3 September

See Also: In-Depth: Ethereum Uncensored with Justin Drake

“A legislative push toward the crypto industry’s first significant set of U.S. regulations remains bogged down over negotiations between the panel’s Democratic chairwoman and its ranking Republican, despite initial plans that aimed to release a draft of the bill as early as this week.

There have been a number of points to iron out, including such thorny topics as the role of state regulators, the possibility of a future digital dollar in the U.S. and the treatment of customer money held by crypto platforms.

When Waters announced in late July that an agreement was still out of reach and they would have to revisit the legislation after the recess, she had also said that she wanted the bill to direct the Federal Reserve to do more work toward a digital dollar – a controversial point. McHenry and other Republican lawmakers have asked for caution from the Fed on issuing a central bank digital currency (CBDC), insisting that the central bank ensures it’s worthwhile and allows a leading role for the private sector.

At this stage – as lawmakers devote more and more attention to the November midterms and as the legislative session winds to a close – the effort is unlikely to make it through this year.

“Kyle McDonald, an independent researcher, predicts that the Bitcoin network may be “regulated away,” causing the price of bitcoin to collapse.

The reason is that after the Ethereum blockchain switches to a drastically less energy-intensive method of validating transactions, known as “proof-of-stake,” investors and regulators may realize that the energy-intensive method that both Bitcoin and Ethereum use now, called “proof-of-work,” was never really necessary.

Because Bitcoin doesn’t have the coordination like Ethereum to leave proof-of-work, it could be the first to be regulated away.”

See Also: Why I Don’t Own Bitcoin Anymore

“There are genuine technological limits to the graphical fidelity and avatar-tracking that’s possible in an immersive virtual reality (VR) environment, but Horizon Worlds could have done a lot better within those limits. Compare its aggressively bland corporate vibe to the spectacularly colorful Minecraft-inspired voxels of The Sandbox.

That comes down substantially to business models. Blockchain-backed metaverse projects like Sandbox and Decentraland are gratifyingly weird and quirky in part because they’re fairly chaotic organizations answering to a lot of stakeholders. But Zuckerberg has effectively total control of Meta, and the emptiness inside of him is written across every pixel of his creation.

Over the past six months Meta’s stock has underperformed both every other major tech stock except Netflix, and the overall market. Meta is down 21% for that span, versus a 4% drop for Apple (AAPL), a 15% drop for Amazon (AMZN), a 10% drop for the Dow Jones industrials and a 14% drop for the Nasdaq composite index.

There are endless reasons for this, but one in particular deserves highlighting. As Kotaku’s reviewer observed, Horizon Worlds is currently packed with hall monitor-like “community guides” keeping watch on what’s going on. If the “community guides” are a permanent necessity, as 15,000 content moderators still are at Facebook, the whole thing may yet prove fundamentally economically non-viable.

Then there’s the ultimate sign of imminent doom – the June departure of former Meta Chief Operating Officer Sheryl Sandberg. Sandberg has always been the “adult in the room” at Facebook/Meta. Sandberg’s departure signals a deep lack of faith by probably the single living human who knows the most about what’s actually going on over there.”