I hope you are all having a great week! The price of Bitcoin as of Tuesday, November 8th at 1:44 p.m. EST is $18,763.
HERES HOW CBDCs WILL TAKE AWAY ALL OUR FREEDOMS!
Joshua Scigala is an old friend, we discussed the dystopian future of Central Bank Digital Currencies. Josh is the founder of TheStandard.io, a decentralized stablecoin protocol that enables users to lock up crypto and or physical gold to generate multiple fiat-pegged stablecoins.
After SBF published his frothy regulatory ideals and then woefully lost the debate with Eric Voorhees, he became the most criticized man on crypto twitter. Some Celsius bankruptcy documents were published that showed FTX had solvency issues, and CZ began bating SBF to show his books. A bank run ensued, and this morning, SBF announced he's selling FTX.com to Binance due to some major liquidity issues. #AdmitingDefeatTakesCourage.
Turns out you can't reserve a 400-million token pre-mine and directly sell nearly 50 million tokens to investors without registering them as securities. SEC said, "those who seek the use of the money of others on the promise of profit" are selling securities. #BadFactsMakeBadLaws.
The alleged Ponzi scheme raised over 80,000 bitcoin from 100,000 investors on the promise of a 0.35% daily return. The founders are accused of stealing hundreds of millions from investors around the world. #FoolMeTwice.
On November 4, 2022, James Zhong pleaded guilty to obtaining over 50,676 Bitcoin, illegally from the Silk Road dark web. Law enforcement seized the bitcoin then valued at over $3.36 billion on November 9, 2021. #LargestCryptoSeizureYet.
The New York subsidiary of the Federal Reserve with the New York Innovation Center completed the first test of their CBDC initiative. The NYIC was created to research the Federal Reserve CBDC and develop a technical framework for a theoretical implementation of this “Digital Dollar.” #OhNo.
Coinbase joined 11 others to file as a friend of the court in defense of XRP. The brief focused on the fair notice doctrine, that the SEC can't "condemn conduct as a violation of the law without providing fair notice that the conduct is illegal." Sadly, that argument was a loser for LBRY yesterday. #ThankYouCoinbase.
The Canadian government's hostility toward Bitcoin has peaked. Banks are refusing to provide banking options to bitcoin service companies and despite Canada's abundant excess energy, a public utility provider, Hydro Quebec, has denied the allocation of power to bitcoin mining firms. #MinersCanComeToTexas.
This new data service called Datonomy, created with global index provider MSCI and crypto data firm Coin Metrics, will classify & rate hundreds of tokens. #TeaLeaves
Quote for the Week. Here’s to the crazy ones. The misfits. The rebels. The troublemakers. The round pegs in the square holes. The ones who see things differently. They’re not fond of rules. And they have no respect for the status quo. You can quote them, disagree with them, glorify or vilify them. About the only thing you can’t do is ignore them. Because they change things. They push the human race forward. And while some may see them as the crazy ones, we see genius. Because the people who are crazy enough to think they can change the world, are the ones who do. --Steve Jobs
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Make it a great week!