Page 2,345«..1020..2,3442,3452,3462,347..2,3502,360..»

COLUMN: Finding food for your mind and heart – Cape Cod Times

January 22, 2022 | Author: admin

Lawrence Brown, Columnist| Cape Cod Times

Many Cape Codders are experiencing COVID-19 fatigue on steroids. Kids are still having to mask up. Grown-ups have to work, like it or not. But for our seniors, theres an affordable option for continuing education and excellent companionship.

Check out the Academy for Lifelong Learning (ALL) online and find a wide spectrum of courses, including perils of post-modernism, theology, great cities of the world, molecular biology, home improvement, American history, short-story writing and the poetry of Yeats, to name a few.

When I retired after 34 years at Cape Cod Academy, I was already old and it was time. But I suffered from The Bends rapid decompression and I missed my kids terribly. (I still do.) Thats when I was happily recruited by ALL. The program had classes at the community college. My senior students were bright, engaging, with a lifetime of experiences to share.I was hooked.

Then COVID-19 hit and our cohort had special reasons to take care. We retreated to Zoom. As the pandemic refuses to let up, were on it still.Compared to sitting around a big table together, Zoom has its share of disappointments. Our companions are credit-card-sized boxes on a screen.Much of the nuance of in-person conversation is stripped away. I know some folks have trouble adjusting to it.

But consider the alternative, which is nothing.When the pandemic first hit, our screens held the faces of men and women whod just lost marriage partners spanning most of a lifetime. What could be worse than grief wrapped in loneliness?Here, we had company.

The ALLprogram favors discussions over lectures. My last class was titled Becoming America.ALL offers six- and 12-week classes that meet once a week. I prefer the six-week rhythm.We looked at the historical and cultural currents that made us what we are.

To take one example: the stunning inventiveness of Americans.

In the 1800s, American farmers essentially had the same technologies available to them that farmers had in ancient civilizations: iron and wooden equipment with animal power.Typically, one farmer could feed six people so most people were farmers.

Then, with the same technologies, American farmers invented the horse-drawn combine and harvester, the steel-edged plow. Suddenly a farmer could cultivate up to 20 times as much land or feed 20 times as many people. Any civilization could have done it, but after all that time, Americans did it first.

Of course, there are less heroic chapters in our story, too. But for every cruelty, thereve been countless voices of protest insisting that to be great, America must be moral as well as mighty. History isnt just something we learn.History is something we have to wrestle with.So on our sixth and final session, two sections (almost 50 people) spent the whole time sharing the collected wisdom and perspective of the group.

Where might we be 25 years out?Optimists hoped the U.S. and China will have established some kind of dtente, short of war.Others worried that our internal divisions, fanned by social media and lying politicians, will have overwhelmed us.Some worried America could be driven into mediocrity by the very politicians who promised greatness.

Francoise, with a huge clan still in France, observed that while children and grandchildren were seeking livelihoods across the globe, none were coming here. Too dysfunctional. We do not always see ourselves as others see us.

We listed the elements that people thought made up our greatest strengths: Our system of higher education, our flare for innovation, the diversity that offers us multiple perspectives and a broad national palate … our democracy, freedom … and tied to the American Dream what Jo-Anne called the idea of America. Its still a powerful force around the world, she said.

But each class, independently, called out threats to the survival of each gift: a growing hostility to education and expertise … increasing hostility to cultural and racial diversity … the increasing concentration of wealth, and the death of social and political comity that despite differences of opinion has knitted us together into a single nation.

What we got was an unexpected warning from our elders that America was at risk of committing cultural and political suicide eyes wide shut and blinded by a mutually exclusive self-righteousness.Maybe well continue to blame each other all the way down.

But maybe not. There was still a deep pride in all weve accomplished together and an inability to believe we might really throw it all away.

Where else these days can we find opportunities for discussions like these?

Lawrence Brown of Centerville is a columnist for the Cape Cod Times.Email him at columnresponse@gmail.com.

Read more:
COLUMN: Finding food for your mind and heart - Cape Cod Times

Read More..
Posted in Deep Mind | Leave a Comment

Who Is King of Florida? Tensions Rise Between Trump and Ron DeSantis – The New York Times

January 22, 2022 | Author: admin

For months, former President Donald J. Trump has been grumbling quietly to friends and visitors to his Palm Beach mansion about a rival Republican power center in another Florida mansion, some 400 miles to the north.

Gov. Ron DeSantis, a man Mr. Trump believes he put on the map, has been acting far less like an acolyte and more like a future competitor, Mr. Trump complains. With his stock rising fast in the party, the governor has conspicuously refrained from saying he would stand aside if Mr. Trump runs for the Republican nomination for president in 2024.

The magic words, Trump has said to several associates and advisers.

That long-stewing resentment burst into public view recently in a dispute over a seemingly unrelated topic: Covid policies. After Mr. DeSantis refused to reveal his full Covid vaccination history, the former president publicly acknowledged he had received a booster. Last week, he seemed to swipe at Mr. DeSantis by blasting as gutless politicians who dodge the question out of fear of blowback from vaccine skeptics.

Mr. DeSantis shot back on Friday, criticizing Mr. Trumps early handling of the pandemic and saying he regretted not being more vocal in his complaints.

The back and forth exposed how far Republicans have shifted to the right on coronavirus politics. The doubts Mr. Trump amplified about public health expertise have only spiraled since he left office. Now his defense of the vaccines even if often subdued and almost always with the caveat in the same breath that he opposes mandates has put him uncharacteristically out of step with the hard-line elements of his partys base and provided an opening for a rival.

But that it was Mr. DeSantis a once-loyal member of the Trump court wielding the knife made the tension about much more.

At its core, the dispute amounts to a stand-in for the broader challenge confronting Republicans at the outset of midterm elections. They are led by a defeated former president who demands total fealty, brooks no criticism and is determined to sniff out, and then snuff out, any threat to his control of the party.

