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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
Bitcoin News
Galaxy Expects Spot Bitcoin ETF to Push BTC Up by 74% in First Year
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1268504104-768x432.jpg A spot-based bitcoin exchange-traded fund (ETF) would attract significant capital and boost the price of BTC by 74% in the first year after launch, according to Galaxy Digital. The estimate comes amid rising anticipation that the U.S. securities regulator will approve one or more of the proposals that are currently under review.
Galaxy Digital Sees $39 Billion of Inflows by Third Year After Bitcoin ETF Launch
A spot bitcoin ETF will provide investors with direct exposure to bitcoin without the need to own the digital asset and an approval of the investment product, which comes with certain benefits over current options, will catalyze adoption, according to Galaxy Digital.
The investment company, one of the applicants to issue America’s first spot bitcoin ETF with a regulatory nod from the U.S. Securities and Exchange Commission (SEC), published an analysis sizing the market for an exchange-traded fund tracking the price of the leading cryptocurrency.
Galaxy believes that a spot bitcoin ETF will strongly impact adoption mainly due to two main factors – expanded accessibility across wealth segments and greater acceptance through formal recognition by regulatory bodies and trusted financial service providers.
Based on the results from its research, Galaxy Digital has estimated that $14 billion will flow into a bitcoin ETF in the first year following a launch. The total is projected to increase to $27 billion by the second year and $39 billion by the third year after that.
The author of the article, Galaxy’s research associate Charles Yu, also expects the price of bitcoin (BTC) to increase by 74% in the first year after an ETF approval. The estimate is based on the price of $26,920 per coin registered on Sept. 30, 2023. Bitcoin is trading at over $34,600 at the time of writing.
The SEC approved ETFs holding bitcoin futures in 2021 but the Commission has yet to greenlight a spot bitcoin ETF in the U.S. It has previously rejected proposals citing risks of fraud and market manipulation as well as concerns over custody and investor protection.
Earlier this year, the regulator accepted to review a number of applications, including that of Galaxy Digital which partnered with Invesco to compete with major financial firms such as Blackrock to launch one, but has since delayed its decisions on many of them.
“Anticipation that ETFs will be approved soon is rising, and our analysis suggests these products could see significant inflows, primarily driven by the wealth management channels that cannot currently access safe and efficient bitcoin exposure at scale,” Galaxy said in its blog post.
“Inflows from ETFs, market narratives about the forthcoming Bitcoin halving (April 2024), and the possibility that rates have peaked or will peak in the near term, all suggest that 2024 could be a big year for Bitcoin,” the crypto investment firm concluded.
Do you agree with Galaxy’s estimates about the impact of a spot bitcoin ETF on the crypto market? Tell us in the comments section below.
CoinDesk
Sam Bankman-Fried May Testify to Role of Lawyers, 'Good Faith' Efforts, Filing Says
In a series of filings throughout Thursday, the Department of Justice and Sam Bankman-Fried's defense crossed swords on issues ranging from charts the defendant wants to use in his testimony to an ongoing question of whether the defense can rely on a presence of counsel argument.
CoinDesk
Dogecoin, Shiba Inu Jump 9% as Crypto Traders Take Riskier Bets
The two popular meme coins have mostly underperformed crypto majors in the past week.
CoinDesk
FTX Cold Wallets Move $19M in Solana, Ether to Crypto Exchanges
The debtor group in control of FTX assets has conducted various on-chain transactions in the past few weeks.
ambiguities in the law, and he is likely not the only California resident who will push for greater clarity. How are Exchanges Impacted?
