56 / Holidays chats, USDD reserves, Dan @ PA
Will & Dan live again! Join us for a discussion on Xmas dinner crypto chats, using FTX and the move to self-custodying, and what TRON USDD is backed by. Tune in for a festive episode filled with holiday cheer.
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Episode notes
Edit these notes…- Tasting notes: nue Vodka and Five Farms County Cork Ireland
- Story sharing: history of wine tastings at Will’s
- Barefoot came in dead last
- Compare with “Two-buck-chuck” AKA Carlo Rossi’s
- Talking turkey—crypto discussions with family over the holiday
- FTX
- Remittances
- Supply chain
- Gamers (RPG)
- ETH instead of Tech stocks last year @streephoto_eth
- Bought on Binance
- Set up a self-custody wallet, which brought a lot of relief
- New Coinbase commercial over the holidays
- Content was obviously approved by legal: “We are a public company. We hold customer assets 1:1.” Unlike what FTX was doing.
- ChatGPT’s holiday dialogue: Imagine a family holiday discussion about NFTs during Christmas dinner in 2022. Can you write a short and funny dialogue about this?
- Sure! Here is a short and funny dialogue about NFTs during a family holiday dinner:
- Dad: “So, I read this article about NFTs the other day. Apparently, people are paying millions of dollars for virtual art!”
- Mom: “Oh, come on. That’s just a fad. No one is going to pay that much money for something that doesn’t even exist in the physical world.”
- Sister: “But they do exist! They’re stored on the blockchain, so they’re completely unique and can’t be replicated.”
- Brother: “I could have told you that. I’ve been buying NFTs for years. I even have one of a pixelated cat that’s worth over a hundred thousand dollars!”
- Dad: “Well, I’ll stick to my old paintings. At least I can touch them and hang them on the wall.”
- Sister: “Suit yourself, Dad. But when my NFT collection is worth a fortune, don’t say I didn’t try to tell you about it.”
- Mom: “Can we please talk about something else now? I’d rather not spend the whole dinner talking about virtual art.”
- I hope you found this dialogue amusing!
- ChatGPT’s advice on how to fail the Howie Test with your NFT project: How can one develop an NFT project that does not pass the Howie Test?
- The Howey Test is a legal test that is used to determine whether a particular transaction is an investment contract, and therefore subject to securities laws. The test is named after the Supreme Court case SEC v. W.J. Howey Co., which established the criteria for determining whether a transaction is an investment contract.
- If you want to develop an NFT project that does not pass the Howie Test, there are a few steps you can take:
- Avoid promising returns or profits: One of the key criteria of the Howie Test is whether the purchaser is expecting to receive profits from the investment. To avoid being classified as an investment contract, you should avoid promising returns or profits to the purchaser.
- Make the NFTs available for immediate use: Another criterion of the Howie Test is whether the purchaser is expecting to use the investment for personal or business purposes. If the NFTs are available for immediate use, rather than being held for speculation or resale, it is less likely that the transaction will be considered an investment contract.
- Don’t market the NFTs as an investment: Finally, you should be careful not to market the NFTs as an investment opportunity. Instead, focus on the artistic or functional value of the NFTs.
- It’s worth noting that even if an NFT project does not pass the Howie Test, it may still be subject to other laws and regulations, such as consumer protection laws or anti-money laundering regulations. It’s always a good idea to consult with a lawyer or other legal advisor before launching an NFT project.