FAQs

Jake Paul is a YouTuber and social media influencer who has made millions of dollars off of fraudulent projects such as Cryptozoo and Dink Doink. Although the Securities and Exchange Commission (SEC) fined him nearly half a million dollars, the amount is still significantly less than what he has made from his fraudulent activities. This is not a sufficient punishment and instead sends a message to potential scammers that they can easily get away with fraud as long as they make more money than they pay in fines.

Retail investors, who are the most vulnerable to these kinds of scams, are the ones that suffer the most when influencers like Jake Paul get away with fraud. The SEC is meant to protect investors, but in this case, they have failed to do so. The only real punishment Paul faces is to his reputation, which is not enough.

In order to truly prevent scamming and protect investors, the SEC needs to take more stringent action, such as issuing larger fines and even jail time. They also need to ensure that any funds that Paul has made from his fraudulent activities are paid back to investors who have been affected by his schemes.

The crypto world is full of potential scams, and it is the responsibility of the SEC to protect investors from these. The only way to do that is to make sure scammers are appropriately punished and investors are compensated for their losses. Without stricter action, the message that is being sent is that fraudsters like Jake Paul can get away with their schemes without any real repercussions.

I recently lost a dear friend, and before he passed away, he left me a very special gift – 1 Bitcoin. I’m not sure how to feel about it – grateful, sad, happy, all of the above. Grateful for the time we spent together, his courage to invest, his foresight in understanding the potential of Bitcoin, and his generosity in leaving it to me.

I’m sure my friend would have wanted me to hold onto the Bitcoin and make something good out of it. I’m sure he would have liked it if I sold a portion and donated it to a cause close to his heart, in his name.

The loss of a friend is never easy, and I’m sure he must have really cared for me to leave me this gift. Behind the Bitcoin there is a special meaning – it is a token, a way of recognizing our friendship, and a reminder to always think of him.

I’m sure my friend would have wanted me to hold onto it for life, so that is what I will do. Whenever I choose to use it, I will be sure to think of him. That’s the only way to honor his wishes.

Casinos may seem like a risky place to store your wealth, but believe it or not, they are actually a much safer option than banks. The Nevada Gaming Commission requires casinos to hold enough cash in reserve to cover every single chip in play. On the other hand, banks are only required to hold between 0-3% of their deposits in reserve. So, while casinos are backed 100%, banks are only backed by fiat money.

Caitlyn Long, a Bitcoiner, is trying to change this. She has set up a company called Custodia, which is a 100% fully reserved bank. Unfortunately, when she applied to get an account with the Federal Reserve Bank (FRB) for Custodia, she got denied. Traditional fractional reserve banks, however, do have accounts with the FRB. This led her to believe that there is something preventing her company from being accepted, and she is now filing a lawsuit.

Although Long is unable to give out too many details due to the legal process, she did discuss the issue in an episode of the “What Bitcoin Did” podcast. The episode can be found at the link provided, and it is well worth a listen for anyone interested in learning more about the issue.

Overall, it is clear that Caitlyn Long is trying to create a fairer system for banking, one that is fully backed and doesn’t rely on fractional reserves. The fact that she has been denied an account with the FRB when fractional reserve banks have them leads us to believe that there is something preventing her from being accepted. The truth is sure to come out soon, and we can only hope that her lawsuit will be successful.

When the news of Silvergate’s 10k BTC delay broke, the price of Bitcoin dropped 5% in 20 minutes. Now, with the announcement of Silicon Valley Bank’s failure, investors are panicking even more. But instead of continuing to drop, Bitcoin has skyrocketed 15%. What is going on?

The answer lies in the 2008 global financial crisis. Back then, people had no way to hedge against the collapsing financial system. Today, Bitcoin is giving them that option. Bitcoin was literally created for this very purpose. Satoshi Nakamoto, Bitcoin’s anonymous creator, embedded a London newspaper headline into the first block to emphasize the significance of this event.

