The Briefing Room
General Category => Economy/Business => Topic started by: kevindavis007 on December 04, 2021, 01:30:47 pm
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All things about Cryptocurrency should go here...
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:bkmk:
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Stickied to the top. I think we all need to have an open discussion on an area in the next 10 years that will impact us more than any of us realize. I am hearing grumblings that by 2040 there are some who expect 30-50% of business will be managed in this manner. This will be especially accelerated here if our country later loses it's status as world reference currency.
I am still trying to get my head around this process and what it means long term as far managing commerce, investing, and it's time and place in our economy. My kids toy around with investing in it, in small measure, but me... not my cup of tea.
1st a disclaimer... Yes, I am an old fogey, and am set in my ways and systems that have served us, and generations before us. I do know that there is a huge driver to go paperless, coinless, and seamless as possible.
Still there is strong sense of red flags for me, that right now this process is so rife with speculation, swings, and no base of backing, that this is no better than 17th century Dutch Tulips. A second red flag for me, will be if there is a globalization type slant that skews currency valuation politcally toward certain party or parties. This has a seedy NWO feel to it. I don't like that one bit.
3rd and most serious red flag, is having virtual currency seems to inherently ultra dangerous, risky for fraud and hackers. We've seen how much havoc hackers can do to a business, utility, etc. Can imagine what would happen if one somehow was able to control currency on a world basis on a few keystrokes.
So my overall take is two thumbs down. I know this may steam roll me at some point in time, but I for one hope I am long gone and dead before it comes to fruition.
@kevindavis007
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Stickied to the top. I think we all need to have an open discussion on an area in the next 10 years that will impact us more than any of us realize. I am hearing grumblings that by 2040 there are some who expect 30-50% of business will be managed in this manner. This will be especially accelerated if here if our country ater loses it's status as world reference currency.
I am still trying to get my head around this process and what it means long term as far managing commerce, investing, and it's time and place in our economy. My kids toy around with investing in it, in small measure, but me... not my cup of tea.
1st a disclaimer... Yes, I am an old fogey, and am set in my ways and systems that have served us, and generations before us. I do know that there is a huge driver to go paperless, coinless, and seamless as possible.
Still there is strong sense of red flags for me, that right now this process is so rife with speculation, swings, and no base of backing, that this is no better than 17th century Dutch Tulips. A second red flag for me, will be if there is a globalization type slant that skews currency valuation politcally toward certain party or parties. This has a seedy NWO feel to it. I don't like that one bit.
3rd and most serious red flag, is having virtual currency seems to inherently ultra dangerous and risk for fraud, and hackers. We've seen how much havoc hackers can do to a business, utility, etc. Can imagine what would happen if one somehow was able to control currency on a world basis on a few keystrokes.
So my overall take is two thumbs down. I know this may steam roll me at some point in time, but I for one hope I am long gone and dead before it comes to fruition.
@kevindavis007
Same here and I too am set in my ways. My overall take is two thumbs down.
I've become stubborn and still hold up the lines at the grocery store to write a check because it is seen as so old fashioned and no longer acceptable.
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Stickied to the top. I think we all need to have an open discussion on an area in the next 10 years that will impact us more than any of us realize. I am hearing grumblings that by 2040 there are some who expect 30-50% of business will be managed in this manner. This will be especially accelerated if here if our country ater loses it's status as world reference currency.
I am still trying to get my head around this process and what it means long term as far managing commerce, investing, and it's time and place in our economy. My kids toy around with investing in it, in small measure, but me... not my cup of tea.
1st a disclaimer... Yes, I am an old fogey, and am set in my ways and systems that have served us, and generations before us. I do know that there is a huge driver to go paperless, coinless, and seamless as possible.
Still there is strong sense of red flags for me, that right now this process is so rife with speculation, swings, and no base of backing, that this is no better than 17th century Dutch Tulips. A second red flag for me, will be if there is a globalization type slant that skews currency valuation politcally toward certain party or parties. This has a seedy NWO feel to it. I don't like that one bit.
