Oh dam that's so bad. Surprised the global community isn't dumping dollars over our government even considering this...

I seen this before

Gonna need 5 to fund the year. GL

I got a pair of socks that I can stamp 1 trillion on... will that work?

It's still early to buy bitcoin and such.

This is pathetic. I cant believe my country has become a complete and utter joke.

We now lead in stupidity...not science, not innovation, not intellect.....my gawd this is some sad sh1t....

On top of that, trying to be really critical of bitcoin.

Our dollar is TRASH.....

China has pushed out bitcoin and now is our chance to take advantage of that but here we are doing nothing...

Old people that run the nation have done so into the ground and now this.....

​

Geeze...

Something tells me this is going to go into the possession of a Democrat ally who will hang it on their wall. Most likely someone from China.

can simeone explain how this is the same as raising the debt limit? Doesnt make sense to me. Does the fed make out debt payment? Isn't the treasurycon the hook for our interest payments?

Honestly I’d prefer a thousand billion dollar coins they could function like the old $10k bank notes for country to country transfers major diplomatic payments etc.

removed rule 9. no context

LOL.

“CRypTo Is A ScAm.”

• the peeps about to mint a TRILLION DOLLAR COIN.

It may as well be made out of bullshit because that’s exactly what it is.

Good for Bitcoin: 1 extra trillion to go into the inescapable jaws of hyperbitcoinalization.

If the infants on Capitol Hill can't get off their ass and fix this problem then maybe it is time to send all 435 of them packing and start picking Congressmen and Senators by lottery from their respective districts or states. Isn't it about time the supposed adults in charge start acting like actual adults?

Reminds me of the Simpsons episode “The Trouble with Trillions”.

No biggie, in 10 years we will just knock 6 zeros off our currency like Venezuela. Making this a Million Dollar coin instead.

The equivalent of a bully saying his turd is worth a lot and making you pay him for it.. our elected officials don’t give a crap.

There have been discussions about doing this for years.

Okay, I'm going to invest millions in order to counterfeit one coin

Why bother? What is it used for? Not like Biden will flip the coin to Xi Jinping and say “we square now”

Let's mint 3 of them and melt them into jewelry on live television to freak out the squares man.

Glad I haven’t seen this story 500 times

This nuclear option is so clowny I love it

It's absolute clown world. Money is fake, but our lives are controlled by it anyway.

I’ll hold onto it if no one else minds.

When I first saw this I thought it was a joke. I had to triple check this to make sure I was reading it right

Finally I can upgrade my securitrons

Crypto positive news, this is great for the crypto space

Buying Crypto and giving it to a bank for safe keeping? That's not how any of this works!

Love to see more adoption. I know a lot of people in crypto are against banks but this is great for bringing normies into LTC.

Verify $VFY ❇ Whitelist 8 October ❇️ ICO 15 October ❇️ Pancakeswap launch 23 October ❇ Doxxed team ❇ 0% buy taxes, 10% sell ❇ 50T supply 💎 100x long term project 💎 Unique use case 💎 Don't miss this great opportunity!

BCH riding on the coattails of BTC once again. As is litecoin

U.S. Bank, the fifth-biggest retail bank in the nation, announced Tuesday that its cryptocurrency custody service is available to fund managers, CNBC was first to report.

The offering will help investment managers store private keys for bitcoin, bitcoin cash and litecoin with the help of sub-custodian NYDIG, according to Gunjan Kedia, vice chair of the bank’s wealth management and investment services division.

Support for other coins like ethereum is expected over time, Kedia said.

Source of funds, please

there’s something about the potential of this asset class and the underlying technology that would be prudent for us to stand up support for it

fund managers could choose to store their own cryptocurrency keys. But managers want the imprimatur of established names like U.S. Bank to help allay concerns from their own clients

Which likely why many funds have stated that they want an ETF so they arent responsible for the crypto themselves.

“We have a lot of funds who are hoping to invest in ETFs,” Kedia said. “Some literally want custody contracts signed the day the SEC approves an ETF.”

This is pretty good news after the China news. Top official US banks are adopting crypto, China may eventually reverse all its bans since it may become essential for international commerce. In the meantime the USA will be way ahead with this technology.

China bans crypto, USA adopts crypto.

While this is good news for $GREE I urge everyone to internalize the following:

​

Not your keys, not your coins.

​

Do never hold Crypto in a custodial wallet unless it is for a purchase or sale. Custodians are the antithesis of Crypto and you can never be sure that they actually hold in your name what they claim.

