Crypto industry leader Jesse Powell has made a significant donation of million, primarily in ethereum, to Donald Trump’s presidential campaign. In a social media post, Powell cited the crypto industry’s struggles with regulation under the Biden administration, specifically naming Elizabeth Warren and Gary Gensler as obstacles. Powell expressed optimism that Trump’s pro-crypto stance will […]
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Kraken’s Jesse Powell Blast FTX And Sam Bankman-Fried Without Naming Them
Leave it to Jesse Powell to say what everyone in crypto is thinking. “I’m really trying to control my rage,” the mind behind Kraken tweeted to begin his rant. In the following article, we’ll comment on several of his very interesting points. Make no mistake, though, Jesse Powell thinks this isn’t over and the crypto industry will have to work for years to make up for… some other cryptocurrency exchange’s mistake. “More business failures are sure to come as the contagion spreads,” he warned.
2/ Our good, trusting nature makes us easy targets for con artists. Some even tell us straight up that they're here for profits, not crypto, and we praise them for their honesty.
Yet we're surprised when they turn out to be who they said they are. We need to raise our standards.
— Jesse Powell (@jespow) November 10, 2022
At one point, Powell even gave the best advice possible for future crypto investors. “Don’t trust. Verify.”
What he didn’t do, though, was naming Sam Bankman-Fried, FTX, or Alameda Research. We are assuming this is all about them, but it’s just an assumption.
Jesse Powell Allegedly Blast Sam Bankman-Fried
First of all, the head of Kraken doesn’t buy the “I made a mistake” line that Sam Bankman-Fried has been feeding the public via Twitter. And Powell doesn’t mince words while saying he doesn’t.
“This isn’t about aiming high and missing. This is about recklessness, greed, self-interest, hubris, sociopathic behavior that causes a person to risk all the hard-won progress this industry has earned over a decade, for their own personal gain.”
The thing is, Sam Bankman-Fried didn’t only blow up his two billion-dollar businesses. He blew up the whole crypto industry. “We give them power to speak for us but they haven’t earned that privilege. When they blow themselves up, it’s our house, our reputation, our people which bear the brunt of the damage,” Powell tweeted. And he’s probably right about this. Everyone will have to pay for Bankman-Fried’s mistakes.
5/ The damage here is huge. An exchange implosion of this magnitude is a gift to #bitcoin haters all over the world. It's the excuse they were waiting for to justify whatever attack they've been keeping in their back pocket.
We're going to be working to undo this for years.
— Jesse Powell (@jespow) November 10, 2022
Then, in a bizarre turn of events, Jesse Powell brought bitcoin into the mix:
“An exchange implosion of this magnitude is a gift to bitcoin haters all over the world. It’s the excuse they were waiting for to justify whatever attack they’ve been keeping in their back pocket.”
What does the FTX implosion have to do with bitcoin? In fact, out of all the crypto world, bitcoiners are the less affected by all of this. In bitcoin culture, the self-custody of your assets is paramount. And people who make the effort and self-custody aren’t directly affected by exchanges blowing up and losing their customer’s hard-earned money. They are affected by the price movements these black swan events generate, though.
FTT price chart for 11/10/2022 on Binance | Source: FTT/USD on TradingView.com
Are The Media, VCs, And The US Government To Blame?
This is the most interesting part of Jesse Powell’s rant. As bitcoiners denounced Sam Bankman-Fried’s shady business model left and right, the man became a media darling like few others. His frequent political donations, the way he said what the establishment wants to hear about crypto regulation, and the whole myth about him being an effective-altruism vegan were the perfect combination.
“VCs, the media, the “experts” failed. People torched their own reputations vouching for individuals, projects, businesses they had not diligenced.”
We’re pretty sure “diligenced” is not a word, but Jesse Powell’s message stands. The media failed miserably and led retail astray. They will never admit to their wrongdoings, but Sam Bankman-Fried was on the cover of “Fortune” a couple of weeks ago. “The New Warren Buffet?” was the article’s title.
