Best Twitter threads of the day – May 24th

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  TL;DR Breakdown Iran has become a full member of the Shanghai Cooperation Organisation (SCO), an economic and security bloc led by Russia and China. This development signals a major shift in international relations, positioning SCO as a strong counterweight to Western-led bodies. The SCO, covering about 60% of Eurasia and 40% of the world population, continues to expand its influence. Description In a defining geopolitical shift, Iran has made its way into the prestigious fold of the Shanghai Cooperation Organisation (SCO), an influential bloc led by Russia and China, further expanding its reach and presenting a robust counterweight to Western-led international bodies. This development, alongside the deteriorating relationship between the SCO’s founders and the West, implies … Read more In a defining geopolitical shift, Iran has made its way into the prestigious fold of the Shanghai Cooperation Organisation (SCO), an influential bloc led by Russia and China, further expanding its reach and presenting a robust counterweight to Western-led international bodies. This development, alongside the deteriorating relationship between the SCO’s founders and the West, implies a deepening change in the global…

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• Elon Musk Cautions Against Crypto Bets: What It Means for Dogecoin and the Market

  TL;DR Breakdown Elon Musk advises against making reckless bets on cryptocurrencies, signaling a shift in tone and raising questions about the future of Dogecoin and the broader crypto market. Musk’s cautionary message prompts a reevaluation of Dogecoin’s sustainability, highlighting the cryptocurrency’s dependency on his influence. In the ever-evolving world of cryptocurrency, Elon Musk’s tweets have become catalysts for both excitement and speculation. The Tesla CEO has shown a fondness for Dogecoin, a meme-inspired digital currency that gained popularity in recent years. However, in a recent tweet, Musk delivered a cautious message to crypto enthusiasts, advising against making reckless bets on digital assets. This statement has sparked conversations and raised questions about the future of Dogecoin and its impact on the broader crypto market. In this article, we delve into Musk’s remarks and explore their potential implications. Elon Musk has undoubtedly become a prominent figure in the crypto space. His tweets about cryptocurrencies often lead to significant price fluctuations, causing both excitement and concern among investors. Musk’s tweets have the power to sway market sentiment and ignite buying or selling frenzies….

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• Monero community sounds displeasure over Mordinals

  TL;DR Breakdown The Monero community has sounded a note of displeasure over the emerging Mordinals on the blockchain. Proponents of Mordinals believe issues can be tackled via updates. Mordinals, also known as Monero ordinals, have emerged as a novel feature within the Monero blockchain, enabling the incorporation of additional information and expanding its capabilities beyond transaction data storage. However, this innovative concept has sparked a heated debate within the crypto community, particularly regarding its impact on user privacy and the decentralization of the network. Monero community criticizes Mordinals One of the main criticisms raised against Mordinals is the potential threat they pose to user privacy. Monero, known for its strong privacy features, utilizes “ring signatures” to link transactions, ensuring anonymity within the network. Critics argue that the introduction of Mordinals could compromise this privacy by allowing attackers to fill blocks with fake NFTs, potentially differentiating legitimate transactions from fake ones. This concern is amplified by the United States Internal Revenue Service’s (IRS) interest in tracking Monero transactions, which suggests a market demand for breaching Monero’s privacy features. Proponents believe an…

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• WSJ’s Tether narrative is misleading, claims cryptocurrency giant

  TL;DR Breakdown Tether has criticized the Wall Street Journal for its alleged biased scrutiny. Tether states that many traditional finance institutions neglect client needs and focus more on scrutinizing Tether’s operations. CTO Paolo Ardoino emphasizes Tether’s commitment to innovation while safeguarding token reserves. Description Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector. Tether’s stance comes amidst mounting discussions about the broader dynamics of the … Read more Tether, the principal issuer of the leading stablecoin USDT, recently voiced criticism against the Wall Street Journal (WSJ). The cryptocurrency giant asserted that while the WSJ consistently scrutinizes its practices, the publication remains silent on the ongoing challenges in the conventional banking sector. Tether’s stance comes amidst mounting discussions about the broader dynamics of the Traditional Finance (TradFi) landscape. According to the stablecoin provider, many TradFi institutions need to be more attentive to their clients’ needs. Instead, they…

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• Congressman Torres takes aim at SEC’s crypto oversight, calls for investigation

  TL;DR Breakdown New York’s Congressman Ritchie Torres has called for an investigation into the SEC for its “haphazard and heavy-handed approach to digital assets.” Torress calls into question the politics behind the registration process approval for Prometheum, a special-purpose broker-dealer license. The Congressman asks SEC Inspector General Deborah Jeffrey to look into the  “unusual backroom deal” that resulted in Prometheum being awarded a power that no other crypto exchange has yet obtained.  6 Republican senators sent a letter to the DoJ and the SEC, asking the agencies to look into Prometheum’s alleged ties with China. Description According to two letters made public on Thursday, Congressman Ritchie Torres has asked for two separate independent investigations into the United States Securities and Exchange Commission (SEC) for its “haphazard and heavy-handed approach to digital assets.” The representative accuses Gensler of “politicizing” the registration process by approving Prometheum’s special purpose broker-dealer license. New York Congressman … Read more According to two letters made public on Thursday, Congressman Ritchie Torres has asked for two separate independent investigations into the United States Securities and Exchange Commission…

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