That includes the 43-year-old DeSantis, who has told friends he believes Mr. Trumps expectation that he bend the knee is asking too much. That refusal has set up a generational clash and a test of loyalty in the de facto capital of todays G.O.P., one watched by Republicans elsewhere whove ridden to power on Mr. Trumps coattails.

Already, party figures are attempting to calm matters.

Theyre the two most important leaders in the Republican Party, said Brian Ballard, a longtime Florida lobbyist with connections to both men, predicting Mr. Trump and Mr. DeSantis will be personal and political friends for the rest of their careers.

Mr. Trumps aides also have tried to tamp down questions about the former presidents frustrations, so as not to elevate Mr. DeSantis.

Still, Mr. Trump has made no secret of his preparations for a third run for the White House. And while Mr. DeSantis, who is up for re-election this year, has not declared his plans, he is widely believed to be eyeing the presidency.

Mr. Trump and his aides are mindful of Republicans increasingly public fatigue with the drama that trails Mr. Trump. The former presidents false claims about fraud in the 2020 election which Mr. DeSantis has not challenged and his role in the events leading to the Jan. 6 riot at the Capitol have some Republicans looking for a fresh start.

Mr. DeSantis is often the first name Republicans cite as a possible Trump-style contender not named Trump.

DeSantis would be a formidable 2024 candidate in the Trump lane should Trump not run, said Dan Eberhart, a Republican donor. Hes Trump but a little smarter, more disciplined and brusque without being too brusque.

Notably, Mr. Trump, a longtime student of charisma and mass appeal, as well as an avid reader of polling, has refrained so far from publicly attacking Mr. DeSantis, who is a distant but potent second to him in polls on the 2024 G.O.P. field. His restraint is a break from the mockery and bullying he often uses to attack Republicans he perceives as vulnerable. Mr. Trump made no reference to the governor at a rally in Arizona on Saturday.

Mr. DeSantis has $70 million in the bank for his re-election, a war chest he stocked with help from the Republican rank-and-file and donor class, alike. He has raised his profile in the same spaces Mr. Trump once dominated. The governor is ubiquitous on Fox News, where he is routinely met with the sort of softballs that once arced toward Mr. Trump. And he frequently mixes with the well-tanned Republican donor community near the former presidents winter home in South Florida.

It was not always this way.

Mr. DeSantis was a little-known Florida congressman in 2017, when Mr. Trump, who was then the president, spotted him on television and took keen interest. Mr. DeSantis, an Ivy League-educated military veteran and smooth-talking defender of the new president, was exactly what Mr. Trump liked in a politician.

It wasnt long before Mr. Trump blessed Mr. DeSantiss bid for governor and sent in staff to help him, lifting the lawmaker to a victory over a better-known rival for the partys nomination.

Mr. DeSantis survived the general election and has often governed in a style that mirrors his patron, slashing at the left and scrapping with the news media. But that alone doesnt placate Mr. Trump. As with other Republicans he has endorsed, the former president appears to take a kind of ownership interest in Mr. DeSantis and to believe that he is owed dividends and deference.

Look, I helped Ron DeSantis at a level that nobodys ever seen before, Mr. Trump said in an interview for a forthcoming book, Insurgency, on the rightward shift of the Republican Party, by the New York Times reporter Jeremy W. Peters. Mr. Trump said he believed Mr. DeSantis didnt have a chance of winning without his help.

The former presidents expectation of deference from Mr. DeSantis is a reminder to other Republicans that a Trump endorsement comes with a price, a demand that could prove particularly consequential should he run again and have a stable of Republican lawmakers in his debt.

At times, Mr. Trump has sought to kindle his relationship with Mr. DeSantis. He has suggested the governor would be a strong choice for vice president. Similar courtship has helped win deference from other potential rivals. But Mr. DeSantis has not relented.

I wonder why the guy wont say he wont run against me, Mr. Trump has said to several associates and advisers, who spoke on condition of anonymity to describe private conversations.

Mr. Trump began the recent contretemps by attacking the governors refusal to acknowledge whether he had received a Covid-19 booster shot.

The answer is Yes, but they dont want to say it, because theyre gutless, Mr. Trump said in a television interview this month, referring only to politicians but clearly alluding to Mr. DeSantis. You got to say it whether you had it or not, say it.

Mr. DeSantiss response came on Friday in an interview on the conservative podcast Ruthless. Speaking in front of an in-person audience near St. Petersburg, Fla., the governor said one of his biggest regrets was not forcefully opposing Mr. Trumps calls for lockdowns when the coronavirus first began to spread in the spring of 2020.

Knowing now what I know then, if that was a threat earlier, I would have been much louder, Mr. DeSantis said. The governor said he had been telling Trump stop the flights from China but argued he never thought in early March 2020 that the virus would lead to locking down the country.

Mr. DeSantis then moved quickly to place blame on Dr. Anthony S. Fauci, who advised Trump on the countrys Covid response, a much safer target with conservatives.

The former president did not immediately respond. Without a Twitter account, his hair-trigger retorts have become less frequent. A spokesman for Mr. Trump also did not respond to requests for comment. An adviser to Mr. DeSantis declined to comment.

Mr. DeSantis, however, has touched on a delicate issue, one of the few on which Mr. Trump is to the left of his partys hard-liners: the efficacy of the vaccine and deference to public health experts advice on how to curb the spread of the virus.

Mr. Trump has begun blasting warning shots at Mr. DeSantis and other aspiring Republicans, signaling he intends to defend the vaccines his administration helped develop. In an interview with Candace Owens, a right-wing media personality, the former president said the vaccine worked and dismissed conspiracy theories. People arent dying when they take the vaccine, he said.

Mr. DeSantis, though, has been much more eager to focus on his resistance to Covid-19 restrictions, past and present, than to make a robust case for vaccination and booster shots.

