New post in KriptoBuz News & Airdrop Channel: [SECURITY] RIP Decentralization: A single province in China controls 54 percent of Bitcoin’s hashrate (Report)
“Bitcoin miners in China wield two-thirds of the network’s processing … https://t.co/pf65XeiIRF
RT @SrbinTenkista: Yesterday I was mining $sfx using a CPU via RandomSFX algorithm at https://t.co/ur8S6U4p4q mining pool. I had 70% higher…
Ken Griffin Has Another Money Machine to Rival His Hedge Fund; Three Men Are Charged in $722 Million Cryptocurrency Fraud
Payments Select Page Ken Griffin Has Another Money Machine to Rival His Hedge Fund; Three Men Are Charged in $722 Million Cryptocurrency Fraud Dec 11, 2019
Hits & Takes By JLN Staff
My former Price Group colleague and friend Martin Hollander and his family are among those reported missing from the volcano explosion in Whakaari/White Island . I am beyond devastated by the news.~ JJL
Jitesh Thakkar was back in federal district court on Tuesday. Thakkar and his attorney Renato Mariotti are aggressively pursuing a motion for summary judgment for dismissal of the CFTC’s civil case against Thakkar. The CFTC has been provided the opportunity to conduct discovery in order to argue against the motion. According to the lawyers’ statements in court, Mariotti has already provided the CFTC 800,000 pages of evidence from the first trial. The CFTC, undaunted, wants to depose four former employees of Thakkar’s Edge Financial, although they have not explained to the court how that helps their case against the judgment. Anyway, the court gave both parties a week to come up with an agreed plan for depositions, including one of Thakkar. The CFTC’s case against Thakkar is continuing in parallel and factual discovery in that case is to be completed by February 28. Stay tuned as the CFTC keeps searching for evidence in a case that the Department of Justice already gave up on.~ Thom Thompson
This Thursday, Nasdaq, EQT and the Nordic Securities Association will host the third annual Nordic Financial Ecosystem Forum in Brussels. The event gathers European policy makers, listed companies, finance industry representatives and other stakeholders to share best practices and discuss how access to public market financing across Europe can be improved. More information can be found here. ~ SR
B3 was elected Global Exchange of the Year at this year’s FOW Awards, organized by the Futures and Options World (FOW) magazine and hosted by the UK’s Global Investor Group. This is the first time since the creation of the awards in 2009 that a Latin American stock exchange has won the award’s main category.~ SR
Here is Tradeweb’s 2019 year in review .~ JJL
The National Futures Association (NFA)’s swaps proficiency requirements will be implemented in January 2020. Tom Sexton, NFA’s president and CEO, spoke with JLN at FIA Expo 2019 about the work that went into finalizing those requirements, as well as other regulatory initiatives for the financial industry, data management, and cybersecurity.
This Is What Racism Sounds Like in the Banking Industry Emily Flitter – NY Times Jimmy Kennedy earned $13 million during his nine-year career as a player in the National Football League. He was the kind of person most banks would be happy to have as a client.
It is not pretty.~ JJL
The Arctic may have crossed a key threshold, emitting billions of tons of carbon into the air, in a long-dreaded climate feedback Andrew Freedman – The Washington Post The Arctic is undergoing a profound, rapid and unmitigated shift into a new climate state, one that is greener, features far less ice and emits greenhouse gas emissions from melting permafrost, according to a major new federal assessment of the region released Tuesday. The consequences of these climate shifts will be felt far outside the Arctic in the form of altered weather patterns, increased greenhouse gas emissions and rising sea levels from the melting Greenland ice sheet and mountain glaciers.
How can you help?~ JJL
R.J. O’Brien Wins 2019 FOW International Award for Non-Bank FCM of the Year, Taking Category for Fourth Consecutive Year PRNewswire Chicago-based R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, last night won the global 2019 FOW International Award for Non-Bank Futures Commission Merchant (FCM) of the Year. The win marks the fourth consecutive year RJO took the category. FOW, part of the Global Investor Group, presented the award at the FOW International Awards Gala Dinner in London.
Repeat winner, but getting better all the time.~ JJL
Eventus Systems Receives 2019 FOW International Award for Best New Technology Product: Market Surveillance PR Newswire Eventus Systems, Inc., a leading global trade surveillance and market risk platform provider, has just won the 2019 FOW International Award for Best New Technology Product: Market Surveillance. Officials from FOW, part of the Global Investor Group, announced the recognition for the firm’s Validus platform at the FOW International Awards Gala Dinner last night in London.
Can’t repeat in this category even if you get better.~ JJL
Cost of the 12 Days of Christmas
****NOTE: The cost of lords and ladies (lords leaping and ladies dancing) is based on hiring a ballet group for an hour to pose as lords and ladies since there is no real market for them. (Click on the picture for a larger image) ~ JB
Tuesday’s Top Three Our most-read story on Tuesday was John Lothian News’ Turbulence at the #1 Bitcoin SEF in the World by Thom Thompson, about a couple of heads rolling at LedgerX. Second was a repeat top three story, Bloomberg’s (via LinkedIn) It’s Ken Griffin’s World, We Just Live in It . In third was another story about the LedgerX shakeup, Bloomberg’s Crypto Exchange LedgerX Places Twitter-Raging CEO Chou on Leave.
