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Cryptocurrencies

Nyvis said:
It's a different kind of lie. Financial assets have inflated valuation often, but it's commonly agreed and maintained by frequent trading. Crypto's insane valuation is entirely reliant on low liquidity though.
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I'd say it's lying vs bullshitting. Lying does not tell the truth, but it's very concerned with the truth, because that's the constant reference point. Bullshitting doesn't care about truth either way. It's saying whatever gets you the result you want, whether what you're saying is true or not (though it does generally end up being false more often than not, simply because there's a lot of false things you can say for every true thing).
 
Aussie Regulator Wins Case Against Kraken Crypto Exchange Operator on Distribution Flaws
Australia's Federal Court ruled on Friday that the operator of the Kraken crypto exchange failed to comply with the design and distribution obligations for its margin trading product, Australia's corporate regulator said.

In September 2023, the Australian Securities and Investments Commission (ASIC) initiated civil proceedings against Bit Trade alleging that Bit Trade, a subsidiary of U.S. Payward Incorporated, failed to make a target market determination for the product before offering it to customers, despite being notified of concerns.

ASIC's case alleged that the obligation to repay a digital asset or national currency was a deferred debt and accordingly, that the product was a credit facility.

"Overall, we're disappointed by today's ruling, but we're prepared and willing to comply with the court's decision," said a Kraken spokesperson on the ruling.
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I miss the days when a Nigerian prince would show up in my e-mail. Technology marches on.

www.nbcnews.com

Bitcoin ATM scams are soaring — and older adults are increasingly the victims

The FTC said reported losses exceeded $110 million last year, up nearly tenfold since 2020, as fraudsters increasingly persuade victims to send them large sums through crypto kiosks.
www.nbcnews.com www.nbcnews.com
... [O]lder people are getting roped in the most. The agency said consumers over age 60 were more than three times as likely as younger adults to say they were duped out of cash in these schemes.

... According to one estimate, there are nearly 32,000 [Bitcoin ATMs] nationwide today, up from just over 4,000 at the start of 2020. The kiosks can now be found in high-traffic locations like convenience stores, gas stations and supermarkets — something that has helped fuel the fraud uptick, federal authorities say.

In many of the incidents the FTC identified, fraudsters contact a victim — or the victim inadvertently connects with them — claiming to be a customer service representative flagging an attempted identify theft or an account breach.

They eventually text their targets a square-shaped QR code — like the ones diners frequently use to pull up restaurant menus — connected to a digital wallet. The victim is typically directed to scan the code and deposit cash into the Bitcoin ATM, which converts it into bitcoin that immediately gets transferred to the scammer — all while the victim thinks they're protecting their assets.

...

Scams involving cryptocurrency have surged alongside the price of Bitcoin, which today is worth about $60,000, roughly double its value a year ago. But [senior data researcher at the FTC, Emma] Fletcher said that while many of such frauds, like shady investment schemes, are more likely to victimize younger people, roughly $2 out of every $3 lost in a scam involving a bitcoin ATM belonged to someone near or over retirement age.
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Remember, crypto is the future of finance.

India leads in crypto adoption for second straight year, report shows
[A report from blockchain analytics company Chainalysis on Wednesday], which tracks adoption across four sub-categories in 151 countries, showed India ranked high on usage of centralized exchange and decentralized finance assets from June 2023 to July 2024.

...

Binance, the world's biggest crypto exchange, was hit with a fine of 188.2 million rupees in June a month after it registered with the [Financial Intelligence Unit] in an effort to resume operations in the country. Crypto exchange KuCoin had registered with the watchdog in March but faced a smaller penalty amount of 3.45 million rupees.

Seven of the top 20 countries in Chainalysis' global adoption index were central and South Asian countries such as Indonesia, Vietnam and Philippines.
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Crypto is the FUTURE OF FINANCE.

Trump Rolls Out His New Cryptocurrency Business
"Crypto is one of those things we have to do," Mr. Trump said on X. "Whether we like it or not, I have to do it."

Beside him were his collaborators, including a family friend; Mr. Trump's two oldest sons, Donald Trump Jr. and Eric Trump; and two little-known crypto entrepreneurs with no experience running a high-profile business. Together, they were rolling out Mr. Trump's crypto venture, World Liberty Financial, a project that has already raised concerns about the former president's conflicts of interest and even alarmed some of his most vocal supporters in the industry.

