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National Australia Bank creates stablecoin called AUDN: AFR
Australian Federal Police forms cryptocurrency unit, AFR reports
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skill issue git gud $NLT $AFR $SHX
AFR sensor shit all the way. Fuck that thing, 90% of time it shows useless crap. The remaining 10% bring you in deeeeep trouble.
Is the AFR not credible either? It’s being reported there with quotes from NAB employees…
It's insane, the AFR is reporting they were forced to do it individually for competition reasons??? https://www.afr.com/companies/financial-services/nab-creates-a-stablecoin-in-boost-for-digital-economy-20230117-p5cd8f (Turn JavaScript off to avoid paywall)
Nothing other than the AFR reporting on it in a paragraph here. Which is kind of heresay I suppose. https://www.afr.com/companies/financial-services/nab-creates-a-stablecoin-in-boost-for-digital-economy-20230117-p5cd8f
It’s not a CBDC if that’s your concern though this a step towards that. The AFR stablecoin is similar to something like USDC.
Looking forward to the article in 3 months saying: “Australian Bank struggles to find stable-coin success with AFR”
AFR: Digital Surge bailout plan includes $1m from founders Brisbane-based crypto-exchange Digital Surge directors will tip $1 million of their own money into a repayment plan that aims to refund its 30,000 customers every dollar owed to them. By Jessica Sier Both directors including chief executive officer Daniel Rutter and co-founder Josh Lehman will contribute $1 million from a company not associated with Digital Surge to turbocharge the efforts to keep frustrated customers whole. If the deal is voted on favourably by Digital Surge customers, payments to those with balances less than $250 will begin immediately. The Australian Financial Review understands this accounts for about half, or 15,000, of Digital Surge’s customers. In a letter sent to customers on Thursday afternoon, Digital Surge said customers will keep their remaining digital currency balance and not face involuntary taxation events. This would likely occur if the company went directly into liquidation and crypto assets were swapped for Australian dollars. In Australia, this is considered a tax event. Customers are expected to vote on the deal in the new year. “There’s no denying this has been an extremely difficult and upsetting time for everyone in the cryptocurrency sector,” Mr Rutter said in a statement. “Digital Surge has always operated with our users’ best interests at heart, and we have today taken some additional steps with that in mind.” KordaMentha, the administrators which are running the FTX Australia bankruptcy process, have been appointed. In a statement, the administrators note they were very pleased with the cooperative and collaborative approach taken by the Digital Surge directors. Digital Surge’s proposed rescue package is a rare event as crypto exchanges, hedge funds and retail investors around the world grapple with the sudden loss of their funds due to the FTX failure. US-based crypto business BlockFi filed for bankruptcy last week because of its exposure to FTX, with more than 100,000 creditors clamouring for their money back. Fellow crypto business Voyager has also been placed in administration. Earlier last month, revelations emerged that the FTX exchange had transferred $US8 billion of customer money over to another business owned by Mr Bankman-Fried called Alameda Research. Alameda Research, which was run by Caroline Ellison, lost the bulk of customer money conducting risky trades and investing in start-ups through a venture capital program. Mr Bankman-Fried denies committing any fraud, and US lawmakers have requested he appear at a Senate hearing next week to explain his actions. Mr Bankman-Fried, who has been speaking widely with journalists and in public online forums, has hired lawyers Cohen & Gresser to represent him. Ms Ellison, who has remained quiet since the collapse of FTX and Alameda, has hired Wilmer Cutler Pickering Hale and Dorr. Proceedings for the bankruptcy of FTX and its related companies are underway in the United States and the Bahamas. To date, US authorities have not brought any charges, though Mr Bankman-Fried and Ms Ellison face civil lawsuits from FTX clients.
"Demonised by ACCC The Lamborghini industry, said the AFR, was being demonised following a report by the ACCC which found Lamborghini dealerships were colluding to maximise export profits to the detriment of domestic Lamborghini consumers on the East Coast. “We are not wankers,” said a spokesperson for the Lamborghini Association of Australia (LAA) saying the supply crisis was due to the Russian invasion of Ukraine." is this an onion-y website ?
