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Your Daily Dose of Crypto : • Former BitMEX CEO Arthur Hayes is set to face sentencing in a federal courthouse in New York on Friday after pleading guilty in February to charges that he willfully failed to implement an anti-money laundering (AML) program at the exchange. • SWIFT, the Belgian financial messaging network used by banks in international money transfers, announced Thursday that it is teaming up with French IT company Capgemini to conduct experiments with cross-border central bank digital currency (CBDC) payments. This is SWIFT’s second research project on CBDC. • Panama President Laurentino Cortizo on Wednesday said he may veto a recently approved bill that would allow citizen to use cryptocurrencies as a form of payment in the Central American country. • Tether reduced its commercial paper holdings by 17% from $24.2 billion to $20.1 billion in the first quarter, according to its latest attestation report. • Two U.S. residents have been charged with running a crypto Ponzi scheme that allegedly defrauded hundreds of investors out of a collective $44 million. • Avalanche, a smart-contract blockchain, said in a tweet that Luna Foundation Guard (LFG) – the entity behind the reserve fund set up to backstop the Terra blockchain's now-failed UST stablecoin – has “disclosed no plans” for the 2 million AVAX tokens currently sitting in its treasury. • Tether and Bitfinex CTO Paolo Ardoino said that the Terra (LUNA) project was not intended to be a rug pull, but was simply “poorly designed.” • U.S. cryptocurrency exchange Coinbase Global (COIN) is pausing new hiring for two weeks and slashing cloud spending on Amazon Web Services, along with other cost-cutting measures following its recent weaker-than-expected earnings report and the overall crypto market rout • The U.S. Department of Commerce’s International Trade Administration is seeking public comments on how it can respond to President Joe Biden’s executive order on crypto, according to a notice issued on Thursday. • Blockchain gaming company Azra Games has raised $15 million in a seed funding round led by Andreessen Horowitz • Stablecoin swap application Curve Finance is proposing to end emissions of its CRV tokens from pools related to terraUSD (UST) after UST's implosion last week. • FTX US said it will begin testing stock trading functionality for a handful of U.S. users. Brokerage accounts can be funded with the stablecoin USDC, the exchange said.
IDK if the non-wealthy retail investor can in the U.S. on a regulated CEX. The best you might be able to do is go short on BITO and stocks like COIN, because if USDT blew up like UST/LUNA did, those would get hammered.
This is a good thing. This sets up exchanges to act more like conventional financial institutions and offers more protections to customer funds in cases of distress (like bankruptcy). "Spurred by Coinbase’s (COIN) recent disclosure that customers’ money would be jammed up if the company declared bankruptcy, federal officials intend to push U.S. lawmakers to fix the problem by insisting that a future legal framework require crypto firms keep customer assets walled off. That type of custodial rule is standard for financial firms such as futures platforms, but crypto exchanges routinely mingle their funds with customers’ holdings in the same pot – a situation the administration wants to see ended by legislation. The securities industry commonly commingles funds, but the investments are also more heavily regulated."
From the article: "Spurred by Coinbase’s (COIN) recent disclosure that customers’ money would be jammed up if the company declared bankruptcy, federal officials intend to push U.S. lawmakers to fix the problem by insisting that a future legal framework require crypto firms keep customer assets walled off." Sounds like investor protections to me. Did you even read the article?
“Spurred by Coinbase’s (COIN) recent disclosure that customers’ money would be jammed up if the company declared bankruptcy, federal officials intend to push U.S. lawmakers to fix the problem by insisting that a future legal framework require crypto firms keep customer assets walled off”.
tldr; Coinbase Global (COIN) launched a a crypto-native think tank dubbed the Coinbase Institute to fuel ideas across the digital ecosystem on Wednesday. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Bounced off support but looks like we are to retest. I mainly trade Ether, but it's the same candlestick chart practically. Ether hasn't been able to really climb back towards the 2200 level and the rise in price over the last several days has been belied by the decreasing volume (divergence). I think we see a retest of 1700 (strong strong support, it has bounced off this level or around it like five or six times), but because we are in an extremely "fraught" geopolitical and economic environment and the market itself has been so tumultuous (I would argue it's a bear market), I could see us breaking that support which brings us to retest supports in the $800s I believe. The way old resistance/support was $300-$350 or something like that, so personally while I have stop limit orders pending above significant prior highs (I trade the timeframe I am awake on, so I might use the 8 hour before bed for instance): right now I am looking toward $2170-$2200 range (plus confirmation) to start a long scalp, but I'd have to see a lot more to even consider an actual long, long position for something like the daily or weekly timeframe. Right now I am actually hedging. I have significant short interest (both actual shares short plus put options) on Coinbase (COIN) and I re-up on these little rally days we have, but should there be a dramatic and positive bounce to the upside for crypto (which literally could come any day...or not at all), I have stop orders plus liquid in place. While I cannot change the past, one thing I have learned is not to put all my eggs in one basket. Still I hold my (currently) empty basket ever next to the bosom of the crypto gods.
