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Opinion | The Cryptocurrency Adventures of Mark Zuckerberg and SBF

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Opinion | The Cryptocurrency Adventures of Mark Zuckerberg and SBF

Again in 2019,

Fb

needed to advertise a brand new digital forex, Libra, to prospects across the globe, a lot of them younger individuals coming into the money financial system for the primary time by their smartphones. It appeared then a promising innovation and nonetheless does now.

The proposal sadly landed at a second when the tech giants had been coming underneath political assault. A spirit of “let’s cease making an attempt new issues” was invading each political events. CEO

Mark Zuckerberg

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shortly retreated when he might need put Libra on the market in defiance of the politicians to let a world public determine if it was helpful.

“You consider you’re above the legislation,” ranted liberal Democratic Rep.

Maxine Waters

in a listening to wherein, for as soon as, she was seconded by average and even conservative colleagues.

Consequence: Libra was stillborn for 2 years and primarily deserted by Fb. Different experiments akin to bitcoin have continued, after all, serving, like porn within the Nineteen Nineties, as a check mattress for brand spanking new enabling applied sciences. However none have caught on as a very standard medium of trade and retailer of worth: too unstable, too esoteric, extra like a tulip bulb you would possibly purchase hoping it should go up for no good motive.

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The rise and fall of

Sam Bankman-Fried

and his FTX trade could be the greatest information in cryptocurrency, nevertheless it has performed nothing to reply fundamental questions. Will cryptocurrencies ever be helpful? Is blockchain an necessary innovation?

The episode does say one thing that hardly wanted saying about depositories or different companies that promise to maintain your property secure and don’t. If Mr. Bankman-Fried offered you a motorcycle lock and later was stealing your bike and getting in accidents with it, you’d have the identical grievance that prospects of his now-bankrupt cryptocurrency trade have.

The remainder of the story doesn’t ring any bells for novelty or originality both—the superficial fascination with a younger face and his short-lived, in a single day wealth primarily based on gee-whizzery that no one actually might clarify.

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Yawn.

The irony that strikes me as fascinating is the best way Mr. Zuckerberg was handled vs. the best way Mr. Bankman-Fried was handled.

When Mr. Zuckerberg tried to launch his cryptocurrency, he positioned his invaluable, established, closely scrutinized firm behind it, deployed armies of legal professionals and had each company and private incentive to do a accountable job, if solely to guard his personal popularity and billions price of Fb shares.

He sought the permission of the permissioncrats, was keen to handle their complaints, search their enter. In an amusing account, the Monetary Instances describes

Janet Yellen

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and

Jay Powell,

over breakfast, asking themselves “What’s in it for us?” and placing the ultimate stake in Libra on June 24, 2021.

To at the present time, as a result of it meets their wants, many nonetheless consider an infinitesimal driplet of Russian Fb advertisements elected

Donald Trump.

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Of the trigger célèbre of 2018, the Fb-Cambridge Analytica scandal, who caught round by the authorized course of that exposed it to be a nothing-burger?

It didn’t assist that Mr. Zuckerberg had been the villain of a Hollywood film earlier than his still-thriving firm even IPOed, whereas the inevitable

Netflix

or Hulu collection on SBF will arrive lengthy after the actual fact.

In interview after interview, Mr. Bankman-Fried now berates himself for not instituting enough controls to cease buyer cash from by some means getting used to make proprietary crypto bets that every one have gone south. “I ask myself lots how I made a collection of errors,” he moaned to this newspaper.

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The reply is straightforward. He didn’t institute controls as a result of he didn’t want any, as a result of buyer cash got here anyway on a crest of bought-and-paid-for credibility from politicians, superstar endorsers, sports activities groups sporting his emblem, media cheerleaders, sponsored business confabs wherein his pronouncements had been accorded gospel standing.

From the episode you would possibly deduce why caveat emptor is the worst regulator besides all of the others, and why authority figures are sometimes higher at looking for their very own pursuits than yours.

