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Happy Pizza Day! š
Why today matters, the FIT21 bill in Congress today, and some gaming airdrops
OVERVIEW
Happy Pizza Day! š
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Itās pizza day today, but more importantly, itās when the U.S. House of Representatives votes on a standalone bill (FIT21), which is the first crypto/digital asset-specific legislation in U.S. history. š
In todayās Litepaper, weāre going to look at what some of FIT21 addresses, why we celebrate Pizza Day, and upcoming airdrops for three GameFi games.
If you were on the app today, we asked what Bitcoinās price would be at 5 PM EST. The five closest get a pizza on us. Congrats to: MOneymaker741, brendanscottsmith, ZeroG, PMCS, and FutureCalling218! š°
Before we dive in, hereās todayās crypto market heatmap:
And hereās a look at cryptoās total and altcoin market cap YTD:
BITCOIN
Bitcoin Pizza Day: The $700 Million Lunch š
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On May 22, 2010, a Florida man named Laszlo Hanyecz made history by trading 10,000 Bitcoin for two Papa John's pizzas. š
This wasnāt just a hunger-driven impulse buyāit was the first recorded commercial transaction using $BTC, marking the beginning of a financial revolution.
The Tale of Two Pizzas and 10,000 Bitcoin
Laszlo posts on the Bitcoin Talk forum, offering 10,000 Bitcoin for anyone willing to get him two pizzas. Back then, Bitcoin was practically Monopoly money. Jeremy Sturdivant, a fellow crypto enthusiast, steps up, orders two large supreme pizzas, and bamāhistory is made.
Those 10,000 Bitcoins? Worth about $40 at the time. Today, theyād fetch you a cool $700 million.
Sturdivant, just 19 then, used the Bitcoin to fund a road trip with his girlfriend. Heās probably still kicking himself, saying, āIf I had treated it as an investment, I might have held on a bit longer.ā Hindsightās 20/20, right? Laszlo has zero regrets. For him, it was about proving Bitcoin's utility, not hoarding digital coins. šŖ
Since The First Pizza Day
Letās break down Bitcoinās meteoric rise post-pizza:
First Halving (2012): Mining reward slashed from 50 to 25 Bitcoin, price around $12. Not exactly moon material yet.
Second Halving (2016): Reward cut to 12.5 Bitcoin, price sitting at $658. Now weāre talking.
Third Halving (2020): Reward down to 6.25 Bitcoin, price hitting $8,601. HODLers rejoice.
Fourth Halving (2024): Reward at 3.125 Bitcoin, with Bitcoin hovering around $65,000. Cue the Lambo memes.
Fast-forward to today, and those 10,000 Bitcoins are worth roughly $700 million. š±
This day isnāt just about reminiscing over overpriced pizza. Itās a celebration of how far Bitcoin has come and a nod to the insane journey that started with a couple of cheesy slices. š
NEWS
FIT21 Voting Happening Today (Hopefully) š
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The crypto frontier is getting some new lawmen. Enter the Financial Innovation and Technology for the 21st Century Act, a 484-page Bill with a name only a bureaucrat could love. This act is intended to put more clarity in digital assets. š
The Regulators Are Coming
Let's break down the bill's key points:
Digital Asset Definitions: The act dives deep into defining everything you could possibly imagine about digital assets. From "blockchain" to "digital commodity," it's all there.
For instance, a "digital asset" is any fungible digital representation of value that can be exclusively possessed and transferred without the need for an intermediary, and it must be recorded on a cryptographically secured public ledger.
Registration Requirements: If you're running a digital commodity exchange, broker, or dealer, get ready to jump through some hoops. You'll need to register with the CFTC.
Enhanced Disclosure Requirements: The bill mandates that companies spill the beans on their digital assets. This means revealing the specifics of market activity, token distribution, and functional use.
Self-Custody Protection: Good news for those who prefer their own digital wallets. The bill explicitly protects individuals' rights to maintain their own custody of digital assets.
Sorting the Digital Assets: Commodity Futures Trading Commission (CFTC) vs. Securities & Exchange Commission (SEC)
CFTC's Turf: The CFTC will oversee digital commodities. These are assets that function more like traditional commodities and do not rely on a central issuer. Bitcoin and other decentralized cryptocurrencies typically fall into this category.
SEC's Turf: The SEC will regulate digital assets that are deemed securities. These are assets that involve an investment contract, where investors expect to make a profit primarily from the efforts of a central team or company.
Funding and Implementation
No good regulation comes cheap. The bill ensures that there's funding for its implementation, administration, and enforcement. It sets clear effective dates for its provisions, so there's no ambiguity about when these new rules kick in.
The goal is to create a fair and orderly market for digital assets, protect investors, and foster innovation. Itās not perfect and it misses a bunch of particular issues - but at least itās a start. šļø
WEB3
Trifects Of Gaming Airdrops Incoming
Pixelmon: The PokĆ©mon Clone You Didnāt Know You Needed
Pixelmon. Imagine PokĆ©mon and Minecraft had a baby, and youāve got the gist. Itās a Minecraft mod that captures the PokĆ©mon vibe with a blocky twist.
Familiar Features
Pixelmon nails the essentials that make PokƩmon games so addictive:
Catching and Training: Snag wild creatures, train them, and take on other trainers.
Battling: The turn-based combat system mirrors PokĆ©monās style.
