Sam Bankman Fried Arrested?😱

Welcome 🙏to Joint #29! We are sure to give you some insights about this week's weekly updates too🥳 keep reading!

This week was really happening and yes aapko ni idea…but worry not! Web3 Stash Hai na😇. I hope you know reading this will bring you closer to your Crush👀

Let's start by having a look at BTC and ETH 👀

Abhi let's dive into some good web3 news and trust me it's fun keep reading😭😭🤌🏻 Today we have rolled 🙌the following topics for you all -

1. Sam Bankman Fried Finally arrested?📢

2. Abu Dhabi launches new rules🚀

3. Why can only 21 Million Bitcoins ever exist?🤔

📢Sam Bankman Fried Finally arrested?📢

Sam bhai ke kaand yaad hein na?👀

Nhi hai? Lucky bro lucky 🤌🏻😭😭😭

Let me tell you what all had happened!

Sam Bankman Fried is the founder of FTX the very famous crypto exchange💰

FTX collapsed in early November 2022 because of potential leverage concerns involving FTX affiliated trading firm Alameda Research. Yaha se gadbad chalu 📉📉

They faced a liquidity crisis and searched for bailout funds. CZ bhai of Binance considered buying portions of the company but quickly backed out lol 😂😂

And long story short, they got bankrupt and Sam bro ke lagg gye☠️ he got arrested by Bahamian authorities and extradited to the U.S in December’ 22. 

Since then we have had news up and down about his court trials. But here we have some big news!☠️📢

He has been found guilty of two counts of wire fraud conspiracy, two counts of wire fraud, and one count of conspiracy to commit money laundering☠️💰🥲

Each of these charges carries a maximum sentence of 20 years 😭😭in prison. He has also been convicted of conspiracy to commit commodities fraud 🔒and conspiracy to commit securities fraud⚒️, which each carry a maximum sentence of five years😱🔻

He is being accused of using some of the money to purchase real estate, make political donations, and finance charitable projects unrelated to FTX's core business of facilitating digital currency trading🤌🤌

So we are waiting for the next hearing when he finally (hopefully) gets arrested ☠️📢

 🚀Abu Dhabi launches new rules🚀

Abu Dhabi🧠 has introduced a comprehensive framework aimed at regulating decentralized autonomous organizations (DAOs)🔗, decentralized finance (DeFi)💰, and Web3 🎯companies

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has declared the implementation of the Distributed Ledger Technology (DLT) Foundations Regulations 2023✅️🙌

This regulatory initiative is designed to accommodate the unique requirements of the blockchain industry, enabling organizations to operate and issue tokens within a regulated framework💡🌐

The framework unveiled by Abu Dhabi is intentionally designed to cater to a diverse array of entities within the digital asset landscape.🤌🤌😭😭😭

It is equally applicable to Blockchain Foundations, Web3 entities🧠, DAOs⚒️, and traditional Foundations looking to enhance their operations through Distributed Ledger Technology (DLT)✅️🔒

In conclusion, Abu Dhabi’s🎯 proactive approach in implementing the DLT Foundations Regulations 2023 highlights the region’s growing prominence as a hub for digital asset innovation and development!🫂💯

👉🏻Why can only 21 Million Bitcoins ever exist?👈🏻

The 21 million Bitcoin supply limit is a deliberate 💡design choice to create a decentralized🌐 and secure currency💰! Let's understand why-

This scarcity is a fundamental feature that differentiates Bitcoin from traditional fiat currencies, making it a unique and valuable asset in the world of finance. 🚀💰💎

1. Decentralization: 🌐The limited supply of 21 million ensures that no single entity, such as a central bank, can manipulate the currency's value by creating more of it. 🙅‍♂️💰📡

2. Halving Events: ⛏️ The supply of Bitcoin is controlled through a process called "halving." Approximately every four years (or after every 210,000 blocks), the reward that miners receive for adding new blocks to the blockchain is cut in half.This reduction continues until it reaches zero. ⬇️⬇️⬇️💰

3. Scarce Resource: 💎 Bitcoin's scarcity is comparable to precious metals like gold. Just as there is a limited amount of gold on Earth, there will only ever be 21 million Bitcoins in existence. This scarcity gives Bitcoin value, as people perceive it as a digital store of value. 🌟🪙

4. Deflationary Nature: 📉 Limited supply and increasing demand can result in defflation, which means that the value of each Bitcoin can increase over time. This encourages savings and long-term investment in the cryptocurrency. 💰📈🚀

5. Satoshi's Vision: 🤖 Bitcoin's creator, Satoshi Nakamoto, designed it with a limited supply to align with the idea of a digital gold – a form of digital currency that retains its value over time. 👤💡🪙

6. Decimals: 🧮 Bitcoin is divisible into smaller units, known as Satoshis, with one Bitcoin equal to 100 million Satoshis. This divisibility ensures that even with a limited supply, Bitcoin can be used for everyday transactions. 💸💯🔢

7. Economic Model: 📜 Bitcoin's economic model of scarcity and mining rewards is a key part of its design, which ensures the network's stability and longevity. 💼💰📊

I hope this explanation made it clear why only 21 million Bitcoins can ever exist and now I want you guys to share this newsletter within your group and get us some more subscribers!🥺🥺

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This is what the JOINT #29 had to offer we went from Abu Dhabi to Bitcoins and we promise to deliver an even better experience next time🤗🤗 so stay subscribed!

Also please do me a favor and share this newsletter with your web3 friends 🫂🫂(secret - this will make sure you make good money in web3 world in the coming future)❤️❤️😭😭😭

Thanks for spending your valuable 5 minutes with us, see you soon in JOINT #30!!🫂🫂