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Wasabi Wallet Will Pay You to "Crack" a Bitcoin Wallet

The challenge is part of a week-long educational game that has received support from 12 major partners, including Blockstream, Trezor, BTCPay and others......»»

Category: forexSource: coindeskJan 24th, 2023

Shiba inu coin soars 22% to another new record after crypto whale buys 277 billion tokens

"A breakout in bitcoin in absolute terms would support a risk-on environment favoring Ether and other altcoins," Katie Stockton said. An 11 year-old Shiba Inu in California, US on October 28, 2020. Nathan Frandino/Reuters/File Photo Shiba inu coin surged more than 20% to hit a record high of $0.00004853 on Tuesday, according to data from CoinMarketCap.The move came after an anonymous crypto whale purchased 276.6 billion SHIB tokens Monday evening.Shiba inu coin is now the 11th largest cryptocurrency with a market value of $18.8 billion.Shiba inu coin, a meme-based cryptocurrency that is based off another meme-based cryptocurrency that makes fun of cryptocurrencies altogether, soared more than 20% on Tuesday to hit a record high of $0.00004853, according to data from CoinMarketCap.The move higher in the cryptocurrency was sparked Monday evening after an anonymous crypto whale purchased 276.6 billion shiba inu tokens for about $11.5 million, according to data from Whalestats, which tracks activity for the 1,000 largest ether wallets. The purchase brought the crypto whale's total holdings in shiba inu coin to 316.5 billion, worth about $15 million and representing the largest position in the wallet.The surge in shiba inu represents a renewed wave of risk-on sentiment among cryptocurrency traders, especially after bitcoin surged to record highs earlier this month at about $67,000. Shiba inu's Tuesday surge catapulted its market value to $18.8 billion, making it the 11th largest cryptocurrency in the world. To crack the top 10, shiba inu coin will have to nearly double from current levels to take over USD Coin's market valuation of about $33 billion. Dogecoin, the inspiration behind shiba inu coin, would be the next target for shiba inu, which currently has a $35 billion valuation.Technical analyst Katie Stockton of Fairlead Strategies thinks the renewed rally in altcoins like shiba inu could be set to continue if bitcoin manages to confirm its recent breakout by trading above the $65,000 level again."A breakout in bitcoin in absolute terms would support a risk-on environment favoring Ether and other altcoins," Stockton said in a Tuesday note. And that type of environment could be a boon for shiba inu coin. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderOct 26th, 2021

Luongo: Is The Bitcoin ETF "A Trap"?

Luongo: Is The Bitcoin ETF "A Trap"? Authored by Tom Luongo via Gold, Goats, 'n Guns blog, So Tuesday October 19th, 2021 was supposed to be the day that changed everything for bitcoin. And it may, just not in ways anyone bullish on crypto should be comfortable with. Finally the SEC approved a Bitcoin ETF, the ProShares Bitcoin Futures ETF (BITO) began trading this week to great fanfare in the cryptocurrency community. There was much rejoicing as Bitcoin hit a new all-time high which it has since given back. On the heels of that announcement Valkyrie changed the proposed ticker symbol for its Bitcoin Strategies ETF, another futures-based product, to BTFD. Gotta love the cheek, there. And while that’s all well and good, I have to tell you that I have sincere reservations about popping the virtual champagne here. Because I’ve seen this story before… in gold and silver. I remember those heady days when all the gold bugs thought an ETF would be just the thing to solve the ‘liquidity’ problem gold had. At the time they didn’t want to hear that this lack of liquidity was one of those good problems gold and silver had. Once people dug into the prospectus of the proposed SPDR Gold ETF, which has since then changed its name to SPDR Gold Shares ETF, they found that GLD didn’t have to hold physical gold of any particular quality. They could hold the dreaded ‘paper gold.’ That was the key to these funds being just another layer of the Matrix. They opened up those markets to another sink to drain demand into a black hole of infinite ‘liquidity’ which in the end did nothing to help the price of gold. In fact, just the opposite occurred. It took pressure off the physical spot market and the forex trading of gold and dumped billions of unsuspecting retail investors into the Midgewater Marshes of Wall St.’s hyper-financialization engine. Or does no one remember the definition of ‘Getting Corzined?” So, will that happen with bitcoin since these ETFs are even less tied to the underlying commodity than GLD and SLV? Before I answer that, let’s back up and set up some boundary conditions. This ETF will trade and settle only in front-month Bitcoin futures contracts traded on the CME.  These are cash-settled contracts that bear no relation to actual commodities futures contracts where the buyer is pledging to take delivery of a defined-amount of say, soybeans, and the the seller is pledging to deliver that amount of soybeans by a certain date. In these contracts there is no delivery of bitcoin, the underlying commodity, here.  The only thing delivered is cash. This is just like there is very little gold actually delivered based on the outstanding volume of gold futures open interest on the COMEX during the delivery period during the first week of every other month. Most gold futures are settled in cash, because that’s what many want, a way to hedge dollar or euro exposure with gold without the hassle of actually owning the stuff. And there is nothing inherently wrong with that. But it shouldn’t be the entire market and nor should the ETFs be marketed as having exposure to actual gold. Even when people stand to take delivery in gold there have been multiple instances where cash-settlement was forced on the buyer, presumably because the gold wasn’t there. FYI, it’s in the contract. The COMEX reserves the right to NOT DELIVER gold. Force majeure is a thing, even in the United States. Futures of this type create nothing more than synthetic supply for speculators to make side-bets on the price of an asset without ever having to trade the asset itself. This sucks away demand for that asset and bearing the risk associated with holding it. It creates absolutely zero actual physical demand for the commodity. So, these ETFs will generate absolutely zero demand on the Bitcoin blockchain, only send a secondary signal to actual bitcoin traders that there is something happening they should be aware of. The question everyone should be asking which market is the more important? The actual bitcoin market or the bitcoin futures market? What it does create is a very different set of parameters and games theory optimization strategies for those that play it. They aren’t playing bitcoin, they are playing with “speculating on bitcoin.” And this type of speculation has been going on since December 2017, when the CME’s original bitcoin futures contract began trading. No shock, then, to anyone with any sense of market history that bitcoin peaked in January 2018 and entered a two-plus year bear market. Moreover, they aren’t risking their holdings of bitcoin as the seller of the contract or taking on the volatility risk of the future delivery of bitcoin as the buyer of the contract. These aren’t futures contracts, they are more appropriately called ‘contracts for difference,’ or CFDs, that shady Greece-based Forex companies offer. In effect, I bet the price goes up, you bet it’ll drop and after a certain amount of time we settle our bet. Futures are supposed to help producers of commodities and consumers thereof coordinate production and consumption through time.  They are a vital part of how a free market optimizes capital flow and risk assessment. They help send signals to all players in the supply chain up and downstream of those base commodities what the supply and demand structure of those markets looks like. These are vital and essential pricing signals that when screwed with upset the flow of capital around the world.  So, this should clue you in as to why all these ‘supply chain’ issues and rising ‘inflation’ concerns are suddenly popping up all over the world. There’s been a whole lotta shenanigans going on in various commodities futures markets now since the beginning of the COVID-9/11 psy-op pandemic. From last year’s catastrophic contango in crude oil and the insane pump and dump of lumber futures to this fall’s rise in energy and industrial metals prices, commodities futures markets have become the plaything of speculators who are all downstream of the central banks money printing machines. And since I subscribe heavily to the theory that there are no coincidences in geopolitics, I have to ask the basic question I always ask in times like these… cui bono? Who benefits from this volatility? For years the rent-seekers close to the central banks have turned futures from an essential market function into a tool of market manipulation by giving some actors access to free money to speculate on the asset and utilize the leverage they gain to push and pull the price for trading desk profits. But, honestly, that analysis is as generous as I can be about this situation. By corrupting the gold market nearly to its terminal state over the past fifteen years they have extended the life of the central banks’ power for close to two decades now. The game, in my opinion, is far more sinister than just profit motive, if only it were that banal. No, this manipulation of global commodity prices has massive political and societal effects, corrupting everything these markets touch. Remember, a corrupt money begets a corrupt society. So with corrupted futures markets we have corrupted the very essence of the structure of production and consumption, the very essence of voluntary exchange as the basis for civilization. I wonder who benefits from that…. could it be Communists who hate Capitalism? Askin’ for a friend. Back to gold and silver. GLD and SLV provide massive amounts of liquidity to retail investors which bleeds off physical demand.  I can’t tell you how many hours I’ve spent trying to convince people to STOP BUYING GLD AS A PROXY FOR GOLD over the past fifteen years. If you want gold buy gold. Hold it in your hand, stop pussyfooting around and remember that not every decision you make with your money should be immediately reversible. That’s not investing, that speculating. The only people who worship at the altar of the Gods of Liquidity are the market-makers skimming both sides of the trade. GLD and SLV both act as a psychological crutch to never commit to taking the other side against the central banks and the powers that continually siphon off your best energy into rabbit holes of irrelevant distractions, like what some dumb chick said on Twitter the other day. You think you’re buying portfolio protection or are hedging against the dollar but all you’re doing is creating the very synthetic short against your portfolio that dulls its returns over time. By buying either of these funds you are just feeding the beast who is working against your well being. Because while they may track the gold price they don’t give you any actual say in the price of it, because all you’re doing is signaling SPDR to print more shares to buy more contracts on the COMEX which were printed out of thin air by some investment bank borrowing money from the Fed at 0%! The same will go for any bitcoin ETFs that don’t hold physical BTC. This is why SEC Chair and Davos troll par excellence Gary Gensler fast-tracked this ETF now after 5 years of the SEC farting around saying no to real Bitcoin ETFs. Everyone serious about crypto wants a physical bitcoin-settled ETF, which the SEC doesn’t want to grant because that would be something that would 1) increase the actual demand for Bitcoin and 2) would expose those involved in the trade to actual time-risk. The biggest clue that these ETFs are not for our benefit but theirs is the following. Settling bitcoin accounts for the ETF daily would be the easiest ETF of this type to implement ever. At the end of trading on any given day the fund simply sends one measly transaction to the blockchain to buy or sell the net of all the trades of the bitcoin ETF’s shares for the day. Hell, they could settle it up every hour if need be during times of volatility. With Lightning Network live, that settlement could even happen there and bleed the blockchain traffic off over time if there’s congestion and the fees too high. It would lead to less bitcoin volatility in the long run, rather than more. And before you begin criticizing me, it’s irrelevant whether I have the settlement mechanisms right here or not, the finer details could be worked out easily if anyone at the SEC cared to want to do that job. What’s important is that the blockchain creates a far more stable environment for issuing a commodity ETF than any other physical commodity actually does. It’s not like we need warehouses to store digital commodities, after all. Moreover, I can even see some upside for the government here. With a daily on-chain settled ETF government stooges like Gensler would then bleed investor demand away from non-KYC/AML compliant crypto exchanges (of which there are dozens) and put them under the purview of Wall St. brokerages, SEC compliance rules etc. where more crypto investors would pay their capital gains taxes, which I thought is what Treasury Secretary Janet Yellen wants to crack down on so badly? So, again, why didn’t they do this and why are we instead going to get a critical mass of these corrupt futures-based ones? I think you know my answer to that. They need to get as many hooks into bitcoin that they can now to control the price and siphon off retail investor demand while also collecting massive trading fees and trading against their clients’ books. The same way they do in gold. Because they have all but admitted at multiple layers of the technocracy that bitcoin has already beaten them. I’m with Raoul Pal in saying if Gensler was pro-Bitcoin he wouldn’t approve a futures ETF, he’d approve a real one.  As I said already, if there is one commodity on the planet that can handle a day-to-day settled ETF with physical accounting of the float it would be Bitcoin. And yet they won’t do it.  It is expressly against their goals to encourage investors into Bitcoin in ways that would improve it as a market. Instead they want to add bitcoin to their schemes of suppressing the price and sucking up the supply over time, the same way they have destroyed the oil markets, the gold market and every other damn market these vultures have ever touched. So, my advice is stay in actual on-chain bitcoin.  You want bitcoin. Buy some frickin’ bitcoin. Buy the Grayscale closed-end fund, GBTC, if you need to. Or, do what millions have already done, just learn to take full control over your investments and your portfolio hedges and tell the Genslers of the world to go stuff his shit back up his ass where it belongs. They are going to tempt you with lower trading fees on their exchanges as opposed to the much higher ones on Coinbase.  It’s being designed this way on purpose.  Here, you can trade bitcoin for free on RobinHood, why pay Coinbase their fee? Or do yourself a real favor and stop trying to trade bitcoin and listen to the laser-eyes set on Twitter. Just buy the stuff, pull it off the exchanges onto a hardware wallet and ignore all their fancy, financial schemes to separate you from real value. These things are ultimately just marketing. Bitcoin didn’t need an ETF to scare the living daylights out of Wall St., Davos, the CCP and every other would be Bond Villain out there. Thanks to Zerohedge for the above chart. This is what you are staring at over time if you buy this over buying bitcoin directly. No different than what happened to a lot of gold holders who tried to outperform the market through the price manipulation on the COMEX over the 2005-11 bull market. Davos wants private cryptocurrencies banned but failing that they want it as much of it under their control as possible. It’s why the World Economic Forum has ‘approved of’ and is ‘working with’ a list of preferred cryptocurrencies while Gensler and Yellen muck up the market and insert dangerous language into unpassable legislation, e.g. the Build Back Better plan. The problem for them is that Wall St. wants private crypto because it is one of the ways for them to survive the collapse of the current monetary system, since the traditional banking model is as dead as MySpace. The CFTC settlement with Tether last weekend tells you all you need to know about who’s actually in charge on Capitol Hill… and it ain’t Davos.   That was a JPMorgan-style slap on the wrist similar to the SDNY’s settlement with Tether in December.  Tether may be a scam or a Ponzi scheme but it’s now another Wall St. approved scam and Ponzi scheme. But it’s still not approved by Davos. Gensler is fighting an uphill battle against an avalanche of capital that wants yield in a yield-free world. It’s a global market and everyday with Lightning online, the third world is getting access to first world payment technology. That’s the real battle they are losing. Jay Powell came out today and reiterated his commitment to ending QE (hint: not a policy mistake) and allowing all that money printed and he’s sterilized over the past six months within the RRP facility to allow the economy to run without any further support. He has finer control over dollar in/outflow than a Fed chairman ever has and right now, all the right people hate him. Meanwhile everyone on Capitol Hill has COVID-9/11 and January 6th fatigue except the ones holding desperately to the reins of power. The arguments for sending the country on another spending spree seems dumb when there are help wanted signs everywhere and even that too dumb to be considered a dimbuld, Jen Psaki, is trying to play off their manufactured supply chain crisis with the excuse that people are buying so much stuff. And we need $4.5 trillion in spending for what again exactly? How’s that awesome power of the Speaker’s Gavel feel when jammed down your throat, Nance? Mmm… rosewood. This will put upward pressure on UST yields for a time but worse it will begin a stampede out of European debt as the situation there as I’ve discussed ad nauseum ad infinitum is far worse than anything happening on Capitol Hill. All that has to happen now is for O’Biden to admit defeat and GFTO (which is another good candidate for a Bitcoin ETF ticker symbol, in my opinion) of the way. We know they won’t, so brace yourselves for the mother of all battles for our monetary future. And even if Gensler succeeds in taming bitcoin and major private cryptos all he’ll do is drive the economy underground. As Martin Armstrong has been warning us for decades, this is the main way empires collapse, by driving capital underground, deflating asset prices through collapsing money velocity and forcing monetary inflation to offset it. Sound familiar? Got Bitcoin? Got Gold? Got Depends? *  *  * Join my Patreon if you’ve, “Got this…” BTC: 3GSkAe8PhENyMWQb7orjtnJK9VX8mMf7ZfBCH: qq9pvwq26d8fjfk0f6k5mmnn09vzkmeh3sffxd6rytDCR: DsV2x4kJ4gWCPSpHmS4czbLz2fJNqms78oELTC: MWWdCHbMmn1yuyMSZX55ENJnQo8DXCFg5kDASH: XjWQKXJuxYzaNV6WMC4zhuQ43uBw8mN4VaWAVES: 3PF58yzAghxPJad5rM44ZpH5fUZJug4kBSaETH: 0x1dd2e6cddb02e3839700b33e9dd45859344c9edcDGB: SXygreEdaAWESbgW6mG15dgfH6qVUE5FSE Tyler Durden Sun, 10/24/2021 - 09:20.....»»