3rd and most serious red flag, is having virtual currency seems to inherently ultra dangerous and risk for fraud, and hackers. We've seen how much havoc hackers can do to a business, utility, etc. Can imagine what would happen if one somehow was able to control currency on a world basis on a few keystrokes.
So my overall take is two thumbs down. I know this may steam roll me at some point in time, but I for one hope I am long gone and dead before it comes to fruition.
@kevindavis007
Well, I agree. The valuation seems arbitrary, and not based on anything but acceptance. That looks like a bubble, with nothing tangible to fall back on. At least with something like silver or gold, I can make jewelry...
Disclaimer: Having recognized that Rap was just taking 'capping' and 'signifying' (street game) to the next level, I did not anticipate that it would be around long, and certainly not mainstream. To each his or her own, but I think that may have been more wishful thinking than a realistic viewpoint. I grossly underestimated the determination to, and potential for exploiting that market. My views on the future of trends that are at least in part social, may be incorrect, and grossly so.
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Well, I agree. The valuation seems arbitrary, and not based on anything but acceptance. That looks like a bubble, with nothing tangible to fall back on. At least with something like silver or gold, I can make jewelry...
You are 100% correct. Arbitrary and apparantly uncontrollably volitile is an understatement. Look at this Bitcoin valuation chart. I can say pretty safely that BTC won't be that reference currency when you see swings like this. Again, OTOH, I fear some international organization like IMF will take the concept, attempt to strip nations of currency sovereignty, and we will be forced into some IMF currency that may crypto in nature. That day of reckoning (conversion) will be the ultimate day of winners and losers.
(https://www.5yearcharts.com/wp-content/uploads/2016/04/bitcoin-historical-chart.png)
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I've become stubborn and still hold up the lines at the grocery store to write a check because it is seen as so old fashioned and no longer acceptable.
You aren't the only one. When there are transactions that I want to make sure that are fully documented and recorded, I always use checks. A picture of a cancelled check shows proof of payment, who, what, when, and where. When you look at a credit card statment, there are many times, the payee is differnet than you thought. Sometimes, I have to rack my brain to figure what I item or service I bought in the first plance. And try to work the system with a transaction number? Naww...
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Laura Ingraham had an interesting op-ed point in her monlogue last night about how the millenials have lost faith in the American financial system and feel left behind. Those points could be argued at length, but one interesting point she made is that she believes that is why there such interest in Crypto (Bitcoin) by this demographic.
Me? If there is one good takeaway, I hope the young invest small amounts and get to see in real time, how and why large sums of money can evaporate in one speculative "poof". Some lessons are better learned when you are young.
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I do think that Crypto is going to be part of our future. The main thing is to be careful there are a lot of scams out there.
There are legit places to get them, like Coinbase or Crypto.
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I do think that Crypto is going to be part of our future. The main thing is to be careful there are a lot of scams out there.
There are legit places to get them, like Coinbase or Crypto.
@kevindavis007
Glad you recycled by. Got some questions...
1. How easily is it to move the coin?
2. Are you getting the full exchange rate during purchase or disposition?
3. Are there surcharges or other hidden expenses during transactions
4. About what percent of the commerce areas you've dealt with accepts your Crypto?
5. Have you gotten any advice around capital gains when you convert? 1st in, first out? Exemptions?
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Crypto is no different than any other means of storing and transferring wealth, like any other free-floating currency. The value lies in what someone is willing to pay or exchange for it.
In the past, BitCoin spiked when Chinese were desperate to aquire it so they could electronically export their wealth out of China behind the back of the Chinese Communist Party.
The key to it working are the underwriting and reserve margins of the exchanges to support crypto-conversion transactions. If everyone rushes to sell their BitCoin at once, the exchanges may not have the resources on hand to execute every transaction on demand - exactly what happens when their is a run on a bank.
If the full faith and credit of the United States wasn't available to support the Dollar, it would be just another piece of paper. In a similar manner, the crypto exchanges are the key to the liquidity of the crypto currency.
