Why Washington Worries About Stablecoins

The Federal Reserve, Treasury and other regulators are worried that a technology that pledges stability will actually be a source of turmoil.

#banking-and-financial-institutions, #federal-reserve-system, #financial-stability-board, #office-of-the-comptroller-of-the-currency, #regulation-and-deregulation-of-industry, #stablecoin, #treasury-department, #united-states-economy, #us-dollar-currency, #virtual-currency

How Bitcoin Can Immunize America From Cancel Culture

The confluence of tech and finance has produced a nascent soft social credit system. Digital currency may be the only way out.

#bitcoin-currency, #paypal, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #social-media, #united-states-politics-and-government, #virtual-currency

Bitcoin Cosplay Is Getting Real

The biggest worry about Bitcoin is that politicians will start taking it seriously.

#bitcoin-currency, #el-salvador, #virtual-currency

No, Walmart and Litecoin Are Not Partnering

Litecoin and other digital currencies jumped by as much as 30 percent after the announcement, which was republished as legitimate by media companies.

#businesswire, #hoaxes-and-pranks, #securities-and-commodities-violations, #securities-and-exchange-commission, #shopping-and-retail, #thomson-reuters-corporation, #twitter, #virtual-currency, #walmart-stores-inc

County I.T. Supervisor Mined Bitcoin at the Office, Prosecutors Say

Christopher Naples is accused of hiding 46 devices used for mining cryptocurrency in Suffolk County offices, costing the county thousands of dollars in electricity.

#bitcoin-currency, #computers-and-the-internet, #long-island-ny, #robberies-and-thefts, #virtual-currency

El Salvador’s Bitcoin Adoption Is Marred by Glitches

Experts had raised concerns about making the digital token an official currency and the rapid execution of new technology on a national scale.

#bitcoin-currency, #bukele-nayib, #el-salvador, #microstrategy-inc, #mobile-commerce-and-payments, #virtual-currency

Crypto’s Rapid Move Into Banking Elicits Alarm in Washington

The boom in companies offering cryptocurrency loans and high-yield deposit accounts is disrupting the banking industry and leaving regulators scrambling to catch up.

#andreessen-horowitz, #banking-and-financial-institutions, #blockfi-inc, #coinbase-inc, #federal-reserve-system, #gensler-gary-s, #powell-jerome-h, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #treasury-department, #virtual-currency, #warren-elizabeth, #yellen-janet-l

Crypto Banking and Decentralized Finance, Explained

The revolution in digital money is now moving into banking, as cryptocurrency starts to reshape the way people borrow and save.

#banking-and-financial-institutions, #bitcoin-currency, #blockfi-inc, #ethereum-foundation, #gensler-gary-s, #kraken-payward-inc, #powell-jerome-h, #regulation-and-deregulation-of-industry, #virtual-currency

There’s a Better Way to Stop Ransomware Attacks

We’re not tackling the problem at its root.

#banking-and-financial-institutions, #computers-and-the-internet, #cyberattacks-and-hackers, #extortion-and-blackmail, #regulation-and-deregulation-of-industry, #virtual-currency

The World’s Biggest Crypto Exchange Still Lacks U.S. Footing

The founder of Binance, Changpeng Zhao, needs investors for the company’s U.S. unit after a recent venture capital deal fell through — a setback that cost him a C.E.O.

#binance, #brooks-brian-p, #california, #coinbase-inc, #gensler-gary-s, #initial-public-offerings, #regulation-and-deregulation-of-industry, #securities-and-exchange-commission, #united-states, #venture-capital, #virtual-currency, #zhao-changpeng

My Strange Journey in the Crypto World Creating a Hype Coin

I created a hype coin to show how risky an investment can be. The coin had other plans.

#currency, #london-england, #new-york-times, #securities-and-exchange-commission, #virtual-currency

The Way the Senate Melted Down Over Crypto Is Very Revealing

It almost derailed the bipartisan infrastructure bill’s passage.