We will see in the future that those custodians did their "fractional banking" BS with their crypto-wallets and are not able to pay out every customer.

Charlie Lee tweets about it also ... https://twitter.com/SatoshiLite/status/1445421018877624323?s=20

So in a nutshell you give them your Bitcoin to custody, and they give it to someone else and charge you a fee. I can't believe they think the same old shit they have done with fiat is going to work for Bitcoin!

Good stuff. We need Canadian banks fo jump in!

When we have bank adoption the government is going to really try to regulate crypto

Anyone think we will see a spike when they announce?

US Bank are some shady MFs. Even for a bank.

"Not your keys, not your Bitcoins."

They’re not racing to cater to demand. They’ve had leverage and investment use. The public hearing about it in the news is more of an advertising method to let you know what they’ve been doing for years with the board, their profitability in financing firms who’ve gained on its rise, VIP donors or clientele wealth building, and so on.

As I’ve said before, it’s all about the Benjamin’s. All banks care about is money, once they figured out how to make money off of it they wouldn’t give a shit about it and would treat just like anything else. Shocker…

Title is wrong

tldr; U.S. Bank is expected to announce Tuesday that its cryptocurrency custody service is available to fund managers. The offering will help investment managers store private keys for bitcoin, bitcoin cash and litecoin with assistance from sub-custodian NYDIG. "Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class," a bank official said.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

This is what it means when redditors say institutions are FOMO-ing into crypto.

Banks don't want to miss the train

Everyone eventually bends the knee.

I’m going to hold off on Bank of America.

I feel conflicted, I love the adoption but it seems like banks are just going to make even more money.

Imagine USDC used to replace the USD, it would be great... I also wonder when blockbank gonna launch the usdc staking.

Yeah, really good words. But, as I heard, Biden's going to take control of crypto and that's bad, Tether, actually, is a good example of great stablecoin

This is old news that nobody cared about in August.

All stablecoins are fraudulent. Sadly they prey on idiocy.

well regulated” crypto yield product

If I interpret this correctly, Circle will issue high yield commercial paper to investors in exchange for cash and then presumably use that cash to issue USDC against and lend the USDC out to Butt traders at higher yields.

Issuing CP as opposed to Tether's claim of holding CP.

I hope we learn that USDC is fine. I do want a stable coin to use as digital cash

You know it's lit when you see "44 comments," open the thread, and there's only two root comments, lol. Popcorn time

As of today, the circulating supply of USDC in the crypto market is:

$32,443,465,593

That was quick. Now do something about Tether

Circle said it is “fully cooperating” with the investigation but has declined to elaborate on its scope.

More FUD.

Nothing can stop the PUMP!

HUGE

For the not-yet-informed: https://www.singlelunch.com/2021/07/31/is-usdc-another-tether/

HUGE

This was posted already, and as we want to avoid duplicates, the post has been removed.

SEC - Suck Every Coin

Thank this post to u/twigwam 🙏💙

Fuck the SEC!

Stable coins based in the us are going to have some trouble

Sec has got to do something with all that tax money they are getting. Clowns.

If the US ever issues an official dollar token it will be an absolute disaster. The world will see how it’s a complete shyte coin. They/we are better off letting stable coins remain in the market.

I’m not sure why people would be actively leaving funds in stable coins when the fed has essentially painted a target on them. I’m not touching them at all till it’s ironed out

Thank this post to u/ShotBot 🙏💙

This pisses me off because Circle has been trying to do right for years… not like tether and BNB who have shit on regulations

Bullish

Time for me to release unstable coin.

People really don't read posts lmao. He's talking about Maker focusing on green investments. Every investment bank agrees, climate alpha is going to be BIG the next few decades.

Too complex. Too centralized. Only real clean money is decentralized money.

tldr; With the Maker Foundation dissolving, I’ve had a chance to reflect on the future of the project. I believe that there is still a fundamental opportunity to rethink how we approach Maker Governance to make it even more vibrant, more focused, and more decentralized. To truly reach its potential, Maker needs to become a purpose-driven DAO.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

retarded. although maybe it will appeal to the more retarded and make the price go up

It's a fantastic resource on bitcoin in general too!

/u/eyeoft is it possible to maybe add this to the sidebar?

This sounds like a "company town" but larger.

Company towns were... hell holes. Ways to turn workers into indentured servants.

