Crypto CEOs Will Testify Before US House Panel (cryptobriefing.com) 50
An anonymous reader quotes a report from Crypto Briefing: The U.S. House Committee on Financial Services has announced that several cryptocurrency executives will testify at a panel hearing. Jeremy Allaire, CEO of the USD Coin company Circle, is first on the list of executives that will attend the panel. The list also includes Sam Bankman-Fried, CEO and founder of the crypto exchange FTX. It additionally includes Brian Brooks, current CEO of Bitfury and former acting comptroller for the U.S. Office of the Comptroller of the Currency (OCC). Chad Cascarilla, CEO of the stablecoin and brokerage firm Paxos, will also appear on the panel. Paxos is best known for powering crypto services for PayPal and Facebook's Novi wallet. Denelle Dixon, CEO of the Stellar Development Foundation, and Alesia Haas, CFO of Coinbase, will also make an appearance.
The panel will be led by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services. Waters previously held a hearing on Facebook's proposed crypto plans in 2019, as well as other panels on crypto, digital currencies, and central bank digital currencies (CBDCs). This upcoming panel is titled "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States." The page describing the hearing suggests the goal of the event is to hold financial companies accountable to consumers and investors. The hearing will be held at 10:00 AM ET on Wednesday, Dec. 8. It will be available as an online webcast.
The panel will be led by Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services. Waters previously held a hearing on Facebook's proposed crypto plans in 2019, as well as other panels on crypto, digital currencies, and central bank digital currencies (CBDCs). This upcoming panel is titled "Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States." The page describing the hearing suggests the goal of the event is to hold financial companies accountable to consumers and investors. The hearing will be held at 10:00 AM ET on Wednesday, Dec. 8. It will be available as an online webcast.
Re: Given the letter the Senate Banking Committee. (Score:2)
Tether operates out of the Virgin Islands. I don't think they need to be super worried. Assuming they're not a scam. If they ARE a scam, they should be very worried. If people are forced to stop using Tether, that shouldn't fundamentally affect their bottom line because they have full reserves to cover the exit of Tether from the market.
Maybe they should ask questions about this? (Score:1, Interesting)
Up to 70% of crypto transactions are wash sales.
As many as 7 in 10 cryptocurrency trades on popular unregulated exchanges may be people buying from themselves (wash sales) to artificially inflate prices, according to a new analysis.
A paper introduced systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and nature; abnormal first-significant-
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It's pretty remarkable how BTC price swings correlate with Tether minting coins out of thin air.
Most of the liquidity in the "crypto" market is just fake.
Re: Maybe they should ask questions about this? (Score:2)
You got a chart to go with that assertion? No, I didnâ(TM)t think so.
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Oh, [tradingview.com] sweetie... [i.redd.it]
Seriously, this is not even difficult information to find, and blatantly obvious for anyone paying minimum attention.
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What, 4-5 month, cherry-picked? That’s ridiculous. Why did you even bother? Zoom out to anything more than a two years and there’s no correlation. Anyone who’s seen the charts knows that.
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I was going to throw a couple more charts at you but, seriously, this is all a Google search away. Moving goalposts won't make any difference.
Re: Maybe they should ask questions about this? (Score:2)
Is that really all that different from HFT? Wash sales and front running are rampant in the mainstream securities markets.
Re: Maybe they should ask questions about this? (Score:2)
Front running with canceled HFT orders is effectively the same thing in terms of how it manipulates prices. You place an order to sell at $1, but when someone tries to buy it, you cancel the order and the put it up for sale at $1.01. That $1 might as well have been a wash trade.
Re: Maybe they should ask questions about this? (Score:2)
A "fake" trade to pretend there's activity at a price point. Do YOU know what a wash trade is?
Good luck with that (Score:3, Insightful)
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I find it hard to believe that Maxine Waters, can comprehend Defi any better that the slashdot boomers. In other words, not at all.
