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• Federal prosecutors have announced a new indictment of Sam Bankman-Fried with four additional criminal charges.
• These charges follow his arrest in December in the Bahamas, after the incredibly large failure of the FTX exchange empire.
• The document alleging these new charges details how SBF utilized others to contribute to political movements that he did not want himself or his business entities to be tied to.

New Charges Against Sam Bankman-Fried

Federal Prosecutors have announced a new indictment of Sam Bankman-Fried with four additional criminal charges. The document alleges that SBF is guilty of conspiracy to commit bank fraud and conspiracy to operate an unlicensed money transmitter, in addition to the original counts that SBF is facing. Previously, SBF was charged with counts including conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit commodities fraud, and more.

Arrest Following FTX Empire Failure

These charges followed his arrest in December in the Bahamas, after the incredibly large failure of the FTX exchange empire. The industry is still reeling from both the business impact as well as the regulatory scrutiny that has followed since. “Contrary to Bankman-Fried’s promises to FTX customers that the exchange would protect their interests and segregate their assets,” claims were made against him for tapping into customer assets for personal gain as well as operating independently from Alameda’s cryptocurrency trading and investments which exposed customers to risk without disclosure.

Illegal Donations Alleged

In addition to these functional issues with FTX, alleged illegal donations are now being further detailed, with the indictment examining how SBF utilized others to contribute to political movements that he did not want himself or his business entities associated with publicly. It was claimed by prosecutors that “Bankman-Fried caused substantial contributions” but wanted no public association for himself or companies under his control with either major political party or any leaning across the political spectrum.

Criminal Charges Facing SBF

The original criminal counts facing Sam Bankman- Fried include: Conspiracy To Commit Wire Fraud On Customers; Wire Fraud On Customers; Conspiracy To Commit Wire Fraud On Lenders; Wire Fraud On Lenders; Conspiracy To Commit Commodities Fraud; Conspiracy To Commit Securities Fraud; Conspiracy To Commit Money Laundering; And Conspiracy To Defraud The United States And Violate The Campaign Finance Laws.

Conclusion

Sam Bankman- Fried faces a number of serious allegations ranging from financial crimes such as wire fraud and money laundering all the way up through corruption and campaign finance violations. The consequences could be severe if convicted on any count so it will be interesting what develops over time as this case continues through its court proceedings

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• The Cambridge Centre for Alternative Finance (CCAF) study underestimates the amount of sustainable Bitcoin mining going on.
• ESG investors largely don’t feel comfortable that Bitcoin is a net positive to the environment.
• The conversation about ESG funds getting behind Bitcoin cannot progress, leading to user adoption stalling and environmental groups lobbying governments to regulate Bitcoin mining in a punitive manner.

The Understated Impact of Sustainable Energy Use in Bitcoin Mining

The Cambridge Centre For Alternative Finance’s (CCAF) study on Bitcoin’s environmental impact underestimates the actual amount of sustainable energy used in mining operations. According to the CCAF study, only 37.6% of energy use is sustainable, while another independent research conducted by the Bitcoin Mining Council (BMC) found that 58.9% of energy use is sustainable.

Why This Matters

ESG investment has grown exponentially and is estimated to reach $10.5 trillion in the U.S., making it an important factor when considering whether or not to invest in Bitcoin projects. Currently, ESG investors are wary of investing due to doubts about its environmental impact and question how accurate the CCAF study is compared to the BMC one. As a result, user adoption has stalled and environmental groups are lobbying governments to impose punitive regulations on Bitcoin mining operations.

What Would It Take To Gain Support from ESG Funds?

Before any meaningful progress can be made with regards to ESG support for Bitcoin projects, three requirements must be met: independent empirical data demonstrating how much energy usage is actually sustainable; evidence that macro trends depict sustainable energy use increasing over time; and proof that overall energy usage by miners is decreasing quantitatively.

My Latest Research

My latest research aims to provide more clarity on this issue by looking into what it would take for ESG funds to gain comfort in supporting investments related to Bitcoin mining operations specifically around its environmental impact. After analysing various sources of data including real-time information from miners themselves I am confident that at least 52.6% of all energy used by miners come from renewable sources – significantly higher than previously estimated by both CCAF and BMC reports alike..

Conclusion

It is clear that having an accurate understanding of how much renewable energy actually powers bitcoin mining operations is essential for gaining trust from critical stakeholders such as ESG funds and government bodies alike if we want widespread user adoption for this technology – something which will ultimately benefit us all environmentally speaking as well as economically!

