Good morning, Ambulls! 🐂 

Not every week comes with a market shake-up, but if there’s one thing we know about crypto, it’s that the calm never lasts for long.

• 🏆️ Vitalik a NOBEL PRIZE material? Some economists think so..

• 💰️ UAE is dropping crypto tax: expect big growth

• 👴 Senile but still schemin’: 86 year old rugger who stole $15M

• 🎥 HBO's Satoshi documentary: just another conspiracy theory to farm views

First, a W3OF Degen Portfolio update: no major changes this week - just steady sailing.

But hey, stability can be reward enough sometimes 🫡 

Now, let’s get down to it:

Vitalik a NOBEL PRIZE material? Some economists think so...

Vitalik Buterin’s name being floated as a contender for the Nobel Prize in Economics? 🧠 

Yep. The guy behind Ethereum is being backed by a couple of economists who believe he’s done enough to earn one of the world’s most prestigious awards 👇️ 

• On a recent podcast, economists Tyler Cowen and Alex Tabarrok from Marginal Revolution threw Vitalik’s name in the ring for the upcoming Nobel Prize in Economics.

• Cowen didn’t hold back, saying Buterin has built more than just a crypto platform - he's created an economic system, fundamentally changing how we think about DeFi and smart contracts.

• It’s pretty wild to think about, but yeah, Ethereum is not just another blockchain - it’s the platform behind almost all of DeFi, NFTs, and decentralized applications that so many people rely on today 🤯

So, why are these economists so hyped about Vitalik? For one, he didn’t just follow Bitcoin’s path.

• According to them, Ethereum’s switch to proof-of-stake in 2022, known as “The Merge,” was a game-changer. It slashed the network's energy consumption by 99%, which is huge in an era where sustainability is a hot topic 💡 

• Beyond that, Vitalik’s been pushing innovation like it’s nobody’s business. From decentralized finance to creating a global platform for developers to build on, Ethereum’s ecosystem has grown into a massive decentralized powerhouse.

And it's not just about tech; Vitalik’s contributions have fundamentally shifted economic models too. He’s been writing about monetary economics, and according to Cowen, “no economist has anything better to say” on the subjects Vitalik touches.

Let’s not forget that Vitalik has managed to build all this while keeping a relatively low profile. It’s kind of crazy to think that the kid who co-founded Ethereum when he was just a teenager might end up standing next to the world’s top economists, holding a Nobel 🫠 

Of course, this is all still speculation, and it’s worth noting that a Nobel nod for someone in crypto would be a big shake-up for the economics world, which tends to favor more traditional thinkers.

But in an age where decentralized finance is booming and blockchain tech is revolutionizing everything from banking to art, it might just be time for that shake-up.

In the meantime, though , the Ethereum network continues to lead in dApp and smart contract adoption metrics, and Vitalik’s vision shows no signs of slowing down.

UAE is dropping crypto tax: expect big growth

The UAE is making some serious moves in the crypto game as the country is dropping the 5% Value Added Tax (VAT) on crypto transactions starting November 15, 2024.

This isn’t just a small tweak either - it’s a major flex to attract more investments and solidify its position as a global crypto hub 🏆️ 

• With this new policy, the UAE is basically rolling out the red carpet for the crypto community. By removing VAT on transfers and conversions, they’re making it way easier for businesses and individuals to operate 🪙 

• Before, the 5% VAT was a bit of a buzzkill for those wanting to dive into the UAE’s market, but now, they’re eliminating those hurdles and making the whole scene a lot more appealing.

The Federal Tax Authority (FTA) dropped the announcement earlier this month, and it’s clear that this is part of a bigger game plan.

Since 2018, they’ve already been giving the green light to VAT exemptions for things like investment fund management and asset transfers, but now it’s expanding to all crypto transactions. That’s huge.

