etiennekissborlase
Etienne Kiss-Borlase
Etienne Kiss-Borlase is a Financial Advisor and Art Collector in Geneva Switzerland.
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Loans are a common financial tool that allows individuals and businesses to borrow money for various purposes. You can manage your money and borrow if you know the different loan types that are accessible.
This article will explore some of the most common types of loans and their key features.
Personal Loans:
Personal loans are unsecured loans that individuals can use for various purposes, such as debt consolidation, home improvements, or unexpected expenses. Typically, the interest rates and terms of these loans are fixed. The borrower's creditworthiness determines the loan amount and interest rate.
Mortgage Loans:
Mortgage loans are long-term loans used to finance the purchase of a home or property. Mortgage loans have varying terms, such as 15-year or 30-year repayment periods, and interest rates can be fixed or adjustable.
Auto Loans:
Vehicle purchases are financed using auto loans. Auto loans, like mortgage loans, are backed by the purchased car. Borrowers repay the loan amount and interest over a fixed term. Auto loans may have different terms and interest rates depending on the borrower's credit history and the vehicle's value.
Student Loans:
Student loans are designed to finance education expenses, such as tuition, books, and living costs. The government or private lenders can issue these loans. Student loans may have lower interest rates and more flexible repayment options than other types of loans. Repayment typically begins after the borrower completes their education.
Business Loans:
Business loans finance business-related expenses, such as starting a new business, expanding operations, or purchasing equipment. Business loans may have different terms and interest rates based on the loan amount and the borrower's business financials.
Payday Loans:
Payday loans are short-term, high-interest loans that individuals can obtain in emergencies. These loans are typically repaid in full on the borrower's next payday. Payday loans often come with high fees and interest rates, making them costly.
Credit Cards:
Credit cards, while not technically loans, let users borrow up to a pre-set credit limit. Credit card holders can purchase and repay the borrowed amount over time, either in full or through minimum monthly payments. Credit cards may have high interest rates, and carrying a balance can lead to significant interest charges.
Small Business Administration (SBA) Loans:
SBA loans are loans provided by the Small Business Administration in the United States. These loans aim to support small businesses by offering favorable terms, longer repayment periods, and lower interest rates than traditional business loans. SBA loans may require collateral and have specific eligibility requirements.
Before taking out any loan, it's essential to carefully evaluate your financial situation, determine your borrowing needs, and compare loan options from different lenders. Consider factors such as interest rates, fees, repayment terms, and associated risks. By understanding the different types of loans available and choosing wisely, you can make borrowing decisions that align with your financial goals and help you achieve long-term financial success.
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Building a solid financial future requires making smart decisions and avoiding common mistakes. Unfortunately, many individuals fall into financial traps that can negatively affect their economic well-being. In this article, we will highlight some of the most common financial mistakes and provide tips on how to avoid them.
Overspending and Living Beyond Means:
One of the biggest financial mistakes is consistently spending more than you earn. This leads to debt accumulation and financial stress. To avoid this, create a realistic budget that aligns with your income, track your expenses, and prioritize needs over wants. Practice self-discipline and avoid impulsive buying decisions.
Neglecting Emergency Savings:
Failing to establish an emergency fund can leave you vulnerable to financial crises. Unexpected costs, like urgent medical care or auto repairs, can severely damage your budget.
Ignoring Retirement Savings:
Delaying retirement savings is a significant financial mistake. If you start earlier, your retirement savings will have more time to compound through growth. Take advantage of employer-sponsored retirement plans, such as 401(k)s, and make enough of a contribution to qualify for any matching contributions from the employer.
Carrying High-Interest Debt:
Credit card debt and payday loans are examples of high-interest debt accumulation that can quickly get out of hand. High interest rates can lead to significant financial burdens and make it challenging to get out of debt. Minimize using credit cards, pay off balances in full each month, and prioritize paying down high-interest debt as quickly as possible.
Not Having Insurance Coverage:
Failing to have adequate insurance coverage can expose you to substantial financial risks. Health insurance, auto insurance, and homeowner's or renter's insurance are essential to protect yourself and your assets from unexpected events. Review your insurance policies regularly to ensure they provide sufficient coverage for your needs.
Investing without a Plan:
Investing without a well-defined plan can lead to haphazard decisions and unnecessary risks. Determine your financial goals, risk tolerance, and time horizon before investing.
Not Saving for Short-Term Goals:
While it's essential to save for retirement, it's equally crucial to save for short-term goals. Whether it's a down payment for a house, a dream vacation, or starting a business, set specific savings goals and create a separate savings account to accumulate funds for these objectives.
Neglecting Estate Planning:
Failing to plan your estate can result in unnecessary complications and expenses for your loved ones. Create a will, designate account beneficiaries, and consider establishing a power of attorney and healthcare proxy.
Not Seeking Professional Advice:
Navigating complex financial matters alone can be overwhelming and lead to costly mistakes. Consider consulting with financial advisors, tax professionals, or attorneys for guidance tailored to your situation.
You can build a solid financial foundation and work towards a secure future by avoiding these common financial mistakes and adopting sound financial practices. Remember that financial success requires discipline, education, and making informed decisions.
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Celsius Web Services: The Billion-Dollar Plan That Could Have Saved The Network From Bankruptcy
Celsius Web Services: The Billion-Dollar Plan That Could Have Saved The Network From Bankruptcy
https://bitcoinist.com/celsius-the-billion-dollar-saved-network-bankruptcy/
According to a report from The Block, Celsius Network, a cryptocurrency lending company that filed for Chapter 11 bankruptcy last year, had attempted to raise $1 billion for a project called Celsius Web Services (CWS).
CWS aimed to offer generic versions of Celsius’s yield and custody-focused products and was described as a “web3 toolbox for a New World” in pitch decks presented to Goldman Sachs and Abu Dhabi-backed fund ADQ May and June 2021, respectively.
