Tag: bitcoin

ECP NetHappenings: SEC Gary Gensler Gets Grilled

SEC GARY GENSLER GETS GRILLED

Educational CyberPlayGround, Inc.
Educational CyberPlayGround, Inc.

Blockchain isn’t a thing outside of #Bitcoin.
There will only be one for the same reason there’s only one internet, only one document protocol, and only one email protocol.

If you can send an email, you can very easily send a Bitcoin transaction to any Lightning Address.
https://twitter.com/getAlby/status/1648355404546551808

US Congressman introduces legislation to REMOVE the Chairman of the SEC, citing an abuse of power and failures regulating the #Bitcoin & crypto market

#Bitcoin is the world’s most secure computer network.
#Bitcoin is the first monetary asset to experience hyper-disinflation.
#Bitcoin outperforms Gold when there is massive monetary debasement – Bernstein Wealth Management

Exposing the fraud Gary Gensler! The court case should be crystal clear make the decision Judge Torres! #FireGaryGensler

@brucefenton
In case anyone is curious — not only is the SEC all over the place on what even is a security — their claims you can “just register” are also false.
There is absolutely no mechanism existing today that a crypto exchange can “simply register” with the SEC.
It’s a lie/ fairy tale.

US congressman Warren Davidson to introduce legislation to fire SEC Chair Gary Gensler.
#firegarygensler
He will never be fired.

The Gensler catch 22 for US crypto intermediaries:
here it is… cold hard proof that either the SEC qualified an unregistered investment company or its current arguments are wrong see #7.
Token LLC does Not meet the definition of an investment ….. https://drive.google.com/file/d/1s7oRGwK2TsSa74Y6mjmxnH4REw_374DK/view

VIDEO MIT Sloan Finance Beyond Crisis
– Fintech Beyond Crisis, Gary Gensler
See Show Transcript

If you bought $100 of Algorand when Gensler told you they could build Uber on it you would now have $5
VIDEO SEC Chairman Gary Gensler has been shilling Algorand for years, and now he’s trying to call it a security.
You promoted an unregistered security to me sir. You should go to jail.
At 45:40 Gary Gensler, head of Biden’s SEC mentions Silvio Micali as someone he works with & $ALGO as a blockchain u could build Uber on.

Gary Gensler has been promoting Algorand for years

Now that the SEC ruled Algorand a security, is he going to get hit with the same $1.26 million dollar fine he gave Kim Kardashian?


“Silvio Micali’s Alogrand, he’s a Turing Award winner at MIT I work with.. Silvio’s got a great technology, it has performance, you could create Uber on top of it” ~ @Algorand promoter and @SECGov Chairman @GaryGensler
https://twitter.com/mdudas/status/1647989739910209536

Gary Gensler, the Chair of the SEC, attributes the collapse of Silicon Valley Bank $SIVB to crypto, Not True.
https://twitter.com/BecauseBitcoin/status/1648357611828396034

The SEC has lost 5 of its last 6 cases in the Supreme Court. SEC v Cochran (4/14/23)

June 20, 2018- six days after the Hinman speech. @TimDraper was prophetic about what was coming, and what @GaryGensler, sitting next to him, would be complicit in
https://twitter.com/CryptoLawUS/status/1440032542313246726
It is the exact play book we were told was going to play out. Of course the banks and finance houses don’t want crypto to succeed, they all lose their jobs. Shows that JP Morgan had a hand in this. This will never get old because he’s exposing Gary Gensler’s plan right in front of the guy and he doesn’t know how to react.

– GOP Financial Hearing @GaryGensler says if a ‘crypto’ has a group of entrepreneurs in the middle working on, promoting & upgrading a project that the public relies on in anticipation of a profit it’s a security, BRINGS LAWYERS WITH THEM TO SPEAK WITH GARY.

Right off the bat @PatrickMcHenry asks whether @GaryGensler thinks #ETH is a security…”Is Ether a commodity or a security?”
After several minutes of back and forth, Gensler REFUSES to answer and keeps talking around the question.

GARY GENSLER LITERALLY SHAKING when asked if #eth is a security or a commodity and refusing to answer the question
VIDEO https://twitter.com/TylerSCrypto/status/1648332815220523009

Palley on Twitter: “It’s hard to look at ChatGPT & similar systems & not realize that we are at an historical moment as significant as the invention of the printing press or the use of fire to cook meat. This may seem like hyperbole but if you’ve spent anytime using the technology … 1/19”

John E Deaton @JohnEDeaton1
In Ripple, the Judge said the SEC “lacks faithful allegiance to the law.” In LBRY, the Judge shamed the SEC over the lack of clarity. In Grayscale, the Court said the SEC’s arguments made no sense. In Voyager, the Judge BLASTED the SEC’s ethics and behavior.
The SEC will lose.
Happy thought of the day: @GaryGensler will not be at the @SECGov two years from now. He is awful and he is corrupt, but he is also temporary.