Please. As if Congress has anyone else who has a clue about Defi. "Boomer" would be a nice way of describing the out-of-touch capability of a group of senior citizens that we ignorantly put in charge, or kept there since JFK. "Clueless Moron" would be far more accurate than most cheerleade...er I mean voters, would care to admit.
Let's stop pretending that entity represents youth. Or even competence. Anywhere. They don't even have a grasp on the fucking Fed, and even that is by design. Waiting for Cong
Re: Good luck with that (Score:2, Insightful)
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Your sig, life is very literally a 0 sum game. You came with nothing, you leave with nothing.
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Re: Good luck with that (Score:1)
Some of their staffers, perhaps. At least the ones who haven't been poached by the defi cos. Yet.
The actual elected officials? Unlikely. Committee heads who got their jobs by seniority alone, which usually means never even having to stand for a seriously contested election?
Let's remember what Zuckerberg, Dorsey, and Pichai on the Hill looked like a few years back. Some old dude with seniority whips out his iphone and did his best method acting of Grampa Simpson yells at cloud.
Re: Good luck with that (Score:2)
They don't have to. They understand money flows. Defi is just a bunch of jargon layered over some pretty basic financing.
The Bitcoin seat... (Score:3)
...shall remain empty.
Re: The Bitcoin seat... (Score:2)
Where's Roger Ver (Bitcoin Jesus)?!?
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He's off to collect his 30 pieces of silver.
tether CEO? (Score:2)
Re: tether CEO? (Score:2)
They aren't U.S.ian. They generally aren't subject to U.S. law.
Energy use (Score:1)
Will the energy being consumed by mining for crypto-coins come up? I believe it will. Will the CO2 emissions from this energy use come up? I expect so. Will anyone mention that we have the technology to produce the energy we need with practically zero CO2 emissions? Unlikely.
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Will anyone mention that we have the technology to produce the energy we need with practically zero CO2 emissions?
And that any such energy should be replacing fossil fuels rather than being wasted on crypto mining?
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Re: Energy use (Score:2)
The per-transaction energy consumption is actually expected to go down long term. Basic economics of how the block reward decreases over time. Right now, the utility of the network is growing faster than the reward is dropping. Once (near-)maximum utility is reached, the energy consumption will drop significantly every four years.
Maxine Waters (Score:5, Insightful)
Re: Maxine Waters (Score:1)
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Mad Maxine is, indeed, one of the dumbest members of Congress and that's a very low bar to slide under.
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She showed Tuesday she has trouble reading a clock. She looked very confused while trying to figure out if she went over her time.
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Don't let the toxic crypto bros fool you: "DeFi" means "Deregulated Finance", not "decentralized" as they're trying to pass it off as.
The crypto bros all want to wrestle control away from governments, and do it without any oversight, and hence no accountability. Why else do you think they're all throwing a fit whenever the specter of regulation comes up (you know, the thing all legitimate currencies have to adhere to?)
They not throwing a fit. They're selling a product, and irritated at the competition. Don't try and manufacture some bullshit beyond that basic core justification for the Greed we expect.
We haven't had actual regulation in any US centralized finance, since we audited the Fed. Hasn't even been grounded in a Gold Standard for damn near a century, so again try not to sell me on the idea that the other product, is "legitimate" and magically free from obvious corruption or even crashing.
You know what budget k
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walks backwards away cautiously, palms facing out] "OK, bitcoin boomer." [urbandictionary.com]
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[Hears geekmux having a fit of their own; walks backwards away cautiously, palms facing out] "OK, bitcoin boomer." [urbandictionary.com]
Demonstrated my confidence in fiat currencies, and yet you take it I have faith in cryptoshizzle instead?
That's fucking rich.
Re: The grand master plan of crypto (Score:2)
Hmm.. if all the early crypto-bros planned Defi, I wonder why they all developed blockchains like Bitcoin, Litecoin, and Dogecoin, which don't support Defi. Talk about long-term planning...
Waste of time (Score:2)
Re: Waste of time (Score:3)
Not zero sum (Score:2)
It's not even a zero sum game.