Among other requirements, exchanges must identify the probability that digital financial assets listed on their platforms “would be deemed a security by federal or California regulators.” However, the law provides no guidance as to how exchanges should make such an assessment. Exchanges must also provide “full and fair disclosure of all material facts relating to conflicts of interest that are associated with” assets on their platforms. Additionally, exchanges must conduct “comprehensive risk assessment[s] designed to ensure consumers are adequately protected from cybersecurity risk, risk of malfeasance, including theft, risks related to code or protocol defects, or market-related risks, including price manipulation and fraud.” Further, exchanges must establish “policies and procedures to reevaluate the appropriateness of the continued listing or offering of the digital financial asset, including an evaluation of whether material changes have occurred,” and conversely must also establish “policies and procedures to cease listing or offering the digital financial asset, including notification to affected consumers and counterparties.” Finally, exchanges are also required to “use reasonable diligence” to ensure that exchange rates between assets are as “favorable as possible” to consumers “under prevailing market conditions.” How Are Stablecoins Affected?
The law grants the DFPI discretion in deciding which stablecoins are approved for exchange, transfer, or storage. In so doing, the DFPI will look to the “amount, nature, and quality of assets owned or held by the issuer of the stablecoin that may be used to fund any redemption requests from residents.” Additionally, the DFPI commissioner may require stablecoin issuers to obtain licenses “to protect the interests of residents who may use the stablecoin as payment for goods or services or as a store of value.” In furtherance of consumer protection, the law also requires that the “issuer[s] of … stablecoin[s] at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding stablecoins issued or sold.” Streamlined Licensure for Bitlicense Holders
Those few companies or individuals holding a New York Bitlicense or limited purpose trust company charter with approval to conduct virtual currency business in New York issued on or before 1 January 2023, may be granted conditional licenses provided they have “supplied all fingerprints required” and meet all other requirements for licensure.
Fill out our contact form here to set up a free 30-minute consultation, and read up on whether you need a crypto lawyer.
What do you think about California’s Digital Financial Assets law? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
California Enacts Digital Financial Assets Law
https://static.news.bitcoin.com/wp-content/uploads/2023/10/cl-768x432.jpg On October 13, 2023, California enacted the Digital Financial Assets law. This law is California’s first comprehensive framework for regulation of digital asset markets, and some of its provisions may sound familiar to those versed in the state’s money transmitter licensing requirements. Under this new law, on and after July 2025, crypto companies and everyone else will need, in addition to other criteria, a license to operate or hold themselves out as being able to operate digital financial asset business activity, with or on behalf of California residents.
The following editorial was written by guest authors Wyatt Noble and Michael Handelsman for Kelman.Law Key Definitions
Before diving into the key provisions of the Digital Financial Assets law, it’s important to understand exactly what some of its key terms mean, what they cover, and what they don’t. Under the law, “digital financial asset” means digital mediums of exchange, units of account, or stores of value. However, “digital financial asset” “does not include any of the following: (A) [a] transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for legal tender, bank or credit union credit, or a digital financial asset[;] (B) [a] digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform[;] (C) [a] security registered with or exempt from registration with the United States Securities and Exchange Commission or a security qualified with or exempt from qualifications with the department.”
The term “digital financial asset business activity” can be understood to mean those activities that trigger the law’s licensing requirement. Specifically, “digital financial assets business activity is defined as: “(1) [e]xchanging, transferring, or storing a digital financial asset or engaging in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor[;] (2) [h]olding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals[;] (3) [e]xchanging one or more digital representations of value used within one or more online games, game platforms, or family of games for either of the following: (A) [a] digital financial asset offered by or on behalf of the same publisher from which the original digital representation of value was received [or] (B) [l]egal tender or bank or credit union credit outside the online game, game platform, or family of games offered by or on behalf of the same publisher from which the original digital representation of value was received.”
Stablecoins are defined as “a digital financial asset that is pegged to the United States dollar or another national currency and is marketed in a manner that intends to establish a reasonable expectation or belief among the general public that the instrument will retain a nominal value that is so stable as to render the nominal value effectively fixed.” Who Will Handle Regulation and Enforcement?
