#crypto risk group
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Bitcoin briefly dropped below $17,800 as sell-off accelerates
New Post has been published on https://www.timesofocean.com/bitcoin-briefly-dropped-below-17800-as-sell-off-accelerates/
Bitcoin briefly dropped below $17,800 as sell-off accelerates
New York (The Times Groupe)- Bitcoin sank to about $17,800 and ether to about $18539 on Saturday afternoon at around 4:15 E.T., as the crypto sell-off accelerated. As both cryptocurrency prices breach symbolic price barriers, the world’s two most popular cryptocurrencies are down more than 35% in the past week.
Bitcoin bounced back to around $18539 and ether was trading at about $995 just after 8 p.m. ET.
Several macroeconomic factors have contributed to the carnage in the crypto market, including spiraling inflation and a succession of Fed rate hikes. Blue chip cryptos have also tracked equities lower. It does not help that crypto firms are laying off large swaths of employees, and some of the biggest names in the industry are facing solvency meltdowns.
Bitcoin peaked in November at $68,789.63. Ethereum peaked at $4,891.70 that same month. Bitcoin last traded at this low around December 2020.
Bitcoin dropped as much as 17% at one point in the day as crypto prices plummeted. We were experiencing a crypto winter.
Celsius, a major crypto staking and lending platform, shocked the market when it announced all withdrawals, swaps and transfers between accounts were paused due to “extreme market conditions.” In a memo to its Community, Celsius said the decision was designed to “stabilize liquidity and operations.”.”
With $12 billion in crypto assets under management, Celsius effectively locked up its solvency. The news sent ripples through the crypto industry, reminding some of what happened in May, when a failed dollar-pegged stablecoin project lost $60 billion in value and pulled the wider crypto market down with it.
Users of Celsius could earn up to 18.63% on their deposits. It’s like a bank’s product without any of the regulatory safeguards.
The crazy yields were eventually questioned.
“This risk certainly seems as if it is just the beginning,” said John Todaro, Needham’s vice president of crypto assets and blockchain research.
“On the decentralized side, a lot of these DeFi protocols, a lot of those positions are overcollateralized, so you should not see the underfunding situation that could occur with centralized borrowers and lenders. Despite that, you could still see a lot of liquidations of collateral on DeFi protocols,” concluded Todaro. cryptocurrency price
#Blue chip cryptos#crypto market#crypto winter#Cryptocurrencies do not Generate Cash Flow#Cryptocurrency exchanges and third parties offer storage#cryptocurrency prices#Ethereum price today#Investing in crypto assets is risky#is crypto safe to invest#Is Crypto Too Risky?#is cryptocurrency safe#macroeconomic factors#Reasons Which Make Cryptocurrency a Bad Investment#The Biggest Risks Of Investing In Bitcoin#The Times Groupe#Times Of Ocean#Why we don't invest in Bitcoin and cryptocurrencies#world's two most popular cryptocurrencies#Economy
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The Best News of Last Week - May 15, 2023
🐕 - Now It's a Paw-ty
1. World's oldest ever dog celebrates 31st birthday
Bobi was born on 11 May 1992, making him 31 years old, in human years. A big birthday party is planned for Bobi today, according to Guinness World Records.
It will take place at his home in the rural Portuguese village of Conqueiros in Leiria, western Portugal, where he has lived his entire life.
2. The FDA has officially changed its policy to allow more gay and bisexual men to donate blood
The Food and Drug Administration (FDA) has announced that they’ve eased restrictions on blood donations by men who have sex with men in an effort to address blood shortages. The new policy recommends a series of individual risk-based questions that will apply to all donors, regardless of their sexual orientation, sex, or gender. Gay or bisexual men in monogamous relationships will now be permitted to donate blood.
3. Illinois passes bill to ensure community college credits transfer to public universities
The Illinois General Assembly has passed a bill that would help community college students transfer to public universities.
It would ensure that certain classes taken at community colleges could be transferred to any higher education institution in the state. Some schools currently only count community college coursework as elective credits.
4. Brazilian President Lula recognizes 6 new indigenous territories stretching 620,000 hectares, banning mining and restricting farming within them
Brazilian President Luiz Inácio Lula da Silva has decreed six new indigenous reserves, banning mining and restricting commercial farming there. The lands - including a vast area of Amazon rainforest - cover about 620,000 hectares (1.5m acres).
Indigenous leaders welcomed the move, but said more areas needed protection.
5. More than 1,000 trafficking victims rescued in separate operations in Southeast Asia
More than 1,000 trafficking victims were rescued in separate operations in Southeast Asia over the last week, officials in Indonesia and the Philippines said.
Indonesian officials said Sunday they freed 20 of their nationals who were trafficked to Myanmar as part of a cyber scam, amid an increase in human trafficking cases in Southeast Asia. Fake recruiters had offered the Indonesians high-paying jobs in Thailand but instead trafficked them to Myawaddy, about 567 kilometers (352 miles) south of Naypyidaw, the capital, to perform cyber scams for crypto websites or apps, said Judha Nugraha, an official in Indonesia's Foreign Affairs Ministry.
6. A peanut allergy patch is making headway in trials
An experimental “peanut patch” is showing some promise for toddlers who are highly allergic to peanuts. The patch, called Viaskin, was tested on children ages one to three for a late-stage trial, and the results show that the patch helped children whose bodies could not tolerate even a small piece of peanuts safely eat a few.
After one year, two-thirds of the children who used the patch and one-third of the placebo group met the trial’s primary endpoint. The participants with a less sensitive peanut allergy could safely tolerate the peanut protein equivalent of eating three or four peanuts.
7. Critically endangered lemur born at Calgary Zoo
The Calgary Zoo has released pictures of its newest addition, a baby lemur. The zoo says its four-year-old female black-and-white ruffed lemur, Eny, gave birth on April 7. The pup’s father is eight-year-old Menabe. The gender of the pup has not been confirmed but the Calgary Zoo says the pup appears bright-eyed and active and is on the move.
