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TheStreet Launches A New Cryptocurrency Media Brand, As The Market Tops $2 Trillion – Forbes

In this photo illustration, the Bitcoin cryptocurrency physical commemorative golden symbol coins ... [+] and logo are seen on display.

By coincidence, a turn of events on Monday helped lay a bit of groundwork to justify an expansion of sorts by finance media company TheStreet, which is launching a new cryptocurrency-focused media brand as well as expanding the availability of crypto coverage on its own website.

Rob Barrett, president of media for TheStreet parent company Maven, said in an interview ahead of Wednesdays launch that the new offering fits right into the slipstream of a few different industry trends. The editorial expansion includes Crypto Investor, a new subscription-based weekly newsletter product (priced at $29.99/month, or $299.99 annually) geared toward both retail and institutional investors that will chronicle the adoption of Bitcoin on Wall Street. That newsletter, developed in concert with BTC Inc. the publisher and venture group behind Bitcoin Magazine will also complement a new dedicated channel on TheStreets current site that focuses on a steady stream of daily cryptocurrency news coverage, which will be freely accessible to readers at The Street.

Barrett pointed to the growing prominence that publishers across the news media landscape are placing on newsletters as a way to tilt the strategic playing field back their way, given that newsletters falls outside of the esoteric algorithms of social networks and represent something the journalism let slip from its grasp until a few years ago a direct relationship with readers, one that via newsletters places less importance on the ebb and flow of advertising dollars and, consequently, on the frenetic chase for scale.

Newsletters have really, I think, been the tip of the spear for the subscription economy, Barrett said during a phone interview. If you look at businesses like The Information or Morning Brew whether theyre free, paid or hybrids they drive a lot of loyalty and habit. Its a very smart choice for them to publish their deepest stories and their premium content in newsletter form. A choice that Crypto Investor will model itself after, offering subscribers everything from exclusive Q&As with notable industry figures, exclusive news on deals and ventures, plus commentary and analysis.

Bitcoin virtual crypto currency price is displayed on a phone screen in this photo.

To make the product more attractive for early subscribers, a limited subscription offering of $199.99 annually is available.

Given that TheStreet very much wants to position this new coverage as an authoritative and preeminent guide to all things crypto and the broader digital asset economy, the publication has expanded its editorial team and brought on a contingent of journalists with expertise in this area. The team is led by Michael Bodley, who comes from Hedge Fund Alert and is editor-in-chief of the newsletter. The rest of the team includes veteran journalists whose work has been associated with outlets ranging from CoinDesk to Fortune magazine, FiveThirtyEight and more.

If youre in the business of finance media, you cant ignore the cryptocurrency ecosystem now, Barrett continued. We wanted to provide the competitive resources to TheStreets audience with an established partner. And I think we have a really strong editorial team here that can compete, be competitive with anybody publishing cryptocurrency news, and help to demystify this space.

Meanwhile, it cant escape anyones notice that TheStreets expanded crypto coverage is launching at a time when the market at the heart of that coverage is booming, and interest in it from both institutional investors as well as the general public is at an all-time high. On Monday, for example, the price tracking website CoinGecko pegged the value of the crypto market at more than $2 trillion for the first time. That was thanks to a rally in ether, the digital token for the Ethereum network that billionaire investor Mark Cuban said in recent days is the closest thing we have to a true currency.

Then on Tuesday, after the market close, Coinbase reportedfirst-quarter revenue up almost 900% from where the nations largest crypto exchange stood at the same period the prior year. Bitcoin, meanwhile, accounts for more than half of the entire market capitalization of the crypto industry, and is the biggest digital currency in existence moreover, it has soared in value more than 100% this year.

Barrett said that TheStreet will cover the daily crypto-related news cycle via the new vertical at TheStreet.com, while the newsletter will provide a premium experience that goes long and deep on all aspects of the market. This also comes as banks like Goldman Sachs and Morgan Stanley are figuring out how to navigate the possibilities associated with cryptocurrency, such as via the first investment products tied to bitcoin that are launching soon at Goldman Sachs for its private wealth management group clients.

At a time when Bitcoin is disrupting the world of money, its no surprise financial institutions are beginning to take this innovation seriously, BTC Inc. CEO David Bailey said, as part of Tuesdays announcement about Crypto Investor. The new media brand, he adds, will aim to add to the current crypto media market the kind of polished, professional product TheStreet and Wall Street investors have come to expect.

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Engiven’s Cryptocurrency Donation Management Platform Selected by the Orang Utan Republik Foundation – PRNewswire

SAN DIEGO, April 8, 2021 /PRNewswire/ --Engiven, a leading cryptocurrency donation services company, is pleased to announce that the Orang Utan Republik Foundation (OURF) has selected the Engiven platform to enable Bitcoin, Ethereum, and other cryptocurrency donations to fund their programs.

"Engiven is continuing our mission to "crypto-enable" the nonprofit community by partnering with the Orang Utan Republik," said James Lawrence, CEO of Engiven. "Large-scale destruction of biodiverse forests has reduced the orangutan's numbers as well as other species that share the rainforest habitat. Engiven is providing OURF with an onramp to accept cryptocurrency donations and to generate awareness of this critical need."

The loss of biodiversity and rainforests continues to put the world in peril. Orangutan are a critically endangered species found only on the tropical islands of Borneo and Sumatra. These gentle arboreal primates are the "gardeners of the forest" and eco-engineers that help maintain the viability of forests through their daily foraging behavior.

