bitcoins

Fake Currency Exchange Acquires Actual Broker-Dealer License

By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons It is in the nature of bitcoin—insofar an imaginary thing can be said to have a nature—to be at once a transgressive, revolutionary experiment in blowing up the global sovereign financial oligarchy, and a thing for squares to co-opt and buy and sell and get rich on. This duality is reflected in Coinbase, the largest cryptocurrency exchange in the U.S. For less than a month after announcing plans to introduce high-speed trading to the bitcoin world, Coinbase is also eagerly going straight. Coinbase announced it would acquire securities dealer Keystone Capital in a bid to become a fully SEC-regulated broker dealer, the company said Wednesday. “If approved, Coinbase will soon be capable of offering blockchain-based securities, un...

Susquehanna Is The Mark Zuckerberg Of The Winklevii’s Bitcoin Play

(Getty Images) Remember the Winklevii’s not-so-short-lived plans for a bitcoin ETF? We don’t, either. But the two were serious enough about the doomed enterprise to engage Susquehanna International Group to help out with the endeavor, in much the same way they once asked Mark Zuckerberg to help them out with a little coding. And like Zuckerberg before it, Susquehanna has turned that request for help into a potentially profitable little business line. Susquehanna International Group in Bala Cynwyd, Pa., just outside Philadelphia, is one of the largest players in trading traditional investments like stocks, options and exchange traded funds, or E.T.F.s. Over the last two years, the privately owned company has also built up a trading desk of around a dozen people that buys and sells millions ...

Coinbase To Unite Two Scorned Corners Of The Financial Market

By Mike Cauldwell (https://www.casascius.com/photos.aspx) [Public domain], via Wikimedia Commons There are few things in finance as feared and reviled and misunderstood as high-speed trading. Cryptocurrencies are one of them, even if Michael Lewis hasn’t written a book about them yet. (Stay tuned: One of his muses has weighed in on the topic.) Until now, however, there hasn’t been a way to really piss off the Wall Street dads by combining the two, which is to say trading the highly volatile non-existent non-currencies really, really fast. However, if you load your servers into the trunk and drive them to an office in San Francisco, your dreams of sticking it to the man thusly can be realized. San Francisco-based Coinbase plans to introduce “low-latency performance,” the company said in a b...

Old Men Don’t Like Bitcoin

What does Kathy Ireland think? By Jon Carrasco [CC BY-SA 4.0], from Wikimedia Commons Warren Buffett’s got some free time these days, on account of his “semiretirement” from Berkshire Hathaway. And the 87-year-old is using that time to pour hot folksy scorn on the future, specifically, the future as represented by Elon Musk and the Winklevii. Or, at least, the thing the Winklevii have staked their claim to the future on. Billionaire investor Warren Buffett on Monday said buyers of bitcoin, which he has characterized as “rat poison squared,” thrive on the hope they’ll find other people who will pay more for it…. “If you don’t understand it, you get much more excited,” Buffett said on CNBC television. “People like to speculate, they like to gamble.” Sitting to Buffett’s left, 94-year-old Cha...

Winklevii Doing Everything They Can To Suck The Fun Out Of Bitcoins

(Getty Images) The Winklevoss twins remain convinced that bitcoins and bitcoin-like things will be for them what Facebook wasn’t: The things that makes them really, really rich, and not merely very rich. After all, bitcoin briefly made them a collective billionaire, which is a thing that doesn’t really exist but which sounds good in a headline, and it’s on its way to maybe doing so again. In spite of their long dedication to the imaginary currency that is not, in fact, a currency, the Winklevii are not cryptoanarchists trying to blow up the system. After all, they are the kind of assholes that wore jackets and ties on Thursday afternoons in college. No, the very large twins want bitcoin to work with the system, the sooner the better so that they can become richer than Mark Zuckerberg on th...

Och-Ziff So Messed Up Top Exec. Is Fleeing To The Comparative Calm Of Cryptocurrencies

By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons Eighteen months ago, things didn’t look so good for Och-Ziff Capital Management. There was the bribery—so much bribery!—and the fallout thereof. There was the terrible performance, and the massive redemptions. Oh yea, and there were the early rumblings of a battle for control between firm founder Dan Och and his soon-to-be-designated successor and his son’s former waterskiing instructor, Jimmy Levin. Into this breach stepped OneWest Bank and Merrill Lynch veteran Alesia Haas as the embattled firm’s new CFO. And she helped turn things around. But then Och decided things were going too well and decided to blow up his deal with Levin. And, coincidentally or not, Haas is off to do her CFOing in the apparently more predictable and ...

SEC Can’t Do Much About Crypto-Shenanigans But It Can Read Press Releases Promising Blockchain From Penny-Stock Companies

(Getty Images) Cryptocurrencies may be the secret to a utopian and blissful future. But until that day comes to pass, lots of bad things can happen with bitcoin and bitcoin-like things: Lots and lots of money can be lost. Small-scale frauds can be perpetrated. Sloppy companies can double-charge you for things. The Venezuelans can get involved. Oh yea, and if you dabble in them, you might find yourself surrounded by men with guns, especially if you happen to be in Russia or Phuket or anywhere else really. Virtual currencies can be easily transferred to an anonymous address set up by a criminal. While banks can stop or reverse large electronic transactions made under duress, there is no Bitcoin bank to halt or take back a transfer, making the chances of a successful armed holdup frighteningl...

Winklevii Planning To Dance On Graves Of Aged Bitcoin Skeptics

(Getty Images) By the laws of mathematics and the rules of English grammar, it is clear that the Winklevoss twins were never bitcoin billionaires, because there are two of them and $1 billion worth of bitcoins split two ways does not two billionaires make. After the last few weeks, however, the Winklevii do not even constitute a single collective bitcoin billionaire, since bitcoins are worth about 40% of what they were when they briefly made each Winklevoss a singular half-billionaire. Do you think that this dramatic turnaround has instilled a little humility in the duo? Perhaps it has made them a bit more reticent about making bold predictions about the cryptofuture? If you believed either of these things, you clearly do not know much about the Winklevoss twins. “These technologies can’t ...

Hedge Fund Manager: Kodak Will One Day Be Worth As Much As Kodakcoin

It’s been—until today—a rough few weeks for bitcoin. It’s been even rougher for bitcoin-like things that are not bitcoins. EOS, one of the largest initial coin offerings, or ICOs, was down as much as 67% since Jan. 13, when it hit a record high of $18.37. TRON, which started trading in September, was down 92% since Jan. 22. OmiseGo was down 71% since Jan. 9. ICON was down 75% since Jan. 30. Even an “old” ICO like Augur, down 69% since Jan. 12, hasn’t been spared. Most of the larger, more established altcoins fell sharply as well. Ether, the currency used on the Ethereum network, was down 60% since Jan. 13. Ripple was down 84% since Jan. 4. Bitcoin Cash was down 82% since Dec. 20. Litecoin was down 71% since Dec. 19. Unmentioned above is Kodakcoin, presumably because it doesn’t exist yet. (...