HERE YE HERE YE ATTENTION ALL LUNAtics. THE NETWORK FACED A BRUTAL ATTACK BY INSTITUTIONS WHO PROFITED GREATLY DURING ITS DECLINE. KO KWON IS MAKING MOVES TO SAVE THE COIN MOST LIKELY UNDER THE THREAT OF PHYSICAL VIOLENCE. WE MUST UNITE AND FILL OUR BAGS. EVEN THOUGH THERE ARE 6 **TRILLION** COINS A $100 MOON MISSION IS POSSIBLE.
tldr; Coinbase prospects have sued the change over the promotion and buying and selling of GYEN, a stablecoin that crashed. The lawsuit alleges that the change misled traders concerning the token’s stability. Following the 80% crash, traders began transferring their funds off the change leading to a pointy drop in COIN's value. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
I have COIN stock. I bought when it was high and it hurts now. I don’t think they’re going bankrupt anytime soon. Even if they do, that doesn’t mean their stock price wont bounce back. I would be hella pissed if they took my bags though. I don’t really think it will happen and there isn’t much on the exchange anyways, but it’s the principle of the thing. They would lose all trust and respect as a company and what they’re trying to do if they took everyone’s coins. They don’t want to be synonymous with Robinhood.
You prosecute any of your citizens that create and shill fraudulent malicious projects the same way international fraud schemes are regulated and prosecuted. Sure maybe there will be a few third world countries that allow it but it’ll force serious consideration for the user Regulate companies like COIN to prevent listing fraudulent coins, which is most of them.
My crypto trading skills I've learnt in this sub I tested on stocks, lo and behold I'm up on my COIN purchase yesterday buy a whopping 22%, while there was blood in the streets and everyone panicking coinbase about to go bankrupt and trying to move there funds of the exchange I casually bought some shares at $47.86 and today they've gone upto $58.13 😎
Many reasons, too many to post from my phone. Here’s the scariest one: There are hundreds of exchanges out there but only a small number that act as fiat on and off ramps. Many many exchanges are funded by transferring stable coins. The ratio is unknown, but the non-fiat exchanges definitely outnumber the fiat exchanges. What happens when millions of users want to sell for fiat? The fiat exchanges **might** have enough fiat to cash out their own customers. Coinbase operating at a 9 figure loss suggests that they don’t, but maybe. Do they have enough fiat for their own customers **plus everyone else who didn’t fund through them**? Exchange transaction fees are paid in crypto, not fiat. Exchanges are sitting on a trillion dollars of devaluing digital assets. They don’t have a trillion in USD to convert for you. COIN has a few billion - one one thousandth of the market cap. Simply: there is t enough money to cash people out, and the exchange revenue stream is not based on fiat so they are losing money as prices fall. It’s a double whammy.
That's a weird tangent, and asserted with unfounded confidence...but OK. > If there is a run on COIN, if people start withdrawing their coins, the only option for COIN is to call in their debts with others. If that fails, COIN is dead. That is breathtakingly naive. Let me guess: Almost wrapped up Econ 101 with a 3.5? So let met get this straight: You're telling me that you can't think of some way that a public company - for the sake of argument in deep, deep financial trouble - with incredible brand awareness and market dominance, might continue on as a going concern without interruption, whether by shareholder choice or not, within in a bigger ecosystem of retail financial services companies - among the largest companies to have ever existed in human history - with billions of dollars in cash desperately looking for something to do with, and also coincidentally for some way into the crypto craze? OK. Cool.
You are completely wrong, it is exactly the opposite. Companies don't go bankrupt because of debt , Amazon has billions in long term debt. Companies go bankrupt because of lack of liquidity. Banks need a regulated amount of reserves. In return, if there is a run on the bank, they can get support from the Federal Reserve. There is no such parachute for Coinbase or any other exchange. If there is a run on COIN, if people start withdrawing their coins, the only option for COIN is to call in their debts with others. If that fails, COIN is dead. Bitfinex has a more sleazy sollution: their T&C allows them to give people whatever crypto they have lying around. SO your BTC on Bitfinex are actually Tethers.
which is why I said "supposedly". people see a stable coin and expect it to be stable versus a speculative investment like COIN, NFLX, FB which are expected to fluctuate. it is reasonable for someone new to the ecosystem to 1. not understand what an algorithmic stable coin is and 2. not expect their stable coin to drop to 50 cents ​ just pointing out why this comparison doesn't make sense and people are rightfully upset and surprised that their stable coin crashed
I'm just putting the losses in context. People are freaking out about UST depegging (perhaps rightly so), but if you had the same amount of money in UST, you would have lost less than if you had put it in NFLX, FB or COIN, as of now anyway. Who knows if there'll be another dump.
