Crazy Cryptocurrency Times: Tether Gets a Subpoena, AriseBank Gets Raided, Facebook to Block Cryptocurrency Ads

in news •  last year  (edited)

Tether


(via decentmemes by @netuoso)

I don't often do breaking news stories, but sometimes there's just so much going on at once, I can't look away.

First off, if you're on Bitfinex or you're holding Tether, you might want to consider bitUSD (that link lets them know I sent you).

Bloomberg: U.S. Regulators Subpoena Crypto Exchange Bitfinex, Tether

Big deal? No big deal?

"We routinely receive legal process from law enforcement agents and regulators conducting investigations," Bitfinex and Tether said Tuesday in an emailed statement. "It is our policy not to comment on any such requests."

I guess that depends on who you ask. @Bitfinexed has been talking about this non-stop for quite some time:

With the auditor relationship dissolved and a subpoena coming in, it's not looking good for Tether. Maybe we should keep this stable token SBD conversation going after all?

Update: WOW! That's just shady. Bloomberg changed "last week" to "Dec. 6" as far as when the subpoenas were sent, and they didn't even list a correction at the end of the article.

AriseBank

I've been watching this one from the sidelines for a while now, reading through Reddit threads like this, Tweets like this, hearing questions about the history of the leadership team, the "picture of the office" (which may have not been real), and concerns over the Github repo and how they may have illegally removed some licenses.

Things got really interesting when their website went down, and their BitShares account was emptied.


Seems they pissed off the wrong people with this letter:

Their "PR News Wire" correction press release wasn't enough to prevent them from being raided by the government: SEC Halts Alleged Initial Coin Offering Scam

What's interesting about this whole story, in my mind, is how nicely it plays into the narrative of those (much like myself) who think everything the government does is always bad. If AriseBank is a scam, they can point fingers at the government being the bad guy. What's the real truth? Will we ever know? Now that the guys with guns are involved, probably not.

No More Facebook Crypto Ads!

When so many things happen all at once, it makes me wonder if there's a coordinated effort going on. Mark Zuckerberg and Facebook (who I blogged about recently) are shutting down cryptocurrency ads.

According to recode.net, Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs.

What I thought was so funny about this was what I saw while reading the article:

Now that, ladies and gentleman, is called irony. The very "meme" advertisement they are discussing shows up in their own article. I'm so thankful there are no ads on Steemit. :)

So what does all this mean? Are the cryptocurrency markets going to crash?

I don't know, but I have given some thoughts before: The Big Question: Should You Sell or Hold During a Market Correction

Either way, it's an exciting day in cryptocurrency, just like every other day.

I'm enjoying the drama from a far while setting up my SmartCash Nodes. Have you seen these return potentials?

$1,200+ in the first month? That's just crazy. I expect more nodes will come online (we're approaching 5,000 already) and/or the price will have to come down or... something. It just seems so unreal. See my last post on SmartNodes for more.

I hope you're having an amazing day!


Luke Stokes is a father, husband, business owner, programmer, STEEM witness, and voluntaryist who wants to help create a world we all want to live in. Visit UnderstandingBlockchainFreedom.com

I'm a Witness! Please vote for @lukestokes.mhth

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sbd backed by steem

Time for me to block Facebook.

Apart from informing me of details I did not know about Arise, I only needed the popcorn while reading your post hehe. Another news of the day (I found out today) is the plagiarism of the smartlands logo copying the logo of evergreenland, curious lol

It seems that a few days of rock & roll are coming in the cryptounivers

There does seem to collaborated efforts to bring down crypto with all these negative news coming at once. You make a good point that I did not even think about is that steemit has no ads. This makes it decentralized versus platforms like facebook and youtube earn their living through advertisement. Steemit earns it value through content.

