Over the past day, top coins from the crypto market showed signs of recovery. Bitcoin and Ethereum had risen in value by 6% and 10%. Terra Classic, however, chose to tread on the opposite path. In the same timeframe, the 35th ranked token by capitalization had shed more than 8% of its value.
Source: Trading View
Of late, trade interest associated with the token has diminished. Data from Messari brought to light that the real volume of LUNC had rolled down the cliff over the past fortnight. As illustrated below, the value of the said metric hovered at a level as high as $778 on 8 September. However, at press time, it stood at $17 million, indicating the drop in the buy-sell activity of market participants.
Earlier this week, the Terra community approved a proposal that imposed a 1.2% tax burn on all on-chain transactions in an effort to revitalize LUNC. The tax burn also applied to all web3 wallets that are connected with the Classic network. As reported in an earlier article, the tax burn will continue till the circulating supply of LUNC hits 10 billion.
Resultantly, there has been a lot of chatter going on social platforms around the said topic. Per Santiment, the top 3 trending words on Friday included ‘lunc,’ ‘burn,’ and ‘terra.’ As a result, Terra noted a spike in social dominance. Elaborating on the same and talking about what to expect going forward, Santiment’s tweet noted,
With the Terra community passing the 1.2% taxburn initiative for LUNC on-chain transactions, there has been a notable rise in discussions related to the asset on socials today. The trending topic should create price volatility in the coming weeks.
Furthermore, the curve of the amount of LUNC burnt has been in an uptrend over the past week. On 22 September, the tax burn tokens summed upto 345.2 million tokens, bringing up the daily total burned tokens to 410.6 million. At press time on Friday, a total of 31.1 million tokens were already burned under the tax burn regime.
As highlighted above, burns have been going-on on a spree. However, it has not been able to sustain the token’s price. A couple of hours back, LUNC noted a brief recovery on the hourly but it was back to trading in red at press time.
Lido’s stETH Back at Par with Ethereum in Heavy Action: Nansen
Almost six months after it first “de-pegged” from Ether, investors have flocked to Lido’s stETH token, pushing it back up to par with the second-largest cryptocurrency.
In the last seven days, more than $33M in “smart money” from “active and prolific” investors has flown into stETH and astETH, Aave’s yield-bearing token, according to Nansen, a crypto data analytics platform. And in mid-morning trading New York time, stETH was trading at more than 99 cents for every dollar of ETH.
Annual Returns
Lido and its competitors in the liquid staking business had a lot riding on The Merge, Ethereum’s transition to Proof of Stake technology. The upgrade went off without a hitch last week, making Lido a key player in the blockchain’s ecosystem.
Under the new system, stakers contribute to the security of Ethereum by locking their ETH in exchange for a modest annual return, or APR.
Locked ETH may not be used in more lucrative DeFi protocols. Liquid staking providers like Lido address this issue by staking user deposits of ETH and issuing derivative tokens such as stETH that can then be traded as if they were normal ETH.
In mid-2023, an upgrade to Ethereum dubbed “Shanghai” plans to enable the withdrawal of staked ETH, at which point stETH and similar tokens, such as Rocket Pool’s rETH and Coinbase’s cbETH, can be redeemed on a one-to-one basis with users’ locked ETH.
In theory, that means each stETH token is worth as much as an ETH token. And for a while, they traded at par.
But the so-called “peg” broke in June, as the value of stETH relative to ETH began to plunge. At its lowest, stETH was trading just above 93 cents on every dollar of ETH, according to data from Dune Analytics.
The nosedive in the value of stETH prompted Lido, the protocol that issues it, to quell fears of a broken peg and comparisons to Terra’s failed UST stablecoin.
“The exchange rate between stETH:ETH does not reflect the underlying backing of your staked ETH, but rather a fluctuating secondary market price,” Lido explained on Twitter in June. “The market is naturally finding a fair price for stETH as some participants need to find liquidity.”
Lido attributed the price fluctuation of stETH to “the Terra collapse, market-wide deleveraging and now withdrawals from larger lending platforms.”
Obvious Risk
Even as those pressures eased, stETH failed to re-peg, hovering at about 97 cents on the dollar due to uncertainty over the Merge. The success of the Merge has removed the most obvious risk facing Lido and its ilk, and eager investors have bought stETH on the secondary market, hoping to profit off the spread when withdrawals are enabled next year.
cbETH also benefited from the Merge, with the spread between its price and the price of ETH shrinking slightly since the Merge. cbETH has also received an inflow of smart money in that time frame, per Nansen.
A Home Run
“Expect [liquid staking derivative] spreads to collapse post-Merge,” Hal Press, the founder of crypto investment firm North Rock Digital, predicted on Twitter last week. Hours after the Merge, he deemed his investment in those tokens a “home run.”
“cbETH has already collapsed to sub 3% spread, I got in at 8%,” he wrote. “stETH down to 1.5% I got in at 3.5%.”
The Merge has helped Lido in other ways.
Liquid Staking
Lido’s APR has jumped from 4% to 5.5% since the Merge, as it collects and stakes the rewards it had earned on Ethereum’s proof-of-stake test network. (That network’s merger with the original, proof-of-work Ethereum gave last week’s upgrade its name.)
Rocket Pool, a distant second in the liquid staking business, also increased its staking APR, to 5.3% from about 4%.
All credit goes to the original author, view more at https://thedefiant.io/smart-money-plows-33m-into-staked-eth-tokens-after-merge/
Shiba Inu is regarded as the crypto project that started the burn craze in the emerging market.
David Gokhshtein, former US Congressional candidate and the founder of Gokhshtein Media, has taken time out to acknowledge the Shiba Inu (SHIB) community for starting the burn craze in the crypto space.
“SHIB started this entire ‘burn’ craze,” Gokhshtein said in a Twitter post today.
Shiba Inu is among the top cryptocurrency projects with a vibrant community that focuses on the growth and development of the entire ecosystem.
Shiba Inu, which launched in August 2020, attracted the attention of many who missed out on the Dogecoin frenzy. The token had a total supply of 1 quadrillion SHIB at the time of the launch.
At first, the amount was not a problem; it did not take long before community members pointed out that the enormous total supply of Shiba Inu tokens was responsible for its low price.
Based on this, the community called on the team to burn a part of the supply to bolster SHIB’s price. A burn wallet was created to this effect, where concerned SHIB investors can send some amount of the tokens to boost its value.
Several community efforts were made toward burning SHIB, including Bigger Entertainment announcing that it would burn SHIB via some of the profit obtained from selling concert tickets.
Bigger Entertainment later stopped the campaign, leaving SHIB enthusiasts to continue the burn program. After a while, the Shiba Inu development team launched an official burn portal to make burning easy. Since then, above 60 billion SHIBs have been incinerated.