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• Mickey Koss, a West Point graduate with a degree in economics, never expected to be writing for Bitcoin Magazine.
• After an initial rejection, the Bitcoin community welcomed and supported him, giving him the confidence to keep writing.
• He encourages others to go after their dreams despite fear and self-imposed limitations.

Introduction

Mickey Koss is a West Point graduate with a degree in economics who found his way into writing for Bitcoin Magazine by accident while looking for customer service email address. Despite initial rejections, he persevered due to the support of the Bitcoin community and his wife.

How It Started

Koss sent an idea off in an email and was surprised when they liked it. Writing the draft was exciting but ultimately resulted in an unceremonious “no.” The critique pushed him to adjust his strategy and change his frame of mind. He later posted his articles on LinkedIn which gave him more courage to keep going .

The Power of Community

The Bitcoin community welcomed Koss’s work with open arms. They gave him encouragement that he otherwise would not have had on his own journey as a writer. This inspired him to keep going despite fears of what others may think or how they may react.

Advice For Others

Koss encourages people not to hesitate in pursuing their dreams even if they feel like nobody or feel scared about potential reactions from those around them. It is important not just to invest early but also often – especially when it comes to chasing your dreams!

Conclusion

Koss’s story serves as proof that hard work pays off and anyone can achieve greatness if they put their mind into it and don’t give up no matter what obstacles come their way!

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• Nigerians are facing a redesign of their banknotes, the naira, and old naira bank notes will be useless after February 10.
• The Central Bank of Nigeria (CBN) has imposed a weekly cash withdrawal limit which is causing long lines at banks and ATMs.
• This comes at a time when Nigerians are preparing for an important election in February, while also dealing with inflation over 20%.

Nigerians Facing Redesign of Naira Bank Notes

Imagine standing in endless lines, fighting to get ahold of your own money. This is life for millions of Nigerians right now, who face a redesign of their banknotes, the naira. After February 10th, old naira bank notes will be rendered useless.

Central Bank Imposes Withdrawal Limits

The Central Bank of Nigeria (CBN) has imposed a weekly cash withdrawal limit which, as of January 9th was 500,000 naira for individuals (around $1,087) and 5,000,000 naira (around $10,087) for organizations. Unfortunately the actual amount available to withdraw depends on what’s available at each location.

Witnessing Long Lines & Scarcity Issues

My team in Nigeria is witnessing all-day queues — with many people walking away empty handed. Some bank offices and ATMs do not even have cash to dispense. Additionally Point-of-Sale (PoS) charges have skyrocketed by 400%, further straining those already struggling with inflation over 20%.

Impact on Upcoming Election

This monetary chaos comes at an especially inconvenient time when Nigerians are preparing for an important general election on February 25th. Political parties are threatening an election boycott if the February 10th deadline is pushed back again as they believe less cash in circulation cuts down on fraud and vote buying.

Conclusion

The redesign policy is putting both everyday livelihoods and significant political events in jeopardy due to lack of access to new notes and increased PoS transaction fees caused by limited cash availability. It remains unclear how this will affect the upcoming election or what impact it will have on day-to-day transactions beyond that date but one thing stands true: something urgent needs to change before it’s too late.

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• The article discusses how labor has become devalued due to the effects of fiat money.
• It explains how specialization of work is key in contributing to civilization, and how people optimize for value per time worked while minimizing unpleasantness.
• Lastly, it calls out fiat money as the culprit behind why work is not working as well these days.

Work and Us

We need work and work needs us. Labor is what takes a harsh, brutist and difficult world and turns it into a livable, enjoyable and even meaningful place. Work is how we contribute to our civilization, our communities and, of course, our families. Work in a normal, functioning market provides value.Our collective work is what builds everything around us, from the buildings we live in, to the roads that we travel on, the computers we type on, the electricity that we use, and pretty much everything else.

Specialization

Money allows us to specialize and do what we’re good at. A fisherman can catch lots of fish far more than he can eat; a cobbler can make shoes far more than he can wear; but through trade they can leverage their own skills to get everything they want and need. This is why fishermen are not making their own shoes and cobblers are not catching their own fish – specialization of work makes it possible for everyone to benefit from each other’s talents without having to go through tedious processes themselves.

Fiat Money’s Fault

Yet this very basic equation of work — productive labor in return for money — is not working that well lately with massive layoffs happening all over the economy particularly in tech: What is going on? How is it that tens of thousands of people in different companies can be let go yet things still function? What were they all doing? Making TikTok videos? In this case Fiat Money seems to be at fault as there isn’t enough wealth being produced overall so money cannot flow fast enough into wages so people have less power when bargaining for salary or negotiating with employers – leading them vulnerable to layoffs during economic downturns like this one now..