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A beginner's guide to bitcoin and cryptocurrency
https://www.msn.com/en-us/news/technology/a-beginners-guide-to-bitcoin-and-cryptocurrency/
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A beginner's guide to bitcoin and cryptocurrency
https://www.msn.com/en-us/news/technology/a-beginners-guide-to-bitcoin-and-cryptocurrency/
bad link...
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Like @DefiantMassRINO said, crypto is just another medium of exchange and store of wealth.
As such it falls under the same economic and financial rules like any other economic asset. The problem is the techno geeks, in their usual god-complex hubris, think all the smoke and jargon they utter makes crypto immune from those rules. (My favorite being something that sounds like a junior high drama queen cheerleader, complete with eye roll 'But you're ooooooooooolllllllllllllllld, you are a fossil and just don't understannnnnnnnnnnnd!')
It does not.
All exchangeable assets fall under the most basic rules of economics - scarcity, or lack of it. AKA supply and demand, the ratio and balance thereof.
And a great deal of crypto is about as sound as our own Federal Reserve fiat currency, that can be minted anytime, anywhere, and in any amount. Not exactly a great improvement.
Physical currencies like gold and silver hold value and attract users because they require skin in the game to create, in that case extensive investment in mines and equipment that create a breakeven level as either incentive or disincentive to extract. If metals become too cheap and lose too much value, it will not be worth it to mine, and supply will be static till it does so again.
Bitcoin, the original crypto, is the model for the right kind of currency, at least on a basic level. It requires proof-of-work to be minted, in that case crunching the algorithms before adding them to the block chain. That creates a scarcity pinch point where it's only worth 'mining' if it is worth the time of the miner.
There are a whole bunch of other issues with crypto, such as the privacy of the block chain, the electrical resources used to mine it, and the breadth of distribution of the currency itself, to name a few. There alone have been publicized cases of millions of current dollars of bitcoin being on computers that ended up in the landfill.
So while I'm not against crypto, I try to avoid the hype and look for legit opportunities based on solid principles.
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bad link...
Try this one....
https://www.msn.com/en-us/news/technology/a-beginner-s-guide-to-bitcoin-and-cryptocurrency/ar-AARQW5K
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Like @DefiantMassRINO said, crypto is just another medium of exchange and store of wealth.
And a great deal of crypto is about as sound as our own Federal Reserve fiat currency, that can be minted anytime, anywhere, and in any amount. Not exactly a great improvement.
While I am not a fan or strong believer in our own currency. Look at Reply #5 vs. $USD if you really think there is any analogy of "soundness" between the two. Stability like that would debilitate the financial markets.
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Gold, Silver, Platinum, Diamonds, and other things with intrinsic value.
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While I am not a fan or strong believer in our own currency. Look at Reply #5 vs. $USD if you really think there is any analogy of "soundness" between the two. Stability like that would debilitate the financial markets.
This is a whole new market. It will be wild west for awhile.
I wouldn't recommend most people buying into it.
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Amazon Crypto Token 2022: When is Amazon launching it?
https://www.marca.com/en/lifestyle/us-news/2021/12/20/61c0c786e2704e09078b457a.html
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5 predictions for bitcoin, NFTs and the future of money
https://www.cnet.com/personal-finance/crypto/5-predictions-for-bitcoin-nfts-and-the-future-of-money/
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Bkmark
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Amazon Crypto Token 2022: When is Amazon launching it?
https://www.marca.com/en/lifestyle/us-news/2021/12/20/61c0c786e2704e09078b457a.html
If I am forced to go Crypto, might as well as find one with some semeblence of political alignment.... :silly:
https://coinmarketcap.com/currencies/lets-go-brandon/ (https://coinmarketcap.com/currencies/lets-go-brandon/)
(https://eorense.com/wp-content/uploads/2021/12/Lets-Go-Brandon-NASCAR.jpg)
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If I am forced to go Crypto, might as well as find one with some semeblence of political alignment.... :silly:
https://coinmarketcap.com/currencies/lets-go-brandon/ (https://coinmarketcap.com/currencies/lets-go-brandon/)
(https://eorense.com/wp-content/uploads/2021/12/Lets-Go-Brandon-NASCAR.jpg)
This is my favorite Crypto:
Dogecoin
https://dogecoin.com/
and my second favorite:
Shiba Inu
https://www.shibatoken.com/
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Here's why the unrest in Kazakhstan is wreaking havoc on crypto and commodity markets
https://markets.businessinsider.com/news/commodities/kazakhstan-political-unrest-bitcoin-uranium-oil-price-hash-rate-commodities-2022-1
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Saw where BTC has been as low as $33K of late. Any comments on causes or market conditions from our partipants?
