Issue #15
Week 52 2020

$COIN vs $COIN

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What better way to close the year than a heated drama?

Talking of course about the $COIN vs $COIN situation.

Let’s start from the beginning, @coin_artist is a cryptoartist from the USA, real name is Marguerite DeCourcelle. She recently received a letter from  @CoinDeFi lawyers to change the name of her social currency (named $COIN), since they had trademarked the use of $COIN.

Which is also their coin name.

Coin Artist has been using the name way before coindefi coin was launched but they managed to secure the term legally. However, the word coin cannot be trademarked in a way that makes sense since it’s a word we all use. One could even classify it as a creative common (?)

It’s like a car company trademarks the word "car". After some formal communication from the lawyers on both sides, Coin Artist decided to take the whole situation public.

And her lawyers reply

You can go through her twitter profile and read what so many people had to say about it.

The claim was outrageous, has anyone copyrighted a ticker before?

But what do i know? Let’s ask the box of infinite knowledge.

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As you can read in the artist’s Twitter, the support was overwhelming against the evil shitcoin bullies.

Then Andreas Antonopoulos (my personal favorite crypto super hero, and my justice compass, Yuge respect for Andreas) jumped in, to lead the defence against coindefi.


Andreas made a very well written thread on twitter that for sure broke some bones.

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Ok now you are caught up, what has been the coindefi defense?

Well they feel that they are completely right on their approach, they compiled an article as a response in which they state their bullshit arguments and paint themselves as innocent little flowers, while admitting they have successfully bullied others in the past, and only coin artist kicked back.

How disgraceful!

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This is where they "set the record straight" lmao.

If you were impressed by the google investigative journalism skills showcased earlier, wait till you see this my happy little troll.

I have reached out to the TG group of the shitcoin, and here are the replies I got.

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That’s some really toxic shit right there. If you go on their TG the responses when this is brought up are always similar.

A gofundme page has been started by coin artist to help with the legal expenses.

At the time of writing we can see, around 7,000$ have already been donated, out of a 100k $ goal on fiat + some donations in ETH that of course, can’t be displayed by gofundme.

Since this brought up a lot of attention, others started coming out.

It will be so interesting to see how this develops and if it even set a precedent. But we all agree that we cheer for the right side and when we win the message that we send out is :

YOU DON'T FUCK
WITH ANY OF US!

oneofus
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The Top Five CryptoPunks Moments™

of 2020

Twentytwenty was the biggest year for NFTs yet and CryptoPunks were no exception.

Punks were the very first NFT in the Ethereum ecosystem, the project that inspired the creation of the ERC-721 standard and CryptoKitties, and what Devin Finzer, the co-founder and CEO of OpenSea, calls true digital antiques in their NFT bible.

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Weekly CryptoPunks sales volume, from Dune Analytics CryptoPunks dashboard by @eliasimos

The CryptoPunks market went through three bullruns this year, each one bigger than the last, and we are potentially going into a fourth one now. Floor prices increased from well below 1 ETH to nearly 6 ETH and there were many other moments that stood out. Moments that have been lovingly called CryptoPunks Moments™* by the community. Everybody has their favorite events from this year, so here are my personal top 5 moments that I witnessed in the CryptoPunks world.

* not an actual trademark, using ™ is a meme in the NFT world.

- 5 -

Wrapped CryptoPunks!

As CryptoPunks pre-date the ERC-721 standard, they could only be traded on the creators website, larvalabs.com. NFT-DeFi projects had to specifically adapt their contracts to accommodate punks (e.g., NIFTEX’s ZOMB).

Then, out of nowhere, came the announcement that Robi (creator of the ARK gallery for punks, a DAO to buy and sell punks) had created a wrapping contract, making it possible to reversibly convert a punk into a ERC-721 compliant version of itself.

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Funnily, this announcement that also partly triggered the third 2020 bullrun, came from MadMaister, one of the creators of NFTfi and not Robi themselves.

