Crypto News

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After all this time I still don't understand Bitcoin etc.
Like the "macarena" by the time I learn it it's been over for a while!
Dr Evil GIF
 


People have been getting kidnapped and beaten for info on their crypto wallets, so maybe not a bad idea.
 
superrific said:
Bitcoin leads me to believe in balance in the universe.

Almost simultaneously, Silicon Valley developed one of the most advanced, if not the most advanced, technology in history (AI), and the stupidest technology in history (crypto).
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Kinda like how LSD was discovered a few months after the Manhattan Project was started...
 
nycfan said:
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“A 37-year-old cryptocurrency investor was charged on Saturday with kidnapping a man and beating, shocking and torturing him for weeks inside a luxury townhouse in downtown Manhattan, all in a scheme to get the man’s Bitcoin password, the authorities said.

The crypto investor, John Woeltz, was taken into custody on Friday after the man managed to escape the townhouse and notify the police. Mr. Woeltz was arraigned on Saturday morning in Manhattan criminal court and charged with assault, kidnapping, unlawful imprisonment and criminal possession of a gun. He was ordered held without bail and forced to surrender his passport, the Manhattan district attorney’s office said….

The man, whose name has not been publicly released by the authorities, told the police that he had arrived in the city from Italy on May 6 and had gone to the townhouse. Mr. Woeltz, who is originally from Kentucky, had been renting the eight-bedroom home for at least $30,000 a month, the official said.

But when he arrived at the house, Mr. Woeltz and the “unapprehended male” stole his electronic devices and his passport and demanded that he tell Mr. Woeltz his Bitcoin password so they could steal his cryptocurrency, according to a criminal complaint against Mr. Woeltz.

When the victim refused, the two men took him captive and subjected him to weeks of torture, which included beating him, shocking him with electric wires, hitting him with a gun and pointing the gun at his head. At one point, Mr. Woeltz and his accomplice carried the man to the top of the stairs in the five-story home, suspended him over the ledge and threatened to kill him if he did not give Mr. Woeltz his password, the complaint says.

…
The abuse continued for about three weeks until Friday morning, when the man managed to escape and alert the traffic agent.

Police officers from the Fifth Precinct arrived at the townhouse shortly after his escape on Friday and took Mr. Woeltz into custody. The victim was taken to Bellevue Hospital in stable condition, the police said.

Inside the home, the police found Polaroid pictures showing the man bound and being assaulted, the law enforcement official said. They also found a gun and several other items used for torture inside the house.…”
 
You can afford to rent a $30,000+/month home, but now headed to prison. So dumb. The Polaroids of your crime were another stroke of brilliance.
 
superrific said:
Stablecoin is even stupider than bitcoin.

Stablecoin is pegged to the dollar. So if you want exposure to dollars, why not -- you know -- buy dollars? They are harder to steal and they come with fraud protections, but one would think that a feature not a bug.

What does stablecoin do that a dollar doesn't?
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It gives trump family more power and wealth.

There's a bill in congress that trump is really pushing that will make his coin much more valuable.

 

Trump Media Shares Fall Sharply on Plans to Raise Billions to Buy Bitcoin​

Plan comes after Trump hosted a dinner last week for the top buyers of his memecoin​


🎁 —> https://www.wsj.com/finance/currenc...22?st=rGj2Ct&reflink=mobilewebshare_permalink

“…
Trump Media & Technology Group DJT -9.12%decrease; red down pointing triangle said Tuesday it plans to sell $1.5 billion of the company’s stock and $1 billion in convertible debt to about 50 institutional investors. The company said the investment closes its strategic acquisition fund created to buy, merge or join companies that align with the president’s “America First” policies.

The company, which operates the president’s Truth Social platform, plans to use the funding to create a treasury that will hold bitcoin. Trump Media said Crypto.com and Anchorage Digital will provide custody of the bitcoin treasury.

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Trump Media Chief Executive Devin Nunes said. …”
 
nycfan said:

Trump Media Shares Fall Sharply on Plans to Raise Billions to Buy Bitcoin​

Plan comes after Trump hosted a dinner last week for the top buyers of his memecoin​


🎁 —> https://www.wsj.com/finance/currenc...22?st=rGj2Ct&reflink=mobilewebshare_permalink

“…
Trump Media & Technology Group DJT -9.12%decrease; red down pointing triangle said Tuesday it plans to sell $1.5 billion of the company’s stock and $1 billion in convertible debt to about 50 institutional investors. The company said the investment closes its strategic acquisition fund created to buy, merge or join companies that align with the president’s “America First” policies.

The company, which operates the president’s Truth Social platform, plans to use the funding to create a treasury that will hold bitcoin. Trump Media said Crypto.com and Anchorage Digital will provide custody of the bitcoin treasury.

“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” Trump Media Chief Executive Devin Nunes said. …”
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“…
Trump’s policies toward bitcoin—the oldest and largest cryptocurrency—could potentially affect the value of Trump Media’s bitcoin stash. The president owns more than 50% of Trump Media’s shares through a revocable trust.

In March, Trump ordered the creation of a bitcoin strategic reserve to consolidate the U.S. government’s bitcoin holdings. Under his order, new acquisitions to the reserve must be done in a “budget-neutral” way to avoid additional costs to taxpayers, although the Trump administration hasn’t detailed how it plans to do that. The government already holds a sizable amount of bitcoin that it has seized from criminals.

Proponents call bitcoin “digital gold,” arguing that its limited supply—capped at 21 million coins—will eventually make it a safer store of value than traditional currencies, despite its history of volatility.“
 
Healing said:
Can someone much smarter than me explain what the hell this means? Because, on the surface, this is just straight up doublespeak.
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It means Vance is in on the grift, as you imply.