Other Crypto Communities Push for Burns
Following the success made by SHIB enthusiasts toward the burning of SHIB’s total supply, several crypto communities have been pushing for burns.
The development is mostly seen in crypto projects that have a huge volume of tokens in circulation. Cardano enthusiasts have called on the project team to burn a part of the coin’s supply. However, Charles Hoskinson, the founder of Cardano, has frequently ignored these calls, saying it is impossible.
The Terra Luna Classic (LUNC) community is the moment’s rave of crypto burns. Recall that Terra investors were plunged into huge losses after UST lost its peg to the dollar.
For LUNC enthusiasts, the only way to get compensated is to burn part of the token’s supply. However, TerraForm Labs (TFL) had different plans; they launched a new token Terra (LUNC) and abandoned Terra Luna Classic (LUNC). Terra team gave no help to the terra classic community for reviving the value of LUNC despite the community’s pleas.
Feeling abandoned, LUNC investors embarked on a journey to reduce the cryptocurrency’s total supply via burns. Like Shiba Inu, an inferno address was created for this purpose, and over 4 billion tokens have been burnt via community efforts.
Not satisfied with the development, the community proposed and implemented a 1.2% tax burn on all LUNC on-chain transactions to further reduce the asset’s total supply.
As reported by TheCryptoBasic, over 9 million LUNC were burnt a few hours after the 1.2% tax burn launched, with all top exchanges like Binance, Kucoin, Kraken, Etoro, Mexc Global, and Crypto.Com confirming support for LUNC on chain burns.
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All credit goes to the original author, view more at https://thecryptobasic.com/2022/09/22/former-us-congressional-candidate-says-shiba-inu-shib-started-crypto-burn-craze/
Heir of notorious Terra Luna is plunging following effective implementation of burn proposal
Luna Classic holders were waiting for the upcoming 1.2% tax implementation, after which the network would take a step toward becoming deflationary or become a ghostchain and face the enormous selling pressure caused by the “sell-the-news” event.
As we have mentioned previously in one of our articles, the LUNC management team decided to propose an implementation of the 1.2% tax that should increase the intrinsic value of the assets and help it to recover from the Luna catastrophe.
Unfortunately, most centralized exchanges stated that they are not going to accept the 1.2% burn tax, which negates the efforts the Luna team made to provide more speculative value to the assets.
Additionally, after the Ethereum Merge went live, the market faced a large spike in selling pressure. LUNC, however, showed an exceptional performance which, according to Light, was a “marketing strategy” stunt to attract investors who seek nothing but short-term profit and speculation.
Ads
How did it end up?
The tax was implemented a few hours ago, which, as expected, did not lead to any major spike in the usage of the network, price performance or anything that would make the proposal somehow significant.
At press time, LUNC is burning around $3,000 worth of token, the market capitalization of the token is at approximately $2 billion. As expected, investors simply dropped support for the token, causing a short-term price drop.
The most recent announcement issued by the South Korean prosecutor’s office about the co-founder of Terra Labs being on the run has also reignited the downtrend on the asset and lost an additional 11% from its value in the last two days.
“Fight or flight” is a threat response hard-wired into our psychological make-up before our ancestors even learned to make fire. Today, it has a very modern application — in crypto.
Flight is something in which Terraform Labs chief executive Do Kwon — to give him his full name, Kwon Do-hyung — appears to be engaged, having skipped his native South Korea for Singapore before the net of law enforcement began to close around him and the US$37 billion collapse of his Terra-LUNA cryptocurrency project.
Singapore police claim Mr. Kwon is not in the city-state, which begs the question: Well, where then is he? as authorities in his home country await a response to their request for an international arrest warrant for him.
A bigger story is the fight that is coming on the other side of the Pacific, in the United States, where, following the Ethereum network’s Merge last week, Securities and Exchange Commission Chair Gary Gensler appeared to set the stage for more cryptocurrencies — notably all those minted using Ethereum’s new proof-of-stake consensus — to be treated as securities.
The fight against securities classification already has a high-profile combatant in the form of Ripple Labs, which has been grappling with the SEC for two years over the regulator’s accusation that the payments company sold US$1.3 billion of unregistered securities in the form of XRP tokens. But Gensler’s comments have implications for the crypto industry that go far beyond just Ripple, subjecting an increasing number of tokens to its scrutiny.
How this will play out will be front and center in the minds of the crypto community as we inch closer to the U.S. mid-term elections this autumn and related policy developments that follow in 2023.
Until the next time,
Angie Lau, Founder and Editor-in-Chief Forkast
1. Cash me if you can
As South Korea seeks Interpol’s help to bring Terraform’s Do Kwon back to face authorities in his home country, he says his whereabouts are nobody’s business but his own. Image: Woohae Cho/Bloomberg
By the numbers: Where is Do Kwon? — over 5,000% increase in Google search volume.
Wherever Terraform Labs Chief Executive Kwon Do-hyung — better known as Do Kwon — is currently located, he faces the risk of being deemed an illegal alien, as South Korea has started the process of canceling his passport. Prosecutors in Seoul have reportedly asked Interpol to issue a red notice — an international request for law enforcement agencies in Interpol’s 195 member nations to arrest and detain a suspect in a criminal case — for Kwon.
South Korean authorities issued an arrest warrant for Kwon, the creator of the collapsed algorithmic stablecoin UST and its sister Luna coin (now renamed Luna Classic), for alleged violations of domestic capital markets laws. Five other people are also on the wanted list alongside Kwon, according to Bloomberg.
South Korea has been probing Kwon and Terraform Labs for suspected fraud following the multibillion-dollar collapse of the Terra ecosystem in May. Many investors lost large sums of money from Terra’s implosion, and some saw their life savings disappear.
Terra’s death spiral triggered a series of insolvencies and bankruptcies in the crypto industry as coin prices plummeted, lopping more than a trillion dollars off the overall crypto market cap.
Kwon was widely believed to be in Singapore, and a video interview released last month appeared to confirm his location.
“I am not ‘on the run’ or anything similar — for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide,” Kwon said on Twitter while defending his privacy. South Korean prosecutors dispute Kwon’s claims.
A Terraform Labs spokesperson declined to comment on the charges Kwon faces, and Kwon has not responded to Forkast’s requests for comment.
Forkast.Insights | What does it mean?
South Korean authorities have shifted up a gear in their investigation of suspected fraud related to the Terra-LUNA crash, moving to cancel Kwon’s passport and seeking to enlist Interpol in bringing him back within their reach.
The process of voiding Kwon’s travel document is being handled by the Ministry of Foreign Affairs and can take from one week to a month, Dongguk University Professor of Information Security Hwang Suk-jin told Forkast.
If Kwon’s passport is canceled, any visa or entry permit that he holds based on that document will be invalidated — unless he is traveling on a second passport, certain nationalities of which can be purchased with relative ease.
