“The vicious circle is unrelenting. We have entered a death debt spiral,” he said, adding he expects “everything to go to zero against bitcoin.” Bitcoin
BTC
and cryptocurrencies have struggled this year as the Federal Reserve piles pressure on markets—with some warning the pain could just be getting started. Also looming over the trial is the question of whether Mr. Bankman-Fried, who is unusually garrulous for a criminal defendant, will testify — a high-risk move that defense lawyers tend to discourage. The Federal Reserve has rapidly hiked interest rates through 2022 and into 2023 in a desperate attempt to stamp out inflation, however, some fear the rising interest on national debt will spur even greater future spending and inflation. The U.S. dollar has faced surging inflationary pressures since sky-high government borrowing through the Covid crisis and lockdowns was used to fuel economic stimulus measures and played havoc with global supply chains.

The companies filed for bankruptcy, and Mr. Bankman-Fried was charged with counts including securities fraud, wire fraud and money laundering. A count accusing him of violating campaign finance law was eventually dropped, along with a handful of other charges, though all could be revived at a second trial next year. Earlier this month, the former chief owners equity examples executive of crypto exchange BitMex and legendary bitcoin trader Arthur Hayes predicted the bitcoin price could pump if the Fed keeps raising rates. PayPal has this year leaned into bitcoin and crypto, launching its own dollar-pegged stablecoin cryptocurrency after rolling out support for bitcoin, ethereum, litecoin and bitcoin cash in late 2020.

Watch: Goldman Sachs investment chief: Bitcoin is definitely a bubble, Ethereum even more so

The trial will offer a window into the Wild West-style financial engineering that fueled crypto’s growth and lured millions of inexperienced investors, many of whom lost their savings when the market crashed. Lawyers on both sides of the case are expected to lay bare the culture of scams and risk-taking that surrounded FTX and to dissect the often-misleading publicity campaigns that helped drive years of crypto hype. In September, U.S. national debt—the amount of money borrowed by the federal government to cover operating expenses—topped $33 trillion for the first time, according to figures from the U.S. department of the Treasury. Now, a leak has revealed U.S. president Joe Biden could be about to issue an executive order on artificial intelligence that could have a serious spillover to bitcoin and crypto, setting “alarm bells” ringing.

TG.Casino is conducting an exciting presale to fund platform growth and has already raised over $400,000 via the sale of its native $TGC token. Meme Kombat blend together the world of crypto gaming and gambling with its exciting platform were users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins. XRP ($XRP), the cryptocurrency that powers the XRP Ledger that was launched by US fintech company Ripple Labs back in 2011, has been back in the headlines on Wednesday.

But the risk that XRP will be labelled as a security warranting much higher regulatory treatments in the US is fast diminishing, meaning a better adoption outlook. “The deficit doubling to $2 trillion in the last year should be a flashing red warning sign to everyone who cares about America’s future,” bitcoin-backing U.S. senator Cynthia Lummis posted to X (Twitter). “The issues in this case are pretty straightforward,” Judge Kaplan said at a court hearing last week.

BACK IN THE MARKET

After FTX’s bankruptcy, he blamed an accounting error that he said had caused billions of users’ dollars to vanish without his knowledge. He has also criticized his colleagues, especially Ms. Ellison, saying she failed to manage risk at Alameda. And in legal filings, Mr. Bankman-Fried’s lawyers have indicated that white label crypto exchange they’ll argue that outside law firms authorized his actions at FTX. Camera crews and reporters are expected to swarm the courthouse, and the author Michael Lewis has a widely anticipated book about the case coming out that same day, featuring behind-the-scenes details of Mr. Bankman-Fried’s rise and fall.

Through the GeoCashing interface, users are able to ‘mine’ GEO through a process referred to as “Proof-of-Location” (PoL). Using the smartphone GPS, users can navigate to the location of the nearest GEO on the map to earn cryptocurrency through a blockchain-based gaming experience. “As the crypto market has recovered, many FTX customers are concluding that they can sell their claim, buy crypto again, and do much better than letting their claim depreciate,” said Matthew Sedigh, CEO of Xclaim, a bankruptcy claims exchange.

FTX customers are still grappling with crypto platform’s collapse

“When rates rise, the government increases interest payments to the rich, the rich spend more on services, and GDP pumps even more,” Hayes wrote, adding bondholders may seek yield in more rewarding “risk assets” like bitcoin. Traders are nervously eyeing the spiraling U.S. debt pile that some think could trigger a “vicious … [+] circle” that ultimately boosts the bitcoin price. Known for his signature outfit of T-shirts and shorts, Mr. Bankman-Fried rose to prominence as a rare good guy in the loosely regulated world of crypto. He founded FTX in 2019 and raised $2 billion in venture funding, promising to work with regulators to write new rules for the industry. He was also a prolific political donor, contributing more than $5 million to support Joseph R. Biden’s 2020 presidential run. The bitcoin price has swung wildly over the last few years, pushed higher by the likes of Elon Musk …

