From bad to worse...

GM, GM. Bean Boy is back after the (short, not relaxing) weekend. What will this week bring. Crypto paradise or the usual bad-actors up to their old tricks. Well, there’s only way to find out. Let’s see what’s in the pod for today!

How we looking today?

After all the FUD, exchanges shutting down and CBDC talk….and we’re still going up?! That’s what we like to see.

ROLLBIT ROLLES THE DICE AND LOSES.

On Friday we reported that Rollbit were facing some scrutiny over the removal of their gambling license on their website. If you missed that edition and want to get caught up, click here! Well, it seems they were actually up to no good after all. I mean for goodness sake, it’s only Monday and we’re talking about them AGAIN?

Early on Saturday, Rollbit sent out a tweet sharing some updates with their licensing “renewal.” In the tweet, Rollbit reported that the lincesor has suggested “some changes” relating to their NFT and Crypto trading offerings, before going on to say that they’re working towards a solution that works for everyone involved, as well as throwing shade at those who alleged any wrong-doing on their behalf.

While this may seem all well and good, they still never actually answered a question about their license. The main concern here is that they were (and seemingly still are), operating without a valid license. We also think it’s shady how they tried playing it off as a UI bug, but we’ll leave that for now.

And when you think things can’t get any worse, up steps a Twitter user by the name of Grizzly. In a series of Tweets, Grizzly mentions that Rollbit has made attempts to get influencers to pump the price of their token, $RLB. In exchange for making “organic” tweets about $RLB, influencers were promised a bonus of $250,000, if the price held $0.2 for a week. While no influencers were named, many people on Twitter have their suspicions and if true, Rollbit may face some genuine legal action over these undisclosed deals. Bean Boys advice to you, don’t participate on any of these crypto gambling sites. They’re often unregulated, unsafe and heavily skewed in favor of the house.

WHO WOULD’VE THOUGHT?

A couple of editions ago we covered Arbitrum and their recent move to a DAO (Decentralized autonomous organization). This move was applauded by many, with many people believing it was a good move to take. Yet here we are, not even 2 weeks later, discussing some shortfalls already….

The Abritrum foundation, aka the main co-ordinators of the Arbitrum DAO, made a proposal (AIP-1) to allocate 750M $ARB tokens for “admin and operation costs.” As a DAO does, those who held $ARB were able to vote for our against the proposal, to which a majority voted against the proposal. Seems fine right, what’s the worst that could happen?

Well…it wasn’t fine. Later that day, the Arbitrum Foundation came out and said that AIP-1 was actually ratification, and not a request…what? So, they put out a proposal which wasn’t actually a proposal? But it gets even worse…the foundation goes on to say that the tokens' have ALREADY been separated and begun to be utilized…ummm WHAT? Yep, the Foundation apparently moved 50M of $ARB, converting 10M of that to fiat, and the other 40M allocated as a loan to a “sophisticated actor in the financial markets space.”

So after all this we’re left wondering, is the DAO even a DAO? Arbitrum have stood firm in their stance, acknowledging that they could have communication better and they will continue to lead by example.

We’ll take a backseat on this one and see how it plays out. For us, DAO’s still have a long way to go, and setbacks like these do nothing to help the credibility and authenticity of a potentially valuable organizational structure.

GET IN, WE’RE GOING ON A TRIP!

A while ago, we noted that Yuga Labs had plans, and announced, their “second trip,” a preview of what’s to come in its Otherside metaverse. Late last week, that trip happened, and the results are in! According to Yuga Labs, around 7,200 voyagers attended the 90-minute trial run.

Members of the trial explained the experience as “a sci-fantasy world that combined elements of MMORPG’s and NFT culture.” Bean Boy did some of our finest investigative journalism (aka Twitter) and saw some videos taken inside the “Otherside.” Needless to say, we were impressed. The graphics were actually impressive, but what’s more impressive is that it actually seems to have that MMORPG feel to it. Take a look for yourself!

With some notable failures in the NFT space over the last year, it feels good to see a project actually deliver something that exceeds expectations. On top of this Yuga Labs recently launched their partnership with Gucci. While Gucci probably isn’t the optimal brand for Web3, it’s undoubtedly exciting to see the evolution of NFT’s and Web3 in general.

Consider us fans.

PEAS IN THE POD

• Crypto super villian, Sam Bankman-Fried has pleaded not guilty to five fresh criminal allegations, including the bribery charge.  We’re no lawyers, but this isn’t looking good for you SBF…

• SEC v Ripple summary judgment is expected in April. Does anybody else feel like this case has been going on forever?!  

• Crypto exchange Bittrex shuts down U.S operations due to regulatory uncertainty. Another day, another exchange leaving the U.S.

HOW YOU BEAN - A READERS CONFESSION

Just went for a McDonald’s interview after having an ATH portfolio value of 7 figures. Peak bull run season, I rode it all the way up on meme coins and once the first correction came in I thought it possibly wouldn’t go lower than -50%. Oh boy was I wrong, that 7 figures turned into 5 figures and then I gambled that 5 figures away to 4. I’m down bad, but I bit the bullet now and looking to go get IRL jobs.

To be featured in ‘HOW YOU BEAN’ please email: [email protected]

MEME OF THE DAY

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.