Slice App

 You browse.

We pay.

Take back what belongs to you - monetize your browser, get paid for ads, cash in with Slice.

The Takeaway: Reformed and Remorseful

 

It is patently absurd that Sam Bankman-Fried asked to receive no more than 6.5 years for what could be appropriately described as the crime of the century. It is also laughable that, in arguing for a lighter sentence, his newly hired defense counsel made appeals to SBF’s autism and veganism, and made hay of the full restitution his victims are likely to receive. A man’s diet is not a basis for leniency, and moreso, the FTX estate was able recover some, but not all, of the billions of dollars worth of missing assets, not because of Bankman-Fried’s help, but in spite of it.   "There are plenty of things we did not get back, like the bribes to Chinese officials or the hundreds of millions of dollars he spent to buy access to or time with celebrities or politicians or investments for which he grossly overpaid having done zero diligence," FTX CEO John J. Ray III, who is overseeing the exchange’s bankruptcy process, wrote in a March 20 memo. "The harm was vast. The remorse is nonexistent."   Yet, to serve Sam Bankman-Fried with what would amount to a virtual life sentence would also have been insane. According to U.S. sentencing guidelines, Bankman-Fried faced up to 110 years in prison. The Department of Justice prosecutors who tried the case sought a 40-50 year sentence for SBF’s guilt in two counts of fraud and five counts of conspiracy. As Judge Lewis Kaplan said, “that would be more than necessary,” as he handed down a 25-year sentence.   Public opinion on the matter (such as it is) appears split, with many saying the sentence is too lenient. SBF will need to serve at least 85% of the 25 years, meaning the 32-year-old could walk in his 40s. SBF violated the trust of his investors, customers and own employees. Dozens of victim statements speak to the shock and financial distress he caused, and the countless lives he threw off course. Judge Kaplan also ruled SBF attempted to obstruct justice, and perjured himself three times.   And yet, as the verdict is handed down today, the crypto industry might do well to wish SBF well. Putting aside the grisly statistics and realities of life in federal penitentiaries — including that the United States incarcerates five times more people per capita than most other countries, and the racial disparity in criminal justice — robbing SBF of his entire life for a non-violent crime would have been unconscionable. This is likely an unpopular opinion, given the harm SBF has caused to many crypto holders and the industry at large.   There is no point in arguing SBF’s guilt; whether or not he intended to deceive the world is moot. Significant harm was done. There is also no reason to believe SBF’s arguments that he could help clients better than the highly-paid bankruptcy lawyers currently doing that job. It’s clear SBF made no attempt to protect or recover clients’ funds until after the fraud was exposed. Likewise, there is no point in trying to answer the question of whether SBF, motivated by utilitarian aims of doing the most good in the world, turned bad or started that way.   There is also almost no viable defense of SBF that could be made. The dozens of character witnesses in his favor who painted a picture of a smart kid who got in over his head, or who is too sweet for hard prison life, are largely unconvincing. Barbara Fried, SBF’s mother, wrote that Sam is an “angel of mercy” who carries the pain of the world in his depressed mind, without any reference to his victims. And his charitable works don't count for anything; it's easy to give away other peoples’ money.   But wishing for someone to be locked up for decades — to never again have the opportunity to redeem themselves or make an attempt to do right is odd. Incarceration serves a few purposes: retribution for harms done to society, deterrence for others to commit similar crimes and as a matter of public safety. The prosecutors tried to argue there was a “significant likelihood” Bankman-Fried would commit more crimes upon release, asking for him to be locked up into his 80s.   See also: Lyn Ulbricht — Put America's Geeks to Work, Don't Cage Them | Opinion   Prison can also serve another purpose: reform. Although SBF’s lawyer Marc Mukasey told the judge that the FTX founder wasn’t a “ruthless financial serial killer” who set out to rob his customers, only a mind-reader could say for certain what his intentions were. It’s clear enough that SBF began dipping from customer accounts within a year of spinning up the FTX futures exchange and has expressed little remorse for his crimes. But, as human rights lawyer Clive Stafford Smith said: “Never judge a person only by their worst action.”   Demonizing SBF, sometimes called the “face of crypto,” is in effect a demonization of crypto in general. Crypto fans should hope that SBF is reformed and feels remorse in time, in the same way the industry itself should work to rid itself of fraud. I cannot comment on whether SBF’s effective altruism was ever sincere, but I want to believe there is the possibility of goodness in him, in the same way that crypto supporters believe that crypto can affect good in the world, despite its detractors.   In short: SBF deserves a life after prison.   Read the article online...   – D.K.  @danielgkuhn daniel@coindesk.com

