MacKenzie Sigalos
@KenzieSigalos
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Covering tech @CNBC | Former @CNN in Hong Kong & NY with @FareedZakaria & @AndersonCooper | DMs open
Joined May 2012
Bitcoin halving complete! Went inside a geothermal-powered mine near Hell’s Gate, Kenya. Pretty much the closest you can get to having a tangible hold on #bitcoin.
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If you want to send $10 from Canada -> El Salvador via Western Union's app = $3.24 fee. Muun->Chivo wallet = $0.10. Chivo->Chivo = free. @nayibbukele's new #bitcoin wallet could cost co's like WU $400m/y. @JaimeWGarcia @gladstein @Matt_Hougan @marioglozada.
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Spoke with a Ukrainian refugee who took a USB drive with him when he fled to Poland containing 40% of his life savings, or about $2,000 in #bitcoin. His experience highlights some of BTC's key features: .-valid across borders.-requires no bank.
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In Miami, I sent #bitcoin (sent to me by @PeterMcCormack on a road trip to Dallas w/ @str8edgeracer @parkeralewis) to a Ukrainian in Poland. In Wroclaw, she withdrew it as cash at a BTC ATM. It ALL took less than 3m thx to Lightning. @ffstls @jkczyz
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Elon Musk at The B-Word: “It looks like bitcoin is shifting a lot more toward renewables and a bunch of the heavy-duty coal plants that were being used. have been shut down, especially in China.".
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Taproot - the first #bitcoin upgrade in 4 years - has just been approved by miners. This means greater transaction privacy and efficiency – and crucially, it unlocks the potential for smart contracts, a key feature of its blockchain tech:
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ConocoPhillips ($118B oil & gas major) is selling extra gas from oil drilling to #bitcoin miners. Conoco tells CNBC it has one bitcoin pilot project operating in the Bakken, a region in North Dakota known as a key source of new oil production in the U.S.
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.@lightning announces a new, low-cost way to instantly send digital USD (and other fiat-pegged stablecoins) around the world without a bank. It's built on #bitcoin. @starkness: "With this tech, you could route all the world’s currencies through BTC".
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Three Arrows Capital filed for bankruptcy in the Southern District of New York late Friday. A few months ago, it had $10B in AUM.
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Spoke to Chinese #bitcoin miners who have gone underground since the crypto ban to find out how they’re doing it and not getting caught. Multiple sources say that as much as 20% of the global BTC hashrate never left China:
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Taproot just activated 🥕. First major #bitcoin upgrade in 4 years. @bitentrepreneur @arvanaghi @AlyseKilleen @nic__carter @fgthiel @JasonADeane.
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Moved to Austin today for the next few months. Let me know if you want to talk #bitcoin while I’m here.
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Before he was the CEO of Kris Marszalek departed his last job in Hong Kong “amid accusations from customers and business partners that they had been ripped off.” After that, he started the crypto exchange. More: w/ @levynews.
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China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Kazakhstan and Texas: @nic__carter @bitentrepreneur @arvanaghi @SGBarbour @adam3us.
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As a major storm hits TX, #bitcoin miners across the state are shutting off to help the grid brace for impact. Working so far. #ERCOT says "there's enough power for current demand" at 9,084 MW. @fgthiel @chadeverett @JasonLes_ @lee_bratcher @arvanaghi.
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El Salvador has mined $269 in #bitcoin with power harnessed from a volcano. Also key: a fully renewable, untapped energy resource has been put to work strictly because of bitcoin. @bitentrepreneur @arvanaghi @nayibbukele.
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A nationwide internet cut in Kazakhstan (world's 2nd biggest #Bitcoin mining hub) shut down an estimated 15% of the world's BTC miners before service was restored. One big takeaway: BTC mining has yet again survived another stress test with little drama:
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In 5 months, the #bitcoin mining network has totally recovered from the Chinese crypto ban in May that took more than half the world's miners offline virtually overnight: . @SinoCrypto @arvanaghi @bitentrepreneur @colyermike @OGBTC @AB_Brammer.