The need to reduce human-wildlife conflict and increase protected habitat is essential, according to Dr. Gary Shapiro, president of OURF. "We only have another decade to turn things around to ensure the orangutan, wildlife and local people will have a sustainable future," said Shapiro, who continues, "Wild orangutans are shy by nature and hid from view in the forests, so crypto donations will help power our work to help save this cryptic but vitally important species. Our partnership with Engiven has made entering the cryptocurrency space an easy transition for us to provide donors with another way to contribute to our cause."

The Orang Utan Republik Foundation coordinates with partnering organizations to address the root causes affecting the current trajectory of environmental destruction including ignorance, poverty, fear, and indifference. Conservation education programs and reducing wildlife conflict with farmers by providing alternative solutions to their livelihood challenges are additional keys to success. OURF invests in the future of conservation on Borneo and Sumatra by providing multi-year scholarships to local students entering the fields of biology, forestry and veterinary science. Many will become orangutan advocates and influential leaders in conservation.

Engiven's donation management platform empowers nonprofit organizations to securely accept and liquidate cryptocurrency donations while eliminating most of the complexity. Engiven provides an enterprise level application and service that every nonprofit can operate and afford.

Bitcoin, Ethereum and 24 other cryptocurrencies can be donated to the Orang Utan Republik Foundation at: https://www.orangutanrepublik.org/crypto

About Engiven Engiven provides cryptocurrency donation management services to nonprofits. For more information about Engiven, visit https://engiven.com or contact James Lawrence, Cofounder and CEO of Engiven at [emailprotected].

About the Orang Utan Republik Foundation The Orang Utan Republik Foundation is based in the Santa Monica, CA with a mission of saving wild orangutans through education and other innovative programs that enroll and empower local Indonesians to value and take action in support of the mission. For more information, visit https://www.orangutanrepublik.org or contact Dr. Gary Shapiro, President OURF at [emailprotected] or 310-780-0883.

SOURCE Engiven, Inc.

https://engiven.com

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New Kind Of Network (NKN) Cryptocurrency Surges 1300% In A Month, On Its Path To Become ‘World’s Biggest Blockchain’ – Benzinga

New Kind of Networks native cryptocurrency token NKN has seen its price surge by over 1300% in the past month alone.

What Happened: NKN rose to a high of $0.7749 on April 6, gaining 160% overnight as the blockchain reported over 62,900 full consensus nodes, as first reported by Cointelegraph.

Measured by consensus nodes, NKN is essentially the largest blockchain network operational in the world today.

By comparison, Bitcoin (CRYPTO: BTC)and Ethereum (CRYPTO: ETH), which are the largest cryptocurrency blockchains by market cap, each has about 10,000 full consensus nodes at the moment.

In a recent blog titled Why billions of nodes matter,Zheng "Bruce" Li explained, NKN is fundamentally adata communication network. So the more nodes, the higher the network capacity.

Imagine it isVodafonein Europe,AT&Tin the US, orChina Mobilein China, the more cell towers they have, the better the user experience on their smartphones. It applies to NKN as well, since each node is doing the data relay and bandwidth sharing.

Why It Matters: NKN is an open-source protocol for public blockchain-based peer-to-peer networks to share network bandwidth and internet connectivity. The decentralized proof-of-work (PoW) network was launched in 2018 but has gained the most traction in the past few weeks.

According to data from Binance Research, the number of daily transactions on the NKN blockchain spiked to an all-time high of 729, compared to earlier months, where it recorded an average of 20 to 30 transactions a day. The number of large transactions, that is the on-chain transactions, exceeding $100,000, also witnessed a sudden uptick over the past month.

The projects increased momentum took shape shortly after crypto exchange Binance announced that NKN "hodlers" could earn up to 20% APY on their holdings through their Binance savings account.

Join us on SPACs Attack w/ Matt Higgins & Gary Vee

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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New Kind Of Network (NKN) Cryptocurrency Surges 1300% In A Month, On Its Path To Become 'World's Biggest Blockchain' - Benzinga

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Cryptocurrency Channel and Investor Newsletter Launches on TheStreet – TheStreet

Today, finance media company TheStreet announced the launch of a new content vertical, covering the rapid growth of the cryptocurrency ecosystem. The expansion will include Crypto Investor, a subscription newsletter for institutional and retail investors, chronicling Bitcoin adoption on Wall Street. The online destination and newsletter features partnerships with some of the leading voices and names in cryptocurrency and finance. Crypto Investor launches as a weekly newsletter subscription, retailing for $29.99 per month, or $299.99 annually and is positioned to be the preeminent guide and news source for the digital asset economy. A limited subscription offering of $199.99 annually is available now at Subscription.thestreet.com/crypto-investor.

TheStreets digital experience will feature a dedicated section for free daily cryptocurrency news coverage at TheStreet.com/crypto. Additionally, TheStreet has positioned a select team of experts to lead on its cryptocurrency editorial strategy, tapping Michael Bodley, formerly with Hedge Fund Alert, as Crypto Investors Editor-in-Chief. Bodley is joined by four other senior team members:

We believe that our offerings will be the most dynamic in the industry and we are committed to expanding our coverage and partnerships with the most influential leaders in the space, said Ross Levinsohn, CEO of Maven. Maven is the parent company of TheStreet and Sports Illustrated, Mavens platform powers more than 150 online media brand destinations.

Crypto Investor is the first cryptocurrency newsletter created specifically for retail and institutional investors. Powered by TheStreets editorial team, along with the new dedicated analysts and experts, Crypto Investor is positioned to be the authoritative voice on cryptocurrency within the investor community. A snapshot of Crypto Investor content that subscribers can expect:

Rob Barrett, Mavens President of Media, adds, TheStreet has launched several successful wealth-building investment and stock trading subscriptions; Crypto Investor reinforces TheStreets commitment to providing investors and TheStreet readers accredited expertise across the financial continuum.