Notably, at his rally on Saturday, Mr. Trump did not promote vaccines and criticized so-called Covid lockdowns.

Mr. Trumps loudest antagonists are likely to continue to stoke the tension between the two men. Ann Coulter, the conservative commentator who has fallen out with the former president, delighted in the dust-up this week.

Trump is demanding to know Ron DeSantiss booster status, and I can now reveal it, Ms. Coulter wrote on Twitter. He was a loyal booster when Trump ran in 2016, but then he learned our president was a liar and con man whose grift was permanent.

In an email, Ms. Coulter, herself a part-time Florida resident, put a finer point on what makes Mr. DeSantiss rise unsettling for the former president. Trump is done, she wrote. You guys should stop obsessing over him.

Jeremy W. Peters contributed reporting.

See more here:
Who Is King of Florida? Tensions Rise Between Trump and Ron DeSantis - The New York Times

Read More..
Posted in Uncategorized | Leave a Comment

Ann Coulter: Sordid tale of Jeffrey Epstein – The Bryan Times

January 22, 2022 | Author: admin

* Part 2 of 2. (Part 1 in the Jan. 15 The Bryan Times)

Last week, we reviewed our ruling class's strange lack of interest in Jeffrey Epstein's child molestation ring, in which so many of them played a part. The media cover-up is second only to the government cover-up ... in cases they've been forced to bring (by the police and the public) against the child molester.

This week, we'll look at the government's long record of zealously trying NOT to unravel the case.

The local police presented then-Palm Beach state attorney Barry Krischer with bales of evidence. They had affidavits from dozens of witnesses: girls abused by the pederast, the women who recruited them, the butler who cleaned up sex toys after the "massages," as well as records of Epstein's molestation appointments, one delayed because of a victim's "soccer practice."

Pretty much everything we know today about Epstein's sex ring was unearthed by the Palm Beach Police back in 2005 and handed to Krischer on a silver platter.

According to an extensive review by The Palm Beach Post, most of Krischer's 2,800-page investigative file on the case consists of dirt against the teens -- and against the police -- given to him by Epstein's lawyers.

According to Nexis, only one newspaper, The Palm Beach Post, reported at the time -- or ever -- that Palm Beach prosecutor Krischer gave Epstein probation for his years of child abuse.

At that point, the enraged Palm Beach chief of police took his evidence to a completely separate law enforcement agency -- the federal government, even though these were mostly state crimes. U.S. attorney Alex Acosta proceeded to make a deal with Epstein -- with Krischer essentially operating as Epstein's defense counsel ...

According to journalist Vicky Ward, Acosta later defended this sweetheart deal to the Trump transition team, explaining: "I was told Epstein 'belonged to intelligence' and to leave it alone."

Most recently, the U.S. attorney's office for the Southern District of New York brought a gentle prosecution against Epstein's pimp and fellow child molester, Ghislaine Maxwell. Most notably, the Southern District did not call the star witness, Virginia Giuffre, who has openly named the rich and powerful men she says these creeps forced her to have sex with, including Prince Andrew, former Harvard professor Alan Dershowitz, former New Mexico governor and presidential candidate Bill Richardson, former Senate Majority Leader George Mitchell, French model scout Jean-Luc Brunel, and the hedge fund billionaire Glenn Dubin, among others.

Immediately after the Southern District accidentally won five guilty verdicts against Maxwell, the prosecutors quietly revealed that, weeks earlier, they'd dismissed all charges against the prison guards who failed to check on Epstein for more than eight hours the night he allegedly committed suicide -- despite an explicit directive that they check on him every 30 minutes.

The feds not only did not move Epstein to a super-maximum security prison as some observers recommended, but they also: The day before Epstein died, he was taken off suicide watch; against orders, his cellmate transferred elsewhere, leaving Epstein completely alone in his cell; all the cameras on Epstein's floor were mysteriously broken.

Even the footage of his earlier suicide attempt had been mistakenly erased and the backup footage destroyed "as a result of technical errors," according to assistant U.S. attorneys Jason Swergold and Maurene Comey.

Maxwell is facing up to 65 years in prison, and her brother has just admitted she can name names. Hello? SDNY? Any thoughts about applying some pressure?

Most strange, the ink wasn't dry on the guilty verdicts before one of the jurors ran to the press and announced that he'd lied on his juror questionnaire.

Are prosecutors even investigating any contact between Maxwell's representatives and the jurors?

However this ends, once it's over, we'll never hear about Epstein again -- unlike, say, Jan. 6, which we will never stop hearing about. If America got to vote, which story do you think they would find more interesting?

Doesn't the public have a right to know how big Epstein's sex/blackmail club was, who among America's ruling elite were compromised, and to what end?

View original post here:
Ann Coulter: Sordid tale of Jeffrey Epstein - The Bryan Times

Read More..
Posted in Uncategorized | Leave a Comment

Why Does Bitcoin’s Price Rise and Fall? – TheStreet

January 22, 2022 | Author: admin

Bitcoin's price has gone from $32,983 on Jan. 22, 2021 to $35,811 on the morning of the same day one year later. In the year between, however, the price dipped below $30,000 in July and climbed above $69,000 as recently as Nov. 10.

On a five-year basis, things look a lot better for Bitcoin investors as shares have gone from just over $1,000 in 2017 to its current price that's hovering around $35,000. That's an incredible return when you consider that during the same five-year period Amazon (AMZN) - Get Amazon.com, Inc. Reportstock went from $835.77 to $2852.86 while Tesla (TSLA) - Get Tesla Inc Reportshares jumped from $50.59 to $943.90.

That means that for long-term investors, Bitcoin has been a better investment than Amazon or Tesla, and, honestly, it's not close. The difference, of course, is that Amazon and Tesla sell stuff and that gives investors some basis for their valuations (even if they sometimes don't seem rooted in reality).