Category: personnelSource: nytOct 24th, 2021

Someone Just Sent $23M In Bitcoin Onto Coinbase

What happened: An anonymous cryptocurrency wallet holding $23,953,653 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as: # read more.....»»

Category: blogSource: benzingaJan 26th, 2023

This Wallet Just Transferred $21M Worth Of BTC Onto Coinbase

What happened: An anonymous cryptocurrency wallet holding $21,809,900 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Coinbase. The bitcoin wallet address tied to this transfer has been identified as: # read more.....»»

Category: blogSource: benzingaJan 26th, 2023

What is wash trading, the fraudulent practice that some experts say accounts for 70% of transactions on crypto exchanges?

Wash trading can artificially boost prices, give the illusion of liquidity, and generate interest from other investors, experts tell Insider. (Photo by Jakub Porzycki/NurPhoto via Getty Images) Wash trading accounts for 70% of trades on some crypto exchanges, a study found.  The practice of firms trading with themselves to boost prices artificially may lure inexperienced investors.  Three experts dive into the practice and what it means for the crypto market.  Illicit crypto transactions skyrocketed in 2022 as scammers and hackers made off with billions, but there's another type of fraud lurking in the industry—wash trading, the fraudulent practice some traders and crypto firms can use to pump prices, dupe investors, and make trading appear more liquid. A recent working paper from the National Bureau of Economic Research found that wash trades accounted for up to 70% of all transaction on non-compliant crypto exchanges, suggesting most trades on these platforms are fraudulent. Mark Cuban, an avid cryptocurrency investor, warned his followers that the discovery and regulatory crackdown on wash trades could potentially set up another implosion in the industry.What is wash trading and why is it bad?Wash trading is essentially when a firm or party trades with itself to artificially boost prices, give the illusion of liquidity, and generate interest from other investors, according to Timothy Cradle, the director of regulatory affairs at Blockchain Intelligence. That can lead other investors to buy the token at an artificially high price. It's fraud and a form of market manipulation, he said.But the practice isn't only limited to individual bad actors. Crypto exchanges can also do wash trading to artificially jack up trading volumes, making the exchange appear more productive or more liquid than it actually is. That could potentially lure investors who are looking for a place to park their money, especially if they're comparing exchanges. "There's competition in every industry. That's not an excuse to go out and do wash trading and try to make your exchange look more liquid than it actually is, especially when you're dealing with cryptocurrency," Cradle said.How common is it?Wash trading could be as simple as sending crypto from one wallet to another, but there are more elaborate schemes out there, says Kim Grauer, the director of research as Chainalysis. In her research, wash trades were identified when a trade met certain relationship criteria with other wallets and addresses – suggesting something fraudulent could be taking place.The NBER paper studied 29 crypto exchanges that were classified as regulated or unregulated, with unregulated exchanges being sorted into two tiers based on size. The authors found wash trading was virtually absent on regulated crypto exchanges, but made up an average 77.5% of trading volume on unregulated exchanges. Tier-1 unregulated exchanges had a slightly lower proportion of wash trades at 61.8% of transactions, compared to 86.2% of transactions Tier-2 unregulated exchanges. For Binance, the largest crypto exchange in the world by trading volume and an unregulated Tier-1 exchange in the study, wash trading was estimated to comprise 46.4% of all transactions. "Binance does not engage in or tolerate wash trading, which is a violation of our terms of use, nor has it ever done so," a spokesperson from the exchange told Insider. "Binance has a dedicated Market Surveillance team that is responsible for reviewing surveillance related to potential abusive and/or manipulative behavior including wash trades and trade price manipulation."KuCoin, another top-five crypto exchange according CoinMarketCap, was estimated 52.9% of its transactions consist of wash trades. A spokesperson from the exchange told Insider KuCoin did not engage in wash trading.The paper also found a higher incident of wash trading in the few weeks after the crypto market saw positive returns, or experienced a drop in volatility. "Price increases could draw retail investors' attention and encourage speculation. Therefore, crypto exchanges are incentivized to pump up volumes to vie for better ranking and more clients."There's no way to truly identify a wash trade unless you have access to account data, which is typically only available to the exchanges themselves, according to Martin Leinweber, digital assets product specialist at MarketVector Indexes. The paper's findings, do, however, give an idea of how important regulation is in the industry, he said.How bad is this for the crypto industry?Experts are hesitant to say it could lead to the crash Mark Cuban envisioned, although the risk of another major crypto exchange going down because of fraudulent behavior is certainly possible, Cradle said."I struggle to agree or disagree with it," Cradle said. "I would find it hard to see a complex industry completely go under because of one type of fraud or manipulation.""I don't see a risk of a sudden crash as investors are already migrating to better exchanges," Leinweber added, pointing the exodus of crypto traders towards Tier 1 exchanges, which typically have better external ratings and are more compliant with regulation. Why aren't regulators paying more attention?One problem could be that the legal framework for crypto regulation is currently ambiguous. For instance, many in the industry have claimed that cryptocurrencies are commodities, not securities. But that definition places crypto in a regulatory loophole, since there is no federal oversight over the commodities spot market the way there is for the futures market."We're in this weird situation where both the CFTC and the SEC haven't really settled on what is cryptocurrency, and the question becomes who's actually going to investigate it and why," Cradle said. Others have criticized the CFTC and the SEC's hands-off approach to regulation. SEC chief Gary Gensler has previously said the US has regulatory framework for crypto firms, but many are not compliant, he said, urging exchanges to "come in and talk." Leinweber speculated that regulators may need to have a more comprehensive strategy if they are truly to crack down on wash trading. "To govern these exchanges, you must have a global strategy. Otherwise, regulatory arbitrage would always exist," he said. "I predict there will be increased regulation. But what we really require is intelligent regulation." Read the original article on Business Insider.....»»

Category: smallbizSource: nytJan 16th, 2023

The Senator Who Didn"t Know (But Thought She Did)

The Senator Who Didn't Know (But Thought She Did) Authored by Joakim Book via The Mises Institute, Legislators have a strange relationship with magic. To achieve that which physically cannot be done, they like to wave magic wands and pretend that it can. Reality puts a limit on political power, a realization that always sits poorly with those in charge of our trillion-dollar bureaucratic machinery. Senator Elizabeth Warren is a stunning case in point, and she’s had her aim at the magic-seeming world of digital assets like bitcoin for a while. Last month she cosponsored The Digital Asset Anti-Money Laundering Act of 2022 with Roger Marshall which attempts to put those assets under rules that echo the regulatory system that cryptocurrencies were created to escape. The bill’s purpose is “closing loopholes and bringing the digital asset ecosystem into greater compliance with the anti–money laundering and countering the financing of terrorism (AML/CFT) frameworks governing the greater financial system.” This turns tens of thousands of node runners, wallet users, or bitcoin holders into licensed money service businesses for running software on their computers. The bill’s text especially rallies against “unhosted” wallets, which are just assets that are not under the custody of a regulated exchange or bank-like entity—that are owned outright instead of being counterparty to a censorable banking contract. There can be no financial privacy in the senator’s world. Money transmitter entities would be required to perform the sort of identification and counterparty checks that banks submit to, but the bill takes things one step further: Prohibit financial institutions from using or transacting with digital asset mixers and other anonymity-enhancing technologies and from handling, using, or transacting with digital assets that have been anonymized using these technologies. An old-world analogy of the absurdity of this is physical cash, where using an ATM and then making a bank deposit is the most rudimentary form of “anonymity enhancing technologies.” If the senators get their way, the kind of privacy that cash permits would be ruled out in the new world of bitcoin: we must see what you’re up to and make sure you’re not spending any funds we disapprove of.     Reality Reasserts Itself Never before was a piece of proposed legislation so resolutely defeated by reality. Reality doesn’t go away simply because you label it “money laundering” or tangentially connect it to criminal behavior by the rogue states that ostensibly motived the bill.   Warren cannot do this for three reasons: Bitcoin doesn’t work the way she thinks. Congress is constitutionally barred from doing it. And because the bitcoin protocol doesn’t care about her magic-wand waving.  While bitcoin attempts to be money, it doesn’t conform to the physical properties of pieces of paper (or regulated banking institutions) that Warren pretends to understand. Paper dollars are handed over in trade, and bank transfers clear between banks or on the Federal Reserve’s balance sheet; something that has monetary value moves, and we therefore get money transmitter laws to keep tabs on who is moving funds to whom. On the surface it seems that bitcoin operates in the same way: I have satoshis in a mobile app or a hardware wallet, I press send, and then you have sats in your wallet. Something money-like moved, right? Wrong. What shifts are the open sesame–like secret words that allow a transaction to be accepted by the tens of thousands of nodes running bitcoin, recognizing that now someone else is in command of the protocol address existing all over the world at the same time. It’s like passing secret notes to the entire world, enciphered by a secret code. There’s no bank for Warren to lean on for regulatory purposes. What shifts is the protocol-level recognition that someone else now has access to the funds, whereas the funds themselves never move. L0la L33tz writes in Bitcoin Magazine that “non-custodial wallets transmit Bitcoin the currency as much as the key to one’s door moves the house around.” And words are speech which Congress has long been forbidden from interfering with. The counterintuitive notion of a monetary system that operates without money moving has yet to reach the offices of America’s legislators. Money transmission laws are as unfit to regulate bitcoin as they are regulating the janitors in the Capitol. Bitcoin doesn’t move, so how can the software that manages one’s balance be subject to money transmitter laws? Warren faces problems on three levels: 1. You can’t achieve it. Bitcoin was made for attacks like these, attempts to regulate or control it. It is resilient; its ledger and block confirmations are completely unresponsive to any magician’s waving. Last spring, China tried to ban bitcoin mining—a physical process more difficult and obvious than just holding, transacting, or validating bitcoin—in a state much more authoritarian than the US, and they couldn’t do it. A year and a half later, plenty of covert mining operations exist in China, not to mention the exodus of machinery that set up in the US, Canada, Kazakhstan, and Russia. A huge authoritarian crackdown with zero impact on bitcoin. Good luck subduing the mere transactions and privacy-enhancing methods that people run on their phones and computers. 2. You’re not allowed to. The First Amendment says that government cannot abridge the freedom of speech, and since Bernstein v. United States in the 1990s, the Supreme Court has said that code is speech. Every aspect of bitcoin is code: The validators running bitcoin is code. The “unhosted” wallets and the mixers the bill laments are code. The mobile apps that allow spending is code. At no point does anything related to bitcoin cease being code. End of discussion. 3. You’re not supposed to. Money is a neutral entity, a system that exists entirely to facilitate trade between humans. If it performs its role well, some unsavory types are going to use it (cue criminals and cash). When you meddle with it, it performs that function less well, and you harm the rest of society. Senators in a galaxy far, far away have no business interfering with it. You cannot make words illegal—primarily because they’re nonrivalrous and exist in the human mind, available for anyone to use. When Harry Potter’s enemies in J.K. Rowling’s fantastic world enforce the “Taboo”—an enchantment that lets the Death Eaters punish anyone who utters Voldemort’s name—they do so via the use of magic, a realm that Congress thankfully has not yet uncovered. Not for lack of trying, as we learned a few weeks ago when Senator Warren tried to regulate the code that people run when they use bitcoin. Central planners always try to plan that which is beyond their understanding—and frequently beyond their capacity. Good news is that it won’t pass; it’s the sort of Hail Mary marketing tool for which Warren has become quite known. Bad news is that it reflects the mistaken view held by many a legislator and plenty more everyday people. You can be in favor of bitcoin, oppose it, or be lukewarm or uninterested. What you can’t do is straw man its operation and then try to use government power to magically make it behave the way you want. Ignorance is not a good reason to mistakenly overstep one’s authority. Tyler Durden Wed, 01/11/2023 - 18:20.....»»