According to a Chainalysis report, the UAE’s crypto economy is already booming, with decentralized exchanges blowing up by 87%, hitting a fat $13.1 billion in value. The country pulled in over $30 billion in crypto investments between July 2023 and June 2024, ranking it the third-largest in the MENA region 💹 

While the U.S. and other regions are still figuring things out, the UAE is making some serious progressive moves.

Bottom line: if you’re in crypto, you might want to start paying more attention to the UAE. With fewer barriers and a welcoming regulatory environment, there’s going to be a lot of action happening there 🤔 

Senile but still schemin’: 86 year old rugger who stole $15M

Age doesn’t always equal wisdom, and sometimes, experience can just mean a more sophisticated scam 👴 

David Kagel, an 86-year-old former lawyer from California became the brain behind a massive $15 million Ponzi scheme.

And this isn’t your usual granddad scamming his way into a free bingo game - the old dude and his associates were pros, selling fake crypto investments and using legal looking documents to lure in millions of dollars from unsuspecting victims 💸 

• Kagel's game was pretty simple: promise high returns with minimal risk - up to 100% in just 30 days.

• Investors were tricked into thinking their money was going into a commodity trading scheme, but surprise, it was all smoke and mirrors. The operation was a full on sham 🙃 

• At the heart of this scheme? Trust. A seasoned lawyer using his so-called “good name” to back the whole deal. Unfortunately for the geriatric rugger gang, you can't fake credibility forever, and authorities eventually caught on 🤷 

At one point, he was even asking victims to fork over 1,000 BTC as "insurance" for their investments. That’s over $11 million in today’s price, all based on more empty promises.

This wasn’t his first time dancing with the law either - his license had been revoked three times before for bad behavior, going as far back as 1997.

Now, the oldest rugger in the world has been sentenced to probation and ordered to repay $14 million, his story serves as a brutal reminder: just because someone’s got a fancy title and years of experience doesn’t mean you should hand them your hard-earned coins 🪙 

His associates are also set to face the courts in April 2025, and if convicted, the penalties could be much worse for them.

HBO's Satoshi documentary: just another conspiracy theory to farm views

HBO’s new documentary on Satoshi Nakamoto, titled Money Electric: The Bitcoin Mystery, has been getting major backlash, and honestly, it’s not surprising.

This isn’t the first time the media has jumped on the crypto hype train to boost views, but it seems this time they’ve gone down the conspiracy theory rabbit hole. The documentary claims that Peter Todd, a prominent figure in the Bitcoin community, is Satoshi Nakamoto 🤯 

But there’s a small problem.. As in, there’s no solid evidence backing these claims, and the crypto community isn’t buying it.

Right out the gate, Todd himself strongly denied the allegations, confirming that the documentary’s proofs are flimsy at best 👇️ 

• The so-called evidence revolves around a few coincidences, like Todd’s past work with Hal Finney, who received the first Bitcoin transaction, an accidental post on BitcoinTalk, which they argue was really Satoshi’s work being continued by Todd and a few lines of code, which documentary makers claim is similar in style to Satoshi’s.

But this kind of conjecture doesn’t hold water with anyone who’s familiar with the long-standing mystery surrounding Bitcoin’s anonymous creator 🥷 

Critics from the crypto community, including Todd himself, have been quick to point out that this is just another attempt to cash in on the curiosity surrounding Satoshi’s identity.

It’s being compared to flat-earth-level conspiracy stuff, and rightfully so. A ton of people in the space are laughing off the documentary, and it’s pretty clear why: the investigation clearly lacks depth 🙄 

And indeed, despite the fact that everyone wants to know who Satoshi is, pushing a narrative that’s not backed up by facts just makes it seem like a cheap grab for attention.

This documentary could’ve been an opportunity to dig into the real innovations behind Bitcoin and how it revolutionized finance, but instead, HBO decided to chase after a sensationalist story that’s going nowhere.

Other worthy reads

Top comedy: Ireland regulator lost keys to a wallet they seized in 2020.

Yield alpha from 0xWelfare:

RWA now accounts for 3.69% of DeFi’s whole Total Value Locked:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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