the giant pot of bitcoins bought with leverage and the money of retail suckers that masquerades as a company known as #MicroStrategy (#MSTR) has a massive tax problem and has run to the IRS for help. They teamed up with #Coinbase and wrote a 76 page Very Angry Letter about how they cannot possibly be expected to follow the tax code as written.

(tl;dr the value of their bitcoins went up and they don't want to pay taxes on them despite taking an absolutely *massive* tax impairment a year or two ago when their bitcoins had gone down)

For bonus points consider that the CEO of MicroStrategy #MichaelSaylor was personally busted for massive tax fraud and had to pay a $51 million fine just a few months ago.

* WSJ: https://www.wsj.com/finance/currencies/microstrategy-federal-income-tax-unrealized-gains-f60b2c04
* no paywall: https://archive.ph/U4LQC
* 76 page letter: https://legacy.www.documentcloud.org/documents/25504499-coinbase-and-microstrategy-letter-to-the-irs-2024-0046-0028_attachment_1

a major crypto bridge run and/or partially owned by some of the core #bitcoin dev team that helps people move their crypto assets between chains just blew up. hundreds of millions of dollars in liabilities it can't meet.

just another day in crypto...

(actually this is kind of a bad day, even for crypto)

https://x.com/1984_is_today/status/1882616341926162653

[update] the chain swapping still works, but they had bolted on some kind of crypto bank lending protocol and that is what is toast, along with all their users' money. they are "guaranteeing" that users will get their money back "eventually" (bros always do this)

los angeles crypto bros reporting that they lost their life's savings because they had their seed phrase stored in their house is exactly why cryptocurrency is way better than a regular bank (/s)

@molly0xfff @davidgerard

The only major media publication that has been unapologetically correct about crypto from the jump continues absolutely nailing it.

https://www.ft.com/content/8533f856-57f1-4765-a3dc-d866543092be

Extremely unsurprisingly executives at #Coinbase and #MicroStrategy were some of the biggest overall sellers of stock in any company in any market in 2024.

For all I talk about Chinese money laundering and the other criminal aspects of #crypto the American #NerdReich are really the winners in the cryptoverse. They've figured out a totally legal way to personally make incredible sums of (real) money: look the other way while hundreds of billions of dollars worth of criminal money pumps the prices of cryptocurrencies, which in turn pumps the shares of their companies. Then they sell the shares.

I don't know the details for #MSTR but I know for #Coinbase no executives have bought a single share in the company for many years now. It's just a non-stop torrent of dumping shares of #COIN while the dumping is good.

https://blockworks.co/news/largest-stock-sellers-2024

#EricTrump and #MichaelSaylor are gearing up to receive that transfer of a trillion dollars of American taxpayer money.

Saylor has been borrowing more than $2 billion every week since the election, using it to lever up his #bitcoin holdings for a total of $17.9 billion in bitcoin purchases in 8 weeks. To put that number in perspective the market cap of his (massively overvalued & ponzi-esque) pot of bitcoins masquerading as a corporation is $83 billion. (The bitcoins themselves are only worth ~$43 billion which... doesn’t make any sense. Matt Levine and others have had a lot to say about it so I won’t get into it.)

Remember: the legislation to do the transfer of taxpayer money has already been drafted by Senator #CynthiaLummis of the world #moneylaundering HQ commonly known as "Wyoming".

Russia has announced it is actively using #Bitcoin to settle cross border payments as an alternative to the US dollar based system that #Putin claims has been "politicized". #Russia is already the 2nd largest miner of bitcoins in the world and will inevitably overtake the US as the largest as the price of energy makes running bitcoin transaction processors (some call them "miners") in the US uneconomical.

So what we have here is a situation where the largest American asset managers (e.g. #Blackrock, #Fidelity) as well as the Trump team (in particular transition team chairman #HowardLutnick) are peddling a #USD alternative to retirees that actively enables #VladimirPutin to prosecute his various nefarious activities.

The circle of crony capitalism is complete; there's no turning back from here. #VladimirPutin and other bad actors will do whatever they want, at least until we get another 9/11.

https://www.reuters.com/markets/currencies/russia-is-using-bitcoin-foreign-trade-finance-minister-says-2024-12-25/

Biden's last stand?

a lot of people think bitcoin transaction processors - sorry, i mean "miners" - make money by "mining" bitcoins and then selling them.

not true!

Marathon is America's largest bitcoin miner. they never sell any bitcoins. Instead they find people to lend them money and they buy up bitcoins being mined by other bitcoin mining companies. Then they just HODL their bitcoins... forever.

