Michael Nye Weekly News #5

Michael Nye Weekly Crypto Update #5

Weekly crypto news summary.

Bitcoin has been a little beast of late, dipping below the $8k line before surging back up a rekting shorts.

Were your shorts rekt? Mine needed changing and a trip to the laundromat. But what else happened in the meantime, so glad you asked!

Tether Sued for Manipulating Market 😨🥺

Tether Sued

Oh boy, it’s happening. A class-action lawsuit levied against Tether and Bitfenix allege that the Tether stablecoin was used to manipulate the cryptocurrency market. The lawsuit goes on to accuse both parties in taking part in anti-competitive practices that resulted in damages, reaching as high as $1 trillion.

Amongst other grievances, the plaintiffs state that Tether had been marketed as being backed at a 1-to-1 rate to the dollar. This was later proven false by the New York Attorney General’s investigation last year, in which it was discovered that only 74% of Tether had the reported backing. A spokesperson for both Bitfenix and Tether denies all accusations via a prepared statement issued online. “These baseless accusations are an attempt to undermine the growth and success of the entire digital token community, of which Tether is a key part. It is an attack on the work and dedication of not just Tether’s stakeholders, but thousands of our colleagues, too.”

Yikes, let’s see how things shake out in this upcoming week.

PayPal Drop Support for Libra 🤔

The international payment processor Paypal has removed itself from the Libra Alliance, as the first supporter to do so. While the company maintains its “support” for the platform, it will not stay on the advisory council as one of the original 28 members.

Unveiled months ago, Libra is Facebook’s native cryptocurrency which has faced numerous setbacks and increased scrutiny from the US Government. Countries like France and Germany have stated that they will oppose the Libra in its current incarnation and prevent it from operating in their respective borders. VISA and Mastercard are both suspected to be the next companies to withdraw support 💳.

Venezuela Retail Opens Bitcoin ATM 💵🏦

Traki, the largest retail chain in Venezuela, has begun operating its first Bitcoin ATM. The ATM went live on Friday, signaling another step forward in adoption for the inflation-plagued country. Unfortunately, the ATM is uni-directional, meaning that customers can only buy Bitcoin or Dash and not trade them for fiat. Other Bitcoin ATM’s around the world offer both services, with others supporting coins like Litecoin and Raven. Curiously the ATM only accepts US Dollars as fiat. This is most likely because the Bolivar is prone to wild swings in value throughout the day.

Traki CEO Maiker Gomez was optimistic in a recent interview about the continued prospect of Bitcoin and Dash in Venezuela: “It is a giant step, because it is a much faster process to acquire cryptocurrencies here in Venezuela. They can be a valuable safeguard against the devaluation of the Venezuelan currency and can also be used as a form of payment,” Gomez told Union Radio. Great job everyone.

John McAfee to Launch Decentralized Crypto Exchange

McAfee Dex

Entrepreneur and perpetual man-on-the-run, John McAfee, continues to make news while in hiding from the US Government. He announced today that he would be launching “McAfeedex,” a decentralized cryptocurrency exchange free of restrictions. Transaction details are private and nothing is monitored — Nothing recorded and no restrictions,” the tycoon stated earlier, adding that the exchange would launch on 10/7. The beta is currently online and running.

McAfee continues to be in the wild, though he has made several video posts via Twitter that shows him in a room with foil-lined walls 👀.

Tim Cook Harsh on Bitcoin

Despite releasing software potentially compatible with blockchain, Tim Cook recently allegedly spoke on who should be in charge of currencies, crypto and otherwise. “I really think that a currency should stay in the hands of countries. I’m not comfortable with the idea of a private group setting up a competing currency.” The comment was reportedly made to the French periodical, Les Echoes.

This comment comes on the heels of Paypal pulling back support for the proposed Facebook crypto, Libra. As opposition seems to be building up against the Libra, time will tell as to whether Apple will embrace cryptocurrencies, as Samsung has recently with its native support in its new phones. 📱

Where Ya Boi At? 🌎

It’s time for Japan and Devcon! Ya Boi and company are living it up in Osaka, grabbing that Asian convenience food and . . . hanging with deer? 🦌

Does this count as a selfie? Can I shout out Mr. Deer on Twitter?

We have no idea what’s going on here, Nye may have lost it, the deer may have taken over, or the flippening is upon us. I’ll take even money on any of those bets.
Nye will be in Japan for the next week or so before heading out to . . . Vegas? I think it’s Vegas.

“Let’s Fucking Go!”
– Kaltoro

Article written by: Twitter https://twitter.com/kaltoro_

Michael Nye

Follow Nye on Twitter: Twitter https://twitter.com/MrMichaelNye

Follow ‘What Is Crypto’ podcast on Twitter: Twitter https://twitter.com/WhatisCrypto

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