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Crypto Miner Iris Energy Hit by Class Action Suit
Story by Sheldon Reback • 6h agoIris Energy (IREN), the bitcoin miner that last month said some of its mining equipment isn't producing enough cash to meet its financing obligations, was hit by a class action suit.
Bitcoin mining rigs. (Christie Harkin/CoinDesk)© Provided by CoinDesk
- The suit was filed in the District Court for the District of New Jersey.
- The suit alleges the documentation for the firm's 2021 IPO was negligently prepared and failed to disclose certain of the mining machines, "owned through its Non-Recourse SPVs, were unlikely to produce sufficient cash flow to service their respective debt financing obligations."
LOL -- Says they're equivalent to Beanie Baby's 
Matt Stoller, director of research at the American Economic Liberties Project, casts doubt on the technology behind the crypto industry, saying "blockchain is just an inefficient spreadsheet ... there's almost no use case."
Matt Stoller, director of research at the American Economic Liberties Project, casts doubt on the technology behind the crypto industry, saying "blockchain is just an inefficient spreadsheet ... there's almost no use case."
Says it’s like beanie babies
Doesn’t even copy and paste that part
Doesn’t even copy and paste that part
Benzinga
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Binance's CZ Does About-Turn On Crypto Self-Custody: '99% Of People...Will End Up Losing It'
Self-promoting bs, has nothing to do with crypto anymore than SBF embezzlement. It's just people being .. well people. They just happen to be involved with crypto.
Benzinga
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Binance's CZ Does About-Turn On Crypto Self-Custody: '99% Of People...Will End Up Losing It'
In a subsequent tweet, he endorsed TrustWallet, a self-custodial cryptocurrency storage platform Binance acquired in 2018 that "allows you to store your crypto yourself ... your keys, your coins."
I think the point he was making is that online storage isn't safe and self-storage is single point of failure. You can say tough shit if you lose your keys, but how many people do that countless times with passwords? If I.T. administrators had a nickel every time it happened, they would all be millionaires.
Yes being stupid is human as well. What he is really saying is people are too dumb to manage crypto. If you can't copy a file to a flash drive then yeah, you are dumb. If you don't have the due diligence to do so, then you are just too lazy. And if you keep your crypto on an exchange, you are ignorant and a fool.
LOL -- Says they're equivalent to Beanie Baby's
Matt Stoller, director of research at the American Economic Liberties Project, casts doubt on the technology behind the crypto industry, saying "blockchain is just an inefficient spreadsheet ... there's almost no use case."
The IntErnEt Is jUst A FaD!
Why?
Mazars Group has suspended all work with crypto clients, including Binance, KuCoin, and Crypto.com, after the global accounting firm released “proof of reserve” reports for several digital asset exchanges. On Dec. 9, Crypto.com published a proof of reserves, indicating that customer deposits were 100% backed by Crypto.com’s reserves. KuCoin said its proof of reserve report was already delivered by Mazars.
Mazars Group has suspended all work with crypto clients, including Binance, KuCoin, and Crypto.com, after the global accounting firm released “proof of reserve” reports for several digital asset exchanges. On Dec. 9, Crypto.com published a proof of reserves, indicating that customer deposits were 100% backed by Crypto.com’s reserves. KuCoin said its proof of reserve report was already delivered by Mazars.
How much will people pay you for your copy of MS 11?
Not sure why you're still arguing with the guy. You aren't changing his mind. He'll just keep this thread alive with copy and paste until the next halving and then we'll see what his next round of excuses will be.
House of cards, house of cards I tell you.
Waves founder Sasha Ivanov implores CEXs to disable futures markets tied to native crypto
WAVES-USD -3.73%Dec. 21, 2022 3:37 PM ET1 CommentSasha Ivanov, the founder of the Waves (WAVES-USD) blockchain, has requested centralized exchanges Wednesday to disable futures markets linked to the protocol's native cryptocurrency WAVES.
Taking to Twitter, Ivanov pointed out that "Waves does not need waves futures markets. They are a breeding ground for FUD and making money off short positions, profitable because of it. I kindly ask all centralized exchanges to disable Waves futures markets."
He specifically called on Binance, KuCoin, Kraken, Huobi Global, OKX and Bybit to delist derivative trading for WAVES.
Ivanov's remarks come as WAVES dropped around 30% in the past month alone, trading at $1.50 as of shortly before 4:00 p.m. ET, amid concerns over the price volatility of Neutrino USD (USDN-USD), a WAVES-backed algorithmic stablecoin that's designed to be pegged one-to-one with the U.S. dollar.
The coin, though, has increasingly de-pegged from the dollar over the past month, changing hands at just $0.51 at the time of writing, according to CoinMarketCap data. This isn't the first time an algorithmic stablecoin lost its parity with the greenback. Recall in May when TerraUSD (UST-USD), the third largest stablecoin by market cap at the time, dropped under $1 after crypto whales dumped large stakes.