Bitcoin has no product because it's the product. Its value tracks more like a collectible than a share in a company.

Image Source: TradingView.

Bitcoin trades based on how people feel about cryptocurrency. It's not tied to a metric like sales. Instead, it's a combination of fear of missing out and how investors view the currency at any given moment.

Prices also tend to fall or rise depending on the actions of regulators. When authorities indicate that they could ban or strictly regulate Bitcoin, prices go down. But when they are warmer or less firm prices go up.

"Rises are mainly down to positive perception in the media. Some news makes a lot of people think 'bitcoin really is the future! Im gonna get some and/or buy more!,'" wrote Rhys Thomas at The Face.

Drops happen for exactly the same reason. Bitcoin, like diamonds or gold, has a finite supply though the cryptocurrency has an actual cap while precious metals and gemstones exist in unknown quantities.

Roughly 19 million bitcoins of the hard total of 21 million have been mined, which means they can be bought and sold.

"It took 12 years for the world's largest cryptocurrency by market cap to reach that goal after the first coins were mined on Jan. 9, 2009," wrote TheStreet's Tony Owusu in December. "However, it will take exponentially longer for the remaining supply to be mined due to bitcoin's halving schedule. The halving schedule is an inflationary control device where the reward for mining bitcoin is cut in half."

This process discourages mining because it raises the cost required to mine a bitcoin, which discourages people from doing it (especially when the price of the cryptocurrency has fallen).

Tristar Media/Getty/TS

The price of Bitcoin does not track based on any predictable data. It moves up or down based based on how people feel about the cryptocurrency at any given time. When buyers outnumber sellers the price goes up.

And, of course, influencers and celebrities have the ability to move the price of various cryptocurrencies. Sometimes that's for no reason at all (or because the famous person wants the price to go up or down) and sometimes for a semi-meaningful one like that a company will accept on form or crypto or another as payment.

Bitcoin, like any other cryptocurrency, collectible, and many rare items can be manipulated. In many ways, however, this works a bit like large-cap stocks versus penny stocks. Because penny stocks trade at lower volumes than large-cap stocks, they're harder to manipulate.

As the sort of king of crypto, bitcoin can't be manipulated as easily as smaller cryptocurrencies simply because it trades at much higher volumes.

Link:
Why Does Bitcoin's Price Rise and Fall? - TheStreet

Read More..
Posted in Bitcoin | Leave a Comment

Bitcoin Against The World Order – Bitcoin Magazine

January 22, 2022 | Author: admin

In October 2020, the Nigeria government shut down the feminist coalition bank account. The coalition was responsible for aiding the treatment and release of injured and arrested EndSARS movement protesters. Immediately after they discovered that this had happened, the coalition switched to accepting only bitcoin, because it is free and decentralized.

The movement had called for the end of constant brutality and illegal detainment of young people and a total reform in the country's institutions. The feminist coalition is, itself, decentralized, with no foreleader, and bitcoin became the only way to offer financial support to the unwavering protesters.

This historical movement became a crowning moment for bitcoin and young people in the country. Months after the protest, the government has tried to use every possible means to discourage the use of bitcoin and other cryptocurrencies, but it has only made it gain more attention.

Emeka, a 25-year-old software engineer at a tech firm in Arizona, always faced difficulties whenever he wanted to send money home to his family in Enugu, Nigeria. When Emeka figured out that he could send bitcoin to his family instantly without them having to wait for days or weeks before getting it from the bank, he was overjoyed. Remittance and cross-border payments is a multibillion dollar industry despite that, many traditional finance institutes find it hard to make it simple and accessible bitcoin solves this.

In 2020, Nigerian importers opted to use bitcoin as a means of payment for their goods when they noticed that their counterparts in countries like China (exporters) shared the same sentiments with them. Nigeria freelancers and entrepreneurs have now seen bitcoin as a means to bypass the hurdles of global trade issues, like bank transaction limits and border payment restrictions.

You will never read these types of stories about bitcoin emancipation in mainstream media. Traditional media always acts awkward toward innovations and is controlled by the same people who are afraid bitcoin will take away their jobs as middlemen and centralized authorities.

The only thing mainstream media tells their audience is the myth that bitcoin is a fake currency, that bitcoin is a currency used by scammers, bitcoin is a Ponzi scheme. They tell all these misinformed stories because this might be what their top subscribers want to hear or, more likely, this is what those who own the media want them to feed the public, but this is not what bitcoin is.

The ideology of bitcoin is not just about something one earns or loses when its price in USD goes up or down in the digital trading market. It is not just about privacy. It is not just about memes. More than anything, it is about freedom.

There have been many revolutions in human history, but none has had more tremendous effect than this. This is not merely a revolution by words or by protests or physical struggles. This is a social revolution powered by mathematics, by codes and by the people. This is a struggle for capital power and financial freedom. A revolution of mindsets.

Governments and centralized institutions around the world are already used to having control ab initio. They are used to controlling every part of the people's life: how they dress, what they eat, what they say and what they do not say, how they love, how they learn and so many other things. In fact, there is so much control everywhere, that it becomes conventional. It became the norm.

This ideology of absolute control has spread into every other institution in society, from family to religion to schools and universities. Freedom in any of these groups is now seen as a form of illness, madness and immorality.

When bitcoin made its debut, it was treated with the same disgust as expected, so it was only used majorly in secret. Until a few years later, when it became mainstream, when the people started questioning their ideology of money, the problems of fiat money and their quest for freedom.

Since then bitcoin has broken all the tantrums thrown toward it.

My message to those who are still waiting to hear that the people lost and bitcoin has totally fallen is that they should wake up from their dilemma and give bitcoin a try. They should open their hearts to changes because bitcoin has come to stay.

Bitcoin is rewriting the rules of finance and the rules of the economy.