Mr. Trump has promoted the venture since August, but its exact purpose remains unclear. No official launch date has been set. On the livestream, he did not address the project directly, leaving the details to the two entrepreneurs, Chase Herro and Zachary Folkman.

...

On the livestream on Monday, Mr. Trump and his sons said that crypto would transform the financial system, without detailing what their business venture is designed to accomplish. But privately, some people involved in World Liberty Financial have pitched it as a borrowing and lending platform, according to three people with knowledge of the project. A white paper for the venture, reviewed by The New York Times, said that it would feature a new cryptocurrency called $WLFI that would be sold to the public.

On its official X and Telegram accounts, World Liberty Financial has said that the project aims to drive "mass adoption of stablecoins ... One person briefed on the project described it as similar to an existing service called Instadapp, an application that allows users to manage their investments across a range of crypto platforms.

...

On the livestream, Mr. Folkman said that lawyers were in the room with him, "staring daggers at me." Because of the government crackdown on crypto, he explained, the digital currency associated with World Liberty Financial would be available in the United States only to accredited investors.
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Remember, crypto is the future of finance blockchain is the future of technology.

Sony Joins a Crypto Push in Japan as Calls Grow for Looser Rules
Sony last month officially unveiled a digital ledger, Soneium, anticipating that developers will use it to create applications to enhance the firm's offerings. Precisely how is a work in progress, but the broad idea is that intersecting Soneium with gaming, music and movies could yield opportunities.

Other Japanese firms exploring various blockchain-related initiatives include the likes of Nippon Telegraph & Telephone Corp., Toyota Motor Corp. and Mitsubishi UFJ Financial Group Inc. The latter, Japan's biggest bank, is looking into issuing stablecoins, a type of digital token meant to hold a constant value.

...

For Sony, projects dotted across the blockchain sector provide clues about the possibilities for Soneium. For instance, some startups enable the trading of in-game sprites, while others are exploring new ways of copyrighting and monetizing artistic output. Such uses are still evolving, and whether digital-ledger applications have a long-term future remains a point of debate.

"We believe that entertainment-related businesses operating on a web3 platform will continue to expand in the future," said Jun Watanabe, chairman of Sony Block Solutions Labs, the unit developing Soneium.
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"Web3 crypto AI something NFT something THE FUTURE!-of fraud- something..."

I swear if a techbro or crypto enthusiast fell asleep 5 years ago and woke up today they would see absolutely no difference in all the platitude and hot air filled interviews of such types...
 
www.wenjet.com

HOPIUM by WEN JET®

This limited batch of anti-panic portable oxygen in a can offers a breath of fresh optimism when your portfolio dips. Just one spray and you'll feel rejuvenated, ready to hodl on!
www.wenjet.com www.wenjet.com

Are you feeling breathless as the crypto charts dive deeper into the red?

This limited batch of anti-panic portable oxygen in a can offers a breath of fresh optimism when your portfolio dips. Just one spray and you'll feel rejuvenated, ready to hodl on!

  • Over 200 1-second breaths
  • Natural flavor
  • Built in mouthpiece
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Saw this on Twitter. ROFL laughing.

This is good for HODLERS!
 
PainRack said:
www.wenjet.com

HOPIUM by WEN JET®

This limited batch of anti-panic portable oxygen in a can offers a breath of fresh optimism when your portfolio dips. Just one spray and you'll feel rejuvenated, ready to hodl on!
www.wenjet.com www.wenjet.com



Saw this on Twitter. ROFL laughing.

This is good for HODLERS!
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I assume it's a joke (the 'whitepaper' on the website is a toilet roll), but this is crypto, so it could still be a way to grift money. Doge coin is a thing. And of course, all of crypto is a joke, so the only difference is that this one might not be trying to get your money.

Still, it's rather amazing how with crypto I'm simultaneously forced to believe everything and nothing. Kind of disorienting.
 
BurnNote said:
I assume it's a joke (the 'whitepaper' on the website is a toilet roll), but this is crypto, so it could still be a way to grift money. Doge coin is a thing. And of course, all of crypto is a joke, so the only difference is that this one might not be trying to get your money.

Still, it's rather amazing how with crypto I'm simultaneously forced to believe everything and nothing. Kind of disorienting.
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I'm thinking how much of a markup these cans of Hopium can be sold at. (Buy oxygen cans in bulk, give them some catchy label and resell for profits.)