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NPR article from @Bigun
https://www.npr.org/2022/02/06/1072406109/digital-dollar-federal-reserve-apple-pay-venmo-cbdc (https://www.npr.org/2022/02/06/1072406109/digital-dollar-federal-reserve-apple-pay-venmo-cbdc)
Re: Currency coversion to Cashless society.....
Crypto?
A one world universal currency not tied to a reference?
Or maybe one tied to Gold, or another commodity?
In any case, this could be rife with NWO fraudulent type implications,and 3rd world wealth redistribuition.
In any case, everyone should have been way past time in prep mode. These are the kind of things that might trigger it.
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NPR article from @Bigun
https://www.npr.org/2022/02/06/1072406109/digital-dollar-federal-reserve-apple-pay-venmo-cbdc (https://www.npr.org/2022/02/06/1072406109/digital-dollar-federal-reserve-apple-pay-venmo-cbdc)
Re: Currency coversion to Cashless society.....
Crypto?
A one world universal currency not tied to a reference?
Or maybe one tied to Gold, or another commodity?
In any case, this could be rife with NWO fraudulent type implications,and 3rd world wealth redistribuition.
In any case, everyone should have been way past time in prep mode. These are the kind of things that might trigger it.
And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Revelation 13:17
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Saw where BTC has been as low as $33K of late. Any comments on causes or market conditions from our partipants?
Now $23K.
(https://s3.amazonaws.com/cdn.gurneys.com/images/800/73353.jpg)
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Now $23K.
BTC was definitely overvalued with easy money. Now that they are raising rates money is being sucked from everywhere into the dollar.
I almost bought crypto 6 months back, but something in my gut said no. I am not impressed how it has acted during all this financial turmoil.
It was a good test of their mettle and they failed. They certainly aren't a counter to inflation.
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Tesla sold 75% of bitcoin holdings in second quarter, as crypto prices crashed
https://finance.yahoo.com/m/ac3c0673-4f35-3f53-bdd7-0f8234364037/tesla-sold-75-of-bitcoin.html (https://finance.yahoo.com/m/ac3c0673-4f35-3f53-bdd7-0f8234364037/tesla-sold-75-of-bitcoin.html)
<snipit>
Tesla disposed of 75% of its bitcoin holdings in the second quarter, as the crypto traded 65% lower from its record high in November. The company sold the coins for $936 million, according to the electric car marker's earnings report released Wednesday. Tesla said it invested $1.5 billion in bitcoin early 2021, when the crypto was trading above $30,000. The largest crypto is now trading at around $23,118, down 1% over the past 24 hours, according to CoinDesk data.
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Vulcan's comment earlier in the thread about being the wild west sure is dang true. No FTC, No rules, etc.
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BTC now <$17,000, and down close to 80% for a year.
I hope all Briefers are watching this FTX debacle closely. It not only was a Ponzi scheme that makes Madoff look like amateur, but is looking like it was a major money laundering operation that involves the democrats- Biden- and - Ukraine.
This event has tarnished the Crypto world, and has put it back 5 years as far as a LT option as investments and currency alternatives.
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BTC now <$17,000, and down close to 80% for a year.
I hope all Briefers are watching this FTX debacle closely. It not only was a Ponzi scheme that makes Madoff look like amateur, but is looking like it was a major money laundering operation that involves the democrats- Biden- and - Ukraine.