Neo-Luddites think that bitcoin is just a made up virtual currency that any super coder can create. But bitcoin is not just a currency, bitcoin is an institution on its own; bitcoin is an ideology, a movement of truth, a movement that takes the economic pains of the people into consideration. Bitcoin is the rebirth of decentralization.

Bitcoin is the new norm, the new economy, the new world order.

This is a guest post by Anda Usman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

View original post here:
Bitcoin Against The World Order - Bitcoin Magazine

Read More..
Posted in Bitcoin | Leave a Comment

Experts React to the Feds Digital Currency Report and Falling Prices for Bitcoin and Ethereum. Heres What Investors Should Know – NextAdvisor

January 22, 2022 | Author: admin

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page clearly marked may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

Its official: The Federal Reserve is toying with the idea of issuing a U.S. digital currency.

In a long-awaited report released Thursday, the Fed explored the costs and benefits of a government-issued digital currency, but deferred a final decision on whether to move forward. Instead, the Fed is giving the public and other stakeholders until May 20 to share their input before taking further action.

Unlike cryptocurrencies, which are typically created within the private sector and regularly see big price swings, a central bank digital currency (CBDC) would be a digital form of cash thats issued and backed by Americas central bank. However, whatever move the Fed makes next could fortify cryptocurrencies or detract from their value, according to Grant Maddox, a certified financial planner and founder of Hampton Park Financial Planning based in South Carolina. It depends on the direction our government chooses to take, he adds.

The Fed was clear in the report that it wont proceed with the issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.

The Fed is attempting to be politically savvy as it weighs a digital dollar, says Salman Banaei, head of public policy in North America for crypto data firm Chainalysis. If the Fed had taken a clear stance on the matter, they would have gotten a lot of political pushback, says Banaei.

Hours after the reports release, Bitcoin and Ethereum dropped below historic benchmark prices for the second time this month. The prices of Bitcoin and Ethereum havent been this low since July.

There are two leading factors influencing the demand for crypto now: its value as an inflation hedge and its value as a risk asset, says Banaei. The perceived likelihood of a crypto future rises or falls based on regulatory risk too.

Heres what experts are saying about the report released this week, and what investors should make of it.

Point of view: Head of Public Policy in North America for crypto data firm Chainalysis

Reaction: What I was surprised by was how seriously the Fed took the notion of a CBDC. The crypto industry is excited to see that this is happening. A lot of the infrastructure that has been built to support the crypto industry could easily integrate the CBDC into existing providers. But the timeline for a CBDC is going to be far more extended I think its going to take two to four years before we get another major milestone.

Point of view: Host of the Unchained Podcast and author of The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze

Reaction: Its not surprising that the Fed would be exploring a central bank digital currency because blockchain technology, although its still being developed, has many advantages over our current analog systems. Plus, it could help the US dollar maintain its global reserve currency status. It already looks like China could try to leverage its digital yuan to chip away at the USDs status as the global reserve currency. Its also not surprising that the Fed is not ready to announce any decision, but are currently just soliciting feedback, because a central bank digital currency raises a lot of questions about security and privacy, plus has the potential to disrupt existing financial institutions.

Point of view: CFP and Founder of Hampton Park Financial Planning

Reaction: They are keeping up with the likes of China and others who have advanced in blockchain. A digital U.S. currency may allow for quicker payments to foreign allies, improving our geopolitical outlook. The move could improve monetary policy decisions by allowing for easier distribution. We join about 90 other countries reviewing this option. The addition could add additional complexity to our world markets and distract attention from the dollar.

Point of view: CFP and Founder of Insight Financial Strategists

Reaction: Blockchain has plenty of applications that dont have to be a currency, so there are still plenty of things to do in the private sector. I firmly believe that no self-respecting government will give up control of its currencies to a private sector entity. Governments need to retain control of the money supply and of interest rates. Like it or not, these are major tools for managing economies. The U.S. is not the only country thinking of digitizing its currency. China is on its way, too, as are a number of other countries.

While there probably arent any immediate changes crypto investors should make based on the Fed report released this week, its a good reminder that policy makers are paying attention to how perceptions of crypto are taking shape.

The Fed move means that people who were thinking of crypto as actual currency are going to get their bubble popped, says Chen. Many Bitcoin types were thinking that it is a currency and that it would replace traditional currencies. Well, not if the Fed, the European Central Bank, and other central banks have anything to say about it.

The fundamentals of cryptocurrency investing remain the same. Experts say you should stick to the big two cryptocurrencies, Bitcoin and Ethereum, and only invest what youre OK with losing or no more than 5% of your total portfolio. Always prioritize important aspects of your finances, such as saving for emergencies, paying off high-interest debt, and saving for retirement, ahead of cryptocurrency investments. As for where you buy and trade crypto, stick with a mainstream, high-volume cryptocurrency exchange, like Coinbase or Gemini, that proactively complies with evolving federal and state regulators.

Excerpt from:
Experts React to the Feds Digital Currency Report and Falling Prices for Bitcoin and Ethereum. Heres What Investors Should Know - NextAdvisor

Read More..
Posted in Bitcoin | Leave a Comment

Crypto.com says hackers stole more than $30 million in bitcoin and ethereum – CBS News

January 22, 2022 | Author: admin

Crypto.com said Thursday that cybercriminals had breached its security systems earlier in the week and made off with more than $30 million in stolen bitcoin and ethereum.

The cryptocurrency exchange Crypto.com, known for its viral commercial starring Matt Damon as well as its recent $700 million deal to rename the Staples Center in Los Angeles as Crypto.com Arena, said the hackers managed to bypass its two-factor authentication system and withdraw the funds from 483 customer accounts, according to a statement the Singapore-based crypto exchange posted Thursday on its corporateblog.

"Unauthorized withdrawals totaled 4,836.26 ETH, 443.93 BTC and approximately US$66,200 in other currencies," the company said in the post.