Out of the ashes of Terra’s collapse, Kwon has led the creation of Terra 2.0, a new, scaled-down incarnation of the Terra blockchain that no longer uses the UST stablecoin, which is now renamed USTC.
Terra’s original blockchain, now known as Terra Classic, will be implementing a 1.2% tax burn on Luna Classic (LUNC) and USTC transactions starting on Sept. 22 in Asia.
The mechanism is a variation of a community proposal to burn some of the supply of the cryptocurrency to help preserve its value — a plan that was dismissed by Kwon and Terraform Labs in favor of a hard reset through the creation of Terra 2.0.
Back in its pre-crash incarnation when it was called Luna, LUNC was a top-10 cryptocurrency by market capitalization. But it fell out of the top 100 following its crash in May. The crypto has regained ground to become the 33rd-largest token by market cap, seeing 225% gains in the past 30 days that have led to the token burn set to begin this week.
Luna 2.0 was the world’s 94th-largest cryptocurrency by market cap as of press time.
South Korea’s manhunt for Kwon may further dampen investors’ appetite for the new coin.
2. Merge, no surge
The crypto market boost following Ethereum’s much-anticipated Merge was short-lived, and some tokens created by the network’s forks are seeing big losses. Image: Envato Elements
By the numbers: The Merge Ethereum — over 5,000% increase in Google search volume.
The crypto industry celebrated the success of Ethereum’s Merge last week as the network completed its transition to a proof-of-stake (PoS) consensus mechanism and phased out its energy-intensive proof-of-work (PoW) system.
This week started with a major headache for the crypto market, with Ethereum falling below US$1,300 on Monday for the first time since July. The token was trading at US$1,330 as of mid-week Asia time.
Bitcoin also dipped below US$18,500, its lowest level since June. BTC has since crept up to US$18,900.
Ethereum forks, driven by miners to preserve their PoW way of doing business, have also faced technical issues at launch, with coins that have sprung up, such as EthereumFair, having lost as much as 88% of their value since the Merge.
Other leading altcoins that use PoS, such as Cardano, Solana and Polkadot, were among the biggest losers at the beginning of the week.
Crypto investors are treading water this week as the U.S. Federal Reserve is expected to announce another 75 basis point interest rate increase during the wee hours on Thursday in Asia, or Wednesday afternoon in the U.S.
CME Group market analysts initially predicted a 40% chance that the Fed would opt for a more drastic full 1% hike after August inflation data exceeded expectations. The analysts have since lowered that forecast to 18%.
Fed Chair Jerome Powell has pledged to bring U.S. inflation back down to 2%. Economists expect the central bank to raise interest rates to 4% within the year to tame spiraling inflation.
Forkast.Insights | What does it mean?
Ethereum’s smooth and successful upgrade last week — a long-anticipated event intended to increase the network’s scalability and greatly reduce its carbon footprint — had the industry in an ebullient mood for a few days. But fears of the U.S. Federal Reserve’s third successive 75 basis point interest rate increase have brought the market swiftly back to the reality of surging inflation.
Although the market remains focused on the Fed, the U.S. Securities and Exchange Commission (SEC) is also attracting attention.
Following Ethereum’s Merge, SEC Chair Gary Gensler stated that PoS-based cryptocurrencies were capable of passing the Howey test, which determines whether a transaction qualifies as an investment contract and is therefore a security. That benchmark would place such assets under U.S. securities laws.
Gensler’s comments raise the stakes in the SEC’s ongoing court battle against Ripple Labs.
Ripple and the securities watchdog have been butting heads in court since December 2020 over whether the company sold US$1.3 billion worth of unregistered securities in the form of XRP crypto.
In a filing over the weekend, the SEC argued that Ripple Labs had not disputed that its XRP sales had involved exchanges of “money,” thus meeting the “investment of money” qualification of the Howey test.
Ripple hit back in its own filing the same day, saying: “Ripple had and has no contract at all with many XRP recipients and was not even involved with most XRP trading in the secondary market.”
Who knew that the tribally loyal Ethereum and XRP communities would one day be making common cause?
3. Aussie rules
Australian Senator Andrew Bragg says future use of the digital yuan by banks in Australia could undermine Australia’s national security. Image: Envato Elements
Australian Senator Andrew Bragg — one of the nation’s most crypto-literate lawmakers — has a bill in the works to monitor Chinese banks operating Down Under and their future use of China’s central bank digital currency (CBDC), which he claims could be a threat to Australia’s national security.
The digital yuan, known officially as e-CNY, is the most advanced CBDC project operating in a major economy. While the United States has been hesitating on the issuance of a digital dollar, trials of Beijing’s CBDC — which has been in development for over seven years — have expanded to 23 Chinese cities and regions.
“[E-CNY] currency, if it became widespread in the Pacific, or even within Australia, would give the Chinese state enormous power — economic and strategic power that it doesn’t have today,” Bragg said on local radio this week. “So, I think we need to be prepared for that. We need to know more about this digital currency, so the [proposed Digital Assets (Markets Regulation) Bill] establishes reporting requirements in that regard.”
The Aussie crypto advocate said he plans to introduce the Digital Assets Bill during parliament’s next sitting at the end of the month.
China is Australia’s largest trading partner, but the relationship between the two nations has soured as Beijing imposed bans and sanctions on Australian exports in response to Canberra’s call for an independent probe into the origins of Covid-19.
China’s growing influence in the Asia-Pacific region has also been a cause for concern in Canberra. Earlier this year, China signed a security pact with the Solomon Islands that would allow Beijing to establish a military base in the country, which neighbors Australia.
Forkast.Insights | What does it mean?
Senator Bragg’s national security concerns related to e-CNY come as China, citing its need to stem money laundering, has made it clear that complete anonymity will never be a feature of its CBDC.
Although China does not yet have a specific law for the digital yuan, officials at the nation’s central bank say that e-CNY wallets holding higher balances and engaging in larger transactions will go through a know-your-customer process to support what the central bank calls “managed anonymity.”
China watchers are also paying close attention to e-CNY tests in Hong Kong, as the city’s global connections and ties with the Chinese mainland make it a natural testbed for the cross-border use of the digital yuan. Howard Lee, deputy chief executive of the Hong Kong Monetary Authority, the city’s de facto central bank, said earlier this month that it had made progress in the second phase of e-CNY testing in Hong Kong, which involved the existing Faster Payment System, an instant cross-bank payment tool using the Hong Kong dollar and the Chinese yuan.
Meanwhile, China is aggressively driving domestic e-CNY adoption. Fan Yifei, a deputy governor of the People’s Bank of China, said this week that the central bank planned to expand digital yuan pilots on a province-wide level to Guangdong, Jiangsu, Hebei and Sichuan within the year. That means China could soon have almost 40% of its population using its new digital currency, according to Forkast calculations based on publicly available information.