Category: smallbizSource: nytJan 11th, 2023

Reflecting On The Genesis Block And Bitcoin On Its 14th Birthday

Reflecting On The Genesis Block And Bitcoin On Its 14th Birthday Authored by 'NAMCIOS' via BitcoinMagazine.com, Exactly 14 years after Bitcoin was born through the Genesis block, Proof of Keys Day helps us remember why the protocol was invented and where we are today... 14 years ago today, Satoshi Nakamoto created the first block in the Bitcoin blockchain. Whether consciously or not, that move kickstarted an entire movement; one that keeps on breathing and expanding these many years afterwards. The singularity of Nakamoto’s creation has been put on display countless times since the Genesis block was mined, and today, more than ever, its purpose is becoming more clear and, fortunately or not, needed. Engraved in the Genesis block is Bitcoin’s raison d'être. "Chancellor on brink of the second bailout for banks." A simple but powerful message. The engraving in and of itself serves as an anchor to the physical world, an atestment to Bitcoin’s birthdate –– or, at least, that it couldn’t have possibly been created before Jan 3, 2009, the date the cover was published. But more importantly, and more philosophically, the message establishes a sort of manifesto, from the start. It makes it clear that the system being ignited by that very block takes a stand against the central bank policies enabled by a culture of easy money. Bitcoin, instead, would seek to restore accountability and antifragility through a monetary system based on sound money; one that can’t be debased or controlled, manipulated or manufactured to benefit a lucky few. Bitcoin would seek to level the playing field, ensuring property rights to millions worldwide, equally and irrespective of their status, race, religious beliefs, gender or nationality. The fundamental properties of Bitcoin would enable such dream to come true. Powered by a distributed network of nodes, each running the protocol’s software and as such enforcing its rules, Bitcoin would be able to let individuals take up the reins of their financials –– once and for all. As the days and years went by, however, more and more Bitcoin-related activity began drifting to centralized institutions, initially for buying and selling, later for custody, and nowadays for a plethora of services unimaginable in the days of Nakamoto. While such a move enabled a greater participation by people around the world, the initial ideals of Bitcoin have started being neglected. After all, true peer-to-peer electronic cash can’t be actualized in a custodial model where the movement of funds is but an update on a centralized database. Instead, that reality more closely resembles the old, traditional financial system Nakamoto sought to fight in the first place –– one that makes it impossible for people to be sovereign as they can’t be the master of their finances. While there are multiple requirements for Bitcoin holders to break free of the established system’s reality, this article focuses on a keystone aspect that shares the holiday with Bitcoin’s birthday. Proof of Keys Day, also celebrated on January 3, was started by infamous Trace Mayer, who rallied people to withdraw their bitcoin en masse from centralized exchanges and custodians. The reason? Only by withdrawing their BTC can people ensure companies of the burgeoning industry aren’t taking part on old and established vices like fractional reserve banking. Moreover, only with bitcoin in their possession –– held by a wallet to which they control the keys –– can people be free to do as they please with their BTC. There are many different ways to do self-custody, and while it can be daunting at first, it’s a necessary step to take the leap from the old to the new system. The "keys" discussed here are the private keys for a given Bitcoin wallet. They can be thought of as the wallet’s actual key in that it "unlocks" the wallet and the bitcoin held in it for spending. Without the keys, no bitcoin can be spent. This is because when a Bitcoin transaction is being formed, the sender "locks" the bitcoin with information about the receiver. Thanks to asymmetric cryptography, this transacting dynamic ensures that only the entity that received the bitcoin can spend it next. And this spending is made possible by the receiver’s private keys. So as long as the receiver takes good care of their private keys, only they will ever be able to spend their bitcoin –– no matter what a government, institution or agency thinks or does about that. By holding bitcoin in a wallet you create, you ensure that only you can move the bitcoin held in that wallet. When a third party custodian holds your bitcoin for you, they create a wallet for you and tell you the address so you can deposit, but ultimately they control that wallet’s private keys and more often that not that is an information you can’t access. As such, there is a need for permission to be asked to move your bitcoin. While such an ask is automated, it is still necessary so you can move your funds. Often, this takes the form of a "withdrawal request" you issue to your exchange. Proof of Keys Day aims to raise people’s awareness to this fact and entice them to take control of their finances once and for all, making the leap from the traditional financial system to the new, decentralized, Bitcoin-based one. As the saying goes, Not your keys, not your bitcoin! Tyler Durden Wed, 01/04/2023 - 12:25.....»»

Category: blogSource: zerohedgeJan 4th, 2023

This Wallet Just Transferred $25M Worth Of BTC Onto Gemini

What happened: An anonymous cryptocurrency wallet holding $25,154,257 of Bitcoin (CRYPTO: BTC) just transferred their funds onto Gemini. The bitcoin wallet address tied to this transfer has been identified as: 15P8rJm8rc4oFnAuX4RXHfv7WEScjFfM9k read more.....»»

Category: blogSource: benzingaDec 28th, 2022

The Definitive Guide To FTX’s Collapse

Everything you need to know about FTX’s collapse in plain English… What it means for crypto… Is Coinbase next?… And what all crypto investors need to do right now… Is crypto dead? FTX’s Collapse That’s the question many folks around the Thanksgiving table were asking following crypto exchange FTX’s collapse. I’ve been following the fallout […] Everything you need to know about FTX’s collapse in plain English… What it means for crypto… Is Coinbase next?… And what all crypto investors need to do right now… Is crypto dead? FTX’s Collapse That’s the question many folks around the Thanksgiving table were asking following crypto exchange FTX’s collapse. I’ve been following the fallout from FTX’s collapse closely in my premium RiskHedge Venture service. But this analysis is too important to only share with a fraction of our readers. So today, let’s look at what really caused FTX’s downfall… what it means for crypto prices… and how to position yourself for the rebound. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   How did FTX go from one of the world’s most valuable private companies to bust in a matter of days? FTX attracted billions of dollars in funding from legendary investors like Sequoia and BlackRock. It bought the naming rights for an NBA stadium, turned NFL legend Tom Brady into an advertising icon, and made a commercial with Comedian Larry David into a Super Bowl hit. Its former CEO, Sam Bankman-Fried (SBF), appeared on Meet the Press. He was featured on the cover of Forbes and Fortune magazines. And only a couple months ago, SBF shared a stage with former President Bill Clinton. So, what happened? Before SBF founded FTX, he ran a crypto fund, Alameda Research. Turns out Alameda was secretly losing money hand over fist. SBF funneled roughly $10 billion of FTX customers’ deposits into the hedge fund to cover its losses. Using customers’ money as your piggy bank is obviously wrong, and illegal. Once details of Alameda’s troubles leaked, users started pulling their money from FTX. But FTX didn’t have money to give out, forcing it to halt withdrawals and file for bankruptcy. In short, SBF is a crook who defrauded customers of billions of dollars. He reportedly built a “backdoor” into FTX’s accounting system, allowing him to funnel other people’s money into his hedge fund. What does this mean for the price of bitcoin, Ethereum, and other cryptos? The FTX blowup opened up a huge rift in the crypto markets between “strong” and “weak” cryptos. For example, bitcoin (BTC) slumped to its lowest levels in two years in the wake of FTX’s collapse. As I’ve said before, bitcoin is a weak crypto that can be summed up in two words: digital cash. But Ethereum (ETH)—a real businesses making real money... and one of my top cryptos to buy right now—has held strong. Ethereum remains 20% above its June bottom. You can see the performance gap between ETH and BTC over the past six months. Most cryptos moved in lockstep with each other over the past six months. FTX’s blowup changed everything, and split crypto into two sides. On the strong side, you have cryptos, like Ethereum, which stayed above their summer lows. On the weak side, there are assets, like bitcoin, that broke their June lows. Previously, I believed the overall crypto market bottomed in the summer. Now, it’s likely the market has another leg down, led by weak cryptos. But strong cryptos like Ethereum likely bottomed in June. FTX’s collapse was one of the worst events in crypto history. If it couldn’t drive certain tokens below their June lows, what will? This suggests anyone who wanted or needed to offload crypto already got out. We’ve run out of sellers, which usually marks a bottom. Could exchanges like Coinbase go bust next? FTX is the latest in a long list of crypto exchanges that went bust, losing users’ deposits. Now folks are wondering if Coinbase, the most popular place to buy crypto for Americans, is the next domino to fall. Coinbase is the most reputable crypto exchange. It’s also a US-listed public company, which means it’s heavily regulated with properly audited financials. This means it’s highly unlikely Coinbase will go bust. But that doesn’t mean you should leave all your assets there. Buying cryptos on Coinbase is fine. But when you store your assets on Coinbase, you’re essentially handing ownership of your crypto to the exchange. As I’ve stressed from day 1 to my RiskHedge Venture subscribers—NEVER store your crypto on any centralized exchange. If Coinbase is hacked, your money and crypto on the platform may be gone forever. Think of exchanges like public bathrooms. You get in, do what you have to do, and get out. How do you get your assets out? You move them to a “cold wallet.” Cold wallets are not connected to the internet... giving you total control of your crypto. They keep your private keys offline at all times, ensuring hackers can’t easily steal your crypto. The two most popular brands of cold wallets are Ledger and Trezor. I prefer Ledger for its ease of setup and use. You can check out Ledger’s full product lineup at ledger.com. Please don’t take this lightly. Setting up a cold wallet may seem daunting at first because it’s new. But if you’re serious about investing in crypto, you can’t afford not to. I’ll wrap up with a quick story. I was talking to a well-known crypto trader last week... He’s been in this space longer than I have and amassed a multimillion-dollar fortune during the last crypto bull market. This guy even made money “shorting” bitcoin earlier this year. He converted it all to stablecoins and was sitting on the sidelines waiting for lower prices. His only mistake? He stored the vast majority of his assets on FTX. Now FTX is bust, and all his money is likely gone. As he told me, “All those hours of work… the sleepless nights staring at a screen, for what? I played the markets perfectly but have little to show for it.” If you own crypto and don’t already own a cold wallet like a Ledger, buy one immediately and move all your cryptos off centralized exchanges. 3 Breakthrough Stocks Set to Double Your Money in 2022 Get our latest report where we reveal our three favorite stocks that can hand you 100% gains as they disrupt whole industries. Get your free copy here. Article By Stephen McBride.....»»

Category: blogSource: valuewalkDec 20th, 2022

3 Stocks to Gain Big if Cryptocurrency Rebounds

Here we provide a sneak peek into three stocks, PayPal (PYPL), Block (SQ) and Marathon Digital (MARA), which hold the potential to outshine once the cryptocurrency market rebounds. The blockchain-powered cryptocurrency market, which once gained momentum, has been witnessing a topsy-turvy situation since the beginning of 2022. The market is flashing red, with most digital currencies plummeting, including bitcoin (BTC) and ethereum (ETH), the most popular ones.According to data from Trading View, total crypto market capitalization plummeted to $781 billion at the beginning of November 2022, which marked the lowest point since December 2020. The crypto market continued to be volatile and reached a market capitalization of around $764.9 billion at the end of Dec 19. Furthermore, BTC and ETH closed at $16,439.68 and $1,167.61 on Dec 19, plunging almost 14% and 9.2% in the last two months, respectively.The current downfall in the crypto market is primarily attributed to the massive decline in the major indexes of the U.S. equity market, which has been suffering from the Federal Reserve’s aggressive stance on cutting down the inflation rate through continuous interest rate hike. In 2022, the Fed spiked interest rates by 75 basis points four times and by 50 basis points at its recent Federal Open Market Committee meeting. The Fed will continue to hike interest rates in order to drag down inflation to its target of 2% at best by 2025.The latest crash of the crypto exchange, FTX, also remains another big reason behind the downturn in the crypto market. Due to a lack of liquidity and mismanagement of funds, FTX filed for Chapter 11 last month. This has been taking a toll on BTC, ETH and other digital currencies.Upside Potential in the Crypto SpaceDespite these macro headwinds, the crypto market holds huge upside potential. Per a report by Grand View Research, the global cryptocurrency market is expected to witness a CAGR of 12.2% between 2022 and 2030.Digital and contactless trading and payments via cryptocurrencies are expected to gain further momentum.Further, the great hedging opportunities that digital currencies, especially bitcoins, offer to investors against inflation are expected to continue bolstering their adoption rate as well as drive growth in the cryptocurrency market.Additionally, blockchain technology minimizes the risks of monetary losses, double counting and hacking as it leverages a distributed consensus that makes tampering with the records very difficult. Furthermore, cryptocurrencies are eventually becoming mainstream in the process of peer-to-peer payments, payments for Web3 applications and remittance transactions, among others.Also, the growing demand for alternative currency as a result of the ongoing pandemic remains a tailwind. Many companies worldwide are now adopting the idea of cryptocurrencies as payment options and increasing their bitcoin holdings.Considering these growth factors, the cryptocurrency market is expected to rebound strongly once the impact of the abovementioned headwinds subsides.Against this backdrop, here we focus on three stocks namely PayPal PYPL, Block SQ and Marathon Digital MARA, which have wide exposure to the said market. These stocks have the potential to outshine once the market bounces back.PayPal: It is one of the well-known bitcoin-related stocks that should be focused on. Notably, this leader in digital payment processes helps merchants to accept crypto payments. It offers a service that allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account. Additionally, it provides a feature called Crypto on Venmo, which lets Venmo customers buy, hold and sell cryptocurrency directly within the Venmo app. Customers can also check cryptocurrency trends from the app. It also offers a feature called Checkout with Crypto, which lets customers convert their cryptocurrency holdings seamlessly into fiat currency at the time of checkout.These apart, this Zacks Rank #3 (Hold) company’s acquisition of digital asset security technology provider — Curv — remains noteworthy. Further, PayPal’s strong efforts toward expanding its footprint in the global crypto space are encouraging. It offers cryptocurrency service in the United Kingdom, which allows users to buy, hold and sell digital currencies like bitcoin, bitcoin cash, ethereum or Litecoin directly from their PayPal account.Additionally, the company’s recent partnership with ConsenSys is another positive. Per the terms, PayPal has been added as an option for a cryptocurrency transaction to ConsenSys’ digital cryptocurrency wallet – MetaMask, with the help of which the latter’s users are now able to buy and transfer Ether seamlessly by logging into their PayPal accounts.PayPal Holdings, Inc. Price and Consensus PayPal Holdings, Inc. price-consensus-chart | PayPal Holdings, Inc. QuoteBlock: It is a well-known player in the cryptocurrency market with its wide offerings associated with bitcoin transactions. The company derives the majority of its revenues from bitcoin transactions. In third-quarter 2022, bitcoin revenues accounted for 39% of the total revenues.Notably, this Zacks Rank #3 company facilitates the buying and selling of bitcoins via its Cash App. Further, Block intends to develop a bitcoin mining system in a bid to bolster its presence in the cryptocurrency market. The company strives to carry out the process of mining, maintaining, setting up and purchasing bitcoin efficiently with its bitcoin mining system. The company has already hired veterans in crypto mining engineering as well as a manager to carry out the project of its mining unit.Its recent investment in an Africa-based renewable bitcoin miner namely Gridless remains noteworthy. We note that Block along with Stillmark led a $2 million seed funding round in Gridless.Block, Inc. Price and Consensus Block, Inc. price-consensus-chart | Block, Inc. QuoteMarathon Digital: It is one of the largest enterprise bitcoin self-mining companies in North America. It is benefiting from the increasing deployment of miners, growing production of bitcoins, robust bitcoin holdings and a hike in its hash rate. Marathon Digital is now recognized as the second-largest holder of bitcoin in the world.On the third-quarter 2022 earnings call, this currently Zacks Rank #3 player revealed that it now holds 11,300 BTC in total. MARA added 616 BTC to its holdings in the same quarter, following which it produced 615 BTC in October and 427 BTC in November. Thus, its quarter-to-date holdings are 1,087 BTC.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Marathon Digital Holdings, Inc. Price and Consensus Marathon Digital Holdings, Inc. price-consensus-chart | Marathon Digital Holdings, Inc. Quote Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report Block, Inc. (SQ): Free Stock Analysis Report Marathon Digital Holdings, Inc. (MARA): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Category: topSource: zacksDec 20th, 2022

