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This Week on Crypto Twitter: OpenSea’s Ape Nightmare, Musk Pushes Dogecoin on McDonald’s

Illustration by Mitchell Prefer for deciphering

We reached the end of the first month of January, and the crypto market was confused in the New Year, to say the least.

The first week of 2022 Really pretty bad.. The second week was shown Some promises.. In the third week, Bitcoin and Ethereum crashed into the lowest prices From last summer..last week Looks like a start It will recover completely, but I can’t be sure with the cipher.

thank you Cryptographic Twitter, An endless source of transformation. Two of our regulars are back this week. Elon Musk, CEO of Tesla, and Nayib Bukele, President of El Salvador. Read on to find out how many pots they have stirred this week.

OpenSea nightmare week

Exploits this week bring people Buy expensive NFTs like Bored Apes at a much lower price than the lowest price Thanks to the old inactive list that the user didn’t cancel (because I didn’t want to pay the gas bill to cancel or often didn’t know that the old list remained active).

OpenSea considered this issue “not an exploit or a bug”, but it was caused by the “nature of the blockchain”, but no matter what the company calls it, OpenSea says it is. Refund $ 1.8 Million on Ethereum To affected users.

Needless to say, this exploit was widely discussed on Twitter. The creator of the NFT, @ 0xHustler, first warned the NFT crowd. Make sure all old lists have been cancelled.Currently there is an exploit @ High seas Have someone buy your NFT at the old list price. This is happening now !! “

On Tuesday, OpenSea quickly deployed a new list manager that allowed users to see both active and inactive lists and cancel inactive lists with a one-click option.

By Thursday, OpenSea had sent an email to all users with an “inactive list” in their account. “Please act urgently to cancel all affected lists,” he said to the user. NFT collector @dingalingts immediately warned that OpenSea’s advice actually did an exploit. bad..

@Swolfchan, an NFT artist and collector, was one of the few unlucky people to follow OpenSea’s advice. He canceled the list of 15 ETH Mutant Ape Yacht Club and unknowingly triggered the list of 6 ETH. The difference of 9ETH at today’s price is about $ 23.5k.

And, of course, in the NFT world, these assets can be intangible, but they have a lot of sentimental value to users. Beets DAO co-founder Jordan Garbis tweeted his devastation.The @BoredApeYC It took from me @ High seas It was part of the identity I built. Paired with the M1 and M2 mutants in the set, I never broke. I haven’t slept all night. (Garbis changed his profile picture to his previously owned Ape and wore the “Lost Ape” hoodie created by. niftytailor.. )

Elon, Ronald, Doge, and frowning

Tesla CEO and Dogecoin Army general Elon Musk have launched a series of events that have benefited some of the memecoin traders. 285,000% In a few hours. The match that lit Hughes was a little harmless. @ McDonald’s Accept Dogecoin. “

But McDonald’s replied. The fast food giant’s reply was just as harmless. @tesla Accept grimacecoin. Of course, the frown is the name of the purple one of McDonald’s mascot gang (what is he exactly?).

What happened next? At this point it became the norm: some blockchain savvy people soon created a cryptocurrency named “Grimace”. Nearly 10 of them were in Binance Smart Chain. They are the moon..

As Decryption Liam Kelly said GrimaceCoin (on BSC) was up 190,000%, while the lowercase alternative “grimacecoin” (on Polygon) was up 898%.

Bukele laughs as economic groups warn

President Nayib Bukele, who pumps El Salvador’s Bitcoin, is a permanent fixture in this Roundup. This week, yet another major financial institution avoided Bukele’s epic Bitcoin experiment. He answered kindly.

last week, It was Moody’s, a credit rating agency. After tweeted that Moody’s downgraded El Salvador by buying Bitcoin, Bukele exploded with “breaking news: El Salvador DGAF.”’s tweet turned out to be wrong, and Moody’s hadn’t changed its rating in El Salvador.

But on Tuesday, the International Monetary Fund (IMF) warned El Salvador. Stop using Bitcoin As fiat currency — and it wasn’t fake news. Public debt is rising while the country’s economy is shrinking, and the use of Bitcoin “has great risks” that could stop the country’s recovery, the IMF said.

Bukele The Simpsons MemeLaugh at it.

Diem is dead

This week Diem’s ​​dream is dead.. Meta (formerly Facebook) has clearly given up on its stablecoin Diem (formerly Libra), Sold Diem’s ​​assets to Silvergate (Whatever the asset), WSJ.

Facebook announced the “World Currency without Borders” in June 2019, “Libra Reserve– A basket of “low volatility assets such as bank deposits and government securities in currencies from stable and reputable central banks,” according to a spokesperson at the time.

It is widely speculated that the cause of death was a backlash from regulators and politicians who were hostile to Facebook’s cryptocurrency from the beginning. Regardless of the reason, Diem’s ​​death announcement prompted a predictable winning rap by crypto proponents and non-crypto people who were less enthusiastic about Facebook’s stablecoin idea. Cryptographic trader and developer Junko Suzuki was particularly cynical:

“The United States was more concerned about Facebook Libra / Diem Stablecoin than ever feared. [sic] Bitcoin. The US government has zeroed the fiat currency for El Salvador, making it more fiat than the FB trying to put 4 billion users on cryptocurrencies. Why don’t North Koreans make fiat currency? “

Stephen Deal, a programmer and vocal no-coiner, responded in a similar way. He described the project as “a complete attack on the rules-based international order, led by one of the most evil people on the planet.”

Karel Lannoo, CEO of the Center for European Policy Studies, warned Facebook executives that “if FB finds the complexity of dealing with over 180 different regulatory systems for remittances, it will soon collapse.” It states.

Expect more tweets about the price of joke tokens and lost apes each week. And you can hear more calls from things like musk and bukele.

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