Optimizing For Value

People try to make the most money they can while doing things that they dread least – optimizing for value per time worked while minimizing unpleasantness. This last point is important because there are things which pay very well but people are loath to do like collecting garbage or truck driving which offer better per-hour rates than other tasks but with unpleasantness that keeps many away. The price of labor goes up accordingly compensating those who take on these tasks by increasing salaries or reducing hours required for completion making them more attractive propositions overall..

Conclusion

In conclusion then it’s clear that if markets are going function efficiently then there must be an equitable distribution wealth across society otherwise certain segments end up suffering as result inequality caused by excessive reliance on fiat money based solutions instead real production tangible goods services which hold intrinsic value society itself..

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• Constructive criticism is productive discourse for Bitcoin.
• Illogical or nonsensical criticism is not productive discourse.
• The bullet-riddled know who they are and repeat themselves, repeatedly.

The Need For Constructive Criticism in the Bitcoin Community

Bitcoiners have immense passion and enthusiasm when it comes to supporting their favorite cryptocurrency, but this can also lead to an unwillingness to accept criticism. However, constructive criticism is essential for the long term success of Bitcoin as it helps identify potential issues that may be overlooked or ignored by those with a vested interest in its success.

Criticizing the Right Way

When offering criticism, it’s important to ensure that the critique has merit and isn’t just illogical or nonsensical ranting. It should be based on well-researched information and offer solutions instead of simply pointing out problems. Additionally, different people have different use cases for Bitcoin so it’s important to understand and respect these differences when offering critiques.

Messengers Being Shot

Unfortunately, good advice can often be dismissed or ignored due to human emotions getting in the way. This “shoot-the-messenger” behavior is seen regardless of market conditions – bull markets, bear markets, sideways markets – messengers are still shot down even though their words may have been prophetic in hindsight.

Examples Of Good Advice

Some good examples of advice that should be taken into consideration include: If you want bitcoin to be secure as well as free from censorship then don’t share personal photos publicly without consent; if you want people to feel physically safe using Bitcoin then stop sharing information with third party marketing firms; if you want decentralization of miners throughout the world then don’t push for excessive mining in any one location; and if you want privacy then don’t claim something offers complete privacy when that isn’t actually true.

Conclusion

Constructive criticism is essential for ensuring that Bitcoin continues to grow and succeed in the long run so we must all strive to ensure our critiques are logical, sensible and solution-focused rather than shooting down messengers without considering what they have said first!

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• Samsung Asset Management is launching a Bitcoin exchange-traded fund (ETF) in Hong Kong.
• The ETF seeks to obtain a performance similar to spot BTC by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange.
• The new ETF is a significant mainstream adoption milestone, providing institutional and retail investors with a regulated avenue for price exposure to Bitcoin.

Samsung Asset Management is expanding its presence in the cryptocurrency industry with the launch of a new Bitcoin exchange-traded fund (ETF) in Hong Kong. The ETF, dubbed the Samsung Bitcoin Futures Active ETF (3135:HK), is designed to provide investors with a regulated avenue to gain price exposure to Bitcoin.

The ETF seeks to obtain a performance similar to spot BTC by investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME). This provides investors with a more convenient way to gain access to Bitcoin without having to deal with the complexity behind the asset itself. The ETF is managed by Samsung Asset Management’s Hong Kong branch and is seen as a competitive product that reflects the company’s long-term futures-based ETF know-how and risk management experience.

The launch of the ETF is seen as a significant mainstream adoption milestone for Bitcoin. It provides institutional and retail investors with a simpler way to gain exposure to the asset without having to actually own it. However, it is also important to note that while investors can benefit from the price fluctuations of Bitcoin through an ETF, they won’t actually be able to possess the asset itself.

The launch of the ETF comes at a time when Hong Kong is seeking to become a major hub for the cryptocurrency industry. The city’s financial secretary Paul Chan has reiterated that commitment, adding that the city will work to attract new businesses from all over the world. The ETF is the latest sign of the city’s commitment to become a cryptocurrency leader, as it is the first Bitcoin-linked ETF to be launched in Hong Kong.

Overall, the launch of the ETF is seen as a major step forward for Bitcoin and cryptocurrency adoption as a whole. It provides investors with a more convenient way to gain exposure to the asset without having to go through the complexity behind it. It also provides a boost for Hong Kong’s efforts to become a major cryptocurrency hub, as the city looks to attract new companies to its shores.

