Crypto trading/market thread

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(Kitco News) - Google and Coinbase have announced a new Web3 strategic partnership that includes the ability for certain customers to pay for cloud services using cryptocurrencies like Bitcoin and Ethereum beginning in 2023.
Google has slowly been showing more interest in blockchain technology and cryptocurrencies as of late. Leading into the Ethereum Merge – which transitioned the smart contract platform to proof of stake – Google provided a countdown to the event. More recently, researchers have noticed that if you enter an Ethereum address in a Google Search, the search engine now shows the wallet’s ETH balance using data pulled from Etherscan.

The web3 strategic partnership may or may not lead to new innovations. Certainly, Google will be happy to have first level access to crypto market data. Also, lulz on the Etherscan snooping.
They are certainly embedded with govco whether CIA, NSA or whatever. Coinbase has also been working hand in glove with government (and hiring folks from the squid to lobby for them). Don't expect privacy if you use Coinbase. However, they are paving the way for mass adoption of non-government owned crypto FWIW.
More proof we are in the "then they fight you" stage.
Might be getting to we crush you stage. Thing is until this is accepted everywhere I shop and pay bills I have a hard time believing it will be accepted by the masses. Not ESG friendly either.
Might be getting to we crush you stage. Thing is until this is accepted everywhere I shop and pay bills I have a hard time believing it will be accepted by the masses. Not ESG friendly either.
I'm not too worried about mass adoption, it will come. World governments and central banks are ensuring this. Bitcoin was made for times such as these, it was released shortly after and because of the "great recession". When the smoke finally clears, people will wish they had some, or it'll all be over and it won't matter.
I'm not too worried about mass adoption, it will come. World governments and central banks are ensuring this. Bitcoin was made for times such as these, it was released shortly after and because of the "great recession". When the smoke finally clears, people will wish they had some, or it'll all be over and it won't matter.
Sounds like Winston Smith's venue, donnit?
South Africa’s financial regulator, the Financial Sector Conduct Authority (FSCA), has posted a brief notice indicating that cryptocurrency assets will now be classified as financial products, enabling them to be regulated.
The FAIS defines a financial product as a security, debenture, “any money-making instrument” or an instrument conferring rights to securities and instruments. Financial service providers that are licensed in South Africa can legally offer access to financial products.

Crypto to become more widely available in South Africa with this news I expect. I wonder if this might be the start of a trend amongst countries that are still struggling with how to deal with crypto from a legal/regulatory perspective.
Follow up to post #32:
Canada-based asset manager Fidelity Investments has signaled that its institutional clients will be able to access Ether (ETH) custody and trading services beginning later this month, according to an email sent to customers.

Access to Ether services will be managed through the firm's crypto wing, Fidelity Digital Assets, which will give institutional investors the ability to purchase and hold the second-ranked crypto starting October 28.

According to the note from Fidelity, investors will be able to buy, sell and transfer Ether “using the same model provided for bitcoin investments today.”
The move suggests that Fidelity is anticipating that Ether will ultimately be considered a commodity by regulators in the U.S. when it's all said and done. ...

Crypto seems to be outperforming today. BTC touched $20K again. Most every other high cap coin up around 10% or so.
There was a moment not so long ago when I thought, “What if I’ve had this crypto thing all wrong?” I’m a doubting normie who, if I’m being honest, hasn’t always understood this alternate universe that’s been percolating and expanding for more than a decade now. If you’re a disciple, this new dimension is the future. If you’re a skeptic, this upside-down world is just a modern Ponzi scheme that’s going to end badly—and the recent “crypto winter” is evidence of its long-overdue ending. But crypto has dug itself into finance, into technology, and into our heads. And if crypto isn’t going away, we’d better attempt to understand it. Which is why we asked the finest finance writer around, Matt Levine of Bloomberg Opinion, to write a cover-to-cover issue of Bloomberg Businessweek, something a single author has done only one other time in the magazine’s 93-year history (“What Is Code?,” by Paul Ford). What follows is his brilliant explanation of what this maddening, often absurd, and always fascinating technology means, and where it might go. —Joel Weber, Editor, Bloomberg Businessweek

(very long, but easy read):
From Sep 29:
BlackRock has today launched an exchange traded fund (ETF) that enables European customers to gain exposure to a variety of companies involved in the development, innovation, and utilisation of blockchain and crypto technologies.