Wrapped CryptoPunks, could now be sold on OpenSea and Raribile. This happened during the height of the RARI hype, resulting in legendary NFT flipper Pranksy and others to eat the floor on Larva Labs, wrap the punks, and flip them on Rarible with the additional benefit of getting a lot of RARI rewards.

Now, multiple DeFi projects use Wrapped CryptoPunks, e.g., NFTfi or NFTX.

- 4 -

Classic CryptoPunks?

Many people don’t know that the CryptoPunks we love and trade today are actually a fork, a second iteration of CryptoPunks: Version 2. The reason for this was a bug found in Version 1 which made the old contract and marketplace unusable, and Larva Labs decided to create a new version and transfer punk ownerships to the new contract.

Talk of this old contract comes up once in a while in the CryptoPunks Discord. On one such occasion, Hemba, a true punk OG, who once owned 100s of Version 1 and Version 2 punks, was telling stories from that time revealing they had exploited the old contract when the bug was found.

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Hemba was very active in the Discord before they sold their last punk, and was respected enough that nobody gave them any grief when they posted the message above (Code Is Law mentality is strong with punks owners).

Hemba also still owns many of these old “classic” Version 1 CryptoPunks. Apparently, they were even contacted and asked if they were willing to sell some of these old punks. Looking at the old contract on Etherscan, we can see Hemba indeed transferred some to other wallets, so OTC sales may have happened.

- 3 -

Pranksy and the COZOM roundabout

The third 2020 bullrun not only resulted in massive sales volume, but also the sharding of three more punks on NIFTEX. Sharding is the process of turning a NFT into ERC-20 tokens, enabling fractionalized ownership. These shards can be traded on Uniswap. Pranksy successfully sharded CryptoPunk #3831, now known as COZOM (COvid ZOMbie), for 100 ETH and shard prices quickly spiked after the initial sale.

But as things are in NFTland, after the bullrun comes the dip, causing CryptoPunks floor prices and COZOM shard prices to drop hard. Pranksy wasn’t phased, and after a few months, they triggered the buy-out clause, the mechanism to get the NFT back out of the sharding contract.

After a two week veto phase, the buyout was completed unopposed at a 50 ETH valuation.

The story doesn’t stop here. COZOM was quickly flipped again by Pranksy for 100 ETH, making this one of the wildest flips in punk history.

While many people got burned on the buyout of COZOM, I have seen very little animosity towards Pranksy.

I appreciate having witnessed this full-circle demonstration of using NIFTEX with a CryptoPunk. ZOMB and APE$ still remain sharded and are being actively traded.

- 2 -

Ross nearly dies* while buying a zombie punk

People who hang around in the CryptoPunks Discord know that Ross accidentally sold their only zombie punk too cheap. Ross is an NFT OG, crypto artist, and the co-founder of the VRON collective and the CryptoWiener project who has traded a few punks in their time.

Then one day, zombie CryptoPunk #5412 became on sale for 38 ETH. Ross quickly bought it and finally got a zombie back. They later revealed that they tripped and fell while running to get their hardware wallet. Zombie trading is dangerous business!

Ross lives and happily merged their zombie and their CryptoWiener into one crossover Discord avatar image and promptly collabed to get an ETH-MEN of their zombie minted:

*hyperbole

- 1 -

Pranksy snipes Natealex for a zombie punk

The top CryptoPunks moment is based on drama and hilariousness and happened only a few days ago. CryptoPunks were launched some time ago, so there are many inactive wallets holding valuable punks. Sometimes one of these accounts wakes up and starts dumping CryptoPunks below current market value.

Exactly this happened, somebody was offering punks at 3 ETH during a 5 ETH floor. Natealex, legendary OG and Ethereum developer, put in a bid on this old account’s zombie CryptoPunk #6649 for 35 ETH. The owner accepted the bid. At about the same time Pranksy put in an offer for 36 ETH. Both transactions got confirmed only 2 blocks apart, with Pranksy’s going in first, thereby snipping Natealex with the original owner probably never seeing the second bid. Needless to say the Discord exploded.