Stay they hell away from stuff like this.

yep - here because of Scotty A

So a convenient spot for Hondurenos to rob since the inequality between the residents that were born there and the native Catrachos would obivously known.

I know they want to increase investment into the country but they need to have crime under control, otherwise u/AwesomeLowlander you are looking at a crime wave.

man mixed feelins here

im more of libertarian side of politics,but im southamerican too so i know how hard semi-independent corporate sovereignity can work for massacres and injustices around here

soo a charter city in southamerica that is administed partially by foreigners is sort of hit or miss to me

either it goes REALLY WELL,ir it fails catrastophically and crashed burning down everything around them

This is really interesting, though given the size (58 acres), probably not a place you want to homestead in.

Where do u have in mind?

Interesting quote: “But Próspera is also interested in serving non-traditional living arrangements - group houses, co-living spaces, whole communities uprooting themselves and relocating to somewhere in Próspera they’ve customized for their needs.” So yeah - low taxes, flexible zoning, hopefully minimal Puritan hang ups about how it looks to have many unrelated people living in the same place

Interesting quote: “But Próspera is also interested in serving non-traditional living arrangements - group houses, co-living spaces, whole communities uprooting themselves and relocating to somewhere in Próspera they’ve customized for their needs.” So yeah - low taxes, flexible zoning, hopefully minimal Puritan hang ups about how it looks to have many unrelated people living in the same place

wow that's so gross

I've followed other projects with similar ideas (Liberland and Asgardia come to mind), but so far Próspera is the most based one. I really like it and I'll keep digging into it.

All very interesting, but I find the underlying pessimism behind the project quite striking: developing countries are beyond any possibility of internal reform and repair, so the answer must come from outside organizations

I find the entire project fascinating and I'm very glad that one of these ideas has finally come proximate to fruition. I am however mainly interested in one, kind of secondary detail: Will there be a seaport at some point and if so, what will be the general legal regime of incoming and outgoing international shipping?

The comments are worth reading. Good discussion there.

I've been watching this as it seems very interesting but it looks very centrally planned, super woke with green initiatives, and still falls under civil/criminal codes of Honduras.

Will continue to follow though.

Interesting:

Prósperan property is sold in three dimension voxels, eg 1m x 1m x 1m cubes, which is supposed to solve “air rights” debates once and for all.

NOTE: This post was automatically mirrored to the new Hoot platform beta, currently under development by the /r/goldandblack team. Come check it out, and help kick the tires.

What is Hoot? and Why are you doing this?

You may wonder why I linked to a substack post by Scott Alexander rather than something more widely known.

Answer: He did journalism and actually contacted the people involved with this project to get more information than I've seen anywhere else.

Lots of interesting ideas. My gut says it won't really be that successful after 3 years, but I hope I'm wrong.

In the original plan, charter cities would be governed by some respected and competent foreign power like Switzerland. That fell apart for various reasons (worries about national sovereignty and colonialism, no sign Switzerland actually wanted to help) and the new version is that they'll be governed by a corporation full of visionaries and experts and other hopefully non-corrupt people. The corporation will only make money if the ZEDE becomes economically productive, corporations seem to like making money, so in theory this gives them an incentive to govern wisely.

There's some ideas to do the same thing in states like Nevada but allowing tech corporations to start cities/towns. If it's successful then all is good, if not then the corporate town will be absorbed by the state. For obvious reasons mostly those on the left are against it, they don't want to risk the chance of it working. Funnily enough they'll say "it'll be like those coal towns" yes because software engineers are just as easily exploitable as coal miners.

My guess is baring outside interference that such a corporate town policy would be highly successful in the US. For the following reasons

• Taxes need to be minimal but not impact productivity therefor a firm is more likely to institute a land value tax.

• restrictive zoning reduces profit and productivity, zoning will most likely resemble japans

• skilled workers are not easy to keep a hold of with work from home they can go anywhere, so you have to make your city appetizing to them, walkability and clean/safe streets will be maintained. If you doubt that take a look at the apple/google campus. Hell i work at a midcap company and get a huge basket of perks compared to people in other parts of the company.

• since the towns don't exist right now....they have to be built...people have to want to move there. They only succeed if people move there voluntarily.

Then there's the benefit of zero democratic input on zoning/local laws and regulations, since most of that input would probably lead to pure idiocy anyways. Seems to be good city governance and regulatory structures are the exception not the rule to US cities, and most are ran by morons elected by the uninformed/rent seekers..

