Former NBA player is starting a crypto business aimed at helping dispensaries do banking. https://andscape.com/features/forme...-trying-to-assist-legal-marijuana-businesses/ That’s the first non crazy use of crypto I’ve ever heard.
I found out something about the Feds stopping Paxos from minting new Binance stablecoins. The investigation comes from a complaint by another stablecoin company (called Circle) that Binance wasn't properly backing the stablecoins on their own blockchain. This complaint was made last September. That was so long ago it was before FTX folded. It's crazy that oversight of this industry is so slow when the industry moves so fast. Every day they are silent is a day they give implicit approval of this farce of an enterprise, and another day new peoples' lives are ruined.
A bunch of new charges have been added against SBF concerning his donations to politicians. Basically, he used other people as fronts for his own donations. It was always clear his public support and donations to Democrats was a front to get popular respect and support among those he though fashionable and those that had legal power, but now it's been explicitly detailed, as has his equal donations to the other party. His only ideology was trying to get the government to make his con legal. Given that he explicitly wrote to his ex-co-executives to do this crime, there's no way he won't be found guilty. It isn't clear how much, if any, this will add to his stay in the big house. https://www.theguardian.com/busines...bankman-fried-cryptocurrency-exchange-charges
Silvergate bank is in serious trouble. As in late for their Federal paperwork, talking to their accountants about being a going concern trouble. Silvergate stock has lost ~95% of its value in the last year. Silvergate is the most shorted stock in the United States. Coinbase and Crypto.com have just stopped using Silvergate for money transfer. That means the way you get money into and out of those exchanges is.. um.. we'll get back to you.
What Spejic said basically the SEC are debanking crypto rather than regulating it. In other word they simply don’t want a crypto industry. Silvergate, banker to the crypto world, is going down — by @ahcastor and @davidgerard https://t.co/nF4E2jz6Oa— Amy Castor (@ahcastor) March 3, 2023
What most crypto exchanges do when they can't do bank transfers any more is use credit card payment. They put the fees for such on the purchaser, which is pretty unappealing because you lose 3% of your "investment" immediately, and then again on withdrawal. The UK is ahead of the US in disconnecting banking from crypto. Today the major banks there have stopped accepting credit card purchases of crypto. If you can't do that, then the only option is peer-to-peer. That's where you go to a internet swap meet, find a guy that is selling what you want to buy, PayPal them some money, and if this sounds like it's full of scams you are right.
If you remember back to when I explained Silvergate in this thread, besides allowing real money to enter and exit the crypto market they also run a network that does money/crypto trades between crypto companies. Hedge funds and trading companies (you know, like Alameda) need trades that are cheap and fast and don't move the market and are private, and you can't do any of that on the blockchains themselves. Without these networks that Silvergate and Signature run, crypto is crypled. They would only be able to do these kinds of trades within exchanges using whatever resources the exchange has on hand.
I've been learning about Open Banking lately and some of the supposed pratical uses for Crypto are already happening in the Fintech world
And it's official - Silvergate has halted its SEM network indefinitely. https://www.coindesk.com/policy/2023/03/03/silvergate-suspends-sen-exchange-network/ Looks like a lot of market liquidity ( •_•) ( •_•)>⌐■-■ (⌐■_■) just dried up.
Silver gate is winding down operations. https://www.cnn.com/2023/03/08/business/silvergate-winds-down-crypto/index.html
The lightning-fast people at the Department of Justice have just moved the $1 billion dollars in Bitcoins they confiscated from Silk Road (remember them?) to Coinbase to prepare to sell it. Yeah, good luck. There's no liquidity. Someone selling $200,000 last week sent the price down 5%.
Bad bet at the casino with hokey investor talk thrown in: Silvergate’s stock was plummeting, depositors were fleeing and the short-sellers were circling — but Block.one and its chief executive officer, Brendan Blumer, were big buyers. In November, they purchased stock amounting to a 9.27% stake in the lender, according to a statement late that month. By the end of December, the firm, whose long-time backers include Peter Thiel and Alan Howard, had boosted that position so that Block.one, together with Blumer, became Silvergate’s biggest holder with a combined 9.9% holding. “Silvergate’s current equity prices do not accurately reflect their strong balance sheet, their strategic positioning, or their market-defiant growth trajectory, and therefore offers a unique investment opportunity,” Block.one said in the November statement disclosing its initial purchase. “We are excited to be a new passive shareholder.” https://finance.yahoo.com/news/silvergate-contrarian-bet-soured-peter-011437091.html