This 26-year-old FTX customer lost access to $14,000 when Sam Bankman-Fried"s exchange collapsed. Now he plans to keep his money in stocks.

"I'm going to pivot more to stocks," he said. "Stocks have more policies in place in case something goes wrong." Daniil Pemberton, 26, lost access to about $14,000 in the collapse of FTX.Daniil Pemberton In an interview with Insider, Daniil Pemberton said the collapse of FTX has rattled his trust in companies within crypto sector. The 26-year-old lost access to about $14,000 in his FTX account, which included bitcoin and ether.  Moving forward, he plans to stick to stocks and index funds.  On November 8, when Daniil Pemberton saw headlines on the collapse of Sam Bankman-Fried's crypto exchange, he tried to transfer funds out of his FTX account. He soon realized that wouldn't be possible. Based in the Netherlands, the 26-year-old graduate student said he had 1.25 ether and 0.64 bitcoin saved on his account, which at the time were worth about $13,825 all together.When he tried to initiate a withdrawal, the app showed the transaction was pending, but nothing happened beyond that. When Pemberton checked the cryptocurrency wallet addresses he tried to send the money to, his balance remained at zero. Insider has reviewed these documents. "The tech itself, the crypto, seems fine, but the problem is the institutions around it," Pemberton told Insider. "They are the ones who undermine the trust, because at any point a platform could make a bad decision, which leads them to becoming bankrupt, and everyone loses. There's no safety net."FTX filed for bankruptcy on November 11, and Bankman-Fried stepped down as CEO. The Securities and Exchange Commission has since alleged that he orchestrated a years-long scheme to defraud investors. The new chief executive, John Ray III, has said that FTX had haphazard accounting and that there was "no record keeping whatsoever." FTX also reportedly transferred billions of dollars in customer funds to Bankman-Fried's Alameda crypto hedge fund."I lost faith in the companies within crypto," Pemberton said. "I'm skeptical on who to entrust with my funds."While it's possible FTX users can recoup some of their funds during bankruptcy proceedings, experts warn it could months or years — if at all.Pemberton said one of the main reasons he chose FTX to store his cryptocurrency was that everyone seemed to praise it, including many finance influencers on YouTube that he followed. "The New York Times had wrote about Sam Bankman-Fried, and so did other prestigious publications and individuals. I thought surely they did their research and wouldn't praise him without due diligence," Pemberton noted. He also found the promise of FTX's high interest-rate payments appealing, and that they remained high during a time when other platforms were giving lower yields on investments. "In retrospect it was a dumb decision. I had gotten greedy."Pivoting to traditional investmentsIn the implosion of FTX, Pemberton said he lost approximately 60% of his total portfolio, including stocks and holdings across other exchanges, including Binance. Moving forward, he plans to put more weight in traditional equities. "I'm going to pivot more to stocks," he said. "Stocks have more policies in place in case something goes wrong."Johnson & Johnson, Coca-Cola, and the Vanguard S&P 500 ETF are all on his list as stable, long-term investments, Pemberton said. "This whole thing shocked me so much that I don't want any more volatility. I'll invest in more index funds and bonds too."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 19th, 2022

This 26-year-old FTX investor lost access to $14,000 when Sam Bankman-Fried"s exchange collapsed. Now he plans to keep his money in stocks.

"I'm going to pivot more to stocks," he said. "Stocks have more policies in place in case something goes wrong." Daniil Pemberton, 26, lost access to about $14,000 in the collapse of FTX.Daniil Pemberton In an interview with Insider, Daniil Pemberton said the collapse of FTX has rattled his trust in companies within crypto sector. The 26-year-old lost access to about $14,000 in his FTX account, which included bitcoin and ether.  Moving forward, he plans to stick to stocks and index funds.  On November 8, when Daniil Pemberton saw headlines on the collapse of Sam Bankman-Fried's crypto exchange, he tried to transfer funds out of his FTX account. He soon realized that wouldn't be possible. Based in the Netherlands, the 26-year-old graduate student said he had 1.25 ether and 0.64 bitcoin saved on his account, which at the time were worth about $13,825 all together.When he tried to initiate a withdrawal, the app showed the transaction was pending, but nothing happened beyond that. When Pemberton checked the cryptocurrency wallet addresses he tried to send the money to, his balance remained at zero. Insider has reviewed these documents. "The tech itself, the crypto, seems fine, but the problem is the institutions around it," Pemberton told Insider. "They are the ones who undermine the trust, because at any point a platform could make a bad decision, which leads them to becoming bankrupt, and everyone loses. There's no safety net."FTX filed for bankruptcy on November 11, and Bankman-Fried stepped down as CEO. The Securities and Exchange Commission has since alleged that he orchestrated a years-long scheme to defraud investors. The new chief executive, John Ray III, has said that FTX had haphazard accounting and that there was "no record keeping whatsoever." FTX also reportedly transferred billions of dollars in customer funds to Bankman-Fried's Alameda crypto hedge fund."I lost faith in the companies within crypto," Pemberton said. "I'm skeptical on who to entrust with my funds."While it's possible FTX users can recoup some of their funds during bankruptcy proceedings, experts warn it could months or years — if at all.Pemberton said one of the main reasons he chose FTX to store his cryptocurrency was that everyone seemed to praise it, including many finance influencers on YouTube that he followed. "The New York Times had wrote about Sam Bankman-Fried, and so did other prestigious publications and individuals. I thought surely they did their research and wouldn't praise him without due diligence," Pemberton noted. He also found the promise of FTX's high interest-rate payments appealing, and that they remained high during a time when other platforms were giving lower yields on investments. "In retrospect it was a dumb decision. I had gotten greedy."Pivoting to traditional investmentsIn the implosion of FTX, Pemberton said he lost approximately 60% of his total portfolio, including stocks and holdings across other exchanges, including Binance. Moving forward, he plans to put more weight in traditional equities. "I'm going to pivot more to stocks," he said. "Stocks have more policies in place in case something goes wrong."Johnson & Johnson, Coca-Cola, and the Vanguard S&P 500 ETF are all on his list as stable, long-term investments, Pemberton said. "This whole thing shocked me so much that I don't want any more volatility. I'll invest in more index funds and bonds too."Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 19th, 2022

7 Ways To Pass Wealth To Your Heirs

Death is not something anyone likes to talk about, yet it’s an unavoidable part of life and something you must prepare for, especially when you have people who depend on you financially. Suppose you spent your whole life working to have enough to provide yourself and your family with a comfortable living and accrued a […] Death is not something anyone likes to talk about, yet it’s an unavoidable part of life and something you must prepare for, especially when you have people who depend on you financially. Suppose you spent your whole life working to have enough to provide yourself and your family with a comfortable living and accrued a substantial amount in assets. In that case, it’s important that you consider what will happen to those assets when you pass away. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Walter Schloss Series in PDF Get the entire 10-part series on Walter Schloss in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues. (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   You can pass on all this wealth to the people you love and trust so they can keep living the same comfortable life they had when you were still there. But passing on your assets to an heir can be challenging and can easily become a nightmare for your heirs if done incorrectly. As such, here are some simple ways to transfer your assets to an heir when the time comes. Invest In An IRA Or 401(K) One of the most widely recommended way to invest into a tax-free retirement is through IRAs and 401(k)s. IRAs and 401(k)s are both tax-deferred retirement savings offered by employers, giving them the freedom to match an employee’s contribution. If you are currently working for a company, you can make arrangements with them to learn more about how you can maximize your potential with an IRA or 401(k) investment. Investing for retirement in a retirement account will help you enjoy your golden years travelling the world, sending and receiving you mail abroad on a beach in the Carribean while sipping margaritas. But these types of retirement accounts are also a good way to pass wealth down to your heirs because it offers them several different options for cashing in these savings. For example, if you are listing your spouse as the main beneficiary of a 401(k) or an IRA, they are entitled to several options by the time the asset’s ownership has been handed down to them: They can roll the inherited 401(k) to their own 401(k) or IRA he can do a direct transfer of the funds from the 401(k) account to the inherited IRA Enter a lump sum distribution scheme, or Leave the asset as it is, so it keeps growing. Depending on which path they choose, they might incur some costs in the form of income tax or penalties. If you designate a person who’s not your spouse, the same rules apply, only they will not be able to leave the inheritance as it is indefinitely, but for a maximum of 10 years. After that, they will need to withdraw it to abide by the 401(k)’s 10-year rule. Buy A Life Insurance Policy If saving up for the lives of the people you cherish the most is one of your main goals when acquiring wealth, then getting life insurance is a great option. It makes everything much easier from your heirs’ perspectives. A full life insurance is much more desirable as it secures a better future for your heirs. At the time of your death, your life insurance’s proceeds, which will then be transferred to your beneficiaries, will no longer be subject to income tax, which makes it an appealing investment option. Additionally, permanent life insurance has the potential for tax-deferred growth, mainly when it’s bought with pre-tax dollars. Get Into Crypto Cryptocurrencies are the biggest thing in the financial industry today, and they’re slowly cementing their image as the future of money. One of the biggest cryptocurrencies, Bitcoin, has been acquiring a lot of supporters through the years, making one bitcoin today worth almost $20,000. If you plan to invest in crypto in the hopes of leaving a valuable inheritance for your family, you can look into several options to hand them down safely. One of the most common ways of transferring this type of digital wealth is through the acquisition of custodial solution services from certain exchange companies like Coinbase or Binance. They work similarly to banks and brokerages, only that they specialize in securing digital assets like crypto. On the other hand, while these platforms have established a brand for safekeeping your crypto assets for an inheritance, you should still consider the possibility of your wealth being exposed to cyber-attacks. If you don’t feel safe sharing your digital assets with a third-party platform, you can also transfer your wealth to a beneficiary through the use of a digital wallet such as Trezor or Ledger, which has the same function of keeping your cryptocurrency safeguarded digitally. With this method, you can rely on the relationship you have with your beneficiary, as this will require you to give them your private key, and in the world of crypto, “My key… my crypto.” Invest In Real Estate You probably already own a house that you’ll pass down to your loved ones, but if you also have a huge sum of money you still haven’t found a way to transform into an inheritance, investing it in real estate could also be a viable solution. A house is one of the most versatile forms of wealth that you can pass on to your heir–they can accept it as it is and use it for themselves, sell it for a considerable amount of cash or even rent it for a stable source of passive income. And even if they decide to sell, they might not be obliged to pay for the capital gains tax on the house. However, one of the biggest caveats of using a house as an inheritance is the indirect costs your heir might have to assume when they receive the property. These costs are commonly attributed to maintenance as well as taxes, and they can seriously add up. This only partially negates the benefits of using a home as a form of inheritance, so you can definitely include it as a way of handing down your wealth. Grantor Retained Annuity Trusts (GRAT) If you have children you want to pass down wealth to, a Grantor Retained Annuity Trust is a good choice. As the name of the trust suggests, you, as the grantor, will still receive your annuity payments from the trust. But if you pass away early, before consuming all your principal, the remainder from the trust can be distributed to the beneficiaries, in this case, the children. In an ideal setting, the assets contributed will appreciate over time, and the amount of distributable trust for your heirs will be larger than the combined values of the grantor’s payment over the term. One of the best things about GRATs is the possibility of allocating a more significant portion of your estate to your children, reducing the amount you have to pay in estate taxes. Additionally, the current interest rates stand below 3%, which makes it more likely that the assets you put in your GRAT will grow faster than by earning interest in a savings account. This creates the same positive effect of a bigger allocation of tax-free assets for your children. Another benefit of investing in a GRAT is you are essentially paying the income tax on the GRAT assets, so, the payment is not considered a taxable gift or inheritence. Save Your Money Through UTMA or UGMA Accounts UTMA and UGMA stand for Uniform Transfers to Minors Act and Uniform Gifts to Minors Act respectively, which both have the similar function of being statutory custodial savings accounts for beneficiaries who are not yet of legal age. As a general rule, the child to which the savings are meant to be enjoyed will only have full ownership of the funds by the time they reach the legal age, commonly at 18 or 21 years old, depending on where you live. The notable difference between a UTMA and UGMA account is that the former is more flexible and can accommodate any type of asset, whereas the latter can only cater to financial assets such as cash and various forms of securities. If you want to manage your inheritance directly, you can do it with either a UTMA or UGMA account. Otherwise, you can hire the services of a custodian. Among the other benefits you and your beneficiaries can enjoy under this manner of wealth distribution is how easy it is to set a UTMA or UGMA up. Unlike the other aforementioned methods, you will not need to seek any legal help in establishing a UTMA or UGMA account. There is also no limit as to how much you would want to contribute to these types of accounts. Because the funds are technically under the ownership of the child, it is expected that the tax rates are much lower compared to when the assets are hel in the parent’s account. 529 College Savings Plans Another method of distributing your wealth to an heir who happens to be a child is through the 529 College Savings Plan, which is a state-run savings plan that entitles you, as well as your beneficiary, to a variety of benefits. One good thing about this manner of handing down your wealth is that, depending on the policy of your state relative to the 529 Savings Plan, your account might be entitled to either a partial or full tax deduction for contributions. Additionally, you can also change the person who you want to be the beneficiary of the savings or set up a set of plans dedicated to the same beneficiary if you ever need to. You are also given the power to manage the fund on your own, as the account will be under your name, not your child’s or beneficiary’s. Lastly, as the owner of the account, 529 Savings Plans allow you to contribute high-valued assets with no income limitations, as well as any discouraging impact on financial aid eligibility. The Bottom line Whether you are expecting to pass away soon, in a few years or in a couple of decades, being aware of what you will leave behind for your family is something that you must consider and plan for. The value of the wealth you leave behind is only a single factor to look into, as you must also plan for the manner in which your beneficiaries can enjoy it. No matter how valuable this inheritance may be, it won’t be worth a dime if your heirs don’t have access to it or cannot claim their rightful ownership of it. In this regard, looking into a variety of ways in which you can pass down your wealth is a clever way of leaving a legacy for your children and heirs. Life after death starts when the people around you start living without your presence, but it does not mean that you cannot do anything to make things easier for them. By properly managing your wealth while you are still alive, you will secure a future for them that may free them of any financial worries, making their loss that much more manageable. Article by Jordan Bishop, Due About the Author Jordan Bishop discovered the power of credit cards at a young age. His first splash into travel hacking came with the wildly viral launch of Yore Oyster, which landed him national media attention and more than a million frequent flyer miles. He leveraged that opportunity to help tens of thousands of people save millions of dollars on flights, all while globetrotting the world......»»

