I hope you are all having a great week! The price of Bitcoin as of Wednesday, November 16 at 11:00 a.m. EST is $16,420.
OFAC removed and then redesignated Tornado Cash's sanction. After receiving lawsuits from CoinCenter and Coinbase, OFAC was careful to call Tornado Cash an entity. US people are still blocked from using open-source software. #CodeIsSpeech.
California’s Department of Financial Protection suspended BlockFi’s lending license. BlockFi had a risky $400 million line of credit with FTX, and has now paused withdrawals and stated it is considering filing for bankruptcy. The Company was valued at $3 billion last March. #Contagion.
A clique of 10 FTX coworkers all lived together in a luxurious Bahamas palace. They were rumored to be involved in a polyamorous romantic relationship and heavily addicted to Adderall. Caroline Ellison, the CEO of Alameda Research's father was Gary Gensler's boss at MIT. Leaked documents show the SEC was close to issuing a No Action letter for FTX. Caroline had a disturbing blog called world optimization. The WEF recently removed FTX from its website. #EffectiveNepotisim.
The new FTX CEO, John Ray, is the same guy who oversaw Enron's $23b bankruptcy. The "hacker" may have used the same back door SBF built to secretly send customer deposits to Alameda Research. #InsideJob.
E-cash creator & privacy advocate David Chaum believes there's other alternatives for CBDCs that don't look like China's social credit system. He’s working with the Swiss National Bank to design a privacy-focused central bank currency using quantum-resistant cryptography. #RevocableAnonymity.
Decentralized exchanges like Uniswap are helping users keep this bank run going against the centralized exchanges. Uniswap handled $20.9 billion in transactions. Users are waking up to the advantages of self-custody solutions. #NotYourKeysNotYourCheese.
Decentralized exchanges fix this intermediary risk. People can hold their own assets, and transactions are fully transparent and operate on code. Anyone in DC who actually cares about protecting people should promote self-custody. More on my blog.
LBRY ENFORCEMENT ACTION EXPLAINED. While LBRY’s court case loss against the SEC is an unfortunate event for the cryptocurrency industry, it is critical that we understand the new positions the Judge took regarding the 3rd prong of the Howey Test: “Expectation of profit derived from the efforts of others”. More on the Blog.
Bitcoin 2023 In Miami Beach May 18-20. Join the world’s largest gathering of bitcoiners as we celebrate another year of progress toward hyper-bitcoinization. Consider bringing a friend for three days of bitcoin education, announcements, and of course, a massive celebration!
Quote of the week: The US dollar has lost 99% of its value since the Federal Reserve was created to stabilize the value of the dollar. Eric Voorhees.
Make it a great week!