The black-and-white ruffed lemur is registered among the 25 most endangered primates in the world, due mostly to habitat loss and hunting.
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Do heist stories still work in the modern world, especially the developed world? More and more wealth these days seems to be intangible and electronic, and more and more of the physical stuff that's still valuable is marked and traceable so that even if you take, it's hard to spend or unload it anywhere. What are macguffins that a thief in today's world could still physically steal today and realistically hope to profit from (without the profiting getting him caught)?
Heists still happen in the modern world. Hell, the entire NFT “economy” crashed last year as a result of a multiple heists. The Axie Infinity hack last year saw over $600 million worth of crypto tokens stolen. There have been many, many, famous heists, and there is no sign of them slowing down anytime soon.
So, in the vague sense of, “is it realistic?” It happens today, in the real world.
What gets stolen? Anything of sufficient value is a potential target. Art is one of the classic examples, and it remains a tempting target. Any liquid asset is tempting, and no matter how good the tracking is, chances are, someone will find a way to defeat it. In theory, crypto tokens are impossible to scrub, as the entire history of that token will be publicly logged on the block chain... so, thieves were using places like Tornado Cash to launder their cryptocurrency. (Incidentally, the US Treasury has sanctioned Tornado Cash, as of August last year.)
How realistic is it to get away with a heist? There are a lot of unsolved heists. Both, of physical items, and also with a lot of crypto thefts in the last few years. Some of the latter are believed to have been the product of state actors (read: Hacker groups believed to be working for authoritarian states with few extradition treaties.)
Art theft is alive and well. Now, I'm not an expert on laundering stolen paintings, however, from the ones that have been found, a lot find their way into private collections. Art collectors, and brokers who aren't particularly bothered with the legality of a given piece will move stolen art. It's not going to command the prices it would on the open market. (If someone estimates a stolen painting as worth four million dollars, expect that the thieves will get considerably less than that when they fence it, and while the fence will make enough to justify their risk, they're probably not going to be raking in millions either. Once it's made its way to a new owner, it will likely go up on a wall in a private gallery, or get carefully stored in a vault, and never seen again by the outside world for decades (or longer.)
Of course art theft can also be sculptures, books, or really anything else.
When it comes to other things, any liquid asset is a potential target for a heist. Cash, precious metals, and gem stones, are probably the most obvious examples, though, certainly not the only options.
The heist is, generally, a fairly consistent (if modular) structure.
It starts with identifying a vulnerable asset. The reason for the vulnerability may be important for the story, but not for the genre itself. This may be as simple as, “the asset exists,” and the PoV character learns of it, or it could be a situation where an exploitable flaw in the electronic tracking for the item is identified.
Once that's happened, then the ringleader starts assembling a team of specialists (and, amusingly, it is almost always specialists), to fill necessary roles in the heist. Usually this is a mix of technical specialists, social specialists, and at least some muscle.
So, assembling the team is something very specific to the formula, and not reflected in reality. A lot of real world heists simply need bodies, and prefer to have as few people as possible involved. The reasons are twofold. First, the less people involved, the less ways the resulting cash has to be split. Second, the fewer people involved, the fewer people that can lose their nerve and screw up, or rat their partners out to the police.
Once the team has assembled and they have a plan (this is usually hammered out along with the recruitment phase of the story, though that doesn't make a lot of sense when you step back and think about it), then they identify the preceding steps that need to be completed before executing the heist. This involves prepwork, sometimes smaller thefts to obtain the resources they need, and other necessary activities. (Again, this is more of a formula consideration, than a strictly realistic one. Especially the perpetration of earlier crimes. Those crimes can easily result in errors that would lead law enforcement to identify the heist before it occurred, and also help with identifying the thieves. To be fair, this is sometimes handled intelligently while staying within the formula to build tension. As the police close in on the team before they've even gotten started.)
After this, the team goes to execute the heist. Expect several things to fail simultaneously, with members of the team scrambling to salvage the heist. So, I don't want to harp on this too much, but this is another one of those places where the formula structure is extremely unrealistic. When looking at real heists, these kinds of fumbles will usually either botch the heist on the spot or provide the police with the threads they need to find the perpetrators. From a narrative perspective, it makes sense, it help build tension moving into the climax. So, while it's not realistic, that's not the point.
Once the team has the item, then they need to extract with it. Sometimes you'll see this skimmed over, but, getting the thing you're stealing away from the people trying to arrest the thieves is a somewhat important consideration. Generally speaking, yeah, a loud extraction with gunfights and car chases is going to end with the police response scaling to the point where escape is impossible. Also, generally speaking, most writers have a difficult time keeping stealth sequences tense, especially when their instinct is to transition into action.
Once they're out, lot heist stories end. The thieves, “won,” and the climax has played out. From a writing perspective, this makes sense. They won, and everything from here is going to be downhill. The team will break up. The actual process of fencing the stolen goods are going to be fairly dry, and, alternately, the process of laundering any cash they may have stolen isn't going to be that interesting either. There might be some lingering character threads to resolve, but the story is over, at least until you start another.
The main purpose for dragging a story beyond the heist is if you're setting up a tragedy. Probably with the police hunting them down for whatever errors they made along the way. I know I've cited it before, but Michael Mann's Heat (1995) is an excellent example of how the heist structure can be turned into a tragedy. (It's also a rare case that reworks a lot of the formula into something more realistic.)
On the whole, I'd say the heist genre is as relevant today as it's ever been. The specific stumbling blocks your characters will encounter are different. That always changes, and your ability to tune your story to your setting is always important. From a strictly mechanical perspective, there's no difference from your character accidentally leaving his driver's license behind at the scene of the heist, and failing to identify a tracker concealed in the stolen object. Both of them create a direct line from the crime back to that character. In a very real sense, a lot of the particulars for how this plays out is simply flavor. If you want your heist to be a techno-thriller, then you can absolutely do that, though you will probably have to spend quite a bit of time studying modern security methods and technology, but you can do that.
