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Bitcoin has reverse trend and is performing more against equities trends ….
For reference, moving with stock market, not with gold/silver (Bitcoin has been sold to investors as electronic gold)
Crypto News
- Thread starter nycfan
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“… In July 2017 Abramoff and his business partner Marcus Andrade began raising money to launch a cryptocurrency called “AML BitCoin,” which, ironically, stood for “Anti-Money Laundering.” To drum up investor interest, the duo effectively purchased free positive press by making undisclosed payments to journalists in conservative and financial media. Many of the payments were organized by Brian Darling, a former staffer for Sen. Rand Paul who now works as a lobbyist at a firm he founded called Liberty Government Affairs.
To keep track of the money, Darling created a spreadsheet that listed the names of writers, the payoffs they received, and the articles that resulted from those payoffs.
In June 2020, Andrade and Abramoff were indictedby the Department of Justice for making “false and misleading statements to potential purchasers” of their AML cryptocurrency. Darling’s spreadsheet was introduced as evidence in Andrade’s criminal trial. It was made public in a court filing last July, but hasn’t been reported on until now.
In all, Darling spent $12,800 through his lobbying shop to buy positive press for the coin, according to the spreadsheet. Among the recipients were financial publications like Forbes and TheStreet and conservative outlets like RedState and the American Spectator.…”
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“… The mortgage company Better Home & Finance and the U.S. crypto exchange Coinbase Global unveiled a new mortgage product Thursday that allows home buyers to pledge their crypto holdings when getting a Fannie-backed mortgage, instead of selling the crypto to make a cash down payment.
…
The goal is to tap in to demand from potential home buyers who don’t want to use their cash savings for a down payment and don’t want to sell their crypto investments, often either because they want to avoid a capital-gains tax bill or because they want to maintain exposure to crypto markets.
“A lot of those crypto owners and investors have not been able to become homeowners,” because they don’t want to sell their crypto investments, said Max Branzburg, Coinbase’s head of consumer and business products. “We haven’t really had the best way to service that need.”…”
Milk and Cookies
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That is a horrible idea for many reasons
1moretimeagain
Legend of ZZL
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As the regulatory destruction moves forward, I hope we set aside money for the bailout that one day will come.
Meatloaf=Steak
Exceptional Member
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Hope people lose their asses in that black market blood money scam
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I'm calling BS. How many people fall into the Venn Diagram between "never owned a home," "enough crypto holdings to secure a mortgage loan," and "not enough cash to make a down payment"? What are we talking about, like a couple hundred tech bros here?
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Or maybe thousands of dumb criminals who thought crypto was the perfect way to hide/launder money.
uncgriff
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Microstrategy is having to pay out $100 million+ a month to fund the 11.5% dividends in their STRC ponzi scheme and they only have $900 million cash. Unless things change damn quick they are going to have to sell more Bitcoin at a loss which will cause a real death spiral for the company and hopefully crypto in general. A friend pitched STRC to me 6 weeks ago as a can't miss investment. I ignored him because I simply cannot see any real value in Bitcoin beyond the hype machine and constant drive to find the next sucker willing to pay more for it.
Bought ASML instead and that was the right call.
Bought ASML instead and that was the right call.
I don't understand why these feelings apply to crypto and not the financial markets in general. It all feels speculative and/or rigged for institutions and ultra wealthy.
uncgriff
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because crypto has no intrinsic value, creates nothing tangible, utilizes massive amounts of resources, and is IMO primarily a tool for fraud, abuse and money laundering. all the promises made about it as an actual currency have been completely overblown and made irrelevant by the traditional industry with venmo, apple pay etc. what is the actual use case beyond speculation?
basically no different than the NFTs from 5 years ago but for some reason has had more staying power.
Because of the energy-waste and money laundering i'll agree it is more evil, good points. But there are many other "financial products" that i'd argue are also tools for fraud, abuse, create nothing tangible (i'm thinking of futures/options for something like a currency exchange ETF), and have value which doesn't match the fundamental real world (pick any momo or speculative product, or art, etc), and no intrinsic value (if the value of owning is just to have something which one day you'll see for more money). These financial products just deserve similar ire IMO.
This is just one of dozens of step twos in pump and dump.