Former Celsius CEO’s Plan
Celsius’s former CEO, Alex Mashinsky, spearheaded the CWS plan, but the project failed to get off the ground as investors, including Celsius’s board, chose not to participate. Mashinsky had hoped to pivot Celsius away from its core crypto lending business and create the “Amazon Web Services of crypto” with CWS.
The CWS plan was seen as a last-ditch effort by Mashinsky to save the company, as employees openly expressed concerns about Celsius’s financial health in May 2021. However, according to The Block, Mashinsky continued to assure customers that all was well.
Mashinsky was later hit with a civil lawsuit by New York attorney general Letitia James, who accused him of misleading investors about the health of Celsius. Mashinsky dismissed the fraud claims as “baseless.”
Celsius’s lending business ultimately led to its downfall as the company froze withdrawals on June 12, 2021, and filed for bankruptcy a month later. Over 100,000 users were owed over $4.7 billion. Despite Mashinsky’s efforts to launch new products and pivot the company, CWS couldn’t save Celsius from bankruptcy.
The CWS plan was also likened to Plaid, a fintech startup that helps customers connect their financial data to new apps and services, by a second source close to Celsius.
While the CWS plan did not come to fruition, it offers insight into how Mashinsky hoped to save the company. The plan involved white-labeling Celsius’s products and offering services for business transformation and growth.
The types of services in the pitch deck included yield, custody, on-ramp services, and a tool for bridging centralized and decentralized ecosystems. The CWS project had the board’s and external investors’ full backing, but ultimately, Celsius’s existing investors chose not to participate.
The Network’s Custody Settlement Withdrawals For Eligible Users
On May 9th, Celsius Network announced that withdrawals have begun for eligible Custody account users who have opted into the Custody Settlement. The settlement was authorized by the Court last month and allowed users to receive a distribution of their assets in exchange for electing not to pursue any Custody-related claims or causes of action against Celsius and for voting their Custody claims in favor of the Plan.
Last month, the Court authorized our settlement with the UCC and Custody Ad Hoc Group. Today, withdrawals begin for those who have opted in to the Settlement.
— Celsius (@CelsiusNetwork) May 9, 2023
Furthermore, according to the announcement, the distribution of eligible assets will be carried out in two stages. The first distribution consists of 36.25% of each settling Custody account holder’s Custody account balance. Users can withdraw their assets once all account information is updated and verified. Moreover, the Network has provided a Custody Account Withdrawal FAQ for users seeking more information.
Featured image from iStock, chart from TradingView.com
via Bitcoinist.com https://bitcoinist.com
May 13, 2023 at 02:00AM
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Breaking: Binance Will Proactively Withdraw From The Canadian Crypto Marketplace
Breaking: Binance Will Proactively Withdraw From The Canadian Crypto Marketplace
https://bitcoinist.com/binance-proactively-withdraw-canadian-marketplace/
Binance, the biggest cryptocurrency exchange and trading platform, has shared that it will join other major crypto platforms and companies in “proactively withdrawing from the Canadian marketplace.” Unfortunately, this decision will result in excluding crypto users in Canada. The announcement was made with a somber tone by the Binance team.
Binance Proactively Withdraws Services To Canadians
A surprising announcement came from Binance’s official Twitter account on May 12, 2023, stating that they will be withdrawing their crypto operations and services from the Canadian market in a proactive move.
Binance expressed gratitude towards Canadian regulators for collaborating to provide Canadian customers with adequate crypto services and products. However, the company has decided to discontinue these services.
The largest crypto exchange, led by CEO Changpeng “CZ” Zhao, is withdrawing from their home country due to stricter crypto regulations and operational guidelines imposed by authorities. This new development is causing concern within the crypto community.
Canada recently released new guidance for crypto companies about stablecoins and certain limitations for crypto investors to stifle crypto operations in the country.
According to the official announcement, Binance, in efforts to maintain the relationship with its Canadian crypto users and community, “tried its best to allay fears of this strict regulation by exploring other areas to protect its users but found none.”
The Canadian crypto market is no longer “tenable for Binance,” as the tweeted announcement shows. Commenting on the announcement, CZ stated the following reflecting upon negative news shared in 2018:
Not sure how many people remember the events on this day in 2018. It was not positive. Now, the issue is mostly resolved, and we have grown.
What’s Next For Canadian Crypto Users?
The Binance withdrawal announcement from Canada does not leave users in this jurisdiction hanging. It states that the exchange will send out a detailed official email to all users on how this new development will impact their accounts going forward.
The announcement also assures Canadian users that Binance is confident in returning someday when its users have the free will to access a broader suite of digital assets services. And while the exchange currently disagrees with the new Canadian crypto regulations and guidelines, it hopes to continue its engagement with regulatory officials in the country to arrive at a thoughtful and thorough regulatory framework for crypto operations.
via Bitcoinist.com https://bitcoinist.com
May 13, 2023 at 12:24AM
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PEPE Sees Heavy Futures Liquidations As Price Crashes 24%
PEPE Sees Heavy Futures Liquidations As Price Crashes 24%
https://bitcoinist.com/pepe-heavy-futures-liquidations-price-crashes-24/
Data shows PEPE has observed many future liquidations in the last 24 hours as the memecoin’s price has taken a 24% hit.
PEPE Has Registered Total Futures Liquidations Of More Than $13 Million
The “liquidation” of a futures market contract happens when a derivative exchange has to forcibly close said contract because the holder has accumulated losses equal to a specific percentage of the margin or the initial collateral (this percentage can differ from platform to platform).
A couple of things can significantly raise the risk of a contract being liquidated. The first one is the volatility of the asset the contract is for. Cryptocurrencies generally have quite volatile prices, and memecoins like PEPE are especially known to display some wild volatility, so the risk of getting liquidated can be quite significant.