Category: blogSource: valuewalkDec 17th, 2022

PayPal (PYPL) Integrates With MetaMask, Boosts Crypto Efforts

PayPal's (PYPL) partnership with ConsenSys is likely to expand its customer reach in the cryptocurrency space. PayPal PYPL joined forces with ConsenSys in a bid to expand its offerings in the booming cryptocurrency space and expand its customer reach.Per the terms, PayPal has been added as an option for cryptocurrency transactions to ConsenSys’ MetaMask, which is a digital cryptocurrency wallet.Notably, users of MetaMask will now be able to buy and transfer the second-most-popular cryptocurrency called Ether seamlessly by just tapping the “buy” button and logging into their PayPal accounts.The underlined integration will aid MetaMask in expanding its reach to customers using Web3 applications like play-to-earn games and metaverse applications, among others.Similarly, PayPal will also be able to gain traction among Web3 application users, whose number is rising rapidly.Currently, the PayPal option within MetaMask is available to selected U.S. users. The feature will be rolled out eventually across the United States.PayPal Holdings, Inc. Price and Consensus  PayPal Holdings, Inc. price-consensus-chart | PayPal Holdings, Inc. Quote Growing Crypto EffortsThe latest move bodes well for the company’s strengthening crypto initiatives.Apart from the latest move, PayPal offers a feature called crypto on Venmo, which lets Venmo customers buy, hold and sell cryptocurrency directly within the Venmo app. Customers can also check cryptocurrency trends from the app.Further, the company offers its cryptocurrency service in the United Kingdom, which allows users to buy, hold and sell digital currencies like bitcoin, bitcoin cash, Ethereum and Litecoin directly from their PayPal accounts. PayPal’s acquisition of a digital asset security technology provider — Curv — remains noteworthy.The unveiling of a feature called Checkout with Crypto, which allows customers to seamlessly convert their cryptocurrency holdings into fiat currency at the checkout, is another positive.With all these endeavors, PayPal remains well-poised to penetrate the booming cryptocurrency market rapidly amid the pandemic, which has highlighted the importance of digital currency transactions.Per a report by Grand View Research, the global cryptocurrency market is expected to witness a CAGR of 12.2% between 2022 and 2030.Competitive ScenarioWe note that the latest move, along with the above-mentioned efforts, is likely to strengthen PayPal’s competitive position against one of its biggest peers, Block SQ.Block facilitates the buying and selling of bitcoins via its Cash App. It also intends to develop a bitcoin mining system, with the help of which it strives to carry out the processes of mining, maintaining, setting up and purchasing bitcoin efficiently.Apart from Square, Shopify SHOP is also leaving no stone unturned to gain a strong foothold in the cryptocurrency space.Shopify allows its merchants to accept payments in bitcoin, Litecoin, Ethereum and many other cryptocurrencies. It recently took a step further in the crypto market by making its platform NFT-enabled, which allows users to mint and trade collectibles.Nevertheless, PayPal’s strong crypto initiatives and the growing crypto volume are likely to strengthen its position in the intensifying cryptocurrency battle against the above-mentioned companies.Zacks Rank & Other Stocks to ConsiderCurrently, PayPal carries a Zacks Rank #3 (Hold).Investors interested in the broader Zacks Computer & Technology sector can consider a better-ranked stock like Arista Networks ANET, which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Arista Networks has lost 8.9% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 17.5%. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Arista Networks, Inc. (ANET): Free Stock Analysis Report PayPal Holdings, Inc. (PYPL): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report Block, Inc. (SQ): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research.....»»

Category: topSource: zacksDec 16th, 2022

US senators have unveiled a new bipartisan bill to crack down on crypto money laundering

US Senators Warren and Marshall unveiled a new anti-money laundering bill, which could amp up requirements for the industry. The US Department of Treasury wants to target Russia and oligarchs as part of new strategy against illicit financing.Getty Images US Senators are cracking down on money laundering via cryptocurrency in a new bill on Wednesday. Senators Elizabeth Warren and Roger Marshall proposed the bill titled "Digital Asset Anti-Money Laundering Act of 2022." If it becomes a law, this could amp up know-your-customer (KYC) requirements in the industry. In a bipartisan effort, US Senators Elizabeth Warren and Roger Marshall have unveiled a new bill to crack down on money laundering via cryptocurrencies.The bill, titled "Digital Asset Anti-Money Laundering Act of 2022," could amp up know-your-customer (KYC) requirements in an effort to deter bad actors in the nascent space. If it becomes a law, wallet providers, cryptocurrency miners, validators, and mixers could be classified as money service businesses. "I've been ringing the alarm bell in the Senate on the dangers of these digital asset loopholes, and I'm working in a bipartisan manner to pass common-sense crypto legislation to better safeguard U.S. national security," Warren told CNN on Wednesday.Warren, who has been a long-time outspoken critic of digital assets, says that she wants the industry to comply with the same money laundering rules as traditional financial institutions. "Following the September 11, 2001 terrorist attacks, our government enacted meaningful reforms that helped the banks cut off bad actors' from America's financial system," Marshall said in a statement.Marshall added: "Applying these similar policies to cryptocurrency exchanges will prevent digital assets from being abused to finance illegal activities without limiting law-abiding American citizens' access."The news comes just two days after disgraced FTX founder Sam Bankman-Fried's arrest, the dethroned exec whose exchange reportedly lost at least $8 billion of customer money. US prosecutors are accusing Bankman-Fried of defrauding investors in a years-long scheme. "We allege that Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto," Securities and Exchange Commission Chair Gary Gensler said in a statement on Tuesday.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 14th, 2022

