Archive for Oktober 2023

Will weakness in Magnificent 7 stocks spread to Bitcoin price?

Tech stocks face trillion-dollar losses as bond yields soar, but their $596 billion cash positions favor alternative hedges, including Bitcoin.

source https://cointelegraph.com/news/will-weakness-in-magnificent-7-stocks-spread-to-bitcoin-price

Bankman-Fried’s Memory Fails Him in Court as Prosecution Delves Into Alameda’s Preferential Treatment

Great Chef 13.05 Add Comment

Ex-FTX chief Sam Bankman-Fried returned to the witness stand Monday, fielding a barrage of inquiries from the federal prosecutor. The interrogation spanned the better part of the day, with Bankman-Fried often struggling to recollect particular remarks he had uttered and specific instructions he allegedly issued to his quantitative trading firm, Alameda Research.

FTX Founder Grapples With Prosecution’s Questions

During Tuesday’s cross-examination, Sam Bankman-Fried conceded that his hedge fund, Alameda Research, was privileged to withdraw billions from FTX without facing the threat of liquidation. Matthew Russell Lee of Inner City Press disseminated Bankman-Fried’s testimony via the social media channel X.

“Do you deny Alameda had some accounts with the Allow Negative flag?” prosecutor Danielle Sassoon asked Bankman-Fried. “No,” he responded. Sassoon also got the FTX founder to admit that Alameda “could withdraw billions without the risk of being liquidated.” Bankman-Fried concurred, “That might be right.”

The prosecution argued that Bankman-Fried gave preferential treatment to Alameda, allowing the hedge fund to take customer deposits from FTX to pay its debts. This treatment violated Bankman-Fried’s public assertions that Alameda adhered to the same withdrawal limits as other FTX customers.

“Didn’t you claim in 2022 that Alameda was an entirely separate entity?” Sassoon asked. Bankman-Fried acknowledged, “More or less.” The prosecution introduced evidence that Bankman-Fried conversed with Alameda leadership about trading strategies. Sassoon asked Bankman-Fried if he directed Caroline Ellison to buy specific crypto assets.

While he couldn’t remember, Sassoon showed him a chat room discussion of him ordering Ellison to conduct a trade. The prosecutors also said that Bankman-Fried directed her to trade Japanese government bonds.

Sassoon also confronted Bankman-Fried about touting FTX as a “neutral piece of market infrastructure” and safer than competitors while concealing Alameda’s enormous line of credit. “I don’t remember saying that. I might have,” Bankman-Fried responded when asked about those statements.

Bankman-Fried did push back at times during rigorous questioning. “I did not at that time think that the odds of that were significant,” he said about Alameda repaying debts and directing Ellison to pay lenders. Sassoon asked, “Taking money from FTX to pay back lenders, that’s not margin trading, is it?” Bankman-Fried replied:

I’m not sure I agree.

The prosecutor extracted several other pieces of evidence, including Bankman-Fried acknowledging he restored access to FTX’s database after his ouster as CEO and tried to claim his Robinhood shares during the crisis. The prosecution contended that much of the evidence shows Bankman-Fried prioritized himself over duped customers.

Bankman-Fried displayed significant memory lapses throughout his testimony, frequently unable to recollect prior statements and past decisions. The prosecution revisited his media appearances, elaborate private jet journeys, and the $20 million acquisition of Storybook Brawl. They further probed into his investment in a Bahamian apartment for The Block’s CEO, a transaction Bankman-Fried struggled to remember, emphasizing, “I don’t remember.”

What do you think about Bankman-Fried’s testimony on Monday? Share your thoughts and opinions about this subject in the comments section below.

source https://news.bitcoin.com/bankman-frieds-memory-fails-him-in-court-as-prosecution-delves-into-alamedas-preferential-treatment/

MetaBID: Your Gateway to a New Era of Blockchain Auctions

Great Chef 11.05 Add Comment

PRESS RELEASE. MetaBID, the innovative auction platform set to transform the way people bid and win launches it’s first auctions on the 4th of November 2023. By combining blockchain technology, a secure and transparent environment, and exciting opportunities to win highly prized digital assets at a fraction of their market price, MetaBID is your gateway to a future of thrilling auctions and immutable digital rewards.

What is MetaBID?

MetaBID is an emerging blockchain-driven auction platform that’s designed for the new generation of auction enthusiasts. It takes the fundamental concept of auctions and enhances it with the power of blockchain technology, making the process more secure, transparent, and rewarding.

It enables users to secure exclusive digital treasures like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Crypto Punks, Bored Ape Yacht Club NFTs, and other coveted digital assets, often at prices that challenge belief.

Why MetaBID?

– Transparency: Every asset and its pertinent auction parameters—like the reserve price, bidding cycles, and maximum price—are transparently and permanently stored on-chain before any auction kicks off. This ensures that no rules are altered mid-game, offering clarity and assurance to all participants (bidders).

– Audited by Certik: Certik, one of the world’s leading blockchain auditing firms, has rigorously audited the bidding code. This audit ensures that the bidding mechanisms are fair, trustworthy, efficient, and free from vulnerabilities.