I don't think you should draw that conclusion from this, they're mostly doing it so they can maintain control and increase government revenue. [This article](https://www.afr.com/companies/financial-services/government-to-consult-on-laws-to-foster-regulate-crypto-20220318-p5a5yq) from the AFR should give you a better idea on their intentions: >“DAOs are an existential threat to the tax base,” says Liberal senator Andrew Bragg. “They must be recognised and regulated as a matter of urgency.” - >Senator Hume will say the present policy debate around crypto is analogous to the creation of the internet itself in the late 1990s, “and the decisions now are very much like the decisions then: we can either sustain the right regulatory settings to accrue the benefits of the crypto asset revolution or we will simply miss out”. They're not going to increase viability of trading crypto in Australia, if anything it'll be the opposite. Consumer protections should be improved and hopefully it will prevent more charlatans from operating in the space, but it will mean more KYC, more licencing, and tighter regulation. Ultimately I think it's probably for the best, but don't go thinking these reforms will enable you to buy a house on the north shore and trade crypto for a living without getting eaten up by taxes.
Pay wall but its doesn't get anymore "reliable" than AFR [https://www.afr.com/companies/financial-services/cba-to-add-crypto-to-its-banking-app-20211102-p595da](https://www.afr.com/companies/financial-services/cba-to-add-crypto-to-its-banking-app-20211102-p595da) From the horses mouth https://www.linkedin.com/posts/stevevallas\_cba-to-add-crypto-to-its-banking-app-activity-6861408244510937088-Kwf-
The AFR spruiking a crypto game is a huge deal. It gives crypto and play to earns a genuine shot at attracting some of Australia's wealthiest people to invest.
1. No, I am not making things up. Social Security is an insurance, it is literally in their name (“old-age and survivors insurance”, “disability insurance”). Just because it does not work like other insurance products that build up reserves does not mean it is not an insurance. [“Although the language used to describe Social Security speaks of payroll contributions, retirement savings, and a trust fund, Social Security is unlike any private pension plan. Instead of investing workers’ payroll tax contributions when they are young and allowing them to draw down the interest and principal during retirement, Social Security uses taxes from current workers to finance payments to current beneficiaries, a system known as pay-as-you-go. “](https://www.frbsf.org/economic-research/publications/economic-letter/1999/June/understanding-the-social-security-debate/ I don’t know what you are trying to tell me with your definition of asset vs. debt, but it is not how accounting works. The social security trust funds are separate entities from the federal government and their investments are accounted for as assets. Period. Please provide a link to your quote, because it is not in the [FY 2020](https://www.ssa.gov/finance/2020/Full%20FY%202020%20AFR.pdf) report by the SSA, where, on page 31, you can clearly read that they account for their investments in US treasuries as assets. This is completely legitimate and you denying that these are assets is complete and utter bullshit. 2. That link points to the official homepage of the SSA. Are your telling me they are lying? I don’t know what you are trying to prove with your reference to that ruling, but the fact remains that every single dollar of social security taxes goes into the trust funds and is not part of the general budget and is not used for any other purposes. If you can name me one instance where this was not the case I stand corrected. 3. Social security has always been pay as you go because it was designed that way. It was never designed to build up reserves in the trust funds like you seem to think. Yes, the trust funds will deplete eventually. However, they will still continue to pay out even if no policy changes are made. HI, which you have quoted as depleting in 2026, will have sufficient income [to pay 91 percent of total scheduled benefits](https://www.ssa.gov/oact/trsum/). Even OASI, which will deplete in 2033, will still be able to pay out 76% of scheduled benefits. Hopefully, there will be changes to the system before that, but right now this is how it works and how it was designed. Nobody has lied to anyone, these facts are well know and have been so since inception of the funds. In fact, the trust funds were almost nearing depletion in the 80s before tax rates were increased and retirement age pushed back.