The new law grants the California Department of Financial Protection and Innovation (DFPI) broad enforcement power. Now, the DFPI may bring enforcement actions against those that are “engaged, [are] engaging, or [are] about to engage in digital financial business activity.” If this seems a bit broad and vague, that’s because it is, but further changes narrowing the DFPI’s reach may be coming. California Governor Gavin Newsom has already called for the DFPI to clarify [...]
ying the risks, such as “Russia’s hypersonic missile capabilities, nuclear capabilities,” which he noted are ahead of the U.S., and “China’s naval capacity, which arguably is ahead of ours.” Moreover, “our economic dependence on China” and a range of other factors, when you consider the Western allies in contrast to the “alternative alliance between Russia, China, Iran, and North Korea,” have heightened the risks, he detailed.
Reiterating that “The existence of the United States itself is what we are talking about as being on the line here,” Ramaswamy emphasized:
If we enter major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist. ‘We Should Restore Normal Relations With Russia’
Musk also believes that it’s imperative for the U.S. to restore normal relations with Russia. “From a civilizational risk standpoint, we should restore normal relations with Russia … because the alternative is … an axis of immense power against the West and laying the groundwork for World War III,” the billionaire cautioned.
“I see no benefit and only bad things, frankly, in prolonging the Ukraine and Russia conflict … bad things for Ukraine and bad things for the United States and bad things for the world,” Musk opined. “So we should seek peace. I think immediately we should seek to restore normal relations as soon as possible. This is not some kind of reward for Russia. This is simply recognizing the realities and the risks that the world faces and ensuring that there is the highest likelihood of a positive future for human civilization.”
The billionaire concluded: “The most important thing is avoiding World War III because we may never recover from World War III and I think currently the risk of World War III is increasing rapidly. And I think if relations are renormalized with Russia, the probability of World War III is dramatically lower.” Musk stressed:
I think we are sleepwalking our way into World War III … with one foolish decision after another.
Do you agree with Elon Musk and presidential candidate Vivek Ramaswamy about the risk of World War III? Let us know in the comments section below.
Bitcoin News
JPMorgan CEO Jamie Dimon Sees Nuclear Proliferation as ‘Most Serious Thing Facing Mankind’
https://static.news.bitcoin.com/wp-content/uploads/2023/10/jpmorgan-jamie-dimon-nuclear-768x432.jpg JPMorgan Chase CEO Jamie Dimon has identified nuclear proliferation as “the most serious thing facing mankind.” According to the United Nations, “the risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” Dimon also pointed out that “central banks 18 months ago were 100% dead wrong.” Jamie Dimon Discusses Greatest Threats to Global Economy
The chairman and CEO of JPMorgan Chase, Jamie Dimon, discussed the greatest threats to the global economy and the state of the U.S. economy on Tuesday during a panel discussion at the Future Investment Initiative (FII) summit in Riyadh, Saudi Arabia. He underscored the seriousness of the proliferation of nuclear weapons, ranking it above climate change and other commonly cited threats.
The panel also featured H.E. Yasir Al-Rumayyan, the governor of Saudi Arabia’s Public Investment Fund and chairman of Aramco’s board of directors; Bridgewater Associates founder Ray Dalio; Blackrock CEO Larry Fink; Citigroup CEO Jane Fraser; African Rainbow Minerals founder Patrice Motsepe; HSBC CEO Noel Quinn; Carlyle Group co-founder David Rubenstein; Blackstone Group CEO Stephen Schwarzman; Sequoia China’s managing partner Neil Shen; Goldman Sachs CEO David Solomon; and Macquarie Group CEO Shemara Wikramanayake.
Dimon was asked whether he is optimistic about the economy going forward and whether he shares the widespread obsession in the financial world regarding potential Federal Reserve interest rate hikes or cuts, as well as the impact of Fed decisions on the economy. While claiming that he is “generally an optimist,” the JPMorgan boss stressed: “You’d be foolish not to look at some of these things taking place today in Ukraine, Middle East … It’s affecting oil, food prices, gas prices, migration, potential starvation. It’s probably the most serious thing we’ve faced.” The JPMorgan executive added, “I hear people talking about ESG [Environmental, social, and corporate governance] all the time,” emphasizing:
The most serious thing facing mankind is nuclear proliferation. If we’re not sitting here 100 years from now, it will be nuclear proliferation. It’s not our climate.