That works out to around $15 million and $19 million in ethereum and bitcoin, respectively, based on current exchange rates. All customers have been "fully reimbursed" for any lost funds as a result of the hack, Crypto.com said.

The blog statement serves as a postmortem of the hack, which the company said happened Monday. It provides details of the event and the company's detection and response to the cyber breach, as well as its "next steps," but it does not offer information on the identity of the hackers behind the breach.

The timing of Crypto.com's public statement, a full three days after the hack, is viewed by many as belated confirmation. According to an article from CoinDesk on Wednesday, about 4,600 etherium that was reportedly stolen from Crypto.com was "currently being laundered via Tornado Cash an Etherium Mixer." Thursday's blog post also followed a Bloomberg interview Wednesday with Crypto.com Chief Executive Kris Marszalek, in which the CEO acknowledged that approximately 400 customer accounts were hacked.

"Given the scale of the business, these numbers are not particularly material and customer funds were not at risk," the CEO told Bloomberg.

The company first acknowledged something unusual was up in a January 16tweetin which it announced the temporary suspension of withdrawals following user reports of "suspicious activity on their accounts."

"We will be pausing withdrawals shortly, as our team is investigating. All funds are safe," the company said.

The company's claim that "All funds are safe" was quickly challenged by customers, most notably Los Angeles-based jeweler Ben Baller, who immediately tweeted back, "I messaged yah guys hours ago about my account having 4.28ETH stolen out of nowhere and I'm also wondering how they got passed the 2FA?"

Two-factor authentication, or 2FA, is the multistep security system that requires users to provide two distinct forms of identification, such as a one-time passcode in addition to a password, when logging into an online account. The commonly used security measure provides an extra layer of protection against weak passwords such as, say, a surname followed by "123." While used by industries across the board, 2FA is considered a must for digital currency accounts. Monday's breach, however, brings into question the reliability of 2FA in keeping digital assets safe from hackers.

For now, Crypto.com says it is sticking with 2FA, but not for long.

Upon discovery of the breach, the company "revoked all customer 2FA tokens" and used the 14 hours of downtime from withdrawal activity to "revamp," according to the statement. Customers were then "migrated to a completely new 2FA infrastructure," as an additional security measure.

That is only temporary, however, as the company says it plans to ditch 2FA for "true Multi-Factor Authentication (MFA), providing added strength for our global user base."

Shares of Crypto.com have fallen more than 6% since news of the security breach, closing Thursday at 46 cents a share.

Trending News

For Breaking News & Analysis Download the Free CBS News app

See the original post:
Crypto.com says hackers stole more than $30 million in bitcoin and ethereum - CBS News

Read More..
Posted in Bitcoin | Leave a Comment

State Coordination Will Continue To Regulate Use Of Bitcoin – Bitcoin Magazine

January 22, 2022 | Author: admin

Regulators continue to debate how to define cryptocurrencies, such as bitcoin, and whether they are securities, commodities or properties, etc., which is critical for how regulators choose to enforce those regulations.

At the recent National Association of Attorneys General Consumer Protection Conference in November 2021, Hester Peirce, commissioner of the U.S. Securities and Exchange Commission (SEC), commented on the issue, saying the view we are taking these days is that pretty much everything is a security.

While the public has closely scrutinized nebulous and sometimes contrary statements made by federal regulators regarding cryptocurrency enforcement, two recent actions against BlockFi and Celsius companies that let consumers buy, borrow and trade bitcoin make it clear that state regulators are taking coordinated action to regulate bitcoin-related investment products and exchanges offering unregistered securities.

State regulators unwillingness to sit on the sidelines and watch the feds opine on the proper regulatory regime is consistent with how states have affirmatively led the charge to regulate other emerging technologies related to Bitcoin. State regulators are not scrutinizing bitcoin itself in the recent enforcement actions, instead they are targeting the technological innovations that are spurred by Bitcoin.

These technologies being investigated often involve bitcoin and other cryptocurrencies, which adds to the inherent risk to investors and consumers investing in bitcoin. Due to the volatility of bitcoins price, legal probes into emerging technologies may affect the price of bitcoin and thus, emerge as a consumer protection requiring further actions by state regulators.

All players in cryptocurrencies should be keeping an eye on the states policy priorities, because the states are clearly keeping an eye on them.

In recent years, state regulators primarily attorneys general and securities regulators have led the charge to regulate perceived consumer harms. They act to fill a perceived void left by the federal government that they believe is too slow, legally limited or disinclined to do so itself, depending on the administration. Examples are abundant and include data privacy, e-cigarettes, cannabis and social media. Similarly, given the lack of comprehensive regulation from the federal government concerning cryptocurrency, state regulators are actively pursuing enforcement against interest-bearing cryptocurrency accounts.

Up until April 2018, state enforcement of cryptocurrency was relatively minor and focused on remedying overt consumer scams. That changed in April 2018, when the North American Securities Administrators Association (NASAA) initiated Operation CryptoSweep, where 40 securities regulators across North America organized a task force to share information and coordinate actions against various cryptocurrency companies trading bitcoin and other virtual currencies.

It is not a coincidence that in the same month, the New York Attorney General launched an investigation of 13 large cryptocurrency platforms, seeking a better understanding of each companys internal controls and safeguards of consumer assets.

In a little more than three-and-a-half years, state securities regulators have issued more than 50 cease-and-desist orders to currency-related investment products, mostly related to initial coin offerings (ICOs) for failure to register and to provide resulting statements to investors. These enforcement actions are traditionally brought by one state and have resulted in the voluntary cessation of the ICO with monetary fines and promises not to offer unregistered ICOs in the future.

