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The Daily Hodl
The Daily Hodl
$20,180,000,000,000 Surge in US National Debt Incoming, Says CBO, As Billionaire Paul Tudor Jones Warns 'Debt Bomb' is Ticking - The Daily Hodl
17 days ago
Cryptopolitan
Cryptopolitan
followers

The legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company behind the cryptocurrency XRP, has intensified as both parties proceed with drafting remedy-related briefs. This ongoing dispute stems from the SEC’s allegations that Ripple’s XRP token sales constituted unregistered securities offerings, violating federal securities laws. Recent developments following Judge Torres’ summary judgment decision have prompted further legal actions, including the SEC’s motion for an interlocutory appeal. As the dispute progresses, both parties engage in remedies-related discovery and prepare their respective briefs to address the breach of Section 5 of the U.S. Securities Act. SEC vs. Ripple war rages on The legal struggle between Ripple Labs and the United States Securities and Exchange Commission (SEC) continues as we approach the critical dedline. As the litigation moves into the “remedies” phase, critical financial and operational data are kept secret until this vital date. Meanwhile, investors are keenly awaiting the eventual outcome of Ripple’s legal battle with the SEC, which could influence future case outcomes. The SEC and Ripple will now start crafting remedy-related briefs. According to the court’s submission schedule, the SEC must submit its remedy-related brief by March 13. The SEC will seek punitive disgorgement to dissuade corporations from violating Section 5 of the US Securities Act. The extent of the penalty that Ripple must pay for XRP sales to institutional investors is undetermined. The court ruling could be based on whether Ripple continued to violate Section 5 of the US Securities Act following the December 2020 complaint. In January, Judge Sarah Netburn granted the SEC Motion to Compel and ordered Ripple to 1. Provide financial accounts for 2022/2023. 2. Disclose post-complaint XRP sales contracts to institutional investors. 3. Respond to an interrogatory regarding the amount of XRP institutional sales proceeds after the SEC filed the complaint. Judge Netburn made a few observations in the court ruling that are worth considering. They included: “Courts have no hesitation in concluding that, in calculating the size of a penalty necessary to deter misconduct, the extent of a defendant’s wealth is a relevant consideration.” “The SEC credibly argues that the District Judge may consider post-complaint conduct when determining whether an injunction is necessary and just.” Judge Netburn also noted that the SEC made adequate evidence to demonstrate that post-complaint XRP institutional sales revenues could help the courts determine a remedy. Given Judge Netburn’s findings and comments, Ripple may risk a significant punishment if it continues to violate Section 5 of the US Securities Laws following the lawsuit. However, US courts are likely to evaluate XRP sales to US institutional investors. The SEC faces troubled times in the US courts In December, Alderoty provided several examples of court rulings criticizing SEC practices. The increasing court scrutiny of the SEC may have an impact on the outcome of ongoing cases against crypto firms. Furthermore, ongoing inappropriate behavior may force US lawmakers to act on recent warnings. On February 7, five US Senators, including Cynthia Lummis, signed a letter to SEC Chairman Gary Gensler. Senators reacted to the SEC dropping its accusations against Debt Box. Significantly, the Senators threatened to scrutinize other enforcement cases. Last Monday, Chair Gensler dismissed the increased scrutiny, stating:  I think we’re doing everything according to the law and how the courts interpret the law. And as the courts shift their interpretations, jobs like mine are both more challenging and more interesting. Gary Gensler Ripple must submit its remedy-related brief by April 12. US case law may benefit Ripple, especially if there were no post-complaint XRP sales to US institutional investors. The legal defense team could consider the following reasons to reduce the penalty: In 2010, the US Supreme Court determined that the SEC’s jurisdiction is limited to sales made in the United States. Morrison vs National Bank of Australia. More recently (2023), the Second Circuit determined that the court must evaluate whether the misled investors suffered financial hardship. No harm, no foul. SEC v. Govil. Sales of XRP to US accredited investors are exempt from Section 5 of the US Securities Act. Net earnings from XRP sales to US institutional investors exceed the limits of any exemption against SEC.