TheStreet is a leading digital financial media company. We provide our readers and advertisers with a variety of subscription-based and advertising-supported content and tools through a range of online platforms, including websites, mobile devices, email services, widgets, blogs, podcasts and online video channels.

Maven (MVEN) is a technology platform empowering premium publishers who impact, inform, educate and entertain. Maven operates Sports Illustrated Media and TheStreet, and powers more than 150 online destinations including History, Maxim, and Biography. For more information, visit http://www.maven.io

###

Media Contact:

Rachael Fink

Communications Manager, Maven

Comms@maven.io

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Bitcoin and taxes: EY cryptocurrency expert details what to know – Yahoo Money

The Daily Beast

David L. Ryan/GettyA new book on the Sackler familythe secretive billionaires who kept America in steady supply of OxyContincontains private emails that show the heirs complaining about how hard their lives were as they tried to downplay and shift blame for the deadly opioid crisis that left nearly half a million Americans dead.The messages, along with other revelations in Empire of Pain by Patrick Radden Keefe, shed light on how the Sacklers saw themselves not as beneficiaries of a company that invented, aggressively marketed, and profited from a dangerous drug, but as victims of a smear campaign. They also lay bare the internal tensions behind the familys public profile.In a 2017 email, Mortimer Sackler, son and namesake of one of the three brothers who co-founded Purdue Pharma, requested a $10 million loanand a possible additional $10 million...MAXfrom the family trust to fund his lavish lifestyle, with instructions to keep the cash infusion secret from his relatives.Start off with saying I am not happy, he wrote to a psychiatrist and leadership confidant named Kerry Sulkowicz. I am falling significantly behind financially.The heir was prepared to sell off artworks, jewelry, stock positions, but it would not be enough to get him into the black. I have been working for years on Purdue at what I consider to be a considerably discounted value relative to what MY TIME IS WORTH, Mortimer wrote. I am LOSING money by working in the pharma business.As for the secrecy, he conceded, the money could be reported in the trust accounts as loan/cash flow assistance to family members but not be specific... I dont want to hear my siblings opinion on this and I dont need more stress for this. I need to have this resolved... This needs to happen, the only question is how much DRAMA will be needed for this to happen.Historically, he added, his father, Mortimer Sr., who died in 2010, had been more than willing to help me.Feelings of aggrieved entitlement were not exclusive to Mortimer. When David Sackler, grandson of co-founder Raymond, got married, the book reveals, he wanted to buy a bigger apartment, but was snubbed by his father and boss, Richardthe man who oversaw and pushed the development of OxyContin more than anyone.On June 12, 2015, David wrote an email to his parents to voice some thoughts. He griped that as Richards assistant, he had worked hard to manage the family fortune and make the family richer. He was Richards right hand for everythinga grueling job because beyond pushing myself to excel, I work for a boss (Dad) with little understanding of what I do.All told, he wrote, it was quite literally the hardest job in the world. The Sackler familys Purdue Pharma invented and aggressively pushed OxyContin, the pain pill that sparked the opioid crisis. Erik McGregor/Getty The Sacklers have always publicly denied any wrongdoing related to the opioid crisis, but other emails show the private lengths they went to in order to downplay their own role in the disaster. In one correspondence, Mortimer insisted prescription opioids had little to do with addiction, casting doubt on whether a crisis even existed.In a Feb. 17, 2019, email, Mortimer ranted to family that prescription opioids are NOT the CAUSE of drug abuse, addiction, or the so called opioid crisis,setting off the phrase in scare quotes throughout the message to underscore his skepticism. I also dont think we should use the term opioid crisis or even opioid addiction crisis in our messaging, he added, favoring the terms drug abuse and addiction.The same day, Mortimers cousin, Jonathan, who died from cancer in July, suggested the familys predicament resembled that of the millions imprisoned in Americas bloated carceral system.In a message to two high-profile lawyers and a publicist, Jonathan fingered the tort bar, which he believed had framed pharmaceuticals as the bad guyjust the latest in a series of injustices the judicial system had wrought upon innocents. The billionaire scion compared his familys plightthe legal consequences of peddling faulty science to convince physicians to prescribe their medication in monumental quantities for long-term useto mass incarceration.The problem, Jonathan wrote, wasnt the family or its myriad businesses, or anything either had done, but how the narrative had been framed. The media is eager to distort and portray anything we say or do as grotesque and evil, he griped. To that end, it makes sense that almost none of the Sacklers agreed to comment for and instead militantly fought the publication of Keefes book, which tells the familys story from the birth of patriarch Arthur Sackler in 1913; to the founding of the original company, Purdue Frederick, with his two brothers in 1952; up until the Congressional hearing on its subsidiary Purdue Pharmas role in the opioid crisis at the end of 2020.In Empire of Pain, Keefe paints the picture of a family rife with contradictionsa dynasty that carefully distanced themselves from their company (named, not for the founders, but for its initial office building), while internally micro-managing its operations and siphoning billions into their personal coffers; one that refrained from all publicity, but spent decades slapping the family name on everything from entire museums to minor architectural features, like the Tate Moderns Sackler Escalator.Perhaps the most salient irony concerned the Sacklers stance on mental illness. At the start of his career, it was Arthur Sackler who pioneered the idea that diseases of the mind were not immutable problems brought on by genes or Freudian trauma, but flukes of brain chemistry that could be altered with medication. And yet for decades, his heirs have blamed the rampant abuse of their product, not on the medication itself, but on the intrinsic character of their customerswhom they derided as criminals with addictive personalities.That attitude is reflected in the emails Keefe obtained. In a Dec. 18, 2018, message, the younger Mortimer questioned whether the data on opioid-related overdoses had been fraudulently inflated, asking Purdues general counsel and other attorneys if any victims had taken out life insurance policies. Some insurers, he noted, paid out for accidental drug overdoses, but not suicides. I believe it is fair to assume, he wrote, that some proportion of the overdoses are actually suicides.The