It's the exact same strategy being used by Michael Saylor and MicroStrategy.

lol Justin Sun buying the $6.4 million banana taped to a wall by Maurizio Cattelan was not a thing i foresaw when i was hangin' at the Gagosian afterparty for Cattelan's recent show. cc: @davidgerard @molly0xfff

https://www.bbc.com/news/articles/cy87202v43no

well at least some people involved in the incoming Trump administration are afraid of the Dept. of Justice amirite?

[𝘛𝘦𝘵𝘩𝘦𝘳 𝘊𝘌𝘖] 𝘋𝘦𝘷𝘢𝘴𝘪𝘯𝘪, 𝘢𝘯 𝘐𝘵𝘢𝘭𝘪𝘢𝘯 𝘸𝘩𝘰 𝘩𝘢𝘴 𝘳𝘦𝘧𝘶𝘴𝘦𝘥 𝘵𝘰 𝘵𝘳𝘢𝘷𝘦𝘭 𝘵𝘰 𝘵𝘩𝘦 𝘜.𝘚. 𝘧𝘰𝘳 𝘧𝘦𝘢𝘳 𝘰𝘧 𝘢𝘳𝘳𝘦𝘴𝘵...𝘴𝘦𝘦𝘴 [𝘛𝘳𝘶𝘮𝘱 𝘵𝘳𝘢𝘯𝘴𝘪𝘵𝘪𝘰𝘯 𝘵𝘦𝘢𝘮 𝘤𝘩𝘢𝘪𝘳𝘮𝘢𝘯] 𝘓𝘶𝘵𝘯𝘪𝘤𝘬 𝘢𝘴 𝘢 𝘴𝘩𝘪𝘦𝘭𝘥 𝘢𝘨𝘢𝘪𝘯𝘴𝘵 𝘵𝘩𝘦 𝘦𝘧𝘧𝘰𝘳𝘵𝘴 𝘰𝘧 𝘈𝘮𝘦𝘳𝘪𝘤𝘢𝘯 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘳𝘪𝘷𝘢𝘭𝘴 𝘵𝘰 𝘥𝘪𝘴𝘳𝘶𝘱𝘵 𝘩𝘪𝘴 𝘭𝘶𝘤𝘳𝘢𝘵𝘪𝘷𝘦 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴.

WSJ: https://www.wsj.com/finance/currencies/howard-lutnick-giancarlo-devasini-tether-cryptocurrency-3d0a961c
archive: https://archive.ph/rSRx1

MicroStrategy's SEC filing reveals that they "acquired approximately 55,500 bitcoins for approximately $5.4 billion in cash, at an average price of approximately $97,862".

Bitcoin is currently $95k. A week ago it was $90k... and Saylor paid an *average* of $97,862!

I'm increasingly convinced that the vast majority of this huge pump in the price of bitcoin is just Michael Saylor's madness (and the madness of whoever is willing to pay $300,000 per bitcoin by buying shares of MSTR instead of just buying bitcoins for 1/3rd the price).

This won't end well.

@JessTheUnstill interesting fact: the #Synapse partner bank where all these issues are stemming from, Evolve Bank & Trust, has a bunch of fun properties:

1. Issuer of the #FTX debit card
2. Used by George Santos and Andy Ogles to store campaign funds
3. Banking partner of #PrimeTrust, the Nevada crypto custody company that collapsed in 2023
4. Banking partner of #BlockFi, one of the crypto "banks" that went down with the good ship FTX.
5. Recently hacked by Russians
6. Recently hit with a major fed enforcement action

Also Synapse was backed in a big way by Trump loving #a16z and Marc Andreessen.

Some more details:

https://fintechbusinessweekly.substack.com/p/evolve-hit-with-fed-enforcement-action

Bitcoin
#btc

future generations will say that there were signs

https://www.coindesk.com/markets/2024/11/22/bitcoin-going-to-140k-say-trio-of-ais-managing-30m-investment-fund/
(cc: @davidgerard)

Pepe Unchained Coin (#PEPU) geliyor! Meme coin dünyasının yeni yıldızı hakkında tüm detaylar: Çıkış tarihi, ön satış bilgileri ve projeye dair merak edilenler burada!

https://www.borsahub.com/pepe-unchained-coin-nedir-ne-zaman-cikacak-on-satis-bilgileri/

Borsa günü %2.18 düşüşle bitirdi.

#borsa #hisse #kriptopara #btc #bitcoin #analiz #bist100 #sondakika

https://www.borsahub.com/borsa-gunu-yuzde-218-dususle-tamamladi/

the next president of the united states of america is going to (sort of) own a crypto trading platform while he's in office, assuming #TruthSocial goes through with its purchase of #Bakkt. what could go wrong?

https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f