7 days ago
DARKSIDE
DARKSIDE
followers

Bitcoin and BlackRock It is a fact that Bitcoin is being deliberately nullified. For what??? China has entered the game. Against the backdrop of geopolitics, Bitcoin is now being actively pumped. Who??? Who sells weapons, drugs, slaves (people) It is possible that Bitcoin will be reset against the backdrop of halving. Now everything is positive everywhere. They drive the crowd in and everything is like with the FTX exchange. Quarrel guys, hack, hacking the exchange or the general director touched girls in Thailand and spent the money of the exchange and investors. It’s complete nonsense, I understand, but it needs to be reset. And then all the countries that actively strove for Bitcoin, they were the first to collapse. El Salvador is number 1 country. Alts will survive, and there are 2 options to climb the mountain instead of Bitcoin - ETH, EOS, XRP - 3 alts. If the reset happens, there will be a collapse of $3.5 trillion (miners, investors, traders, etc.) I can not see anything??? Almost part of the US government debt pie will close. BlackRock goes against CZ and wins. Resignation from the post of General Director of CZ. Another strange and unexpected news. To manipulate and control the cryptocurrency market with a 100% guarantee. CZ also has weight in the crypto community. He suggested the behavior of Bitcoin to us. They removed him. So that there are no prying eyes.

9 days ago
Todayq News
Todayq News
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Renowned financial guru and author of the classic personal finance book “Rich Dad Poor Dad,” Robert Kiyosaki, recently shared his thoughts on the future of Bitcoin and gold. Kiyosaki took to Twitter expressing bullish sentiments towards Bitcoin. Highlighting concerns about the potential crash of gold. Kiyosaki’s take on precious metals In a tweet, Kiyosaki referenced Andy Schectman, president of Miles Franklin Ltd. Precious Metals. In a January interview, Schectman voiced doubts about the likelihood of anyone being willing to lend money to the US. This skepticism arises from the government’s plan to print $1 trillion worth of Treasuries per quarter, with the intention of using the funds to pay interest to current Treasuries holders. Even though Robert Kiyosaki isn’t sure about gold, he’s hopeful about Bitcoin and silver. He thinks they will become much more valuable. He said before that Bitcoin could reach $5,000 and even $500,000. He believes in them because they can help safeguard your money from losing value due to regular currency losing its worth. Acknowledging his substantial debt of $1.2 billion, Kiyosaki remains unfazed, asserting that if he were to face financial difficulties, it would be the bank’s problem, not his.  His debt In January, the Rich Dad Poor Dad author Robert Kiyosaki shared a unique perspective on debt and investment via social media platform Instagram. He stated, “I use debt to acquire assets.” Kiyosaki emphasized the importance of this strategy and expressed skepticism towards saving cash, noting, “The US dollar detached from the gold standard during President Richard Nixon’s tenure in 1971.” Rather than saving cash, Kiyosaki preferred to store gold and convert his earnings into silver and gold. It was reported that he openly acknowledged his $1.2 billion debt, saying, “if I go bust, the bank goes bust. Not my problem.” Kiyosaki elaborated, saying that the debt arose from using the money to purchase assets. He emphasized, “Instead of saving cash, I saved gold and converted my earnings into gold and silver.” This approach, according to him, led to the accumulation of such a large debt. In previous tweets, Kiyosaki has warned of a potential crash in the U.S. bond and stock markets, advising his followers to prepare for a 70% downturn in the S&P 500 index. He views gold, silver, and Bitcoin as essential hedges against economic instability, highlighting their potential to safeguard wealth. Kiyosaki’s confidence in Bitcoin was further demonstrated when he announced purchasing an additional 5 BTC following the approval of spot-based Bitcoin ETFs by the US SEC, as per reports. Get Premium Crypto Trading Signals from Real Crypto Analysts. Join our official Waiting List at todayq.com.

