Web3 on Fire: Donald Trump NFTs?!

Good morning, kings.

A weekly newsletter is our new thing here at Ambire. Every week we'll be bringing you a bunch of news from the crypto sphere, including the latest technology developments, the hottest new projects, and the key players in the space. Something for you to read while you're enjoying your weekend.

This week we're talking about Trump's NFTs, government easing up taxes for crypto businesses in Japan, the OneCoin scam, a few words from Vitalik, and of course, some memes.

Let's get down to the details:

Donald Trump NFTs

Donald Trump continues to shock and surprise, as he is now joining the crypto space by unveiling a set of "digital trading cards” - or in other words, NFTs.

Trump's latest venture pleased his most devoted followers, collectors, meme enjoyers and just people who love to speculate on NFT prices. The collection promised a lot of unique opportunities such as 1-on-1 Zoom call or even one hour of golf with the former president himself.

The collection was minted on the Polygon network. 45,000 NFTs were available at the initial run and despite that it sold out pretty quickly. After that, Donald Trump's digital trading cards skyrocketed in value and became one of the most desired NFTs on the market. That didn't last long, of course, and now the prices are stabilizing.

It remains to be seen if Trump will actually be successful in his 2024 presidential campaign and whether he will use NFTs to promote it; but at least he sure knows how to create demand for his products.

Japanese government decided to ease the 30% crypto tax

Japanese crypto companies can finally breathe a sigh of relief as the government is now planning to ease on the 30% crypto tax requirement. Japanese crypto business currently pay a set 30% corporate tax rate, regardless of whether or not they make a profit. It's no wonder why some crypto firms have moved elsewhere to escape this hefty imposition.

The Liberal Democratic Party (LDP) in Japan has identified the hefty taxes on businesses as an issue that needs to be addressed. After considerable thought, they have concluded that slashing the tax rate is the only way to help these companies succeed. Japan's Prime Minister Fumio Kishida has expressed his hope that this initiative will encourage the expansion of blockchain technology in Japan. This move is likely to be welcomed by Japan's crypto sector, as it considerably reduces their economic burden.

It remains to be seen if other countries will follow suit, but with the Japanese government taking such a bold step, it could well be an indication of what's to come. Crypto businesses around the world can now look to Japan as an example of how governments can be supportive of their growth.

OneCoin scam founder has pleaded guilty and may face up to 60 years

Sadly, scams and rugs are commonplace within the crypto industry. Historically, these scammers have appeared to be untouchable and out of reach. However, authorities are intensifying their efforts to clamp down on these malefactors.

As one of the latest examples, Karl Sebastian Greenwood - co-founder of fraudulent cryptocurrency scheme OneCoin - has taken responsibility for the accusations brought against him by the United States Department of Justice (DOJ). If convicted, he may be facing up to a staggering 60 years in prison.

U.S. Attorney Damian Williams declared that Greenwood was responsible for the "most comprehensive international fraud scheme to date" with his sale of valueless tokens while claiming them as a revolutionary Bitcoin alternative. He urged clients to purchase OneCoin packages, which would pay out investors through funds taken from prior investors. As the alleged “global distributor” of the fraudulent crypto firm, he reportedly made about $21 million per month in revenue off these deals.

It's a big win for the crypto community as hopefully, scammers will start thinking twice before taking advantage of unsuspecting individuals. It shows that law enforcement can still go after criminals, even if they are using decentralized technology or running a global operation on the internet.

SBF is being extradited to the US

Our beloved acquaintance Sam Bankman-Fried has once again returned to the limelight for his upcoming trip to America where he will face the music.

It appears that SBF has altered his stance on fighting extradition, likely due to the supposedly unsavory nature of Bahamian jails. At this week's court hearing however, it was revealed that even his lawyer had not been informed about this major shift in decision-making - indicating a last minute determination from SBF himself to accept extradition proceedings.

What the future holds for Sam Bankman-Fried in America is anyone's guess, but it would be naive to assume he will pass through this experience unscathed.

Vitalik Buterin enthusiastic about smart contract wallets and the future of Ethereum projects despite the challenges

Vitalik Buterin noted that even in the face of disaster, there is still progress being made. He explained that despite all the negative news, the industry has seen progress in technology, infrastructure, and adoption. He also noted that DeFi is on the rise due to some projects having higher yields than traditional investment vehicles.

This year saw new record highs in Ethereum’s price as well as significant growth both in transactions and usage of decentralized applications (dApps). Buterin highlighted the success of several crypto networks and entities, such as Uniswap DEX, Rai Reflex Index, Maker’s Dai stablecoin, Ethereum base layer, Ethereum Name Service (ENS) and smart contract wallets 👀.

Despite the complexity of their governance issues, these projects have seen steady growth in terms of users and usage. He believes that this is a sign of Ethereum’s growing appeal and points to the fact that the network, as well as its processes, are becoming increasingly robust.

Buterin noted that developers continue to work hard on making sure the Ethereum ecosystem remains secure and reliable despite challenges like scalability. He concluded by saying that in spite of all the challenges, he remains optimistic about Ethereum’s future and believes that it will continue to develop and innovate. He encouraged developers to keep pushing the boundaries and working together to make sure the industry can grow in a meaningful way.

The fun page: our weekly meme collection

That's all for now, frens.

Don't worry about the state of the market too much, as it will eventually go up or down. You can take this time instead to work on your strategies and to think about your goals. As a Greek philosopher once said, “Know thyself”, and that can only be done by taking some time out to reflect.

Have holiday fun with your family and don't talk too much about crypto to your uncle 🎄

See ya next time!

Yours, The 🔥 Team

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