++++ CryptoMarketsWiki , our archive of the cryptocurrency and blockchain world, is going strong and keeping pace as this area of finance grows and evolves. Recently Updated Pages
Recently updated pages include
Ken Griffin Has Another Money Machine to Rival His Hedge Fund Tom Maloney – Bloomberg Citadel Securities generated $3.5 billion of revenue in 2018; It handles more than 1 of 5 shares traded in U.S. each year Citadel Securities is sometimes dismissively referred to as “Citadel’s trading arm”— seen as a forgotten backwater of Ken Griffin’s hedge fund empire, where quants toil on complex algorithms to arbitrage tiny differences in stock prices or calculate bid-ask spreads for Treasuries.
Three Men Are Charged in $722 Million Cryptocurrency Fraud Bob Van Voris – Bloomberg BitClub Network allegedly sold shares in phony mining pools; Defendant called customers ‘sheep’ and ‘dumb,’ U.S. claims Three men were charged by U.S. prosecutors with helping run a $722 million cryptocurrency fraud that amounted to a “high-tech Ponzi scheme.” From 2014 until this month, the men operated BitClub Network, which solicited money from investors in exchange for shares in purported cryptocurrency mining pools and rewarded them for recruiting new investors, according to prosecutors.
Traders Buy Hedges ‘Like World Is About to End’ Luke Kawa – Bloomberg Demand for puts versus calls surges with volatility still low; Fed, ECB, U.K. election and trade could shatter market calm U.S. stocks have barely budged this week, but the calm in equities contrasts with a frenzied bout of hedging in options markets.
EU derivatives markets highly concentrated Louie Woodall – Risk.net Five financial institutions accounted for almost half of notional credit and currency derivatives amounts in the European Union in 2018.
CBOE Europe to acquire Dutch clearing house EuroCCP; Deal will enable Chicago-based group to diversify into index derivatives trading Philip Stafford – FT CBOE Europe, the region’s largest equities exchange, has agreed to purchase the 80 per cent of EuroCCP it does not own for about EUR36m in a move that secures the future of the Dutch clearing house.
Nasdaq Set to Beat NYSE in IPOs for First Time Since Facebook Debacle; It has taken Nasdaq years to get past the fallout from Facebook’s bungled listing Alexander Osipovich – WSJ Companies are on track to raise more money through initial public offerings on Nasdaq Inc. NDAQ -0.03% this year than on the New York Stock Exchange, the first time that has happened since 2012’s bungled Facebook Inc. FB -0.23% offering.
Winner-takes-all digital economy poses risk for capital markets; Concentration of business among small number of players presents significant challenge Philip Stafford – FT The trend of human tasks being replaced by algorithms is a perennial and understandable focus for the debate about how technology is changing capital markets.
Germany’s tech scene lacks lure of stock options; Stakes in start-ups are much more than a nice benefit — they’re the principal currency Tobias Buck – FT Germany’s start-up scene has plenty of reasons to feel good about itself. While the country at large has flirted with recession, and corporate stalwarts from Daimler to Deutsche Bank are in trouble, the technology sector has had another good year. There have been headline-grabbing funding rounds, conferring $1bn-plus “unicorn” status on the likes of challenger bank N26 and travel start-up GetYourGuide. Software group TeamViewer pulled off the biggest stock market listing in Europe this year. Shares in online fashion retailer Zalando — the biggest business to emerge from Berlin’s start-up hothouse to date — have almost doubled in value since the start of the year.
The legacy and lessons of Paul Volcker; Do the right thing, do not put your trust in unbridled finance, and have courage Martin Wolf – FT“Paul Volcker is the greatest man I have known. He is endowed to the highest degree with what the Romans called virtus (virtue): moral courage, integrity, sagacity, prudence and devotion to the service of country.” Thus did I open my review of his memoir, Keeping At It: The Quest for Sound Money and Good Government, published last year. As Hamlet said of his father, “He was a man, take him for all in all. I shall not look upon his like again.”
Morgan Stanley Funds Step Away From Exceptionally Dull FX Market Katherine Greifeld and Charlotte Ryan – Bloomberg MSIM’s Caron says he’s pared exposure amid tumbling volatility; Amundi finds value in Scandinavia; for Russell it’s in EM The unprecedented level of calm pervading global currencies is pushing investors to rethink their approach to the $6.6 trillion-a-day market.
Turkey Wants the World’s Gold, With Few Questions Asked Cagan Koc and Ercan Ersoy – Bloomberg Treasury said to ready plan to loosen rules for import of gold; Demand rising at one of precious metal’s biggest consumers Turkey is putting the finishing touches on a plan to loosen rules that govern the import of gold to one of the world’s biggest consumers of the precious metal.