Sacklers utter lack of empathy for sufferers of addiction and mental illness carries particular weight, because both afflictions devastated those close to them. In 1975, Robert Bobby Sackler, the first son of founding brother Mortimer Sackler Sr., died at the age of 24. Bobby had struggled with mental illness; Keefe confirmed with the familys former housekeeper of three decades that he had spent time in a psychiatric facility not long before his death. Robert was very distraught. He was off the charts, a friend of his mother told Keefe. Recalling an instance when Bobby had been found wandering Central Park entirely naked, the friend remarked: Probably, it was drugs.Bobby had used PCP, the hallucinatory tranquilizer known as angel dust, the former housekeeper confirmed. Decades later, Bobbys sister would hint at a heroin addiction in a deposition, without mentioning her brother by name. The circumstances of his death remain unclear. On a Saturday morning, after an audible argument in his mothers New York apartment, the doorman heard the crash of breaking glass and a loud thud. Bobby had fallenor jumpednine stories from the apartment window. There is almost no other information about Bobbys life or death. The Sacklers rarely speak about him.Bobby never used OxyContin; he died before it was invented. But others in the Sackler orbit did. For decades, the family employed an attorney named Howard Udell, a figure so intensely loyal he invites comparisons to Tom Hagen in The Godfather (when Udell died, they would hang a giant portrait of him in the office). For two of those decades, Udell worked with a secretary referred to in the book by a pseudonym: Martha West.In 1999, West recalled in testimony years later, Udell instructed her to research ways people were abusing OxyContin (notably, the Sacklers long maintained they only became aware of abuse risks in 2000). She would log into various online forums to scour drug discussions using the pseudonym Ann Hedonia, a pun on the word anhedonia, meaning an inability to feel pleasure. As Keefe recounts, West later wrote a memo about users who reported crushing OxyContin tablets, sucking the time-release coating off, snorting the drug, cooking it, [and] shooting it with a hypodermic needle.The underlying tragedy of Wests memo (which mysteriously disappeared, but was found in a Department of Justice investigation years after) is that she would later resort to similar methods. After a bout of back pain, West explained, she began taking Oxy. Its effects were supposed to last 12 hours, but West found they wore off much earlier, so she started taking pills for immediate release by crushing the drug and snorting it. She became addicted. Though she had been sober for eight years, she began drinking again and using other substances to deal with Oxy withdrawal. Purdue fired her for poor work performance and West later filed an unsuccessful lawsuit against the company. When she was supposed to testify in a 2006 lawsuit filed by Virginia prosecutors against Purdue for felony misbranding, West never showed. Her lawyer found her the next morning, Keefe wrote, in the emergency room of a local hospital, where she had shown up to beg the staff for painkillers. Among the millions who became addicted to OxyContin was a trusted Purdue secretary, according to Empire of Pain. Getty Hundreds of thousands like West suffered from the Sacklers drug empire, but as Keefe notes, most will not receive compensation or reparations of any kind. In 2019, in response to the 2,500 lawsuits brought by a range of litigants from school districts to Native American tribes, Purdue Pharma filed for bankruptcya move which typically freezes all legal proceedings against the complainant. Perhaps oddly for a company headquartered in Stamford, Connecticut, Purdue filed in White Plains, New York, a district with a single bankruptcy judge who had a curious record. Years prior, the judge had ruled in a similar case to suspend all litigation against not only the bankrupted petitioner, but also some associates who were not even filing for bankruptcypeople like the Sacklers, who are still worth billions.In Purdues case, the judge did the same. His ruling rendered prosecutors powerless to pursue both the company and the family. Instead, the Department of Justice under Trump arranged a sweetheart settlement of $8 billion last fall, in which the company would plead guilty to three criminal charges and transition into a public trust. Almost none of the money will come from the Sacklers themselves, who also wont have to admit any wrongdoing.But Empire of Pain suggests an alternative legal interpretation. Back in the 1960s, before most of the living heirs were born, the original Sackler brothers entered into an agreement about what would happen to their business interests when they died. At the time, Purdue was nothing like what it became; the original iteration hawked more embarrassing treatments, like the laxative Senokot and the earwax remover Cerumenex. But Arthur Sackler already had a hand in many projects. He worked at the top advertising firm, William Douglas McAdams, where he pioneered pharmaceutical advertising by appealing directly to doctors themselves and helped make the tranquilizer Valium the most prescribed drug in America. He also had a secret stake in McAdams rival firm, L. W. Frohlich, whose president, Bill Frohlich, was a close friend.The three Sacklers and Frohlich made for a secretive coalition, referring to themselves as the musketeers, and together arranged a pact. Arthur tended to prefer verbal agreements, but this one had been drafted and formalized by an attorney, Richard Leather, who spoke to Keefe. In keeping with the slogan of Alexandre Dumas novel from which theyd taken their nicknameOne for all and all for onethe men agreed to pool their business holdings. When one died, the remaining three would inherit control of his businesses, instead of his heirs. When a second died, his holdings would go to the other two. The last survivor would get everything, until his deathwhen all would pass into a charitable trust. At various points, the original Sacklers harbored some sympathies for socialism. Even if their businesses did not at all hew to those ideals, the hope was that their inheritance would.The four men honored this pact at least once: when Frohlich died young, his stake into the company hed founded passed to the Sacklers. But Raymond and Mortimer Sackler, who had grown resentful of brother Arthurs power, cut him out of the estate. If a copy of the agreement still exists, it had disappeared by 1987, when Arthur died, leaving his collection of ex-wives and children to battle their cousins for cash.The Sackler family did not respond to Keefes queries about the four-way agreement. But Leather argues that it remains binding, meaning that the Sackler children and grandchildren should never have inherited Purdue, or pocketed its billions. The last of the four musketeers, Raymond, died in 2017. Nobody had a right in any of these assets. Those assets were to go to a charitable trust, Leather said. The Sacklers inheritance was, as he put it, a fraud.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