 

Let's Be Careful Out There

One unfortunate thing that both traditional finance and crypto have in common is a problem with Ponzi schemes. Ponzi scheme operators often tap into a nascent trend or technology and leverage their “mastery” of it as a selling point for targets who want to “get rich quick.”   Crypto is a prime target for the masterminds, who also often have extraordinary sales skills as they promise they have “superior knowledge” and can use this to beat the market and guarantee astounding returns. Spoiler alert: They can’t.  Read How to Identify and Protect Yourself From Ponzi Schemes

How to Invest in Bitcoin Without Buying Bitcoin

 

While we’re talking about traditional finance, it’s important to note that the divide between the cypherpunk crypto natives and buttoned-up Wall Street investment types is shrinking. Not only are more firms opening up ways for investors to diversify their portfolios with things like bitcoin ETFs, crypto options and bitcoin trusts, institutions and companies themselves are banking on crypto in their balance sheets.    As you begin to weigh what best suits your investment goals you might want to consider some of the more traditional entry points:

Everything You Need to Know About Bitcoin ETFs What You Need to Know About 401(k) Accounts With Bitcoin How to Invest in Bitcoin Without Buying Bitcoin 3 Ways Traditional Investors Can Gain Crypto Exposure  Crypto Savings Accounts: What You Need to Know

KuCoin News "an alleged multibillion-dollar criminal conspiracy."

 

$1B in Outflows

KuCoin saw about $1 billion in crypto withdrawals over the past 24 hours after news that U.S. authorities are investigating the exchange for violating money laundering rules, data from Nansen and Arkham Intelligence shows. This brings KuCoin’s assets under management doen about 20%, to $4.8 billion from $6 billion. A Homeland Security Investigations Special Agent called the exchange "an alleged multibillion-dollar criminal conspiracy." The exchange "is operating well, and the assets of our users are absolutely safe,” a spokesperson said.

 

Stories you may have missed

U.S. SEC Asking for More Millions, Dozens of Lawyers to Beef Up Crypto Oversight: Jesse Hamilton and I parsed through the SEC, CFTC and Treasury's fiscal year 2025 budget requests. Both independent agencies and the Department asked for more funds and mentioned crypto at various points in their requests. It remains to be seen what Congress does with these (lawmakers only just got around to passing a budget for 2024). Polygon Labs Paid $4M to Host Starbucks' Failed Foray Into Crypto: Sources: Polygon Labs paid Starbucks $4 million to host its NFT loyalty program Odyssey, which Starbucks shut down earlier this month. Do Kwon Released From Montenegrin Prison on Bail; Terraform Labs' Civil Trial Begins in NYC: Montenegro is still figuring out whether and where to extradite Terra/Luna creator Do Kwon, but in the meantime, he's been released from prison after serving a sentence for attempting to travel with falsified documents. In New York, his former company Terraform Labs' civil case has kicked off.

Bitrue

 Bitrue – Earn 40% Commissions on Your Client’s Trades For a Year

One of the most popular crypto trading platforms – Bitrue has more than 10 million users and has amassed over 10 billion in trading volume. With the introduction of Bitrue’s new affliate program – Bitrue Partners, you can earn additional commission on the platform. 

 

Cryptocurrencies known for their rapid transaction speeds:

 Several cryptocurrencies are known for their high transaction speeds, enabling swift and efficient transfers of value across their networks.

1. Ripple (XRP): Ripple is known for its rapid transaction speeds, with transactions settling in seconds. It's designed to facilitate fast and low-cost cross-border payments, making it attractive to financial institutions and remittance services.

2. Stellar Lumens (XLM): Stellar is a blockchain platform that focuses on facilitating cross-border transactions and remittances. It boasts fast transaction confirmation times, typically taking only a few seconds to complete.