Dimon explained that the current geopolitical situation is more complex than it has ever been. Moreover, he said: “I look at the financial situation, the fiscal spending, which is more than is ever. I’m talking about the United States but almost true around the world. It’s more than it’s ever been in peacetime by a long shot with the highest debt levels we ever had by government and there’s just kind of omnipotent feeling that central banks and government can manage through all this stuff. I’m cautious.”
The United Nations wrote in a statement in March: “The risk of a nuclear weapon being used is currently higher than at any time since the depths of the Cold War.” The UN added that the Russia-Ukraine war represents “the most acute example of that risk,” noting that “the absence of dialogue and the erosion of the disarmament and arms control architecture, combined with dangerous rhetoric and veiled threats, are key drivers of this potentially existential risk.”
The JPMorgan chief continued: “I don’t think it makes a piece of difference whether the rate goes up 25 basis points or more … Whether the whole curve goes up 100 basis points, I would be prepared for it. I don’t know if it’s going to happen.”
Furthermore, he said:
When you look at economics … I want to point out that central banks 18 months ago were 100% dead wrong … I would be quite cautious about what might happen next.
Earlier this month, Dimon said the war in Ukraine, compounded by the attacks on Israe[...]
CoinDesk
Bitcoin Dominance Hits Fresh 30-Month High as Ether, Altcoins Lag in Rally
Bitcoin's [BTC] market share of all cryptocurrencies rose to a fresh 30-month high Wednesday as BTC continues to beat most altcoins or alternative cryptocurrencies.
CoinDesk
Lesser-known Johnson Wins Speaker Job as Crypto-focused Lawmakers Return to Old Roles
After several failed attempts, Republicans in the U.S. House of Representatives dug deep into their roster to elevate a less prominent and less controversial lawmaker, Rep. Mike Johnson (R-La.), as the new Speaker of the House.
Bitcoin News
Bitmain Unveils New T21 Bitcoin Miner; Offers BTC Fluctuation Protection Plan
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ants-768x432.jpg On Wednesday, the bitcoin mining rig manufacturer Bitmain announced the introduction of a new air-cooled BTC miner, the T21 Antminer. The new device boasts a production capacity of up to 190 terahash per second (TH/s) and maintains an efficiency ratio of approximately 19 joules per terahash (J/T).
Bitmain Debuts T21 Antminer
After the recent unveiling of Microbt’s latest mining equipment, Bitmain, a competitor, has added the T21 Antminer to its extensive range of hashing devices. On October 25, Bitmain showcased the T21, capable of delivering 190 TH/s with an efficiency rating of 19 J/T.
Additionally, the company introduced an optional bitcoin price fluctuation plan, ensuring customers receive compensation if BTC’s prices fall below the strike on a reference day within a protected period.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/f9r7sk0bsaaylwh.jpeg
The bitcoin fluctuation protection plan offers various tiers, depending on the duration of the protected period, with Bitmain asserting that “compensation shall be paid immediately upon the triggering event.”
The T21 Antminer is the latest in a series of launches by Bitmain, following two new devices from the S21 series introduced last month. The S21 Hyd achieves up to 335 TH/s with an efficiency rating of 16 J/T, while the air-cooled S21 miner provides up to 200 TH/s with an efficiency rating of about 17.5 J/T.
While the S21 air-cooled machine offers slightly superior ratings compared to the T21, the latter, however, surpasses the S19 Antminers in efficiency ratios. The specifications for the T21 detail a power consumption of 3,610 watts, with expected shipping in the first quarter of 2024.
The T21 is also comparable to the S21 air-cooled Antminer in terms of size and weight. This year has seen the release of several new devices by all three major bitcoin mining machine manufacturers: Bitmain with three, Canaan with two, and Microbt with three.