PokĆ©dex: Complete your collection with Pixelmonās version of the PokĆ©dex.
MON Token Airdrop: The Deets
Pixelmon is leveling up with its MON token airdrop on Monday, May 27, 2024, at 9:30 a.m. UTC via the Mon Protocol. Hereās the scoop:
Whoās In? Over 180,000 wallets are eligible, including selected Pixelmon game NFT holders, players of Kevin the Adventurer, participants in the PixelPals āFarm2Farmā competition, and MON token presale buyers.
How to Claim: Can be claimed starting at 9:30 a.m. UTC on Monday, May 27.
Token Generation Event (TGE): MON Protocol goes live at 10:00 a.m. UTC. Those who completed airdrop missions will get their tokens shortly after. š®
Ragnarok: Monster World Drops Nyang Kit NFT Mint Event
Ragnarok: Monster World is stirring the pot with the Nyang Kit NFT Mint event, kicking off on May 28 at 9:00 EST.
What's in a Nyang Kit?
A Nyang Kit isnāt just another NFT. Hereās what you get:
1 Nyangvine: Grants access to exclusive lotteries like the Genesis Tamer raffle draw.
3 Ragmon Tickets: These can be redeemed for Ragmon NFTs to use in battles, merge with others, or sell in the marketplace.
Thereās also a shot at nabbing a 1/200 Irochi Baphomet NFT, a rare collectible that'll have players and collectors drooling. At least thatās what they say.
How to Get Your Hands on One
On May 28, hit up the Mavis Launchpad to get involved in these stages:
Collaborator Stage: For team members, partners, and select guilds. Only 60 Premium Packages available, each offering 1,300 Nyang Kits at 1,000 $RON each.
Allowlist Stage: For active community members, Ronin creators, and Ronin Guild members. Snap up to 25 Nyang Kits with options like the Discovery Package (25 $RON for 30 Nyang Kits) and Starter Package (10 $RON for 11 Nyang Kits).
Public Stage: Open to anyone with a Ronin Wallet, limited to 50 Nyang Kits per wallet. š®
Thetan World Drops 10K $USDT Airdrop Bomb
Thetan World is cranking things up with an airdrop event kicking off today, May 22. Sporting a 10,000 $USDT prize pool, they're tempting potential investors and welcoming new users. Up to 800 participants can cash in.
Not Your Average GameFi Gimmick
Wolffun Game, the brains behind Thetan Arena, just launched Thetan World to dive deeper into the GameFi space. With Thetan Gate, theyāre rolling out investment management tools and simplifying the Play-to-Earn entry for the new kids on the block.
How to Grab Your Share
To get in on the action, here's what you need to do:
Join Thetan Worldās Discord and Telegram groups.
Follow them on social media.
Verify participation by buying a Thetan Box.
You need at least one Blank NFT, priced at $9.99, to qualify for a 12.5 $USDT prize. These NFTs are part of Thetan Worldās Opening NFT Collection, which dropped on May 15.
Despite being the new kid in town since March, Thetan World already has the backing of big gaming communities like KGen and Tier One, plus nods from industry leaders. š®
NEWS
Crypto News In Three Sentences š°
š Trader Turns $1,360 into $2.3 Million with Solana Meme Token
A savvy trader flipped $1,360 into $2.30 million by buying 5.21 million $PONKE tokens with 12 Solana last December. The token's price skyrocketed amid rumors of potential SEC approval for spot Ether ETFs. Lucky prick. More from CrpytoGlobe.
š¦ Bitcoiners Laugh at Peter Schiff's Ethereum ETF Theory
Gold bug Peter Schiff claims an Ether ETF could tank Bitcoin, arguing investors would shift funds from BTC to ETH. Bitcoin enthusiasts fired back, reminding Schiff that Bitcoin drives crypto market trends, not the other way around. Despite Schiff's bearish outlook, Bitcoin saw a surge fueled by strong ETF inflows. Bezinga has more.
āļø Uniswap Ready to Fight SEC Over DeFi
Uniswap Labs is gearing up to battle the SEC in court, calling the agencyās Wells notice "weak and wrong." They argue that the SEC's attempt to classify all tokens as securities won't hold up. Uniswap hopes a new bill, the Financial Innovation and Technology for the 21st Century Act, will nullify the SEC's case. From Cointelegraph.
š® RFK Jr. Buys GameStop to 'Punish' Short Sellers
Presidential hopeful RFK Jr. revealed he bought $24,000 in GameStop stock to combat predatory short-selling. RFK Jr. is championing retail investors and promising aggressive Wall Street reforms. Heās also backing Bitcoin, aiming to align with the digital asset community. Full story at Decrypt.
š° Trump Embraces Crypto Donations for 2024 Campaign
Former President Trump is now accepting crypto donations for his re-election campaign, making him the first major U.S. candidate to do so. This move highlights the growing political clout of the crypto community. Meanwhile, speculation is rife that the SEC might approve spot Ethereum ETFs, marking a potential shift in U.S. crypto policy. More from CryptoSlate.
šø Nexo Infuriates Users with Surprise Fee Hike
Nexo angered its users by suddenly raising bank transfer fees, prompting fears of more hidden charges. Customers vented their frustrations online, comparing Nexo to traditional banks they aim to replace. Although Nexo blamed third-party costs, the backlash underscores the delicate balance crypto platforms must maintain with user trust. DailyCoin has more.
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