The "investment case" for crypto has always been as a hedge. Why store value in crypto instead of dollars in the bank? Well, the dollar might fall in value. Crypto hedges you against that. So they say. The reality, of course, is that crypto is what requires hedging because it is so volatile. And that's what a stablecoin is supposed to do. But then you might ask, if my crypto is tethered to the dollar, why don't I just buy dollars? And you would get blank stares.

So now, apparently, they are reinventing hedging. You're not hedging against the falling dollar any more, because your coins are dollars. There's nothing bitcoin can hedge because it's just gambling, and it has no intrinsic correlation with any meaningful statistic (as opposed to, say, oil futures, which you can buy to hedge your gas consumption). Ah, but apparently you can use it to hedge against liberals. It all comes back to the liberals.

But again, in reality not only does this discrimination not exist, crypto would do absolutely nothing to combat it. If a storeowner doesn't want to sell to a MAGA, the fact that the MAGA has coin and not cash isn't going to change that at all. In fact, it's even more of a disincentive.
 
🎁 —> https://wapo.st/4kkK5JG

“… Eric Trump announced at a crypto conference in Las Vegas this week that the family business is raising $2.5 billion from investors for its latest crypto project: a “bitcoin treasury.” (Company executives had denied the plan just days earlier, when they called the Financial Times reporters who broke the story “dumb writers listening to even dumber sources.”)

… Eric Trump explained onstage that Trump Media & Technology Group, the parent company of the Truth Social platform, took inspiration from Michael Saylor. The former CEO of the firm once known as MicroStrategy — now just Strategy — picked up a cult following after transforming his stumbling software company into a bitcoin-buying juggernaut. Strategy’s reserve has swelled to over $60 billion in bitcoin, and its stock soared by a mind-melting 3,000 percent in four years.

… Now Trump Media wants to mimic the model Saylor introduced: selling shares of stock and debt, and turning the proceeds toward amassing bitcoin. The purchases push the price of bitcoin up, and the company’s stock price increases, too — historically, by something like twofold.

That’s because investors see the business as the go-to place to lodge a leveraged bet on bitcoin without actuallydealing in crypto, and they’re willing to pay double for the privilege. Saylor describes his idea as an intricate invention: “a quadratically reflexive, engineered instrument,” he told the Financial Times.

There’s a much simpler way of stating the reality. As the Wall Street Journal put it: “It’s as if investors are paying $2 for a $1 bill.”

The Trumps are evidence of his efforts. Eric, who said Saylor encouraged the family to “do what I’m doing,” appeared surprised at Saylor’s enthusiasm for new entrants to the market. “I’ve never seen that in any other industry,” he said. “You have the titan of the industry that’s literally advocating for smart people to compete against them.”

But the president’s second son has it backward. Strategy’s success doesn’t depend on hawking an exclusive product that Saylor needs to protect from competition. It depends on demand for bitcoin — so of course he would want to encourage the Trumps to pour their allies’ riches into the token.

Saylor loses if bitcoin stops appreciating. If the number goes down, Strategy falls apart: The premium to hold the stock disappears; the bottomless money well dries up; the debt comes due and, possibly, can’t be paid off.…”
 
nycfan said:
🎁 —> https://wapo.st/4kkK5JG

“… Eric Trump announced at a crypto conference in Las Vegas this week that the family business is raising $2.5 billion from investors for its latest crypto project: a “bitcoin treasury.” (Company executives had denied the plan just days earlier, when they called the Financial Times reporters who broke the story “dumb writers listening to even dumber sources.”)

… Eric Trump explained onstage that Trump Media & Technology Group, the parent company of the Truth Social platform, took inspiration from Michael Saylor. The former CEO of the firm once known as MicroStrategy — now just Strategy — picked up a cult following after transforming his stumbling software company into a bitcoin-buying juggernaut. Strategy’s reserve has swelled to over $60 billion in bitcoin, and its stock soared by a mind-melting 3,000 percent in four years.

… Now Trump Media wants to mimic the model Saylor introduced: selling shares of stock and debt, and turning the proceeds toward amassing bitcoin. The purchases push the price of bitcoin up, and the company’s stock price increases, too — historically, by something like twofold.

That’s because investors see the business as the go-to place to lodge a leveraged bet on bitcoin without actuallydealing in crypto, and they’re willing to pay double for the privilege. Saylor describes his idea as an intricate invention: “a quadratically reflexive, engineered instrument,” he told the Financial Times.

There’s a much simpler way of stating the reality. As the Wall Street Journal put it: “It’s as if investors are paying $2 for a $1 bill.”

The Trumps are evidence of his efforts. Eric, who said Saylor encouraged the family to “do what I’m doing,” appeared surprised at Saylor’s enthusiasm for new entrants to the market. “I’ve never seen that in any other industry,” he said. “You have the titan of the industry that’s literally advocating for smart people to compete against them.”

But the president’s second son has it backward. Strategy’s success doesn’t depend on hawking an exclusive product that Saylor needs to protect from competition. It depends on demand for bitcoin — so of course he would want to encourage the Trumps to pour their allies’ riches into the token.

Saylor loses if bitcoin stops appreciating. If the number goes down, Strategy falls apart: The premium to hold the stock disappears; the bottomless money well dries up; the debt comes due and, possibly, can’t be paid off.…”
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“… His business, in essence, is a religion. At its core is the need to believe in bitcoin, and the more believers, the better. As with pretty much every cryptocurrency, blind faith is what gives bitcoin value — because it has no intrinsic worth, no tether to the real world, no guarantee from a government. (Saylor insists that scarcity gives bitcoin its value; the token, after all, is designed to have a finite supply. But plenty of things that are scarce, from four-leaf clovers to random paintings by an amateur artist, are worthless.)…”

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Dance Crypto GIF by Deep Trump
 
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