Regarding holding long or selling now if crypto market falls my opinion is hold long on the coins that I believe in. Look at the real world financial crisis of 2008-09. The sad and gloom days are over and many stocks back then are multiple. Same goes for crypto. Even if every crypto falls to near zero we are not going to see demand dry up. The fact that there are so many believers in cryptos versus 10 years ago I highly doubt the many big market cap coins are going to fall hard any time soon. I could be wrong but can't always time the market. Thanks.

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Yep. Buy the dip, as they say. That said, they never really fixed anything after the 2008-09 crisis other than going from bank bailout to potential bank bail-in. Things could get ugly in the financial world. I'm quite thankful to be diversified in cryptocurrency.

After the last crash, I promised myself, that before the next, I will move my EOS to bitUSD and go back into EOS when markets go up again. ....and I missed it again!^^
The thing is, with a volume this low as the DEX @ bitshares with only a trade happening every 10 minutes or so, it´s no option for quick decisions and larger stacks.
How do you use the bitShares DEX?

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I've been using BitCNY for that, huge volume there.

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Thanks! I´ll have a look into that!

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It's frustrating, for sure. I'd really love to see a lot more volume on the DEX. It's a chicken and egg problem. If we had more volume, more people would trade on a decentralized exchange. Until the volume is there, we can't make quick moves.

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Absolutely right - the smartcash coins are made for these quick dip situations in my opinion, but this way I guess there is no way to hide and we have to hodl through the valley - luckily I have reduced my portfolio to mainly EOS and STEEM and if not the whole crypto market collapses, they will soon rise again

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I strongly agree my Friend! Binance Lists Steem my Friends! HOORAY! It is going to be a phenomenal year for Steem and the Great Steemit Community! It is so well deserved! The Steemit Community is so very helpful and kind! All the best! Positive Energy! Great Karma! Your Friend @extraterrestrial :)

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wohoooo Such excitement! Such Love! 😀Yeah - I missed the announcement from Binance today and sold some EOS for Ether and transferred the Ether to Bittrex, to exchange it for BTC and then buy STEEM. 🤔
I could have done it easier as it seems 😂

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Hahah... nice.

Thanks for the update. Lot going on and it could well be coordinated. We might be about to reach peak-FUD.

"...if you're on Bitfinex or you're holding Tether, you might want to consider bitUSD" That really should read STEEM DOLLAR.....oops, wait.....what was that bit about opportunity cost again? LOL

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Heheh. I know, right? Oh well. People like high payouts and immediate gratification. Give the people what they want, right? Let them eat cake!

As an American, I had to get out of Bitfinex last october. I was mad, as I was really new to crypto (I am really still new and only get about half of what is going on at any one point, just to be honest.) I though, "Oh, good, another moment when being American is the short end of the stick the raw deal."

I set up my Bittrex but I was upset as I had bought a bunch of IOTA and could not transfer it, as they don't have it on BITTREX so I was very sad. This, however, taught me how to use a wallet for storage on my comp (and back up on two sticks, one of which is also in a lock box with some loved gold coins)

I now have Binnance, which does have IOTA and I also have some Tron on there (don't laugh, it might go up).

Anyway, I am always curious about the story the mainstream world is giving about Crypto compared to what I can piece together from alternative news and what I can get my hands on to read online (and on Steemit of course) and don't really know where the 'truth' of it all really is, most likely an amalgam of those two positions maybe.

So, as a fellow (new) Steemian, who is mostly an artist and pseudo homesteader, I try to be a 'crypto newb' as much as I can and try to understand the Brave New World. I am glad I found you, as now I can add you to the list of people who obviously know what they are talking about, or at least more than I know (though that is very little) so will be checking in with you and home to garner more knowledge as I fumble my way through this new crypto world.

Go steemit!

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I hope I can help you. Check out the videos I did available at understandingblockchainfreedom.com which may be a good start, though it sounds like you're already well on your way.

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Thank you, will do!

I really hope arisebank do not turn into a scam. Some of these ICO looks real and convincing to get into them, but many are just mask covering the scam in them.

Holding crypto might be a good option, but one might have to hold for a long time with the way things are going.

