Filecoin go up & Dogecoin Elon Musk love affair

Wondering why Bitcoin is pumping 
this week? The crypto news is good,   sure, but nothing out of the ordinary. The big 
thing that’s changing is the macro environment.  Interest rates are down and so is the US dollar. 
For those of you not steeped in the traditions of   macro investing, rates and dollar 
down typically equals Bitcoin up.  On deck this week we’ve got Filecoin breaking out 
of the cabinet, Cosmos is delivering on promises,   and everybody's favorite regulator FinCEN, 
well, they’re doing what they do best. All that and more coming up 
on this week’s Exodus Crypto   News.

Welcome back everyone, thanks for stopping 
by I’m Kris Merkel and every week we bring you the   highlights from the world of crypto. Make sure 
to tap those like and subscribe button so you   can be the first. In the comments. 

Just in case you haven’t heard of   Filecoin already, it’s a crypto project that’s 
decentralizing, as the name says, file storage.  The Story goes like this, There are 
trillions of terabytes around the world,   OK… That’s just a guess… Of unused 
hard drive space.

Using Filecoin,   a corporation or datacenter can rent out that 
empty hard drive space and get paid for it.  Who pays for it? You, me and anyone else that needs 
storage. Filecoin is basically like   Dropbox but cheaper and decentralized.  FIL is doing a classic crypto move right as we 
speak. It’s up 430% in the last month, from $35   to $190. There are fundamental reasons for 
the move but perhaps most important is that   FIL was just listed on Coinbase. That means 
institutional investors can finally buy the   token. FIL is also available through Grayscale 
and by all accounts the sales are off the charts.  All of this has taken FIL close to the 
top 10 crypto ranks, and it’s not even   done going up! Congrats to the Filecoin team 
and all of you FIL holders out there. 

Kris:   We know you love Dogecoin news and this 
week we got the Doge treats. Dogecoin   pumped to nearly 7 cents on Thursday on the 
back of another Elon Musk dogecoin tweet. Let’s go to our ECN correspondent Davey 
Zelaya with the latest on Dogecoin.

Davey:   Thank you, Kris.

I’m here on the moon as I await 
Earth’s beloved crypto family pet, Dogecoin.   

Elon Musk tweeted that SpaceX is going to 
put a literal Dogecoin on the literal moon.   His words. And I am not gonna miss it.

Elon likes to joke around and is the most well   known fan of dogecoin memes. Are you sure he’s 
serious? I mean he tweeted this out on April 1st,   April fools day.

Davey: Listen, Elon used the 
word “literal” twice in his tweet. Look it up.   Even his baby boy Lil X is a Dogecoin toddler 
hodler. As the human race expands into the cosmos,   physical currencies like paper money or stores 
of value like gold will not make sense. They’ll   take up valuable space and add unnecessary weight 
on our spaceships. Cryptocurrencies like Bitcoin   and Doge are the most efficient ways to transfer 
value – they transcend borders, are weightless,   and are immune to the unpredictable weather 
in space. Crypto is destined for the moon and   beyond. 

Kris: that actually makes a lot of 
sense. Thank you, davey

If you want a quick   doge meme history lesson, click the link above 
for some epic doge memes on the Exodus blog FinCEN, one of America’s many financial 
regulators, wants to make it so that crypto   companies, mostly exchanges it sounds 
like, would have to collect information   about the wallets their customers send crypto 

In other words, Coinbase would have to   maintain a massive database keeping track 
of where their customers send their crypto. No doubt you can think of more 
issues within this proposal,   but here are three major problems we 
believe are wrong with this idea.  One, it creates a honeypot for hackers to break 
into. The hackers could find out the names of   everyone who is “crypto rich” and go after 
them. Ever heard of the $5 wrench attack?  Two, what the heck is FinCEN 
going to do with all this data?   How would they sort it, rank it, analyze it? Three, keeping track of all this data 
costs money. Those additional costs   will eventually get passed along to the customer.  So in summary, FinCen wants to charge you more 
so that they can collect your data, which may   be stolen at some point, and will definitely be 
shared with the government. 

There is also this, This rule is to cut down on illicit activity 
they say is happening in the crypto space.   Remember when the news broke about how FinCEN 
overlooks the real criminal money laundering   with US Dollars through US banks.

This is 
more about control than actual protection.  Five years in the making, the Cosmos 
Inter-Blockchain Communication protocol,   or IBC for short, is finally going live. If 
you’re not already familiar with Cosmos, the   simple explanation is that Cosmos is a blockchain 
that can connect other blockchains together.  Cosmos sits at the center of a web of 
connections and the Inter-Blockchain   Communication protocol is what makes 
interoperability a possibility.  Once two blockchains are connected via Cosmos 
they can share information and execute fast   and inexpensive token swaps. Cosmos says that 
they’re even going to support NFT transfers!   It’s pretty cool technology to be honest. 

We’ve talked about the Flare network before when   we revealed that they were going to do a massive 
airdrop of their FLR token to all XRP holders.  Well, Flare is back in the news again since 
they’ve announced that they’ll be bringing Cardano   ADA to their platform.

That doesn’t mean 
that Flare is fully integrating with Cardano,   the way Cosmos integrates 
with a blockchain for example.   Rather, Flare is going to be 
integrating with the ADA token.  Flare still has a ways to go to prove itself 
but it’s certainly an interesting project   and one we’ll be watching 
closely throughout 2021.   Bitcoin has broken through $60,000! And 
yeah, it didn’t stick around long but hey,   Ethereum investors must be 
feeling really good right now.   ETH is at $2,000 and everything 
is right in the world.  Oh, I almost forgot! Did I mention 
that a retirement fund in New Zealand   bought Bitcoin? That’s the type of thing that 
would have been unthinkable two years ago,   and now it’s not even important 
enough to make the front page.   That shows you how far we’ve 
come since the early days…  Thanks for watching everyone. 
Make sure to hit those like and   subscribe buttons and until next time, hodl on! 

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