April 18: Comply or Have Slow Transactions

$1000 for a taxi ride?

1 day and 14 hours away from the Bitcoin halving. Expect some exciting movements in the crypto market by tomorrow night.

I stumbled upon some intriguing tweets highlighting the dire situation in Dubai due to recent floods. People are offering up to $1,000 for rides from the airport to their hotels… Fucking crazy. This got me thinking about inflation and how quickly economic dynamics can shift during crisis situations. It serves as a vivid example of how demand spikes and supply constraints can dramatically alter prices, even in short periods.

Ok on to the real news. Binance is making headlines with its strategic moves. The crypto giant has converted its SAFU Fund assets into USDC to bolster the fund's reliability. This transparency is possible thanks to on-chain transactions, allowing everyone to verify the fund's actions without depending on third-party audits.

Binance is also set to return to India after paying a $2 million penalty, aiming to become a fully registered entity and comply with local regulations. This re-entry could be significant, given the vast crypto holdings of Indian investors that were managed by Binance prior to the ban.

WorldCoin Foundation, which has announced a new Ethereum Layer 2 network. It prioritizes transactions by verified humans using zero-knowledge proofs—a technology that ensures privacy and security by allowing you to prove your identity without revealing personal information.

I personally just hate the aspect that you get faster or prioritized transactions if you verify your ID. It is like comply or be second class. It fucking sucks as crypto was supposed to democratize the playing field of finance and make a more inclusive system. Now it is more than a pay to play.. it is a big brother bully. I cant see any of this being in Satoshi’s Vision.

Halving soon! It's a time of recalibration and reassessment for everyone involved in crypto.

Happy HODLing, everyone!