What do you think about Bitmain’s new bitcoin miner the T12? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Sam Bankman-Fried's Defense Wants to Highlight 'Inconsistent Statements' by FTX Insiders Gary Wang, Nishad Singh
Sam Bankman-Fried's defense team asked Judge Lewis Kaplan to let them introduce proof of inconsistent statements from former FTX executives Gary Wang and Nishad Singh, tied to their statements to federal officials prior to testifying on the stand.
CoinDesk
Crypto's Darkest Hour, and the Bright Day Ahead
There really is a crypto future worth fighting for if we can just leave the crypto clowns behind.
CoinDesk
Bitcoin Retreats From $35K; Miner Selling Pressure May Cap Prices, Crypto Hedge Fund Says
BTC could run towards $40,000-$45,000 after consolidating around current prices, Capriole Investments said.
CoinDesk
Sam Bankman-Fried’s Desperate Last Stand
If his trial were going better, the fallen crypto king wouldn’t be testifying in his own defense.
CoinDesk
Catching Up on a Lot of Stuff
I poked my head out of the Sam Bankman-Fried trial just long enough for my entire panel of House lawmakers at CoinDesk's policy event in Washington, D.C. to cancel, leading to a very impromptu session instead. Unfortunately that's not enough time to really dig into any of the things that's happened over the past month so here's a brief list of things I missed instead.
CoinDesk
Grayscale Bitcoin Trust Outshines Nvidia With 220% Gain This Year
"GBTC is the gift that keeps giving," one observer said.
CoinDesk
Memeland, a Web3 Project Built by 9GAG's Team, Secures $10M Minutes After Going Live
The Web3 venture lab is built by team members who previously worked on 9GAG, an immensely popular meme site.
CoinDesk
Deutsche Bank and Standard Chartered Ventures Test SWIFT Killer for Stablecoins and CBDCs
The UDPN currently comprises about 25 organizations, including banks from the U.S, Australia, Latin America and Europe, running around ten proof-of-concept tests in parallel.
Bitcoin News
Ex-FTX Chief’s Defense Team Challenges FBI Interviews, Raises Questions About Witness Credibility
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ftx55556666-768x432.jpg On Wednesday, the defense team for the former FTX CEO Sam Bankman-Fried issued a letter to the judge seeking to question two FBI agents who interviewed Gary Wang, former chief technology officer of FTX, and Nishad Singh, former director of engineering at FTX. Lawyers allege the witnesses provided “inconsistent statements” that don’t match their original interviews with the agents.
Former FTX Executives’ Testimonies Under Scrutiny in Ongoing Bankman-Fried Trial
Lawyers for Sam Bankman-Fried are interested in the “elicited testimony” gathered by two FBI agents who interviewed Gary Wang and Nishad Singh. The letter says Wang was questioned on October 6, and they asked him about specific statements he gave to the special agents on November 17, 2022, and December 7, 2022.
“Mr. Bankman-Fried’s counsel specifically asked Mr. Wang whether [a] reference to notes that the FBI Agents had prepared on Form 302 refreshed his recollection of his statements to the FBI Agents at those interviews,” the letter details. “On each of these occasions, Mr. Wang denied having made or claimed not to recall having made the statements recorded in the Form 302.”
The attorneys also delved into the reported special code privileges called “allow negative” that benefited Alameda, and Wang may have been “pressured or incentivized” to provide prosecutors with an “innocent explanation.” Bankman-Fried’s lawyers also noted similar instances when they cross-examined Nishad Singh on October 17, 2023. Singh was interviewed by the U.S. government on January 4, 2023, and January 19, 2023.
Again with Singh, the lawyers said they tried to refresh his recollection of the testimony, but he wasn’t able to remember everything he said during the interviews. The witnesses’ “inability to recall” these types of statements goes against the credibility of their testimony, the lawyers stressed. Bankman-Fried’s attorney, Mark Cohen, disclosed Wednesday that his client would testify in his trial. The testimony was set for Thursday, but the latest letter from the defense team could disrupt that plan.
