Algorand, Gala Games, Bitboy and other crypto news for the week of Sept. 11, 2023

Last week we didn’t have a breakdown, since I was without internet starting on Friday and through to Tuesday morning. That didn’t make for a very fun weekend, and it sure shut down my production! But we’re back with another weekly update so let’s get into it! Also, be sure to tune into the livestream Monday at 1 pm CST for this and more:

Deridex facing CFTC pressure: Also, who? Algorand-based derivatives market Deridex is facing federal pressure along with a number of other DeFI protocols in an enforcement sweep. What’s interesting is that Deridex was still in development. Which makes that seem… very odd? Even more odd, though perhaps related to the recent enforcement action: Deridex’s Twitter account is completely locked down. I hadn’t even heard of Deridex before this incident.

C3 could be a game-changer for Algorand: The upcoming decentralized exchange which will operate on the Algorand blockchain just performed 100,000 testnet operations on price oracle on Pyth. Could this be the decentralized Coinbase killer?

Other Bullish news for Algorand: We learned that Humble is now fully open source, and Lofty AI just launched its first AirBNB property on its digital real estate platform. And, the Algorand Foundation, Borderless capital and other investment groups are investing in Pera to grow the ecosystem. Mixed feelings: Algorand Naming Service is shutting down.

Ben Armstrong kicked out of Bitboy Crypto: Ben Armstrong is the founder of Bitboy Crypto. But in a coup recently, his business partner TJ announced he was removed from the channel and alleged Armstrong’s substance abuse issues had resurfaced. Armstrong fought the allegations, then released a video confirming he’d cheated on his wife and may have acted out of character due to the weight loss pills he was taking. Then he announced he was restarting his own channel, says Bitboy is dead and that he plans to be more humble in the future, and that his channel will have lower production values. But still says there are still arbitration attempts happening behind the scenes… so basically it’s all a bit confusing right now.

I’ve been critical of Armstrong in the past. He makes very bold predictions and rarely acknowledges his mistakes. He’s been accused of pumping and dumping tokens and being paid to do so. And like many crypto influencers, he puts way too much stock in technical analysis tea leave reading. But it strikes me as pure grifting to lift someone’s channel out from under them. That’s why I doubt the FrugalBC YouTube channel will ever have an actual employee, let alone business partner. I could see working with contractors.

Gala lawsuits: The co-founders of Gala Games are suing each other, with one co-founder alleging the other stole $130 million in funds and spent them lavishly on private jets and the like; while the other says that co-founder mismanaged funds to the point of dropping Gala’s value and wasting millions. How will this impact Gala Games as a whole?

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