GM. This is the Milk Road. The crypto newsletter that packs more heat than a ghost pepper dipped in hot sauce.
Here’s what we got for you today:
- Trademark Tuesday
- FTX & SBF Are Being Investigated
- Chart Of The Day
- Drake Loses Big Money In Crypto Bets
- Meme Of The Day
New Web3 trademarks are popping up left & right. In September alone, there were ~40 Web3 trademarks filed every single day.
In related news: Suddenly, lawyers love crypto. It’s all about the BHB (Billable hours, baby)
It’s definitely exciting times. But there’s a problem... humans can barely keep track of 2 AirPods. How are you gonna keep up with 40+ trademarks a day?
Well, lucky for you the Milk Man reads every trademark application. Most of the ones filed were related to cryptocurrencies, NFTs, and/or the metaverse.
So we found one cool company for each:
- Formula One (F1): filed 8 trademarks that included crypto mining. I better see this in their Netflix doc!
- Del Monte Foods: filed 8 trademarks that included an online virtual restaurant
- In-N-Out: filed 4 trademarks that included a virtual environment for recreational, leisure, and entertainment services. In-N-Out is ready for their burgers & broadway debut, "🎶What a hamburger is all about 🎶"
But the best of the week? Kraft filed trademarks for their iconic hot dog-shaped Weinermobile. They filed 4 trademarks that cover NFTs, virtual foods & drinks, and a virtual restaurant.
The Weinermobile is coming to a metaverse near you.
FTX & SBF ARE BEING INVESTIGATED BY TEXAS
Sam Bankman-Fried & his company, FTX, are being probed by Texas regulators.
That’s right. The Lone Star State has its eyes set on the Crypto Fro.
Why? The Texas State Security Board (TSST) wants to investigate whether FTX is offering unregistered security products. Specifically through yield-bearing accounts.
Regulators are arguing that the 8% yield that FTX promotes on new deposits is similar to an “investment contract”. Which is viewed as a security in the state of Texas.
And everyone knows... you don't mess with Texas. They even wear it on all their belt buckles and shirts.
This is interesting because yield-bearing accounts have been a hot topic recently. Companies like Voyager and Celsius are all being investigated for the same thing. Now, it’s FTXs turn under the regulation microscope.
And it isn’t FTXs first rodeo being under regulatory pressure.
And they recently caught fire from a U.S bank regulator for alleged "false and misleading" claims that the exchange was FDIC insured.
The drama continues for SBF & FTX.
TODAY'S EDITION IS BROUGHT TO YOU BY BRAVE
If there’s one problem I have in crypto, it’s having multiple wallets for multiple blockchains.
Ethereum. New wallet.
Solana. New wallet.
You quickly go from 2Chainz → 2Walletz. And It’s a pain. But we found a solution to it all…
Brave Wallet - the only wallet you need to manage your crypto across more than 100 chains, including Ethereum, Solana, L2s, and more. All without downloading risky extensions.
It’s easy to set up and removes the headache of jumping between wallets and extensions. It’s packed with features like:
- built-in token swaps
- Fiat on-ramps
- support for hardware wallets like Ledger
- live market data, NFT portfolio management, and much more
Brave has one mission: to make Web3 easier to navigate and use for its 55m+ users. And they’re doing just that.
CHART OF THE DAY
Check it out. Bitcoins volatility hasn't been this low since 2020.
Nerds (we use this term lovingly, we love nerds) measure this with something called the Bitcoin Historical Volatility Index (BVOL).
And according to history, whenever the BVOL falls to this level it’s usually followed by a large spike in volatility.
The last 3 times it happened, the price of Bitcoin pumped afterward.
Now everyone is wondering one thing... will history repeat itself? 👀
DRAKE LOSES BIG MONEY IN CRYPTO BETS
Aubrey “Drake” Graham. One of the best rappers ever.
He’s blessed with rap skills. But cursed when it comes to sports.
No seriously, people call it the "Drake Curse". If he takes a picture with a player from your favorite team. You should find a new team.
Now Drake’s betting on sports using Bitcoin. And he’s losing a lot.
Over the weekend, he lost $600k worth of Bitcoin betting on fútbol. He bet that both Barcelona and Arsenal would win their games. Only Arsenal did (surprising).
And it isn’t his first time losing either. Earlier this year he lost:
- $275k on a UFC bet that Jorge Masvidal would beat Colby Covington
- $234k on Charles Leclerc winning the Spanish Grand Prix
Started from the bottom and now we’re…on our way back to the bottom 🎤
MEME OF THE WEEK
Bitcoin in October 🤣
That's a wrap for today, ladies & gents. See ya tomorrow!
If you want more, be sure to follow our Twitter (@MilkRoadDaily)
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.
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