China’s e-CNY is the most advanced CBDC in a major economy undergoing testing anywhere, and as Washington-based think tank the Atlantic Council has pointed out, Beijing is also keenly interested in its cross-border uses — which positions China for setting future global standards for CBDC development.
Australia’s legislative initiative to keep a close watch on Chinese banks’ e-CNY uses is likely just the beginning of such moves by countries wary of China’s global influence, which may soon be given additional momentum by the international use of the digital yuan.
All credit goes to the original author, view more at https://forkast.news/terra-korea-manhunt-ethereum-merge-digital-yuan/
All Times Eastern. PBS programming varies regionally.
Wednesday, Sept. 21
Andor Disney+ New Series! Diego Luna reprises his Rogue One: A Star Wars Story role as spy Cassian Andor for this live-action Star Wars series set in the early days of the Rebel Alliance. As the Galactic Empire’s iron-fisted grip grows tighter, whispers of revolt begin to spread throughout the star systems. Leaders like Mon Mothma (Genevieve O’Reilly) organize a network of secret operatives while trying to evade the Empire’s careful watch. Also in the cast are Stellan Skarsgård, Adria Arjona, Denise Gough, Kyle Soller and Fiona Shaw. The first three episodes are available today; new episodes drop Wednesdays.
— Star Wars | Andor Premieres Sept 21 on Disney+ (@starwars) September 14, 2022
Super/Natural Disney+ New Series! Executive produced by James Cameron and narrated by Benedict Cumberbatch, this series uses the latest scientific innovations and leading-edge filmmaking technology to reveal the secret powers and super-senses of the world’s most extraordinary animals, inviting viewers to see and hear beyond normal human perception and experience the natural world as a specific species does — from seeing flowers in bee-vision to eavesdropping on a conversation between elephant seals.
Designing Miami Netflix New Series! Miami’s two hottest designers aren’t just competitors — they’re also husband and wife. This reality series follows Eilyn and Ray Jimenez as they make South Florida more chic one house at a time, she with a minimalist aesthetic and he with a more maximalist approach. Juggling the needs of their deep-pocketed clients, their staffs of young designers, their close-knit families and their relationship with each other isn’t easy, but this talented, stylish duo manages to pull it off while always maintaining a healthy sense of humor.
Fortune Seller: A TV Scam Netflix New Series! This four-episode crime docuseries from Italy follows the known and unknown parts of the story behind controversial slimming-cream-sellers-turned-con-artists Wanna Marchi and Stefania Nobile, from their success on Italian television to their scam and jail time in the early 2000s.
Iron Chef Mexico Netflix New Series! The legendary culinary competition that began in Japan and became a global phenomenon will now be experienced for the first time in Spanish, and with a very Mexican touch. The best chefs based in Mexico will go head-to-head in the kitchen stadium against the resident Iron Chefs in a duel against the clock centered around a very peculiar secret ingredient.
Meet Cute Peacock Original Film! This romantic comedy follows the story of Sheila (Kaley Cuoco) and Gary (Pete Davidson). When they meet, it’s love at first sight — until it is revealed (to the audience) that their magical date wasn’t fate at all. Sheila has a time machine, and they’ve been falling in love over and over again. When that perfect night is never quite enough, Sheila travels to Gary’s past to change him into the perfect man and to continually fix elements of their date.
Gregory Peck Icon-a-Thon MOVIES!, beginning at 1:30pm Catch a Classic! Eldred Gregory Peck, one of the most beloved and acclaimed leading men of Hollywood’s classic era and beyond, is the focus of this afternoon and evening’s five-film lineup, a nice mix of genres showing Peck’s range as an actor. Up first are two Westerns: Yellow Sky (1948), costarring Richard Widmark and Anne Baxter, and The Bravados (1958), also featuring Joan Collins. The lineup then continues with the spy thriller The Chairman (1969), and concludes with two dramas featuring a couple of Peck’s most familiar performances: The Man in the Gray Flannel Suit (1956), which also stars Jennifer Jones and Fredric March, and Best Director Oscar winner Elia Kazan’s Best Picture-winning Gentleman’s Agreement (1947), which earned Peck a Best Actor nomination.
The U.S. and the Holocaust PBS, 8pm Series Finale! In the finale of this three-part documentary film, “The Homeless, The Tempest-Tossed (1942-),” a group of government officials supports rescue operations, while the public sees for the first time the scale of the Holocaust as Allies liberate German camps.
The Conners ABC, 8pm Season Premiere! Season 5 of the Roseanne spinoff picks up after Darlene (Sara Gilbert) and Ben (Jay R. Ferguson) decided to build a new house and let Becky (Lecy Goranson) move in with them in the Season 4 finale. What is the reality of those three living together going to be like? John Goodman, Laurie Metcalf and Emma Kenney also star.
Music’s Greatest Mysteries: “Napster, Deranged Drummer and Dogs” AXS TV, 8pm In this episode, discover the shocking tragedy of Keith Moon’s chauffeur and find out the answer to “Who Let the Dogs Out?”
Survivor CBS, 8pm Season Premiere! Jeff Probst returns as host for Survivor’s 43rd season as 18 new castaways compete for a $1 million prize in Fiji. The season begins with a two-hour premiere tonight.
The Masked Singer FOX, 8pm Season Premiere! The singing competition headlined by disguised celebrities returns for Season 8 with an all-new format. Each episode will include performances by the hidden stars, but for the first time, only one contestant will move on from each episode. The studio audience will vote for their favorite, and the singer with the least amount of votes will unmask mid-show, leaving two singers to face off in a battle royal performance of the same song. The winner will move on to next week’s episode against new competition, while the other will unmask. Season 8 will also introduce new themed episodes, including Vegas Night, Muppets Night, TV Themes and more.
Chicago Med NBC, 8pm Season Premiere! All of the dramas in NBC’s popular One Chicago Wednesday night lineup return for new seasons starting tonight, beginning with the Season 8 premiere of the medical drama Chicago Med, “How Do You Begin to Count the Losses?” In the aftermath of Will’s (Nick Gehlfuss) apartment fire, Crockett (Dominic Rains), Ethan (Brian Tee) and Archer (Steven Weber) work together to try and save the survivors. Meanwhile, Charles (Oliver Platt) and Med’s new fellow, Nellie (Lilah Richcreek Estrada), help a paranoid patient, and Dylan (Guy Lockard) makes a life-changing decision.
The Goldbergs ABC, 8:30pm Season Premiere! Big changes are in store for Season 10 of this sitcom set in the 1980s. First, George Segal, who played Pops, passed away in 2021. Then, Jeff Garlin (Murray) was let go following misconduct allegations. Murray will be written out early on in the new season. Expect Season 10 to deal with Beverly’s (Wendi McLendon-Covey) status as an empty nester now that Adam (Sean Giambrone) has graduated high school.
