🌟 A rising star? Exploring Celo

Hey crypto crew! It’s your buidlbee team here! Grab your moon boots, it's time to blast off into another day of wild swings and HODLing madness! Whether you're a seasoned whale or a crypto-curious guppy, let's make this virtual journey with us the most entertaining financial rollercoaster ever. So, here's what we've prepared for you today:

• What is the uniqueness of crypto in the example of Binance;

• Exploring the prospects of $CELO;

• Scams and the most dangerous cryptocurrencies for 2023;

• How to jump into a new project from Animoca and Yuga Labs.

Here’s the major news:

• Entrepreneur Joel Dietz has filed a lawsuit against Consensys, the developer of the popular MetaMask wallet. He claimed that the company stole the idea for the application from him.

• CZ revealed on an ex-Twitter post that the total number of registered Binance users reached 150M this week.

• Recently, macOS-HVNC, a macOS program designed for large-scale attacks on macOS, has appeared on the dark web. HVNC allows attackers to remotely control computers, giving them full access to the system and its data.

• The Australian Securities and Investments Commission (ASIC) has sued eToro over "volatile" trading products.

🔮 Guessing about the crypto market based on the news about Binance

Let's try to analyze the next important news about Binance.

• The U.S. Department of Justice is considering filing fraud charges against cryptocurrency exchange Binance, Semafor reports. However, they are concerned about potential harm to consumers. Federal prosecutors fear that the charges could trigger a panic on the exchange similar to what happened with the now-bankrupt FTX platform. Consumers could lose their funds as a result. Fines and non-prosecution agreements are being considered as alternatives.

• Despite China's strict ban on crypto trading, according to the Wall Street Journal, co-cited by Binance Mission Control, the exchange processed more than $90B in trading volume from China in May, most of that volume coming from futures trading. This data is partially confirmed by The Block Data Dashboard — Binance's total global trading volume of spot contracts and BTC futures in May amounted to more than $670B.

Ok, what does this mean?

The first news tells us that the US regulator missed a moment and Binance has entered the Too Big To Fail category.

• On the one hand, it is scary to realize that Binance is facing the threat of prosecution under the super serious clause (fears of consequences comparable to the FTX crash are quite appropriate here).

• On the other hand, we see that the US authorities are simply forced to find a compromise because Binance (and the crypto market) have become too significant to simply ban them. If someone is still waiting for mass adoption, then according to this news, he missed something important.

The second news about China shows the cross-border nature of crypto. China is one of the most heavily regulated regions. And even in such conditions, we see that Binance has generated an incredibly huge turnover in this closed region. And these numbers are all you need to know about the real capabilities of regulators and their bans — they are very limited in terms of crypto. And this news is not about China and Binance; it's about the unique ability of cryptocurrencies to circumvent any bans.

Summarizing the news, we can conclude that smart countries will start to regulate what cannot be banned in any way (and some countries have gone that way). Countries with an Asian mentality tend to ban the new and obscure, and they need time to realize the reality of the situation. But what will the US choose? While this question is open, this country is now at a historical crossroads.

💲 Ideas

[1] 🔔 Why the Celo quote grew

Google Cloud added support for Celo network validators yesterday. Celo previously announced a partnership with Deutsche Telekom, which not only launched validator support but also invested in this public blockchain. Celo is an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone. But the main feature of the project is sustainability.

Environmental friendliness is now being forced into politics, and it seems that big players are betting on such climate-friendly projects. Participation in ESG projects is now required in the charter of many companies, and Celo is the perfect blockchain for corporations. Another partnership has added +5% to the coin at the moment. What do you think about the prospect of such politically-oriented projects?

[2] 🔔 List of some scams and the worst crypto projects

According to CryptoCheck, as markets have evolved and cryptocurrencies have become more regulated, scammers have had to get smarter. The latest trend seems to be a rugpull and then just letting the rest of the project's liquidity bleed out. In other words, they remain borderline active, siphoning off more and more funds over time.

Let's omit the story about the FTT/FTX token and Sam Bankman-Fried, which everyone knows about. However, it is not clear why KuCoin has not delisted this token yet.

• C+CHARGE/CCHG. The team members are unverified, and there has been no real activity on the project since the end of 2022. Also, a coin that loses almost 100 percent is always a bad sign and indicates a rugpull like nothing else.

• LUNC/Terra Classic. The TerraClassic community continues to create hype on social media based on the idea that brokers quoting LUNC will impose a burning tax that will reduce the maximum supply to nearly 6.9 trillion tokens. But even burning would have no impact on the maximum supply of tokens. The bigger problem is that TerraClassicUSD has depegged, and its native Terra Classic coin no longer serves any purpose.

• BURGER & PIZZA tokens.

• Bitcoin Gold/BTG. In 2017, the Bitcoin blockchain underwent a fork called BTG. Although the fork was intended to create a more decentralized form of Bitcoin, it was not successful. BTG was created to address the centralization of Bitcoin mining, but it failed to achieve its goal due to the advent of specialized mining hardware.

• Pitbull/PIT

• Blur/BLUR

How not to fall victim to scams:

1. Study the team. Check out its Twitter and Reddit accounts. Scammers often come up with fake founders and bios for their projects.

2. Check the technical documentation. The white paper should outline the background, goals, strategy, challenges, and timeline of any blockchain-related project. Companies with flashy websites can show that they don't have a fundamentally sound concept. However, a website containing spelling errors may have a white paper indicating a solid concept and a carefully thought-out implementation plan.

3. If it sounds too good to be true, it probably is. Study every detail carefully, and accept that the lack of important information may be an attempt to hide a failed model or concept.

*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.

[3] 🔔 New project from Animoca and Yuga Labs

Wreck League published a post noting Yuga Labs and Animoca, saying that there will be an announcement of something tomorrow. There is no information yet on what OG is for or whether they will have an NFT collection. In Discord, the team has mentioned several times that they will give out OG roles (OG in the context of NFT means "original owner" or "original generator") to those who are verified. The snapshot will be taken before the announcement.

What to do:

• Go to Discord.

• Pass verification.

• Write a few messages in the chat.

A super bait for bounty hunters

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• Ambassador. When someone registers their wallet address using a referral link, their wallet becomes linked to an affiliate or representative account. Subsequently, whenever these wallets engage in transactions on CrowdSwap, the platform makes fees based on its business model. As affiliates, ambassadors can score a percentage of these fees, ranging from 20% to 50%, depending on the monthly volume generated by their affiliates.

• The VIP program consists of five ranks, each providing distinct advantages. These benefits may include early access to new pools and launchpads, giving VIP members an edge over non-VIP users. To qualify for the VIP program, users need to hold a specific amount of $CROWD tokens. The precise token thresholds required for each rank are dynamic and determined accordingly. For instance, if users are holding the top percentages (3%, 10%, 20%, and 50%) of $CROWD tokens, they will be eligible for the corresponding VIP ranks. Accumulating points through actions like token holdings, staking, and contributing to liquidity pools determines your rank in the VIP program.

• Long-term holders competition. Accumulate 10k+ $CROWD (on any chain), hold them until bitcoin halves, and receive more tokens as a prize for tops (rankings are announced every week here).

To participate in this program and start enjoying the perks, follow this link.

Remember, FOMO is not your friend, and FUD is just a four-letter word. Wishing you bullish days and lambo-filled dreams! See ya tomorrow! 🤩⭐