Plain bad communication is also at fault, but sometimes smokescreens are intentionally planted to create the illusion that walls barring entry are higher than they appear.

The Simplest Explanation of NFTs EverĬoncepts are often overcomplicated to ensure exclusivity. Under Choi’s leadership, NCET will work closely with money laundering and cyber-fraud divisions. As we saw a few weeks ago when the Justice Department seized $3.6 billion worth of bitcoin stolen in the 2016 Bitfinex hack, cryptocurrencies often leave more of a paper trail than cash. Cryptocurrencies fall in the latter category. Redbord’s point is that there are crimes and there are means of carrying out crimes. 'Crypto is the means of value transfer in lots of crimes - from child exploitation to cyberattacks, ransomware to terrorist financing.” Redbord now leads legal and government affairs at TRM Labs, a blockchain intelligence agency that helps organizations investigate digital financial crimes. Treasury official Ari Redbord after the announcement. “There is no such thing as cryptocurrency crime,' clarified former U.S. Choi most recently served as senior counsel to the deputy attorney general and was the lead prosecutor on high-profile cases, including a major hack suffered by JPMorgan Chase and a case brought against Bitcoin cryptocurrency exchange Coin.mx in 2017 for unlawful money transmission and money laundering.

Department of Justice’s newly-formed National Cryptocurrency Enforcement Team (NCET). Where else does one embark on “world building adventures” outside of Web3? If that wasn’t enough of a clue, she finished her post with #wgmi, a variation of the popular crypto initialism WAGMI (We All Gonna Make It).ĭepartment of Justice appoints director of National Cryptocurrency Enforcement TeamĮun Young Choi has been named the first director of the U.S. I am super excited to share with you what is next. “As for my next world building adventure, please stay tuned. JPMorgan Global Head of Crypto and Metaverse stepping down, presumably to join Web3 companyĬhristine Moy, JPMorgan’s crypto and metaverse head, announced today that she will be stepping down. “Is Austria? Is Denmark? This is a real wakeup call.” “Is France really that different from Canada?,” he asked. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto's fundamental necessity in Western democracies.” “I still can't believe that this is the protest that would prove every Bitcoin crank a prophet. Then came the “Freedom Convoy” truckers protest in Canada and his opinion did a complete one-eighty.

The hype and promise around censorship-resistant money (not that that’s the only appeal) made sense to him for people “living in a failing state like Venezuela or an overtly authoritarian one like China or Iran,” but didn’t understand why or how this was “relevant to the vast number of Bitcoin boosters living in stable Western democracies governed by the rule of law,” chalking it up to a get-rich-quick scheme hidden behind the “patina of philosophical respectability.” 'If the truckers are blocking the roads and that's breaking the economy, fine, blocking the roads is illegal and there are laws against that… If the government is not willing to follow the laws and give people a chance to defend themselves, and they just want to talk to the banks and basically cut out people's financial livelihoods without due process, that is an example of the sort of thing that decentralized technology is there to make more difficult.' Ruby on Rails creator pens op-ed: “I was wrong, we need crypto”ĭavid Heinemeier Hansson (usually known as DHH online), creator of the web development framework Ruby on Rails and co-founder of Basecamp, took to his blog yesterday to issue an admission that he’s been wrong all along about cryptocurrencies. Regarding the Canadian government freezing bank accounts of “Freedom Convoy” members, Buterin said in an interview with CoinDesk at the ETHDenver conference over the weekend: The winters are the time when a lot of those applications fall away and you can see which projects are actually long-term sustainable.' 'When there are these long periods of prices moving up by huge amounts like it does - it does obviously make a lot of people happy - but it does also tend to invite a lot of very short-term speculative attention. 'The people who are deep into crypto, a lot of them welcome a bear market,' Buterin told Bloomberg. Ethereum co-founder Vitalik Buterin says serious Web3 builders “welcome a bear market” Subscribe to the Web3 Business Review newsletter on Substack.

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