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#Bitcoin critics have maligned it for polluting the planet - but new Cambridge data shows BTC mining isn’t nearly as bad for the environment as it used to be:. . @colyermike @BitcoinBroski @fgthiel @DarinFeinstein @AB_Brammer @arvanaghi @FrancisSuarez.
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An open-source version of Stratum V2 is now live. It's the first upgrade in more than a decade to the protocol used by virtually all #bitcoin miners. New version could help open mining to more participants by supporting lower-quality internet connections:
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*Few quick points to clarify:.-L2s, not the merge, will take care of lowering gas prices.-Merge is a change of consensus mechanism, not an expansion of network capacity.-Solutions to gas fees, speed & scalability are coming from rollups and sharding.
The world's top cryptographers and developers were in Paris the past week to talk about the latest in cutting-edge blockchain tech. @KenzieSigalos breaks down what they’re working on – and why they’re relieved about all the bankruptcies in the sector.
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In Rockdale, Texas checking out the latest in #bitcoin mining. Extra demand helping to bring renewables onto the power grid: @chadeverett @JasonLes_ @RiotBlockchain
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Fort Worth, TX is the first city in the U.S. to mine #bitcoin. The small mining farm (comprised of Bitmain Antminer S9s) are housed in City Hall. @MayorMattie @AB_Brammer @lee_bratcher.
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A week after technologists slammed crypto for being too risky & flawed in a letter to Congress, human rights advocates sent a rebuttal to lawmakers defending #bitcoin &stablecoins, citing their use case in places where currencies are collapsing: @gladstein.
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Won an award for my SBF trial coverage. 31 stories in 1 month 🙌🏻
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.@CoryBooker tells CNBC one of the most compelling use cases of web3 is to disintermediate financial institutions taking a cut of transactions. from check cashing, to remittances & swipe fees. It's a trend in motion. 27% of Americans involved in crypto don't have a credit card.
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Ran past Holly Street Power Plant in Austin on the lake loop. Reminded me of how flexible power buyers like #bitcoin miners can help stabilize power grids, especially in a state like Texas that is rapidly on-boarding renewable power:
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The #Bitcoin network just saw its largest difficulty adjustment yet (-27.9%). Miners still running stand to make a whole lot more $ for the next 6-12 months: @DarinFeinstein @BitcoinBroski @SGBarbour @JasonADeane @arvanaghi @colyermike @SinoCrypto.
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Fascinating how entrepreneurs @bernard_parah & @440UrPp are revolutionizing Africa's broken payment rails w/ #bitcoin & the Lightning Network. 2,000 payment networks in Africa & 2% of them talk to each other. How BTC is beginning to fix that:
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New York just passed a bill to ban new #bitcoin mining operations & curb buildout at existing mines. Measure now heads to Gov. @KathyHochul. If she signs it, the law goes into effect immediately. What's in it & what's at stake:
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.@coryklippsten on Lummis/Gillibrand bill: It's going to be nice to see a clear legal and regulatory delineation between #bitcoin & altcoins trying to catch shine from bitcoin. Whole interview here:
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For the first time, we're getting state-level insight on where #bitcoin miners are within the U.S. 19.9% - NY.18.7% - Kentucky.17.3% - Georgia.14% - Texas (this % is probably much higher. see story for more: . @nic__carter @AB_Brammer @FoundryServices.
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A look inside Afghanistan's #bitcoin community: Thank you @FarhanVLOGS @alibomaye @paykhar @janeygak for sharing your time & experiences w/ me. @chainalysis @sobradob @Elahamahboob @RoyaMahboob @FantomFDN @bitrefill @Lornestar @AppBreadcrumbs @hackernoon.
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.@jack, @saylor, @DarinFeinstein, @nic__carter, #bitcoin miners & others refute claims made by House Dems re: the env impacts of mining in a note to the EPA. @Fidelity, Benchmark Capital & Fortress also on board. Where they say lawmakers got it wrong:
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Decentralization is a key feature of #bitcoin bcs it means the network isn't controlled by any entity & can't be shut down, even if a govt disapproves. This volcanic-powered 500kw mine is a perfect example of how Gridless is helping to fortify the network:
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Cuba will now recognize & regulate cryptocurrencies like #bitcoin, citing reasons of "socioeconomic interest." . Historic move. What it means for bitcoin adoption in Cuba: @sobradob @ggbian @mrinalinitankha.