The other factor is leverage. The “leverage” here refers to a loan amount that any contract holder may choose to take against the margin. This leverage is often the initial position itself, and the benefit of it is that any profits accumulated become more by the same magnitude as the leverage.
This also means that any losses incurred are also multitudes more in this case. In the digital asset sector, some platforms offer easy access to leverage as high as even 100x.
Extreme amounts of leverage combined with high volatility can result in a disaster, so that uninformed futures trading can be quite risky for cryptocurrencies.
Due to this reason, mass liquidation events, where a large number of contracts are liquidated at once, aren’t an uncommon sight in the sector. The data below shows that such an event has also occurred in the last 24 hours.
As you can see, there have been liquidations of more than $128 million worth of cryptocurrency futures market contracts over the past day. There were around 52,540 traders involved in this leverage flush, and about 76% were long holders. This would align with the volatility observed today, as most of these liquidations would have been triggered by a price plunge.
While the data above is for the entire market combined, here is a table that shows which futures contract symbols contributed how much to these total liquidations:
Unsurprisingly, the two largest cryptocurrencies by market cap top this list: Bitcoin and Ethereum. Together, they made up for about $68 million of the total market liquidations.
What is interesting, though, is that PEPE is third here. The combined liquidations of PEPE and 1000PEPE (a contract using 1000 tokens of the asset as its base unit) stand at more than $13 million for the last 24 hours.
The reason behind these sharp liquidations is the high volatility that the memecoin has experienced in the past day, which has seen the price not only plunge hard but also observe a rebound.
Dogecoin, a fellow memecoin, has also seen a relatively large amount of liquidations during this period. It currently sits fifth (fourth if 1000PEPE and PEPE are consolidated into one) with a little over $2 million contracts flushed.
PEPE Price
At the time of writing, PEPE is trading around $0.000001309, down 71% in the last week.
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 09:01PM
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Ripple Gains Recognition As Blockchain Leader by Dubai Government Media
Ripple Gains Recognition As Blockchain Leader by Dubai Government Media
https://bitcoinist.com/ripple-gains-recognition-as-blockchain-leader-by-dubai-government-media/
The Dubai government’s official media has praised the blockchain company Ripple as a leader. The recent spotlighting is coming shortly after the firm launches its new business office in the country.
Dubai Government’s Media Office Spotlights Ripple
The official media Twitter page of the Dubai government spotlighted the blockchain company behind the crypto asset XRP. The tweet recognized the firm as a prominent player and a master in enterprise blockchain and crypto solutions.
The government’s media office praised while responding to the expansion move into the country. It further highlighted the country’s proactive decisions concerning innovative technologies and advancement.
Related Reading: Michael Saylor Doubles Down On Bitcoin As ‘King’ Commodity, Warns ‘Money Is Dying’
These include Dubai’s recent embrace of crypto and blockchain solutions and friendly policies regarding this growing industry.
According to the media office, such level ground and favorable policies have been part of the selling point for the country. Also, they have attracted meaningful industry players, such as Ripple, to Dubai.
Ripple reiterated its plans for expansion into Dubai during the Dubai FinTech Summit. According to Ripple CEO Brad Garlinghouse, the move into Dubai is sustainable with a high growth potential. The CEO noted that 20% of Ripple’s customers are based in the Middle East and North Africa.
Also, Dubai has been developing clear regulatory regimes, creating a friendly environment for crypto innovations and infrastructure to succeed.
Through a recent press release, the blockchain firm disclosed the launch of its new business office in the Dubai International Financial Center (DIFC).
Ripple Quest On Global Business Expansion
The firm has been on the quest to expand its business globally. The move into Dubai is one of the company’s latest actions on its expansion plans. It fulfills Ripple’s dream of launching a MENA branch and the new office at DIFC is Ripple’s regional headquarter.
Related Reading: Coinbase Under Fire For Email Linking PEPE To Alt-Right Groups, Calling It ‘Hate Symbol’
Additionally, the blockchain firm targets moving into other regions like Europe. Last month, the company’s Chief Legal Officer Stuart Alderoty disclosed that the firm behind XRP is working on its expansion in London.
Meanwhile, the firm has been undergoing a legal battle with the US Securities and Exchange Commission (SEC) since December 2020.
The SEC sued the blockchain firm and some of its executives for selling XRP tokens through an unregistered securities offer. However, Ripple argues that XRP is not a security.
Ripple CEO Brad Garlinghouse maintained good faith that the company would win the lawsuit. But he mentioned that Ripple may consider relocating from the US if it loses the case.
On its part, XRP has shown a slightly positive price performance amid the prevailing bearish trend in the crypto market. At the time of writing, XRP is trading at around $0.4267, indicating an increase of 1.40% over the past 24 hours.
Featured image from Pixabay and chart from Tradingview.com
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 07:00PM
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Ethereum Exchange Supply At New All-Time Low Investors Accumulating?
Ethereum Exchange Supply At New All-Time Low, Investors Accumulating?
https://bitcoinist.com/ethereum-exchange-supply-all-time-low-accumulating/
On-chain data shows the Ethereum exchange supply has declined to an all-time low recently, suggesting that investors may be accumulating.
Ethereum Supply On Exchanges Has Continued Its Downtrend Recently
According to data from the on-chain analytics firm Santiment, ETH on exchanges is now at its lowest since the cryptocurrency started trading publicly in July 2015. The “ETH supply on exchanges” is an indicator that measures the percentage of the total Ethereum circulating supply that’s currently sitting in the wallets of all centralized exchanges.
When the value of this metric goes up, it means the investors are depositing their coins in the wallets of exchanges currently. Since one of the main reasons why holders may transfer their ETH to these platforms is for selling-related purposes, this kind of trend can have bearish implications for the price.