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Ether (ETH) at a fork in the road, faces key resistance at $2,700: Kraken – Markets Insider

Ethereum's cryptocurrency ether rose 35% in March, Kraken said.

Dado Ruvic/Reuters

Ethereum's cryptocurrency ether is at a fork in the road and faces a big test in climbing above $2,700, according to analysts at crypto exchange Kraken.

Kraken analysts, led by Pete Humiston, said in a review of the market on Wednesday that ether had jumped 35% and outperformed bitcoin's 30% gain in March.

Yet they said: "When looking at historical price action, ETH is at a bit of a fork in the road." The world's second-biggest cryptocurrency stood at around $1,990 on Thursday morning.

Kraken said on Wednesday that chart analysis suggested ether's next big level of resistance is around $2,700. If it passes this level, it could break into a higher band where the next resistance level is $5,000, the report suggested.

Yet the analysts added that there is a danger ether falls below the key support level of around $1,460, in which case it could drop into a lower trading band where the lower support level is $990.

However, cryptocurrencies' wild volatility means movements are hard to predict and makes technical analysis difficult.

Kraken's report also said that the second quarter has historically been a good one for ether, which is yet to see a negative return in the period.

Ether has shot up more than 1,000% over the last year as interest in cryptocurrencies has boomed. It touched an all-time high of around $2,150 earlier in April and has traded around $2,000 over the last week.

Developers on the Ethereum network are set to make major changes to the system in July. The alterations will change how transactions work and start to destroy ether coins, which some analysts have said could lead to the price soaring.

Billionaire investor Mark Cuban told the Unchained podcast on Tuesday that he was bullish on ether and the Ethereum network, thanks to its many applications, including non-fungible tokens and smart contracts.

Yet cryptocurrencies continue to divide the financial world. Economist Nouriel Roubini on Tuesday reiterated his charge that bitcoin and other cryptocurrencies are too volatile and difficult to use to be currencies, on Bloomberg TV.

He questioned that there was any value in bitcoin and called it a "self-fulfilling bubble."

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Ether (ETH) at a fork in the road, faces key resistance at $2,700: Kraken - Markets Insider

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Cryptocurrency’s Slow March Toward The Mainstream – WFAE

Wednesday, March 7, 2021

In 2010, the first economic transaction of bitcoin took place. A man bought two Papa Johns pizzas, valued at $25, in exchange for 10,000 bitcoins.

Today, a single bitcoin is worth nearly $60,000, and valued at todays price, those two pizzas effectively cost hundreds of millions of dollars.

Cryptocurrency is essentially digital money. Unlike the U.S. dollar, it is decentralized and uses an online ledger called blockchain.

Now, the surge in value has ramifications beyond the tech community, as PayPal is now allowing users to pay online with cryptocurrencies and Elon Musks company, Tesla, said it would start accepting bitcoin as payment.

But bitcoin is also notorious for being used in illegal transactions, such as buying and selling drugs online.

What is the future of currencies designed to circumvent the traditional banking infrastructure? And is it just a matter of time before the U.S. dollar is a relic of a bygone era?

GUESTS

Anna Irrera, chief financial technology correspondent at Reuters

Peter Van Valkenburgh, director of research at Coin Center

Carol Goforth, professor of law at the University of Arkansas at Fayetteville, specialist in cryptocurrency regulation

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Cryptocurrency's Slow March Toward The Mainstream - WFAE

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Cryptocurrency market in S’pore remains small, says Tharman – The Straits Times

The size of the cryptocurrency market in Singapore remains small, Senior Minister Tharman Shanmugaratnam has said.

The combined peak daily trading volumes of three major SGD-quoted cryptocurrencies - Bitcoin, Ethereum and XRP2 - was 2 per cent of the average daily trading volume of securities on the Singapore Exchange last year, he pointed out on Monday.

Mr Tharman, who is also chairman of the Monetary Authority of Singapore (MAS), was responding in writing to questions in Parliament from Mr Desmond Choo (Tampines GRC) and Mr Murali Pillai (Bukit Batok) on the crypto asset market in Singapore and how these exchanges are regulated.

Cryptocurrencies like Bitcoin, which may be used for payment purposes, are one of two common types of crypto assets, said Mr Tharman. They can be highly volatile as their value is typically not related to economic fundamentals, he added.

"They are hence highly risky as investment products, and certainly not suitable for retail investors," said Mr Tharman, who noted that MAS had issued numerous consumer advisories to warn the public of the risks of trading these products.

Securities tokens, which are digital representations of traditional securities such as shares and bonds, are another common type of crypto assets.

Mr Tharman said the size of the securities tokens market is also small in Singapore.

Only three of the more than 60 recognised market operators currently regulated by MAS under the Securities and Futures Act offer the trading of securities tokens. Trading volumes are very small.

Recognised market operators are also not allowed to offer their products to retail investors.

MAS has taken steps on three fronts to address the money laundering and terrorism financing risks related to cryptocurrencies.

