And it’s true that the world’s fickle attention has moved on: six months ago, my small Bedfordshire town was holding concerts to raise money for refugees and hanging Ukrainian flags in windows. To my eye the most plausible read is not that the war is fake, but simply that Zelenskyy is worried about waning international support. So while we can surely read Zelenskyy’s media appearances as a clear sign that some kind of PR push is under way, it doesn’t follow from this that the war in Ukraine is not real.
But on the media battlefront, the entire Anglophone world is a target. We can take as read that every report on the actual, material fighting in Ukraine is skewed one way or another, and as such we can have very little idea of what’s going on. The scams are the scams.But however queasy it may seem, war and fashion have long coexisted: Vogue published through WW2, and conducted photoshoots amid bomb rubble. The only anonymity you have is because the wallets you control have not been tied to you, yet (except by CoinTracker, and the IRS, etc.) You can’t hand someone a Franklin, or a stack of them, and the secrecy you have come to expect from your bank does not exist. “Mixers” have had limited success because it is very difficult to do something like that when anyone can see the moves and do the math and surveil a wallet to piece it all back together. Unlike with your favorite fiat currency, there aren’t narcos flying planeloads of bundled cash, or Martin and Wendy Byrd laundering your ill-gotten gains, because…public ledger. The ledger is public and not under any one party’s control (the 51% rule notwithstanding).Ĭrypto is also not taxed like regular income, but like a security, so short-term capital gains are treated differently than long-term, and fees aren’t deductible as a cost of doing business. Starting at the end, and constraining our discussion to Coinbase, since that firm is the subject of this article, ALL transactions are reported to the IRS, AND scraped from the various Blockchain ledgers by a third party because…the ledgers are public. You can find him on Substack and Twitter at is so ignorant that it makes my hair hurt. Greg Barker is an independent journalist and quant, who also writes under the name Concoda. For, if something is regulated that only has value because it operates in a legal grey area, it eliminates any reason for that thing to exist. This would be a disastrous outcome for the crypto community because if the power structures deem cryptocurrencies as unregistered securities, then not just Coinbase, but the wider crypto industry will succumb. It’s indeed plausible that an unhealthy amount of sanctions and fines will be dumped on Coinbase, with agencies like FINRA (Financial Industry Regulatory Authority) gaining the power to supervise crypto. That could explain why even crypto mega-bull Cathie Wood dumped roughly a million and a half of Coinbase shares close to the news coming out. Is this SEC investigation the catalyst that will bring down what is essentially an unregulated Ponzi ecosystem? Judging by Coinbase’s stock, which has fallen over 20% on the news, investors think so. Presumably, they thought they were immune from overarching levels of regulatory scrutiny. Handing over blockchain data to the Feds was yet another sin that Coinbase committed, which it did to get in the authorities’ good books. Coinbase, a prominent crypto entity, had now helped erode the privacy of its own ecosystem. By utilising Coinbase Tracer, the crypto company’s intelligence-gathering software, Homeland Security’s Investigations Division ( ICE) now had more chance of connecting cryptocurrency addresses to ‘real-world entities’. According to ‘contract documents’ obtained by Intercept reporters, Coinbase, the world’s largest crypto exchange, had sold intelligence tools to the U.S government. The company has been marked out for some time, especially after The Intercept published a damning report last month that permanently altered crypto’s perceptions toward one of its largest players. This week, the execs revisited D.C - and tweeted about it.īut there’s only so much Coinbase can do at this stage. In an even more treasonous move, company executives have cozied up to the establishment, taking meetings with high-up government officials from the U.S Congress and Federal Reserve, such as Congresswoman Nancy Pelosi and Fed Chair Jerome Powell. For starters, Coinbase insiders regularly snitch on their crypto brethren for insider trading, which is verboten in crypto circles. Looking back, it has committed every one of crypto’s deadly sins.
Coinbase has already done everything contra to what you’d expect from a pro-crypto entity.
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