The Russian central bank is considering the idea of ​​using #cryptocurrencies for international settlements.

US Government Seized Bitcoin Sales Tracker

– Hong Kong court recognizes #cryptocurrencies as property.

– UAE regulator to accept license applications from #crypto firms seeking to provide services in the country.

Gary Gensler never owned any #bitcoin or #crypto but enforces regulations on it.

Why are spot #Bitcoin ETFs safe in Germany, Brazil, Singapore, and not in the US?

THE ‘RIGHT TO MINE’ #BITCOIN IS NOW LAW IN THE STATE OF ARKANSAS!

US Congressmen demand SEC Chair Gensler to approve spot #Bitcoin exchange traded products
The SEC’s approach to Bitcoin regulation “has been unacceptable”
All Committee Republicans—led by Chairman @PatrickMcHenry
—sent a letter to @SECGov Chair Gensler blasting him for trying to force digital asset trading platforms to “come in and register” under his non-existent registration process.

@JohnReedStark
Newsflash: An SEC crypto-exchange crackdown has begun – and the SEC is apparently taking no prisoners. 4 recent SEC events indicate that crypto-exchanges, platforms, etc. will have to stop doing business in the US, at least in their current form.

Bittrex Receives Wells Notice From SEC for Alleged Investor-Protection Law Violations
According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission (SEC) in March, signaling a potential lawsuit. The SEC’s enforcement division sent the Wells notice prior to Bittrex deciding to wind down its operations in the United States.

AS LONG AS THE BIG BANKS GET A CUT OF THE TRANSACTION FEES THE SEC GENSLER PUPPET IS ALRIGHT WITH THEM MAKING MONEY.

The markets and dissenters inside the @SECGov are waking up to
THE WHITE HOUSE, @GaryGensler and @SenWarren are now the best friends the Big Banks ever had.

Ugh Oh

“The US just admits debanking Russia backfired & now threatens USD as a blank reserve.  Quite an admission as the administration seems more adamant at fighting a war with crypto rather than securing commodity settlements in petrodollars”
The US (Yellen) just admits debanking Russia backfired & now threatens USD as a blank reserve. Quite an admission as the administration seems more adamant at fighting a war with crypto rather than securing commodity settlements in petrodollars.

Gary Gensler has a net worth of $119,000,000.000 ($119 million dollars) From working at JP Morgan. Gary is a Government employee with a salary of roughly $32k per month or $384,000 per year. Someone worth $119m DOES NOT GIVE A DAMN about peasant retail investors

The SEC approved of @coinbase going public 2014. Now they want to back track, and say all the crypto that went on the exchange after 2014 is  illegal.

US Representative Warren Davidson plans to file legislation to dismiss SEC Chairman Gary Gensler

Here is @GaryGensler himself before he took over the @SECGov telling fintech disrupters to be ready to bow down to incumbents. He is now the lead regulatory goon making sure it happens to crypto.
https://www.youtube.com/watch?v=COXzKB6tLBg

Here’s Gensler at MIT talking about how any potential “disruptor” of the legacy financial system must be prepared to give up HALF of their share to the incumbents in power?
Watch how cavalier, if not proud, of the system that made him wealthy.
check out the juicy stuff In MIT class #18…..ohhh wait wiped clean of any records on internet after being elected head of SEC.

“Decentralized exchanges… trust me, they’re harder for the official sector. Decentralized exchanges are basically– think of an algorithm that is decentralized, no central intermediary. But through an algorithm… I could trade Bitcoin versus Ether” – Gensler 2018″

Top 10 Decentralized Exchanges 2021

1. Uniswap
2. MDEX
3. SushiSwap
4. BurgerSwap
5. PancakeSwap
6. JustSwap
7. Bisq
8. OpenOcean
9. 1inch Exchange
10. HoneySwap

The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy

The SEC to ban crypto. But this isn’t Russia or China!
That’s the Democrat Whitehouse, Warren, Gensler @garygensler strategy and everything he and @senwarren do is aimed at that goal.