Pranksy and Natealex have been friendly rivals in this space for a long time, so I don’t expect any bad feelings to come out of this. For those watching it was a mindblowing exchange. Sorry, Nate!

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XRP & 1Inch

Naughty
or Nice?

Santa went all in to end 2020. His naughty list received more coal than they could handle in the form of an SEC lawsuit, while those on his nice list cashed in on some sweets.

Santa’s Naughty List:

The U.S. Securities and Exchange Commission (SEC) shoved a fist full of coal up Ripple’s and XRP investor’s asses this week when they filed a lawsuit against Ripple. The current CEO, Bradley Garlinghouse, and the co-founder of Ripple, Christian Larsen, allegedly sold $1.3 billion in unregistered securities.

The SEC claims that Ripple used a shit coin known as “XRP” to raise capital for the company by defrauding every noob into buying their coin. C’mon don’t act like you never bought XRP before.

Garlinghouse posted on the company blog responding to security allegations. 

  1. XRP is not an "investment contract." XRP holders do not share in the profits of Ripple or receive dividends, nor do they have voting rights or other corporate rights. Purchasers receive nothing from their purchase of XRP except the asset. In fact, the vast majority of XRP holders have no connection or relationship with Ripple whatsoever. 

  2. Ripple (our company) has shareholders; if you want to invest in Ripple, you do not buy XRP but rather shares in Ripple.

  3. Unlike securities, the market value of XRP has not been correlated with Ripple's activities. Instead, the price of XRP is correlated to the movement of other virtual currencies.

So, what is Ripple if not a security…worthless?

Garlinghouse responded to the move made by the SEC by saying, “It’s an attack on the entire crypto industry and American innovation.” This is coming from the guy who’s had a grudge against Bitcoin, Ethereum and all “Chinese controlled crypto assets”. 

After the news of the SEC lawsuit, XRP has plummeted 49%, and was taken off of multiple exchanges including, Beaxy, B2C2, Bitstamp, CrossTower, and OSL. If the SEC wins, it could lead to more trouble for XRP, as it would be delisted from even more exchanges. It will be interesting to see how this ruling will affect altcoins and U.S. investors.

R.I.P.ple

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Santa’s Nice List

Christmas came early for the users of 1inch exchange as they airdropped 90 million 1INCH tokens to more than 55,000 wallets. Imagine missing out…didn’t you learn anything from the Uni drop? That’s probably why you’re still holding an XRP bag huh?

To qualify for the airdrop, a wallet must have completed a transaction before Sep. 15, made at least four transactions or made transaction valued at least $20 before Dec. 24.

In the first 24 hours, 1INCH was up by 16%, peaking at $2.91 before taking a post-launch dump. The exchanged launched a liquidity mining program for 1INCH liquidity providers on Dec. 26. Will this DEX aggregator be able to take over the market from Uniswap?

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Let us know which list Santa put you on in our discord

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The Shameless Shilling

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NFTX

NFTX is a community-owned platform where anyone can create cryptocurrencies that are backed by NFTs.

The NFTX dapp just launched this week and is in the process of bootstrapping funds like PUNK, KITTY, GLYPH, AXIE, AVASTR, and JOY. These funds will enable traders to make bulk NFT orders from exchanges like Uniswap, for example purchasing 6.5 JOY in a single order.

On December 22, NFTX began their community raise which allowed supporters to donate ETH and certain NFTs in return for NFTX tokens (which are used to govern the platform). The NFTX smart contract already holds 700+ Avastars, 500+ CryptoKitties, 150+ Cryptopunks, 70+ Axies, and 20+ Autoglyphs

viewable here

 
These NFTs are the reserves which are used to back the tokenized funds. *

The emergence of NFT funds could have a number of benefits for the NFT ecosystem. One of these benefits is real-time price feeds, such as the ability to always know what the minimum price of 1 Autoglyph is by checking the GLYPH price. Another benefit is improved liquidity, which basically means it's easier for large investors to make big orders.