Earlier this week, (Dec. 20) Ivanov tweeted he will launch a new stablecoin while hinting a "resolution plan" to sustain USDN.
Doge down to 7 again time to buy more
The guys creating the next way to manage your money have nothing but yawns for crypto
https://theregister.com/
The Register
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Crypto craziness craps out – and about time too© Provided by The Register
Opinion With the quick one-two punch of FTX and Binance, crypto is finally losing its luster as the next revolution in money.…
I was recently in Manhattan at the Linux Foundation and Fintech Open Source Foundation's (FINOS) Open Source in Finance Forum New York (OSFF) 2022 event. There the topic of the day was fintech. It was all about how open source and the cloud are revolutionizing how banks, finance companies, and stock markets are working with money. Do you know what we didn't talk about? Crypto.
Crypto bros still blather on about how their Bitcoin, Ethereum or what have you will go to the Moon. They also insist that with their diamond hands, they're going to Hold On for Dear Life (HODL) no matter what happens.
That's cute. In a pathetic sort of way.
At the conference, the financial grownups were diving into topics like data interoperability between platforms and applications and how to encourage bank executives to let developers contribute to open source projects.
Cryptocurrency? It was mentioned in passing. People would talk about it in the same way you'd talk about your little brother's latest embarrassing TikTok video. That is, you'd acknowledge that it happened, and quickly change the subject.
Why? Because while Bitcoin, for over a decade now, has been the poster child for crypto with its proof-of-work consensus mechanisms as an alternative to fiat currencies, such as the US dollar, recent events have shown that the crypto emperor isn't wearing any clothes. Bitcoin's value continues to fall. From its record high of $69,000 in November 2021 to, as I write this in mid-December 2022, it's worth $17,678. Inflation may be bad, but it's not a "drop in value of almost 75 percent" bad.
At the same time, other related virtual goods have seen their market value plummet. Sales of non-fungible tokens (NFTs), for example, fell from $7.3 billion to $1.6 billion globally, a 77 percent drop according to NFT tracker Nonfungible. Promoters of perhaps the most well-known NFTs, the Bored Ape Yacht Club, are being sued because their NFTs are proving to – shock! – have no lasting value: "The truth is that the Company's entire business model relies on using insidious marketing and promotional activities from A-list celebrities that are highly compensated (without disclosing such), to increase demand of the Yuga securities by convincing potential retail investors that the price of these digital assets would appreciate."
Let's presume that you still believe in crypto, where can you keep or trade it? The formerly market-leading cryptocurrency exchange FTX has collapsed. The allegations are that FTX customer funds were used to prop up CEO Sam Bankman-Fried's private hedge fund Alameda Research.
Although other top crypto firms aren't in as much hot water as FTX, things are starting to boil around them as well. Take Binance, for instance. Panicked holders have been withdrawing funds from the beleaguered Bitcoin exchange. To soothe investors' nerves, Binance called upon accounting firm Mazars to provide a proof-of-reserves report. While not a full audit, it would have assured crypto speculators that Mazars was, in effect, good for the money. But then Mazars pulled the plug on its crypto reporting. Any reasonable investor or user is going to be asking themselves: is this a "temporary pause" or is it a sign that all's not well with Binance?
Even more well-known companies, such as Coinbase, are in trouble. The stock has been staggering for the last few quarters. Recently, CEO Brian Armstrong said the cryptocurrency exchange's revenue was likely to be cut by half or more this year.
Let me be frank. From where I sit, this is the slow but sure fall of what has always been one gigantic Ponzi scheme. There has never – never – been any real value in crypto. Yes, I know all the arguments about how fiat currencies have no intrinsic value either. You know what, though? If I go to the grocer, I can buy milk, bread, and butter with my fiat dollars or pounds. Dogecoin? Garlicoin? Trump NFT trading cards? I don't think so.
I know. It's hard to admit that you've been a financial fool for years or even a few months. I had friends in the 2000s who "knew" Bernie Madoff would be able to deliver 20 percent returns a year forever. They were wrong. Some of them lost their homes. All of them lost serious money.
There comes a point where you have to stop throwing good money after bad. We are well past that point with crypto and NFTs. At least with famous financial scams of the past, such as the Dutch Tulip Bubble and the 2008 real estate crash, you had tulip bulbs and houses for your money when all was said and done. With crypto, you'll be left with nothing at all except meaningless, pointless, valueless blockchains. ®
https://theregister.com/
The Register
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Crypto craziness craps out – and about time too
Story by Steven J. Vaughan-Nichols • 3h agoCrypto craziness craps out – and about time too© Provided by The Register
Opinion With the quick one-two punch of FTX and Binance, crypto is finally losing its luster as the next revolution in money.…
I was recently in Manhattan at the Linux Foundation and Fintech Open Source Foundation's (FINOS) Open Source in Finance Forum New York (OSFF) 2022 event. There the topic of the day was fintech. It was all about how open source and the cloud are revolutionizing how banks, finance companies, and stock markets are working with money. Do you know what we didn't talk about? Crypto.