This event has tarnished the Crypto world, and has put it back 5 years as far as a LT option as investments and currency alternatives.
I feel like crypto could have a place in our financial system eventually, but for now it's a turd pile. When the Fed raised rates and everything flowed to the dollar, crypto deflated like a balloon.
Knew right there it was not up to the task as alternative currency.
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BTC still crashing $16.5K this morning, and a 2 year low.
I have no idea where the bottom is, but feel for the fools who were sucked into this Ponzi operation.
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https://twitter.com/DarrenJBeattie/status/1594373953564319745
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The other problem with crypto is that it takes electricity to mine and use.
In a Green New Deal, Great Reset world power will be scarce and unreliable, and price crypto mining out of the market.
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A good synopsis of the FTX collapse:
https://www.youtube.com/watch?v=20BEJouWBgY
Suffice to say these guys were IDIOTS. They had zero understanding of the rules of money.
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Amazing. A deadly brew of Ponzi and gambling mixed with arrogant greed.
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Amazing. A deadly brew of Ponzi and gambling mixed with arrogant greed.
Add a fourth dose of political corruption at the highest levels......
And just think....this is almost the same model being incorporated by the Green New Deal Envirowhacko Scam. People don't understand what is hitting them right now.
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Amazing. A deadly brew of Ponzi and gambling mixed with arrogant greed.
It wasn't totally a ponzi scheme because they were fully funded, except what they were fully funded with was not actual currency, but their little FTX token coin, which had no real distribution or fungibility outside their little circle.
They were amateur hour rubes, thinking that their 'billions' was some kind of big deal, and with it and alot of cowboy swagger, the world was their oyster in which they could make anything happen. Reality is the world currency markets trade over $10T A DAY. They also are issued by govts that can 1) pay interest on their currency via debt instruments, 2) tax, and 3) have a real physical economy to support that currency, and are fungible in the real world. Their little token was a pimple on a flea's butt.
I would put their downfall mostly at arrogance. I do not understand the fascination of this society with boy genius wunderkind prodigies with the Einstein hair and surfer dude mentality and stupid MIT degrees. Oh, yes yes yes don't you see, but they are the new tech savvy generation, they are going to do away with the old fossilized rules of ancient geezers and govts and create a whole new rainbow and unicorn world of dizzying financial utopia, because computers.
Reality is money/financial rules are fixed and do not bend and do not yield. To quote a line from a song by the late great Johnny Cash: 'You can run on for a long time, sooner or later God'll cut you down.' These guys didn't even have a clue, but they were young and cool so they didn't have to play by the rules.
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It wasn't totally a ponzi scheme because they were fully funded, except what they were fully funded with was not actual currency, but their little FTX token coin, which had no real distribution or fungibility outside their little circle.
They were amateur hour rubes, thinking that their 'billions' was some kind of big deal, and with it and alot of cowboy swagger, the world was their oyster in which they could make anything happen. Reality is the world currency markets trade over $10T A DAY. They also are issued by govts that can 1) pay interest on their currency via debt instruments, 2) tax, and 3) have a real physical economy to support that currency, and are fungible in the real world. Their little token was a pimple on a flea's butt.
I would put their downfall mostly at arrogance. I do not understand the fascination of this society with boy genius wunderkind prodigies with the Einstein hair and surfer dude mentality and stupid MIT degrees. Oh, yes yes yes don't you see, but they are the new tech savvy generation, they are going to do away with the old fossilized rules of ancient geezers and govts and create a whole new rainbow and unicorn world of dizzying financial utopia, because computers.
Reality is money/financial rules are fixed and do not bend and do not yield. To quote a line from a song by the late great Johnny Cash: 'You can run on for a long time, sooner or later God'll cut you down.' These guys didn't even have a clue, but they were young and cool so they didn't have to play by the rules.
@Free Vulcan
I might be one of those old fossilized geezers you talked about, but I am still not convinced crypto isn't just a another new version of 17th Century Tulips.....
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@Free Vulcan
I might be one of those old fossilized geezers you talked about, but I am still not convinced crypto isn't just a another new version of 17th Century Tulips.....