The breadth of who can be charged with oversight of the safety and soundness of a cryptocurrency product was expanded in September 2020, when the Massachusetts Attorney General prosecuted payment processor, Stripe, Inc. for allegedly inappropriately facilitating transactions by individuals engaged in the PlexCoin ICO, resulting in the fraudulent and unregistered offer and sale of cryptocurrency. To resolve the claims, in addition to a $120,000 payment, Stripe committed to improve its risk monitoring procedures.

The last few months have seen states moving from individual action to multistate enforcement actions against two of the largest cryptocurrency platforms: BlockFi and Celsius Network. Both companies were charged with offering unregistered securities under the guise of high interest-bearing accounts, allowing investors to use cryptocurrency such as bitcoin to earn interest at higher annual percentage yield than traditional banking institutions. Both companies use the accounts to fund their lending operations and proprietary trading. The actions stemmed from state regulators concerns over increased levels of risk to investors.

Underscoring the seriousness of this expansion in regulatory enforcement, these actions were coordinated by multiple states that typically fall across the political spectrum. In July, New Jersey, Texas, Alabama, Vermont and Kentucky issued cease-and-desist or show cause orders against BlockFi. In September, New Jersey, Texas, Alabama and Kentucky again united to file similar actions against Celsius. In October, Celsius announced that it received a request for information from New York.

Notably, New Jersey and Kentucky issued cease-and-desist orders against BlockFi and Celsius, requiring them to cease offering interest bearing accounts, as they are classified as unregistered securities. New Jerseys orders classify the accounts as offering unregistered securities because the [i]nvestor relinquishes control over the deposit cryptocurrency and BlockFi and Celsius are free to use those assets as they see fit. The accounts are not registered with any state or federal securities regulator. The orders highlight that, due to the lack of regulatory oversight, these programs appear to pose higher levels of risk to investors.

The states harmonized actions communicated a unified emphasis on protection of investors. In a September 17 press release, acting New Jersey Attorney General Andrew Bruck said the action was intended to send a broader message: Financial companies operating in the cryptocurrency marketplace are on notice. If you sell securities in New Jersey, you need to comply with New Jerseys investor-protection laws. Companies dealing in cryptocurrencies are not immune from oversight.

Based on past experience, we expect that additional enforcement actions will be taken against other bitcoin platforms, to the extent they employ similar business models.

This year, one in ten Americans invested in cryptocurrency and bitcoins price rose to an all-time record in November 2021. The rise of cryptocurrency also means a rise in regulatory scrutiny, especially from state regulators who focus on consumer protection. The fact that states are taking joint coordinated action is commonplace. State regulators have biweekly or monthly calls to discuss companies they are investigating or enforcement actions they are taking. It would be unwise to think that the 46 state regulators that did not take action against BlockFi and Celsius are not paying close attention to these actions.

Yet, each of these regulators is a distinct sovereign. Even when four or five sovereign entities take coordinated action, each action must be consistent with each states goals and priorities. Observers should not make the mistake of thinking that coordinated action equates to like-mindedness on all issues even in just one industry.

One thing is clear, however: when states share a common goal of consumer protection and are unified in believing a particular action will achieve that goal, states will not hesitate to act in a coordinated way across the aisle to target perceived offenders. For this reason, we are likely to see continued coordinated enforcement actions by states to regulate perceived violations of existing state laws.

This is a guest post by Stephen Piepgrass, James Stevens, Chris Carlson and Namrata Kang. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Continued here:
State Coordination Will Continue To Regulate Use Of Bitcoin - Bitcoin Magazine

Read More..
Posted in Bitcoin | Leave a Comment

Marathon Digital: Buy The Dip Before Bitcoin Fear Turns Into Greed – Seeking Alpha

January 22, 2022 | Author: admin

luza studios/E+ via Getty Images

Marathon Digital Holdings (MARA) is still my favorite Bitcoin (BTC-USD) mining company despite a massive drop in share price since the November 2021 tech bubble popped.

The Federal Reserve hinted at its desire to raise interest rates and capped the growth stock rally because it will cost companies like Marathon more money to raise capital.

Thus, MARA stock is down a whopping 53% since November 21 with no exact bottom in sight.

Data by YCharts

(Source: Ycharts)

The funny thing is Bitcoin mining production reached an all-time high in December but investors dumped MARA stock anyway.

However, Benjamin Graham said it best with his infamous quote about the stock market:

"In the short run, the market is a voting machine but in the long run it is a weighing machine".

In this article, I'll explain why I'm still HODLing my Marathon shares while other investors are panic selling.

I strongly believe the majority of the money will be made as we progress towards mass Bitcoin adoption and hyperbitcoinization so it makes little sense to sell at these levels if you're a long-term investor.

First off, I want to dig into the latest Bitcoin mining updates for Marathon because I'm more interested in future Bitcoin flows rather than the current price of Bitcoin.

In 2021, Marathon mined 3,197 BTC (Up 846% YOY) and achieved a record 484 BTC mining output in December 2021.

This is an extremely impressive BTC mining output that can only be appreciated if we perform a side-by-side comparison of Marathon's mining output vs. other publicly traded miners.

Riot Blockchain (RIOT)

Source: Author

Marathon finished the year with the 4th highest BTC mining production among publicly traded stocks but still holds the largest amount of BTC with 8,133 in total.

The company has plans to increase its Bitcoin mining output by 6x by early 2023 with the deployment of just under 200,000 miners producing approximately 23.3 EH/s.

Marathon Q4 Mining Update

In Q3 2021, Marathon earned 43 cents per share with its Bitcoin mining operations but lost money due to $95.7 million in stock-based compensation.

Total losses reached 22 cents per share but I expect Marathon to swing back to profitability in Q4 2021 as well as moving forward.

The biggest problem with Bitcoin mining stocks is the recent crash in Bitcoin's price since many retail investors bought stocks like MARA at the top of the bubble.

