You've got two factor authorization enabled on your coinbase account, right?
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Music was better when ugly people were allowed to make it.
I do
Just wide open
my password is password
PorkChopSandwiches (05-31-2022)
Smart alecs, all o' ya.
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Music was better when ugly people were allowed to make it.
Jace Dela Cruz - Tech Times
More cryptocurrency businesses will go bankrupt in a Ponzi scheme-like fashion, but it will also continue to be a key tool for international money exchange, according to a venture capitalist who recently had an interview with Fox News.
Fail in the Long Run
Investor and Palantir software co-founder Joe Lonsdale predicted that most cryptos would fail in the long run. He claims that the ecosystem as a whole, including different crypto lenders, tokens, and other components, was a "Ponzi scam."
According to Lonsdale, cryptocurrency ventures have been valued based on market demand rather than cash flows or adding value to the economy during the past few years.
Early in November, the Bahamas-based cryptocurrency exchange FTX declared bankruptcy under Chapter 11 after suffering losses of at least $1 billion.
BlockFi, a large crypto business, also declared bankruptcy last week, joining Celsius Network and Voyager Digital in entering Chapter 11 proceedings.
Lonsdale claimed that several businesses that have filed for bankruptcy had had a lot of corruption, although he only mentioned FTX.
"Long term, there's a good part of crypto, but most of what we saw in crypto the last three, four, five years was a speculative bubble driven by cheap money and driven by a lot of these Ponzi schemes," Lonsdale said in an interview with Fox News.
But amid the current crypto fiasco, Lonsdale said that the sector will still be able to develop technologies that would further advance the market.
Top Financial Regulator Calls for Legislation
A leading US financial regulator also appealed to Congress on Thursday to pass legislation establishing a legal framework for digital assets.
During the first of three congressional hearings to look into the collapse of FTX, members of the Senate Agriculture Committee questioned Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), on whether the turmoil could have been averted with greater accountability.
According to Behnam, the CFTC is constrained since it cannot register cash market transactions.
He warned lawmakers that if they do not take action fast, consumers will continue to lose money and face another FTX situation in a few months.
Benham said that the CFTC lacked the authority under the law to look into any of FTX's other companies and was ignorant of the operations of its subsidiaries.
Additionally, regulators are debating who should be in charge of regulating the crypto sector. Behnam and many senators on the Senate Agriculture Committee have already agreed that the CFTC needs to be more involved in the industry.
However, according to SEC Chair Gary Gensler, the US Securities and Exchange Commission is better suited to oversee markets that involve individual investors. He sees most cryptocurrency tokens as securities and expects his office to be the leading regulator.
None of these people have any clue as to what's really going to happen. They're hoping that what they're predicting comes true because they've set themselves up in positions to benefit from it if it does.
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Music was better when ugly people were allowed to make it.
lost in melb. (12-15-2022)
Crypto isn't the ponzie part, its the exchanges
Godfather (12-13-2022)
By Chris Pandolfo | FOXBusiness
Outspoken cryptocurrency critic and actor Ben McKenzie Schenkkan told Senate lawmakers the digital currency industry is a massive "Ponzi scheme" and a "fraud" Wednesday during a hearing on the collapse of FTX.
Schenkkan, who has starred in roles for "The O.C.," "Southland" and "Gotham," appeared as an expert witness on a panel before the Senate Banking, Housing, and Urban Affairs Committee. He holds an undergraduate economics degree and has previously partnered with journalist Jacob Silverman to criticize other celebrities who have endorsed cryptocurrencies, accusing them of "shilling" and contributing to a "moral disaster."
Committee members are probing how cryptocurrency should be regulated in the wake of crypto exchange FTX's bankruptcy and the criminal charges filed against its founder, Sam Bankman-Fried. Schenkkan compared Bankman-Fried to infamous financial fraudster Bernie Madoff, noting that Madoff ripped off about 37,000 clients. FTX claimed a customer base that is 32 times larger in the U.S. alone, he said.
"According to FTX, some 1.2 million retail traders, a.k.a. regular folks, and five million worldwide, have lost access to the money they entrusted to FTX. It is unclear when, if ever, they will get any of that money back," Schenkkan said.
Referring to FTX customers as "investors," he said the estimated 40 million Americans who have invested in cryptocurrency "have been sold a bill of goods."
"They have been lied to in ways both big and small, by a once seemingly mighty crypto industry whose entire existence in fact depends on misinformation, hype, and yes, fraud," Schenkkan asserted.
"Cryptocurrencies are not currencies by any reasonable economic definition," he continued. "Even anyone with even an undergraduate degree in economics such as myself can tell you that money serves three functions. Medium of change, unit of account and store value. Cryptocurrencies cannot do any of the three well, and they have no hope of ever doing so."
The actor told lawmakers that digital currency assets are more akin to investment securities and disputed their value as such. He said crypto adds "no overall value to our economy or any other" and compared buying and selling digital coins to gambling.
"In my opinion, the cryptocurrency industry represents the largest Ponzi scheme in history. In fact, by the time the dust settles, crypto may well represent a fraud at least 10 times bigger than Madoff. The fact that it has roped in tens of millions of Americans from all walks of life, as well as hundreds of millions of people worldwide, should be of concern to us all," Schenkkan said.
The hearing, titled, "Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers," also featured testimony from investor and "Shark Tank" panelist Kevin O'Leary, who invested nearly $15 million in FTX; Professor Hilary Allen of American University College of Law; and Jennifer Shulp, director of financial regulation studies at the libertarian Cato Institute's Center for Monetary and Financial Alternatives
Lawmakers on both sides of the aisle appeared ready to crack down on the cryptocurrency industry with new regulations, but there was disagreement on the value of the technology. Republicans, generally, said blockchain technologies hold incredible promise and wanted to prosecute fraud without banning the technology. Democrats expressed far more skepticism over cryptocurrency and questioned the value of digital assets in the first place.
Bullshit. Part of it's ponzi and part of it's genuine.
The genuine people will stick, it will bottom out and then the ponzis will come back again in a few years.
Godfather (12-17-2022)
^ I agree. It might take quite a few years this time but it'll pop off again.
There's a really excellent youtuber Coffeezilla who does deep investigations of crypto scammers and has uncovered many including FTC and just yesterday a major piece on Logal Paul's NFT. The fact that these idiots and influencers are rugging people out of millions so easily with ponzi schemes needs to be put to a stop.