The Blockchain/Cryptocurrency/Electric Cars (???) discussion thread

Warhawk

Warhawk

The cake is a lie.
Staff member
#95
#95
ESP47 said:
I'm getting the feeling that Warhawk really hates crypto.

Ham, can you confirm?
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I don't "hate" cryptocurrency (I do think NFTs are nothing but a huge scam); I think it is way overhyped and overblown for most people. If you want to buy things illegally on the dark web, hey, it makes sense. But for day to day use it is pretty worthless and it's basically being pushed on folks just to get the price to go up.

So, knock yourself out if you want to. Buy all the pet rocks and Power Balance bracelets you want!
 
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Warhawk

Warhawk

The cake is a lie.
Staff member
#97
#97
NYT on Tether issues.

https://www.nytimes.com/2022/06/17/...ptocurrency.html?referringSource=articleShare

By contrast, Tether claims its stablecoins are backed by cash and other traditional assets, making its reserves essential to the health of the crypto market. In theory, anyone who wants to exchange Tethers for U.S. dollars can do so quickly and easily.

But the company’s financial statements show that a significant portion of its reserves are tied up in unsecured corporate debt known as commercial paper. Such financial instruments are riskier and harder to quickly convert into cash, especially during financial turmoil. In 2021, New York’s attorney general fined Tether $18.5 million and said the company had lied about its reserves, calling it “a stablecoin without stability.”
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kb02

kb02

All-Star
#98
#98
Warhawk said:
NYT on Tether issues.

https://www.nytimes.com/2022/06/17/...ptocurrency.html?referringSource=articleShare

from the article:

By contrast, Tether claims its stablecoins are backed by cash and other traditional assets, making its reserves essential to the health of the crypto market. In theory, anyone who wants to exchange Tethers for U.S. dollars can do so quickly and easily.

But the company’s financial statements show that a significant portion of its reserves are tied up in unsecured corporate debt known as commercial paper. Such financial instruments are riskier and harder to quickly convert into cash, especially during financial turmoil. In 2021, New York’s attorney general fined Tether $18.5 million and said the company had lied about its reserves, calling it “a stablecoin without stability.”
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Commercial paper, in itself, is fine. Money market funds trade those. It’s the type of debt that is the unknown—emerging market debt in particular (Think China RE, Russian companies…). Plus structural links, like who’s invested in them and who they’ve invested in (e.g., Celsius). One node freezes and it’s a domino effect.

I have 250 put contracts against (250 x 100 = 25,000 shares worth) coin. Riding on an implosion. Been rolling dem down since the mid $70s.
 
Warhawk

Warhawk

The cake is a lie.
Staff member
#102
#102
https://decrypt.co/114269/hundreds-...-from-ftx-overnight-in-unauthorized-transfers

Several wallets allegedly belonging to FTX were drained of hundreds of millions of dollars in coins late on Friday night, with much of the funds transferred from Tether (USDT) into stablecoin DAI, and from staked Ethereum (stETH) into Ethereum (ETH).

It was the same day that FTX filed for Chapter 11 bankruptcy, and it looked too soon, too late at night, and too sophisticated for the actions to be attributed to liquidators.

Just before midnight, an FTX Telegram administrator named Rey posted: "Ftx has been hacked. All funds seem to be gone."FTX apps are malware. Delete them. Chat is open. Don't go on ftx site as it might download Trojans."

"If you think FTX is being hacked right now, you should consider quitting crypto. you are too kind and gullible for this industry," DeFi Pulse founder Scott Lewis tweeted.
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Warhawk

Warhawk

The cake is a lie.
Staff member
#105
#105
Interesting development re: NBA Top Shots.

https://www.sportico.com/law/analysis/2023/nba-top-shot-moments-nfts-are-securities-1234710798/

Some interesting info throughout, but here's a little bit:

Last week a federal judge preliminarily concluded that NFTs of game highlights created by Dapper Labs, a Vancouver-based blockchain company that has partnered with the NBA and NBPA, and sold as NBA Top Shot Moments, are securities and thus subject to federal securities laws.

Dapper earns revenue from Moments in several ways, such as by keeping a 5% transaction fee on tokens sold via its marketplace and by taking a “cash out fee” when a purchaser transfers their Dapper balance to a bank account. According to Marrero, Dapper’s “combined market capitalization from sales of Moments on the NBA Top Shot application had reached $1.9 billion.”

Pushing in the direction of security recognition, Marrero underscored that the value of Moments is “causally related” to the profitability of Dapper. This is because Dapper generates revenue through the sale and transaction fees. The company also retains the purchasers’ cash after withdrawals are requested, allegedly as a means of “raising money at a high valuation” and “propping up the value” of Dapper’s “Flow Blockchain,” which is used to record transactions.

Marrero also distinguished Moments from baseball cards and other physical collectibles. If Dapper “went out of business and shut down the Flow Blockchain, the value of all Moments would drop to zero,” he wrote. In contrast, “if Upper Deck or Topps, two longtime producers of physical sports trading cards, were to go out of business, the value of the cards they sold would be wholly unaffected, and may even increase, much like posthumously discovered art.”
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