Attorneys are calling for the testimony of FBI agents regarding their initial interviews with Singh and Wang. While pleading not guilty to all charges leveled against him, Bankman-Fried maintains his innocence.
What do you think about the defense team’s letter to the judge in the Bankman-Fried case? Share your thoughts and opinions about this subject in the comments section below.
l, “may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” He emphasized at the time: “This may be the most dangerous time the world has seen in decades.” He also foresees two “extraordinary” storm clouds hitting the U.S. economy with potential bad outcomes. Last month, he cautioned that the Fed could raise interest rates to 7% and the U.S. economy could experience stagflation.
What do you think about the statements by JPMorgan Chase CEO Jamie Dimon about nuclear proliferation and the U.S. economy? Let us know in the comments section below.
Bitcoin News
Binance Blasts CFTC for Trying to Be World’s Derivatives Police, Seeks to Dismiss Lawsuit
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2358252223-768x432.jpg Binance has submitted a new motion to dismiss the lawsuit filed by the U.S. Commodity Futures Trading Commission (CFTC) against it. The leading cryptocurrency exchange urges the court to reject the agency’s attempt to expand its territorial reach beyond the United States.
Binance Accuses CFTC of Using U.S. Lawsuit as a ‘Trojan Horse’ to Gain Global Regulatory Reach
The world’s largest digital assets exchange, Binance, has again tried to convince a U.S. court to dismiss the lawsuit in which America’s derivatives markets regulator alleged earlier this year that the crypto company had violated U.S. trading and derivatives rules.
The CFTC sued Binance and its CEO Changpeng Zhao (CZ) in March, claiming that at least since July 2019, the exchange had offered and executed commodity derivatives transactions on behalf of U.S. persons. Binance sought to dismiss the complaint in July which the Commission disputed in September.
In its latest filing, the crypto giant argues that the regulator’s response brief “confirms that the agency’s overreaching theories of its jurisdiction are unfounded,” accusing the CTFC of seeking to regulate foreign individuals and corporations that reside and operate outside the United States and ignoring the limits of the U.S. Commodity Exchange Act. Binance’s lawyers insisted:
Congress did not make the CFTC the world’s derivatives police, and the Court should reject the agency’s effort to expand its territorial reach beyond what is permitted by the law.
The crypto company pointed out that the CFTC has added new and broad arguments that would allow it to regulate any activity in cryptocurrency or other assets related to a derivatives product anywhere on the planet and that it has invented a new definition of a “U.S. person.”
“The Court should reject the CFTC’s effort to use its attack on the non-U.S. Defendants in this case as a Trojan horse in order to achieve worldwide regulatory reach—which would have consequences far beyond this case and not intended by Congress,” Binance warned. The exchange called for the lawsuit’s dismissal citing multiple reasons, including “impermissibly extraterritorial” claims.
has been under heightened regulatory pressure this year. In early June, entities operating the crypto trading platform and CZ were also sued by the Securities and Exchange Commission (SEC) for allegedly breaking U.S. securities laws. Binance is also reportedly being investigated by the U.S. Justice Department for suspected sanctions violations.
Do you think the U.S. court will accept Binance’s arguments to dismiss the CFTC’s lawsuit? Share your expectations in the comments section below.
Bitcoin News
Elon Musk, Vivek Ramaswamy Warn of Increasing World War III Risk — ‘The US as We Know It Will Cease to Exist’
https://static.news.bitcoin.com/wp-content/uploads/2023/10/elon-musk-vivek-ww3-768x432.jpg Tesla CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy have cautioned about the increasing risk of World War III erupting. “I think we are sleepwalking our way into World War III,” Musk said. Ramaswamy warned: “If we enter a major conflict, anything resembling World War III against a Russia-China alliance with potentially Iran and/or North Korea included on the other side, the United States as we know it will cease to exist.” Elon Musk, Vivek Ramaswamy Discuss World War III Risk
Tesla and Spacex CEO Elon Musk and U.S. presidential candidate Vivek Ramaswamy discussed their perspectives on the growing risk of World War III Monday during a discussion on social media platform X. The discussion, titled “Where is Israel-Hamas war headed? Could this lead to WW3?,” was hosted by venture capitalist David Sacks, with Ramaswamy as the co-host. In addition to Musk and Ramaswamy, the event featured several other speakers, attracting an audience of over 915,000 listeners.