Smartnodes for the win! Smartman. Just about 8 more hours until they come online! Great article, Following!

There will be rise and falls and in these early days of cryptocurrencies there will be lots of high mountains and deep valleys with that.
Great update! With news like these keep us on our toes so we are alert and not just sleeping not knowing what's eating us or what...

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And markets have ups and downs and that is scary but good for many reasons. Stability is desirable but maybe counterproductive. Upvoted.

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Good thing for stability is that it is predictable and that you can set your plans. But for big opportunities it should be the ups and downs market like today...

The Crypto Wars are well underway. Wow. These three things happening at once does raise my suspicions.

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Wow is right and this war and it is good to be here.

The whole market is going down for the fundamentals, what a pain...

Thanks for sharing this

Seriously???
Facebook doing that??
That's ludicrous.. Really??.. I don't even know what to call that..

thanks for the news sharing
facebook is developing day by day
carry on

Good luck Mr. Facebook. What you gonna do when Steemit comes for you?

This is great news..I agree with your concept.
Keep it up..
And focus your activity in steemit ..

Thanks for the post @lukestokes.mhth I agree it's challenging NOT being paranoid. When FB shuts down an entire industry from ads that's a ginormous flag for coming change. My family is enjoying the plunge since we can be more aggressive about investing. Many talk about an Amazon BTC announcement during their Feb 2 shareholders call...we'll see. It sure won't be dull.

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I've been hearing Amazon rumors for a while now. At this point... I'll believe it once I can actually pay onthe site with cryptocurrency. For now, I use Gyft.

During market corrections, you are your own financial adviser.
@lukestokes
But me, I'll just hold.
Stopping the advert of cryptocurrency and ICO adds will not stop bitcoin and other currencies from selling in the crypto market.
He is just scared of the unknown (the future)

Wow
You are trending higher on the platform
That is amazing. Anyway , i am new on steem and i see my self to be trending in the near future but i need your upvotes and follow.
So please dont look down on me.
Please take a little second to follow back and i will not let you down
Thanks .

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That's not how this works. Please see the posts I link to here, especially the reputation one. Begging for follows, votes, or friends is just awkward and off-putting. Don't do it. Emulate people who have success here. They don't go asking for others to do something for them, they go and create value for others.

I think Facebook feels threatened by the likes of steem... The moment you discover steem, you know you've seen the light and Facebook instantly looks like a waste of time to you.

Well negative news can be good....... for a while. As long as it doesn't stay like this for more than a couple of months then I think we'll all be fine. I never was a fan of Tether.

People beware of tether, dont keep any money in it. IT will not hold its value. Now its a free for all game but when U.S. government will say enough of this the price will heavly drop. Still im pretty impressive that tether keep its price so close to real us dollar. But when shit will dropp there will be no back up.

It's about time that someone officially looked into Tether. I have no money in it. Don't plan to flush any money into it.
Also, of course facebook won't advertise crypto stuff. They don't want people hearing about Steemit. I think we're all still expecting FB to release their own crypto currency so they don't want competition.

I have a really bad feeling about OpenLedger, too. They have not returned my bitcoins since last year and support does not care about it.

I guess a lot of fun is going to happened this year. 😀

Oh wow -- this certainly sounds like a pretty intense development. I don't know a lot about AriseBank -- it sounds like a P2P hosted mobile wallet service? Regardless -- it seems like they've cut and run. Super unfortunate for those that had trusted / invested.

According to recode.net, Facebook is banning all ads promoting cryptocurrencies — including bitcoin and ICOs.

Even if you aren't involved in crypto-currencies / steemit / what-have-you, this kind of headline should be seen as a YUUUUUGE red-flag. Another glaring example of FB censoring information that gets to their users. I understand why they're doing it -- cryptos are the antithesis to many of the FB's core practices and ideals -- but that doesn't make it right or acceptable.