Sweden Poised to End Negative Rates After Inflation Accelerates Rafaela Lindeberg – Bloomberg Sweden’s central bank is likely to reverse half a decade of negative interest rates next week after November consumer prices rose more than economists had forecast.
Not Everyone’s Buying What Saudis Are Selling Rosalind Mathieson – Bloomberg It was a strong debut today for the world’s biggest initial public offering. Shares of Saudi Aramco jumped 10%, the daily limit, in Riyadh. Its market value is a whopping $1.88 trillion.
Germany draws up draft law for financial transaction tax: Sueddeutsche Reuters German finance minister has drawn up a draft law that envisages introducing a financial transaction tax in 10 European Union countries, the Sueddeutsche Zeitung reported on Monday. bit.ly/347zaey Exchanges, OTC and Clearing
Cboe confirms acquisition of equities clearing house EuroCCP; Cboe Global Markets will develop clearing and equity derivatives trading in Europe with its acquisition of EuroCCP. Hayley McDowell – The Trade Cboe Global Markets has confirmed it will acquire equities clearing house EuroCCP, in a move that would open doors for the exchange group to pursue clearing and equity derivatives trading in Europe.
Cboe buys European clearinghouse; The Chicago Board Options Exchange parent will take full ownership of EuroCCP, buying out its rivals to gain a bigger foothold in the European stock-trading arena. Lynne Marek – Crain’s Chicago Business Cboe Global Markets has entered into an agreement to purchase the 80 percent of European clearinghouse EuroCCP it doesn’t already own.
EquiLend looks to automate total return swaps trading with new platform; The EquiLend Swaptimization platform uses a proprietary algorithm to match natural pairs in the total return swaps market. Hayley McDowell – The Trade Securities finance trading provider EquiLend has confirmed the launch of a new platform aimed at automating processes in total return swaps trading.
HKEX Stock Connect Awards 2019 Celebrates Achievements of Market Participants HKEX Record year on Northbound Stock Connect celebrated by Hong Kong trading community; New award in 2019 for top-performing brokers contributing to A-share index inclusions Hong Kong Exchanges and Clearing Limited (HKEX) today (Wednesday) was delighted to present its Stock Connect Awards 2019 to recognise the achievements of top-performing market participants. During 2019 these organisations helped accelerate trade volumes on Northbound Stock Connect, making this another record year for the landmark mutual market access programme linking Hong Kong and Mainland China’s equity markets.
LSEG Technology to provide post trade technology for the Securities Clearing Corporation of the Philippines London Stock Exchange Group LSEG Technology today announced that Securities Clearing Corporation of the Philippines (SCCP), a wholly-owned subsidiary of The Philippine Stock Exchange, Inc. (PSE), has selected LSEG Technology’s Millennium Post Trade solution to improve its post trade processes. As part of the agreement, LSEG Technology will implement Millennium Clearing and Millennium Risk products, enhancing SCCP’s clearing, settlement, risk and collateral management capabilities.
SGX named “Exchange of the Year – Asia Pacific” at FOW International Awards 2019 SGX Singapore Exchange (SGX) has been named “Exchange of the Year – Asia Pacific” for the fourth time in five years at the annual Futures & Options World (FOW) International Awards. The awards recognise the best in growth and innovation across the global derivatives market.
DGCX Wins ‘Exchange of the Year – Middle East and Africa at FOW International Awards Press Release via Menafn The Dubai Gold & Commodities Exchange (DGCX) has been awarded ‘Exchange of the Year – Middle East and Africa’ at the Future and Options World (FOW) International Awards 2019 for the second year in a row.
London Stock Exchange opens the floor to shorter trading day; The stock exchange has set out a series of options for shortening the market’s 8.00-16.30 hours of operation Mark Cobley – Financial News The London Stock Exchange has kicked off a formal consultation with its members on shortening Europe’s trading day, as called for earlier this year by the trade bodies for fund managers and bankers in the region.
Nasdaq offers fund managers a green bonds beauty parade; US stock exchange wants to give fund managers more information when they invest Samuel Agini – Financial News Nasdaq, the US stock exchange group, has launched a public platform for companies and governments to publish details about the sustainable bonds they issue in order to give fund managers more information when they invest.
Nasdaq launches sustainable bond platform for all Hazel Bradford – Pionline Investors interested in sustainable bonds can now use the Nasdaq Sustainable Bond Network, a global, publicly available web-based platform where issuers publish key information and data about their bonds. bit.ly/2RNKcTo Fintech
State Street hires AI and machine learning expert for CIO role; Brian Franz has been appointed chief information officer at State Street, bringing extensive knowledge of AI, machine learning and robotics to the bank. Hayley McDowell – The Trade Boston-based bank State Street has appointed an expert in artificial intelligence (AI) and machine learning as chief information officer, as the institution looks to implement its wider digitisation strategy.
Apple CEO Tim Cook says monopolies aren’t bad if they aren’t abused Charlie Wood – Business Insider Apple CEO Tim Cook has defended the existence of monopolies in business while also denying that Apple has a monopoly in any sector.