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Ukraine is the fifth country in as many weeks to lay down some ground rules for the cryptocurrency market, a sign that governments around the world are realizing that #bitcoin is here to stay. @JeremyRubin @TheBankova.
Ukraine is the latest country to legalize bitcoin as the cryptocurrency slowly goes global
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.#Ethereum's much-hyped and somewhat controversial "London" hard fork has just activated. EIP-1559 changes how gas prices are determined & makes the block size dynamic. These are HUGE changes. More on the upgrade: @nic__carter @bunsen @Matt_Hougan.
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.@Lancium has raised $150 million to build #bitcoin mines across Texas that will run on renewable energy. Plan is to launch over 2,000 megawatts of capacity:. @ShaunEnergy @McNamaraMT @nic__carter @arvanaghi.
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The IRS & Pres. Biden are dialing up efforts to nail #bitcoin tax dodgers:. -subpoenas going out to centralized crypto exchanges.-2022 WH budget proposal could lead to new crypto reporting requirements . More on this crackdown: @TheCryptoCPA @bakerbotts.
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The FBI’s breach of a bitcoin wallet held by the cyber criminals who attacked Colonial Pipeline is all about sloppy storage & not a reflection of a security vulnerability in the cryptocurrency, say experts: @nic__carter @MatiGreenspan @giancarloMKTS.
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Plan B Passport helps the crypto-rich dodge taxes on their #bitcoin gains. @KatieTheRussian: “I was smart enough to figure out that $200 in BTC will be worth $100,000 at some point. I don’t think the government should have 40% of that.”.
This company sells passports to Americans looking for a tax break on their bitcoin profits
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Ethereum pulled off its final test run tonight ahead of the big merge. Quick take: Participation rate dropped, a few other minor issues spotted so far - but IT WORKED & that's a very good sign: @TimBeiko @JosefJ_ @adietrichs @christine_dkim.
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.@RiotBlockchain is building a 1 GW #bitcoin mine in Navarro County, Texas - just south of Dallas. Key details:.-Phase 1: 400MW on a 265-acre site.-Initial expansion expected to create ~270 direct jobs.-All immersion-cooled mining.-Hosting operations expected to start July '23.
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Spoke with Mayor @FrancisSuarez. he is in talks with FPL to lower electricity costs in order to attract #bitcoin miners to Miami. “Miners want to get to a certain kilowatt price per hour & we’re working with them on that.”. More from our chat:
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Core Scientific - one of the largest publicly traded #bitcoin mining companies in the US - will file for Ch11 bankruptcy protection in TX early Wed, per person familiar w/ company plans. But it plans to keep mining while it restructures its balance sheet:
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Reporting on the SBF trial involves sprinting from the top floors of the SDNY courthouse (no electronics allowed) to this park bench across the street to type up my handwritten notes from court as fast as possible before sprinting back. Caroline Ellison cross starts in 45 mins!
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Gridless is a #bitcoin miner in East Africa that's transforming wasted energy into:.-cheaper electricity for local residents.-greater reach ie more electrified households in rural Kenya, expanding into E/W Africa.-renewable hashrate. @TempletonThomas @jack.
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The U.S. has been building its hosting capacity for #bitcoin miners for YEARS. New Cambridge data shows 16.8% of hashrate is here - % likely higher bcs data pre-dates Chinese exodus. @DarinFeinstein @fgthiel @colyermike @AB_Brammer @arvanaghi @nic__carter.
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First spot #bitcoin ETF could be coming soon as court rules in favor of Grayscale over SEC. More details on today's ruling:
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Disenfranchised sex workers in the US say they're turning to cryptocurrencies like #bitcoin because it's the only way to rejoin the economy. @allieeveknox @MrsAllieRae @kristendiangelo @sfmistress @alanaevansxxx @mikestabile @sobradob.
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Talking #bitcoin mining with @SenTedCruz in Austin:. -how flexible power buyers like BTC miners can help stabilize Texas' grid .-provide a financial incentive for renewable infrastructure buildout.-turn wasted flare gas into a useful resource .
