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#1,221

Billionaire Steve Cohen: 'I'm Doing a Deep Dive Into Crypto, I'm Fully Converted, I'm Not Missing This'​


news.bitcoin.com

Billionaire Steve Cohen: 'I'm Doing a Deep Dive Into Crypto, I'm Fully Converted, I'm Not Missing This' – News Bitcoin News

Billionaire investor and CEO of Point 72 Asset Management, Steve Cohen, says he is taking a deep dive into cryptocurrency. Emphasizing that he is "fully converted," the billionaire said, "I'm not going to miss this. I already feel like I missed the first part of it."
news.bitcoin.com news.bitcoin.com
 
  • Informative
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#1,222
lascavarian said:
69,000 btc go missing.

www.bloomberg.com

South African Brothers Vanish, and So Does $3.6 Billion in Bitcoin

A pair of South African brothers have vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform.
www.bloomberg.com www.bloomberg.com
Click to expand...

Inevitable! When you have an asset that by design cannot be recovered when stolen, people will steal it. Who in their right mind thinks it's a good idea to have a "currency" that lacks any sort of consumer fraud protection?
 
#1,223
daniel said:
Inevitable! When you have an asset that by design cannot be recovered when stolen, people will steal it. Who in their right mind thinks it's a good idea to have a "currency" that lacks any sort of consumer fraud protection?
Click to expand...
Yeah, if only there was a way to program this into the currency. For example if we had a Turing complete currency it might be possible. Oh wait we already have one! =)
 
#1,224
heltok said:
Yeah, if only there was a way to program this into the currency. For example if we had a Turing complete currency it might be possible. Oh wait we already have one! =)
Click to expand...

Twenty or thirty different cryptocurrencies, and people are supposed to be able to understand the strengths and weaknesses of each? But of course it's very convenient for the proponents of crypto that for each of the many flaws, weaknesses, and drawbacks of crypto, there's a crypto that does not suffer from that one particular flaw.

But there are none that can actually function usefully as currency. They're all Ponzi schemes that make their originators rich (if they catch on) but serve no real useful purpose other than empowering ransomware and other illicit commerce.
 
#1,226
Xepa777 said:
World Bank accused of "Ignorance and Hypocrisy" on rejecting to Assist El Salvador - World Bank accused of "ignorance and hypocrisy" on El Salvador - Regard News
Click to expand...

Big news. Stop the presses. Somebody has accused the World Bank of something.

El Salvador, a nation basically run by drug cartels, has adopted Bitcoin as legal tender to facilitate money laundering. The World Bank is against money laundering. So it has refused to give El Salvador a bucket of (real) money as assistance toward the money-laundering scheme.

Refusing to fund El Salvador's adoption of Bitcoin might be the first really good thing the World Bank has done in just about forever.
 
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#1,230
www.marketwatch.com

Bitcoin pros speculate over possible loss of $2 billion crypto fortune after death of one large owner

Mircea Popescu a controversial figure in the world of crypto boasted one of the single-biggest bitcoin fortunes and his amassed wealth in digital assets may...
www.marketwatch.com www.marketwatch.com

Some estimates peg Popescu’s bitcoin holdings at 30,000 and he has made unverified claims that he held much more. At its mid-April peak this year, Popescu’s bitcoin holdings would have been worth nearly $2 billion but if estimates are accurate about his holdings they are worth about $1 billion today.

What is unclear is how Popescu stored his crypto? Is it in a cold wallet, unconnected by computers, that only he holds the private key to, or is his cache of bitcoin held with a third-party.

Some speculate that he had a private key and that no one has access to it, which would mean that his fortune, whatever its size, is lost on the blockchain forever.
Click to expand...
 
  • Informative
Reactions: daniel
#1,231
JRP3 said:
www.marketwatch.com

Bitcoin pros speculate over possible loss of $2 billion crypto fortune after death of one large owner

Mircea Popescu a controversial figure in the world of crypto boasted one of the single-biggest bitcoin fortunes and his amassed wealth in digital assets may...
www.marketwatch.com www.marketwatch.com
Click to expand...
1625357705245.png


Automatic donation upon death sounds like an invitation to a short life?
 
  • Funny
Reactions: ZeApelido and JRP3
#1,234
JRP3 said:
Well if you lose dollars, coins, gold, etc you don't get them back either.
Click to expand...

Though the vast majority of people today have the bulk of their wealth in some form that is difficult to lose. If you lose the account information to your brokerage account, your bank account, or the deed to your house, there are some fairly simple ways to recover the information. And if you die without telling your heirs the information to easily access your information, they can recover the information too.

Very, very few people have any significant wealth tied up in a form that would be unrecoverable if lost unless they are black market kingpins, but even there money laundering to get money into the banking system under the radar is a big illegal business all by itself.

A financial instrument, especially an electronic one that is unrecoverable is a fatal flaw IMO.
 
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#1,235
JRP3 said:
Well if you lose dollars, coins, gold, etc you don't get them back either.
Click to expand...

Somebody fraudulently (or accidentally?) charged my credit card for several hundred dollars worth of Mary Kay products. I've never bought anything from Mary Kay. I phoned my bank and after they investigated, the money was returned to me. They also had me go through all my recent credit card charges to make sure they were legit. The banking system is designed with consumer protections. It may not always succeed, but its intention is to avoid theft and it is designed for transactions to be traceable.

Cash, gold, even cars can be stolen and might not be recovered. But few people consider these things stores of wealth. There are many ways that thieves can steal stuff and the victims never get it back. But of all the things that can be stolen, crypto is far and away the hardest to recover. It can be stolen from the other side of the globe and it is designed, intentionally, to be untraceable and unrecoverable. If somebody breaks into your house and steals gold, there is at least the possibility that if the police act quickly enough they might catch the burglar with the gold in his possession. With crypto, it's probably in Russia a millisecond after it's stolen.
 
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