OP thinks you're all idiots because you abandoned a sinking shitco... er ship. OP, what's so hard to believe about a low liquidity pure speculative asset collapsing 99% when you have mainstream stocks with real products dropping 30-50% in 24 hours? COIN is down 50% in two days, yet you find it hard to believe a shitcoin can't drop 98% when it's main product shows it's broken and worthless?
"There is no evidence yet". There, you said it. Please cut this bullshit conspiracy theories, enough already! This project is failing because IT WAS FLAWED FROM THE VERY START, and this drama, as bad as it is, was clearly waiting to happen as soon as we hit a real bear market. And here we are. Sorry for everyone affected but A STABLE COIN IS SUPPOSED TO STAY STABLE, no matter what. Don't even start with bad actors exploiting Terra's mistakes: no mistakes are allowed in this game. You crave total decentralization? Enjoy!
New disclosure in today's $COIN (Coinbase) 10-Q: 👀 "In the event of a bankruptcy.....customers could be treated as our general unsecured creditors." 🚩🚩🚩 🚨Get your \#Bitcoin off exchanges.🚨 --- Photos in tweet | [photo 1](https://pbs.twimg.com/media/FSbdOd1WQAEHis1.jpg) --- posted by [@sophiamzaller](https://twitter.com/sophiamzaller/) --- [Thanks to inteoryx, videos are supported even without Twitter API V2 support! Middle finger to you, twitter](https://github.com/inteoryx/twitter-video-dl)
Citadel are a hugely sophisticated MM making enormous amounts of money from market making for retail on stocks, they definitely want their piece of the crypto pie. They want more regulation because that will push the trading towards existing licensed MM and away from COIN and Binance.
agree 100% Until recently COIN was doing pretty well it touched 100 a month back and now just following bitcoin cycle on top of the overall market that's getting pounded by the fed. It's going to be very hard for DEXs to even be a thing when the general public doesn't know what they are or how they work and don't think they're safe to store their investments. Personally think a big change needs to come to make it easier for the general public to access, understand and use dexs
Funny how much people care about this... as if people have never heard of exchanges having troubles of any sort and being unable to give customers their funds. COIN includes new language to cover the event of a bankruptcy? <shocked pikachu face>
New disclosure in today's $COIN (Coinbase) 10-Q: 👀 "In the event of a bankruptcy.....customers could be treated as our general unsecured creditors." 🚩🚩🚩 🚨Get your #Bitcoin off exchanges.🚨 https://twitter.com/sophiamzaller/status/1524150654897463302?s=21&t=TKQ6bzo8JFXqEBMAN8mMoQ
One of the fallacies of a company not actually producing anything unfortunately. What’s worse is they’re a company that makes money on fees which in theory should be highly highly profitable even during a crypto winter. I mean shit, they should be in honesty no different then VISA when all things considered. However as you described they expanded way too fast with money that was quite literally made out of thin air. Looking at how $COIN is performing is highly predictive of what is going to GME when they venture into the NFT mkt. there’s a lot of hype, too much on a product that is losing steam and fast. Many many people aren’t going to like me saying this as they have a lot of money in both GME and LRC but truth of the matter is hype and memes do 👏not 👏survive 👏a 👏recession.
>why add it now 100 billion valuation company at ATH of $370 a share is now worth about $60 a share during after hours trading with no end in sight. Their Q1 earnings report just got released today and it’s an utter shit show. I wouldn’t be surprised if they drop past $25 a share at this point. Their predicted 2022 earnings for the rest of the year is not looking good either. At this point they’ll have very few options to turn things around considering all they do is collect fees. 1. Fire half their work force. 2. Find something else to make money on. During a fucking a recession. 3. They could mint their own coin like Binance and hope it takes off. Which at this point I doubt anyone would do. They just launched their NFT mkt place today, which IMHO is too little too late. I said in an earlier comment that I’d buy into $COIN at $50 a share, I’m gonna take that right back and may throw $1000 when it drops to $10 a share. I’ve done dumber shit with money.
This is incorrect. All onchain balances are in Satoshi because no developer would use floating point math for a system designed to work on many platforms. A Bitcoin is just an amount of Satoshi converted with the COIN divisor seen here https://github.com/bitcoin/bitcoin/blob/ed4eeafbb6e2e73ff9fb9c03bd66bbb049b8aacd/src/consensus/amount.h#L15 So if you want an additional decimal place, you need to add a zero to COIN and the multiply all Satoshis by 10.
It's a massive risk to catch the knife now as it's over to the whales or the hodlers. Degen knife catching can't be slept on overnight either. Catch the deadcat bounce and sell for modest profits. Or sit it out, wait for a giant capitulation candle and buy BTC or ETH and wait. That said, the COIN earnings from Q1 make me think there may not be many retail folk left over to capitulate... Good luck, don't get chopped up and probably best to avoid Alts for a while.