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Zuckerberg has actually talked about his support for cryptocurrency. More than likely, they are removing ads for competition as they come out with their own cryptocurrency.

Is there a technical reason why non bitfinex exchanges still prefere usdt to bitusd?

This isn't good at all, taking a look at Facebook ban on cryptocurrency makes me laugh, I believe soon the will reverse their decision, from whe meme on the post they are still advertising cryto.

One good news is that advertisers of crypto might move into steemit to blog about it for free, that's a plus for steemit and Steem

I have a Smart Node to set up. I am not as good at computers as I should be so it will be a bit of a challenge for me. I can finally get my SMART out of cryptopia though, so I am going to do it..

That is a great screen grab in the facebook article. The irony indeed, we will see how much less crypto advertising I get I guess...

I need to learn more about Arise Bank, I know they were tied to bitshares somehow and I have read bits and pieces but I dont know as much as I should!

And I made a post about tether and how much better bitassets are on Bitshares just a couple days ago. I think everyone realizes this. Its just the liquidity isnt there on Bitshares yet so people havent came over like they should.

STEEMIT! STEEMIT! Please, everyone continue to spread the word! It is going to be a PHENOMENAL year for Steem and the Great Steemit Community! Binance Lists Steem! HOORAY! This is so AWESOME! @lukestokes is also AWESOME! All the best my Friends! Warm Wishes! Positive Energy! Great Karma! Your Friend @extraterrestrial :)

I tried to tell mom that governments and Facebook hates cryptocurrencies and blockchain systems and mother is still kind of resisting a bit in transitioning from Facebook to Steemit and to other things. I bought some Bitcoin. I'm Oatmeal. Liked. Shared. Upvoted. Resteemed.

  ·  last year (edited)

I don't know who drafted that AriseBank response letter, but it was obviously written by someone unqualified to do so.

All they did was demonstrate what easy prey they actually were, by returning that non articulate legal argument, as a response, to the legal notice sent to them.

Any type of responded communication should have come from a retained and licensed attorney who has experience in addressing these types of matters.

All the current response did, was generate additional evidence for their opponent in this case.

Oh well.

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It does seem quite odd, huh? Almost like they wanted to be raided.

Block Facebook Instagram YouTube and every shit like that

Great article. A lot going on in the money market today be It crypto or fiat. Some elites playing a rough game right now. It will be interesting to see where this ball lands.
As for f book. Nothing would bring me more pleasure than to see more of his followers jump ship and swim this way. 🐓🐓

The FBI and the CIA is responsible to confused people. What happened in crypto is all artificial...

You pretty much covered all the bases with this one. I'm praying for a mass Exodus out of tether. Just put that value into btc and your favorite alts and hodl

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There was too much going on today for me to ignore. I had to write something. Fun times indeed. :)

To Morpheus: I’d tell you that that’s not what “smart contract” means.

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The first search result came up with this:

In 1994, Nick Szabo, a legal scholar, and cryptographer, realized that the decentralized ledger could be used for smart contracts, otherwise called self-executing contracts, blockchain contracts, or digital contracts. In this format, contracts could be converted to computer code, stored and replicated on the system and supervised by the network of computers that run the blockchain.

When a bitUSD margin gets called and is liquidated back into BitShares autonomously by the blockchain, why would that not be considered a "smart contract"?

Or maybe a better question would be, how do you define a smart contract?

I had voted you, be the best around the world @lukestokes

I think I'll just take crypto-holidays for next two weeks and focus on painting for a change. Might work out well in the end! Fud over fud over organized fud= time to unplug. Great article @lukestokes! Thank you!

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That sounds like an excellent plan. :)

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now the harder part is to execute it haha, but I been pretty good with it today! 2 weeks bro and we chill on the beach!

Everything happened in one day? Crazy crypto day! Such an exciting time to live in. I feel like this digital gold rush we're currently experiencing is akin to the gold rush of old. These are the stories we repeatedly tell our grandkids.

now the price will settle down and get close to reality!