9/ Red flags:* acting like you know everything after showing up to the battle 8 years late* 9 figs buying political favor* being overeager to please DC* huge ego purchases, like 9-fig sports deals* being a "media darling", seeking out puff pieces* EA virtue signaling* FTT
— Jesse Powell (@jespow) November 10, 2022
What about VCs, though? Aren’t they at least partially responsible for financing FTX? Before you answer, read what Jesse Powell has to say about it. He’s got inside information:
“I know for a fact that VCs wrote checks blindly. Why? Because revenues were strong. Were they sustainable? Were they bleeding out money the other side? Was it all predicated on an untenable self-dealing setup, frontrunning clients, misappropriation of user funds? Never asked.”
11/ US lawmakers & regulators have some accountability too. You drove this business offshore because you refused to provide a workable regime under which these services could be offered in a supervised manner. Enforcement wrongfully focuses on convenient, on-shore good actors.
— Jesse Powell (@jespow) November 10, 2022
Last but not least, what about the US Government and its lack of crypto regulation clarity?
“US lawmakers & regulators have some accountability too. You drove this business offshore because you refused to provide a workable regime under which these services could be offered in a supervised manner.”
Jesse Powell is not saying those institutions are as guilty as Sam Bankman-Fried allegedly is, but they really dropped the ball on this one. And, as it always happens, the people suffered.
Featured Image by Luke Jernejcic on Unsplash | Charts by TradingView
NewsBTC
Stellar Lumens (XLM) Down 50% Since IBM Parted Ways With Jesse Lund
- Stellar Lumens (XLM) battered, slides 14.5 percent
- Even with IBM, bears are relentless
Coinciding with Jesse Lund and CTO Yang exit, XLM prices are in a downtrend. Presently, XLM is at a precipice with traders aware that losses below 7 cents could see bears aim for new lows. Meanwhile, the coin is down 14.5 percent from last week’s close.
Stellar Lumens Price Analysis
Fundamentals
Despite seamless communication, finance appears to be lagging. However, the introduction of a new layer, a web built on top of the internet is where future generations will flourish on. Blockchain is the anchor block for a distributed and free internet of value.
Good news is, Stellar is right in the middle, carving out market share at this definitive juncture. Support from heavyweights as IBM is also significant. Understandably, the clamor is for good reasons.
The global remittance is on the rise. For example, statistics from the World Bank show that by close of the financial year 2018, outflows to developing countries surged to 9 billion, an increase of 9.6 percent from 3 billion of 2017.
IBM involvement is bullish for Stellar considering their ties in traditional banking and their influence. Because of IBM commitment to the blockchain, six banks are planning to launch stable coins on the network.
Then again, thanks to World-Wire Stellar, right out of the gate supports 42 different fiat currencies from 72 countries. However, the exit of Jesse Lund and CTO Yang sent shock waves which encouragingly, Stellar is recovering.
Candlestick Arrangement
At the time of writing, XLM is down 14.5 percent week-to-date and 8.2 percent in 24 hours. From the chart, it is clear that bears are in the driving seat. Even though price action is bullish, candlestick arrangement and other technical factors point to weakness.
First, notice that not only is XLM printing lower with increasing volumes but the banding along the lower Bollinger Band (BB) hint of fractures. Add that to price divergence from the middle BB and odds are XLM will likely tumble below the second layer of support at 7 cents.
That will wipe out gains of the last six months while simultaneously setting the pace for further draw down as XLM print new lows. Even so, support from spot rates could see bulls aim for Q1 2019 highs of between 13 cents and 14 cents.
Technical Indicators
XLM is at a precipice. With a meltdown threatening investors, May 16 bear candlestick leads this trade plan. If there is support with high trading volumes exceeding 5.45 million of May 16, XLM may snap back to trend as buyers aim for 14 cents. Conversely, losses below 7 cents at the back of increasing participation spells doom for XLM.