New fintechs are rediscovering the old lesson that service matters; We are seeing a return to competition that differentiates on quality rather than just price Izabella Kaminska – FT Many of the new challenger banks and fintech companies boast that what differentiates them from the big incumbent lenders is that they are “customer obsessed”.
US Arrests 3 in Alleged Crypto Mining Pool Fraud Scheme Nikhilesh De – Coindesk U.S. authorities arrested three alleged scammers attached to the BitClub Network Tuesday who successfully defrauded investors of $722 million through a mining pool Ponzi scheme.
Another bitcoin fund tied to CME’s cash-settled futures gets launched Yogita Khatri – The Block French asset management firm Napoleon has launched a new fund, tied to cash-settled bitcoin futures by derivatives exchange giant CME Group. bit.ly/2YDhAO6
Regal Assets Launches Partnership Platform for Financial Professionals to Facilitate Alternative Asset Allocation in Client Portfolios Regal Assets, a leader in helping investors and retirees invest in precious metals, cryptocurrencies, and other alternative assets, is launching RA Wealth Partners, its official partnership platform for financial advisors, retirement planners, wealth managers and other financial professionals who help advise and/or manage client portfolios.
This Year Proved Asia Is Ahead in Crypto-Blockchain Adoption Michael Ou – Coindesk In 2019, it became clear that Asia was moving ahead in cryptocurrency and blockchain adoption and application. Because of internal and external drivers, Asia has been setting the pace in turning ideas in the blockchain space into reality. Investors in China, Japan, and South Korea are being driven into crypto markets by global and regional trade wars, currency devaluation, and tight government control of individual assets. Global trading platform, eToro, has found consistent spikes in bitcoin activity during key moments of the US-China trade war.
China’s SEC May Soon Have a Crypto-Savvy Department Chief: Report Wolfie Zhao – Coindesk China’s securities watchdog is reportedly setting up a technology regulation bureau and may soon appoint Yao Qian, the former head of China’s central bank digital currency initiative, as its new department chief. According to a report from Chinese business publication Caijing on Wednesday, the China Securities Regulatory Commission (CSRC) has announced Yao’s appointment on its internal bulletin.
BitPay now lets merchants accept three stablecoins, including Gemini dollar Yogita Khatri – The Block Blockchain payments processor BitPay has added support for three stablecoins – Circle’s USD coin (USDC), the Gemini dollar (GUSD) and Paxos Standard token (PAX). The rollout allows BitPay’s over 30,000 merchants, including Microsoft and Avnet, to accept payments in the three stablecoins from consumers. In other words, BitPay’s wallet users, as well as its prepaid cardholders, will be able to spend USDC, GUSD and PAX via supported merchants.
BME Launches A New Blockchain-Based Collateral Pledge Management Service MondoVisione The time for the constitution of a pledge is reduced from 24 hours to less than 10 minutes BME has successfully launched the process for the digitisation of the certification of collateral pledge using Blockchain technology, eliminating the need to use and exchange physical certificates.
Elliptic builds a solution for banks to help them decide which crypto exchanges to do business with Yogita Khatri – The Block Banks have since long been known to remain reluctant to provide services to cryptocurrency firms, including exchanges. Blockchain analytics firm Elliptic is hoping to improve the situation with its new solution. Dubbed “Discovery,” Elliptic’s solution, purpose-built for banks, is a database of 200 global cryptocurrency exchanges, including information about their corporate entities, jurisdiction, regulatory status, and compliance policies. It also includes blockchain insights into the provenance of the cryptocurrencies they hold.
Canaan’s IPO is “more symbolic” than substantial to the crypto industry, says expert Celia Wan – The Block Crypto Cryptocurrency mining machine manufacturer Canaan made the headline last month by being one of the first cryptocurrency companies to tap into the public markets, but an expert said its initial public offering (IPO) may be “more symbolic” than substantial. In a recent The Scoop podcast, Iterative Capital Management principal Leo Zhang acknowledged the firm’s IPO as a “big milestone” for the industry overall, but also noted that its influence in the cryptocurrency industry might eventually wade.
Crypto’s Crown Prince Survived ‘The Craziest Bubble Ever.’ Now He’s Ready For a Second Act Jeff John Roberts – Fortune Olaf Carlson-Wee appears to have it all. He has a comfortable fortune, thanks to a payout from his cryptocurrency firm Polychain Capital that netted him $60 million. He also enjoys one of the finest views of San Francisco from his firm’s luxury office, which looks out over the ocean and the city far below. At just 30 years old, he has youth and good health—two attributes no amount of money can buy.
SEC Taking ‘Measured’ Approach to Digital Asset Regulation, Jay Clayton Tells Senate Committee Daniel Palmer – Coindesk The chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton, says his agency is taking a “measured” regulatory stance on “promising” blockchain tech. Giving testimony on the oversight of his agency before the Senate Committee on Banking, Housing, and Urban Affairs on Tuesday, Clayton honed in on its regulation of the crypto and blockchain space, saying the SEC has been dedicating “a significant amount of attention and resources on digital assets.”