Firstly, digital payment token service providers need to be licensed.

These providers are entities involved in providing cryptocurrency-related services. They must comply with Anti-Money Laundering/Combating the Financing of Terrorism requirements, such as obligations to perform customer due diligence and transaction monitoring.

Secondly, MAS has stepped up surveillance of the cryptocurrency sector to identify suspicious networks and higher-risk activities for further supervisory scrutiny.

Finally, MAS is raising public awareness on the risks of investing in digital payment tokens. MAS will work with the Commercial Affairs Department to continue to raise public awareness on the risks, said Mr Tharman.

He noted that the crypto asset space is constantly evolving, but said MAS has been "closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed".

"Investors, on their part, should exercise extreme caution when trading cryptocurrencies," he added.

Digital payment token service providers need to be licensed.

MAS has stepped up surveillance of the cryptocurrency sector to identify suspicious networks and higher-risk activities for further supervisory scrutiny

MAS is raising public awareness on the risks of investing in digital payment tokens

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Cryptocurrency market in S'pore remains small, says Tharman - The Straits Times

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Cryptocurrency game: Is here to stay or will it crash? – Yahoo News

The Daily Beast

David L. Ryan/GettyA new book on the Sackler familythe secretive billionaires who kept America in steady supply of OxyContincontains private emails that show the heirs complaining about how hard their lives were as they tried to downplay and shift blame for the deadly opioid crisis that left nearly half a million Americans dead.The messages, along with other revelations in Empire of Pain by Patrick Radden Keefe, shed light on how the Sacklers saw themselves not as beneficiaries of a company that invented, aggressively marketed, and profited from a dangerous drug, but as victims of a smear campaign. They also lay bare the internal tensions behind the familys public profile.In a 2017 email, Mortimer Sackler, son and namesake of one of the three brothers who co-founded Purdue Pharma, requested a $10 million loanand a possible additional $10 million...MAXfrom the family trust to fund his lavish lifestyle, with instructions to keep the cash infusion secret from his relatives.Start off with saying I am not happy, he wrote to a psychiatrist and leadership confidant named Kerry Sulkowicz. I am falling significantly behind financially.The heir was prepared to sell off artworks, jewelry, stock positions, but it would not be enough to get him into the black. I have been working for years on Purdue at what I consider to be a considerably discounted value relative to what MY TIME IS WORTH, Mortimer wrote. I am LOSING money by working in the pharma business.As for the secrecy, he conceded, the money could be reported in the trust accounts as loan/cash flow assistance to family members but not be specific... I dont want to hear my siblings opinion on this and I dont need more stress for this. I need to have this resolved... This needs to happen, the only question is how much DRAMA will be needed for this to happen.Historically, he added, his father, Mortimer Sr., who died in 2010, had been more than willing to help me.Feelings of aggrieved entitlement were not exclusive to Mortimer. When David Sackler, grandson of co-founder Raymond, got married, the book reveals, he wanted to buy a bigger apartment, but was snubbed by his father and boss, Richardthe man who oversaw and pushed the development of OxyContin more than anyone.On June 12, 2015, David wrote an email to his parents to voice some thoughts. He griped that as Richards assistant, he had worked hard to manage the family fortune and make the family richer. He was Richards right hand for everythinga grueling job because beyond pushing myself to excel, I work for a boss (Dad) with little understanding of what I do.All told, he wrote, it was quite literally the hardest job in the world. The Sackler familys Purdue Pharma invented and aggressively pushed OxyContin, the pain pill that sparked the opioid crisis. Erik McGregor/Getty The Sacklers have always publicly denied any wrongdoing related to the opioid crisis, but other emails show the private lengths they went to in order to downplay their own role in the disaster. In one correspondence, Mortimer insisted prescription opioids had little to do with addiction, casting doubt on whether a crisis even existed.In a Feb. 17, 2019, email, Mortimer ranted to family that prescription opioids are NOT the CAUSE of drug abuse, addiction, or the so called opioid crisis,setting off the phrase in scare quotes throughout the message to underscore his skepticism. I also dont think we should use the term opioid crisis or even opioid addiction crisis in our messaging, he added, favoring the terms drug abuse and addiction.The same day, Mortimers cousin, Jonathan, who died from cancer in July, suggested the familys predicament resembled that of the millions imprisoned in Americas bloated carceral system.In a message to two high-profile lawyers and a publicist, Jonathan fingered the tort bar, which he believed had framed pharmaceuticals as the bad guyjust the latest in a series of injustices the judicial system had wrought upon innocents. The billionaire scion compared his familys plightthe legal consequences of peddling faulty science to convince physicians to prescribe their medication in monumental quantities for long-term useto mass incarceration.The problem, Jonathan wrote, wasnt the family or its myriad businesses, or anything either had done, but how the narrative had been framed. The media is eager to distort and portray anything we say or do as grotesque and evil, he griped. To that end, it makes sense that almost none of the Sacklers agreed to comment for and instead militantly fought the publication of Keefes book, which tells the familys story from the birth of patriarch Arthur Sackler in 1913; to the founding of the original company, Purdue Frederick, with his two brothers in 1952; up until the Congressional hearing on its subsidiary Purdue Pharmas role in the opioid crisis at the end of 2020.In Empire of Pain, Keefe paints the picture of a family rife with contradictionsa dynasty that carefully distanced themselves from their company (named, not for the founders, but for its initial office building), while internally micro-managing its operations and siphoning billions into their personal coffers; one that refrained from all publicity, but spent decades slapping the family name on everything from entire museums to minor architectural features, like the Tate Moderns Sackler Escalator.Perhaps the most salient irony concerned the Sacklers stance on mental illness. At the start of his career, it was Arthur Sackler who pioneered the idea that diseases of the mind were not immutable problems brought on by genes or Freudian trauma, but flukes of brain chemistry that could be altered with medication. And yet for decades, his heirs have blamed the rampant abuse of their product, not on the medication itself, but on the intrinsic character of their customerswhom they derided as criminals with addictive personalities.That attitude is reflected in the emails Keefe obtained. In a Dec. 18, 2018, message, the younger Mortimer questioned whether the data on opioid-related overdoses had been fraudulently inflated, asking Purdues general counsel and