On the other hand, a decrease in the indicator’s value implies the exchanges are observing the withdrawal of a net amount of the asset right now. Such a trend, when prolonged, can be a sign that the investors are accumulating, and hence, can have a bullish effect on the cryptocurrency’s value.
Now, here is a chart that shows the trend in the Ethereum supply on exchanges over the last few years:
As displayed in the above graph, the Ethereum supply on exchanges has been going downhill for a few years now, suggesting that investors have been constantly withdrawing from these platforms.
The indicator has continued the drawdown while the rally has been taking place, but there was a temporary breakage in the trend just recently, where the metric briefly saw an increase. This rise wasn’t anything significant, but the fact that it occurred just as the latest decline in the price of the cryptocurrency came (which has now taken it below the $1,800 level) may be a sign that these deposits were made for selling.
However, it wasn’t long before the supply on exchanges resumed its downtrend, implying that fresh purchases may have taken place at the current relatively low prices.
Following this latest continuation in the overall downtrend of the Ethereum supply on exchanges, there is now just 10.1% of the total circulating supply left in the wallets of these platforms, which is the lowest value that the coin has seen since its opening week way back in July 2015.
This essential all-time low in the indicator could be a positive sign for the cryptocurrency in the long term, as it shows increasing awareness in the market around the risks of keeping their coins on centralized exchanges.
It’s currently unclear how long the current price drop may go on, but new withdrawals taking place might at the very least be a sign that there is still an availability of buyers in the market.
ETH Price
At the time of writing, Ethereum is trading around $1,700, down 10% in the last week.
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 06:00PM
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Binance Crypto Dominance Declines Empowering Rivals Huobi And OKX
Binance Crypto Dominance Declines, Empowering Rivals Huobi And OKX
https://bitcoinist.com/binance-crypto-dominance-declines/
Binance is now facing another major challenge as a recent study by research firm Kaiko revealed that rival exchanges Huobi and OKX benefited from Binance’s decision to curtail its zero-fee promotion. Subsequently, the crypto exchange saw its market share drop in the spot trading of digital assets.
The study highlights the impact of Binance’s decision on the wider crypto exchange market, as Huobi and OKX were able to capitalize on the exchange’s loss and increase their own market share.
This news comes at a time when the crypto exchange is already facing mounting controversies regarding its operations and regulatory compliance, as well as recent issues faced by its CEO Changpeng Zhao.
Despite being one of the largest and most successful crypto exchanges in the world, Binance’s recent setbacks have raised concerns about the company’s future prospects and ability to navigate the increasingly complex and competitive crypto market.
Binance Market Share Plunges
According to Kaiko, Binance’s market share of spot-trading volumes has fallen from 73% to 51% since the popular zero-fee promotion was mostly scrapped on March 22, allowing rivals Huobi and OKX to increase their market share.
The same data revealed that Huobi’s share has grown from 2% to 10%, while OKX’s share has risen from 5% to 9%.
A spokesperson for the company has downplayed the decline in market share, telling Bloomberg that the drop is not as significant as some of their modeling had projected.
They added that the company’s main focus right now is to improve its existing products and services and invest in compliance processes in preparation for a new era of regulatory certainty.
In addition to Huobi and OKX, South Korean platforms have also seen their share of the market increase, with their share rising from a little under 8% to almost 14%, according to Kaiko’s figures.
The findings highlight the increasingly competitive nature of the crypto exchange market and the challenges faced by leading players like Binance in maintaining their dominance.
Binance Faces Uphill Battle To Regain User Trust
The crackdown in the US has led to users becoming increasingly concerned about the safety of their funds on Binance, prompting them to diversify into other centralized exchanges, Cici Lu, founder of Venn Link Partners, told Bloomberg.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. https://t.co/mvtGQ3JlMA
— CZ Binance (@cz_binance) March 24, 2023
However, Zhao has repeatedly assured users on Twitter that all funds are safe. Nonetheless, the trend of users shifting away from Binance towards other exchanges, combined with the recent drop in market share, poses a significant challenge for the company and its leadership.
-Featured image from proudtorun.org
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 05:00PM
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Terra Founder Do Kwon Buys His Way Out Of Jail In Montenegro
Terra Founder Do Kwon Buys His Way Out Of Jail In Montenegro
https://bitcoinist.com/terra-do-kwon-buys-his-way-out-of-jail/
What an unexpected development: Terra Luna founder Do Kwon has bought his way out of jail in Montenegro, using his own assets to do so. According to local media, Do Kwon accepted the offered bail of 400,000 euros (about $435,000) each for himself and his relative Hon Chand Jun. Both are accused of forging documents in Montenegro.
According to the news report, the defendants explained their financial situation to the court, stating that they have assets worth several million and that the bail could be paid in full by their wives.
In addition, the Terra Luna founder and his companion reportedly assured the court that if they were released on bail until the conclusion of the criminal proceedings, they would not hide, would regularly respond to court summonses, and would be reachable at the address provided by their defense attorney.
The representative of the prosecutor’s office opposed the release on bail, pointing out that the bail amount was not a guarantee that Do Kwon would not go on the run again and leave Montenegro. In addition, he noted that there were no conditions for setting supervision measures. Nevertheless, the judge ruled in favor of release on bail.
“Appreciating the aforementioned proposal of the defense counsel and the opinion of the representative of the prosecution, the court took into account the seriousness of the crime they are charged with, the personal and family circumstances of the defendants, their financial circumstances, as well as the financial circumstances of the persons posting bail.”
Will The Terra Luna Founder Run Again?
According to the judge, the EUR 400,000 each “has a sufficient deterrent effect” on the defendants to discourage them from any attempt to flee. Furthermore, the court pointed out that it still has to verify the authenticity of the travel documents and identity cards allegedly issued by the competent Belgian authority, which may uncertainly prolong the duration of these proceedings.