Abbott Elementary ABC, 9pm Season Premiere! The critically praised mockumentary-style sitcom set in an inner-city grade school moves to Wednesdays and has a full 22-episode order for Season 2. Creator and star Quinta Brunson said the new season will go outside the school more. She also teased several cameos, including one from a big star in the first episode. Sheryl Lee Ralph, Chris Perfetti, Janelle James and Tyler James Williams also star.
LEGO Masters FOX, 9pm Season Premiere! Host Will Arnett is back with Brickmasters Amy Corbett and Jamie Berard for Season 3 of the LEGO building competition, beginning with the space-themed episode “Ready to Launch.” This season also includes an incredible treehouse challenge and a LEGO dog show. The winning team gets a $100,000 cash prize, the ultimate LEGO trophy and the title of LEGO Masters.
Farmhouse Fixer: “Colorful Victorian” HGTV, 9pm Jonathan Knight and Kristina Crestin deliver an emotional renovation to a choppy 1800s Victorian. The team makes sense of the space for the family and their Great Danes, and design inspiration comes from unusual places, including an antique car museum.
Chicago Fire NBC, 9pm Season Premiere! The flagship entry in NBC’s One Chicago franchise of dramas is back for Season 11 with “Hold on Tight.” Kidd (Miranda Rae Mayo) and Severide’s (Taylor Kinney) honeymoon is interrupted by a dangerous person from their past; Kidd’s former academy classmate joins Firehouse 51; and Brett (Kara Killmer) and Violet (Hanako Greensmith) reflect on their relationships.
Home Economics ABC, 9:30pm Season Premiere! The highs and lows of the relationships among adult siblings Tom (Topher Grace), Sarah (Caitlin McGee) and Connor Hayworth (Jimmy Tatro) is the focus of this sitcom. Season 3 is expected to pick up where Season 2 left off. Connor had a rough breakup and announced plans to travel to space, Tom suffered a setback with his novel, and Sarah volunteered to carry a baby after her wife is unable to get pregnant.
The Amazing Race CBS, 9:55pm Season Premiere! The Amazing Race begins outside the U.S. for the first time as 12 new teams start their global journey in Munich, Germany, for the Season 34 premiere “Many Firsts But Don’t Be Last.” Phil Keoghan returns as host.
Big Sky ABC, 10pm Season Premiere! Supernatural star Jensen Ackles made an appearance in the Season 2 finale of this drama set in Montana as Sheriff Beau Arlen, who is also Jenny’s (Katheryn Winnick) boss. He will be joined in Season 3 by country superstar Reba McEntire, who plays Sunny Brick, a successful backcountry outfitter. In the new season, Beau and Sunny bring with them a new mystery to unravel. Kylie Bunbury, Brian Geraghty and Jamie Lynn-Sigler also star.
Chicago P.D. NBC, 10pm Season Premiere! The popular police drama kicks off its 10th season with “Let It Bleed.” Still reeling from the death of his informant, Anna, Voight (Jason Beghe) faces a new threat as he tries to keep the neighborhood clean. Meanwhile, new wrinkles develop in the Upton (Tracy Spiridakos), Halstead (Jesse Lee Soffer) and Voight dynamic, and the team gets a new chief.
Thursday, Sept. 22
Thai Cave Rescue Netflix New Series! Filmed entirely in Thailand, this six-part miniseries is a dramatization of the real-life global effort to rescue a Thai soccer team that became trapped in the Tham Luang cave in 2018. Among other retellings of this event that have been made in recent years, this one stands out in its authenticity by having unique and exclusive filming access to the homes of the real soccer team members, as well as the cave itself.
Golf: Presidents Cup: Day 1 Golf Channel, 1pm Live The Presidents Cup, a biennial match-play tournament between the United States and an International team made up of players outside of Europe, tees off today at Quail Hollow Club in Charlotte, North Carolina. The International squad is captained by Trevor Immelman, while Davis Love III helms the U.S. team looking to extend its streak of eight consecutive wins. Golf Channel and NBC share coverage through Sunday’s final round.
College Football: West Virginia at Virginia Tech ESPN, 7:30pm Live The Black Diamond Trophy is up for grabs in this rivalry game between the West Virginia Mountaineers and the Virginia Tech Hokies at Lane Stadium in Blacksburg, Virginia.
Celebrity Family Feud ABC, 8pm Season Finale! The cast of Jackass, led by Johnny Knoxville and Jeff Tremaine, battle it out to see who will win the grand prize for their selected charities in the Season 8 finale of the game show hosted by Steve Harvey.
“Law & Order” Franchise Special Primetime Block NBC, beginning at 8pm Season Premieres! Tonight’s special programming event brings back Law & Order, Law & Order: Special Victims Unit and Law & Order: Organized Crime for new seasons while bringing all three of the casts together for the first time through interwoven plotlines over a three-hour telecast. The event begins with Organized Crime’s third season premiere, “Gimme Shelter,” continues with the Special Victims Unit Season 24 premiere, “Gimme Shelter — Part Two” and concludes with Law & Order’s Season 22 premiere, “Gimme Shelter — Part Three.” The story begins when a young girl is shot, and Detective Frank Cosgrove (Jeffrey Donovan) teams with Detective Jalen Shaw (Mehcad Brooks) to track down her killer. Captain Olivia Benson (Mariska Hargitay) and Detective Elliot Stabler (Christopher Meloni) are called in to assist after the realization that this is more than a typical homicide. After uncovering key evidence, Jack McCoy (Sam Waterston) and ADA Nolan Price (Hugh Dancy) seek justice against an international crime ring, but complications threaten the case. (Note to DVR users: There will be no credits nor title sequences at the top of the second and third hours of this block; note that the series are airing tonight out of their normal time slot orders, so for continuity purposes, NBC asks that viewers who will be watching this block on a delayed basis DVR all three shows.)
Star of the Month: Humphrey Bogart: “Bogie in Love” & “Early Days” TCM, beginning at 8pm Catch a Classic! Tonight’s installment of Turner Classic Movies’ monthlong Thursday night celebration of iconic actor Humphrey Bogart’s films begins with six titles from the actor’s prime, representing his work as a romantic leading man, followed by four of his earlier films, which feature him in supporting roles of various types. The evening begins with two of Bogie’s most famous romantic roles, which happen to be two of the most famous films of all time in general: Best Director Oscar nominee Billy Wilder’s comedy/drama Sabrina (1954), costarring Best Actress nominee Audrey Hepburn and William Holden, and one of Bogart’s last films before his 1957 passing, followed by the legendary, Best Picture-winning Casablanca (1942), which earned Bogie a Best Actor nomination alongside fantastic costars like Ingrid Bergman and Best Supporting Actor nominee Claude Rains. Rounding out the “Bogie in Love” portion of the evening are Dark Victory (1939), led by Best Actress nominee Bette Davis; the film noir In a Lonely Place (1950), starring Bogie in a darker-tinged story of more obsessive love alongside Gloria Grahame; The Two Mrs. Carrolls (1947), a mystery drama also starring Barbara Stanwyck; and The Wagons Roll at Night (1941), a circus-set drama costarring Sylvia Sidney. As the lineup moves into Bogart’s earlier works starting tomorrow morning, the titles featured are the dramas China Clipper (1936) and One Fatal Hour (1936, aka Two Against the World); the crime film The Amazing Dr. Clitterhouse (1938), led by Edward G. Robinson and Claire Trevor; and the Busby Berkeley-directed romantic comedy Men Are Such Fools (1938).