other attorneys if any victims had taken out life insurance policies. Some insurers, he noted, paid out for accidental drug overdoses, but not suicides. I believe it is fair to assume, he wrote, that some proportion of the overdoses are actually suicides.The Sacklers utter lack of empathy for sufferers of addiction and mental illness carries particular weight, because both afflictions devastated those close to them. In 1975, Robert Bobby Sackler, the first son of founding brother Mortimer Sackler Sr., died at the age of 24. Bobby had struggled with mental illness; Keefe confirmed with the familys former housekeeper of three decades that he had spent time in a psychiatric facility not long before his death. Robert was very distraught. He was off the charts, a friend of his mother told Keefe. Recalling an instance when Bobby had been found wandering Central Park entirely naked, the friend remarked: Probably, it was drugs.Bobby had used PCP, the hallucinatory tranquilizer known as angel dust, the former housekeeper confirmed. Decades later, Bobbys sister would hint at a heroin addiction in a deposition, without mentioning her brother by name. The circumstances of his death remain unclear. On a Saturday morning, after an audible argument in his mothers New York apartment, the doorman heard the crash of breaking glass and a loud thud. Bobby had fallenor jumpednine stories from the apartment window. There is almost no other information about Bobbys life or death. The Sacklers rarely speak about him.Bobby never used OxyContin; he died before it was invented. But others in the Sackler orbit did. For decades, the family employed an attorney named Howard Udell, a figure so intensely loyal he invites comparisons to Tom Hagen in The Godfather (when Udell died, they would hang a giant portrait of him in the office). For two of those decades, Udell worked with a secretary referred to in the book by a pseudonym: Martha West.In 1999, West recalled in testimony years later, Udell instructed her to research ways people were abusing OxyContin (notably, the Sacklers long maintained they only became aware of abuse risks in 2000). She would log into various online forums to scour drug discussions using the pseudonym Ann Hedonia, a pun on the word anhedonia, meaning an inability to feel pleasure. As Keefe recounts, West later wrote a memo about users who reported crushing OxyContin tablets, sucking the time-release coating off, snorting the drug, cooking it, [and] shooting it with a hypodermic needle.The underlying tragedy of Wests memo (which mysteriously disappeared, but was found in a Department of Justice investigation years after) is that she would later resort to similar methods. After a bout of back pain, West explained, she began taking Oxy. Its effects were supposed to last 12 hours, but West found they wore off much earlier, so she started taking pills for immediate release by crushing the drug and snorting it. She became addicted. Though she had been sober for eight years, she began drinking again and using other substances to deal with Oxy withdrawal. Purdue fired her for poor work performance and West later filed an unsuccessful lawsuit against the company. When she was supposed to testify in a 2006 lawsuit filed by Virginia prosecutors against Purdue for felony misbranding, West never showed. Her lawyer found her the next morning, Keefe wrote, in the emergency room of a local hospital, where she had shown up to beg the staff for painkillers. Among the millions who became addicted to OxyContin was a trusted Purdue secretary, according to Empire of Pain. Getty Hundreds of thousands like West suffered from the Sacklers drug empire, but as Keefe notes, most will not receive compensation or reparations of any kind. In 2019, in response to the 2,500 lawsuits brought by a range of litigants from school districts to Native American tribes, Purdue Pharma filed for bankruptcya move which typically freezes all legal proceedings against the complainant. Perhaps oddly for a company headquartered in Stamford, Connecticut, Purdue filed in White Plains, New York, a district with a single bankruptcy judge who had a curious record. Years prior, the judge had ruled in a similar case to suspend all litigation against not only the bankrupted petitioner, but also some associates who were not even filing for bankruptcypeople like the Sacklers, who are still worth billions.In Purdues case, the judge did the same. His ruling rendered prosecutors powerless to pursue both the company and the family. Instead, the Department of Justice under Trump arranged a sweetheart settlement of $8 billion last fall, in which the company would plead guilty to three criminal charges and transition into a public trust. Almost none of the money will come from the Sacklers themselves, who also wont have to admit any wrongdoing.But Empire of Pain suggests an alternative legal interpretation. Back in the 1960s, before most of the living heirs were born, the original Sackler brothers entered into an agreement about what would happen to their business interests when they died. At the time, Purdue was nothing like what it became; the original iteration hawked more embarrassing treatments, like the laxative Senokot and the earwax remover Cerumenex. But Arthur Sackler already had a hand in many projects. He worked at the top advertising firm, William Douglas McAdams, where he pioneered pharmaceutical advertising by appealing directly to doctors themselves and helped make the tranquilizer Valium the most prescribed drug in America. He also had a secret stake in McAdams rival firm, L. W. Frohlich, whose president, Bill Frohlich, was a close friend.The three Sacklers and Frohlich made for a secretive coalition, referring to themselves as the musketeers, and together arranged a pact. Arthur tended to prefer verbal agreements, but this one had been drafted and formalized by an attorney, Richard Leather, who spoke to Keefe. In keeping with the slogan of Alexandre Dumas novel from which theyd taken their nicknameOne for all and all for onethe men agreed to pool their business holdings. When one died, the remaining three would inherit control of his businesses, instead of his heirs. When a second died, his holdings would go to the other two. The last survivor would get everything, until his deathwhen all would pass into a charitable trust. At various points, the original Sacklers harbored some sympathies for socialism. Even if their businesses did not at all hew to those ideals, the hope was that their inheritance would.The four men honored this pact at least once: when Frohlich died young, his stake into the company hed founded passed to the Sacklers. But Raymond and Mortimer Sackler, who had grown resentful of brother Arthurs power, cut him out of the estate. If a copy of the agreement still exists, it had disappeared by 1987, when Arthur died, leaving his collection of ex-wives and children to battle their cousins for cash.The Sackler family did not respond to Keefes queries about the four-way agreement. But Leather argues that it remains binding, meaning that the Sackler children and grandchildren should never have inherited Purdue, or pocketed its billions. The last of the four musketeers, Raymond, died in 2017. Nobody had a right in any of these assets. Those assets were to go to a charitable trust, Leather said. The Sacklers inheritance was, as he put it, a fraud.Read more at The Daily Beast.Got a tip? Send it to The Daily Beast hereGet our top stories in your inbox every day. Sign up now!Daily Beast Membership: Beast Inside goes deeper on the stories that matter to you. Learn more.

