Hopping on this train late because there’s very little to be added to the ongoing commentary surrounding NFTs or “non-fungible tokens.” Dropping my two cents without fanfare or finger-pointing.
NFTs are, to put it as simply as possible, “art on the blockchain.” Again, trying not to muddy the waters here, basically people mint a single or limited edition amount of some digitized work-of-art (this is totally subjective) and then put it on-sale. That’s pretty much it.
There’s a lot to be said for this, from both the supporters and the skeptics, but I fall resolutely in neither camp. Why not…
Awhile back, when BitMEX was first indicted by authorities, I wrote about how, despite the perceived weaknesses of the US empire, the US is still an empire. Jurisdiction is a mirage, I said.
To everyone’s delight, including my own, after this, Arthur Hayes, CEO of BitMEX, took off. Few, besides the insiders at BitMEX, friends, and family, knew what had happened to him or where he’d gone. Was he cooperating with authorities in some capacity? Was he going to make a mad-dash for the rest of his life? Was the plan to move to a non-extradition country, or… ?
While certain truths may be evident, that doesn’t mean everyone agrees. Of course, in our collective reality this feels like a first, but history proves otherwise:
And yet (forgive the clichés), history doesn’t repeat, it rhymes.
It’s easy to state that all market bears are built from the same genetic makeup, but that’s too simple.
It’s hard for a skeptic to feel compelled to write a story that pushes the narrative that “Fraud is freedom,” without coming across as intensely sarcastic. But here’s a genuine argument.
To understand deregulation, you have to understand regulation, and to understand regulation you have to understand government. Government can be explained, on the simplest of terms, as a body making decisions for the public good. Now, as is clear throughout history, this can either lead to brilliant leaps in human creativity and industry, or an extreme slow down in per capita output and humanitarian crises.
Regulation can strangle industries…
There’s generally one event that comes to mind when people think of individuals attempting to corner a commodities market: the famous Hunt Brothers and the unraveling of Silver Thursday.
But starting only a short while after that, a young man named Yasuo Hamanaka would attempt to accomplish a similar feat, and, over the course of seven years, he would similarly fail.
Let’s talk about Mr. Copper.
If you follow the cryptocurrency space you’re more than likely familiar with Justin Sun and his antics. But here’s a simple introduction to the ““crypto billionaire.””
Justin Sun, or Sun Yuchen (his real name), on face value, is a Chinese cryptocurrency entrepreneur who’s obsessed with his self-image and has gone from a no one in 2016 to a one-man powerhouse today.
Justin attended Peking University and then, according to him, got a masters degree in history from the University of Pennsylvania. After this he went to Jack Ma’s school for business. Again, on the surface, all the attributes and scholarly…
Most people haven’t thought about the 2016 Bitfinex hack in awhile, but since those 119,756 Bitcoins (worth roughly $78,000,000 at the time) were stolen their value has skyrocketed: in fact, the 2016 Bitfinex hack would have a current value of almost $4,000,000,000 (01/22/2021). Pretty astounding.
Probably the main reason no one discusses the 2016 hack anymore is because no one, besides a few insiders who remain silent, knows what happened on that fateful day. But here’s a summary.
At 1802 UTC, August 2nd, 2016, Bitfinex freezes its trading engine and announces that it has suffered a breach. …
Usually I’m here to discuss all the problems with Tether and Bitfinex, but considering that it’s as good a time as ever to make a rapprochement, let’s go for it.
Lately, Tether, Bitfinex, and Deltec have prided themselves on all the generous giving they’ve been able to accomplish. I think we should offer them a round of applause and look into these causes that are more important than allaying the concerns of investors and observers.
Tether, in September of 2019, pledges $1 million to Hurricane Dorian relief. Quite a wonderful gesture, but it comes with a few caveats.
It’s hard to imagine for the second time I find myself expressing that skepticism is necessary. I began publishing with a spotlight on Bitcoin and cryptocurrency — mainly focusing on the labyrinthian fraud schemes — back in 2017/2018. At that time, Bitcoin had entered a massive run up in price and my push back against Tether, Bitfinex, and other actors in the space was met with almost exclusively bad faith and name-calling.
Granted, back then I was more interested in shitposting and cracking jokes, but regardless, it was strange to see people who prided themselves on being their own bank…
If you check Jed McCaleb’s Wikipedia page what emerges on the surface level is the quiet career of a genius entrepreneur philanthropist. All the classic signs of tech savant are there: attended prestigious college, dropped out, founded peer-to-peer file sharing service, sued out of existence, right place-right time for Bitcoin.
But while the quiet part is true (Jed rarely does interviews and doesn’t have much of a social media prescence), the murkier waters of Jed’s past aren’t to be glossed over.
Many people in the cryptocurrency space aren’t old enough to remember eDonkey2000, a peer-to-peer file sharing service, developed by…
Fraud. Fraud everywhere.