!ping SNEK

Hello from /r/slatestarcodex

Just learned about Próspera from this excellent article. As somebody working on the future of remote work, I'm so glad these sorts of projects are taking place. I'm not personally an ultra-libertarian type, but If you're gonna experiment with these sorts of systems this is exactly the way to do it. Start from scratch, and try to make the life of the people of a very poor country better.

Fantastic writing by Scott Alexander as usual.

u/Catalyzingprosperity I'd love to hear your reaction to the article.

Próspera is well versed on the myriad environmental, climate, and humanitarian concerns with automobile traffic. As such, Próspera hopes to enable the creation of the world's first truly affordable and safe air taxi system between its various Prosperity Hubs through the use of VTOL drones.

And they expect VTOL drones will be better for the environment? Powered flight uses much more energy than ground vehicles.

For me, this is a big signal that they haven't thought things through.

Interesting... Biden wants to try to get his hands on Tether.

tldr; The US administration is reportedly considering ways to impose bank-like regulation on cryptocurrency companies that issue stablecoins, including prodding the firms to register as banks. The administration is also expected to urge Congress to consider legislation to create a special-purpose charter for such firms that would be tailored to their business models.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

Didn't Blockstream already apply for a banking license?

When the genesis of regulation is protectionism.

Haha 😂 ironically Circle and Tether probably have more in reserves as backing than the actual traditional banking system even if it’s not 100%.

We live in a world in which central administrations are on the verge of regulate everything, causing the interest on entrepreneurship and investment, what a bunch of bureaucrats, not having respect for the risk of free enterprise.

Lmao soon you’re crypto wallet will be the bank 🗿I love fried rice

Yet another pathetic half measure that only creates new problems instead of solving the real problem: crypto “currency” should be banned in all forms, “stable” or not.

This is bullish for crypto

They are operating as banks and issuing private bank notes in digital form. There is a long standing tax on the issue of private bank notes so if they are declared banks they could be in way bigger trouble than anyone thinks

Actually this is somewhat justified.

Tether is not acting like a normal crypto. They are actively backing their currency with supposed 1:1 accuracy, that they are not being upfront about.

As long as this JUST applies to weird centralized coins like Tether, that is fine.

But if he extends this beyond coins like Tether, such as Bitcoin, I will vote him out in favor of Satan just to spite the misstep.

I got a few usdt Sould i change for Dai or usdc ?

I'm not sure if this is going to take down Stablecoins. regulating them as banks doesn't mean shit when banks themselves run fractional reserves. You have to regulate them as money market funds or something

Though Tether/USDC should have been stopped immediately after they literally lied about being fully backed

Good, they wanna act like a bank they should be treated as such. As soon as sites like Coinbase start offering a crypto debit card they should as well

Thank this post to u/twigwam 🙏💙

Good news for Kinesis

They should regulate Tether for sure...

https://protos.com/tether-market-manipulation-class-action-lawsuit-crypto-trader-new-york-court/

I would say bad news for Tether cronies (Blockstream, bitfinex)

Can anyone do an ELI5 on why this would be good/bad?

So by buying a bunch of lottery tickets for $1 each I am technically a bank? Since I can just resell them for $1 each. Makes sense

Hello, your post was removed because your account is less than 60 days old or you do not have the required 500 comment karma to make post submissions.

The government is disgusting.

Yo blad get your dirty hands off my crypto fam

Does he really think that stablecoins are banks? What?

Am I the only one who thinks this sounds like something a Bond villain would do?

It makes you wonder

Well at least they solved their climate problem, but now they have a decentralization issue. There aren't enough volcanoes for everyone. Also to the people who say bitcoin is just for criminals, the idea of a volcano bitcoin fortress really isn't helping.

Um… I was always told that generating electricity with geothermals was impossible when it came to the dynamics of volcanos.

Im quite impress with how el salvador cope up with cryptocurrency things

I'm going to bet this dude willbe in jail after his term for embezzlement. or maybe even before that

Original /r/technology thread: https://reddit.com/r/technology/comments/pz5u77/el_salvador_starts_mining_bitcoin_with_volcanoes/

Smort.

As someone who used to laugh at bitcoin and has had my “aha!” Moment, it deeply saddens me to see people fearing something they don’t understand and have never taken time to research.

Especially when it would directly benefit their life in powerful ways. But there’s nothing I can do about it except let them learn in their own way, in their own time.