Maybe ten times the price? Crypto lovers seem to have no qualms with buying overpriced things in general.
 
Somebody said:
I'm thinking how much of a markup these cans of Hopium can be sold at. (Buy oxygen cans in bulk, give them some catchy label and resell for profits.)

Maybe ten times the price? Crypto lovers seem to have no qualms with buying overpriced things in general.
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Who says it has to be pure oxygen? Wanna bet it's just compressed air ? Maybe with some scent in it ?
 
BurnNote said:
About 80%, yes. But there is 20% compressed oxygen. Honestly, a 20% rate of truth is fantastic in cryptoland.
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For the record, It's 20% Oxygen, 80% Nitrogen because actual air is about 78% Nitrogen, 21% Oxygen, and 1% literally everything else in the air. Its basically about as close to real air you can get while making it an easy percentage to hit. Its also what your lungs have roughly evolved to breath.

So more like 99% accurate, with the slight inaccuracy being understandable.
 
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PainRack said:
www.wenjet.com

HOPIUM by WEN JET®

This limited batch of anti-panic portable oxygen in a can offers a breath of fresh optimism when your portfolio dips. Just one spray and you'll feel rejuvenated, ready to hodl on!
www.wenjet.com www.wenjet.com



Saw this on Twitter. ROFL laughing.

This is good for HODLERS!
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Genius marketing.
Canned oxygen are always s thing, albeit of dubious effectiveness. Tbh I'd buy this for the novelty alone.
 
US Charges 3 Companies, 15 People With Cryptocurrency Fraud
Federal prosecutors in Boston charged the firms Gotbit, ZM Quant, CLS Global and the leaders and employees of those and other companies in a takedown that has led to four arrests, agreements by five people to plead guilty and the seizure of over $25 million worth of cryptocurrency.

Acting U.S. Attorney Joshua Levy said the defendants engaged in sham trades to artificially inflate the trading volume of various cryptocurrency tokens before selling them off, "leaving innocent investors holding the bag."

As part of the investigation, the FBI directed the creation of a cryptocurrency company, NexFundAI, which had a token on the Ethereum blockchain that prosecutors said ZM Quant, CLS Global and another company, MyTrade, agreed to help manipulate.

Authorities said that token was traded but that they carefully monitored to minimize the risk retail investors might buy it before disabling trading. The U.S. Securities and Exchange Commission filed related civil cases as well.

...

Prosecutors said that from 2018 to 2024, Gotbit engaged in "wash trading," a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens.
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Darth Crater said:
SEC Twitter account: Hacked.

Article:
The Securities and Exchange Commission's (SEC) account on the platform formerly known as Twitter was breached Tuesday, the agency said, after it appeared to announce the approval of several bitcoin investment funds. [...] The incorrect post was online for roughly 30 minutes before it was deleted and replaced with the SEC's disavowal.


Crypto: pumped and dumped.


View: https://imgur.com/a/Ex33OTs
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Update.
www.justice.gov

FBI Arrests Alabama Man in the January 2024 SEC X Hack that Spiked the Value of Bitcoin

WASHINGTON – Eric Council Jr., 25, of Athens, Alabama, was arrested this morning, in Athens, in connection with a January 2024 unauthorized takeover of the U.S. Securities and Exchange Commission’s (SEC) X account, formerly known as Twitter, in which hackers posted a fake message from the SEC...
www.justice.gov www.justice.gov
Council is charged by indictment, unsealed today, with conspiracy to commit aggravated identity theft and access device fraud.

...

As described in the indictment, Council, who used online monikers including "Ronin," "Easymunny," and "AGiantSchnauzer," received personal identifying information (PII) and an identification card template containing a victim's name and photo from co-conspirators. Council then used his identification card printer to create a fake ID with the information. Council proceeded to obtain a SIM card linked to the victim's phone line by presenting the fake ID at a cell phone provider store in Huntsville, Alabama. He then purchased a new iPhone in cash and used the two items to obtained access codes to the @SECGov X account. Council shared those codes with members of the conspiracy, who then accessed the account – and issued the fraudulent tweet on the @SECGov X account in the name of the SEC Chairman, falsely announcing the SEC's approval of BTC ETFs. Council received BTC payment for performing the successful SIM swap. Shortly after, Council drove to Birmingham, Alabama to return the iPhone used in the SIM swap for cash.
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