– On-Chain Reliability: With all vital auction details and assets recorded on-chain, there’s a guarantee of fair play. This infrastructure ensures no asset can be double-auctioned. Every auctioned asset is unique, and the rules are clear and unchangeable for everyone before an auction begins.

– Secure Transactions: Security remains paramount. All MetaBID transactions are encrypted, keeping your data and assets protected every step of the way.

– Fair Play Policy: Any indication of foul play, such as the use of bots or automated software (excluding approved bots such as the MetaBID bot that is provided free to all users), is strictly prohibited and will result in immediate account termination.

– Sustainable Discounts with Reserve and Max Price: These mechanisms ensure that while users will always enjoy significant discounts, the platform operates sustainably without incurring losses.

What to Expect from MetaBID?

MetaBID promises a series of captivating milestone events, with incredible assets up for grabs:

– Public Sale: The public sale of BIDs kicks off on October 28, opening the doors to more participants.

– Auctions: On November 4, be part of MetaBIDs inaugural auctions.

To learn more about MetaBID, secure your BID packs, and stay up to date with the pre-launch events and buzz, visit MetaBIDs’ official website or connect with the community on Telegram and Discord.

MetaBID is more than just an auction platform; it’s a new world of opportunities and excitement. Join us on this journey, and let’s redefine auctions together.

About MetaBID

MetaBID is on a mission to democratize digital wealth, making it accessible to all individuals, regardless of geographical location or financial situation.

MetaBID is an online auction platform that leverages blockchain technology to bring transparency and fairness to auctions. As a product of MetFi DAO, MetaBID is redefining the auction experience with its innovative approach to pricing, customizable bidding bots, and community-centric focus. The first auctions go live on November 4, 2023 and BID packs are available for purchase now.

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

source https://news.bitcoin.com/metabid-your-gateway-to-a-new-era-of-blockchain-auctions/

BTC Whales Reactivate as Bitcoin White Paper Turns 15

Great Chef 10.05 Add Comment

Oct. 31, 2023

The biggest crypto news and ideas of the day

Were you forwarded this newsletter? Sign up here.

Don't want this newsletter? Unsubscribe

Supported By

Welcome to The Node! This is Daniel Kuhn here to take you through the latest in crypto news and why it matters.

In today's news: Terraform Labs co-founder Daniel Shin blames Do Kwon. Bitcoin whales reactivate. And Celestia rolls out "modular" blockchain in beta.

The takeaway: This day, 15 years ago, Satoshi Nakamoto published the Bitcoin white paper. Here's what we know about the months leading up to that momentous occasion.

Terra Tantrum?

At trial, Terraform Labs co-founder Daniel Shin is blaming former CEO Do Kwon for the company's implosion in May 2022, local media reports. Shin was charged by South Korean authorities for violating capital markets laws in April following the multi-biillion dollar Terra blockchain "death spiral." "The cause of the coin plunge was the unreasonable operation of the Anchor Protocol conducted by CEO Kwon and external attacks," Shin's lawyer said, referring to the open lending protocol that incentivized use by paying unsustainable yields. Kwon, who was arrested at a Montenegro airport carrying falsified passports, faces possible extradition to South Korea and the U.S. Shin reportedly left Terraform Labs in 2020, two years before the company's failure.

The bulk of Sam Bankman-Fried's exchanges with Danielle Sassoon, the assistant U.S. attorney who led his cross-examination, followed a strikingly similar pattern. Sassoon would ask the defendant a question: "In private, you said things like 'f–k regulators,' didn't you?" Bankman-Fried would respond to the effect of "I don't recall saying that," or in the case of the comment disparaging regulators: "I said that once..."

Looking for in-depth reporting on the SBF trial? Subscribe to "The SBF Trial" newsletter pop-up, written by CoinDesk reporters and editors on the ground in court.

A message from Paypal

PYUSD, a stablecoin made for Payments. 1USD = 1PYUSD.

Introducing PayPal's new digital currency, PayPal USD (PYUSD), a stablecoin backed by U.S. dollar deposits, short-term U.S Treasuries and similar cash equivalents. Eligible U.S. PayPal customers who purchase PayPal USD are able to:

Transfer PayPal USD between PayPal and compatible external wallets
Send PayPal USD to friends in the US on PayPal or Venmo without fees
Shop with PayPal USD on millions of sites, wallets and dApps
Convert any of PayPal's supported cryptocurrencies to and from PayPal USD

PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering hundreds of millions of consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit https://paypal.com/pyusd.

Whales Weigh In

Bitcoin's (BTC) on-chain activity suggests whales have been active during the cryptocurrency's recent move above $35,000. The number of transactions processed on the Bitcoin blockchain involving a movement of at least $100,000 worth of BTC rose to a year-to-date high of 23,400 last week, according to data tracked by blockchain analytics firm IntoTheBlock.

Celestia Beta

Celestia, a next-generation blockchain, has rolled out its mainnet beta following the issuance of its native TIA token to 580,000 users. Described as a "modular data availability network," the network is meant to scale as the number of users grow. Unlike monolithic blockchains like Ethereum and Solana, Celestia uses a new data verification and validation model that reportedly does not sacrifice decentralization for speed. The blockchain will initially have 2MB blocks though the company hopes to support 1GB blocks in time.

