Best Twitter threads of the day – August 28th

Twitter is an alpha gold mine if you know where to look.

I compiled the top 5 alpha tweets I read this week for your convenience.?

— Miles Deutscher (@milesdeutscher) August 27, 2023

1. Banger post by @CryptoCred on funding rates and how they work. https://t.co/yIcK1AZtv0

— Miles Deutscher (@milesdeutscher) August 27, 2023

2. Great observation regarding the current state of the market. Eloquently sums up how a lot of us are feeling (and why). https://t.co/OQ7o68xWrm

— Miles Deutscher (@milesdeutscher) August 27, 2023

3. Very interesting and well-put together thread. Highlights the importance of on-chain wallet tracking. https://t.co/kZCJd9WY2L

— Miles Deutscher (@milesdeutscher) August 27, 2023

4. Why thinking in first principles is a crucial skill. https://t.co/KqtKEbPdGB

— Miles Deutscher (@milesdeutscher) August 27, 2023

5. Amazing master thread on the top crypto airdrops. https://t.co/4aJFCgSwYR

— Miles Deutscher (@milesdeutscher) August 27, 2023

? BREAKING: ?? Hong Kong's Financial Secretary Drops Bombshell Prediction about Web3 and #Crypto ?

?? A seismic move that even CHINA can't ignore ?

A thread ? pic.twitter.com/VwTXTISI37

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Financial Secretary's Viewpoint:

? Hong Kong's Financial Secretary, Paul Chan Mo-po, believes that the future of digital tech growth in Hong Kong will be powered by blockchain and Web3 technologies. pic.twitter.com/7wzaFQyPgz

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Emerging Sectors:

? Within Web3, sectors like NFTs (digital art and collectibles), GameFi (gaming with financial mechanics), Play-to-Earn gaming (games where players can earn real-world value), and immersive entertainment are expected to be the forefront of digital… pic.twitter.com/Bybx6Ju7h5

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Advantages of Web3:

? Web3's underlying blockchain technology offers many benefits, including:

Disintermediation: Removes middlemen.

Security: Provides secure digital interactions.

Transparency: Offers clear, transparent operations.

Immutability: Ensures data… pic.twitter.com/RUNJFGxwYd

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Digital Entertainment Leaders Forum:

? Paul Chan recently attended this three-day blockchain event held at Cyberport in Hong Kong. pic.twitter.com/z5dUMGf1CO

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Cyberport's Role:

? It's a significant tech and multimedia hub in Hong Kong that supports tech and digital entertainment companies.

? Chan allocated an extra $50 million to boost the Web3 ecosystem here.

? Over 180 Web3-focused companies are currently based in Cyberport,… pic.twitter.com/7V1WTKG48X

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Hong Kong vs. China:

? While mainland China has been against #crypto for years, Hong Kong is taking a more open approach.

? Hong Kong has introduced crypto-friendly laws, aiming to be a global center for digital assets.

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Hong Kong's Web3 Initiative:

? The region has formed a Web3 task force, aiming to provide guidance on the industry's sustainable growth. pic.twitter.com/pugLFAQGHH

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Local #Crypto Exchange:

? HashKey, a local crypto exchange in Hong Kong, recently got approval to offer crypto assets to regular people, expanding from just institutional clients. pic.twitter.com/whlBK6yMx3

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

Summary:

? In short, Hong Kong is heavily investing in and supporting the growth of Web3 and related technologies, aiming to be a leader in the digital tech arena.

— Keyur Rohit (@CryptoKingKeyur) August 28, 2023

? URGENT: ?? U.S. just unleashed a game-changer for #Crypto taxation! ?

If you're in crypto, you NEED to read this! ?

Thread ?#CryptoNews #RichQUACK $QUACK #Bitcoin #binance pic.twitter.com/jR4C1Dd8td

— RichQuack (@RichQuack) August 27, 2023

1/ The Proposal Unveiled:

? U.S. Treasury aims for #crypto platforms to disclose user transactions to the IRS.

? Introducing Form 1099-DA for this purpose. pic.twitter.com/UAm9QYQfjk

— RichQuack (@RichQuack) August 27, 2023

2/ Why This Rule?

? Simplifies tax calculations for #crypto users.

? Aligns crypto reporting with traditional financial instruments. pic.twitter.com/YagpUc5fWQ

— RichQuack (@RichQuack) August 27, 2023

3/ Who's Considered a "Broker"?

? Centralized & decentralized exchanges alike.

? Payment processors in #crypto.

? Certain online wallets. pic.twitter.com/GHomZLSjU2

— RichQuack (@RichQuack) August 27, 2023

4/ Rule's Origin:

? Stemming from the 2021 $1T Infrastructure Bill.

? Targets enhanced tax compliance, potentially generating $28B over a decade. pic.twitter.com/ApSgUY4TYY

— RichQuack (@RichQuack) August 27, 2023

5/ Implementation Timeline?

? Expected to be active by 2025, affecting 2026 tax filings. pic.twitter.com/ORYp5VOnOB

— RichQuack (@RichQuack) August 27, 2023

7/ Decentralized Worries:

? Rule could label many decentralized entities as "brokers".

? Ambiguity around the term "effectuating" transfers. pic.twitter.com/mVLQ2qzxtW

— RichQuack (@RichQuack) August 27, 2023

8/ Who Could Be Impacted?

? Wallets like Metamask.

? DEXs like Uniswap.

? Multi-sig smart contracts may need new ID rules. pic.twitter.com/xf23a7Av1Y

— RichQuack (@RichQuack) August 27, 2023

9/ Lawmakers Weigh In:

? Rep. Patrick McHenry among those calling for clearer guidelines. pic.twitter.com/Fn1j8VDVzh

— RichQuack (@RichQuack) August 27, 2023

11/ Next Moves:

? Public feedback open until Oct. 30.

? Public hearings set for Nov. 7-8 for further discussions. pic.twitter.com/xp6yowZ5ps

— RichQuack (@RichQuack) August 27, 2023