Crypto bros still blather on about how their Bitcoin, Ethereum or what have you will go to the Moon. They also insist that with their diamond hands, they're going to Hold On for Dear Life (HODL) no matter what happens.
That's cute. In a pathetic sort of way.
At the conference, the financial grownups were diving into topics like data interoperability between platforms and applications and how to encourage bank executives to let developers contribute to open source projects.
Cryptocurrency? It was mentioned in passing. People would talk about it in the same way you'd talk about your little brother's latest embarrassing TikTok video. That is, you'd acknowledge that it happened, and quickly change the subject.
Why? Because while Bitcoin, for over a decade now, has been the poster child for crypto with its proof-of-work consensus mechanisms as an alternative to fiat currencies, such as the US dollar, recent events have shown that the crypto emperor isn't wearing any clothes. Bitcoin's value continues to fall. From its record high of $69,000 in November 2021 to, as I write this in mid-December 2022, it's worth $17,678. Inflation may be bad, but it's not a "drop in value of almost 75 percent" bad.
At the same time, other related virtual goods have seen their market value plummet. Sales of non-fungible tokens (NFTs), for example, fell from $7.3 billion to $1.6 billion globally, a 77 percent drop according to NFT tracker Nonfungible. Promoters of perhaps the most well-known NFTs, the Bored Ape Yacht Club, are being sued because their NFTs are proving to – shock! – have no lasting value: "The truth is that the Company's entire business model relies on using insidious marketing and promotional activities from A-list celebrities that are highly compensated (without disclosing such), to increase demand of the Yuga securities by convincing potential retail investors that the price of these digital assets would appreciate."
Let's presume that you still believe in crypto, where can you keep or trade it? The formerly market-leading cryptocurrency exchange FTX has collapsed. The allegations are that FTX customer funds were used to prop up CEO Sam Bankman-Fried's private hedge fund Alameda Research.
Although other top crypto firms aren't in as much hot water as FTX, things are starting to boil around them as well. Take Binance, for instance. Panicked holders have been withdrawing funds from the beleaguered Bitcoin exchange. To soothe investors' nerves, Binance called upon accounting firm Mazars to provide a proof-of-reserves report. While not a full audit, it would have assured crypto speculators that Mazars was, in effect, good for the money. But then Mazars pulled the plug on its crypto reporting. Any reasonable investor or user is going to be asking themselves: is this a "temporary pause" or is it a sign that all's not well with Binance?
Even more well-known companies, such as Coinbase, are in trouble. The stock has been staggering for the last few quarters. Recently, CEO Brian Armstrong said the cryptocurrency exchange's revenue was likely to be cut by half or more this year.
Let me be frank. From where I sit, this is the slow but sure fall of what has always been one gigantic Ponzi scheme. There has never – never – been any real value in crypto. Yes, I know all the arguments about how fiat currencies have no intrinsic value either. You know what, though? If I go to the grocer, I can buy milk, bread, and butter with my fiat dollars or pounds. Dogecoin? Garlicoin? Trump NFT trading cards? I don't think so.
I know. It's hard to admit that you've been a financial fool for years or even a few months. I had friends in the 2000s who "knew" Bernie Madoff would be able to deliver 20 percent returns a year forever. They were wrong. Some of them lost their homes. All of them lost serious money.
There comes a point where you have to stop throwing good money after bad. We are well past that point with crypto and NFTs. At least with famous financial scams of the past, such as the Dutch Tulip Bubble and the 2008 real estate crash, you had tulip bulbs and houses for your money when all was said and done. With crypto, you'll be left with nothing at all except meaningless, pointless, valueless blockchains. ®
SPAC Far Peak, cryptocurrency platform Bullish scrap $9B merger deal
FPAC -0.05%Dec. 23, 2022 12:03 PM ETSPAC Far Peak Acquisition Corp. (FPAC) and cryptocurrency platform Bullish have mutually agreed to terminate their planned merger, citing their inability to consummate the deal by the merger agreement's Dec. 31 deadline.
Far Peak and Bullish had announced plans to merge in July 2021 through a deal that pegged the pro forma equity value of the combined company at $9B, a value that was to be adjusted at closing based on prevailing crypto asset prices. The deal was expected to close by the end of 2021.
Far Peak held its initial public offering in December 2020, raising around $550M. The SPAC said that it doesn't intend to pursue another business combination and will instead focus on winding down by March 7.
The news comes amid a meltdown of the cryptocurrency sector following the high-profile collapse of crypto exchange FTX. On Friday, FTX co-founder Sam Bankman-Fried was reportedly released on $250M bail as he awaits trial on federal fraud charges.
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