Nakamoto Portfolio Theory
https://nakamotoportfolio.com/nakamoto/start
A set of tools, research and open source code to explore the ground breaking effects that Bitcoin has on the financial world.

The 21st Century Brings The Digitation of Wealth

CAN ACADEMIA GIVE BITCOIN A FAIR SHAKE?

Members of academia are inherently biased against Bitcoin, but there are intelligent and curious members who could change that.

 

From 2012 to now,  10 years later:
BTC is up 14000% and has been one of the best investments of all time.

IS ACADEMIA A LOST CAUSE FOR UNDERSTANDING THE FUTURE OF ECONOMICS?

WE ARE LIVING THROUGH TRANSFORMATION

THE DIGITATAION OF WEALTH

No one really has any real handle on total world money supply.
Expansion seems open ended and never ending.
The only check on #Fiat production is #Bitcoin.

No need for fiat world default as entire fiat world just devalues vs #Bitcoin
US Banking system is broken. We can all feel it.

WE WILL TOKINIZE EVERYTHING ON THE BLOCKCHAIN

OPINION Here’s what you need to know

In an AI dominated world, we WILL NOT SURVIVE without blockchain technology & web3.

AI will homogenize what and how we think, at scale, deleting our uniqueness, our originality, and ultimately our humanity.

We should not be concerned that AI will become more human.
But that humans will become more like machines.

AI could devour all of human culture.
According to OpenAI, “Your conversations may be used by our AI trainers to improve our systems.”

LLMs like GPT-4 are being trained not only on everything we’ve produced for 1000s of years, but on our ideas and dreams for the future.
“With its mastery of language, AI can hack and manipulate the operating system of civilization.

We could end up with a world where a non-human intelligence shapes our stories, images, laws, and policies.” ~@harari_yuval
But blockchain technology & web3 are the solution for these massive problems:

1. Web3 reverses the massive centralization of ownership and control that AI exacerbates.
And re-distributes power, access, and wealth to communities and individuals.

2. Web3 solves the ‘EVIL’ problem by using code.
Most tech & AI platforms will start out with good intentions but, like Google, eventually stray.
Web3 bakes the values and rules into the code.

@cdixon Instead of hoping that application/network designers do the right thing (“don’t be evil”), web3 creates new systems where the rules are enforced by code (“can’t be evil”) and the incentives of the network and the network participants are fully aligned.

3. In web3, AI models can be trained without you sharing your data.
You maintain control of your data and your privacy.
Protocols like @bittensor and @oceanprotocol provide decentralized networks for data and machine intelligence.

4. Web3 will counteract the homogenizing of humanity and the loss of human culture.

Public blockchains like @ethereum, @solana, @Aptos_Network, @SuiNetwork, @0xPolygon, and others, give permissionless access.
This strengthens the sovereignty and autonomy of individuals.
Tokenization gives artists, creatives, athletes, entrepreneurs, and others powerful tools to succeed.
This boosts the output of our unique intelligence and creativity.
And keeps us from becoming more like machines.

4. The knowledge and resources that are necessary to innovate in AI are controlled by the wealthy few.
Web3 can democratize access by creating a decentralized autonomous hive mind. @awrigh01 Dec 17, 2022

This is where blockchain technology comes in. By using a decentralized, distributed data structure to authenticate and verify data, blockchains can help ensure the integrity and credibility of the information that is being generated by AI

Web3 can protect the social fabric from a flood of synthetic content that could destroy human civilization. @TziokasV

Web3 can establish identity, and proof of humanity in a world of AI bots. @niickdoteth

THERE will be no other way to reliably establish identity when there are billions or trillions of AI powered bots

In the face of AI created content, blockchains can give public verification of who you are and what you said. @JamesAlfonse

Web3 and blockchain technology provide a foundation for a more decentralized, secure, transparent, and equitable AI ecosystem.

Ultimately, these two technologies can work together for humanity.
@VirtualElena
AI and ZK are the emergent political systems of the internet, and natural checks and balances on each other. one expands the frontier of possibility, the other restrains power and champions individual sovereignty. you can’t have one without the other.

AI to feature prominently in the crypto user experience — Nansen CEO

Nansen CEO Alex Svanevik tells Hashing It Out that he is bullish that artificial intelligence will play a major role in the future of the crypto industry.

Why does the world need #Bitcoin?

@saylor
Why does the world need #Bitcoin?