-Starke
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#how to fight write#Starke answers#writing advice#writing reference#writing tips#writing heists#heists
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! "songs you actually listen to(?)" tag game !
rules: when you get this you have to put 5 songs you actually listen to, and post it! then, send this to 10 of your favorite followers (non-negotiable, positivity is cool) < that is actually part of the rule i didn't make it up
tagged by: ilem aka @lovejoshua love how you tagged me but the tagging link doesn't work... it's very fortunate that i saw your post on my timeline
i'll do you all better... i'm doing 5 artists i'm currently listening to instead! and this will be full of tone indicators because people will get offended even by the minuscule things + because this is music i will freaking ramble so i'm sorry for the incoming long post
&team, specifically firework
this song is such a surprise for me and to be honest i hadn't even thought that hybe could make another good song for any other artists than newjeans /pretty srs. it has a bit of txt's thursday's child 80's vibe to it. it definitely makes much more sense than what the walmart twilight concept enhypen is doing /nm /criticism (believe me, i'm still stuck in the tamed-dashed era. also bring back the composer who makes given-taken pls /gen) i also want to give my two cents and say that i like the korean version better. i think this song was meant to be sung in korean before japanese imo
radiohead
what is 2023 lissie without radiohead? from creating and planning a 20-part anthology series based of their discography to buying my favorite albums of theirs on vinyl (which are the two albums that i plaster above), they've climbed up my ranks of favorite artists of all time. i choose jigsaw specifically because i rekindle my love of playing bass from that song and climbing up the walls because of the seonghwa fic i'm planning (it is exceptionally one of the most underappreciated songs in ok computer...)
billlie
they are the children of f(x) i'm telling you!!!!!!!!! just like how i consider the boyz as the children of exo and txt as the children of shinee. they are the siblings of 2016-2019 loona and gwsn. they are the product of sm ent's music prodigy sibling and i love them for that. they also are the junior of brown eyed girls, aka one of the most iconic kpop 2nd gen gg and the one that releases bops such as brave new world, kill bill, sign, and abracadabra! i love their discography so much and they have the potential to have one of the best kpop discographies in the industry alongside red velvet. i'll gatekeep them until the end along with onf because only people with taste can enjoy their songs /lh /gen aaaaaaaaaaa
triples aaa
the unit that could be if modhaus don't make such a strict rule because they disbanded for not having 100k album sold (womp womp) generation is such a high-quality debut track from a small company and dimension having their own versions within the subunits is a great concept. i mean, jaden jeong is the head of the 2016-2019 loona sound and i gotta have to appreciate him for picking good tracks man. their songs are also one of the bases of sound for my oc kpop group sound in @interactivemochi. also a discussion starter question: will modhaus actually be able to do the multi-unit many-member group that sm ent wanted with nct? i actually think they will because indie labels are more experimental than the big corporate ones (aka nct will be great with their infinite concept if they're committed and take those risks) just look at jaden jeong's print on onlyoneof and loona, they're pretty small but their fans are loyal af. yet, i'm merely just a casual listener of triples because they play around with nfts (and i am a biz student who doesn't like crypto and nft)
depeche mode and other new wave and 80s experimental musicians
when you have a gen z kid who likes older songs rather than new ones, they have to listen to new wave and synth-pop, specifically depeche mode. people usually associate them with post-punk along with talking heads, joy division, new order, kate bush etc and i can definitely agree. new wave is one of my favorite genres because of how experimental they are and it is exactly what depeche mode is doing + i love the resurgence of old brit bands like the shoegaze bands that includes slowdive, mbv, and siouxsie and the banshees
don't forget that this is meant to be 5 songs and i wanted to be extra because i can be extra *wink*
tagging: @ujunxverse (you could definitely do it on @/orochxi if you want), my fellow untag people from ilem's post @boba-beom @robin-obsessed, also others such as @dim-sun @tyunlatte @heart2beom @itz-yerin @txt-yaomi @talesofyuan @euphor1a + anyone who wanna join cuz i would love to hear new music :D
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This day in history
#20yrsago SCO sends IBM 1,000,000 pieces of paper https://memex.craphound.com/2003/12/10/sco-sends-ibm-1000000-pieces-of-paper/
#20yrsago Urban farmers reclaim Detroit https://www.nytimes.com/2003/12/04/garden/in-the-capital-of-the-car-nature-stakes-a-claim.html
#15yrsago What the hell is a Credit Default Swap? https://web.archive.org/web/20090421013937/https://www.thisamericanlife.org/radio_episode.aspx?episode=365
#15yrsago EFF (cautiously) optimistic at record labels’ offering of a blanket license to universities https://www.eff.org/deeplinks/2008/12/labels-open-collective-licensing-campus
#15yrsago Austin teacher threatens to sic cops on Linux group because “No software is free” https://web.archive.org/web/20081212115427/https://www.austinist.com/2008/12/10/aisd_teacher_throws_fit_over_studen.php
#10yrsago FreeBSD won’t use Intel & Via’s hardware random number generators, believes NSA has compromised them https://arstechnica.com/information-technology/2013/12/we-cannot-trust-intel-and-vias-chip-based-crypto-freebsd-developers-say/
#10yrsago UK kids have the right to opt out of school fingerprinting (even if their parents are OK with it) https://informationrightsandwrongs.com/2013/12/07/the-kids-all-have-rights/
#10yrsago Canada’s spooks were NSA bagmen, established spy-posts in 20+ countries and “transnational targets” https://www.cbc.ca/news/politics/snowden-document-shows-canada-set-up-spy-posts-for-nsa-1.2456886
#10yrsago Peak indifference to surveillance https://www.theguardian.com/technology/2013/dec/09/internet-surveillance-spying
#10yrsago Tech giants call for global surveillance law reform https://www.eff.org/deeplinks/2013/12/eight-tech-giants-call-reform-surveillance-law
#10yrsago Cyanogenmod adds encrypted SMS from WhisperSystems https://web.archive.org/web/20131211063720/http://www.cyanogenmod.org/blog/whisperpush-secure-messaging-integration
#10yrsago Life from the near future of location surveillance https://www.aclu.org/issues/privacy-technology/location-tracking/meet-jack?redirect=meet-jack-or-what-government-could-do-all-location-data
#5yrsago Syndicated columnist censored for writing about the risks of hedge funds and billionaires buying papers https://www.texasobserver.org/the-jim-hightower-column-they-dont-want-you-to-read/
#5yrsago Rhode Island lawsuit argues that the Constitution guarantees a right to sufficient education to be an informed citizen https://theconversation.com/fight-for-federal-right-to-education-takes-a-new-turn-108322
#5yrsago Costa Rica abolished its army in 1949 and thereafter enjoyed the best per-capita GDP growth in the region https://www.ippapublicpolicy.org/file/paper/594eced12c818.pdf
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What is Blockchain - and Why Women Need it in a Big-Brothered World - Women's eNews
Big brother is becoming more powerful, as women and other marginalized groups, in particular, are risking what they say and write online. There is a newfound need for anonymity, and crypto may be the answer.