In addition to bail, a house arrest was imposed on the Terra Luna founder and his relative. Both are not allowed to leave their homes to ensure their presence. This measure is intended to replace pre-trial detention and also to ensure compliance with the ordered monitoring measures.
The prosecution now has the right to appeal the decision within three days.
To recall, before the Terra Luna founder was arrested in Montenegro’s capital, Podgorica, in late March, he had been on the run for several months. Do Kwon and his travel companion attempted to board a private flight to Dubai and were detained by Montenegrin authorities with fake Costa Rican passports. They were also carrying travel documents from Belgium that were forged.
While Do Kwon is now out on bail, Terra Luna co-founder Daniel Shin is scheduled for his first court hearing in South Korea on May 26, Bitcoinist reported yesterday.
At press time, the Terra Classic (LUNC) price remained in it’s prolonged downtrend.
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 04:05PM
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Michael Saylor Doubles Down On Bitcoin As King Commodity Warns Money Is Dying
Michael Saylor Doubles Down On Bitcoin As ‘King’ Commodity, Warns ‘Money Is Dying’
https://bitcoinist.com/michael-saylor-warns-money-is-dying/
Bitcoin still commands respect and popularity despite the current gloomy economic climate. Michael Saylor, MicroStrategy co-founder, has been particularly vocal in his support for the cryptocurrency, and in a recent interview, he reiterated his optimism for Bitcoin’s potential as a solution to economic instability.
Saylor has been a well-known advocate for Bitcoin since MicroStrategy announced its $425 million investment in the cryptocurrency in 2020, and his views on the digital asset are highly regarded by investors around the world.
In an interview with financial journalist David Lin, Michael Saylor highlighted the shortcomings of traditional currencies, pointing out that their value is subject to inflation and instability.
He emphasized how “money is dying,” and explained how Bitcoin provides a viable alternative to traditional currencies that is immune to inflation and market fluctuations.
Shift Toward Crypto And Future Of Finance: Michael Saylor
Saylor has drawn attention to the growing crisis of confidence in currencies and banking systems across the world. In the interview, Saylor expressed his views on the declining trust in fiat currencies, which he believes is driving a renewed interest in cryptocurrencies like Bitcoin.
According to Michael Saylor, the global economic landscape is in turmoil, and governments are struggling to maintain the stability of their currencies and banking systems. As a result, consumers are losing confidence in traditional fiat currencies and turning towards alternative forms of money.
He said:
“Therefore, money is dying, it’s obviously dying in Venezuela, and it’s obviously dying in Argentina, but it’s dying everywhere in the world, even in the United States and Western Europe.”
This renewed faith in cryptocurrencies like Bitcoin has become a topic of interest among investors and financial experts alike, as people search for stable and secure alternatives to traditional banking systems.
Michael Saylor Remains Confident In Bitcoin As ‘King Commodity’
Despite the recent slump in the cryptocurrency market, the co-founder of MicroStrategy remains optimistic about Bitcoin’s future. According to Saylor, Bitcoin’s digital and scarce nature make it the “king commodity” in the digital world, ensuring that it will ultimately emerge as the winner in the crypto race.
While the latest data from CoinGecko shows a 4.1% decline in Bitcoin’s value in just 24 hours, with a 9.6% loss in the past seven days, Saylor believes that this is just a temporary setback.
In his view, Bitcoin’s intrinsic value and unique properties set it apart from other cryptocurrencies and traditional fiat currencies, making it the ultimate store of value in the digital age.
As the world becomes increasingly digital, the demand for a secure and decentralized form of currency is growing, and Bitcoin is well-positioned to meet this need. Saylor’s unwavering confidence in Bitcoin’s long-term potential underscores the growing trend toward digital currencies and the evolving nature of finance.
-Featured image from Signals Matter
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 03:18PM
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Binance.US Considers Reducing Founder Changpeng Zhaos Control Amid Regulatory Scrutiny
Binance.US Considers Reducing Founder Changpeng Zhao’s Control Amid Regulatory Scrutiny
https://bitcoinist.com/binance-considers-reducing-changpeng-zhaos-control/
Amid the continuous regulatory scrutiny, Binance.US, the American arm of the world’s largest cryptocurrency exchange, has disclosed it is now contemplating cutting down founder Changpeng Zhao’s (CZ) majority stake in the company.
This move comes in response to regulators targeting the exchange. And according to the report, this latest move is in the favor of the company as it will remove any challenges regarding the obtaining of any future regulatory license.
Cutting Down Control
On Thursday, The Information reported that Binance.US executives have been in discussions with Zhao about reducing his stake in the company. The move is said to be aimed at addressing concerns over regulatory compliance and bolstering the exchange’s standing with US regulators.
Binance.US is currently in the process of seeking regulatory approval in the US to expand its offerings, but the company’s association with Zhao has raised questions about its ability to meet the necessary regulatory requirements.
In March, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the exchange and its CEO over allegedly operating an “illegal” digital asset exchange along with a “sham” compliance program.
The lawsuit alleges that both Binance and its executives engaged in “willful evasion” of US law while exploiting regulatory loopholes to gain a competitive advantage.
The regulatory scrutiny has put pressure on Binance.US to take action to distance itself from its founder and demonstrate its commitment to compliance. While discussions are ongoing, it is unclear how much of Zhao’s stake Binance.US intends to reduce or whether he will retain a controlling interest in the company.
CZ’s Prior Move
Notably, the reduction of Zhao’s control is not a new development, as he has reportedly been seeking to sell some of his stakes since last summer. However, the CFTC lawsuit and subsequent regulatory challenges have given renewed impetus to efforts to dilute his control.
The move would also align Binance.US with the growing trend among cryptocurrency exchanges to separate ownership and management, as regulators increasingly scrutinize the sector.