NFTX is run entirely on-chain. There is no business address, bank account, or official owner. The community governs the project using the NFTX token and the Aragon governance platform, which allows community leaders to manage funds and interact with dapps. The hope is that by being fully-community owned, NFTX will always be a force for "good" in the NFT space. Moreover, if NFTX is triumphant at achieving its goals, it could act as a template for similar "open organizations" to launch successful projects in 2021, setting off a string of newly born antifragile NFT-focussed organizations.

What are Bounties?

Bounties is a way for the fund to accumulate NFTs from the user base without needing investors or huge upfront expenses. After ‘’mint’’ function has been successful the user can fill the corresponding bounty if it hasn’t been filled and receive a fixed amount (depending on the asset) of $NFTX, which is a governance token for the DAO of this project running on aragon. NFTX token will be used for governing the platform and receiving platform income.

The main developer holds 10% of the funds with the rest 90% distributed accordingly to all users who filled bounties and for future user rewards.

A very unique and original asset raising mechanism! Bounties will soon disappear from the site as they get filled.
Since the bounties launched NFTX worked as a black hole swallowing NFTs, and like domino pieces falling, it immediately raised the floor price in NFTs such as Cryptopunks, Glyphs, Avastars, Cryptokitties etc.

NFTX is just starting, the swap process still requires some technical know-how.

 - HOW TO GUIDE -

Let’s Use Autoglyphs for this example...

One of the benefits of this is that it will be possible to make quick-and-easy bulk NFT trades from exchanges like Uniswap—i.e  purchasing 2.5 GLYPH in a single transaction.

Another benefit is that, as funds increase in size, more NFTs get sucked into the NFTX reserves (e.g. if there are 10 GLYPH tokens that means there are 10 Autoglyphs in reserves).

This enables any Autoglyph holder to "swap" their Autoglyph with a random Autoglyph from the NFTX reserves.

Before swapping an NFT, it's important to estimate the gas cost. At a gas price of 50 gwei, the entire process will likely cost somewhere between 0.02 and 0.03 ETH (currently about $15).

To begin, go to the NFTX homepage and connect your metamask wallet in the top right corner. Once connected, take a look at the funds listed below and find one that interests you.

For this tutorial we will be using the GLYPH fund as an example.

By clicking on the GLYPH fund we can take a look at its metadata, which tells us that there are currently 30 Autoglyphs in the NFTX reserves.

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In the future, it will be possible to view thumbnails of each item on the NFTX dapp, but in the meantime, it is possible to view the holdings on OpenSea at this link.

When we swap items we have an equal chance of receiving any item from the reserves. Theoretically, it's also possible to receive the same item you put in, but that is unlikely.

Furthermore, it is possible to repeat this process as many times as you like, each time receiving a potentially new random item from the fund.

The actual swap process is two-fold. First, you call a "mint" function that creates your GLYPH token and takes your Autoglyph as payment.

To perform the first step and "mint" GLYPH, go to the NFTX homepage and double-check that your wallet is connected in the top-right corner. Next, scroll down and click on the ellipsis (⋯) dropdown button to the right of the GLYPH listing, then click "Mint".

This will open a panel where you can type the tokenID (1-512) of the autoglyph you wish to transfer. If you do not know this ID number, you can find it on OpenSea by viewing your Autoglyph

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Once you have entered the tokenID, you will then need to click "Approve Transfer"

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After the transfer has been approved you can then call then click "Mint 1 GLYPH" which takes your Autoglyph and gives you one GLYPH token in return.

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Second step is the redeem function.

Once you have entered the tokenID, you will then need to click "Approve Transfer"

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After the transfer has been approved you can then call then click "Mint 1 GLYPH", which takes your Autoglyph and gives you one GLYPH token in return.

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