13 days ago
CoinEdition
CoinEdition
followers

Kiyosaki foresees gold prices potentially dropping to $1200. According to Kiyosaki, Bitcoin and silver prices will continue to rise. The author expresses expectations for a significant collapse in the S&P 500. Famous entrepreneur and author Robert Kiyosaki, known for his support of Bitcoin, continues to address questions about the economic crisis he claims will occur in the US. He frequently provides advice to investors on which investment tools to turn to in order to survive this supposed crisis. At the forefront of these investment tools are Bitcoin and silver. Kiyosaki predicts an economic collapse in the United States and suggests that protection from it could be achieved through Bitcoin and silver. While admitting to not knowing much about Bitcoin, the renowned author maintains his belief in it and doesn’t shy away from highlighting Bitcoin in every piece of advice. Andy Schectman asks a very important question. “Who is going to buy US Bonds?” Banks are buying gold not US debt. How will America run without money? How will the world operate with money? What will you do without money? Gold is going to crash possibly below $1200. Silver will… — Robert Kiyosaki (@theRealKiyosaki) February 14, 2024 In a recent post, Kiyosaki responded to questions from Andy Schectman, the president of Miles Franklin Ltd. Precious Metals company, about the United States. Answering Schetman’s question, “Who is going to buy US Bonds?” Kiyosaki points out that banks buy gold but do not buy US debt. Following that, Kiyosaki answers the following three questions: “How will America run without money? How will the world run without money? What will the world do?” In response to these questions, Kiyosaki expresses: “Gold is going to crash possibly below $1200. Silver will take off as will Bitcoin. Take care. Be careful.” Kiyosaki’s prediction that gold will drop below $1200 is a bold one. Gold is currently trading at around $1994. For gold to reach the predicted price of $1200, it would need to experience a decline of more than 39%. While foreseeing a decline in gold prices, the renowned author maintains a positive view on Bitcoin and silver. Kiyosaki confidently states that silver and Bitcoin will rise, concluding his words with a warning to be cautious. In another post, Kiyosaki predicts a 70% collapse in the S&P 500. He is emphatic on this point, having originally made this prediction in his book ‘Rich Dad’s Prophecy’ years ago. Kiyosaki advises investors to be prepared for this collapse. Bitcoin’s price gained 1.7% in the last 24 hours, trading at $52,130. Surpassing the critical $1 trillion market value threshold, BTC experienced a more than 5% volume increase in the last 24 hours, reaching a volume of over $40 billion. The post Renowned Author Robert Kiyosaki Bullish on BTC, Silver; Predicts Gold Crash appeared first on Coin Edition.