Executives of the US arm are said to be concerned that the CFTC lawsuit targeted against Zhao, could hamper the company’s efforts to obtain certain regulatory licenses in the US.
According to The Information, the company is seeking to allay regulators’ concerns by distancing itself from Zhao’s controversial reputation in the industry. This could pave the way for Binance.US to expand its services and compete more effectively with other exchanges in the US.
Following the news, Binance Coin (BNB) has recorded a sharp decline, plummeting 2% in the past 24 hours. BNB has moved from trading above $310 to trading below it at the time of writing. The asset trading volume has only ranged around $600 million in the past 24 hours.
Featured image from Unsplash, Chart from TradingView
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 02:39PM
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Is Elon Musks New Twitter CEO Linda Yaccarino A Dogecoin Lover?
Is Elon Musk’s New Twitter CEO Linda Yaccarino A Dogecoin Lover?
https://bitcoinist.com/musk-twitter-ceo-linda-yaccarino-dogecoin-lover/
Still-Twitter CEO Elon Musk has found a successor for himself, Bitcoinist reported yesterday – but what about her Dogecoin love? The billionaire wrote in a tweet that a successor has been found and she will take over his role as X / Twitter CEO in about six weeks. Musk did not initially mention a name.
In addition, Musk announced that he wants to act as CTO, that is, as chief technical officer, of Twitter in the future. This would include overseeing products, software and sysops.
Linda Yaccarino Likely To Be New Twitter CEO
It didn’t take long for the rumor mill to get rolling and come up with the name of the supposed new Twitter CEO. According to reports, it will be Linda Yaccarino, the current head of advertising at media conglomerate NBC Universal.
She will likely be tasked with getting Twitter’s advertising business rolling again, which has suffered losses in recent months. Musk had bought Twitter in October for around $44 billion, fired top management and taken over the reins himself.
Because of the freedom of speech, which Musk places at the top of his list, advertising revenue has plummeted and with it Twitter’s central source of revenue. Many advertisers disagreed with Musk’s free speech approach, citing a negative environment for their products as the reason for their retreat.
Tech journalist Kara Swisher tipped off shortly after Musk’s tweet that advertising expert Yaccarino was the most likely candidate for Twitter’s chief executive post. A little later, The Wall Street Journal reported the executive was in talks for the job.
Yaccarino is currently in charge of NBC Universal’s global advertising business. As head of advertising sales for NBCU, she was instrumental in launching the ad-supported streaming service Peacock. Previously, Yaccarino spent 19 years at Turner Entertainment and was credited for leading the network’s advertising sales into the digital future.
Most recently, she struck a deal with Twitter for NBC Universal for footage from the 2024 Paris Olympics. The Hollywood paper Variety, citing Yaccarino’s close circle, wrote that she has long expressed admiration for Musk. In mid-April, she interviewed Musk at an advertising conference in Miami and praised his work ethic.
Is Yaccarino A Dogecoin Lover?
Yesterday’s news caused a stir in the Dogecoin community. The big question is whether the new Twitter CEO will support Dogecoin (DOGE) as much as Elon Musk himself.
I just hope the new Twitter CEO likes dogecoin
— Sir Doge of the Coin (@dogeofficialceo) May 11, 2023
It is also questionable what influence Musk will retain and whether he will be able to push through the introduction of Dogecoin as a means of payment, for example. At least the announcement that he will remain CTO bodes well for the DOGE community.
However, Yaccarino’s Twitter profile also provides reason for hope. While she hasn’t had any touchpoints with cryptocurrencies or Dogecoin (publicly), her account shows some surprising finds.
The list of accounts (1,161 in total) she follows on Twitter includes Tesla and the official Twitter account, as well as Dogecoin, Billy Markus (DOGE inventor) and several Dogecoin community accounts, Sir Doge of the Coin and DogeDesigner. Another surprise: Yaccarino also follows the official Shiba Inu Twitter account.
Is the rumored new Twitter CEO Lina Yaccarino a #Dogecoin lover? #DOGE #SHIB
Her Twitter reveals quite a bit: pic.twitter.com/VIh1nF70cZ
— Jake Simmons (@realJakeSimmons) May 12, 2023
At press time, the Dogecoin (DOGE) price stood at $0.0703, falling along with the market trend.
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 10:28AM
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SEC Is Acting Unfairly Against Crypto Firms Says US Chamber of Commerce
SEC Is Acting Unfairly Against Crypto Firms Says US Chamber of Commerce
https://bitcoinist.com/sec-is-acting-unfairly-against-crypto-firms-says-us-chamber-of-commerce/
The United States Chamber of Commerce has filed a brief criticizing the Securities and Exchange Commission’s (SEC) actions against crypto companies.
1/ BREAKING: The U.S. Chamber of Commerce has just filed a brief in the @Coinbase v. SEC case, calling out the SEC for acting "unlawfully" in the digital asset space.
This is The U.S. Chamber of Commerce–not the Chamber of Digital Commerce.
This is a Big Deal.
Here's why…
— MetaLawMan (@MetaLawMan) May 11, 2023
The Chamber of Commerce Criticizes The SEC
The Chamber of Commerce is the world’s largest business federation, representing around 3,000 businesses in the country.
While it has a broad membership across various industries, its involvement in the Coinbase vs. SEC case reflects the significant impact of the regulator’s approach to digital assets and companies under the United States securities laws.
In the brief, the Chamber emphasizes its role in representing the interests of its members before Congress, the Executive Branch, and federal courts. It regularly files amicus curiae briefs in cases that raise issues of concern to the business community.
Their filing starts by highlighting the lack of clarity surrounding digital assets and their classification as “securities” under federal law. This uncertainty has far-reaching implications for the digital asset economy valued at over $1 trillion.
Despite the size of the crypto markets and its future valuation, the SEC has failed to guide firms. Instead, it continues issuing enforcement actions and confusing and inconsistent public statements.