Creating resources for women to communicate and get help on this blockchain may provide a safer and less traceable route to access abortion support outside of centralized platforms, like Google and Facebook, each of which works alongside the U.S. government. The need for activism and protection on the blockchain is real, and it has already proven itself countless times in the fight for abortion rights, as well as amidst the current Russian-Ukrainian war. Pussy Riot, a collective that prides itself on feminism and art, released an NFT that sold for almost 7 million dollars, all of which was donated to causes supporting the Ukrainian humanitarian crisis. Pussy Riot’s latest form of activism lies in LegalAbortion.eth, a crypto wallet where many NFT collections and people can donate money supporting five different reproductive rights organizations. It has raised almost one million dollars thus far.
Blockchain technology allows for anonymity and opens a new space for activism that has never previously existed by giving activists the chance to act fast in a disruptive world.
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Navigating the Crypto Rollercoaster: My Journey into the World of Crypto Gambling
Explore the thrilling world of Crypto Gambling through my personal journey. Discover the highs, the lows, and the lessons learned as I navigated the crypto rollercoaster. Strap in for a ride you won't forget!
The Genesis: A Brave New World
Once upon a time in the digital realm, where innovation and risk often dance hand in hand, I found myself on the edge of a thrilling adventure – Crypto Gambling. The allure of this virtual casino world, fueled by the rise of cryptocurrencies, beckoned me with promises of excitement, potential gains, and an experience like no other.
As someone who had always been intrigued by the possibilities of blockchain technology, the idea of combining it with the thrill of gambling seemed like a match made in digital heaven. Little did I know that this journey would take me on a rollercoaster ride of emotions, lessons, and unexpected discoveries.
The Thrill of the Bet: Crypto as the Game-Changer
As the reels of the crypto slots spun, and the cards were dealt in blockchain-backed poker games, I felt the adrenaline rush that comes with traditional gambling, amplified by the transparency and decentralization of the crypto world. The thrill of the bet wasn't just about luck; it was a dance with technology, a game-changer that added a new dimension to the age-old pursuit of chance.
With each successful bet, I witnessed the magic of instant transactions – no more waiting for days to withdraw winnings. The decentralized nature of cryptocurrencies meant that I was in control of my funds, free from the clutches of traditional banking systems. Crypto Gambling had turned into a liberating experience, a seamless fusion of financial technology and entertainment.
The Dark Side: Navigating the Volatility
However, every rollercoaster has its drops, and the world of cryptocurrencies is no exception. The same volatility that made crypto exhilarating also posed challenges. The value of my digital assets fluctuated like a restless sea, influencing the stakes and outcomes of my bets.
There were moments when the thrill of a winning streak was overshadowed by the anxiety of market downturns. Navigating the waves of volatility became an art, requiring a delicate balance between risk and reward. It was a lesson in resilience, a reminder that the crypto rollercoaster could be as unpredictable as it was exciting.
Community and Connection: Uniting Gamblers in the Crypto Sphere
Amidst the highs and lows, I discovered a vibrant community of fellow Crypto Gamblers. Online forums, social media groups, and in-game chat rooms became spaces where enthusiasts like me shared experiences, strategies, and insights. The sense of connection with like-minded individuals added a social layer to the solitary act of gambling, turning it into a communal experience.
Whether discussing the latest trends in cryptocurrency prices or sharing tips for maximizing gains in a particular game, the community aspect of Crypto Gambling turned it into more than just a financial venture. It became a shared journey, a collective exploration of the possibilities and pitfalls within the crypto space.
The Lessons Learned: A Gambler's Wisdom in the Crypto Age
As my journey through the world of Crypto Gambling unfolded, I couldn't help but reflect on the lessons learned along the way. The unpredictable nature of cryptocurrencies taught me the importance of strategic decision-making and risk management. Just as in traditional gambling, there were no guarantees, and success often hinged on a delicate dance of skill, luck, and timing.
The decentralized nature of blockchain technology instilled a newfound sense of financial autonomy. No longer confined by the limitations of traditional banking, I reveled in the freedom to transact seamlessly across borders, a testament to the borderless potential of cryptocurrencies.
Closing the Chapter: A Rollercoaster to Remember
As I look back on my journey into the realm of Crypto Gambling, I am filled with a mix of emotions – the thrill of the wins, the lessons from the losses, and the camaraderie of a community connected by a shared passion. The crypto rollercoaster, with its highs and lows, twists and turns, has left an indelible mark on my digital adventure.
Crypto Gambling, with its fusion of technology and entertainment, has proven to be more than just a fleeting trend. It is a dynamic force, continually evolving and reshaping the landscape of online gambling. For those willing to embrace the uncertainty, there awaits a world of possibilities and an exhilarating ride on the crypto rollercoaster.
In the grand tapestry of my digital escapade, Crypto Gambling stands out as a chapter filled with excitement, discovery, and a touch of the unexpected. As I prepare for new adventures in the ever-evolving crypto space, I carry with me the lessons learned and the memories of a rollercoaster ride that will forever be etched in the pixels of my virtual existence.
