13th August 2023 > > Scammers and PYUSD.

tl;dr

A couple of scammers. Crypto regulation in the US remains mired in partisanship.

Market Snap

Market Wrap

Much more of this and the daily Market Snap is looking rather redundant. So let’s look at a pleasing analysis of past price action (note the log scale) instead:

@TechDev-52 explains:

"Bitcoin approaching historic 3W compression levels above 20 MA. Tick tock."

We can but hope.

Curious Cryptos’ Commentary – Sam Bankman-Fried …

… has finally gone to jail ahead of his trial. About time too.

Otherwise, one might start thinking that all those political donations might have possibly perverted the wheels of justice.

I am not the only one who is pleased about this turn of events. Adam Cochran of Cinneamhain Ventures put it better than anyone else:

“Take that, you witness tampering vegan-faking, money stealing, egotistical, delusional, coked-up, fraudulent, orgy-goblin, bean bag sleeping, self-entitled, stuck-up, pudgy little, twatwaffle.”

I cannot wait to use that line next time someone disagrees with me when really, they shouldn’t.

Curious Cryptos’ Commentary – Second warning about CoinPedia

This fake news website appears to be gaining traction.

How do I know CoinPedia is fake, set up to scam the unsuspecting, and the naïve? One of its latest articles promotes Bitcoin Spark which it claims is a hard fork of BTC but with a changed history and using “Proof-of-Process”. All utter nonsense. The article appeals to our greedy nature:

“The project is currently in phase 2 of its ICO. During this phase, BTCS is selling at $1.75. Imagine being able to buy Bitcoin when it was $1.”

Stay safe out there.

Curious Cryptos’ Commentary – PYUSD (PayPal USD stablecoin)

Just the other day we took our first look at PYUSD (https://www.curiouscryptos.com/post/8th-august-2023-pypl-paypal-stablecoin).

Now it seems that PYUSD has become the centre ground of the politicisation of cryptos, a cultural phenomenon (mostly) unique to the US which we all wish was not the case.

The House Financial Services Committee, chaired by Patrick McHenry, recently voted in favour of stablecoin legislation that will now be passed to the House for consideration where it will likely be approved. From there the bill will go to the Senate, where it will likely fail, for partisan reasons.

As Patrick said:

“… stablecoins – if issued under a clear regulatory framework – hold promise as a pillar of our 21st century payments system.”

Objections to this proposed legislation were led by Maxine Waters, Representative for California.

…

A leading politician has damned PYUSD stating that she is:

“… deeply concerned that PayPal has chosen to launch its own stablecoin while there is still no federal framework for regulation, oversight, and enforcement of these assets.”

This politician goes by the name of Maxine Waters, one of the leading opponents of a federal framework for the regulation, oversight, and enforcement around stablecoins.