NFL Football: Pittsburgh at Cleveland Prime Video, 8:15pm Live AFC North foes collide at Cleveland’s FirstEnergy Stadium as the Pittsburgh Steelers visit the Browns on Thursday Night Football.
Norman Lear: 100 Years of Music and Laughter ABC, 9pm The life and legacy of storyteller, activist and philanthropist Norman Lear is honored at this one-night-only celebration of his 100th birthday. The special pays homage to the man behind some of television’s greatest stories and features a lineup of celebrity guests and musical performances.
True Crime Story: It Couldn’t Happen Here: “Iaeger, WV” SundanceTV, 10pm A beloved town doctor perishes in a deadly house fire that investigators conclude was arson. But after securing a murder conviction, the prosecutor doubts his own evidence and joins the fight to free an innocent man.
Craig Ross Jr.’s Monogamy WE tv, 10pm Season Finale! “Decisions,” the Season 1 finale of this ensemble drama about couples who agree to undergo swap therapy to repair a broken marriage, features the participants returning home with their original spouses.
Friday, Sept. 23
Sidney Apple TV+ From producer Oprah Winfrey and director Reginald Hudlin, this revealing documentary honors the legendary Sidney Poitier and his legacy as an iconic actor, filmmaker and activist at the center of Hollywood and the civil rights movement. Made in close collaboration with the Poitier family, the film includes candid interviews with Denzel Washington, Halle Berry, Robert Redford, Spike Lee and many more.
Haunted Scotland discovery+ New Series! In this 10-episode series, American medium Chris Fleming and Scotland’s Gail Porter lead a team of paranormal investigators into some of Scotland’s most haunted locales. New episodes are available Fridays.
Athena Netflix Original Film! This French action/thriller finds three siblings’ lives thrown into chaos hours after the tragic death of their youngest brother in unexplained circumstances.
The Girls at the Back Netflix New Series! This six-episode Spanish drama tells the story of five 30-year-old women, who have been close friends since school and organize a weeklong getaway together every year without exception. This year, however, something has come up that will force them to invent new rules of the game: One of them has been diagnosed with cancer. The series shows that there are trips that change your life forever, and there are lives that travel changes forever.
Lou Netflix Original Film! Thinking she’d put her dangerous past behind her, Lou (Allison Janney) finds her quiet life interrupted when a desperate mother (Jurnee Smollett) begs her to save her kidnapped daughter. As a massive storm rages, the two women risk their lives pursuing the kidnapper into the wilderness on a rescue mission that will test their limits, and expose dark and shocking secrets from their pasts.
On the Come Up Paramount+ Original Film! Actress Sanaa Lathan makes her directorial debut with this drama based on Angie Thomas’ bestselling young adult novel. Newcomer Jamila C. Gray plays Bri, a gifted 16-year-old who attempts to take the battle rap scene by storm in order to lift up her family and do right by the legacy of her father, a local hip-hop legend whose career was cut short by gang violence. But when her first hit song goes viral for all the wrong reasons, Bri finds herself torn between the authenticity that got her this far and the false persona that the industry wants to impose upon her.
Our Man Flint & In Like Flint MOVIES!, beginning at 10am Catch a Classic! Among the many 1960s spy movies and parodies of the genre that hit theaters in the wake of the successful launch of the James Bond films, the two comedies starring James Coburn as secret agent extraordinaire Derek Flint are among the most enjoyable and culturally enduring (you can see traces of their influence in the Austin Powers movies, for example). MOVIES! will be airing both of these titles today, beginning with the original, 1966’s Our Man Flint, in which the super-spy is called back from retirement to stop a trio of mad scientists attempting to blackmail the world with their weather-controlling machine. The film costars Lee J. Cobb, who returns with Coburn in the 1967 sequel In Like Flint, which comes up next on today’s schedule. This time, Flint confronts a cabal of women who are plotting to take over the world (“the bad guys … are girls!” exclaimed the comedy’s promotional poster at its release).
College Football ESPN & FS1, beginning at 7pm Live Virginia at Syracuse (ESPN) and Nevada at Air Force (FS1) highlight Friday night college football action.
Shark Tank ABC, 8pm Season Premiere! More budding entrepreneurs will have the chance to pitch their business or product to the Sharks — tough, self-made multimillionaire and billionaire tycoons — in Season 14 of the reality competition show, hoping that one of them will invest and help grow the business.
Killer Camp The CW, 8pm Season Finale! As the final day at Camp Pleasant unfolds in the Season 2 finale of this reality series, everyone is a suspect and the campers are on edge. Find out who the killer is in “A Killer Faces the Chop.”
Capital One College Bowl: “Qualifiers 4” NBC, 8pm The qualifying rounds conclude with UC Santa Barbara competing against Morehouse, and Duke battling returning champion Columbia.
The Idea of America TCM, beginning at 8pm In this final Friday evening programming block consisting of three movies, three more immigrants join TCM host Ben Mankiewicz to discuss the movies that shaped their idea of the U.S. before they moved here. First, Ted Ayllón introduces the 1943 musical Higher and Higher, featuring Frank Sinatra, whose singing Ayllón found easier to understand and learn English from when he was growing up in Bolivia. Next, Abdi Iftin discusses the 1973 neo-noir crime drama Badlands, explaining how, as a kid in Somalia, he imagined that the U.S. landscape looked very similar to his home country’s based on this movie: dry, windy and with lots of gun-shooting. Tonight’s final film is the Best Picture Oscar-nominated 1962 drama To Kill a Mockingbird, based on the Harper Lee novel. Sushma Barakoti explains how this famed drama inspired her work in social justice when she moved to the United States from Nepal.
20/20 ABC, 9pm Season Premiere! The primetime news magazine that combines investigative reports, newsmaker interviews, and human interest and feature stories returns for Season 45.
Secret Celebrity Renovation: “Nicole Scherzinger” CBS, 9pm Singer, songwriter, dancer, actress and TV personality Nicole Scherzinger gives back to someone special with a surprise home makeover in tonight’s new episode.