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Fedi app just announced by @obi could change the way #bitcoin is stored globally. Today, most bitcoin users store funds with custodians like Binance - @gladstein says Fedi is a game changer for self-custody & will be a practical way for local communities to control their own $.
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Headed to Miami on Wed with CNBC tech. I wanna hear from Miami Bitcoin/crypto people about the industry's migration to the city. Let me know if you want to talk.
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Taproot - the #Bitcoin upgrade - explained by some of the smartest people in the crypto world: @AlyseKilleen @fgthiel @nic__carter @bitentrepreneur @arvanaghi @JasonADeane.
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Coinbase's net profit for the quarter was over $771 million, more than four-fold over Q4 2020's figure of $177 million and more than 24 times higher than the year ago quarter's profit:
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The Biden White House just released its first-ever framework on what crypto regulation in the U.S. should look like. Here's what's in it:
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.@saylor & @SteveDaines sharing insights on #bitcoin mining & how it can help fix U.S. energy infrastructure. One massive problem miners are tackling: .wasted energy. Global gas flaring cld pwr the entire btc network 5.8X, hence why oil&gas majors are teaming up w/ PoW miners.
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Thank you to the Texas Blockchain Council & @lee_bratcher for naming me Journalist of the Year in Austin this week! . I'm grateful to those who have taken time at all hrs of the day, across timezones, to talk mining, #bitcoin, & the ways it can be used to safeguard human rights.
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.@Diditaihuttu & his family sold ALL their belongings in '17 & swapped the cash for $BTC when it was trading at around $900. Didi is now storing his #bitcoin, #ethereum & #litecoin in secret vaults on four different continents. More on "cold storage" -->
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Another bad day for DeFi staking protocol Compound. ~$162 million up for grabs after an upgrade gone very wrong. We thought at most 280k comp tokens were at risk. Now it's 490k and counting. 0.5 comp tokens added every ~15 seconds. @Mudit__Gupta.
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Treasury's crackdown on Tornado Cash was meant to stop criminals - but a lot of ordinary crypto investors with honest intentions are at risk of criminal exposure:
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Well-known hacker collective REvil Group is behind the cyberattack on JBS, according to a source speaking to CNBC on the condition of anonymity. It caused JBS, the world’s largest meatpacking company to shut down operations:
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SBF in custody in the Bahamas. Here's what happens next:.-indictment expected to remain sealed till Tues AM.-@renato_mariotti says SBF's extradition to US could "take weeks".-late '23 the "earliest a trial would occur".-life sentence possible: w/@rogoswami.
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Talking #bitcoin as a monetary network - and how it's eclipsing the capabilities of legacy payment rails in countries across Africa at #Afrobitcoin #ABC2022
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Going live with @SullyCNBC from my laptop in Austin. We talked #bitcoin & how miners create a financial incentive for the buildout of infrastructure to harness previously untapped renewable energy across Texas:
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Life in prison? Legal experts tell CNBC that SBF could be headed behind bars for a while — if the U.S. ever gets around to arresting him. He's still in the Bahamas but experts say he could face millions in civil damages, even if he's 'broke': @rogoswami.
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With #bitcoin, wash sale rules don’t apply, meaning that you can sell your BTC and buy it right back vs. waiting 30 days to buy back a stock. This nuance in the tax code is absolutely huge for BTC holders in the US. More on tax-loss harvesting:
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Bahamian authorities have arrested Sam Bankman-Fried after U.S. files criminal charges against the former FTX CEO & crypto billionaire. Updating in real-time as we learn more: @rogoswami.
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Russia is considering selling its oil and gas for #bitcoin. Russia is now very serious about de-dollarization, @nic__carter tells CNBC.
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Update on @Diditaihuttu & the #BitcoinFamily:. -down $1 million on their #bitcoin holdings since Nov. 2021.-BUT they sold 15% of their BTC at $55k.-AND they're aggressively buying it back now.-still storing 70% of their BTC cold on 4 different continents.
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There are lots of reasons why the @federalreserve is scared of stablecoins:. -waning monetary sovereignty.-maybe its own plans for a CBDC. -more here: . @nic__carter @AlyseKilleen @ronitA380 @MatiGreenspan.