The iShares Blockchain Technology UCITS ETF [BLKC] will track the NYSE® FactSet® Global Blockchain Technologies Capped Index. BLKC comprises 35 global companies from developed and emerging markets with 75% exposure to companies whose primary business is related to blockchain, such as crypto miners and exchanges, and 25% exposure to companies who support the blockchain ecosystem, such as payments and semiconductor companies. The exposure is at the forefront of innovation, paving the future of blockchain. BLKC does not directly invest in cryptocurrencies.

Crypto industry going more mainstream? Not really sure what to make of this news.
November 3, 2022 – Today, Goldman Sachs, MSCI, and Coin Metrics announced the launch of datonomy, a new classification system for the digital assets market. Delivered as a new data service, datonomy classifies coins and tokens based on how they are used. Designed to provide a consistent, standardized way to help market participants view and analyze the digital assets ecosystem, datonomy will help create an increased level of transparency into how the market is moving and can be licensed for a variety of use cases, such as the review and assessment of portfolio performance and reporting.
This new classification system for digital assets aims to provide market participants with a consistent view of the market, allowing them to track trends across different industries, such as Smart Contract Platforms and Decentralized Finance, screen assets by a range of different filters based on their objectives, and understand aggregated properties of these assets at the portfolio level.

... in Lebanon – a country whose banking system is fundamentally broken after decades of mismanagement. The local currency has lost more than 95% of its value since Aug. 2019, the minimum wage has effectively plummeted from $450 to $17 a month, pensions are virtually worthless, Lebanon's triple-digit inflation rate is expected to be second only to Sudan this year, and bank account balances are just numbers on paper.
"The situation hasn't really changed since 2019. Banks limited withdrawals, and those deposits became IOUs. You could have taken out your money with a 15% haircut, then 35%, and today, we're at 85%," continued Hindi, who was born and raised in Lebanon before leaving at the age of 19.

"Still, people look at their bank statements and believe that they're going to be made whole at some point," he said.

Despite losing nearly all of their savings and pension, Gebrael's parents – both of whom are career government employees – are holding out hope that the existing financial system will rightsize at some point. In the meantime, Gebrael is covering the difference.

Others have lost faith in the monetary system altogether. Enter cryptocurrency.

CNBC spoke with multiple locals, many of whom consider cryptocurrencies a lifeline for survival. Some are mining for digital tokens as their sole source of income while they hunt for a job. Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. Although the form that crypto adoption takes varies depending upon the person and the circumstances, nearly all of these locals craved a connection to money that actually makes sense.

Unnamed and anecdotal sources, so take with a grain of salt. It never would have occurred to me that a barter system could or would develop using crypto.
The cryptotoken LBRY credits (LBC), issued by LBRY, a blockchain-based content hosting service, is legally a security according to a decision today from the U.S. District Court for New Hampshire.

In a decision for summary judgment in favor of the Securities and Exchange Commission in the case SEC v. LBRY, Inc., which began in March 2021, U.S. District Judge Paul J. Barbadoro insisted the company violated Section 5 of the Securities Act of 1933 by selling its tokens without registering with and obeying SEC requirements for the legal sale of securities.
A rub in this decision that seems to be unnerving the crypto token community the most, a strong hint that those other digital assets might not remain "untouched" by the SEC for long, is it implies that any pre-mined token—which the issuers keep quantities of without spending money before releasing it into the marketplace at large—is thus obviously a security under SEC definition.
This seems to imply that to pre-mine means to have created an unregistered security. And that means every transaction involving such tokens that were not registered with the SEC is potentially a crime. This would include the second largest market-cap virtual currency, ethereum. (SEC chief Gary Gensler already said last month before this decision that he believes ethereum is a security for different reasons.)
Kauffman tweeted this morning that "Under this standard, almost every cryptocurrency, including Ethereum and Doge, are securities. The future of crypto now rests with an org worse than the SEC: the US Congress."


FTX disappearing after supposedly bailing out others. WHAT a farce. These guys were running things worse than bankers. Lol
the crypto dealer market has been quite the drama. blowups and buyouts......again and again and again

wtf is happening? controlled demolition by the int'l bankers?

bankers finishing off a 15 year project to bring in total control via the digital ledger money?

Sam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in Days​

The FTX co-founder is on the brink of a 94% wealth wipeout at the hands of his billionaire rival, Binance’s Changpeng Zhao.
the crypto dealer market has been quite the drama. blowups and buyouts......again and again and again

wtf is happening? controlled demolition by the int'l bankers?

bankers finishing off a 15 year project to bring in total control via the digital ledger money?