The Debate Between Gold & Bitcoin In 2023

The Debate Between Gold & Bitcoin In 2023 Authored by Alasdair Macleod via GoldMoney.com, The FTX scandal has thrown the future of cryptocurrencies into doubt. Supporters of bitcoin, which has proved to be remarkably robust at a time when the whole cryptocurrency ecosystem is threatened by scandal and a systemic collapse, are still asserting that it is the future money. This article addresses a number of issues that next year will make or break bitcoin’s claim over gold. Besides the interest of governments to prevent it having any monetary role, hodlers ignore the legal status of gold as money, and the different treatment likely to be accorded to bitcoin in criminal law. Furthermore, bulls of bitcoin are mainly only that: speculators hoping for a profit measured in their fiat currencies. This is not to deny bitcoin’s virtues: only to question its monetary future relative to gold at a time when the period of declining interest rates, which played a large part in fuelling the cryptocurrency phenomenon, appears to have ended. Furthermore, the financial considerations in the geopolitical context centre on the dollar’s relationship with gold, leaving cryptocurrencies as wallflowers in the financial conflict between east and west. Introduction If there is one uncontroversial fact in the science of economics, it is that the central issue is the inflation of currency and credit and has been increasingly so since the First World War. The debasement of the circulating medium has always been western governments’ principal monetary policy. The last British attempt to stand in the way of the inflation steamroller ended in 1931, when economists, such as Keynes, pointed out that a gradual and automatic lowering of real wages that results from a reduction of the currency’s purchasing power would be less strongly resisted “than attempts to revise monetary wages downwards”. This statement was economical with the reality. The error was found in the difference between pre-war and post-war gold standards. It should be remembered that the UK’s 1925—1931 gold standard was a bullion standard, as opposed to the sovereign coin standard which existed prior to 1914.  From 1925 when the new standard was introduced, the issue of sovereign coin was no longer at the option of banknote holders, but at the Bank of England’s. The Bank was not interested in redeeming its own notes for coin. Therefore, only the very wealthy would be able to redeem currency and credit sufficient to obtain 400-ounce bars, which valued in today’s sterling is about £586,000 ($714,000). The ordinary person was disenfranchised by this arrangement, compared with the pre-war coin standard when a single sovereign could be obtained for a single paper pound. The result was that abandoning the bullion standard in 1931 was the political option of least resistance. Instead of a bullion standard, if the British government had resurrected the pre-war coin standard, public opposition to inflationism would have most probably ruled against monetary debasement; and crucially, the government’s room for economic intervention would be severely restricted. But so entrenched is the ideology of interventionism that no British economist today would agree with this analysis. Not only can inflationism not be easily refuted today, it is lionised as being an essential policy. Nearly a century of inflationism has conditioned establishment economists to reject the restrictions of gold as money and as the sheet anchor for the valuation of credit. But the few of us conscious of the true cost of monetary debasement are increasingly aware that the commitment to inflation of fiat currencies and credit is rushing us all towards a final crisis. It is this awareness that has also fuelled speculation in cryptocurrency alternatives to gold. But as interest rates began to rise thereby expected to stabilise fiat currencies, the cryptocurrency bubble has deflated.  An interesting debate is whether cryptocurrencies, particularly bitcoin, can secure advantage over government currencies if their purchasing power continues to diminish at an accelerated rate. Bitcoin and those of its stablemates claiming a currency role will have to overcome the consequences of a reversal of falling interest rate trends towards higher levels in future. The debate will almost certainly intensify between parties for and against, none of which have a life experience of sound money, of its role as a stabiliser of credit values, and how this might be achieved under a cryptocurrency regime. Assuming the reader of this article is aware that after a near four-decade decline to the lower bound, interest rates may have entered a new phase of rising rates, we should address the gold versus cryptocurrencies debate first, before looking at the consequences of rising interest rates for currencies, and therefore gold and bitcoin in 2023. The problem with bitcoin as money The supreme cryptocurrency standard is widely acknowledged to be bitcoin. It is bitcoin which is currently promoted as the private sector replacement for government currencies. But even to talk of bitcoin as a currency is to mislabel it. A currency is a form of credit, where there is a counterparty risk. This risk is absent when a bitcoin is both owned and possessed by a person or business. It is therefore a competing form of money, which legally is physical gold and silver coin, the international legal position for which is laid out in the Appendix to this article. If it is anything, then bitcoin is not currency but a competing form of money. Theoretically, as opposed to the legal position, it is not up to an economist to choose what is money. Ultimately, it is the public that decides. Undoubtedly, for some enthusiasts, bitcoin might be money to be hoarded, and spent as a last resort. This is precisely the established role which gold coin fulfils. But there is good reason to believe that the majority of devotees are in it for speculative profits. In other words, they do not intend to ever spend bitcoin, but to sell it for national currency. Now that interest rates have risen from the zero bound, the test will be whether bitcoin turns out to be no more than a speculative counter, aping the performance of high-flying technology stocks, and correlating more with the Nasdaq index instead of discounting the inflation of state currencies and associated bank credit. To its credit, through all the cryptocurrency scams and collapses, bitcoin has retained its integrity. There is no doubt that in its construction bitcoin is remarkably robust. And for the international traveller it retains the advantage of not yet being subject to extensive regulations and restrictions on capital transfers. But the belief that it is a realistic form of money must be based on either the ability of bitcoin to work alongside the fiat currency system or in the event of a total breakdown of the monetary system that it will be replaced by bitcoin. And supporters seem to think that the established international legal definitions of money can be ignored. Where this is a particular problem is in the different property rights accorded to money and currency from other forms of property. In criminal law, if, say, a painting is stollen from you and you manage to trace it to a new owner, you can reclaim it as your property, even if the current possessor acquired it in good faith. This is what allows Jewish families to recover artwork stolen from them in the Second World War. If, however, someone steals money, currency, or access to your bank account and transfers your property in them to another party, so long as that party was not acting in concert with the criminals, you cannot reclaim this form of property. But when we consider the case of bitcoin, it does not appear to fall into the categories of money and credit for the purpose of the law. Through the blockchain, the trail of previous owners is recorded pseudonymously, so property rights can be established. This means that the authorities can also trace the ownership of bitcoin. If you have left them on an exchange wallet, they can be identified as having come into your possession. Even if you have moved them into your own wallet (pseudonymous ownership) the know-your-client and anti-money laundering regulations which would have been completed by you before you opened an account on an exchange would trace possession to you. If the authorities know or suspect that at an earlier stage of its ownership, your bitcoin were the proceeds of crime, then they can be confiscated. This means that unlike the possession of money, cash, or bank credit you cannot be certain that you do indeed own your bitcoin acquired in all innocence. It might not be beyond the bounds of possibility for the state to use this criminal law to attack bitcoin as a rival to its own currency. So far, this form of attack has not been deployed, but the threat remains. In addition to ignoring its legal status, bitcoin enthusiasts do not appear understand the implications of entire economies operating on credit, being central bank credit in the form of banknotes and bank deposits in the commercial banking system. If bitcoin is to act as money, it must support the existence of related credit, and in doing so it will have to provide price stability to goods and services over the long term. But bitcoin’s hard limit of issue makes it more likely that its purchasing power would increase significantly if commonly adopted as money. Furthermore, so far it has proved to be extremely volatile valued in fiat currencies. Both the hard limit to its quantity and its volatility makes it unsuited as a reference point for credit, which is the lifeblood of every economy. It would be impossible for businesses to calculate financial returns for commercial investment, a problem made more acute by today’s borrowers used to their miscalculations being rescued by continual credit debasement and suppressed interest rates. Even if they were permitted to do so — which is difficult to envisage ¬– banks will almost certainly not wish to extend credit based on bitcoin. A bitcoin anarchist might respond that the entire banking system should fail with the end of fiat currencies. But this assumes that in this extreme event, the state will not come up with a solution which allows it to maintain control over credit. The best we can hope for in these extreme circumstances is that central banks and the political class learn the painful lessons of inflationism and vow to return to a credit system based on sound money — which is legally, and always has been gold. Gold and rising interest rates  It has been pointed out above that bitcoin’s value has declined along with rising interest rates. In derivative markets, rising interest rates are also seen as being disadvantageous to gold and favourable to fiat. Indeed, for most of 2022 rising dollar interest rates have seen gold decline, at least until recently, when expectations for higher interest rates softened. It has been that way for gold because the dominant players in derivative markets believe it to be so, and they account for their financing costs in fiat currencies. But while admitting to the accounting issue, the belief in the relationship between interest rates, gold, and currencies is based on a common misconception. Both Keynesians and monetarists claim that interest rates are the price of credit, so if interest rates are raised, they say that demand for credit will be reduced. It is on this understanding that central bank interest rate policies are based. But empirical evidence shows that this relationship is incorrect. The explanation is simple. As a reflection of time preference, interest rates compensate creditors for loss of possession of currency or credit in the form of bank deposits. To the loss of use value and a risk that the borrower might default must be added the expectation of any changes in the currency’s purchasing power. Unless this last factor is recognised by rate-setters who lean towards suppressing rates, a currency will suffer on the foreign exchanges accordingly. And if policy makers for other fiat currencies are similarly supressing interest rates below their time preference values, then it will be reflected in higher gold prices rather than exchange rate adjustments. With respect to gold, it is not the fact that gold yields a low interest rate on loan: that is a function of gold’s stability relative to that of a fiat currency. Therefore, what matters in the relationship between gold and a fiat currency is the degree to which the interest rate demanded in the market for the currency reflects the prospects for its purchasing power. However, traders account in fiat currencies. So understandably, they are more interested in maximising nominal interest rates and view the lower rate on gold as a cost. But as we can see from the chart below, in the 1970s official rates (in this case the Fed funds rate) rose and at the same time the gold price rose as well. The day the Bretton Woods gold peg was finally abandoned in 1971, the dollar price of gold was $43. Between 1971—1972, the Fed funds rate had varied between 3.3% and 5.5%. By the end of the decade, on 21 January 1980 at the PM fix gold was priced at $850, an increase of nearly nineteen times. At that time, the Fed funds rate was at 14%, clearly forced higher by the markets in accordance with time preference theory. Chairman Volcker subsequently increased the funds rate to 17.5% by April, and then to 19% in January 1981 to slay the inflation dragon. At that rate, the Fed’s dollar was yielding more than warranted by time preference, which in effect was Volcker’s policy objective. For derivative speculators, the condition which breaks the accounting relationship between gold and dollar interest rates is when markets begin to take the inflation threat seriously. Today, that does not yet appear to be the case. We can say this because derivative markets impose a relationship between fiat currency interest rates and that of gold which denies the existence of time preference. It is an important conclusion which begs the question: will 2023 see a return to time preference considerations for the relationship between gold and fiat currency values, and how will bitcoin’s price behave in these circumstances? To affirm its status as money, bitcoin will have to obey the laws of time preference. In other words, its current relationship with interest rates must change, so that rising interest rates reflecting fiat currencies’ loss of their purchasing power should become reflected in rising values for bitcoin. We will not try to guess this future. But we can say confidently that if the debasement of currencies accelerates, gold’s relative value will increase accordingly while that of bitcoin might not. The geopolitical wildcard To the extent that there is a financial war between the American-led western alliance and the Russian Chinese nexus, gold plays a far greater role than any cryptocurrency. Since the early 1980s, China has embarked on a policy of secretly acquiring unknown quantities of bullion none of which has been permitted to leave the nation’s territory. It has financed gold mining, so that for over a decade it has become the largest national producer in the world. And when it was decided that the State in various accounts had accumulated sufficient bullion, it set up the Shanghai Gold Exchange and encouraged its own citizens, previously banned from gold ownership, to accumulate large quantities —so far, totalling over 20,000 tonnes. And Russia, implementing gold accumulation policies more recently, has declared that between reserves and holdings in other state accounts it has about 12,000 tonnes. Legislation has been passed in the Dumas which will allow some or all of this gold to be transferred into official reserves, when they could easily exceed the reserves declared at the US Treasury. Moscow is setting up a new bullion exchange. Other Asian central banks have been accumulating gold as well. And tellingly, European central banks refuse to admit to any reduction in their reserve positions. The battlefield in this financial tussle is over the US dollar. Russia and China, with the members of the Shanghai Cooperation Organisation, the Eurasian Economic Union, and BRICS (shortly to be joined by Saudi Arabia) either want to dispose of the dollar for the purpose of trade settlement entirely or want to become less dependent upon it. How is that to be achieved? The actions of Asian powers and their central banks are signalling to us that they will do so with gold. This could become increasingly relevant in the months ahead. With Europe entering a continental winter, fuel and food shortages risk splitting the western alliance. The ascendency of gold-backed Eurasia over a divided western alliance can be expected to lead to further dollar weakness, reflected in the value of true money, which legally is only gold. Appendix — The legal position of gold As a medium of exchange, the function of money is to adjust the ratios of goods and services, one to another. Thus, the price expressed is always for the goods, money being entirely neutral in transactions. It is therefore an error to think of money as having a price, but it has a value relative to exchangeable items. This should be borne in mind when considering the relationship between legal money, which is habitually given a price nowadays in fiat currencies, and the fiat currencies themselves which, given the status of legal tender, are erroneously assumed to have the status of money. The magnitude of this error becomes clear with understanding what legally is money, and what is currency. And this understanding starts with Roman law. Roman law became the basis for legal systems throughout Europe, and by extension those of European settled regions, from North America, Latin America through Spanish and Portuguese influence, and the entire British Empire. In common with the Athenians, Rome held that laws were the means whereby individuals would protect themselves from each other and the state. But it was Rome which codified law into a practical and accessible body of reference. The first records of Roman statutes and case law were the Twelve Tables of 450BC. These became the basis upon which individual jurors expounded, developed, and evolved their rulings over the next thousand years. The whole legal system was then consolidated into the Emperor Justinian’s Corpus Juris Civilis, otherwise known as the Pandects. When the empire relocated to Constantinople, the Corpus was translated into Greek and eventually reissued in the Basilica, at the time of the Basilian dynasty in the tenth century. It was that version which became the foundation for European law in the Middle Ages, except for England. As an eminent nineteenth century lawyer specialising in banking put it, the reason common law differed in England was that: “The Romans abandoned Britain at the end of the fifth century and the common law of England on the subject of credit was exactly as it stood in Gaius which was the textbook of Roman law throughout the empire at the time when the Romans gave up Britain.  But on the 1st of November 1875, the common law of England relating to credit was superseded by equity which is simply the law of the Pandects of Justinian.”[i] In all, two thousand years of legal development had elapsed between the Twelve Tables and the reaffirmation of Justinian’s Pandects in Dionysius Gottfried’s version in Geneva of the Corpus Juris Civilis, translated back into Latin in 1583AD from the Greek Basilica. It is the Digest section of the Corpus which is relevant to our topic. The Digest is an encyclopaedia of over nine thousand references of eminent jurors collected over time. Prominent in these references are those of Ulpian, who died in 228AD and was the juror who did most to cement the legal position of money and credit. The Digest defined property, contracts, and crimes. Our interest in money and credit is covered by rulings on property and contracts. The regular deposit contract is defined by Ulpian in a section entitled Deposita vel contra (on depositing and withdrawing). He defined a regular deposit as follows: “A deposit is something given another for safekeeping. It is so called because a good is posited (or placed). The preposition de intensifies the meaning, which reflects that all obligations corresponding to the custody of the good belongs to that person.”[ii] Another jurist commonly cited in the Digest, Paul of Alfenus Varus, differentiated between the regular deposit contract defined by Ulpian above and an irregular deposit or mutuum. In this latter case, Paul held that: “If a person deposits a certain amount of loose money, which he counts and does not hand over sealed or enclosed in something, then the only duty of the person receiving it is to return the same amount.”[iii] So, a mutuum is taken into the possession of the receiver and in return for a right of action in favour of the depositor to be exercised by him at any time with the receiver having a matching duty to return the same amount, it becomes the receiver’s property to do with as he wishes. This is the legal foundation of modern banking. Clearly, the precedent in the Digest is that money is always metallic. While anything can be deposited into another’s custody, it is the treatment of fungible goods, particularly money, which is the subject of these legal rulings. It is only through an irregular deposit that the depositor becomes a creditor. By laying down the difference between a regular and irregular deposit, the distinction is made between what has always been regarded as money from ancient times and a promise to repay the same amount, which we know today as credit and debt. There is one issue to clarify, and that is to do with credit rather than money. As noted above, Justinian’s Pandects were compiled a century after the Romans had abandoned Britain. From what was subsequently unified as England and Wales out of diverse kingdoms, common law differed in that debts were not freely transferable as property. The transferee of a debt could only sue as attorney for the transferor. This placed debt as property in a different position from other forms of transferable property. Justinian took away this anomaly as a relic of old Roman law (the laws of Gaius, referred to above), allowing the transferee to sue the debtor in his own name. The anomaly in English law was only regularised when the Court of Chancery merged with common law by Act of Parliament in November 1875. Since then, the status of money and credit in English law has conformed in every respect with Justinian’s Pandects. While the legal position of money is clear, the economic position is technically different. Jean-Baptiste Say pointed out that money facilitates the division of labour. Technically, money is unspent labour, and is therefore a credit yet to be used. Various other classical economists made the same point. Adam Smith wrote that a guinea might be considered as a bill for a certain quantity of necessaries and conveniences upon all the tradesmen in the neighbourhood. Henry Thornton said that money of every kind [including credit] is an order for goods. Bastiat and Mill opined similarly.[iv] But it is the legal difference which is of overriding importance because it was founded on the principal that there is a clear distinction between metallic money and a duty to pay. Money is permanent while credit is not. Money has no counterparty risk, whereas credit does. By way of contrast with money, we can define credit: credit is anything which is of no direct use but is taken in exchange for something else in the belief or confidence in the right to exchange it away again.[v] So far, in this article we have established that gold has a legal status as money, which bitcoin lacks. We can also rule out legislation to raise bitcoin to a legal monetary status, even if law makers are prepared to consider doing so — which is unlikely. From the rulings in the Roman Pandects, we can see that a regular deposit differs from an irregular deposit because it is identified as the depositor’s property. Identity is the key to property’s recovery, and in bitcoin’s case the blockchain provides this identity. Attempts to classify a blockchain based cryptocurrency as money fall foul of the established legal position. Tyler Durden Fri, 12/09/2022 - 21:00.....»»