#american-jobs-plan-2021, #bitcoin-currency, #blockchain-technology, #ehrsam-fred, #infrastructure-public-works, #law-and-legislation, #portman-rob, #regulation-and-deregulation-of-industry, #senate, #tax-evasion, #treasury-department, #united-states-economy, #united-states-politics-and-government, #us-dollar-currency, #virtual-currency

Meet the Crypto Nomads

The big money in cryptocurrency is offshore.

#binance, #derivatives-financial-instruments, #hk-ftx-trading-ltd-futures-exchange, #virtual-currency

Facebook Pay extends its reach later this summer

Facebook Pay is one of many payment services aiming to eliminate the "phone, laptop, credit card" shuffle by offering easily accessed one-tap payment options.

Enlarge / Facebook Pay is one of many payment services aiming to eliminate the “phone, laptop, credit card” shuffle by offering easily accessed one-tap payment options. (credit: Fiordaliso via Getty Images)

This August, Facebook will be making its Facebook Pay payment service available outside its own platforms for the first time. Facebook’s announcement describes the move as providing a mobile-friendly seamless checkout experience for businesses that elect to use it, pointing out that Facebook users already use the service to send money and buy items in Facebook Shops and the Facebook Marketplace.

There isn’t much meat in Facebook’s announcement, which mostly rehashes feel-good bullet points that apply to the entire online financial industry, not just Facebook Pay—for example, the system’s use of encrypted storage and the fact that businesses accepting Facebook Pay don’t need to manage customers’ card or bank account numbers. While these features sound good at first blush, they’re both de rigueur, not innovations—the majority of online stores already use third-party payment processors that manage credit card and bank account numbers for them.

Facebook pledges that Pay users’ credit card and bank account information won’t be used to “personalize their experience” or target advertisements. The company also says that payments and purchases will not be shared with a user’s friends or to a user’s profile or feed. It’s worth noting that these are explicitly separate promises, though—Facebook isn’t promising that payments and purchases won’t be used for “personalization” or ad targeting.

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#facebook, #facebook-pay, #shopify, #social-media, #tech, #virtual-currency

No End to Whiplash in Meme Stocks, Crypto and More

With the pandemic starting to ease in the United States, many had expected a year of wild investments to slow. It hasn’t. Yet.

#amc-entertainment-holding-inc, #bitcoin-currency, #computers-and-the-internet, #dogecoin-project, #finances, #musk-elon, #nonfungible-tokens-nfts, #regulation-and-deregulation-of-industry, #robinhood-financial-llc, #social-media, #special-purpose-acquisition-companies-spac, #stocks-and-bonds, #virtual-currency

A Bailout Backlash Nears for Airlines

They, and other companies that took pandemic rescue money, face new demands in return for their rescues.

#airlines-and-airplanes, #alphabet-inc, #american-airlines, #bitcoin-currency, #goldman-sachs-group-inc, #pichai-sundar, #virtual-currency

Bitcoin’s Many Flaws

Its value is volatile. Its users aren’t as anonymous as they think. It might be a threat to the environment. And it could be exacerbating inequality.

#bitcoin-currency, #brookings-institution, #colonial-pipeline-co, #computers-and-the-internet, #dogecoin-project, #extortion-and-blackmail, #musk-elon, #prices-fares-fees-and-rates, #virtual-currency

Bitcoin and Encryption: A Race Between Criminals and the F.B.I.

The F.B.I. scored two major victories, recovering a Bitcoin ransom and tricking lawbreakers with an encryption app. But criminals may still have the upper hand.

#apple-inc, #australia, #bitcoin-currency, #colonial-pipeline-co, #computer-security, #cyberattacks-and-hackers, #data-mining-and-database-marketing, #federal-bureau-of-investigation, #google-inc, #justice-department, #organized-crime, #police, #surveillance-of-citizens-by-government, #united-states, #united-states-politics-and-government, #virtual-currency

Bitcoin Is Actually Traceable, Pipeline Investigation Shows

The F.B.I.’s recovery of Bitcoins paid in the Colonial Pipeline ransomware attack showed cryptocurrencies are not as hard to track as it might seem.

#banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #colonial-pipeline-co, #computers-and-the-internet, #crime-and-criminals, #cyberattacks-and-hackers, #darkside-hacking-group, #extortion-and-blackmail, #federal-bureau-of-investigation, #justice-department, #search-and-seizure, #start-ups, #virtual-currency

U.S. Seizes Share of Ransom From Hackers in Colonial Pipeline Attack

Investigators traced 75 Bitcoins worth more than $4 million through nearly two dozen cryptocurrency accounts.

#biden-joseph-r-jr, #bitcoin-currency, #colonial-pipeline-co, #cyberattacks-and-hackers, #cyberwarfare-and-defense, #darkside-hacking-group, #extortion-and-blackmail, #federal-bureau-of-investigation, #justice-department, #revil-hacking-group, #russia, #shutdowns-institutional, #united-states-politics-and-government, #virtual-currency

Thousands Descend on Miami to Glorify Bitcoin

It was the largest Bitcoin event in the world and the first major in-person crypto conference since the pandemic started. The jargon, the liquor and the millionaire talk flowed.

#banking-and-financial-institutions, #bitcoin-currency, #computers-and-the-internet, #coronavirus-2019-ncov, #dorsey-jack, #high-net-worth-individuals, #mobile-commerce-and-payments, #nonfungible-tokens-nfts, #quarantine-life-and-culture, #social-media, #suarez-francis-x-1977, #twitter, #virtual-currency, #winklevoss-cameron, #wynwood-miami-fla, #zed-run-digital-platform

A Pro E-Sports Team Is Getting $210 Million to Change Its Name

The deal between TSM, which fields competitive video game teams, and the Hong Kong-based FTX exchange, rivals the kinds of deals top sports franchises land to name arenas and stadiums.

#athletics-and-sports, #computer-and-video-games, #e-sports, #tsm, #virtual-currency

Technobabble, Libertarian Derp and Bitcoin

Rising asset prices don’t mean that silly ideas make sense.

#bitcoin-currency, #gold, #gold-standard-monetary, #ponzi-and-pyramid-schemes, #virtual-currency

Elon Musk Impostors Scammed $2 Million in Cryptocurrency, U.S. Says

Overall, nearly 7,000 investors lost $80 million in assorted cryptocurrency scams from October through March, according to a Federal Trade Commission report.

#bitcoin-currency, #dogecoin-project, #federal-trade-commission, #impostors-criminal, #musk-elon, #securities-and-commodities-violations, #virtual-currency

Dogecoin Went Wild in 2021. Here’s What It Taught Us.

Created as a cryptocurrency parody in 2013, Dogecoin languished for years. Then, in 2021, it went absolutely wild. What have its holders learned?

#dogecoin-project, #virtual-currency

A Conversation With a Dogecoin Millionaire

It was once a parody — then he turned the cryptocurrency into his profit.

#currency, #dogecoin-project, #musk-elon, #virtual-currency

He’s a Dogecoin Millionaire. And He’s Not Selling.

Glauber Contessoto went looking for something that could change his fortunes overnight. He found it in a joke cryptocurrency.

#content-type-personal-profile, #contessoto-glauber, #credit-and-debt, #dogecoin-project, #gamestop-corporation, #reddit-inc, #social-media, #stocks-and-bonds, #virtual-currency

The Untold Story of the NFT Boom

Digital creators used the blockchain to create a whole new art scene. Then their work started selling for thousands — sometimes millions of dollars.

#art, #bitcoin-currency, #blockchain-technology, #computers-and-the-internet, #nonfungible-tokens-nfts, #virtual-currency

As Scrutiny of Cryptocurrency Grows, the Industry Turns to K Street

Companies behind digital currencies are rushing to hire well-connected lobbyists, lawyers and consultants as the battle over how to regulate them intensifies.