Musk said “the most important issue” to discuss is “how do we avoid World War III?” He explained that “World War III is a civilizational risk that we may not recover from,” therefore we need to “prioritize avoiding World War III” and not let “a regional conflict rapidly become a global conflict.” The billionaire cautioned:
People are overestimating U.S. military power … We don’t have the power differential that we used to have.
“A combination of Russia, China, and Iran should be viewed as very strong relative to the West,” the Tesla boss emphasized. “We are not fighting small fry here … It is a massive battle where the industrial capacity is of comparable size to the Western alliances.”
The billionaire continued: “We do not have an overwhelming advantage in industrial might … and the foundation of war is economic power, especially industrial output … In fact, it may be the case, if not now in the future, it probably will be that a Russia-China-Iran alliance can outproduce the Western alliance.”
Musk explained: “The point is that in order for there to be a global conflict of World War III, you have to have two superpower alliances like that, where one cannot easily defeat the other one, and that is the case. And that, I think is a massive shift in thinking that most people do not understand.”
The Spacex chief pointed out: “Russia has the raw materials and China has the industrial capacity — Frankly, a perfect match from a war standpoint.” He added: “Unfortunately, our [U.S.] policy has been driving, forcing really, Russia and Iran to ally with China. It’s been forcing them. What choice have we given them?” He stressed:
We need to stop doing that. It’s unwise, and I think it will lead to immense risk to civilization … We need to make sure we are not putting civilization itself at stake, which is World War III. ‘The United States as We Know It Will Cease to Exist’
Ramaswamy shared Musk’s concern about World War III being a civilizational risk. He said during the discussion that “a different way of saying civilizational risk because there’s a lot of other things that would also cease to exist” is to say that “If we do enter World War III, it is likely that the United States as we know it will cease to exist.”
The presidential hopeful emphasized that “it’s important for people to understand” the risk to the United States in case of WWIII, “especially when the U.S. homeland is as vulnerable as we have been in modern memory, not just from a border perspective but from missile defense or cyber defense or defenses against super electromagnetic pulse attacks.”
He additionally highlighted various factors amplif[...]
CoinDesk
Hobbled Crypto Exchange's Creditors Are Suing Its CEO and Want to Claw Back Money From 'Bitcoin Jesus'
CoinFLEX CEO Mark Lamb breached his fiduciary duty when he created a new company, OPNX, with the founders of failed crypto hedge fund Three Arrows Capital, creditors argue. They are also critical of a deal Lamb struck with early BTC evangelist Roger Ver.
Bitcoin News
Nansen: FTX and Alameda Research Wallets Shift $8.6M in Crypto Assets to Binance
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ftxmove-768x432.jpg On Wednesday, Nansen, an onchain analytics provider, illuminated a series of intriguing transactions originating from FTX and Alameda Research addresses, now under the stewardship of the FTX creditors. A substantial sum of $8.6 million in cryptocurrency assets found its way to an address associated with Binance, the largest exchange in the world by trade volume.
$8.6M in Crypto Assets Transferred From FTX and Alameda to Binance
In a breakdown of onchain data, it was revealed that crypto addresses linked to FTX and Alameda, laden with assets such as LINK, AAVE, MKR, and ETH, orchestrated a movement of $8.6 million. This onchain move did not escape the watchful eyes of Nansen, a firm dedicated to blockchain intelligence and analytics. Nansen detailed the transaction, disclosing the movement of $2.2 million in chainlink (LINK), $1 million in aave (AAVE), $2 million in maker (MKR) tokens, and $3.4 million in ethereum (ETH).
