Cardano Dan's Newsletter - Issue #60
Nature's Healing
Quote of the Day
“I go to nature to be soothed and healed, and to have my senses put in order.”
— John Burroughs
Nature has a healing effect for me and I’m not alone. Many of us really benefit from being on a hike, on the lake, at the beach, etc.
The trick in today’s world is disconnecting from technology enough to allow nature to have it’s healing effect.
As you consider you’re plans for the coming months, make sure to incorporate disconnected time in nature. Your senses will thank you.
In The News
The FBI recovered Bitcoin funds that were paid to the Colonial Pipeline ransomware attackers.
To me, it’s clear that they did NOT do this by hacking the Bitcoin network. They WERE able to track funds because Bitcoin (and most of crypto protocols) are public (not private).
This highlights the reality of crime using cryptocurrencies. It does not pay because it is so easy to track money on the blockchain. The reality, opposite some mainstream media talking points, is that much more crime takes place in cash than in crypto.
The IRS is seeking congressional authority to obtain the information necessary to regulate cryptocurrencies.
For anyone that is paying their taxes, this isn’t a problem. What is a problem is the current “guidance” around staking rewards and mining. I could expand on this point, but it might become the whole newsletter.
I really hope to see legislation that makes staking rewards taxable at the time of sale instead of the time of receipt at some point.
Better yet, cryptocurrencies could be adopted as legal tender and have all of the benefits of full fledged currencies. This could has game-changing impacts on taxes.
Cardano Updates
Check out this tweet from John O’Connor. That’s not a bad “half a day’s” work. It’s also very exciting progress for Cardano! I’ll take a million new users for Cardano any day of the week.
IOHK published a new blog post outlining the components of Cardano’s “platform stack” and how they interact with one another.
If you’re interested in developing a deeper understanding of Cardano and how it works, I recommend checking this out.
Technical Analysis
It feels to me like the current consolidation phase may be coming to an end. Bitcoin looks like it may be waking up after weathering a crazy amount of FUD in markets - government regulation, FBI “hacking” bitcoin, Elon Musk, China banning Bitcoin and more.
And even with all of that, Cardano has been VERY STRONG. Over the past two weeks, ADA has been forming higher highs and higher lows.
We’re at an important stage now. To continue forming higher lows, we need to stay above $1.33. Then to form the next new high, need to get above $1.89. Those are the two key levels I’m watching to indicate what coming next.
I think we see a higher high. How about you? Let me know in the comments.
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This newsletter is for entertainment and educational purposes. I’m not a financial advisor and you should do your own research and consult a financial advisor before investing in cryptocurrencies.
Thank you for taking the time for the newsletters, they’re much appreciated.