the government to tell you whether it is valuable or not. The market will do that just fine. People will use it however they see fit and, in the end, that's what really matters.

So, does crypto really benefit society? How do we know? Well, let's take a look at some of the ways people are using it.

1) To avoid government involvement and censorship

One of the main reasons people use cryptocurrencies is to avoid government involvement. With traditional fiat currencies, governments have a lot of control over how the money is used. They can track where it goes and even freeze or seize assets.

With cryptocurrencies, there is no central authority that can dictate how the money is used. This makes it a great tool for people who want to avoid government censorship or control.

2) To enable fast and cheap international payments

Another way cryptocurrencies benefit society is by enabling fast and cheap international payments. With traditional fiat currencies, international payments can be slow and expensive.

With cryptocurrencies, payments can be sent and received almost instantly and without heavy fees. This is a huge benefit for businesses that need to make international payments or for people who want to send money to family and friends overseas.

3) Competition for traditional financial institutions

Cryptocurrencies also provide competition for traditional financial institutions. For years, banks have had a monopoly on the financial system. They've been able to charge high fees and offer poor service with little consequence.

With crypto, there is now a viable alternative to the traditional banking system. How can it not benefit society as a whole when it provides more competition and choice?

4) To help people in developing countries

Finally, cryptocurrencies can also be used to help people in developing countries. The countries that most of those CEOs at that conference probably couldn't find on a map. There are many people in the world who don't have access to traditional banking. In many parts of the world, traditional financial institutions are either non-existent or very limited. This leaves many people without access to basic banking services.

However, with crypto, people in developing countries can send and receive payments without the need for a bank. This can be a huge benefit for people who are trying to start a business or send money to family and friends.

So, it doesn't matter whether crypto benefits society as a whole today or not, that doesn't mean it never will. It's still early days but the technology is evolving quickly. We can't predict the future, but I believe that crypto will eventually benefit society in a big way. And that's something worth being optimistic about.

CryptoPunks ape NFT sells for $4.5 Million despite bear market conditions

The market might be bearish, but that hasn't stopped one dedicated crypto collector from spending a fortune on an Ethereum-based NFT.

Despite the overall slowdown in NFT sales, some collectors are using the opportunity to snag desirable pieces at relatively low prices. Case in point: CryptoPunks NFT #2924, which sold recently for a whopping 3,300 ETH - that's over $4.5 million at current prices.

This makes it the largest single NFT sale in recent memory, and the one of the largest ever for CryptoPunks when measured in ETH. When converted to USD, however, it falls further down the list - but is still an impressive achievement nonetheless.

It was considered to be a relatively rare ape, due to its attributes. According to Rarity Tools, it's the 38th "rarest" NFT in the project, out of 10,000 total. There are just 24 apes in the entire CryptoPunks collection.

The sale comes at a time when the overall NFT market is struggling to regain its footing. Sales volume is down almost 95% from the highs seen last year, and prices have cooled off significantly as well.

But that hasn't stopped dedicated collectors from snapping up desirable pieces. It seems that even in a bear market, there's still enough demand - and money - to support the NFT market at the high end.

Russian lawmakers propose allowing crypto mining in energy-rich regions

It seems like Russia is desperate to get a piece of the crypto mining pie. Funnily enough, the country has been known to be quite hostile towards cryptocurrencies. But I guess when there's money to be made, anything is possible.

The Bank of Russia and the Ministry of Finance are reportedly working on a law that will govern crypto mining in the country. The main focus will be on areas where mining activity should be allowed.

Deputy Finance Minister Alexei Moiseev said that if the law is adopted, it will come into effect during the autumn session of the State Duma.

The law is a follow-up to a proposal by the Ministry of Economic Development that favored permitting crypto mining in areas with a cheaper power supply. The ministry believes that this would create jobs and attract investment.

It seems that the with the recent Russian sanctions *crysis* , the country is grasping at straws to find anything that could potentially bring in some revenue. Let's see how this plays out. Knowing Russians, they'll probably find a way to ruin it for everyone anyways.