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Items tagged with: cryptocurrency

Quote from man sued: "What are you gonna do, sue me?"

Kevin O'Leary has sued crypto personality Ben Armstrong (aka "BitBoy Crypto") for repeatedly claiming O'Leary murdered two people

(O'Leary and his wife were indeed involved in a boating collision that killed two people in 2019; O'Leary states in the lawsuit that it was his wife driving the boat, and she was acquitted of any charges)

Complaint: courtlistener.com/docket/69798…

#crypto #cryptocurrency #law

27. On March 19, 2025, Armstrong unleashed another tweet accusing O’Leary of committing “actual crimes”: “Doesn’t everybody think it’s weird that I’ve been publicly calling … @kevinolearytv [a] murderer[] and yet not a single word or legal action? It’s almost like they ‘can’t’ because a lawsuit would open up their actual crimes and they know it.”
#law #crypto #cryptocurrency

To understand crypto “valuations”, take the example of MollyCoin. If I conjure a billion MOLLY tokens out of thin air and sell one for $1, I’ve just created a “billion dollar” cryptocurrency.

#crypto #cryptocurrency

The price of a cryptocurrency is, as with most things, whatever someone else is willing to pay for it. But how is price determined for brand new coins? If I decide to hop on the crypto bandwagon and create MollyCoin, and I write some code to create a billion $MOLLY tokens out of thin air, how much are they worth? In reality, approximately $0 — I’ve put no real money into the system, and they don’t represent any good or service that might be considered valuable. But if I can convince someone to buy one $MOLLY token from me for $1 on one of the many exchanges that will allow you to exchange any token under the sun, suddenly we have a price! And even though only one token has ever traded hands, because market cap is calculated by taking the price per token on an exchange and multiplying it by the number of tokens circulating,e MollyCoin now has a “market cap” of $1 billion. Most cryptocurrency trades don’t involve dollars on the other end, but rather other cryptocurrencies like bitcoin or ETH or Solana. A much more likely scenario than the one I just described is that I convince someone to give me .0003 ETH (around $1 at the time of writing) for my one $MOLLY token, and voila: $1 billion market cap (because market caps are almost always displayed in dollars) despite $MOLLY never having been traded against the dollar.
Now, imagine I created exactly the same number of $MOLLY tokens as there are ETH tokens. If I can convince someone to give me 1 ETH for 1 MOLLY, now MollyCoin has the same market cap as Ethereum (around $406 billion at the time of writing). Even if we assume that there is actually $406 billion worth of real, fiat currency floating around in the system to form the reported Ethereum market cap, we now have two tokens each ostensibly worth $406 billion, with no additional fiat being introduced. Each dollar that is backing some amount of ETH is also “backing” MollyCoin — it’s being counted twice. It should be clear in this contrived example that there is no way people could actually cash out all MOLLY and ETH tokens and somehow wind up with $812 billion in fiat. Crypto is not a magic money machine that creates real dollars out of thin air. Now, what happens if I convince someone to buy my highly illiquid crypto token with some other highly illiquid crypto token? MollyCoin’s dollar-denominated market cap is now not only arbitrarily based on however many of those tokens I could convince someone to give me for one MOLLY, but it’s also now based in the arbitrary dollar-denominated “value” of that token as well. And so on.
Now extrapolate all this that to the actual cryptocurrencies that exist today — how much actual value exists in the system, and how much is just double, triple, or n-times counting the same dollars? Of course, MollyCoin’s “total value” is all fake, and chances are probably quite low that I could find some sucker to buy the remaining 999,999,999 MOLLY from me for dollars (or ETH or anything else). But the press can still write that I’m an overnight billionaire, or that MollyCoin has a market cap of $1 billion. Furthermore, if I can convince CoinMarketCap to include MollyCoin alongside the million (and counting) cryptocurrencies they track, the total market cap of crypto shown on that site will have miraculously increased by $1 billion just like that.
#crypto #cryptocurrency

This is not to downplay the extent to which Trump is grifting his devotees and crypto traders looking to make a buck on memecoin speculation. But it is important that we accurately report on his cons and don’t contribute to misleading crypto hype for the sake of large numbers.

#crypto #cryptocurrency #DonaldTrump #USpolitics #USpol

#crypto #uspol #cryptocurrency #uspolitics #donaldtrump

Newspapers’ estimates of the $TRUMP token’s fully diluted value fluctuated wildly from somewhere around $20 billion to around $70 billion, depending on which paper you read and when they published.

This variance perhaps should have been a sign to these reporters that the numbers aren’t real.