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• On this day, 14 years ago, Satoshi Nakamoto created the first block in the Bitcoin blockchain, kickstarting an entire movement.
• Engraved in the Genesis block was the message “Chancellor on brink of the second bailout for banks”, establishing a manifesto for the system.
• Bitcoin seeks to restore accountability and antifragility through a monetary system based on sound money, ensuring property rights to millions worldwide.

Today marks 14 years since the first block in the Bitcoin blockchain was created, an event that kickstarted an entire movement. Satoshi Nakamoto, the creator of Bitcoin, embedded the message “Chancellor on brink of the second bailout for banks” into the Genesis block, establishing a manifesto for the system. Bitcoin was created with the purpose of restoring accountability and antifragility through a monetary system based on sound money, allowing individuals to take up the reins of their financials and ensuring property rights to millions of people around the world.

The Bitcoin blockchain is powered by a distributed network of nodes, each running the protocol’s software and enforcing its rules. This structure allows for an immutable ledger that cannot be manipulated by any central authority, making it an attractive option for individuals who want to protect their financial rights and privacy. The system also provides an incentive for people to participate in the network, as miners are rewarded with Bitcoin for their contributions.

Bitcoin has been embraced by many people around the world, as it has been seen as a safe haven asset due to its fixed supply and decentralized nature. Through its ability to remove the need for third-party intermediaries, Bitcoin has opened up the possibility of creating trustless and peer-to-peer transactions, allowing individuals to send and receive money without the need for a bank or other financial institution.

Since its inception, Bitcoin has been praised for its revolutionary potential, as it has the potential to revolutionize the way we think about money and the financial system. With its ability to provide a secure and transparent payment method, Bitcoin could bring financial freedom and independence to millions of individuals who are currently underserved by traditional financial institutions.

As we look back on the 14 years since the creation of the first Bitcoin block, it is evident that Bitcoin has come a long way. While there are still some challenges to overcome, such as scalability and security issues, the potential of this technology is undeniable. As more and more people around the world embrace Bitcoin, it is likely that its use and acceptance will continue to grow in the coming years.

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• ANC Pharmacy, one of the largest pharmacy chains in Ukraine, has partnered with Binance to accept bitcoin and cryptocurrency payments at all of its locations.
• Binance has also previously partnered with a Ukrainian grocery chain, VARUS, to enable cryptocurrency payments and offered a Refugee Crypto Card for Ukranians forced to leave the country as a result of the war with Russia in 2022.
• Bitcoin Core developer and the Human Rights Foundation’s Chief Strategy Officer, Alex Gladstein, have both demonstrated the impact Bitcoin is having on the region, and Bitcoin Magazine has its own Ukrainian branch to spread Bitcoin adoption.

ANC Pharmacy, one of the largest pharmacy chains in Ukraine, has recently announced their most recent partnership with Binance, which provides customers with the ability to pay for orders with bitcoin and cryptocurrency. With over 1,000 stores spread across the entire country, this marks the largest implementation of bitcoin payments in all of Europe to date. Starting on January 3rd, those wishing to pay with bitcoin will first need to download the Binance application in order to complete their purchase at the ANC website with Binance Pay, before picking up their order at the store.

The partnership between Binance and ANC Pharmacy is not the first time the cryptocurrency giant has enabled cryptocurrency payments in the region. Back in April of 2022, Binance worked with VARUS, a Ukrainian grocery chain, to enable customers to pay with cryptocurrency. In addition, Binance also offered a Refugee Crypto Card for Ukranians who were forced to leave their country as a result of the war with Russia.

The significance of this implementation of bitcoin payments in Ukraine cannot be understated. As the war and other recent global events have shown, having sovereign money that is easily transportable and is not tethered to any one country is increasingly important. Bitcoin Core developer, as well as the Human Rights Foundation’s Chief Strategy Officer, Alex Gladstein, have both demonstrated the impact Bitcoin is having on the region, and how it can be used to great effect to help facilitate aid in the region.

In order to spread Bitcoin adoption even further, Bitcoin Magazine has its own Ukrainian branch. Through their efforts, Bitcoin Magazine is helping to educate people about the advantages of Bitcoin, including its portability and decentralized nature, which is especially important in volatile regions such as Eastern Europe.

With the new ANC Pharmacy and Binance partnership, it is clear that cryptocurrency is becoming an increasingly viable option for payment in Ukraine, and that Bitcoin is a powerful tool for those in the region. As more and more people become educated about Bitcoin and its advantages, it is likely that cryptocurrency payments could become even more commonplace in the country.

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