I’m so glad to see humanity moving forward with better, cleaner, energy and a better, more intelligently engineered, open, incorruptible, unconfiscatable, publicly verifiable, inflation-proof, counterfeit proof system of human trade

I hope this works out for them. El Salvador deserves a break every so often.

Ya tu sabes chico

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"he's starting to believe" 🔴🔵

Well, that's what I call a headline

James Bond movies are getting out of hand...

They are trying, a small step for a small country.

You Dreamers are from another world. No wonder now the SV government is now looking to invest it in a satellite and very soon will be marching against the Americans, the Russians and The Chinese! Watch out Bukele is coming foe you 😃

El Salvador’s gonna look foolish when society collapses and we just go back to trading sheafs of wheat and livestock! 🤣

I need a new grafic card, but i guess i have to wait one more year.

I need a new grafic card, but i guess i have to wait one more year.

Nice

These whales

Holy shit, the bitcoin hate in here is too damn high

Not hardware....?

:(

If I lose my crypto on binance the crypto market would probably crash over 90% allowing me to potentially buy back anyway.

If I create my private keys unsafely or lose them I stand to lose everything with no way to get back in.

u/mark_bear

Use google auth and you can't be hacked

My opinion is same, Big exchange security similar to bank, only with latest technical problem solving solutions. Other hand is regulations.

Truth is most of participants, are no, ready to secure digital currency, so let it do professionals.

More likely you will get your coins back, to get back from your own wallet, if hacked.

Internet network is enough secure, if you are enough ready to can keep cryptocurrency safe.

Start and learn technical aspects. To be ready for that revolutionary technology.

ICO, De-Fi, DAO, your own coin.

Or save it in famous crypto-banks (including exchangers), just learn word “Regulated” by country and organization.

Crypto is in the future you live right now.

Did they get reimbursed in fiat or btc

tldr; Crypto exchange Coinbase disclosed that a threat actor stole cryptocurrency from 6,000 customers after using a vulnerability to bypass the company's SMS multi-factor authentication security feature. To conduct the attack, the attackers needed to know the customer's email address, password, and phone number associated with their account and have access to the victim's email account.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

To be completely fair, 6000 out of 68 million is a low percentage, and even so, they reimbursed all stolen funds.

Cold storage

Funds are safu

Ouch, ok I read here they got reimbursed

Coinbase is covering each and every one of them accounts in full. I’ll take my chances. It’s like saying your money is safer under your mattress rather then in a bank. How many banks been hacked and robbed but the bank covers the people.

Coinbase reimbursed everything as well. Kinda makes more of an argument for using exchanges if anything. Lol

6000+ users have lost or forgotten their passwords / hard wallets. A reminder those of you who think “my coins are safer under my own hands” - your coins are NOT SAFE ON YOUR OWN HANDS!

tldr; Crypto exchange Coinbase disclosed that a threat actor stole cryptocurrency from 6,000 customers after using a vulnerability to bypass the company's SMS multi-factor authentication security feature. To conduct the attack, the attackers needed to know the customer's email address, password, and phone number associated with their account and have access to the victim's email account.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

They don’t say anything about sim swapping. That’s a hugely disruptive event. If my phone just stopped working and I had to call customer service who told me someone else just registered a new device, I would be incredibly suspicious of everything. The article made no mention that the users were impacted outside of their accounts. The article actually doesn’t describe the bug at all, it just says there was a bug with sms mfa.

That’s what I would love to know. What was the bug? Or, are hackers somehow able to trick phone companies into redirecting one single sms message to a new device? Come on…

Crypto - just as insecure as all the other currencies for the same reasons.

Not your keys, not your coins

This almost happened to me with Coinbase during this time.

I got the message that someone was trying to access my account via text (a number they obviously didn’t have).

I immediately notified Coinbase.

Those chucklefucks took more than a month to get back to me after I alerted them to fraudulent activity.

Like cryptocurrency, Coinbase is a fucking joke.

I warned Coinbase about this last year, but they didn’t seem to care.

Was a victim of a sim swap. It’s pretty easy to do I guess.

Lol

Hah, I new there was a reason I accidentally locked my whole bag into there stupid eth2 early.

Too lazy to open the article but this already seems super frustrating from the cyber sec stand point… how the heck did they exploited 2fa?

Never had a problem using Coinbase. my secret don’t use 2fa. 😉

But crypto is the future! /s

Banks are shaking in their boots.

Banks are now asking DeFi protocols for permission. How the tables turn!

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