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UTRGV Just Won Its Third Consecutive National Chess Championship – Texas Monthly

WHO: The stunningly talented members of the University of Texas Rio Grande Valley chess team.

WHAT: The team just snagged its third consecutive national title.

WHY ITS SO GREAT:When you think of South Texas, you probably dont think of chess. But you absolutely should. Brownsville, the working-class, primarily Hispanic city just across the Rio Grande from Matamoros, has quietly become an international chess powerhouse. Over the last decade, the University of Texas Rio Grande Valleys Vaqueros chess team (motto: Dominate the board) has risen through the ranks, establishing itself as one of the best collegiate teams in the nationand, arguably, the world. On Sunday, the Vaqueros bested Webster University 3.50.5 to take home their third consecutive national title at the Presidents Cup, aka the Final Four of college chess.

It was not an easy win, says Bartek Macieja, who has coached the team since 2012. The Vaqueros initially lagged behind the Gorloks of Webster University; as five-time champion, the Missouri team was the favorite. After five rounds, we were still in the second position...We knew we had to completely crush them. And thats what we did.

Macieja, a chess grandmaster who moved to Texas from his native Warsaw, Poland, after UTRGV recruited him for the coaching job, is himself a key factor in the teams success. He was named European champion in 2002yknow, no big dealand has twice won the Polish national title. When UTRGV came calling, he was looking for a new challenge. I still compete with the Polish national team, and I knew I could do that for many more years, or I could try this, Macieja says. He knew nothing about South Texas before he moved for the job, but today hes a loyal Texan: I am very proud that Brownsville has become so famous for chess, not only in Texas or even the United States, but the entire world.

This weeks win isnt the only recent victory for the Vaqueros. In February, the UTRGV students beat 125 other teams to win the Kasparov Chess Foundation University Cup, which came with a prize they all geeked out about: a private training session with Garry Kasparov, one of the all-time greats.

The teams sixteen members hail from ten countries: Armenia, Azerbaijan, France, Georgia, Kazakhstan, Poland, Russia, Ukraine, and Venezuelaplus two Texans. Many of the players receive full scholarships, which are funded in part by the students of UTRGV; a portion of the student activity fee goes to chess. The students have voted to say that our team is one they want to support, says Douglas Stoves, an associate dean who oversees the chess program. He says the team enjoys strong support from the campus community, as well as from Brownsville at largenot unlike the way another town might cheer for a football or basketball squad. At some point, it was decided that [chess] was going to be more than just a nice thing to do, he says, and it became a regional success story.

As Texas Monthlys Katy Vine reported in 2007, Brownsvilles path to chess domination can be traced as far back as 1989. Thats when a teacher named Jose Juan J. J. Guajardo started a chess program at Emaline B. Russell Elementary. The school clinched seven consecutive state titles from 1993 to 1999, and the local chess scene ballooned from there. Another catalyzing event came in 2003, when a former high-school chess star named Clemente Rendon moved home to Brownsville and helped start the college team. Now, according to Macieja, almost every K-12 public school in Brownsville has some kind of chess program.

Not long ago, there was a big scholastic tournament in London, and they were proud that they had over one hundred [players], Macieja says. Well, here in Brownsville, before the pandemic, we had six hundred kids competing every second or third weekend! The college team regularly holds workshops in the local schools, so the kindergarten-through-campus pipeline has come full circle.

Stoves also credits Juliet Garcia, former UT-Brownsville president, for championing chess at the college level: She saw the potential, and she understood that because of the socioeconomic reality of South Texas, this was something that could be accessible. As extracurricular pursuits go, chess is affordable: you need only a board and someone to play with. These days, a board is often swapped for a laptopsince COVID struck, the Vaqueros have trained and played all their matches online. You can watch their most recent win on Twitch.

Macieja says he couldnt be prouder of his team. Its really an amazing story, how we did it by defeating our biggest rival. Everybody was celebrating. As the team is still quarantining at home, the victory party was a little muted this year. The players couldnt gather in person, but the group chat on WhatsApp was going like crazy, Macieja laughs.

UTRGV, by the way, wasnt the only team from the Lone Star State in the Final Four: Texas Tech came in fourth. UT Dallas is also extremely good, having finished fourth in the Kasparov Cup. Next time you think Texas, you better think chess.

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UTRGV Just Won Its Third Consecutive National Chess Championship - Texas Monthly

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