Mark Cuban says there’s ‘no chance’ bitcoin can become a reliable currency Theron Mohamed – Business Insider Mark Cuban says there’s “no chance” that bitcoin can become a reliable currency. “Not because it can’t work technically,” the Shark Tank star and owner of the Dallas Mavericks said in an email to Forbes. “But rather because it’s too difficult to use, too easy to hack, way too easy to lose, too hard to understand, too hard to assess a value.”
Blockchain Faces Big Challenges But the Opportunity Is Enormous Don Tapscott – Coindesk This post is part of CoinDesk’s 2019 Year in Review, a collection of 100 op-eds, interviews and takes on the state of blockchain and the world. Don Tapscott is the author of 16 books, most recently with his son Alex, Blockchain Revolution. He is Executive Chairman of the Blockchain Research Institute. bit.ly/2RIyiKS Politics
Trump Pays $2 Million to 8 Charities for Misuse of Foundation; Under a settlement, the president admitted he had used his charity to bolster his campaign and settle business debts. Luis Ferré-Sadurní – NY Times President Trump has paid $2 million to eight charities as part of a settlement in which the president admitted he misused funds raised by the Donald J. Trump Foundation to promote his presidential bid and pay off business debts, the New York State attorney general said on Tuesday.
House Democrats Announce Two Articles of Impeachment Against Trump; First article addresses abuse of power, second relates to obstruction of Congress Siobhan Hughes and Natalie Andrews – WSJ The House Judiciary Committee will pursue two articles of impeachment against President Trump, a narrower approach than some Democrats had hoped, as the Republican-led Senate outlined plans for a trial early in the new year.
A Solid Impeachment Case Meets Magical Thinking; Do facts matter? We’re about to find out. Mark Gongloff – Bloomberg Democrats have done everything they can to lead Republicans to the impeachment trough, but they cannot make them drink.
Political commentators and market wizards Jamie Powell – FT On Thursday there’s a general election in the UK, haven’t you heard? In case you are still undecided on who to vote for — given the choices this year are so fantastic — how about checking on what the great British dogecoin pound is doing in reaction to the latest polls? After all, there is no one more right about anything than the market. Or so we’re told.
Czechs Protest as Billionaire Premier Faces Renewed Fraud Probe Peter Laca – Bloomberg Thousands march through Prague as demonstrations continue; Premier Babis has vowed not to resign despite public pressure Tens of thousands of Czech marched in renewed protests against the country’s billionaire prime minister, Andrej Babis, who’s embroiled in an investigation into alleged fraud.
What’s Worse Than World Leaders Laughing at the U.S.? New polls suggest they represent a growing share of global opinion. James Gibney – Bloomberg That viral video of the leaders of Canada, France and the U.K. laughing about their U.S. counterpart at last week’s NATO summit was vivid yet anecdotal evidence of what the rest of the world thinks of President Donald Trump. Now comes some hard data showing America’s declining global reputation.
Trump’s China Tariffs Boomerang on America; Thanks to trade wars, companies are skimping on new U.S. plants and equipment. Matthew A. Winkler – Bloomberg As resilient as the U.S. is with unemployment at a 50-year low of 3.5% and personal income up 15% since 2017, cracks are widening in the longest expansion in modern times. Deteriorating business investment, manufacturing, shipping, trucking, logistics and the historically robust trade surplus can all be attributed to the tariffs threatened and imposed by Donald Trump since he became president.
Loeffler to face ‘minefield’ of potential ethical issues in Senate Greg Bluestein, The Atlanta Journal-Constitution Republican Kelly Loeffler’s immense wealth and top financial industry private-sector position helped entice Gov. Brian Kemp to appoint her to an open U.S. Senate seat, but they also pose challenges for the political newcomer. bit.ly/2RHzpdJ Regulation
HSBC Swiss Unit to Pay $192 Million to Settle U.S. Tax Case; Private bank admits helping Americans evade taxes and agrees to settle criminal charges Dave Michaels – WSJ A Switzerland-based subsidiary of HSBC Holdings PLC on Tuesday admitted helping Americans evade taxes over a decade and agreed to pay $192 million to settle criminal charges.
ASIC’s assessment of ASX Limited’s AQUA market ASIC ASIC has today made recommendations to improve ASX Limited’s (ASX) compliance with its market licence obligations, following an assessment of the AQUA market for exchange traded products (ETPs) operated by ASX.
Outcomes of review into internal market making for quoted managed funds ASIC ASIC has concluded a review of internal market making practices of non-transparent actively managed funds that are traded on exchange markets.
ESMA issues briefing on benchmark recognition ESMA The European Securities and Markets Authority (ESMA) has issued today a briefing on the recognition regime under the Benchmark Regulation (BMR).