Category: blogSource: zerohedgeDec 9th, 2022

The Top 5 Crypto Investors In California: What You Need To Know

If you’ve been reading about cryptocurrencies for a while and are looking for a place to invest your money, the best place may be in the Golden State of California. While other states have been more welcoming toward cryptocurrencies, with Wyoming now allowing miners and New York just became the first to license digital currency […] If you’ve been reading about cryptocurrencies for a while and are looking for a place to invest your money, the best place may be in the Golden State of California. While other states have been more welcoming toward cryptocurrencies, with Wyoming now allowing miners and New York just became the first to license digital currency trading services, there aren’t many places where investors can find such an abundance of opportunities. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2022 hedge fund letters, conferences and more   And that could end up being a big deal for the crypto community as a whole. Cryptocurrencies are decentralized and operate independently of banks or governments, which is what makes them so attractive to many investors who don’t trust established financial institutions. In turn, that has made North America one of the most-invested species across all cryptocurrencies. However, given how high-risk some of these investments can be, it is important to identify reliable sources of funding in order to protect your capital. That is why it is so great that there are people in California who understand this and work tirelessly to bring more funding into the crypto ecosystem. What Is Cryptocurrency? Cryptocurrencies are like digital tokens that operate of traditional financial institutions. These currencies are decentralized, meaning they are not under the influence of any one country or bank. They use unique software and cryptography to operate securely and efficiently. These digital tokens can be used to purchase goods and services, or they can be traded on cryptocurrency exchanges as a commodity. In the early days, cryptocurrencies were created as an alternative form of currency, but that has changed. Now, many investors use them to diversify their portfolios, hedge against inflation, and hedge against currency volatility. How To Invest In Cryptocurrencies Investments in cryptocurrencies are incredibly high-risk. If you buy into an asset that goes up and then crashes, you could lose everything you put in. That is why it is important to know what you are doing. With that in mind, here are some of the ways to invest in cryptocurrencies: Purchase of a cryptocurrency wallet. This is the most common way to get involved in the cryptocurrency ecosystem. You can buy a digital wallet on sites like Coinbase, or you can create a wallet on your own computer with a program like Exodus. If you choose to invest in a digital wallet, make sure you are 100% sure you understand how it works. Be sure to sign in to your account and make sure all of your funds are there. Also, make sure that you have a way to protect your wallet and that your computer is virus-free. If you are interested in investing in a digital wallet, make sure you are 100% sure you understand how it works. Mining. Mining is where computers solve puzzles and earn new coins as a reward. It is a high-risk way to get involved in cryptocurrencies because it requires a huge investment and a lot of energy. Buying a token on an existing cryptocurrency exchange. This is a less risky way to get involved. You can buy a token on an existing cryptocurrency exchange like Coinbase, or you can create a wallet and purchase tokens with your computer. If you choose the latter method, you need to be sure that the computer is virus-free. Buy and hold. This is the most conservative way to get involved. You can buy a certain amount of tokens and then simply sit on them and wait for them to go up in price. This method can be effective if you have enough money to buy a large number of tokens, but you don’t want to risk it all on a risky investment. Who Are The Top 5 Crypto Investors In California? California is one of the most-invested states across cryptocurrencies. In fact, the Golden State has more cryptocurrency investors per capita than any other state in the country. That is because of the state’s progressive attitude toward blockchain technology and cryptocurrencies. In fact, the state has more than doubled the number of cryptocurrency businesses licensed since 2017, when the first regulation was introduced. Some of the most prominent people in the state’s crypto community include: Brandon Bass An entrepreneur who started Bass VC in early 2017, Brandon Bass was an early investor in BitQuick and CoinFlip, two companies that facilitated the buying and selling of bitcoin. His firm invests in blockchain-technology companies across a number of industries, including real estate, health care, and advertising. Amin Shams A successful serial entrepreneur, Amin Shams invested in cryptocurrency in 2016 and has been an active participant in the California crypto community ever since. His firm, Amino Capital, invests in a number of platforms that facilitate the buying and selling of cryptocurrencies, including Coinbase and Gemini. Chris Mougios Chris Mougios is the founder of Thrive Capital, a venture capital firm that invests in a variety of companies that utilize blockchain technology, including startups like Factom and Exodus. His firm also invests in the trading of tokens, specifically Polymath, which is focused on security tokens. John Kelleher John Kelleher is the founder of Q Blockchain Capital, a firm that invests in a wide range of blockchain companies. His firm also invests in token sales, and its most notable investment was in Dragonchain. The Pros Of Investing In California You can get cryptocurrency trading licenses in just a few days and begin trading in California. While Wyoming is one of the first states to allow miners, New York has been a hotspot. Regardless of where you choose to invest in cryptocurrencies, the California crypto community is supportive, welcoming, and friendly toward newcomers. California is the second-largest economy in the world, making it an attractive place to invest in a variety of industries, including real estate, healthcare, and marketing. If you are interested in investing in the cryptocurrency ecosystem, California is one of the best places to do so. The state is also investing in blockchain technology, giving it an advantage over other species when it comes to investing in cryptocurrencies, as well as traditional financial technology. Finally, California is a progressive state and has some of the most lenient regulations in the country, making it a great place to get involved in the crypto ecosystem. The Cons Of Investing In California Investing in cryptocurrencies is incredibly high-risk, which makes it a high-risk investment overall. That means that if you lose all your money, it will be gone forever, and there is nothing you can do to get it back. The price of bitcoin has dropped significantly in the last year, making it one of the worst times to invest in cryptocurrencies. While it is possible that this is a temporary dip, it is also possible that bitcoin is in a long-term decline, which could make it a bad investment. Investing in cryptocurrencies is also very volatile. While there is always a possibility that they will increase in value, there is also a possibility that they could drop drastically. If you invest in a cryptocurrency during a significant drop and it drops to zero, you will lose all your money. Conclusion Investing in cryptocurrencies is incredibly high-risk, which makes it a high-risk investment overall. While it is possible that bitcoin will go up in the long run, it is also possible that it will go down, making it a bad investment......»»

Category: blogSource: valuewalkDec 6th, 2022

43 Secret Santa gifts under $25 they"ll actually want to keep

From cute desk accessories to hydrating beauty products, these are Secret Santa gifts that won't get regifted — all under $25. When you buy through our links, Insider may earn an affiliate commission. Learn more.Anthropologie/Urban OutfittersIf you've ever participated in a Secret Santa, then you know as well as we do that the anonymous gift exchange has its highs and lows. Sure, it's fun to take a walk in St. Nicholas's shoes and surprise a family member or friend with a gift you know they'll love (or at the very least get a kick out of). But if you're buying within the confines of a budget, that makes shopping a bit trickier.Money isn't the only issue here — there's a lot of pressure when it comes to purchasing a Secret Santa gift, mostly because the game is notorious for being an exchange of gags and presents that will either be regifted or take up space in a closet somewhere. So whether you're shopping for a loved one or a co-worker you've barely said two words to, the goal is to purchase a present they'll (hopefully) like and actually use.To help you nail that present, we've rounded up the best Secret Santa gifts for this year's players — all of which are under $25.A statement-making camera phone caseAmazonAwsaccy Vintage Camera Phone Case, available at Amazon, $11.99"Emily in Paris" fans and photographers alike will toss their current phone case as soon as they unwrap this vintage camera cover. The silicone design is compatible with iPhone 12/12 Pro, 12 Pro Max, and 12 minis, and comes with a detachable lanyard and crossbody straps.A pack of lipgloss to soothe winter-weathered lipsKopari Frosty Kiss Lip KitKopariKopari Frosty Kiss Lip Kit, available at Revolve and Kopari, $20 Winter means dry, weathered lips that require hydration. This moisturizing duo from Kopari ensures their pout stays hydrated to perfection, thanks to the inclusion of coconut oil, shea butter, and vitamin E in the gloss's ingredients.A pair of wavy hoopsUrban OutfittersWavy Oversized Oval Hoop Earring, available at Urban Outfitters, $15Available in gold or silver coloring, these earrings are a fun twist on classic hoops and are sure to earn them lots of compliments. A small speaker they can fit in their pocketAmazonRokono Bass + Mini Speaker, available at Amazon, $19.22This speaker isn't the best in the world audio-wise (for that you'll have to spend a bit more), but for less than $20 it's a great choice. Give it the friend that values convenience, since this thing is so small they fit it in their pocket and can literally take it anywhere. An adorable nightlightSmokoLil B Dumpling Ambient Light, available at Smoko, $22Whether they want to use it as a nightlight or just cute decor, you can't go wrong with this little dumpling light.A holiday-themed soap setSaje So Festive, So Clean Limited-Edition Soap TrioSajeSaje So Festive, So Clean Limited-Edition Soap Trio, $24Receiving soap as a Secret Santa gift might have been a bummer when you were a kid, but as an adult, it's a treat, especially when it's coming from Saje. The So Festive, So Clean limited-edition bar soap trio was inspired by the season and smells like it, too. Keeping with the theme, each bar is aptly named for its festive scent: Peppermint Twist, A Kiss of Spice, and Tree Scents, and is sure to fill your recipient's bathroom with holiday cheer.A quirky flower potAnthropologieSmall Grecian Bust Pot, available at Anthropologie, $19.60Perfect for the plant parent in your life, this fun planter adds an eccentric touch to their decor. The smaller version is under $20.A guidebook to help them manifest their dream lifeAmazon"Manifest: 7 Steps to Living Your Best Life" by Roxie Nafousi, available at Amazon, Barnes & Noble, and Target, from $14.99"Manifest: 7 Steps to Living Your Best Life" by self-development coach Roxie Nafousi is a culmination of steps and prompts to guide the reader on their manifestation journey. With a new year and fresh start ahead, it's the perfect Secret Santa gift for anyone who believes in "the secret" to attracting everything they want out of life.A LED ring light for video calls and picturesAmazonUBeezie 10" LED Ring Light with Tripod, available at Amazon, $13.71Secure the best lighting for your friend that always needs to be camera-ready. This luminous ring light is the perfect solution for getting the best angles whether it's video calls or content creation posts. The ten-inch ring light comes with a desk tripod stand, 360 degrees of adjustable phone angles, and three lighting modes with 11 brightness levels.Sleep sprays for their best night's restThis Works Sleep On It Gift SetAmazonThis Works Sleep On It Gift Set, available at Amazon, Anthropologie, Bluemercury, and This Works, from $13.30On the list of best Secret Santa gifts, few things can surpass the gift of a good night's sleep. Enter This Works Sleep On It set, which includes a roller, a pillow spray, and room spray, stacked with notes of Eucalyptus, Frankincense, and Lavender essential oils to calm the busiest minds at bedtime, and lull the body to sleep. Trust us, especially around the holiday season, they'll be grateful for the snooze.A cute mug that lets them track their travelsUncommon GoodsColor Map Mugs, available at Uncommon Goods, $25No matter what they're sipping on, they'll love doing so in this mug that they can completely customize. With the included markers they can color in the destinations they've been to or want to go to, for a map of the world that's unique to them. A nifty reading lightUrban OutfittersIcon Book Light, available at Urban Outfitters, $20For the avid night reader or journaler, this clip-on light isn't just adorable; it's an accessory they'll use all the time. You can choose from a cloud, flower, or frog shape.A miniature vacuum to tidy their work deskODISTAR Desktop Vacuum CleanerAmazonODISTAR Desktop Vacuum Cleaner, available at Amazon and Walmart, from $12.98Whether they're a work-from-home warrior or back in the office, cleaning their workspace is probably low on their priorities list. Ergo, they'll appreciate this mini desktop vacuum cleaner from Odistar, as this clever desk accessory does the grunt work for them. It's an especially useful gadget for daytime snackers that are constantly munching on one thing or another at their workspac  and leaving crumbs in their midst.A reusable bag that's cute and sustainableBagguStandard Baggu, available at Baggu, from $14If they hate single-use plastic, they'll love this cute, reusable bag. It comes in a variety of fun colors and patterns and the simple style makes it a go-to choice for bringing to the gym, grocery shopping, or even to use like a purse.A pair of stylish cocktail glassesUrban OutfittersDory Cocktail Glass, available at Urban Outfitters, $12For fans of entertaining, treat them to a trendy cocktail glass (pair of two for $24). A portable cheese melterAmazonBoska Milano Partyclette Melting Pan, available at Amazon and Boska, $21.99Melted cheese can make pretty much every meal better. If you don't believe us, check out this video to see the gooey goodness in action. A set of sheet masks with a loyal cult followingTONYMOLY Keep Zen SetAmazonTONYMOLY Keep Zen Set, available at Amazon and Macy's, from $11.90Help them to stress lease heading into 2023 with this three-piece gift set from Tony Moly. The brand, best known for its incredible sheet masks, centered its calming trio around lavender, an ingredient recognized for its soothing powers on the mind and body. It features two sheet masks, one sleep mask, and hand cream.A fancy candleAnthropologieCapri Blue Capiz Mini Jar Candle, available at Anthropologie, $11.20Candles are always great gift crowdpleasers, and this scented one from Capri Blue will look good in any room.An overnight mask to perfect their poutLANEIGE Overnight Lip MaskSephoraLANEIGE Lip Sleeping Mask Intense Hydration with Vitamin C, available at Amazon, Sephora, and Kohl's, $24The Laneige Lip Sleeping Mask is, in this writer's opinion, unmatched in terms of how quickly it yields results, thanks to the brand's strategic use of its Berry Fruit Complex, Murumuru seed, and shea butter in each flavorful pot. Speaking of flavors, it comes in a selection of seven, from fan favorites like Vanilla and Gummy Bear, to limited editions like Pumpkin Spice and Peppermint that are only available for the season.A healing Himalayan salt lampAmazonMineralamp Glow Salt Lamp, available at Amazon, The Home Depot, and Target, from $23.22Himalayan salt lamps have recently become a big trend in home decor, but they're also said to have healing properties that can potentially help purify the air around them. Whether they believe in the health benefits or not, anyone can enjoy the warm glow and aesthetic appeal of this hand-carved, 100% pure Himalayan salt lamp.A hysterical holiday rom-com"A Very Merry Bromance" by Lyssa Kay AdamsAmazon"A Very Merry Bromance" by Lyssa Kay Adams, available at Amazon and Barnes & Noble, from $15.30For the rom-com fan, the latest installment to Lyssa Kay Adams's "Bromance Book Club" series is sure to be a hit. After all, what better season for matchmaking than mistletoe season? It's festive, it's funny, and the perfect Secret Santa gift for avid readers and/or Hallmark movie fans.A sweet way to eat chocolate fondueUncommon GoodsDecadent Chocolate Fondue, available at Uncommon Goods, $24Sweeten up their holiday season with this incredibly easy-to-make chocolate fondue. All they have to do is heat up the stoneware containers (which are pre-filled with chocolate) and find some fruit for dipping.A quality eyeshadow palette that won't break the bankR.E.M. Beauty Midnight Shadows Eyeshadow PaletteUltaR.E.M. Beauty Midnight Shadows Eyeshadow Palette, available at Ulta, Selfridges, Morphe, and R.E.M. Beauty, from $22Eyeshadow palettes can be pricey, but this palm-size compact from R.E.M. Beauty by Ariana Grande is both affordable and high quality. It's available in six color stories, and each palette includes six highly pigmented hues. A letter board they can leave fun messages onAmazonFelt Letter Board, available at Amazon, $19.99This is a fun message board and a great piece of home decor all in one. They'll love using this to display mantras, messages for roommates, or just to show off some random thoughts. It comes in plenty of colors, so you're sure to find one that fits their space and aesthetic. Erasable pens that put an end to cross-outsPilot FriXion Synergy Clicker Erasable PensAmazonPilot FriXion Synergy Clicker Erasable Pens, available at Amazon and Office Depot, from $14.50For the writer or note-taker on your list, you can't go wrong with these erasable pens from Pilot. These writing utensils are actually genius, offering users the professionalism of a pen, with the option to erase mistakes like you would with a pencil. Moreover, the pack includes seven fun colors to choose from, all of which are refillable, making this pick eco-friendly as well.A carry-on cocktail kitUncommon GoodsOld Fashioned Carry-On Cocktail Kit, available at Amazon and W&P, from $17.64This kit fits right in their carry-on bag and has all of the fixings for two Old Fashioned cocktails. All they need to do is add whiskey or rye. This cocktail kit can be enjoyed at any altitude, but it will most definitely make for a fun flight activity and help inspire future travels when the time is right. Lip balm inspired by "Schitt's Creek"Beekman 1802Rose Apothecary Tinted Lip Balm, available at Schitt's Creek Shop, $4.80Any fan of "Schitt's Creek" will love getting to feel like they shopped at David's chic general store, Rose Apothecary. Part of a limited edition collection, this tinted lip balm is made from natural goat milk and botanicals, and fittingly scented with the signature Beekman 1802  fragrance, Heirloom Rose. A five-year journal with plenty of promptsUrban OutfittersOne Question a Day Journal, available at Amazon, Bookshop, and Barnes & Noble, from $15.80A gift for your ambitious friend who's always asking where you see yourself in five years. Help them answer this question for themselves, with a daily journal that poses a new question each day for five years.A face mask that calms red and irritated skinNordstromMario Badescu Azulene Calming Mask, available at Amazon, Beauty Bay, and Mario Badescu, from $12.60This light, refreshing face mask is made with botanical ingredients that calm irritated skin. It's delicate on skin and will leave it looking more hydrated, even, and refreshed. A tracker for keys, wallets, and other misplaced itemsAmazonTile Mate, available at Amazon, Best Buy, and Tile, from $17.99Your forgetful friends and family will be so thankful for this gift. They can place this tracker in their wallet, purse, or phone case to make sure they never lose their things, because if they do, the Tile app makes them easy to retrace. A diary for sports, music, or movie loversUncommon GoodsTicket Stub Diary, available at Uncommon Goods, $17This is a great gift for anyone who is constantly attending shows, concerts, or sports games — and never throws away their tickets. Instead of keeping them hidden in a shoe box or desk drawer, they can use this diary, which has plastic sleeves to fit all different kinds of tickets as well as open margins on the sides where they can scribble notes to remind them of each event. A cute set of plantersAmazonMkono Modern Succulent Planters, available at Amazon, $23.99 for threeHelp them add some greenery to their space with these cool concrete planters. Add some small plants if you want to complete the gift. A mini waffle maker for the cutest breakfast everUrban OutfittersDash Mini Waffle Maker, available at Amazon, Target, and Nordstrom Rack, from $7.99This miniature waffle maker is adorably small and will look super cute in their kitchen. Plus, it makes for a delicious, easy breakfast.Stylish, reusable produce bagsRepurposed Sari Produce Shopping BagsUncommon GoodsRepurposed Sari Produce Shopping Bags, available at Uncommon Goods, $15For the eco-conscious loved one, consider these reusable shopping bags as a Secret Santa gift. The set of three is made with repurposed Indian sari fabric and handmade in India. Three sizes are included in the trio (small, medium, and large), each with its own unique color story and design.A tarot cookbook for magical mealsAmazon"Divine Your Dinner" cookbook by Courtney McBroom and Melinda Lee Holm, available at Amazon, Bookshop, and Barnes & Noble, from $14.59For the mystical friend, this cookbook lets them conjure a magical meal according to a fortune. The tarot cookbook contains 78 tarot card-inspired recipes divinely crafted by a tarot priestess and chef.A cozy beanie for chilly daysUrban OutfittersLoose Knit Beanie, available at Urban Outfitters, $12It's that time of year when everyone needs a cozy hat. With a classic cable knit, this one is as cool as it is comfortable.A unique hot sauce blendUncommon GoodsGochujang Sriracha, available at Amazon, Sur La Table, and Bushwick Kitchen, from $10.99Give them a gift to take their hot-sauce habit to the next level. The blend of Thai sriracha and Korean gochujang is sweet, spicy, and unlike anything they've ever tasted before.A shower beer holder for mid-rinse brewsUncommon GoodsShower Beer Holder, available at Uncommon Goods, $15Shower time might not seem like the most opportune moment to crack open a cold one — that is, until now. This silicone beer holder sticks to tile (or any other glossy surface), so they can always have their favorite brew by their side, whatever time it is. A set of cool coasters that's worthy of InstagramSociety6Blue Aqua Agate Coaster (Set of 4), available at Society6, $14.25Let's be real — nobody wants water stains and rings on their nice tables, but admittedly, telling guests to put down coasters first isn't the coolest move. These agate-style coasters are practical, but also add a nice aesthetic, so you'll actually want to leave them out to be used.A convenient phone grip for texting on the goAmazonPopSockets Grip, available at Amazon, Best Buy, and Target, from $9.97They might seem unnecessary at first, but PopSocket Grips are extremely useful. They can use them as a kickstand to prop up their tablet and to comfortably hold their phone while reading on the subway. It's a very useful way to spend $10 (or less.)A faux plant desk organizerAmazonKikkerland Potted Pen Phone Stand, available at Amazon, Bed Bath & Beyond, and The Paper Store, from $10.39If they're stuck inside an office all day, they could benefit from the sight of something green. This plastic plant isn't as good as the real deal, but it adds some much-needed color and works as desk decor, plus it functions as a phone stand and organizational tool.A bestselling body moisturizerNordstromKiehl's Creme de Corps, available at Sephora, Ulta, and Nordstrom, from $14Help them treat their skin right with Kiehl's beloved, and super-hydrating Creme de Corps, another one of our favorite remedies for dryness.A scratch-off bucket listUncommon Goods100 Things To Do Scratch Off Poster, available at Amazon and Uncommon Goods, from $14.99This bucket list suggests 100 unique activities to look forward to once they're safe again — from little things like "take a cooking class" to big ones like "see the Northern Lights." They can scratch each box off after they complete it to reveal a colorful image. It's a cool poster to have hanging and a definite conversation starter.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 5th, 2022