3. Nano (NANO): Nano is a cryptocurrency known for its instant and feeless transactions. It utilizes a unique block-lattice architecture, allowing each account to have its blockchain, which contributes to its fast transaction speeds.

4. Litecoin (LTC): Litecoin is often referred to as the "silver to Bitcoin's gold" and offers faster transaction times compared to Bitcoin. It has a shorter block generation time, resulting in quicker confirmations for transactions.

5. Solana (SOL): Solana is a high-performance blockchain known for its scalability and fast transaction speeds. Its architecture can handle thousands of transactions per second, making it suitable for decentralized applications (dApps) and decentralized finance (DeFi) platforms.

6. Cardano (ADA): Cardano is a blockchain platform known for its focus on scalability, interoperability, and sustainability. While its transaction speeds are fast, Cardano's development aims to further optimize its performance as it progresses through its roadmap.

These cryptocurrencies are just a few examples of projects that prioritize fast transaction speeds. However, it's essential to consider other factors such as security, scalability, and adoption when evaluating the suitability of a cryptocurrency for your needs.

Navigating the Landscape of Cryptocurrencies: A Journey into the Future of Finance

 In the ever-evolving realm of finance, cryptocurrencies have emerged as a revolutionary force, challenging traditional notions of currency and investment. Born out of the enigmatic world of blockchain technology, cryptocurrencies offer decentralized, secure, and transparent transactions, transcending geographical boundaries and intermediaries.

At the heart of cryptocurrencies lies blockchain technology, a distributed ledger system that records transactions across a network of computers. This decentralized nature ensures that no single entity has control over the currency, fostering trust and autonomy among users. Bitcoin, the pioneering cryptocurrency introduced by an anonymous entity known as Satoshi Nakamoto in 2009, sparked a global phenomenon, paving the way for thousands of alternative cryptocurrencies, commonly referred to as altcoins.

Beyond Bitcoin, a diverse array of cryptocurrencies has emerged, each with its unique features and use cases. Ethereum, for instance, introduced smart contracts, enabling developers to create decentralized applications (DApps) and programmable assets. Ripple aims to revolutionize cross-border payments, offering fast and cost-effective transactions for financial institutions. Meanwhile, Litecoin focuses on faster transaction confirmations and lower fees compared to Bitcoin.

The allure of cryptocurrencies extends beyond their utility as digital currencies. They have become a vehicle for investment, attracting both seasoned traders and newcomers seeking to capitalize on the volatile yet potentially lucrative market. Cryptocurrency exchanges facilitate the buying, selling, and trading of digital assets, offering a gateway into the world of decentralized finance (DeFi).

However, the meteoric rise of cryptocurrencies has also raised concerns regarding regulatory oversight, security vulnerabilities, and market manipulation. High-profile hacks and scams have underscored the need for robust cybersecurity measures and investor education. Regulatory bodies worldwide grapple with formulating policies to balance innovation with investor protection, shaping the future trajectory of the cryptocurrency market.

Despite the challenges, cryptocurrencies continue to gain mainstream acceptance and adoption. Major companies and institutions are integrating blockchain technology into their operations, signaling a paradigm shift in the financial landscape. Moreover, the concept of central bank digital currencies (CBDCs) has gained traction, blurring the lines between traditional fiat currencies and cryptocurrencies.

As we navigate the ever-changing landscape of cryptocurrencies, one thing remains certain: they represent a potent force reshaping the future of finance. Whether viewed as a speculative asset, a medium of exchange, or a transformative technology, cryptocurrencies hold the potential to democratize financial services, empower individuals, and redefine the global economy.

In this dynamic journey into the world of cryptocurrencies, one thing is clear: the future of finance is decentralized, borderless, and built on the foundation of blockchain technology. As we embark on this transformative journey, the possibilities are limitless, and the potential for innovation is boundless.

Grass

Grass operates as a decentralized network facilitating access to the public web, thereby enabling the acquisition of crucial data for training AI models. As it ventures into the domain of refining and organizing structured datasets, it assumes a pivotal role as the foundation of AI, essentially serving as the data layer of AI.

Are you seeking a passive income stream that operates seamlessly in the background?

 Register Here: