The Crypto Basic

Billy Markus, (Shibetoshi Nakamoto on Twitter) one of the founders of the Dogecoin (DOGE) project, shared a message on Twitter after the week-long Dogecoin mega show . Saying that he sold all of his DOGE coins in 2015 due to harassment from the community, and now these harassment have started again.

Dogecoin (DOGE) went up from $0.0085 to $0.0860 which is insane 10x (1000%) growth in no time.

Billy Markus , a software engineer, used to work for IBM. Markus met Jackson Palmer in 2013, and the duo developed the Dogecoin project in December of that year.

Markus said that he left the project in 2015, sold all of the DOGE coins he owned after leaving the project. This decision was because of financial reasons, and the money he made by selling his dogecoin was enough to buy him a used Honda Civic.

According to Markus, the chart DOGE drew this week resulted in some making millions of dollars.

Markus, started receiving a lot of messages from people after the Dogecoin coin upward trend, pushing him to do something on the project, which he has no connection for almost seven years.

“I left Dogecoin seven years ago after harassment from the cryptocurrency community. These harassments started again. My financial situation is in good condition. But people expect me to do something in a project which I have no connection anymore.”

The Tweet Said:

also i don't say this as a sob story – i'm financially fine – i just want to offer some perspective of what it feels like to have a mob demand you to do something for them on a project that you have no current involvement in, that you've seen others make many millions off of

— Shibetoshi Nakamoto (@BillyM2k) January 31, 2021

On CoinMarketCap, the WallStreetBets token (WSB) appeared, taking zero place ahead of BTC in terms of capitalization. This is related to the revenge of Reddit users to institutional traders.

The CoinMarketCap has published a warning on the page about the WSB that in fact such an asset do not exist. This means that Bitcoin is still the leader of the cryptocurrency market.

The fictional token is valued at $483, and its capitalization is $24.8 billion. There are 51,442,000 WSBS in circulation, and the daily trading volume of the WSB amounts to $100 million.

These figures did not come out of nowhere. They indicate the performance of the American retail chain GameStop, which sells video game consoles and computer games.

Its shares were the subject of a dispute between hedge funds that opened short positions , and thousands of users of the WallStreetBets subreddit, who began a massive purchase to punish market manipulators.

The participants of the subreddit managed to raise the price of GME more than five times. The stock’s rise caused the hedge fund Melvin Capital to lose billions of dollars in short positions.

After that, the American platform for retail trading in stocks and crypto assets, Robinhood, suspended the purchase of GME shares, to “control market manipulation.” Broker Ameritrade suspended trading in these shares for a similar reason.

This caused widespread outrage: retail investors were prohibited from buying shares, while hedge funds were free to trade them as they see fit.

The social network Facebook removed the official group of the Robinhood community of traders. American politician Alexandria Ocasio-Cortez wrote on Twitter about the unacceptability of such actions, and Congressman Paul Gosar asked the US Attorney General to investigate.

A lawsuit has also been filed against Robinhood for attempting to manipulate the smooth functioning of the financial market. The lawsuit received widespread public support.

The WSB token was created and placed on CoinMarketCap as a sign of support for the WallStreetBets community, which made headlines around the world.

Now the token occupies a place above Bitcoin, sharing with it the principles of the free market and the right to full ownership of assets that should not be managed by hedge funds and other Whales.

Investment firm Union Square Ventures launches new $250 million Fund. About 30% of the fund are planned to be invested in the cryptocurrency industry. In an article on the company’s blog, Union Square Ventures managing partner Andy Weissman said that the new fund will be called the 2021 Core Fund.

Investments in cryptocurrency companies and assets is becoming an essential part of  investment firms so according to Weissman,

a significant part of the investment about 30%, will go to the cryptocurrency industry.

We will directly buy and store tokens, as well as invest in new projects working in the field of blockchain. We believe that decentralized systems are still at an early stage of development. We are seeing the adoption of such systems and seeing a lot of potential in cryptocurrency industry,  Weissman wrote.

Earlier Union Square has already invested in the cryptocurrency industry-funds like Coinbase, Polychain Capital and Dapper Labs.

Also, It was reported that in February 2021, Galaxy Digital will launch three new cryptocurrency funds based on ETH.

Read: According To Investors Document, Galaxy Digital Will Launch ETH-Based Funds In Feb 2021

Despite the rumors about the upcoming bill to ban cryptocurrency trading, the RBI’s position on digital assets has become more optimistic.

According to a report published after a study of the payment industry in India, the regulator’s experts recognize that cryptocurrencies have become popular all over the world. However, Indian regulators and local governments are skeptical and even wary of them.

The RBI called state-owned stablecoins are legitimate means of payment, which should be considered as an obligation to the central bank digital form. Therefore, the Bank of India will begin to study whether there is a need to launch a digital version of the national currency, and, if it is economically feasible, the RBI will explore possible options for its use.

The Indian government has a rather complicated relationship with digital assets. In 2018, the RBI banned banks and financial institutions from providing services to firms working with cryptocurrencies.

However, in March 2020, the Supreme Court of India overturned the RBI directive prohibiting the use of crypto assets. After that, many trading platforms appeared in the country, but Indian traders still express concerns about the future of the cryptocurrency industry in India.

According to the RBI, the volume of digital payments in the country is 43%, and in 2011 this figure was 12.5%. The bank said that it can expand the introduction of digital payments, focusing on the needs of the younger generation, which easily adopt new technologies. If such a large bank and strict regulator launched its own digital currency, other central banks could follow suit, speeding up the development of their CBDC’s.