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The fallout from the collapse of FTX just won’t stop—and now it’s threatening one of crypto’s most important institutions. On November 16, Genesis Global Capital’s lending unit suspended withdrawals due to “unprecedented market turmoil.” Now, the firm is seeking emergency funding of at least $500 million to ensure it has enough cash on hand to pay its customers. All the while, the crypto industry watches nervously.
On November 21, Genesis said it had “no plans to file for bankruptcy imminently,” but it has since appointed an external party to advise on its financial predicament. Such moves have done little to calm twitchy customers. Halting withdrawals has been the precursor to multiple previous crypto collapses this year, including at FTX and Celsius. Genesis did not respond when asked to confirm whether bankruptcy was under consideration.
If Genesis were to fold, it would deliver another gut-punch to an industry already reeling from the fall of FTX, one of its most highly regarded companies. If an institution the size and standing of Genesis is vulnerable, can trust be placed in the stability of any crypto firm? Yes, the industry is expected to survive the ordeal, but the days of minimal oversight, generous funding, and rapid expansion are over.
The impact from the potential fall of Genesis should not be underestimated. It might not be as well known as FTX and other exchanges, but it’s crucial to the day-to-day operations of the crypto world. In 2021 alone, the company issued $131 billion in loans and set up $116.5 billion in trades; the Financial Times has described it as the Goldman Sachs of crypto. To fund these loans, Genesis borrows from individuals and institutions that own large quantities of coins, also known as whales, who receive a cut of profits in return.
While the market was hot, so was Genesis. But as the price of crypto tumbles, and trust in large crypto companies bleeds away, Genesis risks becoming the latest example of a crypto giant failing to prepare for the worst. Not only might customers lose their money, but the collapse of an intermediary like Genesis threatens to “set crypto back several years,” says Brad Harrison, founder of decentralized lending protocol Venus. That’s because of how Genesis enables the flow of money between organizations—which is essential to the functioning of any industry.
When it launched in 2013, Genesis was the first over-the-counter bitcoin trading desk—somewhere traders could go to buy and sell large quantities of coins. But the company is now the largest crypto lender too, as well as the backbone for yield farming services provided by exchanges, which let customers earn interest on their holdings.
Harrison says Genesis has worked with many of the largest crypto organizations over the years, and it has wound its way into practically all corners of the cryptosphere. “It’s a household name.”
Genesis has been in trouble since July, when the hedge fund Three Arrows Capital (3AC) collapsed, taking with it $1.2 billion of the $2.36 billion it had borrowed from the firm. If someone defaults on their mortgage, the bank can seize the property to recoup the full value of the loan, but in this case Genesis didn’t have that option, because only part of the loan was secured against 3AC assets.
To ensure Genesis wasn’t hamstrung by the loss, its parent company, Digital Currency Group (DCG), bailed it out. But in the aftermath, Genesis cut 20 percent of its workforce to reduce costs and Michael Moro, its longtime CEO, stepped down.
Genesis again found itself on the wrong side of a collapse earlier this month; when FTX filed for bankruptcy on November 11, the firm lost $175 million stored with the exchange. Again, DCG intervened, providing a cash injection of $140 million.
But despite multiple DCG bailouts, Genesis has failed to escape the FTX fallout. Samson Mow, a prominent crypto pundit and ex-chief strategy officer at crypto infrastructure firm Blockstream, says the brokerage is struggling to fund a surge in the number of customers asking to redeem their crypto. This led to the suspension of withdrawals, which threatens to worsen the prevailing crisis of confidence and increase the likelihood of a rush on other lenders (say, BlockFi or Voyager Digital)—and so the contagion spreads.
But Mow says it’s important to understand that this is a liquidity problem, not a solvency problem. In other words, Genesis has enough assets to pay its debts, they’re just not readily available in cash form. For this reason, a bankruptcy “seems unlikely,” says Mow.
DCG also sought to play down the situation on Twitter, saying that the decision to suspend redemptions and stop issuing fresh loans was a “temporary action,” and that the problem is confined exclusively to the Genesis lending division, which means the trading and custody units will continue to operate as normal.
Nonetheless, the situation is serious enough for Genesis to seek additional funding, with crypto exchange Binance and private equity firm Apollo Global Management tapped as potential investors.
The attempt to secure funding has been unsuccessful thus far, reports suggest, partly due to concern over the financial relationship between Genesis and other DCG-owned entities. Of the $2.8 billion in outstanding loans on the Genesis balance sheet, roughly 30 percent are made to either DCG or its subsidiaries, but inter-company loans are being treated with particular suspicion right now because of their central role in the FTX collapse.
Barry Silbert, CEO of DCG, told investors that inter-company loans of this kind are nothing out of the ordinary. “We have weathered previous crypto winters, and while this one may feel more severe, collectively we will come out of it stronger.”
Yet, for all its conviction, Silbert’s rallying cry has not halted speculation. Burned recently by false assurances from FTX founder Sam Bankman-Fried—who tweeted “FTX is fine” on November 7, just days before the firm collapsed—crypto investors are bracing for a bankruptcy at Genesis, too.
One of the consequences of a potential collapse is already playing out. After withdrawals were halted, crypto exchange Gemini, whose yield farming product sits on top of Genesis, announced its Earn customers would no longer be able to access their funds.
On November 22, the exchange explained it was working to “find a solution,” but until then, $700 million worth of customer funds would remain locked up. If Genesis were to go bankrupt, some of these funds may never be returned, just like at FTX—and it's possible that customers of other Genesis-linked exchanges might suffer the same fate.
The silver lining is that Genesis deals predominantly with institutional customers: family offices, high-net worth individuals, hedge funds, and the like. So in the event of a bankruptcy, although confidence in the industry may be torn to shreds and knock-on effects may put other businesses in financial distress, the immediate impact on regular people would not be as severe as with FTX.
Max Galka, founder of blockchain analytics company Elementus, says that blockchain data suggests the company is also "an order of magnitude less intertwined than FTX” with large industry players. Although there will be “ripples,” a collapse is unlikely to have the same cascading effects.
