Crypto Market Overview November 30th | Dex-Trade
It’s Too Early for 'Web5': Jack Dorsey's Trademark Worries the Community
Approximately six hours after TBD announced its intention to trademark "Web5," which is positioned as an "extra decentralized web platform," the technology community expressed their concern about the project and the registration had to be postponed. TBD is a subsidiary of Block, owned by Twitter founder Jack Dorsey. After a mixed response, the company's management tweeted that the voice of the community had been heard and would be taken into account. Yesterday, TBD representatives also declared their intention to defend the "Web5" project in order to avoid confusion in the meaning of the term "and ensure that the term is used as intended." The idea of ”Web5” is to create the next iteration of the Internet that will combine the legacy Web2 model and the new Web3 concept, allowing developers to write decentralized web applications (DWAs) using decentralized identifiers (DIDs) running on the Bitcoin blockchain. TBD claims that the decision to trademark the term "Web5" was not made to prevent its use by other companies or individuals, but in response to a desire "to establish an initial way to defend its principles." What exactly are the principles involved is still unknown.
Bitcoin “Should Not Be Legitimised”: Ulrich Bindseil Bans It
Today, the CEO of Market Infrastructure and Payments (DG-MIP) at the European Central Bank (ECB), Ulrich Bindseil, wrote on the financial institution's blog that bitcoin is not viable either as a payment system or as a form of investment, therefore, in terms of regulation, it should not be legalized: “Bitcoin was created to overcome the existing monetary and financial system. In 2008, the pseudonymous Satoshi Nakamoto published the concept. Since then, Bitcoin has been marketed as a global decentralised digital currency. However, Bitcoin’s conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions.” At the same time, Bindseil recalled that the ECB is the central financial authority of the countries of the European Union that use the euro, and its main goal is to maintain price stability. And to do this, you first need to make sure that inflation remains low, stable and predictable. Of course, Bindseil once again exaggerated the unreliability of BTC and did not take into account the many facts of the use of the crypto-flagship within the framework of the law and for legitimate purposes. For example, now in Ukraine, with the help of cryptocurrencies, public and private volunteer funds are being funded, which are fighting the humanitarian crisis caused by terrorist acts of the Russian Federation. However, Bindzail's statement is more likely to be regarded as an indicator of the general mood in the EU, where BTC has always was "disrepute."
Daniel Terraform Shine Threatens to Arrest
The Prosecutor's Office of the Southern District of Seoul (South Korea) appealed to the metropolitan court with a request to issue a warranter of Terraform Labs to Daniel Shin (Korean name Shin Hyun-Son), as well as groups of seven main developers and investors of the terra ecosystem. The first 4 defendants in the case are called the first Terra investors, and the second half is the “four key individuals” who participated in Terraform Labs “technology development.” The tires, like the missing co -founder of the company, to Kvon, was previously considered the hopeful pioneer in the field of technology. He founded fast -growing technological firms, among which was the payment company Chai Corporation. According to the South Korean media, the prosecutor's office suspects the tire and the seven involved in the case of "violating the Capital Markets Act" and "connection with the collapse of the [Terra Luna Classic] cryptoasset." The prosecutor’s office also accused these people of violating crypto-specific laws, fraud laws and the Electronic Financial Transaction Act. Representatives of the authorities believe that tires may have received an “unfair profits” in the amount of almost $107 million from the sale of their LUNC assets at the moment when the cost of the coin increased.
