[September Week 4] PEN TALK
📌 Policy Debate of <How Should We Deal With Crypto ICO> Was a Success!
📌 Ethereum Merge — Now Complete
📌 Do Kwon — On the Run?
Policy Debate of <How Should We Deal With Crypto ICO> Was a Success!
On September 19th, 2022, Jun, the leader of Protocon, participated in a policy debate held by congress regarding ICOs. Members of congress and stakeholders in the blockchain/law industry have joined to discuss the current blockchain/cryptocurrency industry and future. Debates and discourses in coin listings and evaluation of coins were discussed.
Protocon’s leader Jun discussed South Korea’s listing and offering in addition to an in-depth examination and path of Protocon. Regarding the listing of coins, he mentioned that “a project that becomes listed proves the worth and existence of the project… As it has been verified to an extent by an exchange, it has the effect of convincing investors in terms of business and reliability.” The video is in Korean, but if you wish to view the full video, please click here.
Through this debate and discussion, Protocon hopes that coin listing-related policies will be refined in Korea, so the cryptocurrency and blockchain market can grow further and in the right direction.
Ethereum Merge — Now Complete
On September 15, 2022, the Ethereum Merge finally happened. The Merge changed Ethereum from proof of work (PoW) to proof of stake (PoS), resulting in the removal of mining. The Merge reduced Ethereum’s energy consumption by 99.95%, in addition to the enhancement of Ethereum’s network.
Since the Merge, many have been disappointed by what has happened. Since the Merge and as of September 20th, 2022, ETH is already down by over 20%. Many have been disappointed about the Merge as some have thought it would increase the price of ETH and cut down on gas fees. Some believed that the Merge would airdrop ETH2 tokens to investors as well. However, all of this was speculation and ‘hopium.’
Despite the negatives and increase of scams since the Merge, the Merge has reduced worldwide electricity consumption by 0.2% and has brought PC gamers much joy. The price of GPUs has cut down significantly, and many believe ETH is now “sound money.”
The Merge represents a technical feat and is a day to remember in Crypto… The future of ETH remains unknown, but the fact that Ethereum has evolved and adapted states that another consensus mechanism can be adopted in the future.
Do Kwon — On the Run?
The crash of Luna and UST created a bloodbath of chain-reactions. Many investors lost a fortune or even their life-savings from the crash. According to blockchain analytics firm Elliptic, Luna and UST have cost investors over $4.2 billion in losses.
Since the crash of Luna, many government agencies, institutions, and people have been looking for Do Kwon, the founder of Luna and UST. On September 17th, Singapore Police Force stated that Do Kwon is not in Singapore (Reuters). Singapore police also stated that they would assist the South Korean police and government in finding the founder.
According to multiple media outlets and reports in South Korea, Do Kwon is “running” away and isn’t cooperating with the investigation and law enforcement. The Seoul Southern District Prosecutor’s Office said that Kwon was not cooperating with the investigation and had told them (through his lawyer last month) that he had no intention to appear for questioning, according to official statements cited by local media Yonhap.
Over the weekend, Do Kwon stated, “I am not on the run or anything similar,” then uploaded another tweet saying, “Tbh havent gone running in a while, need to cut some calories.” As of now, nobody knows where Do Kwon exactly is.