The potential collapse of Genesis wouldn’t be “nearly as broad,” says Joe Flanagan, cofounder of the decentralized lending protocol Maple, because the financial shortfall is much smaller than at FTX. He also says bankruptcy proceedings would likely be more straightforward as a result of the clear demarcation between internal divisions at Genesis, which means the troubled lending division could be splintered off.
The greatest impact is likely to be felt in the crypto lending market itself; in the same way the collapse of FTX has drawn attention to the advantages of decentralized exchanges, the Genesis situation has the potential to drive people towards decentralized lenders.
Instead of relying on an intermediary to lend out their cryptocurrency in a responsible way and to keep enough cash on hand to meet withdrawals, decentralized alternatives let customers see exactly what’s happening to their crypto. This is an example of what’s known as decentralized finance, or DeFi.
Most decentralized lenders also exclusively support overcollateralized loans—that’s to say, borrowers are required to lock up assets with a greater value than those they are borrowing—so the chance of default is low. Genesis, by contrast, is reported to offer riskier, unsecured loans, which might have contributed to its current financial difficulties.
Harrison describes lenders like Genesis as “black boxes” that offer none of the transparency of the DeFi approach. He says there are two potential outcomes to the current situation: Either the “DeFi ethos” around transparency and collateralization will have to be adopted by centralized lenders, or decentralized lenders will begin to steal customers away. Galka goes as far as to say that “crypto lending by centralized services is essentially done,” as a result of what’s happened to lenders like Genesis.
Meanwhile, the FTX fallout continues. Although the effects on Genesis and other companies tied up with FTX (like BlockFi and Voyager Digital) are beginning to take shape, it’s possible that many more are quietly sitting on significant losses, Galka says. “It may take a year or more for things to shake out before we really know just how far the contagion has spread.”
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Cryptocurrency for Beginners: Essential Insights and Guidance
Cryptocurrency, a digital and decentralized form of money, has transformed the way we think about finance and technology.
For beginners, navigating the world of cryptocurrency can be both exciting and overwhelming.
This article serves as a comprehensive guide, offering beginners insights into the fundamental aspects, benefits, risks, and practical steps to get started in the cryptocurrency realm.
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Understanding Cryptocurrency: The Basics
At its core, cryptocurrency is a digital or virtual form of currency that utilizes cryptographic techniques to secure transactions and control the creation of new units.
Unlike traditional currencies issued by governments and central banks, cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
1. How Cryptocurrencies Work
Cryptocurrencies operate on blockchain technology, which is a distributed and immutable ledger that records all transactions.
Each transaction is grouped into a "block," and these blocks are linked together, creating a chain of information.
This decentralized nature ensures transparency, security, and resistance to censorship as Perseus Crypto explains it nicely.
2. Key Cryptocurrency Concepts
Blockchain: A decentralized ledger that records all transactions in a secure and transparent manner.
Wallet: A digital tool that stores your cryptocurrency holdings, enabling you to send, receive, and manage your coins.
Private and Public Keys: Cryptographic keys that grant access to your cryptocurrency. The public key is like an address, while the private key is your password.
Mining: The process of validating transactions and adding them to the blockchain using powerful computers and solving complex mathematical puzzles.
Benefits of Cryptocurrency
1. Financial Inclusion: Cryptocurrencies enable access to financial services for the unbanked and underbanked populations around the world.
2. Decentralization: Cryptocurrencies operate on decentralized networks, reducing the influence of central authorities and intermediaries.
3. Security: Blockchain's cryptographic techniques ensure secure transactions and protection against fraud and hacking.
4. Transparency: Transactions on a blockchain are public and transparent, enhancing accountability.
5. Borderless Transactions: Cryptocurrencies enable fast and low-cost cross-border transactions.
6. Potential for Growth: Some cryptocurrencies have experienced significant price appreciation, offering opportunities for investment growth.
Risks and Considerations
1. Volatility: Cryptocurrency prices can be highly volatile, leading to rapid and unpredictable value changes.
2. Security Concerns: Cryptocurrencies are susceptible to hacking, scams, and phishing attacks. Secure storage is crucial.
3. Regulatory Environment: Regulations for cryptocurrencies vary by jurisdiction and can impact their legality, taxation, and use.
4. Lack of Understanding: The complexity of the technology and market can lead to uninformed decisions.
5. Lack of Regulation: The decentralized nature of cryptocurrencies means there may be no recourse for fraudulent activities or disputes.
Getting Started with Cryptocurrency
1. Education Is Key
Before investing in or using cryptocurrencies, educate yourself about the technology, terminology, and potential risks.
Numerous online resources, courses, and communities provide valuable insights.
2. Choose the Right Cryptocurrency
Research different cryptocurrencies to understand their purposes, use cases, and market trends.
Bitcoin, Ethereum, and others have distinct features and applications.
3. Select a Reliable Exchange
Choose a reputable cryptocurrency exchange to buy, sell, and trade cryptocurrencies.
Look for factors like security measures, fees, user-friendliness, and available coins.
4. Secure Your Investments
Use strong, unique passwords for your exchange accounts and enable two-factor authentication (2FA).
Consider using hardware wallets for enhanced security.
5. Start Small and Diversify
For beginners, start with a small investment you can afford to lose.
Diversify your investments across different cryptocurrencies to manage risk.
6. Stay Informed
Stay updated with the latest news and trends in the cryptocurrency space.
Follow reputable cryptocurrency news websites, blogs, and social media accounts.
7. Avoid FOMO and Emotional Decisions
Fear of missing out (FOMO) and emotional decisions can lead to impulsive actions.
Stick to your investment strategy and avoid making decisions solely based on short-term price movements.
8. Be Prepared for the Long Term
Cryptocurrency investments are often more successful with a long-term perspective.
Avoid making decisions based on daily market fluctuations.
Conclusion
As you embark on your journey into the world of cryptocurrency, remember that education and caution are your best allies.
Understand the technology, the benefits, and the risks before making any investment decisions.