A Career Highlight: Exam and Risk Monitoring Program Transformation Update FINRA In 2018, FINRA embarked on a large-scale transformation of its examination and risk monitoring program to make FINRA a more effective, agile and risk-focused regulator. A lot of progress has been made in the last year. The group is in the process of realigning around the business models of FINRA member firms, introducing a new single point of accountability and installing a new senior leadership team.
2020 Holiday Margin Extensions Schedule FINRA FINRA is publishing this Notice to assist firms with making accurate submissions in connection with requests for Federal Reserve Board Regulation T, SEA Rule 15c3-3 and FINRA Rule 4210 extensions of time around holidays when exchanges or banks are closed. The schedule included in this Notice specifies the due dates for filing requests of extensions of time prior to and after a holiday when the exchanges or banks are closed in 2020.
CFTC Charges New Mexico Resident with Fraud in Long-Running Ponzi Scheme CFTC The U.S. Commodity Futures Trading Commission today announced it has filed a civil enforcement action in the District of New Mexico against defendant Douglas Lien (d/b/a Westend Investments) of Santa Fe, New Mexico, charging him with fraud and failing to register with the CFTC. bit.ly/2E9L3WM
CFTC Approves One Final, Two Proposed Rules at December 10 Open Meeting CFTCAt an open meeting today, the U.S. Commodity Futures Trading Commission approved one final rule and two proposed rules.
CFTC increases transparency, reopens comment on capital requirements for swap dealers FIA The U.S. Commodity Futures Trading Commission acted on Dec. 10 to reopen the comment period on a 2016 proposal regarding capital requirements for swap dealers. Two of the CFTC’s five commissioners opposed the move, however, calling instead for a more thorough rulemaking process.
Statement of Chairman Heath P. Tarbert Before the December 10, 2019 Open Meeting CFTC Tripling Down On Transparency – As regulators, we must be mindful not only of what we do, but how we do it. Our shared vision for the CFTC is to be the global standard for sound derivatives regulation. Soundness is built on transparency: we serve our markets best when we act with the benefit of public input and dialogue. We also owe it to those who rely on our derivatives markets to regulate in the open. With this in mind, our agency recently adopted Clarity—which we describe as “[p]roviding transparency to market participants about our rules and processes”—as one of the four core values of the CFTC.
Opening Statement of Commissioner Brian Quintenz before the Open Commission Meeting December 10, 2019 CFTC Good morning. Mr. Chairman, thank you for calling this meeting. I support all three rulemakings before the Commission today.
Statement of Dissent by Commissioner Rostin Behnam CFTC Capital Requirements of Swap Dealers and Major Swap Participants: Proposed rule; reopening of comment period; request for additional comment
Statement of Concurrence by Commissioner Rostin Behnam CFTC
The New World Digital Asset
About CODEO is built using highly reliable, decentralized, P2P technology. The platform token is CODEO Token. With the help of Codeo Token, all transactions in the ecosystem are carried out. Also, this token is the main product and thanks to it, a really big contribution is made to the entire work of CODEO. CODEO Token was developed using special, unique and high-tech tools. This is its main difference from other tokens on the market. Therefore, CODEO Token creates a reliable and convenient digital ecosystem, providing not only high security, but also protecting the value for the business of token holders. CODEO Token will be used not only in the cryptocurrency world, but also in various other industries. Problem The problem that may appear in cryptocurrencies such as bitcoin is that the comparison between supply and demand is not directly proportional due to the number, and the mining process is becoming more difficult, therefore it is believed that bitcoin being only as a digital asset. which is more likely to be equated to expensive gold or diamond as a transaction or payment instrument. There are many cryptocurrency developers who have emerged regarding the replacement of the bitcoin position as a means of payment. They release and convince users / the public that their Product can use Bitcoin as a viable transaction tool in this blockchain. For example; Ethereum, Dogecoin, Litecoin and others. Entire coins and tokens build their trust funds as a means of solvent payment. But unfortunately there are also many token developers who are irresponsible where they use this ability to raise funds and is vulnerable to scammers. This was a serious problem. Some developers issue tokens and convince investors to buy promising plans for their tokens and the successful promotion of their token in the future. But in fact, 97% of the entire project issued in 2017-2019 through an ICO (initial coin offer) failed and there were scammers leading investors as victims. This situation makes investors retire and left the blockchain industry Solutions The problem that arises today is the result of a crisis of confidence in the blockchain industry, quoted on coinmarketcap.com in December 2017, where bitcoin trading reached 24,218,500,000 within 24 hours, but now it is only 13,696,517.811. This is sharply reduced, which is accompanied by a decrease in the number of encryption users. This is proven by many bankrupt exchanges such as Dederex and even the new Comer Coinexchange, which announced themselves to close their platform in December 2019. Features 1. Digital cryptoactive. CODEO Token is a digital crypto asset, it can be stored like any other paper. 