Data by YCharts

(Source: Ycharts)

Just a few months ago, Marathon Digital Stock hit $80 per share and now some investors are suffering 66%+ losses if they bought at the top.

Bitcoin is a volatile asset that often has massive 50%+ price swings within a fiscal year. Crypto is still a very young asset class and Bitcoin itself is only 13 years old.

I believe Bitcoin will slowly mature into a much more stable asset once more people join the network and adopt the best form of digital money in my opinion.

Until then, investors shouldn't fear volatility but instead profit from it by scooping up high-growth Bitcoin miners with solid balance sheets.

The Crypto Fear and Greed Index is one of the best indicators for buying Bitcoin-related stocks.

Short-term investors trade based on emotions instead of underlying fundamentals so we can look towards periods of extreme fear as wonderful long-term buying opportunities.

As I type this article, the Crypto Fear and Greed Index is sitting at 24 due to lots of uncertainties surrounding the Fed raising interest rates, rising Omicron cases, and lack of interest in the cryptocurrency industry at the time.

Nothing has changed the fundamentals of Marathon and its goal to become arguably the largest Bitcoin mining company in North America.

Once Bitcoin goes back up in price then MARA stock could easily double or triple in price based on its current valuations.

MARA stock trades just under a $3 billion market cap with a price to sales ratio of 61. However, we can account for Marathon's 6x in mining output by the end of 2022 once all 199,000 mining machines are deployed.

2022 total revenue should exceed $500 million and could hit $1 billion+ if Bitcoin returns to all-time highs.

With nearly $1 billion in potential annual revenue by 2023, MARA stock trades at a future price to sales ratio of just 3!

Marathon holds around $580 million in total cash holdings (Bitcoin along with cash) so I don't think future dilution is a major issue.

Marathon owns more Bitcoin than every other publicly-traded company other than MicroStrategy (MSTR) and Tesla (TSLA) so the company has built a rock-solid crypto foundation.

However, there are several risk factors that could severely impact MARA's stock price in the short term.

The most obvious issue is Bitcoin's price because Bitcoin miners benefit from rising Bitcoin prices but watch their balance sheets crumpled during a crypto bear market.

If Bitcoin enters a bear market then historically it only lasts around 1 year until a new bull cycle starts. That means MARA stock could underperform the broader market over the 12 months. Assuming the Fed raises rates in March, it won't be a strong year for Marathon if Bitcoin continues selling off.

Another major risk is dilution through convertible bonds or stock offerings. Bitcoin mining companies prefer offering shares when stock prices are soaring to raise capital for mining fleet expansion.

The problem is you own a smaller part of the company and your equity stake gets diluted. Any Bitcoiner will tell you that owning an asset with a fixed cap like Bitcoin is better than investing in dilutable assets like stocks.

If Marathon Digital continues issuing more shares then it may be a better move to just buy Bitcoin instead of investing in Bitcoin mining companies.

However, Bitcoin mining companies will soar in value as Bitcoin overtakes Gold's market cap within the next few years.

For example, Barrick Gold (GOLD) has a 15x larger market cap than Marathon Digital but I expect Marathon and other Bitcoin mining companies to flip gold miners by 2025.

Data by YCharts

(Source: Ycharts)

Once Bitcoin flips gold then investors will witness the biggest FOMO ever as retail and institutional investors pile into Bitcoin mining companies with reckless abandonment.

It should be an epic sight. Let's wait and see what happens!

I first bought MARA stock at $8 and still hold my original shares. Many investors may feel frustrated with the recent price volatility but Bitcoin will remain volatile for at least a few more years until the BTC network hits 1 billion or more users.

I believe every investor needs at least 10% exposure to Bitcoin in their investment portfolio so MARA stock provides plenty of BTC exposure without the risks of holding Bitcoin outright.

I'm buying the dip and plan to sell covered calls on my shares to generate income while I wait for the next Bitcoin bull run.

In the meantime, I encourage lower stock prices as long as Marathon remains committed to increasing hash rate and total BTC mining output.

Once investor fear turns into greed, many MARA longs will reap the rewards of remaining silent and patient during a chaotic market crash.

Read more from the original source:
Marathon Digital: Buy The Dip Before Bitcoin Fear Turns Into Greed - Seeking Alpha

Read More..
Posted in Bitcoin | Leave a Comment

Robinhood Starts To Allow Bitcoin Withdrawals – Bitcoin Magazine

January 22, 2022 | Author: admin

Robinhood has started rolling out its long-awaited bitcoin withdrawal feature. The company said in a Thursday statement that some users in the WenWallets waitlist have begun taking part in the functionality as beta testers, trying out the new cryptocurrency wallets.

This is the second major milestone in our Wallets rollout, which will enable Robinhood customers to send and receive their crypto from Robinhood to external crypto wallets, and fully connect Robinhood crypto holders to the greater blockchain ecosystem for the very first time, per the statement.

The feature is core to the experience of owning bitcoin because self-custody is the only true way for a user to have control over their funds.

Robinhood said it started rolling out the cryptocurrency wallets on Thursday to 1,000 users from the top of the waitlist, incrementally inviting more users until reaching the 10,000 testers mark by March, at which point the company plans to roll out the feature to the rest of the users in the waitlist.

Beta testers will help us test core functionality and provide critical feedback to inform the final version of the product, per the statement. Over the duration of the Beta program, we will finalize the send and receive flows, add delightful QR scanning experiences, improve the transaction history interface, and add block explorer support to provide more insights into their on-chain transactions.

Robinhood said it would also include the ability for a user to calculate dollar amounts of their cryptocurrency holdings when sending and receiving funds. However, beta testers will have a daily limit of $2999 worth of bitcoin to withdraw in at most ten transactions. Two-factor authentication will also be required.

Go here to see the original:
Robinhood Starts To Allow Bitcoin Withdrawals - Bitcoin Magazine

Read More..
Posted in Bitcoin | Leave a Comment