With the right knowledge and a thoughtful approach, you can navigate the complex and dynamic cryptocurrency landscape, potentially harnessing its benefits and contributing to the evolution of modern finance.
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Cryptocurrency company partnered with indigenous people in Brazil for carbon credit, and National Indian Agency saw risks
Enterprise wanted to convert credits into crypto assets to be sold to individuals; 'we decided to stop the project', says partner
A document from Funai (National Foundation of Indigenous Peoples), obtained by Folha, points out the performance of a company from the cryptocurrency market in an indigenous land in Pará, which involved the elaboration of a contract draft for the generation of carbon credits in the territory. These credits would be converted into crypto assets to be offered for sale.
In the document, Funai recommended that the contract not be carried out and that the Aikewara Suruí, from the Sororó Indigenous Land, be guided on "the risks inherent in accepting such a commitment", mainly due to "the history of the company and its legal representative".
The company is Green Forever —with the corporate name Green Tecnologia Ambiental—, headquartered in Parauapebas (PA). It is part of the group Green Forever Coin, which operates in the cryptocurrency market, an asset restricted to digital environments. Green Forever Coin launched a digital asset — a utility token, according to the company — called GFCO2, which was offered for sale both on the company's website and in a fundraising campaign.
Continue reading.
#brazil#politics#environmental justice#indigenous rights#economy#brazilian politics#cryptocurrency#mod nise da silveira#image description in alt
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how hard is it to get Venture capital for video game studio ? DId you had friend who try to started video games studio and was hard for them to gain Venture capital?
Most venture capitalists don't fund game studios because VCs usually avoid fields where the market is already mature (that is, there is already lots of entrenched competition before you even begin), at least not with a traditional idea. You'd be hard pressed to get venture capitalists to finance a new Coke competitor unless the idea was super disruptive somehow because it costs a lot to try to compete and there's a lot of established giants in the market already. VCs are usually looking to finance startups with disruptive ideas that can tap into a new market that has very little competition because that’s where the largest potential financial wins live.
This is why we saw a lot of VC money get funneled into crypto stuff (including NFT games). Games by themselves are well-known quantities, but crypto is potentially disruptive technology so it is worth it to some VCs to roll those dice at the ground floor in hopes of a much bigger payday. A VC is much more willing to fund a wifi-enabled smart toilet app than a video game, if only because there are a lot fewer companies building wifi-enabled smart toilets than video games. Wifi-enabled smart toilets might be risky, but they have a much larger potential upside than another indie game released to Steam if they take off and the one they backed becomes the industry leader.
VCs aren’t monolithic. Some VCs leaned into crypto while others thought it was a scam, but the general rule is that VCs usually stay away from traditional ideas, especially in a crowded market. A smart toilet might not be a good idea, but it probably has more potential when adjusted for risk, cost, and potential payout than another traditional indie game. If you want VC money, you need to offer them something that’s got a payout worth the risk.
A better idea would be to find a game publisher. They’re much better equipped to evaluate a game’s feasibility and fund it than a VC. There are publishers at all levels and budgets, plus they often have the infrastructure in place to help a game dev team get things they need, like dev kits and assistance with marketing and cert. You wouldn’t go to a cardiologist to ask about erectile dysfunction, nor would you ask your tax attorney to defend you in a murder trial. If you want to get your game funded, your best bet is to find the right group with the right expertise and interest.
[Join us on Discord] and/or [Support us on Patreon]
Got a burning question you want answered?
Short questions: Ask a Game Dev on Twitter
Long questions: Ask a Game Dev on Tumblr
Frequent Questions: The FAQ
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What's the whole NFT thing about? I am very confused. ❤
Okay. So. NFTs are a tech fad going around these days that some people claim is the "future of investing" or whatever and other people say is one giant crypto pyramid scheme of failure.
Obviously, I'm in the second group. Honestly, most people are either in that group or in the even more popular "I don't know - or care - what NFTs are, but folks seem pressed about them" group.
At any rate, people who are into NFTs tend to get REALLY into them. Like downright cultish levels of involvement. And a lot of their groups and communities and events end up sounding like cult shit, too. Like this snippet about the recent "Fireside Chat" the head Sync Report guy did the other day:
Like, TELL me that doesn't sound like a Scientology event, complete with "levels" and being open to others' (ie THEIR) views and private meetings after the meeting so you can meeting forever.
And remember: when they say "crypto" and "NFT" and "block-chain" and all of these other nifty trendy buzz words they're really talking about INVESTING and FINANCES and YOUR MONEY. This isn't a New Kids on the Block fan meeting. This is a meeting to try to encourage new people to join the "NFT Revolution" and eventually invest their money in the network.
A network that bears a striking resemblance to a pyramid scheme, in that the more people who join in the lower rungs and put their money into the pot, the more money the people on the higher rungs will make. These kinds of schemes work, but ONLY for the people on the highest rungs. The middle rungs break even, and the lower rungs... Well, they lose money. Sometimes lots of money. The trick is to not BE the bottom rung. In order to do that, everyone tries to get NEW people in on the scheme - those new people will form new lower rungs, thus raising the other rungs into the profit zone. It’s a never-ending hot potato game of “you risk your money so my money is safe” and it turns every investor into a financial predator.
NFTs are also TERRIBLE for the environment. The whole cryptocurrency network (or whatever they call it; I don't care enough to keep up with their "lingo") runs on a metric shit-ton of computers running 24/7 to keep up with all the transactions and to generate more bits and bytes and currency and all that bullshit. Each and every time an NFT is bought/sold, the transaction uses the same amount of energy as a single family home uses in a month. Or the same as nine average US households use in one day. I've seen both figures used. Doesn't matter which you prefer. They're both terrible.
So while the rest of us sit here trying to measure how much carbon is in a cow fart and if that cheeseburger we just ate significantly contributed to global warming... NFT bros are just pissing energy into the wind and laughing about the windfall that will come their way once the plebians of the world join their network and fund their global pyramid scheme.