My Lottery Dream Home: “South Beach Birth Rite” HGTV, 9pm Julie is a Miami native, so when she received an inheritance, she decided to buy a vacation condo in South Beach, Florida, where she and her best friend Bobbi grew up and made the best memories of their lives. David Bromstad joins them in a walk down memory lane while they tour homes in his old South Beach stomping grounds.. There are no wrong decisions when searching for a place to rest and reminisce, especially in one of the world’s most coveted beaches.
Great Performances: “Intimate Apparel” PBS, 9pm Set in turn-of-the-20th-century New York, this powerful opera with a libretto by Pulitzer Prize winner Lynn Nottage, and based on her play, tells the story of Esther (Kearstin Piper Brown), a lonely, single African American woman who makes her living sewing corsets and ladies’ undergarments.
Saturday, Sept. 24
Fullmetal Alchemist: The Final Alchemy Netflix Original Film! The Elric brothers’ long and winding journey comes to a close in this epic finale to the series of Japanese fantasy adventure films, in which they must face off against an otherworldly, nationwide threat.
Golf: Presidents Cup: Day 3 NBC, 8am Live Day 3 of the Presidents Cup at Quail Hollow Club in Charlotte, North Carolina, has eight total matches of four-ball and foursomes competition.
Point of View: A Designer Profile Magnolia Network, 1pm New Series! In this half-hour docuseries making its linear Magnolia Network premiere, talented interior designers reveal how they create their beautiful work. In today’s installment, Joanna Gaines reflects on her journey to becoming a designer and shares her plans to restore the historic Cottonland Castle in Waco, Texas, which will be the subject of her and her husband Chip’s new series, Fixer Upper: The Castle, coming in October.
Finding Happy Bounce TV, 8pm New Series! This half-hour comedy follows the Black female experience through the unfulfilled life of Atlanta native Yaz Carter (B. Simone), beginning with her unhappy birthday. The 10-episode first season introduces Yaz’s loving-but-complicated family, her stagnant career in the evolving radio landscape and the merry-go-round of unrequited loves in her dating life.
Fly Away With Me Hallmark Channel, 8pm Original Film! When Angie moves into a “no pets allowed” building, a parrot arrives unexpectedly. Her new neighbor, Ted, and the dog he is secretly sitting try to help her find the bird’s owner without getting caught. Stars Natalie Hall and Peter Mooney.
Dying for a Crown Lifetime, 8pm Original Film! Lydia Campbell (Jennifer Titus) and her daughter Elle (Catharine Daddario) have just relocated to Florida from Los Angeles under mysterious circumstances. Lydia is the new assistant principal at Bellview High, where Elle is a senior. Being new to town, both are looking to live a better life and will do anything to achieve it. Inspired by true events.
Starring Barbara Rush TCM, beginning at 8pm Catch a Classic! Actress Barbara Rush, while perhaps not a household name, became a familiar face on stage, the big screen and television over her roughly six-decade career. She is the spotlight of this evening’s triple feature on Turner Classic Movies consisting of her earlier film work. The evening begins with one of her most well-known appearances, alongside Richard Carlson in the 1953 sci-fi classic It Came From Outer Space, giving a performance for which she was awarded the Golden Globe for Most Promising Newcomer — Female (tying with Pat Crowley). This is followed by another sci-fi favorite costarring Rush, her fourth feature film: producer George Pal’s When Worlds Collide (1951). Concluding the evening is the 1953 adventure film Prince of Pirates, in which Rush portrays Countess Nita Orde alongside John Derek’s Prince Roland.
Help! I Wrecked My House: “Up in Smoke” HGTV, 9pm It’s been over two years since Krystin and Sean’s kitchen suffered a fire, and they’ve been eating takeout ever since. With two kids, full time jobs and no time left for DIYs, the couple is overwhelmed. Jasmine Roth arrives to transform this fire damaged home into a contemporary farmhouse haven by opening up their dark floor plan to create a timeless kitchen.
NFL Icons: “Jimmy Johnson” EPIX, 10pm No coach ever got more out of people than Jimmy Johnson. Harnessing what he learned as an undergraduate psychology major, Johnson won a national championship as a player at Arkansas and as head coach of the Miami Hurricanes, followed by two Super Bowls with the Dallas Cowboys. This episode explores how Johnson changed NFL history through the milestone Herschel Walker trade, his unique collaboration with Hall of Fame owner Jerry Jones and how Johnson’s famed Five-Year Plan helped him find work-life balance.
First Home Fix: “Classic Cliff May Home” HGTV, 10pm Raisa Kuddus and Austin Coleman travel to Long Beach to help renovate a classic Cliff May home for first time buyers Maycie and Chris. The team is pushed to its limit to make this historic house fit the modern needs of its new owners while staying within budget.
All credit goes to the original author, view more at https://www.channelguidemag.com/tv-news/2022/09/21/wednesday-sept-21-andor-disney-plus-diego-luna/
eToro Pledges Support For The Terra LUNA Classic (LUNC) 1.2% Burn Proposal.
eToro will apply tax to trading activities in a unique way.
Popular trading platform eToro, in a pinned post shared yesterday on the LUNC trading page, disclosed that it would be implementing the 1.2% tax burn on trading activity.
eToro based in Israel is known as a global multi-asset investment exchange that provides trading facilities in stocks, forex, crypto, etc.
Notably, following the tax parameter change, buyers and sellers will pay a 0.6% fee, respectively, on top of the standard 1% fee on the trading platform. As such, both parties share the 1.2% tax equally. It bears mentioning that eToro’s implementation of the burn on off-chain transactions is a welcome development for the community as several other exchanges have restricted the implementation to only on-chain transactions (deposits and withdrawals).
Notably, trading activity on exchanges commands more volume than on-chain activities. Consequently, exchanges’ implementing the tax on off-chain activities significantly improves the effectiveness of the burn initiative to reduce the LUNC supply.
“The tax and burn mechanism affects the operating costs associated with our offering of LUNC. As such, as of Sept 20, an operational fee of 0.6% will be added to eToro’s bid and ask prices for LUNC, on top of the standard 1% fee that is calculated when buying or selling crypto assets on eToro,” the firm writes in its post.
Unsurprisingly, the response to the development was positive as a member of the Terra Rebels, a group dedicated to Terra Classic network development, reXx took to Twitter to share the news. Several users welcomed the development as good news, hoping other platforms like Binance would take a cue from them. Additionally, users are beginning to seek out the platforms that are implementing the 1.2% tax burn on off-chain activities. As a result, we are likely to see an influx of LUNC investors and traders to these platforms.
#LUNC community, while this statement isn’t clear, it is clear that @eToro is onboard with the 1.2% tax burn.