2. Payment method. CODEO Token will be a reliable payment tool in the blockchain industry. Therefore, CODEO Token can be used anywhere in our world. 3. Investments. CODEO Token will be featured on many well-known crypto exchanges. Therefore, you can invest in it in order to get good profit in the future, and you can trade it at any time. 4. Stable price. The advantage of acquiring CODEO Token is that if you suddenly buy a token for $ 1 and in the market the price somehow falls below $ 1, then you will not need to panic, since you can sell it later for the same price, for which they bought, that is, for 1 dollar on the ARCHIDAX exchange. 5. Additional charge at 2% per annum. Holders of CODEO token will receive an additional income of 2% per annum each year. A certain amount of 2% will automatically be sent to your CODEO cryptocurrency wallet on the ARCHIDAX exchange. 6. Availability of CODEO Token. Since CODEO Token will be presented on many well-known cryptoexchanges, they can be easily traded. The team claims that simply obtaining CODEO Token in the global market is their primary concern. Token Sale CODEO TOKEN was built with a variety of unique and special unlike other Tokens, because CODEO TOKEN comes as a vehicle forms a safe and comfortable digital ecosystem by providing protection not only against security, but rather protection of business value and value of codeo assets owned by users. in business aspects Code is designed as a long-term and sustainable digital transaction instrument where CODEO TOKEN is in phase future planning will be used not only for crypto users and the blockchain industry but CODEO TOKEN continue to build a unique and integrated ecosystem in various industries. through FIVE ANGES INVESTMENT (FAI Limited) Legal companies registered on the British Virgin island (BVI) will encourage the CODEO TOKEN function to be used in various industries including Startup products included in the CODEO incubator program The spread of codeo ecosystem support in various industries CODEO Is the best investment instrument in the field of digital assets where you will get a variety of benefits and benefits ranging from guarantee and value protection to ecosystems and communities that support each other. Token Information Token Name – CODEO Token Symbol– CODEO Token price – $ 1 Standard – ERC20 The total number of tokens is 30 billion Initial Token Offer -3 Billion Token Distribution IEO – 40% CODEO community – 20% ARCHIDAX IEO – 10% ARCHIDAX direct investment – 20% Public trading – 10% About ARCHIDAX ARCHIDAX cryptocurrency exchange for trading crypto assets. This exchange is very simple and convenient, and solves many different problems that traders and investors face when depositing and withdrawing to a bank account. Benefits of ARCHIDAX 1. The minimum commission. 2. Reliable, transparent and safe. 3. Supports about 7 currencies. 4. Instant deposit and withdrawal of your funds. 5. A huge list of crypto assets. 6. The possibility of IEO. 7. The possibility of voting. 8. Digital stocks. ROADMAP
Team For More Information Click Link Bellow: Website: https://codeotoken.com/ WhitePaper: https://codeotoken.com/wp-content/uploads/2019/10/Whitepaper-Archidax-v.1-1.pdf Telegram: https://t.me/joinchat/MHlV6hcPQhGqNTQN6k4Wug Twitter: https://twitter.com/codeotoken Medium: https://medium.com/@codeotoken Facebook: https://www.facebook.com/codeotoken/ Username: baim107 Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=2552437 ETH :0x9aBc8b8a8AAA9d4Bb4c1E797e1Ed2Edf39A7124e
This Alleged Bitcoin Scam Looked a Lot Like a Pyramid Scheme
Five men face federal charges of bilking investors of $722 million by inviting them to buy shares in bitcoin mining pools. In emails, the operators of BitClub Network allegedly referred to potential investors as “sheep.” Photograph: Andrey Rudakov/Bloomberg/Getty Images
The world of cryptocurrency has no shortage of imaginary investment products. Fake coins . Fake blockchain services . Fake cryptocurrency exchanges . Now five men behind a company called BitClub Network are accused of a $722 million scam that allegedly preyed on victims who thought they were investing in a pool of bitcoin mining equipment.
Federal prosecutors call the case a “high-tech” plot in the “complex world of cryptocurrency.” But it has all the hallmarks of a classic pyramid scheme, albeit with a crypto-centric conceit. Investors were invited to send BitClub Network cash, which would allow the company to buy mining equipment—machines that produce bitcoin through a process called hashing. When those machines were turned on, all would (in theory) enjoy the spoils. The company also allegedly gave rewards to existing investors in exchange for recruiting others to join. According to the complaint, the scheme began in April 2014 and continued until earlier this month.
Matthew Brent Goettsche, Jobadiah Sinclair Weeks, and Silviu Catalin Balaci are accused of conspiracy to commit wire fraud and conspiracy to offer and sell unregistered securities. A fourth defendant, Joseph Frank Abel, faces only the latter charge. Another unnamed defendant remains at large. Balaci’s name was redacted from one public version of the indictment, but appeared on another .
The scheme appears to have started as a relatively modest scam and spiraled dramatically in ambition. Internal messages between the conspirators give the impression of growing glee at the ease of taking advantage of investors, referring to “building this whole model on the backs of idiots.” The men allegedly described their victims as “dumb” investors and “sheep.”
“They were not wrong,” Emin Gun Sirer, the CEO of blockchain startup Ava Labs, quipped on Twitter .