Sam Bankman-Fried’s $16 Billion Fortune Is Eviscerated in Days​

The FTX co-founder is on the brink of a 94% wealth wipeout at the hands of his billionaire rival, Binance’s Changpeng Zhao.

Lots and Lots of Ponzi schemes. Without the Central bankers to "smooth" things out just yet.
While U.S. investors have been patiently waiting since 2013 for the Securities and Exchange Commission to approve a spot Bitcoin (BTC) exchange-traded fund (ETF), investors in Brazil can now access a physically backed crypto ETF thanks to Galaxy Digital and Itaú Asset.

Itaú Asset, the largest private asset manager in Latin America, has partnered with Galaxy Digital, the financial services and investment management company founded by billionaire Mike Novogratz, to offer the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11) on Brazil's B3 Stock Exchange as part of Itaú Asset's broader ETF suite, the IT Now Series.

The new product launched today and allows investors in the country to gain exposure to Bitcoin in a regulated setting. According to the press release, BITI11 is the first of many crypto-related products to come.

Great timing!

Changpeng Zhao, the CEO of Binance who found himself in the eye of the storm last week as FTX imploded, announced on Monday morning that the exchange will create a new fund to support viable crypto projects that face liquidity problems.
Later in the morning, Zhao hosted an AMA on Binance’s Twitter space, which was attended by 175,000 people and wrapped up at 9:48 EST.

Among the highlights of the session was his announcement that “four or five” other firms have offered to contribute to the fund, and that he will release the names of the other companies once the nature and scale of their commitment is confirmed.


New York is the first state to ban certain types of crypto mining—here's what to know​

Story by Cheyenne DeVon • 1h ago

New York just became the first state to ban certain types of cryptocurrency mining in an effort to address environmental worries over the energy-intensive process.

"I will ensure that New York continues to be the center of financial innovation, while also taking important steps to prioritize the protection of our environment," New York Governor Kathy Hochul said in a message after signing the legislation into law on Nov. 22.

Full article:


Major Canadian Crypto Exchange Coinsquare Says Client Data Breached​

The exchange claimed the breached personal data wasn't likely seen "by the bad actor” and customers' assets are “secure in cold storage and are not at risk.”​

By Frederick Munawa
Nov 26, 2022 at 3:53 p.m. EST
Updated Nov 26, 2022 at 4:37 p.m. EST

Sberbank, the largest bank in Russia, announced this week that it has added new features to its open blockchain platform during a corporate blockchain industry event hosted by Sber Blockchain Laboratory.

The updated Sberbank platform will be technologically compatible with Ethereum, the world's largest decentralized finance (DeFi) ecosystem, which will enable developers to freely transfer smart contracts and entire projects between the bank's blockchain network and open blockchain networks.

The new platform will also be able to integrate with MetaMask, one of the most popular cryptocurrency wallets, enabling users to use an existing wallet to perform transactions with tokens and smart contracts hosted on the platform.
November has been a busy month for crypto in Russia. On Nov. 24, local media reported that Russia’s State Duma started work on a draft amendment to the Digital Financial Assets law in order to create a national cryptocurrency exchange, with lawmakers and market participants meeting to discuss what changes would be required.

On Nov. 7, Russia's Central Bank opened public consultations on stablecoins, NFTs and other tokenized financial instruments, signaling renewed openness to the growth of crypto in the country.

But just three days later, Russia’s Central Bank (CBR) Governor Elvira Nabiullina reiterated her hardline stance on cryptocurrencies in the country.

“Regarding crypto, we are in favor of the development of digital financial assets, and the digitalization of finance,” Nabiullina said. “But digital financial assets are not limited to crypto, to private cryptocurrencies. We have not changed our position that private cryptocurrencies - for which it is not clear who is responsible, or how responsible, which are opaque and carry high risks of volatility - should not be used in settlements.”

So it seems that Russia is fine with crypto as long as it's owned/controlled by Russian banks?
That's not the same Tim who owns a coin store in New Hampshire and frequently guests in SilverStacker's YouTube videos. The Tim in NH has common sense.

South Philadelphia crypto company hit with more lawsuits, detailing a pyramid-like rewards system​

Story by Jesse Bunch, The Philadelphia Inquirer • 57m ago

VBit Technologies, the South Philadelphia-based cryptocurrency mining company accused of scamming Bitcoin newcomers out of hefty investments, has been hit with three new civil complaints by investors alleging they were taken in by a “massive Ponzi scheme.”

The federal filings in Pennsylvania and Delaware allege VBit used an intricate, pyramid-like marketing scheme to gain vulnerable new customers. In exchange for their recruitment efforts, the firm promised untrained investors spending accounts for luxury clothing, watches, and exotic vacations.