#banking-and-financial-institutions, #biden-joseph-r-jr, #binance, #bitcoin-currency, #blockchain-technology, #coinbase-inc, #conflicts-of-interest, #lobbying-and-lobbyists, #regulation-and-deregulation-of-industry, #ripple-labs-inc, #securities-and-exchange-commission, #trump-donald-j, #united-states-politics-and-government, #virtual-currency

Goldman Sachs Wants Its Bankers Back at the Office

Goldman Sachs is the latest to call an end to remote work.

#banking-and-financial-institutions, #dimon-james, #facebook-inc, #goldman-sachs-group-inc, #interest-rates, #social-media, #solomon-david-m, #virtual-currency, #yellen-janet-l

Star of ‘Disaster Girl’ Meme Sells Image as an NFT for $500,000

Zoë Roth, now a college senior in North Carolina, plans to use the proceeds from this month’s NFT auction to pay off student loans and donate to charity.

#auctions, #computers-and-the-internet, #content-type-personal-profile, #disaster-girl, #ethereum, #nonfungible-tokens-nfts, #philanthropy, #roth-zoe-2000, #virtual-currency

Still Getting Your Head Around Digital Currency? So Are Central Bankers.

If you are trying to grasp Bitcoin and understand what China’s digital yuan means, America’s Federal Reserve is right there with you.

#banking-and-financial-institutions, #brainard-lael, #federal-reserve-bank-of-boston, #federal-reserve-system, #giancarlo-j-christopher, #libra-currency, #massachusetts-institute-of-technology, #peoples-bank-of-china, #powell-jerome-h, #united-states-economy, #us-dollar-currency, #virtual-currency

We’re All Crypto People Now

Bitcoin and other cryptocurrencies have gone from curiosity to punchline to viable investment, making them almost impossible to ignore — for better or worse.

#bitcoin-currency, #blockchain-technology, #coinbase-inc, #computers-and-the-internet, #nonfungible-tokens-nfts, #virtual-currency

Gary Gensler, Wall Street’s New Watchdog, Has a Full Plate

Gary Gensler, the new S.E.C. chairman, wants to improve corporate disclosure and regulate digital assets better. But a lot awaits him already.

#archegos-capital-management-llc, #banking-and-financial-institutions, #biden-joseph-r-jr, #center-for-american-progress, #coinbase-inc, #derivatives-financial-instruments, #gensler-gary-s, #ripple-labs-inc, #securities-and-exchange-commission, #special-purpose-acquisition-companies-spac, #stocks-and-bonds, #united-states-politics-and-government, #virtual-currency

Are NFT Purchases Real? The Dollars Are.

Dive down a rabbit hole and explore nonfungible tokens, multimillion-dollar digital art and the nature of reality.

#art, #blockchain-technology, #computers-and-the-internet, #nonfungible-tokens-nfts, #virtual-currency, #winkelmann-mike-beeple

In Coinbase’s Rise, a Reminder: Cryptocurrencies Use Lots of Energy

The company’s stock market arrival establishes Bitcoin and other digital currencies in the traditional financial landscape. It also elevates a technology with astonishing environmental costs.

#bitcoin-currency, #blockchain-technology, #coinbase-inc, #computers-and-the-internet, #global-warming, #greenhouse-gas-emissions, #virtual-currency

These C.E.O.s Didn’t Sign Onto a Letter Defending Voting Rights

Hundreds of leaders and companies signed a letter opposing strict limits. They did not.

#armstrong-brian-1983, #buffett-warren-e, #coronavirus-2019-ncov, #corporate-social-responsibility, #frazier-kenneth-c, #mcmillon-c-douglas, #virtual-currency, #walmart-stores-inc

Why Coinbase’s IPO Is a Cryptocurrency Coming-Out Party

With acceptance from traditional investors, a profitable start-up that eases transactions is offering proof of the industry’s staying power.

#armstrong-brian-1983, #banking-and-financial-institutions, #bitcoin-currency, #coinbase-inc, #computers-and-the-internet, #ethereum-foundation, #initial-public-offerings, #tesla-motors-inc, #tusk-bradley-1973, #venture-capital, #virtual-currency

Don’t Fear Cryptocurrencies. Manage Them.