Unibot Got

Unibot, a Telegram charbot, was hacked of approximately $640 thousand in crypto, according to security firm PeckShield. In an announcement, Unibot said it fell victim to a common "token approval" scheme when moving to a new router, and it would reimburse any stolen funds. The protocol's token dropped 25% (to $42) shortly after the hack was disclosed. The hacker(s) have sent the stolen funds to Tornado Cash, the sanctioned cryptocurrency mixer.

The Takeaway: Bitcoin Birthday!

(CoinDesk)

From Aug. 18, 2008 to Oct. 31 of the same year, Satoshi Nakamoto must have had a hectic few months. That summer day Nakamoto had registered the bitcoin.org domain name, indicating perhaps the first time the pseudonymous cryptography expert realized he may be onto something. By Halloween Day, the day the Bitcoin white paper was first sent out to a cryptography mailing list, announcing the project to the world, Nakamoto had hard coded the entire project,

"I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper," Nakamoto wrote on Nov. 11, 2008. He was responding to cryptography mailing list subscriber Hal Finney, the receiver of the first bitcoin transaction, who in 2004 had built a reusable proof-of-work system that inspired Bitcoin.

Of course, there's evidence suggesting that Nakamoto had had the idea far earlier than 2008. For instance, in an early 2010 email to Jon Matonis, a former VISA executive, congratulating him on a blog post Matonis wrote about the long development of electronic money, Nakamoto said he wished "there was something like that when I originally researched this three years ago."

"Bitcoin would be right up your alley," Nakamoto said. Matonis would go on to become a founding director of the Bitcoin Foundation.

At the time, Nakamoto discussed Bitcoin in a few narrow ways. Although he often responded to interested potential users, or did outreach himself trying to bring the revolutionary technology in front of cryptography fans, hardcore coders and libertarians Nakamoto presented Bitcoin as a fairly utilitarian and spartan project. When someone created the first Wikipedia page for Bitcoin in July 2010, Nakamoto said it was too "promotional" for his taste.

"Just letting people know what it is, where it fits into the electronic money space, not trying to convince them that it's good," Nakamoto added.

Bitcoin is, as Nakamoto described it, an electronic, peer-to-peer currency-like system. It could "become" a currency so long as people ascribe value to it, and that could happen for any number of reasons like wanting to collect interesting things or needing an alternative to using credit cards online, he had suggested. "Bitcoins have no dividend or potential future dividend, therefore not like a stock," he wrote." "More like a collectible or commodity."

But the chief innovation Nakamoto knew from the beginning was that Bitcoin has no central issuer, or "mint," as he sometimes called it. "There isn't a central mint or company running it. As long as there are users, it survives," he wrote in that 2010 email to Matonis. Someone so deeply involved in the digital currency space of the 90s knew that experiments like DigiCash and LibertyReserve failed because there was a person or company in the middle to become compromised.

This is a revolutionary idea, of course, and the first of many cryptocurrency experiments to follow that replaced "trust intermediaries" with certain cryptographic guarantees and the collective empowerment of users. Users gave bitcoin its value, and they are incentivized to see the network grow. At the time, Nakamoto thought Bitcoin might be useful for small transactions like micropayments, which "massive overhead costs" at banks make impossible, as well as international transfers or private payments.

Not all of Nakamoto's early ideas panned out. Micropayments have failed to materialize, and today it's painfully obvious how unfit a fully-public network like Bitcoin is for privacy. But he was right that Bitcoin would grow to become a real alternative to trust-based finance. Today, the total value of bitcoin in circulation is worth over $672 billion and financial institutions from BlackRock to VanEck want in.

Bitcoin abstracted away the trust that is inherent in the modern money system, where banks and other financial institutions keep track of all the transactions that flow through and ultimately decide which were valid and who could use the system. Bitcoin is as much a public broadcast system as it is a currency network, which allows anyone, anywhere to validate and verify the blockchain on their own.

Or as Nakamoto told Weii Dei, the inventor of another Bitcoin progenitor, b-cash, it solves the "double-spend" problem and other issues of trust in money by using a "peer-to-peer network" that "timestamps transactions" and "hashes them into an ongoing" chain "that cannot be changed without redoing the proof-of-work." Nakamoto had reached out on Friday, Aug. 22, 2008, to ask Dei how he should be cited in the Bitcoin white paper.

Read the full article on the web.

–D.K.
@danielgkuhn

A message from CoinEx

Simplicity: The Key to CoinEx's User-Centric Experience

When the crypto industry began its rapid rise in 2017, CoinEx founder Haipo Yang found himself with a choice. Although he had designed CoinEx with the value of simplicity in mind, the rapid expansion of the industry has suddenly made it possible to create a product with a level of complexity previously unimagined. Suddenly, there were tens of thousands of financial assets to purchase, as well as complicated products that would transcend the knowledge-base of the average investor. But there were also many people who had not yet discovered the value of the blockchain space in general – people he thought he could reach with the right sort of financial product. Continue Reading