I've never seen this before, but the U.S. government is auctioning crypto that was seized.  

Eleven lots of cryptocurrency up for bid on GSA Auctions

June 16, 2021

ATLANTA -- Become a part of the growing cryptocurrency community by placing a winning bid during GSA Auctions’ next cryptocurrency sale.

Bidding on 11 lots of cryptocurrency, totaling 8.93 bitcoins and 150.2 litecoins and with a combined market value of nearly $377,000, begins on Friday, June 18, 2021, at 5 p.m. ET. This 4-day auction closes Monday, June 22, 2021, at 5 p.m. ET, with the option to extend the closing time to accommodate last-minute bidding. This auction marks the first time that Litecoin will be available on GSA Auctions.

GSA first began auctioning cryptocurrency on behalf of the U.S. government in early 2021. To date, users of the GSAAuctions platform have successfully bid for a total of 16.99 bitcoins over three auctions that garnered $937,092.

“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community,” said Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service. “With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.”

Registration is required to place a bid, and the winning bidder must make a payment via wire transfer no later than June 23, 2021. The winning bidder will also need a digital wallet to receive the property. Network transaction fees may apply. As there is no tangible asset up for bid, GSA will not hold an inspection day.

A service of the U.S. General Service Administration, GSA Auctions is the federal government’s online clearinghouse for surplus federally owned assets and equipment, such as office furniture, vehicles, scientific equipment and collectibles.

I'm a subscriber to the Modern Finance podcast and enjoy Kevin Rose's interview with various crypto personalities. You can find what I'm listening to right now here. 

In this podcast, Kevin is interviewing the co-founder of Alchemix, a DeFi lending platform. Before listening to this podcast, I had a rough idea of what Alchemix is but didn't really understand how it was able to do it. Below is what I have learned so far in my hour or so research:

1. A user deposits a stablecoin into the Alchemix vault
2. The user is then able to borrow up to 50% of their initial deposit
3. After a period of time (depending on the yield farming rate), the loan will repay itself
4. The user can then take back their original loan amount

This all seems very compelling; especially when the loan repays itself. I'm not sure how sustainable high yields will be in the long run but perhaps in the short term this can work. 

I plan on doing more work to learn about Alchemix and its (governance) coin, ALCX. 

Additionally, Gemini this week started allowing trading of ALCX on its platform. This is positive news and I hope more attention goes into DeFi. 

Finally, here are some stats about ALCX including a calculator to show how long it would a loan to repay itself.

Well, this is a big surprise. It appears GameStop, the meme stock, just went live with their NFT website.

It doesn't have much except that they're looking to hire a team. 

What's really intriguing is that there's an Ethereum wallet address (0x13374200c29C757FDCc72F15Da98fb94f286d71e) -- a subtle nod to the gaming crowd: 1337 = leet (as in elite) and 420 = well, weed.

Clever redditors have pointed out that GameStop is looking to launch their own ERC-20 token in July. Click here for a more in-depth analysis.

I recently came across this simple to use, yet highly educational website called Case Bitcoin. It lays the case to invest in Bitcoin and also has plenty of interesting resources, including a comparison to the S&P500 and gold. 

Let me know what you think of the site: https://casebitcoin.com/

Woke up this morning to see that nearly every crypto coin is down around 30-45%. What are you doing to cope with this? I'm just sitting and watching out things unfold. I can't access my Gemini account to make any trades though; wonder if some of the downward pressure is a result of panic selling like a run on the banks. Coinbase Pro seems operational based on their status page.