The idea that regulation chills activity in new markets is intuitive, but not always accurate. Sometimes the opposite is true.

#bitcoin-currency, #coinbase-inc, #regulation-and-deregulation-of-industry, #united-states-politics-and-government, #virtual-currency

Cryptocurrency’s Newest Frontier

The craze for digital artworks known as NFTs exploded in the past year. Why are some people shelling out millions of dollars for them?

#nonfungible-tokens-nfts, #podcasts, #virtual-currency

As NFTs Soar, Experts Warn of an Unsustainable Bubble

As the prices of blockchain-secured works skyrocket and speculators swoop, experts are warning of an unsustainable bubble.

#art, #auctions, #blockchain-technology, #christies, #collectors-and-collections, #ethereum-foundation, #finances, #hirst-damien, #metakovan-entrepreneur, #nonfungible-tokens-nfts, #rogoff-kenneth-s, #virtual-currency, #winkelmann-mike-beeple

Why Did Someone Pay $560,000 for a Picture of My Column?

Bidders say they had many different motivations, including fun, self-promotion and signaling support for the NFT market.

#art, #auctions, #blockchain-technology, #collectors-and-collections, #ethereum-foundation, #new-york-times-neediest-cases-fund, #nonfungible-tokens-nfts, #virtual-currency

Buy This NFT Column on the Blockchain!

Why can’t a journalist join the NFT party, too?

#auctions, #blockchain-technology, #collectors-and-collections, #computers-and-the-internet, #content-type-service, #e-commerce, #ethereum-foundation, #nonfungible-tokens-nfts, #prices-fares-fees-and-rates, #virtual-currency

Coinbase Users Say Crypto Start-Up Ignored Their Pleas for Help

As Coinbase prepares to be the first major cryptocurrency company to go public, it is struggling with basic customer service, users said.

#banking-and-financial-institutions, #bitcoin-currency, #coinbase-inc, #customer-relations, #cyberattacks-and-hackers, #regulation-and-deregulation-of-industry, #suits-and-litigation-civil, #virtual-currency

Another Big Step Toward Digitizing Our Lives

Repeat after me: Everything that can be digitized will be digitized.

#auctions, #nonfungible-tokens-nfts, #quarantine-life-and-culture, #virtual-currency, #winkelmann-mike-beeple

Twitter Hacker Pleads Guilty in Florida Court

The 18-year-old is expected to serve three years in a juvenile facility in return for the plea.

#bitcoin-currency, #clark-graham-ivan, #computers-and-the-internet, #social-media, #twitter, #virtual-currency

From Crypto Art to Trading Cards, Investment Manias Abound

Each market frenzy seems crazier than the last. But all have the same roots.

#art, #bitcoin-currency, #coinbase-inc, #collectors-and-collections, #computers-and-the-internet, #interest-rates, #mergers-acquisitions-and-divestitures, #nonfungible-tokens-nfts, #quarantine-life-and-culture, #robinhood-financial-llc, #shoes-and-boots, #sneakers, #stocks-and-bonds, #stockx, #trading-cards, #virtual-currency

The $69 Million Beeple NFT Was Bought With Cryptocurrency

“It feel like I got a steal,” the buyer, who calls himself Metakovan, said in an interview about the “nonfungible token,” or NFT, he bought at an online auction.

#art, #christies, #collectors-and-collections, #computers-and-the-internet, #metakovan-entrepreneur, #nonfungible-tokens-nfts, #virtual-currency, #winkelmann-mike-beeple

JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace

“Everydays — The First 5000 Days,” by the artist known as Beeple, set a record for a digital artwork in a sale at Christie’s.

#art, #auctions, #christies, #collectors-and-collections, #computers-and-the-internet, #virtual-currency, #winkelmann-mike-beeple

For Creators, Everything Is for Sale

Digital stars are coming up with new ways to make money. Yet fans still hold the power.

#newnew-mobile-app, #social-media, #virtual-currency