The journey of the funds was a two-step dance; initially moving to one address, before settling in a wallet controlled by Binance. “We don’t track offchain movements, but presumably, this is to either sell or to prepare to sell these funds,” Nansen speculated on the social media platform X, attributing this revelation to its smart alerts system.
Interestingly, among the assets moved, only ethereum (ETH) had the privilege of being listed in FTX’s top ten liquid crypto assets, marked for their value and liquidity. This list includes the likes of solana (SOL), bitcoin (BTC), tether (USDT), and aptos (APT), to name a few.
The saga on Wednesday unfolded after an FTX hacker, in a previous chapter, cleverly maneuvered tens of millions of dollars in crypto funds to decentralized finance (defi) applications, in an attempt to conceal their tracks. This move prompted Thorswap, a decentralized exchange (dex) platform, to swiftly implement guardrails, fortifying its defenses against criminal tactics. The hacker, having leveraged Thorswap and other defi platforms for their obfuscation techniques, left the community and observers in a state of speculation.
It is likely believed, though not confirmed, that the FTX creditors’ transfer of the $8.6 million in crypto was a strategic move to sell. In a recent development, FTX debtors have also staked a considerable amount of SOL, aiming to reap the rewards of staking for their existing holdings.
What do you think about the FTX funds that moved to Binance? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
FTX Debtors Evaluate Bids for Dormant Crypto Exchange’s Revival
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ftx-2-768x432.jpg Insiders reveal that FTX creditors are sifting through bids from various entities eager to breathe life into the dormant crypto exchange. The company’s investment banker highlighted that FTX interacts with “multiple parties every day.”
FTX Creditors Sift Through Offers for Exchange’s Possible Reawakening
Throughout the year, whispers of FTX’s potential revival have surfaced approximately four times. During his first interview post-FTX collapse in January 2023, FTX’s restructuring head, CEO John J. Ray III, hinted at a resurgence. In a subsequent April hearing, the topic resurfaced. By mid-June, murmurs of “FTX 2.0” were in the air, and with each whisper, the value of FTX’s native crypto asset FTT spikes.
On October 24, Kevin M. Cofsky, the financial strategist from Perella Weinberg Partners representing FTX, said that negotiations were underway, according to a report by Bloomberg’s Steven Church. Cofsky explained that the deal could manifest as either a full acquisition or a collaborative partnership. While he remained tight-lipped about potential suitors, he noted:
We are engaging with multiple parties every day.
Reacting to this buzz, FTX’s native token experienced an uptick on Tuesday, buoyed further by the wider crypto market’s current momentum. Despite the fact that the native coin, known as ftx token (FTT), hasn’t been a focal point in the official “FTX 2.0” discussions, market players are optimistic about its potential upswing. Since the exchange’s downfall, FTT has been hovering just above a dollar. However, with the revelation of Cofsky’s insights, FTT surged by over 6%, touching approximately $1.13 apiece.
Currently, 28,533 distinct entities possess FTT, but its distribution is heavily concentrated. Presently, the top 100 stakeholders hold 98.65% of FTT, with FTX creditors dominating the largest FTT wallet at 59.55%. FTX also boasts the second and fourth-largest wallets, holding 13.94% and 3.54% respectively. Binance, the third largest holder, commands 9.88% of all the FTT. Interestingly, aside from Binance, the top five are all internal entities, with the fifth wallet, holding 2.73%, under the stewardship of Alameda Research and overseen by FTX debtors.
FTT isn’t the sole coin with ties to bankruptcy still retaining value. The celsius network (CEL) coin stands at $0.15 each, while Voyager’s VGX trades at about $0.11 per unit. These bankruptcy-linked coins have outperformed others like terra classic and terrausd classic, which have faced steeper declines.
What do you think about the possibility of an FTX reboot? Share your thoughts and opinions about this subject in the comments section below.
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