And as an added bonus, since digital art seems to be the favored medium of NFT brokers, the art scene has fallen prey to VAST amounts of art theft as brokers look for quality products to "sell" to new investors. The problem is that legitimate artists tend to want nothing to do with this shit. So the art being sold is either piss-poor... or it's stolen from talented artists who never gave permission for their art to be used to literally scam other people out of their money.
So now we come to Colin and his involvement in all of this.
A few weeks back, Colin started retweeting his brothers' NFT tweets and soon after, The Sync Report announced that they'd be coming out with some NFTs of the hosts' animated avatars, starting with Colin. These things kind of rankled some of Colin's fans - namely, the ones who know what NFTs are and don't like seeing their favorite guy get involved with them. Still, the involvement seemed incidental enough that those fans either quietly left or chose to politely look the other way and wait for it to pass.
Now we come to the other day, and the "Fireside Chat" I mentioned (and quoted from) above with Jason, the guy behind The Sync Report. This "chat" with a cryptocurrency community makes it clear that NO, this is NOT an incidental thing that will blow over. They're not going to sell a couple NFTs and move on. The Sync Report and its "metaverse" are going to continue down this "innovative" avenue and keep looking for fans to invest in cryptocurrency as a means of interacting with the show - and its hosts.
Mind you, this is all fine - in that the show is free to do whatever they like, and Colin is free to associate himself with whatever programs he likes and to use his fame to bring attention or legitimacy to whatever hare-brained schemes he wants to.
But his recent post about the Fireside Chat crossed a line that some of his fans are not comfortable with. In that tweet he said:
"Wanna know what I’ve been working on? Join Jason tonight for a fireside chat."
The VAST majority of Colin's fans, on Twitter and elsewhere, are following him and his social media accounts for news and updates on HIS ACTING CAREER. That is what people are interested in and he (and others) know this. When he says, "Wanna know what I've been working on?" it implies there's going to be news and talk about HIS career and HIS acting - NOT that it's going to be a cryptocurrency chat with a group focused on NFTs and cryptocurrency.
By making that post in that way, Colin literally presented a bait and switch to his fans. He knowingly lured HIS fans, fans of HIS ACTING CAREER, to attend a cryptocurrency meeting intended for those "keen on learning more" about NFTs and crypto investing.
THIS IS NOT OKAY. IT IS NOT ACCEPTABLE.
A couple of fans spoke up. Some fans liked those comments (they're the most-liked comments on the post). Still more fans decided to simply steer clear of the entire situation - and Colin himself - until it all blows over. Some even went so far as to unfollow Colin on social media. I, myself, unfollowed The Sync Report and will no longer interact at all with any of Colin's further tweets on it (nor any future tweets involving NFTs or cryptocurrency in any way). And if he EVER attempts to lure unsuspecting fans into cryptochats or any other bullshit nonsense again... I'M GONE.
And I will damn well let him know that and tell him WHY.
I honestly cannot express fully the height and depth of my anger and disappointment in Colin right now. Again, it's not the NFTs, it's not the cryptobullshit... It's the willful use of his fame to lure his own fans into attending a cryptocurrency pow-wow that had little/nothing to do with his acting career at all. It's certainly not something I would've ever expected him to do, and it really upsets me that I seem to have mis-judged the kind of person he is. I honestly don't know where to go from here as a fan.
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the issue is that some fans like to joke, especially with 5sos their fans have always been sarcastic and fake-rude, and there’s another group who don’t get the joke. they don’t read things in the tone that was intended, so they hop in with their social justice warrior and gen z morals to argue about the correct thing to say or do, or to cancel the jokester… this is very general, i didn’t see any money convos. but luke didn’t go broke trading crypto, he said he lost *some money*, as did most people i know who put some spare cash into it over the last few years. it’s really not a big deal.
they should turn that conversation into discussing how crystal was the one promoting a trading app during 2020 lockdowns to her 5sos stan followers, a lot of whom are under 25 and not completely financially independent 🤡🆒 @crystal, we’re not all married to a rich musician and therefore our income is now spare dollars to toss around on whatever is trendy
I agree. Im not speaking specifically to crystal, but speaking more generally about anyone with a social media following when I say this:
it’s irresponsible for people who aren’t financial experts to be influencing people to make financial decisions. I see so many influencers with affiliates influencing people to sign up for credit cards for the Nordstrom sale, etc. when people have no idea how credit works and it can ruin their credit and affect their future. I saw so many influencers promoting trading apps to people who have no idea how the stock market works…when they themselves may not be fully aware of how it works. Especially if your followers are mainly minors. If your fan base and followers are primarily minors, you have no business advising a minor and profiting by getting an affiliate code, off of promoting a product to a minor that isn’t aware enough to be able to understand credit or investing. It can potentially ruin their future and put them in debt all because a minor trusted their favorite celebrity or influencer.
like when 5sos was considering selling nft’s…I’m really glad they changed their minds. It would be irresponsible to promote nft’s to their fans, many of whom are minors, and may not understand nft’s or the financial risks involved with investing.
it’s also irresponsible for people who aren’t in the medical field to be influencing people to buy supplements or vitamins without consulting their doctors first. Unfortunately, I’m sure someone will buy a supplement and will react badly and get seriously I’ll because they bought something because some celebrity or influencer they looked up to told them to buy it. And it will probably be a minor. If your fan base and followers are primarily minors, you have no business advising a minor and profiting by getting an affiliate code, off of promoting a supplement to a minor. It’s dangerous.
Instagram needs to do better. And companies need to do a better job of checking the ages of followings of their affiliate partners.
#instagram#social media#5sos#crystal leigh#ashton 5sos#luke 5sos#calum 5sos#5seconds of summer#5 seconds of summer#5sos5#luke hemmings#luke 5 seconds of summer#luke5sos#calum#calum hood#calum 5 seconds of summer#ashton irwin#ashton#ashton 5 seconds of summer#michael#michael 5sos#michael clifford#michael 5 seconds of summer
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Own your own NFT slot machine and trade it in the market- Join Adene now
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