In the meantime, many traders may be better off buying into newer altcoins, which still have yet to have posted initial rallies, including presale coins that could easily surge once listed on exchanges for the first time. And with the wider market seemingly beginning what may be a medium- or long-term recovery, XRP may be in for further gains in the coming days and weeks, helped onwards by Ripple’s ongoing expansion as a company. The bankruptcy process is expected to stretch into 2024 and some creditors, tired of waiting, have sold their claim. Xclaim lists over 2,000 FTX claims for sale, worth around $610 million at last November’s crypto prices, Sedigh said. On Wednesday, Bankman-Fried’s attorney told the court his client had overlooked risk management but did not steal customer money. The bitcoin price has failed to regain its late 2021 peak of almost $70,000 per bitcoin, though some …

Grieve points to a part of the report that refers to computing power as a “national resource” and that “mining bitcoin, developing video games, and running AI models like ChatGPT” all require “large amounts of compute.” With PoL, GEO can only be ‘mined’ by going to the correct real world location with the GEO app. If you are new to crypto, use the Crypto.com University and our Help Center to learn how to start buying Bitcoin, Ethereum, and other cryptocurrencies.

Crypto Goes on Trial, as Sam Bankman-Fried Faces His Reckoning

Bitcoin Minetrix’s protocol is governor by smart contracts built on top of the decentralized Ethereum blockchain, which is also where its token is issued. These credits can then be burnt by their owners, and in exchange, they will get a share in Bitcoin Minetrix’s Bitcoin mining how to buy wonderland time revenues. The XRP price broke its 2023 uptrend in August, reducing the likelihood of a near-term recovery back to yearly highs in the $0.90 area. XRP was last trading around flat on Wednesday in the $0.53s, as it for now holds to the north of its 200-Day Moving Average.

Prosecutors, on the other hand, argued that all of Bankman-Fried’s crypto empire was “built on lies” and that the founder used his customer funds to funnel it to other investments without letting them know. In contrast to some of the more unfortunate examples of presale tokens that essentially amount to vaporware, it’s encouraging to note that TG.Casino has already launched its platform. Indeed, the past few weeks have seen the company sign a number of new partnerships and make some important acquisitions, including that of Web3 infrastructure provider Fortress Trust in early September. This ruling enabled US-based exchanges to relist the tokens, while it has also paved the way for Ripple to resume expanding its cross-border transfer business a little more aggressively. “I think there is a risk that there will be many victims who will find themselves victims again because of this procedure,” said Maxime, a 32-year-old Belgian, who has also found the bankruptcy claims process difficult.

Earlier this month, U.S. national debt—the amount of money borrowed by the federal government to cover operating expenses—topped $33 trillion for the first time, the U.S. department of the Treasury said. Spending has been turbo-charged by the Covid crisis and lockdowns in recent years. Now, as the U.S. debt pile soars to a face-melting $33 trillion, fears are growing the U.S. has entered a “debt death spiral,” creating a vicious circle that the Federal Reserve may not be able to escape—but boosts the bitcoin price. More recently, the defense has also suggested that FTX’s use of customer deposits to make investments was akin to how a bank operates.

Customers Reuters spoke with said they have created support groups to help each another navigate the complex bankruptcy claims process, while others said they have been targeted by scammers promising to retrieve their cash. FTX founder and former-CEO Sam Bankman-Fried is accused of embezzling $10 billion from unsuspecting customers to prop up his hedge fund Alameda Research, buy luxury properties and fund political donations. While this yield will fade over time as more money pours into the presale, $TGC holders will also benefit from TG.Casino’s planned token buyback scheme, which will provide passive income to $TGC token stakers and raise the token’s price through token burns. Early investors are already making yields in the region of 1,000% (thanks to rewards specifically set aside for $TGC token stakers – all tokens bought in presale are automatically staked). An exciting Telegram-based crypto gambling upstart called TG.Casino is taking web3 by storm. Another exciting new presale that has been generating a lot of hype recently has been for a crypto start-up called Meme Kombat.

GeoCoin Price Summaries

The demise of FTX in November helped burst that bubble, sending other high-profile companies into bankruptcy and provoking a government crackdown. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. The traditional financial service sector pull-back from the crypto market this year has been branded “Operation Choke Point 2.0” by some in the crypto industry who fear it’s been directed by the U.S. government and regulators. GeoCoin provides a real-world scavenger hunt that is rewarded with cryptocurrency.

The crypto industry grew rapidly during 2020 and 2021 but in 2022 token prices plummeted as interest rates rose and investors moved their money elsewhere, sparking a string of collapses. Over the last week, some fiat currency skeptics have warned soaring U.S. debt could create an inflationary “death spiral” for the U.S. dollar that ultimately pushes up the price of bitcoin. The collapse of FTX in 2022 wasn’t the result of fraud or a deliberate scheme to steal from customers; it was just the nature of a volatile cryptocurrency market, Sam Bankman-Fried’s attorney argued on Wednesday. An exciting new decentralized Bitcoin mining protocol called Bitcoin Minetrix is generating a lot of hype, and has already raised close to $500,000 in funds from early investors into its $BTCMTX token presale.

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