GPT-4: While it’s a matter of perspective whether the world “needs” Bitcoin, there are several reasons why Bitcoin and other cryptocurrencies have gained popularity and are seen as valuable by many people:

1. Decentralization: Bitcoin operates on a decentralized network, meaning that no single entity, such as a government or financial institution, can control it. This decentralization can provide more freedom, autonomy, and resistance to censorship or manipulation.

2. Financial inclusion: Bitcoin can provide access to financial services for individuals who are unbanked or underbanked, particularly in regions where traditional banking infrastructure is limited or unavailable. With a smartphone and internet access, anyone can use Bitcoin for transactions, remittances, and storing value.

3. Lower transaction fees: Bitcoin transactions can have lower fees compared to traditional financial services, especially for cross-border transactions. This can benefit both consumers and businesses by reducing costs associated with international transfers.

4. Transparency and security: Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain. This provides transparency and security, as transactions can be easily verified and traced, reducing the risk of fraud and corruption.

5. Limited supply and inflation resistance: Bitcoin has a capped supply of 21 million coins, making it a deflationary currency. This limit reduces the risk of inflation, which can erode the purchasing power of traditional currencies over time.

6. Privacy: While not fully anonymous, Bitcoin offers a greater degree of privacy compared to traditional financial transactions, as transactions are only linked to a public address rather than personal information.

7. Investment and diversification: Many people view Bitcoin as a valuable investment and a way to diversify their financial portfolios. As a digital asset, Bitcoin has shown the potential for significant growth in value over time, although it’s essential to note that it also carries risks and volatility.

8. Programmable money: Bitcoin and other cryptocurrencies enable programmable money through smart contracts, which can automate and streamline various financial processes and transactions, leading to increased efficiency and new business models.

It’s important to note that Bitcoin and other cryptocurrencies also have their drawbacks, such as volatility, scalability issues, and energy consumption. The perceived need for Bitcoin can vary depending on individual perspectives, financial situations, and regional circumstances.

//

Banks are a ponzi scheme and Bitcoin is insurance – always buy insurance.

Bitcoin is POW and POW = Power.

<energy consumption>
All electric companies in the future will elect to mine bitcoin with their excess nuclear energy and all the energy sources will eventually be green.

WATCH: Fighting Back Against Monetary Colonialism

A new @HRF short animated film inspired by activists who are using open-source code to challenge six decades of dictatorship and monetary repression

 

ECP Nethappenings Newsletter Bank Runs, Bitcoin, Pregnancy, AI, Privacy, Railroads

BANK RUNS

IF #Bitcoin is rat poison …

THEN

Banks are the rats!!!

BITCOIN released in 2009 BECAUSE of Bank Failures in 2008

@EdKrassen
In 2018 President Trump signed a bill that rolled back Dodd-Frank regulations on banks like Silicon Valley Bank. Prior to the bill, the threshold for which banks were required to submit resolution plans for their rapid and orderly resolution to the FDIC was set at $50 billion and higher. This was to ensure failure would not have serious adverse effects on financial stability in the US.

“You can leave your fate in the hands of people debating how to best screw you over. By making it unaffordable to buy things, or to make you lose your job? Or .. opt out, and start saving in #Bitcoin.”

Investors and depositors tried to pull $42 billion from Silicon Valley Bank on Thursday, per Bloomberg. SVB’s CFO, CEO, and CMO fortunately cashed out before the crash.

Silicon Valley Bank Fails After Run on Deposits
The Federal Deposit Insurance Corporation took control of the bank’s assets on Friday. The failure raised concerns that other banks could face problems, too.

FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California

Wells Fargo says ‘technical issue’ causing customers to report missing deposits
The bank sought to reassure frustrated customers that their accounts remained secure and said it was working to resolve the issue.

Normally FDIC insurance stops this kind of run from happening.
Because everyone knows the federal government will cover their deposits, they aren’t worried about losing their money in a run, so they’re never in a rush to pull it out. And because they never rush to pull it out, runs can’t even get started. For a normal bank, about 50% of deposits are FDIC insured
But 93% of SVB’s deposits were not FDIC insured. So SVB was vulnerable to a classic, textbook bank run.

“Why this sudden meltdown in bank stocks?
A couple of interesting theories and charts are doing the rounds, so let’s have a look under the hood. A thread. 1/

‘Pathetic’: Feds Rule Candidate ‘Slush Funds’ Are Legal

BITCOIN released in 2009

BECAUSE of Bank Failures in 2008

Financial regulation to protect your money FROM a system designed to steal your money is an oxymoron.