People may be worried that the bank failures will affect their ability to purchase Bitcoin in the future, but that’s not the case. Bitcoin works all the time, everywhere in the world. It can’t lend out, invest, gamble, dilute, debase, freeze, or seize your assets like a bank can. If you’re worried about losing access to your money or investments, Bitcoin is a safe bet.

In a nutshell, Bitcoin was created to protect people from the banks and governments that can’t be trusted with their wealth. Bank failures and money printing have proven that the system is broken, and Bitcoin provides a viable alternative. Bitcoin is the safe haven that people have been looking for, and now they have it.

s only a matter of time

The global financial crisis of 2008 left many people feeling scared and confused about the future of their money, and the stability of the banking system. In January of 2009, the Chancellor of the UK declared a second bailout for banks in fear of a financial collapse. As news of the bailout spread, it became clear that the US Federal Reserve had two choices: keep tightening, leading to a recession and a new financial crisis with new bailouts; or stop tightening, leading to a potential spiral of inflation, and consequently the US Dollar losing its status as the strongest currency in the world.

The bailout created a new generation of believers and skeptics alike, which has been especially evident in the crypto-currency community. While crypto-currency is still a controversial topic, the truth is that banks are still FDIC insured up to a capped amount of $250,000, which does not increase with inflation. This amount is relatively low and could barely get you a loaf of bread.

The current crypto-currency implosion has lead to the collapse of FTX, a company dealing in shady activities with crypto-currency. This news has sparked some concern amongst crypto-currency believers, who worry whether or not their funds are truly safe.

The truth is that the government is working diligently to fulfill its obligations when it comes to FDIC insurance, and the funds deposited in banks are generally safe. However, the price of bitcoin and other altcoins have been falling along with SVB, which can create a sense of fear and insecurity.

It is not surprising that the mainstream media is trying to push their own narrative of propaganda and fear onto the public, since this is what sells. But it is important to remember that the more time passes, the more banks could potentially get rekt. The system has not changed much since the financial crisis of 2008, so it is only a matter of time before we see more bailouts and collapses.

It is important to remain vigilant and aware of the current financial situation in order to protect ourselves, while also doing our own research to make sure we are making the right decisions when it comes to our money.

As a software engineer, I recently had a negative experience with one of the world’s biggest cryptocurrency exchanges, Binance. On March 20th, I contacted Binance through Bugcrowd, submitting a bug report for a bug I discovered in Futures trading. I provided a step-by-step guide on how to reproduce the bug, as well as my best guess on what was going wrong and how to fix it.

The very next day, Binance got back to me and rejected my claim, stating that the issue wasn’t real and that everything was working fine. I was shocked, as I had attached a screenshot to provide proof of the bug.

Today, I’m sad and frustrated to find out that Binance implemented my solution without rewarding me through their bug bounty program. I had assumed that bigger companies would be more ethical and professional, but it turns out I was wrong.

I have been spending the past 10 hours speaking with chat support and trying to point out the issue and ask them to check the logs and come back to me with an answer. Unfortunately, the conversation has been going in circles, and the bug severity (a P3 bug, which is worth between $600 and $1500) has still not been addressed.

The bug is not about taking money from the platform, but rather avoiding liquidation when it gets triggered. Now that it is fixed, I think I’ll just let it go and move on. It’s disappointing that my efforts in reporting the bug were not rewarded, but I’m glad that the issue has been resolved and that no one else has to suffer the consequences of this bug.

As the world moves towards a more digital future, financial institutions are trying to prevent a digital bank run. They want to limit how much money you can send to bitcoin exchanges, in order to protect their deposit base. The reason for this is that bitcoin is a direct alternative to a bank account, and is often referred to as a “swiss bank in your pocket”. Bitcoin is the most liquid store of value, and can be sent around the world instantly.

I’m telling you now, get your stack locked in and move it to cold storage – otherwise when you come to buy it, you may not be able to. First they will limit how much you can send to a bitcoin exchange, then they will use a reason such as ‘financial stability’ to block you from sending money to bitcoin exchanges altogether. Exchanges may even be shut down, as bitcoin is blamed for the coming global banking crisis. I’m confident that during this time, banks will try to limit access to digital assets as much as possible.