13 days ago
Cryptopolitan
Cryptopolitan
followers

Egypt has decisively severed its reliance on the US dollar, aligning itself with the BRICS bloc’s strategic move towards de-dollarization. This bold maneuver signals a broader geopolitical realignment. By joining forces with BRICS, Egypt is charting a new course that deviates from the traditional economic paradigms dominated by the dollar. The Winds of Change in Global Trade The recent expansion of the BRICS alliance, welcoming Egypt among other nations, was a significant moment in global economics. This expansion is a bold statement against the hegemony of the US dollar in international trade. Egypt has taken a proactive move towards reducing the economic burden created by its reliance on the dollar by quickly adapting to trade in local currencies. The transition is based on the worldwide economic upheavals and changes that have occurred throughout the last four years. Because of these challenges, there is now a pressing need to find a stable alternative to the dollar’s erratic control. As a result of the threat of Western sanctions, which are similar to those Russia endured, the BRICS countries are moving closer to economic independence and self-sufficiency. Even though Egypt enjoys numerous advantages, its economy has been on the verge of collapse, easily affected by outside events like pandemics and political battles. Over 70% of the value of the Egyptian pound has been lost since the beginning of 2022. This shows how unstable the country’s finances are. The economic slowdown has led to the growth of a black market where the value of the Egyptian pound has dropped dramatically, making the country’s economic problems even worse. A big drop has happened in the central bank’s funds, which went from $44.6 billion in 2019 to $32 billion by the end of 2022. Egypt’s Strategic Pivot and Its Implications Egypt’s strategic relevance to the world economy cannot be emphasized enough. The Suez Canal, which is an important part of the world’s shipping network, makes Egypt an even bigger player in world trade. Egypt has a lot of beautiful landscapes and interesting cultures, but its economy has had problems that have kept it from growing as much as it could. The economy is in bad shape because of ongoing poverty, low tourist earnings compared to the country’s natural draw, and a long-term trade gap. In this tough economic climate, the choice to stop using the US dollar in trade deals makes sense. The move is a smart one that is meant to protect the economy from the ups and downs of the foreign exchange markets and the scary threat of rising foreign debt. This change will likely change how Egypt’s economy works, making way for a more stable and self-sufficient banking system. Nevertheless, Egypt’s path is complicated by structural problems that go beyond the choice of currency. Over the years, the country’s economic policies have been shaped by a mix of strategies for replacing imports and slow, often hesitant market changes. Its economic growth has been slowed by its moral ambiguity, putting it behind peers that have taken stronger pro-market positions. The decision to stop using the dollar is a big step toward independence, but it also shows how important it is to have a clear economic plan that can help Egypt reach its full potential. Countries like South Korea and Turkey have been successful because they have a clear vision and are committed to their ideas. Egypt can use this as a model to change its economic policies.

12 days ago
Cointelegraph
Cointelegraph
followers

Despite many seemingly positive reports about retail spending or the unemployment rate in the United States, the nation continues to battle several structural challenges that have only grown more severe, with a historic $34 trillion in public debt and a similar high of $1.13 trillion in consumer credit card debt. Alexander Hamilton is famous for remarking that the "national debt, if it is not excessive, will be to us a national blessing," but the scale of current debt raises questions about the sustainability of fiscal policies and their long-term economic impact. Concerns about the public debt used to be more of a fringe topic that conservatives and libertarians argued about. However, recent remarks by leading figures in the banking sector underscore the gravity of the situation. JPMorgan Chase CEO Jamie Dimon's warning of a global market "rebellion," Bank of America CEO Brian Moynihan's call for decisive action, “The Black Swan” author Nassim Taleb's "death spiral" prognosis, and former House Speaker Paul Ryan's description of the debt crisis as "the most predictable crisis we’ve ever had" highlight the urgent need for a reassessment of the United States' fiscal trajectory. The public's growing anxiety over government debt, with 57% of Americans surveyed by the Pew Research Center advocating for its reduction, reflects a shift in societal priorities towards fiscal responsibility. This concern gains further significance in light of its real-world implications, notably on housing affordability and the broader economic landscape. The precarious state of the housing market, exacerbated by rising interest rates, epitomizes the link between fiscal policy and individual economic prospects: as public debt grows, so too do interest rates. American consumers loans on credit cards and other revolving plans, 2002-2024. Source: Federal Reserve Bank of St. Louis The public's growing anxiety over government debt — with 57% of Americans surveyed by the Pew Research Center advocating for its reduction — reflects a shift in societal priorities towards fiscal responsibility. This concern gains further significance in light of its real-world implications, notably on housing affordability and the broader economic landscape. The precarious state of the housing market, exacerbated by rising interest rates, epitomizes the link between fiscal policy and individual economic prospects: as public debt grows, so too do interest rates. The global standing of the U.S. dollar, serving as a "convenience yield," plays a pivotal role in the country's ability to manage its substantial debt without immediate negative consequences. However, a recent working paper released through the National Bureau of Economic Research finds that the loss of the dollar's status could amplify the debt burden by as much as 30%. This revelation underscores the imperative to critically evaluate the nation's fiscal direction. The federal government's expenditures on debt service. Source: Federal Reserve Bank of St. Louis The challenge in the nation — and many other developed countries — reflects what is going on for many consumers. Americans have increasingly turned to their credit cards without paying down the balance to cover regular expenses. A new report released through the New York Federal Reserve, for instance, shows that total credit card debt increased by $50 billion (or 4.6%) to $1.13 trillion from the previous quarter, according to the report, marking the highest level on record in Fed data dating back to 2003 and the ninth consecutive annual increase. The New York Fed report also shows an uptick in borrowers who are struggling with credit card, student and auto loan payments. For example, 3.1% of outstanding debt was in some stage of delinquency in December — up from the 3% recorded the previous quarter, although it was still down from the average 4.7% rate seen before the Covi-19 pandemic began. "Credit card and auto loan transitions into delinquency are still rising above pre-pandemic levels," said Wilbert van der Klaauw, economic research advisor at the New York Fed. "This signals increased financial stress, especially among younger and lower-income households." An important strategy for retail investors during periods of uncertainty is to diversify. But how you diversify matters. Investing in the S&P 500 is good, but if all your savings are locked up in the S&P 500 and it plummets, then you’re in trouble. While it is true that, even if a plunge took place in the next year, the S&P 500 will rebound, but you still have to weather the storm. An additional strategy is to have some exposure to crypto. Many people focus on Bitcoin (BTC), Ethereum (ETH), and other digital currencies.But at least equally important — if not more — for long-run value creation in the digital assets market is hash rate, which reflects how much activity is taking place on a blockchain. Bitcoin, for instance, has had a sustained increase in the hash rate alongside its price appreciation. The upcoming year is an important one with substantial macroeconomic risks for both the nation and the consumer. Although some economic reports have been positive, we need to pay attention to the fundamentals and whether the data reflects transitory versus permanent shocks. The challenge for policymakers is to craft fiscal policies that foster sustainable growth and productivity, steering clear of scenarios where short-term fiscal expediencies precipitate long-term economic liabilities. The current path, however, mirrors the predicament of a borrower trapped in a cycle of debt, with interest rates surpassing their monthly income. Let’s help make 2024 a transformational year for the better! Christos Makridis is an associate research professor at Arizona State University, adjunct associate professor at University of Nicosia, and founder/CEO of Dainamic Banking. He holds doctorates in economics and management science & engineering at Stanford University. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