6,153 Bitcoin Was Just Transferred Between 2 Wallets

What happened: $105,133,433 worth of Bitcoin (CRYPTO: BTC) was just moved between 2 anonymous cryptocurrency wallets in a single transaction. This mysterious person's bitcoin wallet address has been identified as: # read more.....»»

Category: blogSource: benzingaDec 5th, 2022

Why El Salvador’s Bukele Is Doubling Down on Bitcoin Despite the Crypto Crash

President Nayib Bukele is buying more Bitcoin, despite the Crypto crash. The cryptocurrency crisis, worsened by the dramatic collapse of fast-growing crypto exchange FTX in mid-November, has raised questions about the future of these digital currencies. Bitcoin, the largest and most well known among them, has fallen to a two-year low in recent days. But one of the cryptocurrency’s most prominent backers is doubling down. On Nov. 17, El Salvador’s President Nayib Bukele, who last year made his country the first in the world to adopt Bitcoin as legal tender, responded to the crypto slide with a pledge that the government would purchase one Bitcoin every day going forward. On Nov. 22, Bukele’s administration sent a bill to El Salvador’s Congress that would allow it to sell $1 billion in so-called “volcano bonds”—government debt, denominated in U.S. dollars and paying out 6.5% interest a year to bond holders—in order to buy even more of the cryptocurrency and build a coastal “Bitcoin City.” [time-brightcove not-tgx=”true”] It may be difficult to understand why Bukele remains so enthusiastic about a policy that has been, by almost all metrics, a disaster. Bukele’s attempt to get Salvadorans to use the notoriously volatile cryptocurrency has left the country looking like a much riskier place to invest. The policy has stalled El Salvador’s negotiations with the International Monetary Fund (IMF) for a $1.3 billion loan, needed to plug big gaps in its public finances. Bukele’s government has been courting alternative sources of cash, announcing new trade talks with China on Nov. 9. But few economists believe Salvadoran vice president Félix Ulloa’s claim that China is willing to help El Salvador with the all-time-high $21 billion debt burden it owes to foreign lenders. If it can’t find new creditors to help service that debt, El Salvador runs the risk of a default early next year. Though Bukele has refused to disclose how much taxpayer money he has spent on Bitcoin, the best guess, based on his purchase announcements, is $107 million, with a further $200 million on administration and infrastructure—equivalent to nearly 4% of the developing country’s 2023 budget. El Salvador’s Bitcoin holdings are now worth less than $40 million. To cap it all, Salvadorans just aren’t that into Bitcoin: an in-person survey of 1,269 residents published by the José Simeón Cañas Central American University (UCA) in October found that less than a quarter of respondents had used the cryptocurrency in 2022. Just 17% said the Bitcoin rollout had been a success, while 66% said it was a failure. And 77% want Bukele to stop using public funds to buy Bitcoin. Marvin Recinos—AFP/Getty ImagesA government worker is seen at an ATM of the state-owned Chivo electronic wallet in San Salvador, on November 17, 2022. And yet, Bukele’s Bitcoin policy hasn’t hurt his approval rating, which has remained reliably above 85% since he took office in 2019. In fact, the cryptocurrency is arguably giving the President exactly what he wants. On the world stage, Bitcoin has pulled media focus from El Salvador’s long-running problem with gang violence, and from the authoritarian moves that Bukele has made to deal with it, including mass arrests, ousting supreme court judges who oppose his agenda, and launching an unconstitutional bid for reelection in 2024. At home, Bitcoin is a key part of the narrative that Bukele is pushing, both of El Salvador—as a rejuvenated, innovative country, delivering new opportunities for young Salvadorans—and of his presidency. He presents himself not as a classic strongman, but as a provocative young visionary challenging the Western financial elite. That means Bukele has little incentive to abandon Bitcoin—despite mounting losses for his country, says Tiziano Breda, Central America analyst at Crisis Group. “It’s Bukele’s ultimate [goal] to rebrand the country,” he says. “And he doesn’t seem like a person who can admit failure. He will go until the last consequences of this experiment.” Why Salvadorans don’t care about Bitcoin Most credit the President’s wide-ranging crack down on gang violence for his sky-high approval ratings. Bukele has overseen the arrest of more than 50,000 alleged gang members and a dramatic fall in El Salvador’s murder rate. Watchdogs say that has come at the cost of “eviscerating human rights” both for gang members and innocent Salvadorans caught in the crossfire. But civil society pushback has been relatively weak, Breda says, with Bukele successfully dismissing protest groups and critical media as puppets for the two establishment parties who ruled El Salvador for three decades before him. Though most Salvadorans don’t like Bitcoin, they view the policy more as an eccentricity of Bukele’s than as a serious threat to economic security, says Ricardo Castaneda, a San Salvador-based economist at the Central American Institute for Fiscal Studies. Mounting concern about public finances hasn’t yet translated into severe economic pain, he says: the government has shielded the population from the worst of global inflation by subsidizing gasoline prices. And remittances from the U.S., which make up a staggering 26.7% of El Salvador’s GDP, have not slowed. Marvin Recinos—AFP/Getty ImagesSoldiers listen as El Salvador’s President Nayib Bukele addresses them near a military barracks on the outskirts of San Juan Opico,west of San Salvador, on November 23, 2022. Bukele, meanwhile, insists that Bitcoin is the long-term solution to El Salvador’s economic problems. Like most crypto enthusiasts, he says the price will soon rally and eventually deliver huge profits to El Salvador. In the meantime, the President’s Twitter account shows an endless stream of retweets of foreign crypto influencers: they’re celebrating El Salvador’s coffee and beaches, and sharing tales of Salvadorans who left their country decades ago and now, apparently thanks to Bitcoin, have decided to return. A looming credit crunch There are clouds on the horizon for Bukele’s Bitcoin dream, though. El Salvador has to come up with a way to pay around $667 million in bonds that come due in January 2023, and another $1 billion in 2025. The government has announced plans to buy back portions of that debt by using reserves from its central bank, in hopes of inspiring enough confidence in the market to allow it to sell new bonds. Analysts say such moves might help El Salvador avoid default next year. But with shrinking cash reserves and unsustainably high levels of debt to service, the risk will remain. If Bukele can’t find buyers for his “volcano bonds” or another way to plug the fiscal hole, he may be forced to return to negotiations with the IMF. The lender would likely make a loan conditional on Bukele removing Bitcoin as legal tender and introducing tighter regulations on the use of cryptocurrencies, to reduce the risk of criminal groups using El Salvador to launder money. Bukele will only accept those terms when the economy starts to struggle enough that Salvadorans feel it, per Castaneda. “There is already a small crack there,” he says, noting that 58% of respondents to the October UCA poll identified El Salvador’s greatest problem as the economy—a 15% spike from May and the highest proportion in the last decade. (The drop in concern about crime likely helped). “If things don’t improve, that crack will get bigger and bigger, and then the applause will turn into boos.” Until then, Bukele will likely keep rolling the dice on Bitcoin. “He’s like a gambler in a casino who’s losing,” Castaneda says. “Instead of walking away or being more careful, they go all in.”.....»»

Category: topSource: timeNov 25th, 2022