The key is to protect yourself and your assets now. Don’t wait until it’s too late – take control and ensure your funds are secure. Move your assets off exchanges, and into cold storage. It may seem like a lot of effort now, but it will be worth it in the long run.

It’s no wonder why so many in the crypto Twitter and Reddit spheres are confused as to why Bitcoin is rallying even with banks collapsing and bailouts underway. After all, this is the exact purpose that Bitcoin was designed for over a decade ago! Bitcoin doesn’t require the stock market or a drop in interest rates to go up in value; it’s simply here to provide a safe haven in the event of another global financial crisis.

As more banking institutions fail over the coming months, not only in the US, but in Japan, Canada, the UK, and China, don’t be surprised if Bitcoin reaches the $50k mark as soon as June. It’s times like these that I’m reminded of the genius of Satoshi Nakamoto for creating Bitcoin.

Rather than looking at Bitcoin’s price in US Dollars, it’s better to think of it in terms of what it can buy you. For example, the current price of Bitcoin is equivalent to 1376 large Papa John pizzas. That’s a powerful truth that keeps me motivated to continue to buy Bitcoin.

It’s important to note that the banking collapse didn’t just happen in 2008/09, it was merely masked over. Just ask people in countries like Cyprus, Venezuela, Argentina, Turkey, and Lebanon if they can attest to that.

The world has waited 14 years for Bitcoin, and now is the time to reap the benefits. It’s like looking in a mirror and seeing the truth.

Congratulations on your first 10 million sats! Having such a large amount of Bitcoin puts you in an exclusive club since the majority of the world population will never own that much. You have already achieved more than 99% of people on this planet, so now your next goal of 0.2 sats is within reach.

I’m also on the 0.1 team, hoping to build up to 1 BTC. It’s a lofty goal, but I’m confident it can be achieved. Even in rich countries, 0.1 BTC would be a well sought-after fortune of about $2800. The important thing is to keep stacking, because in 5-6 years, people will call us lucky.

With a maximum of 21 million Bitcoin to go around, when it reaches its full potential, 0.1 Bitcoin will be a fortune. Good on you for getting it started!

Now, a tiny public service announcement: the people contacting you via chat may seem friendly, but they don’t actually have your best interests in mind. They are only after your precious hodl, so be careful if you must interact with them.

I’m so proud of us for hodling and stacking sats. It’s not easy, but it’s worth it! Let’s keep going and make the most of this opportunity.

Living in Switzerland, I understand the frustration of having to pay for the mistakes of a few. In March of 2023, the Swiss government announced plans for a bailout of Credit Suisse Group AG, to the tune of 109 billion Swiss francs, which amounts to about 12,500 francs for each man, woman and child in the country.

The proposed bailout is a controversial one, as it would require Swiss citizens to bear the burden of the mismanagement of private banks. This is especially galling considering that Credit Suisse executives stand to make millions in bonuses. This strikes many as fundamentally unfair, and has been met with strong criticism among the Swiss populace.

It is clear that the Swiss government has chosen to side with the banks over its own citizens. This has led some to question the effectiveness of the country’s direct democracy. Many believe that the people should have been given the chance to vote on the bailout before it was approved.

The proposed bailout has also led some to question the broader efficacy of capitalism and the risks associated with putting private profits ahead of socialized losses. After all, if the government had chosen to let Credit Suisse fail, the Swiss people would not be on the hook for the bailout.

While the proposed bailout certainly has its critics, it should be noted that the maximum amount of the bailout would only be required if UBS Group AG, the Zurich rival of Credit Suisse, were to make losses beyond the 17 billion Swiss francs of newly issued equity and after UBS itself had put down 5 billion francs. This means that, in the worst case scenario, the Swiss people would be on the hook for around 1,000 Swiss francs each.

Regardless of the amount, it is clear that the proposed bailout has sparked a great deal of debate among the Swiss people. As is often the case, the people will have to bear the burden of the mistakes of a few.