15 days ago
Keith Love CZ
Keith Love CZ
followers

Many people started writing stories: In a world where every corner is full of unexpected opportunities, my story is about a fashion-forward aunt from Shanghai who not only reshaped my perception of wealth, but also created a way for you to absolutely It led me into the world of Bitcoin in unimaginable ways. Having said that, on an extremely boring afternoon in 2011, I was going to school in Shanghai and playing with WeChat Shake, which was just becoming popular at that time. Unexpectedly, I met a Shanghai aunt who traveled on the edge of time and space. This aunt not only has a prosperous foreign trade business, but her lifestyle is also full of legend. Her husband is a mysterious international spy who hangs out in major foundries and casinos around the world. She herself wears a low-cut cheongsam and drives a flying version of the BMW 7 Series, wandering around every corner of Shanghai. Our second meeting was actually in her flying BMW 7 Series, where she demonstrated her insights into the future and her mastery of technology. Since then, I have been completely attracted to her extraordinary life. She told me that she not only speculates in foreign exchange in Shanghai, but also affects the global gold price through her unique ability. Then, one starry night, she asked me if I knew anything about Bitcoin. I immediately pretended to be an all-knowing Bitcoin expert and searched all relevant information online just to show her my "expertise". Later, this Shanghai aunt used one dollar to buy 100,000 Bitcoins in a way you would never imagine. She was even willing to lend me 80,000 yuan to join the game. I mistakenly thought this was a strange way of supporting myself, but I found myself trapped in it and unable to extricate myself. And just like that, I was drawn into a tall tale about Bitcoin, flying BMWs, and international espionage. I turned down the opportunity to join her company because I was worried about being pursued by her husband. But in the end, I invested in Bitcoin out of anger and used it as a way to pay off the debt. Finally, I learned that this Shanghai aunt had immigrated and her Bitcoin wealth had reached an incredible amount of more than 500 million. This story tells us that opportunities are always there, and whether you can seize them depends entirely on your imagination and courage.

