Saturday, March 27, 2021

Bitcoin nears record before largest U.S. crypto exchange listing

On March 13, Bitcoin reached a record of US$61,742. The cryptocurrency is up almost ninefold in the past year. Digital-token exchange Coinbase Global Inc. is due to go public on the Nasdaq on April 14, the first listing of its kind. Goldman Sachs is close to offering investment vehicles for Bitcoin and other digital assets to private wealth clients. Morgan Stanley plans to give rich clients access to three funds that will enable crypto ownership.
The overall value of more than 6,600 coins tracked by CoinGecko recently surpassed US$2 trillion.

Sunday, March 21, 2021

Tether - Crypto Crime

Tether finds itself in the crosshairs of a fraud investigation by the New York Attorney General’s office. Multiple lawsuits have been consolidated into one class action alleging fraud by Tether and related Bitfinex.

Apparent losses of $850m is appearing to flow from co-mingled client and corporate funds. This is securities and commodities fraud.

In July founder Brock Pierce said he no longer owns any Tether stablecoin.
Bitfinex and Tether claim that the money is tied up in a series of asset freezes being enforced by multiple foreign governments. That claim may be tested soon as criminal indictments are expected any day.

The so called 'digital asset' appears headed for more troubled waters.

Friday, March 19, 2021

10 Year US treasury bond is screaming

Interest rates are getting jacked out of control and its every day. There is a massive huge problem in that current Cdn mortgage interest rates and the source of those funds, 10 year US bond yeilds are at a 14 month high. They are not aligned correctly and it's getting worse. There MUST be a very large increase in domestic mortgage rates immediately. Half a point is likely not enough.

Friday, March 5, 2021

GPB Capital Holdings

The US Securities and Exchange Commission charged GPB Capital Holdings and three executives with defrauding over 17,000 retail investors in a Ponzi scheme that raised over $1.7bn. David Gentile, CEO, Jeffry Schneider and Jeffrey Lash are accused of falsifying financial statements and creating back-dated performance guarantees to show income that did not exist. Gentile bought a Ferrari with investor funds.
Investor funds were spent on private planes, luxury vacations and millions funneled into personal bank accounts.
Scientologist-owned GPB Capital Holding’s former Chief Compliance Officer Michael Cohn is on trial. While working as an examiner in the compliance section of the SEC, Cohn leaked details of the criminal investigation to GPB’s executives, including Scientologist David Gentile.
Between 2017 and 2019, companies controlled by members of Scientology bought about 100 downtown Tampa Bay properties for $103m. Where the cash came from isn't clear.

Wednesday, March 3, 2021

10 year US treasuries jacked

The U.S. 10-year Treasury yield sat around 1.5% after popping to 1.61% last week. The surge in bond yields pressured stocks with concerns of borrowing costs and inflation.