Chart courtesy of Trading View. Image Courtesy of Shutterstock
The post Stellar Lumens (XLM) Down 50% Since IBM Parted Ways With Jesse Lund appeared first on NewsBTC.
R3 Co-Founder Jesse Edwards Is Leaving the Enterprise Blockchain Firm
Co-founder Jesse Edwards is leaving R3, but will remain an investor and continue working with the blockchain firm.
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Jesse Lund of IBM: Bitcoin (BTC) Value Derived From Its Utility
- Bitcoin prices up 10.1 percent in the last week.
- Jesse Lund projects Bitcoin value to hit million in ten years
- Transaction volumes increase in the last three weeks
Jesse Lund is optimistic of future Bitcoin prices valuing the coin at million. Cementing his optimism is increasing adoption which he says draws value and hence the huge valuation. Before million, Bitcoin (BTC) must first breach ,500 with decent volumes.
Bitcoin Price Analysis
Fundamentals
The creation of Bitcoin was monumental. It will continue to be as long as the demand for better fiat alternatives exists. Going by latest projection, it is likely that BTC prices will find use, proving its utility as peer-to-peer electronic cash.
Although the contention is on whether the coin will find eventual use as a store of value, that is, a settlement layer, or a medium of exchange, it is clear that Bitcoin adoption curve is on the right track. Regulators are thawing, and as the Lightning Network gain traction, it is the borderless BTC that will draw demand.
As a result of this upbeat view, it is no wonder that the SVP of IBM, Jesse Lund is very bullish on Bitcoin. It’s all about utility and the more valuable the coin, the more value it draws. In an interview at the Think Conference, he said the currency would be at million in a decade:
“I have a long-term outlook. It goes back to that discussion about the utility of the network at a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the Satoshi is on value parity with the US penny. And that means there’s over trillion of liquidity in this network. Think about trillion in liquidity and how that changes things like corporate payments.”
Candlestick Arrangements
In the short term, the trend is set, and Bitcoin (BTC) buyers are in control. Despite yesterday’s liquidation attempts, BTC is edging higher thanks to demand surge in the Asian session. As a result, price action has been realigned and trending in line with our last BTC/USD trade plan.
Since prices are up 10.1 percent from last week’s close, buyers have the upper hand. First targets will be at ,500 but it is when prices rally above ,500 is when risk-averse, conservative traders can buy on dips with first target at ,800—the first resistance level.
Technical Indicators
Encouragingly, market participation is on the rise according to data from BitFinex. Average daily volumes are up from 10k registered on Feb 6 to 15k of Feb 21. We expect this trend to continue as BTC prices expand towards ,500. Ideally, any break above ,500 should be at the back of high volumes exceeding Feb 18’s 37k.
The post Jesse Lund of IBM: Bitcoin (BTC) Value Derived From Its Utility appeared first on NewsBTC.
An AMA on the Future of Blockchain and Cryptocurrency With IBM Blockchain’s Jesse Lund
n nn nn n nnnOn Monday, October 22, 2018, from 600 to 700 EST, were hosting a special livestream crypto conversation with George Tung from the CryptosRUs YouTube channel and Jesse Lund from IBM Blockchain. George and Jesse will be answering questions from the r/CryptoCurrency subreddit. Jesse will be live from Sibos, one of the worlds premiere financial services events, in Sydney, Australia. The discussion will be about this years theme, Enabling the digital ec
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Watch: Jesse Ventura Moderates Colorado Governor Candidates in Bitcoin Debate
Two candidates for next year’s Colorado governor race debated cryptocurrencies over the weekend.
CoinDesk
Watch: Jesse Ventura Moderates Colorado Governor Candidates in Colorful Bitcoin Debate
Two candidates for next year’s Colorado governor race debated cryptocurrencies over the weekend.
BitNewz.net