14 days ago
马斯克思的旗帜
马斯克思的旗帜
followers

The U.S. debt is the largest ponzi in human history I don’t know when it will collapse People with discerning eyes have already seen it Wall Street opts for Bitcoin ETF In fact, it is a vote of no confidence in the US dollar. So no matter how much everyone talks down But the body is always honest When the cornerstone of U.S. dollar credit begins to crumble Only BTC will become the only escape hatch from hyperinflation

17 days ago
CryptoPotato
CryptoPotato
followers

The ad was launched less than a week after US President Joe Biden was accused of killing the US dollar by Russia’s President Vladimir Putin in a recent interview. In its latest ad released on Feb.12, Coinbase used an animated Abraham Lincoln on a penny (or 1-cent coin), saying that it used to mean something. “Now it is useless fodder for petty wishes tossed out like common garbage 120 million times a year, even though it is still technically money,” Dollar Power Diminishing The firm added that it costs nearly three times the value of one just to make one, and it’s been 167 years since its last update. A video of someone sending the USDC stablecoin using the Coinbase mobile wallet followed with the caption, “Crypto moves money forward.” The penny… $1.2 million worth of them go missing every year. It costs nearly 3x the value of one just to make one. And it’s been 167 years since its last update. Thankfully, crypto can move the penny forward. Right, Abe? pic.twitter.com/FN8jtnPzj3 — Coinbase (@coinbase) February 12, 2024 Dollar purchasing power has been diminishing for decades, this is not new news. Moreover, the money supply (M2) in the US has skyrocketed over the last two decades due to rampant central bank printing. Since the end of 2003, it has surged almost 250% and is now over $20 trillion, according to the St. Louis Fed. The M2 money supply peaked at roughly $21.7 trillion in mid-2022 but has fallen slightly since then. The greenback was in the spotlight in an interview with Russian President Vladimir Putin by former Fox News host Tucker Carlson on Feb. 9. Putin warned the Biden administration is “killing [the dollar] with its own hands” by turning the currency into a weapon of foreign policy. “Even the U.S. allies are downsizing the dollar in their reserves,” he said (translated). Elon Musk commented on the interview, stating, “We have overplayed our hand in weaponizing the dollar. It was a dumb move.” Putin: “To use the dollar as a tool of foreign policy struggle is one of the biggest strategic mistakes made by the U.S political leadership” “It is a stupid mistake” “Does anyone in the United States realize this? “What are you doing?” “You are cutting yourself off” “Even… pic.twitter.com/LNE6E6kfZv — Wall Street Silver (@WallStreetSilv) February 9, 2024 Don’t Blame Bitcoin A 2019 video of Hillary Clinton claiming Bitcoin “has the potential to undermine the dollar as the reserve currency” has resurfaced on crypto X over the weekend. It drew a number of comments from prominent industry executives and experts, including Galaxy Digital’s Mike Novogratz, who said: “The only thing that can undermine the dollar as a reserve currency is reckless spending by BOTH parties. Trump and Biden have normalized huge deficits and have put us into the worst fiscal crisis of my lifetime. Don’t blame BTC.” On Feb. 13, he took a swipe at America’s epic national debt and $2 billion daily interest repayments. I can think of 34 trillion reasons to believe in $BTC …America is spending over $2 billion every day on interest payments alone. That’s over $83 million EVERY HOUR!! pic.twitter.com/SH7DeYEc0D — Mike Novogratz (@novogratz) February 12, 2024 Meanwhile, Bitcoin has managed to hold on to the $50,000 level after reaching it in late trading on Feb. 12. The post Coinbase Ridicules Fiat, Putin Accuses Biden of ‘Killing’ The USD, While BTC Holds Above $50K  appeared first on CryptoPotato.

16 days ago

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