Hi @lukestokes ! So, I was on time when I asked you about the arisebank. I definitely do nothing after I got your answer. Did not even try to buy just a bit.

Regarding Tether and Bitfinex, I used to use Bitfinex, but stopped using it about 3 months ago, and its a complete centralized exchange with high fees and its own rules about many things that are not good for any user I believe.

Regarding Smartcash, I just saw your chart, and how it is possible that in 4 months, you have the 100% ROI. If this is true, then your node will be incredible for you after month 4.

Regarding a node, is it difficult to setup, if you are not a tech programer like me?

Regards, @gold84

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Hello. Well, it's hard for me to say whether or not it would be difficult for you. I don't know your level of proficiency with computers, setting up servers, etc. The full instructions are available online, so I suggest reading them yourself and deciding for yourself if you think you could do it or not. It's not my place to tell people what I think their capabilities may or may not be. I'm trying to get people to do their own research, not look to others for answers when researching those answers is an important part of the learning process.

More on that here:

How Do You Teach Experience? What Will Your Cryptocurrency Story Be?
If You Fear Mistakes, You Fear Learning

Also, no need to paste in the same comment twice. I generally respond to most comments and questions, but sometimes (on purpose) I may not because the question is really something someone can (and I would argue, should) attempt to tackle on their own because it directly relates to them. I'm hoping for a world where more and more people take personal responsibility for all aspects of life, including what they feel they can learn or accomplish.

If you want to quote text, learn about how markdown or html works, which is what Steemit uses. To quote a line in Markdown, start the line with >

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  ·  last year (edited)

Thanks @lukestokes ! for your fast reply. I aplogize for writing twice. I will delete the other one. Thanks for helping with the markdown symbol.

Now I now how to do it!

Regarding what you state about personal responsaility, I always research a lot by myself. The reason I ask you, if because I consider you a mentor in technical details, and you have been helping people a lot with this things, and myself too with several answers.

I apreciate all your support and help you have been doing!

Regards, @gold84

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Σ$$$ Tipped @lukestokes Σ10 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.478 USD per SMART. Current value of the tip is $4.78 USD. To find out more about SmartCash, please visit https://smartcash.cc.

That's all I can say lately about world events...interesting times. It's hard to predict what 2018 holds for, well, everything. But specifically crypto in this case.

Thanks as always for keeping us informed, I am so thankful to be involved in the SmartCash community. I will also be setting up a smartnode today, I'm hoping it's not that difficult as it will be my first masternode.

I wrote a post about why I no longer use Facebook as my primary social media. It was a roundabout way to promote steemit and I'm wondering if that type of thing will get censored with this policy.

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Thanks for the tip! Yeah, I got my nodes set up but it seems there's an issue with the "randomness" of the rewards and some people are getting double payouts while others (like me) aren't getting anything. Keep an eye out for an update from the team in Discord.

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Sorry, the tip is higher then your deposit.
You can check your balance by sending 0.001 SBD to @tipu with memo: balance
(the minimal tip is 0.1 SBD)

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Hahaha. Whoops. I didn't mean to do that. :)

Everyday theirs some different game with coins. And ICOs. I like it, it gives lots to learn.

But fb bans ICO ads or they allow ads, does this really matters, not to me. Nowadays, people are dependent on fb right but dealing with the most volatile thing , people don't see and believe fb.

How true it is? facebook is unspecific?

  ·  last year (edited)

I have see so much grabage coming from crypto ICOs via Facebook ads that I fully support the descision. I have been scammed by one ICO personally which was very active on Facebook. The other ICO that I had high hopes for also feels like a scam now. I am fault for taking John McAfee serious. He's such a fraud!

The Tether story and the Korea FUD are efforts to bring cryptos down and buy loads of them. So far so successful. Boom is on the way I feel. Happened when China and Jamie Dimon caused a havoc.

about to suspend my facebook account

How much smart does it take to set up a smartnode?