The Chamber argues that the SEC’s refusal to engage in rulemaking or establish a systematic process undermines due process, administrative law, and good governance.
Key Arguments
The Chamber presents three key arguments in its brief.
First, it asserts that regulatory uncertainty stifles innovation in the United States. Without clear guidelines on which digital assets are considered securities, businesses hesitate to explore technologies that hamper growth and development.
Second, the Chamber argues that the SEC’s actions destabilize the digital assets’ regulatory environment. The lack of a framework and the reliance on enforcement actions create an unpredictable landscape for businesses operating in the space, making it difficult to make informed decisions.
Finally, they claim that the SEC violates “Constitutional Due Process and Fair Notice Rights.” By failing to provide clear guidance through formal processes, the SEC restricts the ability of federal courts to review and challenge its legal arguments, further exacerbating regulatory uncertainty and impeding fair treatment.
The Chamber firmly states that the SEC’s actions are harmful and unlawful. It argues that legal uncertainty inhibits productive conduct and stifles innovation, a concept recognized by the courts.
The crypto community views that the Chamber’s involvement shows how significant the Coinbase vs. SEC case is. The outcome could have far-reaching implications for the digital asset space and its regulatory framework in the United States.
Brad Garlinghouse, the CEO of Ripple Inc., a payment blockchain-based company, has repeatedly stated that the absence of regulatory clarity on crypto in the United States forces capital elsewhere and smothers innovation.
The SEC is suing Ripple’s executives, including Garlinghouse, for raising billions by offering XRP, a coin they claim is unregistered security.
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 03:00AM
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If PEPE Is The Dogecoin Of This Cycle Then What Is The Next SHIB?
If PEPE Is The Dogecoin Of This Cycle, Then What Is The Next SHIB?
https://bitcoinist.com/pepe-dogecoin-the-next-shib/
The success and popularity of Pepe Coin (PEPE) has seen it referred to as the Dogecoin of this cycle. This is no surprise given that the cryptocurrency ran from a market cap of less than $30,000 to over $1.2 billion in less than one month. However, the question now remains, if PEPE is the DOGE of this cycle, what is the next SHIB?
Ladys Crosses $100 Million In One Day
Just like what was recorded with Dogecoin and Shiba Inu back in 2021, another phenomenon is now taking place in the market. Once again, it has been triggered by billionaire Elon Musk who has long been a fan of meme coins.
On Wednesday, Musk tweeted out a meme of a Milady NFT, the community rumored to be behind the now infamous PEPE meme coin. The tweet sparked the growth of a new meme coin called Ladys whose rally was even more impressive than that of PEPE.
pic.twitter.com/4s6HwnCY74
— Elon Musk (@elonmusk) May 10, 2023
In just one day, the Ladys token crossed the $150 million market cap with over $100 million in volume already. The effect of Elon Musk’s tweet on the meme coin has been apparent with almost 10,000 holders already, a testament to the massive growth of the coin.
The coin has since seen a correction in its price bringing its market cap down. But it is still trending at $112 million, a notable increase from the below $100,000 market cap the coin began its journey. This impressive growth and the fact that it was triggered by Elon Musk has sparked speculation in the crypto community on Twitter that it might be the next SHIB.
Meme Coins Take A Hit As PEPE Retraces
The mini-meme coin run that was experienced over the last month was triggered by the growth of PEPE. However, the trend seems to be dying down as PEPE has lost over 50% of its all-time high value so far. As a result, the other meme coins created to capitalize off its hype are also suffering as well.
PEPE on its own has seen its market cap decline to $600 million over the last week following its Binance listing. Although it is still seeing significant trading volumes during this time, which continues to encourage investors through the downtrend.
Top meme coins such as Dogecoin and Shiba Inu are also not left out of the onslaught with both trading in the red over the last week. As a result, the total meme coin market cap is currently sitting at $17.5 billion, a 1.5% decline in the last day.
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 02:00AM
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Paxful Is Back Online Less Than A Month After Suspending Marketplace
Paxful Is Back Online Less Than A Month After Suspending Marketplace
https://bitcoinist.com/paxful-is-back-online-less-than-a-month-after-suspending-marketplace/
Paxful, a peer-to-peer (P2P) cryptocurrency exchange, has resumed operations less than a month after shutting down.
Paxful Re-opens
The company recently shared its joy in announcing the re-opening of its cryptocurrency marketplace and expressed its commitment to ongoing development.
It's been a good week. Let's keep building. pic.twitter.com/Xie4XTQpYv
— Paxful (@paxful) May 11, 2023
The decision to suspend operations, Paxful said, was “difficult” but explained that the decision was to protect customers and “secure the future” of the popular marketplace.
The suspension occurred in April after CEO Ray Youssef raised concerns about the safety of customer funds due to a lawsuit filed by co-founder Artur Schaback.
Schaback sued Youssef and the company for wrongful termination and other reasons, which led to a series of challenges and conflicts within the organization.
In discussions with co-founders and former employees, it was revealed that the relationship between Youssef and Schaback had deteriorated over time, resulting in lapses in management and professionalism.
Paxful is under a custodian who serves as a director alongside Schaback and Youssef. Schaback expressed his desire to reach a settlement and exit the company, emphasizing the need for the custodian as a tiebreaker to resolve the issue.
During the suspension, Paxful ensured its Paxful Wallet remained fully operational, allowing users to continue managing their funds. Additionally, users were offered alternative P2P platforms for trading activities.
I’m not withdrawing my btc from @paxful until everyone else gets theirs out first pic.twitter.com/v0hq62SQaB
— Ray Youssef (@raypaxful) April 5, 2023
The Twirls
Initially, there were uncertainties regarding the resumption of operations. Paxful CEO Ray Youssef addressed the situation on the company’s website, citing key staff departures and regulatory challenges in the P2P market and the United States.
Youssef emphasized that their wallets would continue functioning, enabling customers to retrieve their funds. He encouraged users to transition to self-custody or explore other service providers such as Bitnob, a Bitcoin payments company, and Noones, a P2P platform.
This is not the first time Paxful has faced challenges. In December, the platform suspended Ethereum (ETH) trading on its marketplace due to the network’s transition from proof-of-work to proof-of-stake.
We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue Who is next ? pic.twitter.com/JTJXa5RYJ8
— Ray Youssef (@raypaxful) December 21, 2022
Since then, Paxful has solely focused on Bitcoin, USDC, and USDT trading.
Youssef took to Twitter Spaces to address concerns about the safety of customer funds, pointing to the impact of Schaback’s lawsuit on the platform’s security.
Despite the obstacles faced by Paxful, the company’s return is seen as a positive development in the crypto community.
Some users are leaning towards fear, uncertainty, and doubt (FUD), speculating that Paxful was coming online to “wash users’ money before disappearing.”
I have a strong feeling that paxful has come back to wash away our money and disappear
— Sammy254 (@sammyma94655074) May 11, 2023
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 01:00AM
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Elon Musk Stepping Down as CEO Twitter End of DOGE?
Elon Musk Stepping Down as CEO Twitter, End of DOGE?
https://bitcoinist.com/elon-musk-stepping-down-as-ceo-twitter-end-of-doge/
Elon Musk will step down from his CEO position at Twitter, following through with the promise made weeks after taking the position. King memecoin Dogecoin (DOGE) is negatively reacting to the news, recording a 10% loss in the last week and a 4% loss during today’s trading session.
Who Will Replace Elon Musk As Twitter CEO?
According to a Tweet posted via his official handle, Elon Musk will step down from his role in the next 6 weeks. However, the entrepreneur will remain in the company in a different position:
Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks! My role will transition to being exec chair & CTO, overseeing product, software & sysops.
In October 2022, Musk acquired the social media platform and became CEO. The acquisition process was long and controversial, as many questioned Musk’s intention to buy the company.
The entrepreneur stated on several occasions that he aimed to defend “freedom of speech” on the platform and indirectly worldwide. As such, Musk implemented new policies and changes to Twitter, implementing a subscription-based model called “Blue” and more.
As with many things associated with Elon Musk, his time at Twitter sparked heated debates across multiple communities, crypto included. Almost a month after taking over the social media, Musk stated:
New Twitter policy is freedom of speech, but not freedom of reach. Negative/hate tweets will be max deboosted & demonetized, so no ads or other revenue to Twitter. You won’t find the tweet unless you specifically seek it out, which is no different from rest of Internet.
Crypto Community Reacts: New Twitter CEO Will Favor DOGE?
Although Twitter is yet to reveal details about its new CEO, it seems fair to assume that she will share some of Musk’s views on freedom of speech and other topics. However, the crypto community wonders if she will share his view on Dogecoin.
The memecoin has been a Twitter darling under Musk’s time as CEO. In the past, the entrepreneur used the crypto and its pet, the Shiba Inu, to change the Twitter logo and even joked about making it the new CEO of Twitter.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
In turn, Dogecoin’s (DOGE) price has been heavily correlated with Musk’s comments. Will the new Twitter CEO hold the same appreciation for crypto and DOGE? It remains to be seen but it is a question that many in the crypto community are making.
Excited to see what she will bring to the table. Will she have a large focus on crypto Twitter?
— Kraken Exchange (@krakenfx) May 11, 2023
As of this writing, DOGE’s price trades at $0.070.
Chart from Tradingview
via Bitcoinist.com https://bitcoinist.com
May 12, 2023 at 12:01AM
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BlockFi Customers Lose Battle To Recover $300 Million U.S. Judge Says
BlockFi Customers Lose Battle To Recover $300 Million, U.S. Judge Says
https://bitcoinist.com/blockfi-users-lose-battle-recover-300-million-us/
Things could worsen for BlockFi users as a United States judge rules against a petition to recover over $300 million in Bitcoin. The failed crypto company filed for bankruptcy in late 2022 following a widespread collapse of lenders in the sector.
As in most cases, when a company undergoes bankruptcy, users are the most affected. Per a Bloomberg report, some BlockFi users have been denied access to the possibility of recovering their funds as they unintentionally forfeit their right over the crypto held on the lending platform.
Poor Communications Affect BlockFi Users’
The decision was ruled by U.S. Bankruptcy Judge Michael Kaplan, according to the report. The judge dismissed BlockFi customers’ arguments if they held coins earning interest on the platform. In this case, these users gave up the rights to their assets.
The decision, while controversial, has been standard in similar legal cases. In 2022, the crypto industry saw major lenders collapse as the price of Bitcoin and the market trended to the downside.
The “Crypto Winter” worsened when crypto exchange FTX, owner of BlockFi and other lenders, followed the trend and filed for Chapter 11 bankruptcy. In this context, U.S. judges have been siding with the failed crypto companies when determining if users with interest-bearing accounts retain ownership of their coins.
For BlockFi users circumstances were harsher, the company underwent a series of potential acquisitions but eventually was forced to declare bankruptcy. The critical argument behind Kaplan’s decision was communication between the crypto lender and its users.
In late 2022, when rumors about BlockFi’s collapse began circulating, some of these users tried to take out their coins from the platform. The company notified them that the withdrawal transactions were completed, but this information was false.
U.S. Bankruptcy Judge Kaplan stated, according to Bloomberg:
The user interface did not accurately reflect the transactions.
However, not everything is lost for these individuals. Users with coins on custodial accounts, not receiving any yield from their crypto, can benefit from the $300 million in assets stock on the crypto lending platform and could recover a portion of their funds.
via Bitcoinist.com https://bitcoinist.com
May 11, 2023 at 09:47PM
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