Daily Archives: April 6, 2023, 11:06 am

The Case for Banning Crypto | Foreign Affairs

…. The root of the problem is that cryptocurrency assets can be created at no cost and without limit, and an unlimited supply of assets makes a system more vulnerable to booms and busts. When assets have nothing behind them, no reliable financial accounting practices or valuation techniques exist to expose the fraudulent manipulation of those assets. The result is…

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Crypto 2023: The Storm Breaks

Finally, history repeats itself, and pride cometh before a fall. The rise of the digital asset industry was extraordinary and thrilling. However, such excitement tends to blind those involved no matter what the situation. Charles Ponzi used to have huge crowds waiting outside his office on School Street in Boston (two blocks from where one of the authors used to…

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Hidden Inside MacOS, the Bitcoin White Paper

Someone has hidden the Bitcoin white paper inside every copy of MacOS shipped since 2017. Back in April 2021, a user by the name of bernd178 on the MacOS Community Forum noticed that buried within the Image Capture Utility is a function called Virtual Scanner II, which is not enabled by default. Hidden within Virtual Scanner II is a nondescript…

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U.S. Treasury Warns That DeFi Used by North Korea, Scammers to Launder Dirty Money

Decentralized finance (DeFi) services that aren’t compliant with anti-money laundering and terrorist financing rules pose “the most significant current illicit finance risk” in that corner of the crypto sector, according to the U.S. Department of the Treasury’s first analysis of hazards from the technology. In an expected risk assessment published Thursday, the Treasury said thieves, scammers, ransomware cyber criminals and…

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DeFi Needs to Comply With Anti-Money Laundering Rules, US Says

Decentralized financial transactions, including those done with virtual currencies, need to comply with anti-money laundering and sanctions laws, the US Treasury Department said in a new report. The 39-page report, which was commissioned by the Biden administration, concludes there are several risks associated with DeFi technology, which has no exact definition but includes self-executing transactions between two or more people…

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