Agree. Right now the whole market is a turd pile on so many levels. After investigating it quite awhile, it ultimately was a negatory because none of them seemed to follow basic financial parameters to be legit.
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https://twitter.com/ChuckCallesto/status/1596342131798380545
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BitCoin has the advantage of being one of the first, and having a fixed number of units. Scarcity helps maintain value.
I'd rather own tulip bulbs than crypto currencies. Tulip bulbs are a tangible commodity that are more liquid than crypto.
Crypto currencies are more transferrable than tulip bulbs, but their liquidity is dependent upon the capitalization levels of the crypto exchanges.
FTX did not have sufficient capital to cover requests for redemptions for dollars or other tangible assets, government-backed currencies, or commodities.
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BlockFi another well known crypto-crap went belly up today.
Kaboom!!!!
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BlockFi another well known crypto-crap went belly up today.
Kaboom!!!!
Seen that. They said they expected quite a long tail of fallout.
:2popcorn:
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Third Crypto Boss Dies in Helicopter Crash
(https://www.thegatewaypundit.com/wp-content/uploads/Vyacheslav-Taran-Crypto-Boss-1-1.jpg)
And now Vyacheslav Taran, 53, the co-founder of trading and investing platform Libertex, has died in a helicopter crash near Monaco after taking off from Switzerland.
Questions have arisen on how the crash occurred on a day with blue skies and clear weather.
https://www.thegatewaypundit.com/2022/11/third-crypto-boss-dies-helicopter-crash/
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Activating Gibbs Rule #39 here.
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Third Crypto Boss Dies in Helicopter Crash
(https://www.thegatewaypundit.com/wp-content/uploads/Vyacheslav-Taran-Crypto-Boss-1-1.jpg)
And now Vyacheslav Taran, 53, the co-founder of trading and investing platform Libertex, has died in a helicopter crash near Monaco after taking off from Switzerland.
Questions have arisen on how the crash occurred on a day with blue skies and clear weather.
https://www.thegatewaypundit.com/2022/11/third-crypto-boss-dies-helicopter-crash/
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Activating Gibbs Rule #39 here.
Whoa!
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Whoa!
I think heads of Crypto outfits has replaced #3 of Al-qaida as the most dangerous job in the world. :cool:
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(https://img.thedailybeast.com/image/upload/c_crop,d_placeholder_euli9k,h_800,w_1200,x_0,y_0/dpr_1.5/c_limit,w_690/fl_lossy,q_auto/120822-Kirsch-gemini-1_kagntd)
Winklevoss Crypto Firm’s Employees Saw the Disaster Coming
Marketing materials depicted a tantalizing opportunity: Users of Gemini—the cryptocurrency exchange founded by identical twins Cameron and Tyler Winklevoss—could hand over their digital assets to a product called Earn. The assets would then be loaned out, generating returns as high as 7.4 percent per year. Feeling nervous? Gemini promised investors they could redeem their crypto “at any time…plus the interest you’ve earned!” To some, this gave the impression that their money was safe.
That apparently wasn’t the case. On Nov. 16, the company announced that amid fallout from the crypto exchange FTX, its lending partner, Genesis, had “paused withdrawals,” thereby locking up customer assets. The Financial Times subsequently reported that Genesis owed Gemini’s clients a staggering $900 million.
Multiple former Gemini employees told The Daily Beast that the company downplayed Earn’s riskiness from the outset.
“Gemini definitely sold it as like, ‘It’s hassle-free. It’s easy. Get your crypto back right away, no delays,” said Nick Fuhrmann, who worked as a senior data engineer at Gemini until November 2020, while the product was being developed. “It kind of came across as less of a risk, at least to me.”
https://www.thedailybeast.com/winklevoss-crypto-firms-employees-saw-the-disaster-coming
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But yeah man, we're so much younger and cooler, with crazy hair, and we play video games, so we don't have to play by any hard and fast financial rules.
