Many crypto. Much profit. Wow! The Dogecoin Foundation has been re-established, this time with some real star power in its leadership team, including Vitalik Buterin and Elon Musk.

The new manifesto announces four project values — being useful, personable, welcoming, and reliable — and reads, “We are developing a currency for the people, and we strive to do only good everyday.” Who's a good doge? he is.

The cryptocurrency market turned bearish, with the market capitalisation decreasing by 6.2 percent to fall below the $2 trillion mark to $1.96 trillion. The price of Bitcoin (BTC) reached $44,743 after shedding 4.73 percent.

Ethereum (ETH) slipped by 8.24 percent to reach $3,008. According to experts, Bitcoin is experiencing a sell-off, following its local high recorded on August 14 at $48,251. Institutional cryptocurrency investments have seen another week of consecutive outflows with a total of $22 million.

According to a report from CoinShares, the low investor participation could be due to the seasonal effects witnessed in other asset classes as well.

Coinbase has launched in Japan, in partnership with Mitsubishi UFJ Financial Group (MUFG) — one of the largest banks in Japan serving 40 million Japanese customers. Coinbase was founded in 2012 as an easy and trusted place to buy and sell Bitcoin.

At that time, the price of Bitcoin was $12. So they're not likely to be panicking at the past few days fall in prices!

If you tracked last week's PolyNetwork hack and wondered what a liquidity pool was. Here's a primer as part of our special section: 1 minute crypto concepts

Yesterday we took a calmer look at the PolyNetwork hack, and it seems our calmness has been vindicated.

After security firm Slowmist got the hacker's ID, he has already returned more than $256 million, creating a token called 'the hacker is ready to surrender' and sending it to a polygon address! A few hours later, after speaking to the Poly Network team in encoded messages, the hacker sent back nearly all of the assets on Binance Smart Chain.

They sent over 1,000 more BTCB ($46.4 million), 26,629 ETH ($86 million) and $119 million in the stablecoin BUSD. The only assets remaining on this chain are 6,613 BNB ($2.6 million). The big story in this hack shouldn't be how much was stolen, but how quickly crypto sleuths followed the digital footprints, in a scene straight from the movies, and tracked down the hacker's IP information.

There is only one failsafe protection against crypto security risk, and financial risk in general: and that is knowledge. The crypto phenomenon is here to stay, so arm yourself with useful information, it will demystify the risks to make you less anxious, give you simple basic steps to safely navigate the ecosystem, and show you where to reliably turn if something ever goes wrong. Subscribe to this channel and we'll do it for you in under a minute each day!

Did you catch yesterday's roundup of the 10 sides of the raging crypto regulation debate?

If you didn't, start there by clicking the link. If you did, let's continue today with a contrarian pro-regulation view that intelligent crypto-enthusiasts like us can hold.

1. So far, the advantages of crypto - like decentralized finance, censorship resistance, and inflation hedges - are based off theory and very little empirical evidence.

So far, governments have treated crypto like a fad, but now they are fighting it. If the whole point of crypto was the ability to withstand this fight, surely regulation is the best test of its capabilities? Maybe regulation will cause the crypto fiat value to drop, but it cannot touch the underlying code and logic networks.

Individual crypto businesses might fail due to regulation, but whatever survives in spite of regulations will have demonstrated the consumer value, network resilience, and competitive advantage of decentralized finance, and truly bring into reality all the advantages we currently only read about in whitepapers.

The US senate debate on crypto rages on. Can you understand this sentence? 'The Biden administration is pushing back against a last-minute effort by a bipartisan group of senators to limit a proposal in the infrastructure bill to increase federal regulation of cryptocurrencies'.

Lobbying against lobbying against lobbying? Maybe we need a blockchain to record and verify opinions of lawmakers on crypto. Today let's try and make sense at least of how many sides to this debate there are, even if we can't understand who is on which side!

Side 1 is easy: The Biden administration wants to tax crypto to fund an infrastructure bill.

Side 2 is easy: crypto investors think this will cripple growth.

Side 3: Some senators want an amendment that limits the authority of the executive over crypto.

Side 4: 2 senators propose a compromise, that exempts some crypto actors from regulation, seen as too few exemptions by Side 3 and too many by Side 1.

Side 5 now just wants to break this impasse and get the infrastructure bill passed.

Side 6 takes specific issue with the definition of a crypto miner, that they think will drive miners out of the US.

Side 7 takes issue with crypto mining and the energy footprint it causes.

Side 8 is the news media that writes confusing narratives, and Side 9 is people like us trying desperately to count how many sides there are!

Trouble understanding the Ethereum EIP 1559 upgrade? Here's the simplest analogy for this yet!

Ethereum is burning $10,000 every single minute since EIP 1559 was deployed this afternoon, ahead of schedule. Today let’s take a look at why this upgrade was done, and what it means for you. Called the London Fork, think of this being the difference between a regular traffic intersection in India, and an intersection that is well-regulated with traffic signals. Previously, the blockchain struggled with transaction fees that were like chaotic intersections – users had to compete in a closed bid auction, guessing at what any miner would accept for processing their transaction. Now Ethereum will use an algorithm based on network activity, like a traffic signal, to decide what the transaction fee will be, ie who gets the green light and who has to wait. This not only stabilizes the fee, it also doubles the block size, allowing more transactions to happen, the way more traffic can flow when it is well-regulated.

Additionally, there is the important Ethereum Improvement proposal, or EIP, number 3554, where there is a historic shift from the proof of work protocol which guzzles so much electricity, to the more efficient proof of stake. Here, instead of crunching a billion calculations, users verify transactions using their existing activity and stake. This EIP was originally scheduled for 2022, but has been moved up to December, encouraging miners to upgrade their software now!