The filings also charge that company executives lied to customers about their products, with one suit suggesting they engaged in racketeering activities.

More here:
December 12, 2022

TORONTO and CALGARY – Following recent events in the crypto market, the Canadian Securities Administrators (CSA) is strengthening its approach to oversight of crypto trading platforms by expanding existing requirements for platforms operating in Canada.
Crypto trading platforms giving these undertakings agree to comply with expanded terms and conditions that will include, among other things, requirements to hold Canadian clients’ assets with an appropriate custodian and segregate these assets from the platform’s proprietary business, as well as a prohibition on offering margin or leverage for any Canadian client.
Additionally, as outlined in its business plan, the CSA continues to monitor and assess the presence and role of stablecoins in Canadian capital markets. As a result of this ongoing work, the CSA is of the view that stablecoins, or stablecoin arrangements, may constitute securities and/or derivatives. Crypto trading platforms that are registered or that have entered into a pre-registration undertaking are reminded that they are prohibited from permitting Canadian clients to trade, or obtain exposure to, any crypto asset that is itself a security and/or a derivative. Crypto trading platforms are expected to have established policies and procedures to determine whether each crypto asset they provide exposure to is a security and/or derivative.

US regulation coming next year:
... Sen. Elizabeth Warren is attempting to push through Congress a bipartisan crackdown on money laundering in the crypto industry.

The Massachusetts Democrat is teaming up with Republican Sen. Roger Marshall of Kansas to introduce new legislation on Wednesday that would seek to close loopholes in the financial system that pose national security risks by allowing digital assets to be used for money laundering, Warren’s office told CNN.

Due to time constraints, the Warren-Marshall crypto legislation has little chance of getting through this Congress. The bill would need to be reintroduced when the new Congress is seated.
The new bill, called the Digital Asset Anti-Money Laundering Act, would attack money laundering by attempting to bring the digital asset ecosystem into compliance with the existing system of anti-money laundering in the worldwide financial system.

The legislation would direct the Financial Crimes Enforcement Network (FinCEN) within the Treasury Department to designate digital asset wallet providers, miners, validators and others as money service businesses. That in turn would extend responsibilities in the Bank Secrecy Act to the crypto industry, including Know-Your-Customer (KYC) requirements.
Specifically, it would direct FinCEN to finalize and implement a rule proposed in 2020 that would require banks and money service businesses to verify customer and counterparty identifies, keep records and file reports linked to unhosted wallets or ones in jurisdictions that are not compliant with the Bank Secrecy Act.

Other requirements in the legislation include:

- Banning banks and other financial institutions from using or transacting with anonymity-enhancing technologies such as digital asset mixers and from handling or transacting with digital assets that have used those technologies.

- Extending Bank Secrecy Rules on reporting of foreign bank accounts to include digital assets by requiring Americans engaged in digital asset transaction greater than $10,000 through offshore accounts to file a report with the Internal Revenue Service.

- Directing regulators to strengthen enforcement of Bank Secrecy Act compliance by establishing compliance examination and review process for money service businesses.

- Cracking down on digital asset ATMs by making sure operators and administrators submit and update the physical addresses of their kiosks.


Sotheby’s Sale of U.S. Constitution Is Suddenly Postponed, Causing Uncertainty for Crypto Enthusiasts​

December 14, 2022 4:44pm

A Sotheby’s sale of a rare copy of the Constitution of the United States was suddenly postponed yesterday morning, just hours before the auction was to take place.

“The sale of the Official Edition of the Constitution has been postponed, following consultation with the consignor, to provide interested institutional parties with additional time to pursue fundraising efforts for a possible acquisition,” a Sotheby’s spokesperson wrote to ARTnews over email.

It is unclear at this point whether the document will be sold at auction at a later date or in a private sale. The uncertainty was acutely felt by the crypto group ConstitutionDAO 2, which has been making attempts to buy the document.

From the link:

On Wednesday, Senator Elizabeth Warren (D.-M.A.) introduced the “Digital Asset Anti-Money Laundering Act,” which would impose sweeping surveillance and registration requirements on almost all participants in blockchain networks – including software developers, miners and wallet creators. The bill would also effectively ban privacy-enhancing technologies in blockchain networks. The bill is a disaster for digital privacy and civil liberties.

Din' take long for the Gummint to own crypto, did it. They din' even break a sweat.

Junk dimes. Krugerrands. <-- All you need for small, medium, big trades.
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