Yesterday, leading crypto exchange Crypto.com also pledged support for the tax burn. However, unlike eToro, it restricts it to only deposits and withdrawals.
The tax parameter change is expected to go live moments from now after weeks of anticipation. The proposal plans to reduce the LUNC supply to 10 billion tokens in a bid to improve the asset’s value after the Terra ecosystem collapse in May saw it crash to zero.
It is currently trading at the $0.0003023 price point.
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All credit goes to the original author, view more at https://thecryptobasic.com/2022/09/21/etoro-supports-terra-luna-classic-lunc-1-2-burn-looks-set-to-implement-burn-on-trading/
CV Summit, Switzerland’s flagship forum, showcased the productivity of the world’s most mature blockchain hub and the utility of blockchain tech while welcoming leading global entities entering the space, such as Google and Visa. Over 800 in-person delegates and 70 speakers attended Switzerland’s most significant blockchain industry event, with 2,300 other attendees joining online.
Google Cloud’s Daniël Rood at CV Summit said: “We come to this space humbly and to partner. We want to bring our experience from Web2 and to work together to bring users on board to Web3, which promises the democratization of ownership.”
Klaus Steinkamp from Visa told delegates: “Our mission is to connect the world through the most reliable and secure payment network — enabling people, businesses and economies to thrive. Visa intends to address the current friction when the crypto vertical engages with fiat currency. We want to engage, please reach out.”
CV Summit highlighted the significance of global players entering the space. “It’s important to take note of Google’s and Visa’s entering. CV Summit saw the collaboration of different worlds — the old and the new, the traditional and the informal. These worlds are open to collaboration, learning from each other, and together contributing to the fantastic story that is blockchain technology,” said Mathias Ruch, co-founder and CEO of CV VC.
Continuing, Ruch said, “How would the world be without the invention of the light bulb? Dark. How might the world be without blockchain and the other underpinning techs of the incoming Web3 iteration of the internet? Stark. To ensure a brighter future amid geopolitical turmoil and raging inflationary effects, we felt it important to bring the utility agenda to the forefront via CV Summit. The space is maturing and professionalizing. I call incumbent industries to no longer hold blockchain tech on probation but to embrace it so as not to miss out and be on the losing side.”
CV Summit highlighted that Crypto Valley is unquestionably the most mature blockchain hub, offering the global blockchain ecosystem the right people to give answers to questions, regulatory clarity, and a concentration of founders and builders that want to contribute to a safe and transparent environment and build the next generation of commerce.
International speakers supported this position, such as PraSaga CEO Michael Holdmann, who said: “We are here due to the guidance Switzerland gives.”
CV Summit is distinct in the global blockchain conference circuit, as it is less about speculation and more about utility. It is no surprise that Swiss productivity extends to its blockchain and Web3 industry, which is globally recognized for its precision, financial acumen, regulatory certainty, compliance expertise, unicorns and unique mindset. This mindset results in Switzerland’s constant ranking as a top country within which blockchain businesses flourish.
The eighth edition of CV Summit shone the global spotlight on Switzerland’s illuminating productivity in blockchain and the incoming iteration of the internet, Web3. Swiss pioneers with international reach were also gathered at CV Summit. 21Shares, which recently joined Switzerland’s unicorn herd, fresh from a new $25 million funding round, along with crypto banks SEBA and Sygnum, online banking leader Swissquote, Bitcoin Suisse, and Swiss digital exchange SDX explored together perspectives and actions with over 3,000 delegates. Also in attendance were those building security and compliance infrastructures to bridge the traditional finance world, such as Lukka and CertiK. Circle, the world’s largest stablecoin issuer came to examine CBDCs with regulatory experts and the Bank of International Settlements. Tech builders PraSaga, Cartesi, Partisia Blockchain and QPQ delivered inspiration, while motivation was roused by the Casper Association and Web3 Foundations. Those innovating in trading such as Portofino met with exchanges Coinbase, LCX and others. Commenting on the utility proposition of CV Summit 2022, CV Labs managing director Tracy Trachsler said, “Our role at CV Labs is to enable the incubation of great minds, to expose innovation and to allow it to flourish for the enablement of a better future. One of the many great strengths we have in Switzerland is our attentive approach to technological innovation, which delivers utility. Blockchain is a ‘lightbulb moment’ not just for Switzerland but for the world. This is why we host CV Summits, research and publish reports, and are building a global ecosystem with our partners to shine the light on blockchain technology as it builds a more equitable future for all. To highlight the utility of blockchain, we hosted a startup zone at this year’s summit, and many of those whom we incubated and in which our VC pillar CV VC has invested were in attendance at either the startup zone or the earlier Friends and Family Day event.”
All credit goes to the original author, view more at https://cointelegraph.com/press-releases/cv-summit-2022-called-on-incumbent-industries-to-no-longer-hold-blockchain-tech-on-probation
The USTC, LUNA and LUNC price are in the red today amid breaking news that a House stablecoin bill could see coins like TerraUSD banned for two years.
Potential Algorithmic Stablecoin Ban
Bloomberg, which obtained a copy of the proposed stablecoin bill, reported:
Stablecoin legislation being drafted in the House would place a two-year ban on crypto coins similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year.
It would be illegal to issue or create ‘endogenously collateralized stablecoins’ that rely solely on the value of another digital asset from the same creator to maintain their fixed price.
An enquiry into Terra tokens and similar crypto assets is expected to be conducted by the Treasury, Federal Reserve, Securities and Exchange Commission (SEC) and other regulatory bodies.
The terms of the proposed legislation can still change before a final version of the stablecoin bill is passed. The Block writes:
Issuing a stablecoin without approval from regulators could be punishable by up to five years in prison and a $1 million fine.
The stablecoin bill is under negotiation between Maxine Waters and Patrick McHenry, who is ‘yet to sign off on the legislation’.
Earlier this week Terra Classic (LUNC) was up 15%, trading as high as $0.00032 while the crypto markets sold off heading into Wednesday’s FOMC meeting.
The LUNC price has now retraced half of that rally, and the LUNA price is in the red this week, down 2 – 3%.
TerraClassicUSD Price Drop
TerraUSD, now rebranded to TerraClassicUSD (USTC) has been harder hit, selling off almost 5% in the past 24 hours.
USTC Price Data via CoinMarketCap
The Bitcoin and Ethereum price are also down several percentage points, as news of possible stablecoin regulation has historically resulted in Tether FUD and USDT being depegged, if temporarily.
Tether is backed by cash reserves and was unaffected by the UST and LUNA crash of May 2022.
Some market commentators have argued that increased government regulation and a ban on algorithmic stablecoins could in the long term be a bullish catalyst for cryptocurrency, helping to improve investor confidence after the UST collapse.
Others including founder of The Block and 6th Man Ventures Mike Dudas interpret the stablecoin bill as bearish.
