Crypto Chronicle with NewsCrypto

Welcome back, Crypto Chronicle readers!

Remember when we thought the future was flying cars, but all we got was a digital ape worth a million bucks and bottle caps that don’t fall off?

What more does the future hold? Nobody knows, let’s focus on day by day.

This week's newsletter dives into an analysis of what’s going on with the Base chain and the Chinese official who was literally mining for trouble.

And of course, providing you with a laugh or two along the way!

Here's what we got on the menu today:

1. Coinbase's Vision & The Future of DeFi

2. Chinese Official Literally Mining For Trouble

3. Funny Meme

Coinbase's Vision & The Future of DeFi

Back in 2016, Brian Armstrong, the big boss of Coinbase, scribbled down a vision: Build protocols, infrastructure, and then consumer interfaces.

The endgame? Flood the world with millions of dapps (decentralized applications).

Has Coinbase achieved this yet? Jesse Pollak chuckles, "We're getting there... slowly."

On-Chain: The Next Big Thing 

Jesse's convinced that to realize this dream, on-chain is the way to go.

With the recent launch of the Base protocol, $COIN is betting big on on-chain being the "next generation of the internet."

Think of it as the leap from flip phones to smartphones.

Not to mention that Base’s TVL is increasing faster than the rest of the “big chains” and not just that, it’s increasing while most of the market is in red.

The Innovator's Dilemma

The innovator’s dilemma - building a new product that entices consumers away from an already successful product, pretty much “How do you put yourself ‘out of business?”

The biggest challenge? Shifting from a "top-down" to a "bottom-up" approach.

In a decentralized blockchain culture, you want people to feel like they can create culture independently and not be told what they have to do and what they can’t.

Base's Baby Steps In The Right Direction

Base chain has been live for less than a month and it's already buzzing. People are creating, memeing, and innovating." It's like watching a toddler suddenly breakdance.

As of right now, there are 2.4 million unique monthly users in DeFi and of that, 215k are active on the Base chain (according to Dune analytics). That’s 10% of the whole sector!

Can you guess how many users does Coinbase have?

100 million! Imagine just 5% of these want to explore the DeFi/Base chain…

That would be a 200% increase in active users of the whole DeFi sector.🤯

Chinese Official Literally Mining For Trouble

Xiao Yi, a former high-flying Chinese government official, found himself in hot water after being accused of running a whopping $329 million Bitcoin mining enterprise.

We've heard of side hustles, but this one takes the cake... and the bakery!

"The Great Bitcoin Mining Scandal"

The Intermediate People’s Court of Hangzhou City didn't take too kindly to Xiao's extracurricular activities and sentenced him to life in prison for corruption and abuse of power on Aug. 22.

That’s one hell of a career change!

The charges against Xiao weren't just about his crypto adventures. He was also involved in some non-crypto-related bribery shenanigans from 2008 to 2021.

Let's be honest, all we care about is the Bitcoin mining operation. The guy was operating more than 160,000 Bitcoin mining rigs! That's more rigs than we have socks.

Prosecutors claim that Xiao was a master of disguise, instructing departments to fudge statistical reports and tweak electricity consumption classifications. Between 2017 and 2020, his company's electricity consumption was a whopping 10% of Fuzhou’s total.

But wait, there's a twist! Xiao pleaded guilty, repented, and even returned the stolen funds. All the bribes and their profits have been seized.

To wrap things up, remember folks, while the world of crypto is exciting, it's essential to stay on the right side of the law. And if you're thinking of starting a side hustle, maybe stick to something a little less... illegal.

Disclaimer: This newsletter is for fun and education. Always do your own research. And if you're wondering, no, we still don't get the pineapple pizza hype. 🍕🚫🍍

Funny meme