2008: #Bitcoin is born amidst a financial crisis
2023: #Bitcoin will thrive amidst a financial crisis

#Bitcoin  is the safest money out there – Tim Draper, Billionaire Silicon Valley VC

THIS IS THE VALUE PROPOSITION THAT BITCOIN PROVIDES

Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin Paperback

AUDIO: My reading of “SoftWar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin” by Major Jason Paul Lowery. This video uses the book in accordance with http://creativecommons.org/licenses/by/4.0 under which the book was published. Minimal commentary. Minimal video edits. Any commentary is my own opinion./Any deviation from the source material is an unintentional error.

Jason Lowery on Twitter:
“NOT BUYING #BITCOIN IS A US NATIONAL STRATEGIC SECURITY HAZARD.”

Fiat-pegged coins like Tether, USDC, and Dai, don’t deserve to be called “stable”-coins. Fiat currencies are not stable. Circle’s eight page single-spaced memo to congress included zero instances of the word “Bitcoin.” Play fiat games, win fiat prizes.

1st they ignore you
2nd they laugh at you
3rd they fight you <WE ARE HERE>
4th We Win!

The Silent March of Bitcoin Policies Across US States
Because it separates state from money, Bitcoin is inherently a political animal.
Bitcoiners may not want to interact with the state, but the state wants to contend with Bitcoin.

AI

People Used Facebook’s Leaked AI to Create a ‘Based’ Chatbot that Says the N-Word
After 4chan published LLaMa online, others have taken the language model and created a functioning chat bot in Discord, which claimed that the n-word can refer to people who don’t have good intentions.

After 4chan published Facebook’s LLaMa online, others have taken the language model and created a functioning chat bot in Discord, which claimed that the n-word can refer to people who don’t have good intentions.

Simple regurgitation of search engine results and mutations of artwork is not AI. ChatGPT cannot pass my test. It is not AI. It’s nowhere close. ChatGPT is a “Machine Learning” model (“ML”). It is not AI and you should stop calling it AI.

My proposed standard for determining legitimate creation of ‘Artificial Intelligence’:
“The Vickery AI Test”

PRIVACY

Mental health provider Cerebral alerts 3.1M people of data breach

@matthew_d_green
The EU’s “chat control” legislation is the most alarming proposal I’ve ever read. Taken in context, it is essentially a design for the most powerful text and image-based mass surveillance system the free world has ever seen.

Section 702 has become something Congress never authorized: a domestic spying tool. Congress should consider ending the program entirely, but shouldn’t reauthorize it without critical reforms, including true accountability and oversight.

PREGNANCY

“Michigan voters enshrined abortion rights in the state constitution during the midterms, a move that was intended to help block the ban from taking effect… ‘This is proof positive that elections matter.’”

Lauren Boebert will became a grandmother at 36 years old the same age her mother did, announcing her 17-year-old son got 15 year old little girl pregnant.

Maybe instead of teaching Kaydon how to hold a gun she should have taught him how to hold a condom.
Boebert was pregnant at 17 (2003) dropped out of high school (to support her family, i.e. self/baby). She didn’t marry her husband until 2007.
Boebert’s 17 year old son got a 15 year old pregnant. That’s Statutory Rape. Where’s the outrage.
Age of consent in Colorado is 17… Boebert’s son, Kaydon Boebert, raped a 15 year old and got her pregnant. Belongs in jail. She was not of age to consent.

When you get pregnant as a teenager and drop out of school like Lauren Boebert did, you are highly unlikely to return. Boebert didn’t.
It’s likely her son’s gf won’t either. This sets up a trajectory of poverty and illiteracy in most instances. It’s not to be celebrated.
Sarah Palin’s daughter was pregnant at 17, and now Lauren Boebert’s son
https://thehill.com/blogs/in-the-know/3894140-boebert-praises-high-rural-teen-birth-rates-while-announcing-first-grandchild/

West Virginia Child Marriage is just fine.
West Virginia Republicans Block Child Marriage Ban
According to Unchained At Last, 78 percent of marriages involving a minor are between an underage girl and an adult man.

Neo-Nazi Homeschoolers Could Be Paid $22,000 to Teach Their Kids About Hitler

NATIONALIZE THE RAILROADS

Medical guidance is thin in East Palestine. Scared and sick citizens are calling a health hotline operated not by the EPA, but CTEH, a consulting company regularly accused of downplaying health risks that Norfolk Southern hired to test if the air was safe.

FBI investigates data breach impacting U.S. House members and staff