Ep. 187 Bullporn
On this episode of the Unhashed Podcast, you (yes you!) can purchase Roger Ver’s purported debt to CoinFLEX, chaos in the crypto lending world, framing bitcoin as a two-good system, and the Pentagon’s well spent money on exposing bitcoin’s weaknesses.
From CNBC: Crypto exchange CoinFlex claims ‘Bitcoin Jesus’ is the investor behind $47 million debt. Digital asset exchange CoinFlex is locked in a public battle with long-time cryptocurrency investor Roger Ver over a $47 million debt, reflecting the latest saga to unfold amid the market crash. CoinFlex previously said an unnamed investor failed to meet a margin call but CEO Mark Lamb revealed the person to be Ver. However, Ver denies that it is him and claims that CoinFlex in fact owes him money, an allegation that Lamb denied. More from Coindesk: CoinFLEX will launch a Recovery Value USD (rvUSD) Token after recently halting withdrawals stemming from an outstanding debt that a high-net-worth customer owes the exchange. The issuance will begin tomorrow and likely run until July 1, CoinFLEX wrote in a white paper Monday. ""In normal circumstances, we would auto-liquidate a position that runs low on equity at prices that are prior to the zero-equity price,"" the company wrote. CoinFLEX described the customer as ""high integrity"" individual with liquidity issues tied to the recent crash in crypto and noncrypto markets who has ""significant shareholdings in several unicorn private companies and a large portfolio."" CoinFLEX said the issuance includes a 20% annual percentage rate (APR) accrued and paid daily in rvUSD. ""We have been speaking to potential large buyers and believe there is significant interest in the terms presented,"" CoinFLEX CEO Mark Lamb said in a blog post. CoinFLEX expects to resume withdrawals June 30, but is still subject to receiving funds pursuant to the rvUSD issuance. When asked of a potential bank run on Bloomberg TV Monday evening, CEO Mark Lamb said he’s unconcerned this scenario would occur as customers can withdraw their funds once the new token fundraise is complete. Also worth noting - On June 29, BCH/BTC fell to new all-time lows of just 0.005 — 98.83% below its 2017 peak when in briefly traded above 0.4 BCH/BTC
Chaos in the crypto lending world. There are a few related stories to touch on here. Firstly, from Sky News, Three Arrows Capital, a cryptocurrency-focused hedge fund, has plunged into liquidation, deepening the crisis engulfing the global digital assets sector. Sky News has learnt that partners from Teneo in the British Virgin Islands has been lined up to handle the insolvency of the Singapore-based firm, which was set up in 2012 by Su Zhu and Kyle Davies. Crypto brokerage Voyager Digital issued a default notice to 3AC this week after the fund failed to make required payments on loans of 15,250 bitcoins and $350 million in USDC. Voyager's shares had plunged after it disclosed its exposure to 3AC. In related news, FTX has reportedly offered Blockfi a $250 million of credit in what some are calling a private bailout. Leaked information indicates that such a deal would devastate the value of existing shareholders’ equity, in exchange for keeping the company afloat and their clients’ assets intact. Morgan Creek, a key Blockfi investor, is reportedly attempting to raise funds directly to counter FTX’s offer. Nexo posts cease and desist letter on its blog to an individual or group using the Twitter handle “@otteroooo” after the account holder tweeted allegations that Nexo’s co-founders had siphoned funds from a charity called HelpKarma. But you know which lending platform isn’t posting cease and desist letters as blog posts? [AD ROLL] But Ledn did make their own blog post. It reassures clients that Ledn remains in solid financial standing, thanks to careful risk management practices, proof of reserves, only supporting BTC and USDC, and declining to use DeFi to generate yield on client assets.
Unhashed Podcast co-host and infamous playboy Mario Gibney has published an essay outlining a framework for viewing bitcoin as a system comprised of two economic goods: BTC and Blockspace. Believe it or not, we have him here to talk with us on the show, in the first ever interview he’s conducted on this topic.
A report commissioned by the Pentagon conducted by @trailofbits concluded that the blockchain is not decentralized, is vulnerable to attacks and is running outdated software. The report, “Are Blockchains Decentralized, Unintended Centralities in Distributed Ledgers”, uncovered that a subset of participants can “exert excessive and centralized control over the entire blockchain system.” The findings of the report are a cause of concern for a wide range of sectors, but especially serious for security, fintech, big tech and the crypto industries, which continue to grow. However, Bitcoiners were quick to point out many issues with the report, including friend of the show and fellow flying Dutchman Sjors Provoost, who noted that one of the section spoke of a “hard coded delay of two minutes before it gossips new verified blocks” within Bitcoin core.
https://twitter.com/resistancemoney/status/1541751704537923586