#crypto #cryptocurrency #DonaldTrump #USpolitics #USpol

When Donald Trump launched a memecoin days before his inauguration, newspapers were quick to try to grab headlines with huge numbers. “The $TRUMP memecoin — a financial asset that didn’t exist on Friday afternoon — now accounts for about 89% of Donald Trump’s net worth,” wrote Axios, which dubbed him a “crypto billionaire”.1 “[T]he so-called fully diluted value of all the tokens as of Saturday at noon was $30 billion, a number achieved less than a day after the token went on the market,” wrote the New York Times.2 Newspapers’ estimates of fully diluted value fluctuated wildly from somewhere around $20 billion to around $70 billion, depending on which paper you read and when they published.
That the numbers fluctuated by about $50 billion within the span of only hours or days perhaps should have been a sign to these reporters that the numbers aren’t real. Fully diluted valuation is an estimate so flawed that even publishing it should be considered journalistic malpractice. It is calculated by taking the current going price for a crypto token on an exchange and multiplying it by the total number of tokens that may ever exist for that cryptocurrency. To use $TRUMP as an example, people are currently trading these coins for around $53 apiece. There are 200 million of them in circulation, which puts the token’s (already highly questionable, as I explain in a moment) “market cap” at around $10.7 billion. Eventually, over a period of three years (assuming Trump does not lose interest or change the parameters of the deal), 1 billion tokens are set to be released. It is this supply — three years from now — that is being multiplied by the current price of the tokens to achieve estimates in the several tens of billions for how much Trump’s “net worth” has increased, as though it can be safely assumed that not only will the price remain stable over the next three years, but that there is another more than $40 billion that is guaranteed to just materialize.
#crypto #uspol #cryptocurrency #uspolitics #donaldtrump

#crypto #uspol #cryptocurrency #uspolitics #donaldtrump

For some reason people fleeing the sinking #Twitter / #X ship for #BlueSky don't seem to be aware of the fact that crypto bros at #BlockchainCapital bought a huge stake in the company just a few weeks ago. Like these are basically the same crypto bros who just helped #ElonMusk buy Twitter. They might even be literally the same people (I strongly suspect they are but I'm too lazy to check). Either way #BlockchainCapital was co-founded by #BrockPierce, who also brought you #Tether, AKA the company that Trump's transition team chairman manages $120 billion for. Pierce is also a friend of the #Netanyahu family.

You don't have to take my word for it. Here's the official press release: bsky.social/about/blog/10-24-2…

Moving to BlueSky is not an escape. Growing a base there is just putting in a bunch of work to create a platform that will be co-opted by crypto bros as soon as X breaks in half.

p.s. crypto bros (#a16z) also own #Substack

#crypto #cryptocurrency #bitcoin #USDT #Trump #DonaldTrump

Bluesky Announces Series A to Grow Network of 13M+ Users October 24, 2024 by The Bluesky Team Bluesky now exceeds 13 million users, the AT Protocol developer ecosystem continues to grow, and we’ve shipped highly requested features like direct messages and video. We’re excited to announce that we’ve raised a $15 million Series A financing led by Blockchain Capital with participation from Alumni Ventures, True Ventures, SevenX, Amir Shevat of Darkmode, co-creator of Kubernetes Joe Beda, and others.

Bluesky Announces Series A to Grow Network of 13M+ Users - Bluesky

Bluesky
#Trump #twitter #bitcoin #crypto #cryptocurrency #bluesky #substack #elonmusk #x #netanyahu #donaldtrump #blockchaincapital #brockpierce #tether #usdt #a16z

See my reporting on their previous violation, which is being reviewed by the FEC: citationneeded.news/coinbase-c…

#Coinbase #crypto #cryptocurrency #USpolitics #USpol


Coinbase appears to have violated campaign finance laws with a $25 million super PAC donation

Actively involved in contract negotiations with a federal government agency, Coinbase was likely prohibited from making its $25 million contribution to the Fairshake cryptocurrency-focused super PAC in May 2024.
Molly White (Citation Needed)
#crypto #uspol #cryptocurrency #uspolitics #coinbase

As an active federal contractor, Coinbase is prohibited from making political contributions, including to super PACs. This makes $50 million that they have contributed in violation of pay-to-play laws for contractors.

#Coinbase #crypto #cryptocurrency #USpolitics #USpol

Tweet by Brian Armstrong @brian_armstrong We get the U.S. election results in 6 days, and no matter how you slice it, it will be the most pro-crypto congress ever. But we're not slowing down post-election. Today I'm announcing that @coinbase has committed another $25M to support Fairshake PAC, which they will use leading up to the 2026 midterms to elect pro-crypto candidates. We're also supporting @standwithcrypto in their stretch goal to reach 4m advocates by the 2026 midterms. The crypto voter is already a force to be reckoned with, but it will continue to grow. We're going to keep showing up to protect our customer's rights and help get sensible legislation passed in major markets around the world.
#crypto #uspol #cryptocurrency #uspolitics #coinbase

#crypto #uspol #cryptocurrency #elections #lobbying

#crypto #newsletter #cryptocurrency #CitationNeeded

#cryptocurrency #lbry

#blockchain #cryptocurrency #hylo #holoLtd #hylozoicInc #holochain #startup #holo

#fdroid #cryptocurrency

#web3 #blockchain #decentralisation #cryptocurrency #bullshit #rightLibertarian

Molly White is the creator of the "Web3 is going just great" project which tracks the latest news of cryptocurrency/NFT disasters, scams and collapses. You can follow at:

➡️ @molly0xfff (White's account)

➡️ @web3isgreat (project account)

The project's website is at web3isgoinggreat.com and features a useful interactive timeline of the news items.

#MollyWhite #Web3IsGoingJustGreat #Web3 #Cryptocurrency #Crypto #Tokens #Coins #NFTs #NFT #News #Financial #Money #Scams #Technology #Business


Web3 Is Going Just Great

A timeline of some of the greatest hits in cryptocurrencies, NFTs, and other web3 projects since the beginning of 2021
web3isgoinggreat.com
#technology #web3 #News #crypto #nft #business #cryptocurrency #NFTS #tokens #money #financial #scams #coins #web3isgoingjustgreat #MollyWhite @web3 is going just great @Molly White

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