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REPORT: Crypto Exchange Binance Sees Mass Withdrawals As Industry Panics
(https://images.dailycaller.com/image/width=960,height=411,fit=cover,f=auto/https://cdn01.dailycaller.com/wp-content/uploads/2022/12/GettyImages-1239817446-scaled-e1670942456115.jpg)
Crypto exchange Binance is experiencing mass customer withdrawals as the company’s finances remain uncertain and the crypto industry faces turmoil.
Binance has seen net outflows of $1.6 billion over the past 24 hours, compared to $1.9 billion of net outflows last week, according to The Wall Street Journal. CEO Changpeng Zhao (CZ) said on Twitter that there has been an increase in USDC withdrawals, a crypto “stablecoin” tied to the U.S. Dollar.
https://dailycaller.com/2022/12/13/binance-s-f-ftx-mass-withdrawals-crypto-chanpeng-zhao/
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////00000////
Anyone wanna buy some tulip bulbs?
https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp (https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp)
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(https://media1.giphy.com/media/gGqq9SOaxrco7vAnZx/giphy.gif?cid=790b761147b61385eb0f0ae27f076b32cf0c432415177ffc&rid=giphy.gif&ct=g)
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Sam Bankman-Fried’s Criminal Trial Judge Is Married to Law Partner of Firm that Arranged the FTX-BlockFi Deal (https://wallstreetonparade.com/2022/12/sam-bankman-frieds-criminal-trial-judge-is-married-to-law-partner-of-firm-that-arranged-the-ftx-blockfi-deal/)
By Pam Martens and Russ Martens: December 21, 2022 ~
Last week the New York Times did a puff piece on the judge that will be presiding over the Sam Bankman-Fried criminal trial in the Federal courthouse in lower Manhattan. The judge is Ronnie Abrams. The narrative at the New York Times is that Abrams’ “husband, Greg Andres, is an accomplished former Brooklyn federal prosecutor….”
Our take is that Greg Andres is part of Ronnie Abrams’ immediate household and a law partner of Davis Polk & Wardwell LLP, a law firm that has problematic ties to Bankman-Fried’s bankrupt crypto exchange, FTX, and another crypto firm it became enmeshed with, BlockFi, which is also now in bankruptcy...
Excerpt: Rest at headline link
Yet more incestuous crap!
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(https://preview.redd.it/o6uy6wdga1s91.jpg?auto=webp&s=1163a665e5b4dae1e9f8b8cc1474712856d570de)
Saw this sitting out in my Dr.'s office this morning.
Think Fortune would like a Mulligan? :silly:
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Coinbase to pay $100 million settlement with New York regulators
Cryptocurrency company Coinbase will be required to pay $100 million to New York regulators after an investigation revealed the company was “vulnerable to serious criminal conduct," the Department of Financial Services said Wednesday.
Coinbase “failed to conduct due diligence” within its Bank Secrecy Act and Anti-Money Laundering program, according to the department's press release, including failing to keep ahead of the alerts triggered by its Transaction Monitoring System.
https://www.washingtonexaminer.com/policy/technology/coinbase-pay-100-million-new-york-regulators
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Bump.... Bump..... Bump....
Another One Bites the Dust.
https://www.financialexpress.com/blockchain/crypto-lending-unit-of-genesis-files-for-us-bankruptcy/2954587/ (https://www.financialexpress.com/blockchain/crypto-lending-unit-of-genesis-files-for-us-bankruptcy/2954587/)
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The lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. The company is owned by venture capital firm Digital Currency Group (DCG).
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https://twitter.com/ChuckCallesto/status/1684604455533019143
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In maybe some of the biggest news in Crypto in the past 5 years, the SEC has given the go ahead the Crypto concept, giving some level of validity, and is allowing ETF's to established in several exchanges. **nononono*
https://www.theguardian.com/technology/2024/jan/11/bitcoin-etf-approved-sec-explained-meaning-securities-regulator-tweet (https://www.theguardian.com/technology/2024/jan/11/bitcoin-etf-approved-sec-explained-meaning-securities-regulator-tweet)