A lot of the big themes of the past week are similar to what we’ve been seeing throughout this crypto bear. In the US, markets reacted to another 75 basis point rate hike from the Fed, even as GDP was negative for the second quarter in a row – one of the basic definitions of a recession. Surprisingly, they saw the Fed’s actions as a dovish turn, with the best two-day rally off a Fed meeting in years.
For this week’s big idea, however, we turn to the continued turbulence in the relationship between institutions and regulators. The Federal Trade Commission, the group that deals with antitrust and monopoly issues in the US, is suing to stop Meta from acquiring a virtual reality fitness app.
Their complaint is about Mark Zuckerberg’s ultimate ambition.
„As Meta fully recognizes, network effects on a digital platform can cause the platform to become more powerful — and its rivals weaker and less able to seriously compete — as it gains more users, content, and developers. If they were allowed to complete the acquisition, they „would be one step closer to its ultimate goal of owning the entire ‚Metaverse.”
Who knew the FTC was a supporter of the web3 vision of decentralization!