Joe Biden,

say, decides what he ought to do a few pending rail strike by asking what greatest serves the political pursuits of Joe Biden. As a rule, after all, this gives a workable method ahead and is why democracy stays the least horrible type of authorities.

Nevertheless it additionally produces its haywire moments. One got here when the political institution banded collectively to crush Mr. Zuckerberg’s conscientious try at a cryptocurrency experiment. One other got here when the identical institution helped fan Mr. Bankman-Fried’s hole simulation of a accountable enterprise till it relieved its trusting prospects of an estimated $51 billion in private wealth.

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Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

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Dogecoin Up 3%, Shiba Inu Up 4%: What Is Going On?

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trading around 3% higher in a single day boosted by the optimism in the cryptocurrency market.

Cryptocurrency Price              Market Cap 24-Hour Trend 7-Day Trend
Dogecoin  $0.3923 $57.6 Billion  +2.8%  +5.3%
Shiba Inu  $0.00002496 $14.7 Billion  +4.2%  +3.1%

Trader Notes: Analysts see bullish potential for the top two meme coins.

Crypto chart analyst Ali Martinez predicts a potential rally for Shiba Inu, suggesting SHIB could hit $0.00049 if it mirrors DOGE’s pattern.

Trader Javon Marks highlights SHIB’s daily chart with a possible bull pattern confirmation. A breakout target of $0.000081—216% above current levels—could see SHIB surge more than 200%.

For Dogecoin, Altcoin Sherpa notes the recent correction as not bearish, seeing opportunities for buyers with another leg up expected soon.

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Crypto Amsterdam observes DOGE hovering in a mid-range phase, suggesting $1 could be on the horizon.

Meanwhile, trader Kevin forecasts a DOGE breakout by Saturday.

Statistics:  IntoTheBlock Data shows:

  • Large transaction volume increasing for DOGE (+41.1%) and SHIB (+44.9%).
  • Daily active addresses rising by 34.9% for DOGE and 10.7% for SHIB.
  • SHIB transactions above $100,000 up from 332 to 399 in one day.

Shibarium Activity: Daily transactions climbed from 4.66 million on Nov. 20 to 4.75 million on Nov. 21.

Read Next: 

Image: Shutterstock

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Bitcoin nears $100,000 as investors bet on crypto-friendly Trump policies

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Bitcoin nears 0,000 as investors bet on crypto-friendly Trump policies

World’s popular digital currency rises as high as $99,073 on expectations Trump will ease legal and regulatory hurdles.

Bitcoin is nearing the $100,000 mark as crypto enthusiasts bet that United States President-elect Donald Trump will usher in a more welcoming regulatory environment for digital assets.

The world’s most popular digital currency rose as high as $99,073 on Thursday, extending its surge since Trump’s re-election on November 5.

The commodity has risen more than 60 percent since election day as investors anticipate Trump’s incoming administration to ease regulatory and legal hurdles to its use.

Trump, who called the asset a “scam” during his first term, accepted campaign donations in cryptocurrency, and has pledged to make the US “the crypto capital of the planet” and accumulate a national bitcoin reserve.

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Trump and his three sons in September also announced the launch of their own crypto business, World Liberty Financial, which investors have taken as a promising sign of the president-elect’s belief in the sector.

In another bullish signal for the sector on Thursday, United States Securities and Exchange Commission (SEC) chair, Gary Gensler, who was widely disliked among crypto investors for his aggressive enforcement actions targeting the sector, confirmed that he would step down in January.

Trump had pledged to fire Gensler on “day one” of his administration, though the president does not have the authority to remove the SEC chair before the end of his or her term.

While viewed by supporters as a ticket to big returns and financial freedom, Bitcoin and other cryptocurrencies are known for their volatility and have faced government crackdowns in several parts of the world.

After climbing to a record high of $69,000 in late 2021, Bitcoin plunged to less than $16,000 over the following year.

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The commodity burst past its previous peak in March after gaining more than 300 percent since November 2022.

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Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News

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Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News

Shemaroo Entertainment and PWR Chain Announce Strategic Partnership to Revolutionize India’s Digital Entertainment through Blockchain Innovation – Press release Bitcoin News





















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