In October 2014, a few months after BitClub Network was founded, Goettsche allegedly posted about the need to “fak[e] it for the first 30 days while we get going,” instructing a co-conspirator to do some “magic” on the company’s revenue numbers. They allegedly agreed on a method of cooking the numbers that would include inconsistencies to make sure they appeared real. The tricks swiftly became more daring. Later, Goettsche allegedly suggested the company “bump up the daily mining earnings starting today by 60%.” LEARN MORE The WIRED Guide to Bitcoin
“That is not sustainable, that is ponzi teritori [sic] and fast cash-out ponzi . . . but sure,” Balaci responded, according to messages included in the indictment. A September 2017 email from Goettsche allegedly suggested the company “[d]rop mining earnings significantly starting now” so that he could “retire RAF!!! (rich as fuck).”
The defendants also allegedly sold shares of the company in violation of securities law, traveling around the world with marketing materials that touted the company as “transparent” and “too big to fail.” (The BitClub website now has a disclaimer saying investments are not available to investors in the US or the Philippines.) At one point, one of the defendants appeared to express remorse, referring to selling shares in BitClub without using the money to purchase mining equipment as “not right.”
The identities of the alleged victims are unclear, but there are hints in still-online videos and advertisements that the company had wide reach. In one ad, appearing on the website of Ben Franklin Technology Partners, a nonprofit investment firm affiliated with the Pennsylvania Department of Community and Economic Development, a company calling itself BitClub Network promotes “Founder” status for people who agree to purchase shares in four purported mining pools. The going rate was $1,000 per “GPU share,” a unit of measure that isn’t illuminated in the marketing materials. (Ben Franklin did not respond to an after-hours request for comment).
In 2018, a large number of Facebook posts about BitClub Network caught the eye of Japhet Mesa in Zambia. In a Medium post , he described what he saw as signs of a scam. Despite BitClub’s claims of radical transparency, the location of the purported mining rigs appeared to be a mystery, and the individuals behind the company were hard to identify. “Going by the hype around BCN, I was amazed to see the number of people getting into it,” he wrote at the time. “This could be seen by the number of people posting about it on social media, facebook especially.” Advertisement
Facebook pages based around BitClub Network communities in countries including Malaysia and South Africa remain active, with tens of thousands of members.
The crypto world is rife with scams. The grift reached a fever pitch in 2017, when bitcoin prices spiked and scammers lured victims to invest millions in cryptocoins or blockchain-based products that would never come to exist. Schemes around participation in mining pools are also popular to scammers who sell customers on the narrative of participating in business ventures that effectively amount to printing money. That’s become all the more tantalizing now that mining is mostly out of reach for many stay-at-home miners. (The selling point is that large mining “pools” enjoy greater efficiencies—and thus returns.) In January, a man in Hong Kong was accused of a similar mining pool scam that allegedly included an advertising stunt that involved throwing money off of a skyscraper.
The wire fraud charges carry a maximum of 20 years in prison, while the securities violation allows five. The defendants’ lawyers could not immediately be reached for comment.
Mining Giant Glencore to Trace Cobalt Using ‘Responsible Sourcing’ Blockchain Consortium | Via Coindesk #bitcoin #cryptomunten #cryptocurrency #crypto #ripple #blockchain #invest #bitcoins #cryptocurrencies #coinstartnl https://t.co/ZGTM72gAuk
Report: A single province in China controls 54 percent of Bitcoin’s hash rate https://t.co/iCl8vABo9o
Machiavellist een gangbaar woord voor een politicus of manager die in zijn persoonlijke moraal alles ondergeschikt maakt aan zijn eigen machtsuitoefening. In De heerser kan zo iemand opzoeken waarom dat moet, en hoe. Meestal gaat het om een subtiel spel waarbij andermans belangen in het oog worden gehouden, juist omdat de macht dan effectiever kan worden gehandhaafd.
$ONE All Targets hit! 13% profit!🔥
For Free signals,Join; https://t.co/vO3L7UzCpJ
#cryptocurrency #trading #ico #altcoins #airdrop #news #blockchain #bitcoin #crypto #market #mining #tokens #futures #project #exchanges #venezuela #hodl #fomo #alt #trade #stock #portfolio https://t.co/xgRnetp2ik
RT @creamcoin: Creamcoin [CRM] #mining
#creamcoin #bitcoin #litecoin #ethereum #blockchain #exchange #btc #cryptocu…
RT @thenextweb: Report: A single province in China controls 54 percent of Bitcoin’s hash rate (by @dcanellis) https://t.co/dlEMvvxEkT
#CyberSecurity #Hacker [Mastering Bitcoin for Dummies: Bitcoin and Cryptocurrency Technologies, Mining, Investing and Trading – Bitcoin Book 1, Blockchain, Wallet, Business] 🐦 https://t.co/kuSEzAPRQs 📢📣🔔 https://t.co/DOXvM71DAw SPECIAL DISCOUNT PRICING: …