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Sam Bankman-Fried paid over $40 million to bribe at least one Chinese official, DOJ alleges in new indictment:
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#Bitcoin mining company Core Scientific says it's listing on the Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp. The SPAC deal values Core at roughly $4.3 billion: @DarinFeinstein.
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Musk: “Long-term, renewable energy will be the cheapest energy, but it doesn’t just happen overnight. But as long as there is a conscious and determined, real effort by the mining community to move toward renewables, then obviously Tesla can support that.”.
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Moderated a 45m panel in Miami w/ @_amanda_fab @DarinFeinstein @nic__carter & @SGBarbour on #bitcoin mining. We cover:. -energy consumption vs carbon emissions.-how miners protect power grids.-off-grid flare gas .-renewables.-the Great Hashrate Migration.
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Voyager Digital files for bankruptcy. Perfect example of the crypto contagion effect:. -Three Arrows Capital defaults on $670m loan to Voyager last Mon.-Voyager suspends all trading/deposits/withdrawals Fri.-3AC files for bankruptcy Fri.-Voyager files for bankruptcy last night
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Court records/leaks about CEO Kris Marszalek shed light on his past ventures:.-multimillion $ settlement over faulty goods.-ecommerce co that failed & left clients w/o their cash.-Personal/corporate bankruptcy. Latest w/ @rogoswami:
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Hosting Crypto World from our San Francisco bureau this week! On today’s show @ 4:05, Coinbase chief legal officer Paul Grewal responds to a proposed rule change from the SEC that would make it harder for firms to hold customer assets:
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I'm told by @AlyseKilleen @JasonADeane @bunsen @MatiGreenspan we aren't headed for a crypto winter. @woonomic: "We are far from a bear market, only traders are freaking out over technicals seen on exchanges like volumes and price action.". #Bitcoin.
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In 2014, @JeremyRubin gave $100 of free #bitcoin to every MIT undergrad who wanted it, back when $BTC was ~$336. Had everyone kept it, they'd collectively be $44.1 million richer today. Here's what actually happened: @AlamedaTrabucco @ccatalini.
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It was an honor being interviewed by 10yo @SamaraOsae on the sidelines of the Africa Bitcoin Conference in Accra. It was her 1st time reporting on #bitcoin & we were all so impressed by her poise & genuine care for the story. She also landed an exclusive interview with @jack! 🙌.
10-year-old Samara Osae-Asare interviewed our @kenziesigalos on the sidelines of the Africa Bitcoin Conference in Accra, Ghana on bitcoin and reporting around the world.
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.@elonmusk says the US govt SHOULD NOT regulate #bitcoin and other cryptocurrencies. Also. Musk: "It is not possible to. destroy crypto, but it is possible for governments to slow down its advancement.". More on what he told @karaswisher:
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#EthCC drawing the biggest devs & cryptographers on the planet to Paris this week. Every conversation I've had comes back to CeFi/DeFi and how the "contagion" effect across the crypto market is actually contained to a very specific corner of the industry. More from on the ground:.
Time to #Panic or #Party?. The price of Ethereum might be under pressure today, but that's not stopping crypto developers from throwing a rather unique party in Paris. @KenzieSigalos is in France with the latest from the Ethereum Community Conference. $ETH
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See story for interactive map of @chainalysis' full ranking of global crypto adoption. Vietnam #1 by a mile. U.S. and China drop down the list. Emerging economies dominate: @KimberlyGrauer.
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Spoke to the lawmaker who wrote & sponsored New York's moratorium on certain PoW crypto mines. Anna Kelles says it's really just a "power plant bill." Begs the question: do you regulate the #bitcoin miners or the energy generators?
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.@CelsiusNetwork says it has $167 million in cash on hand, which will provide "ample liquidity" to support certain operations during the restructuring process. But remember, it had more than $8B in loans to clients & $12B in AUM as of May. More on the latest w/ @TheDomino -->
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Malaysian police LITERALLY steamrolled 1,069 #bitcoin mining rigs, worth about $1.25M. If you haven't seen the video, you need to watch it. Spent my night tracking down Miri's police chief in Borneo to find out more ab/ the country's mining crackdown:
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