EddieJayonCrypto
3 Jun 22
• Elon tells Tesla executives to stop hiring and cut staff by 10%• CFTC is suing Gemini for allegedly 'False or Misleading Statements' related to Bitcoin Futures• New York Attorney General Letitia James warned people against investing in crypto citing volatility• Brad Garlinghouse, CEO of Ripple, an...
• Elon tells Tesla executives to stop hiring and cut staff by 10%• CFTC is suing Gemini for allegedly 'False or Misleading Statements' related to Bitcoin Futures• New York Attorney General Letitia James warned people against investing in crypto citing volatility• Brad Garlinghouse, CEO of Ripple, and I agree that thousands of cryptocurrencies will collapse• Japan becomes the first country to recognize stablecoins as digital moneyThe gap is widening between the wealthy and the not. So do your own research! Here is what is on my mind today.1. I am a tad annoyed with the wealthiest man in the world saying one of his companies needs to shed 10% of its workforce. Tesla is not broke and they a not hemorrhaging money. They can more than afford to keep those people employed and weather a storm. Big business does not care about people, they only care about profits. Keep that in mind as you continue taking steps to grow your bag! 2. Yesterday, I told you how Gemini was going to lay off 10% of their workforce due to a crypto winter. I also said that was BS. Well, the other shoe dropped today with the CFTC suing Gemini for allegedly 'False or Misleading Statements' related to Bitcoin Futures in filed statements in 2017. Like I said yesterday, they need to go back to the lab and figure out what business they are in. 3. New York Attorney General Letitia James recently warned people against investing in crypto due to the volatility in the space. This is just ahead of a bill hitting the Governor's desk banning all Bitcoin mining powered by carbon-based energy. I think her statement is irresponsible given how much money is being poured into the space by big business. I would be OK had she stated for people to exercise care when considering the investment in digital assets or any investments. 4. Brad Garlinghouse, CEO of Ripple, and I are in agreement: there are going to be thousands of cryptocurrencies that collapse in the future. There will be plenty left that will remain viable for the long haul, but this really is an industry that is akin to the dotcom era. That is when a ton of dotcom businesses went under. So many that it was dubbed the dotcom bust. Only the strong and useful will survive, in my opinion. Remember what I have said, only the strong AND useful. 5. Japan becomes the first country to recognize stablecoins as digital money. The catch is what you might expect. They only approved those that are backed by the Yen or other legal tender (e.g., the US Dollar). The move leaves asset-backed backed stablecoins, like Tether, in the cold.