In layman's terms can anyone explained how this happened or why it happened?
Wow Reuters and WSJ both reporting 1-2 BILLION dollars is missing of customer money and they think the CEO transferred it from one company to another before filing for BK.
Dude is going from a billionaire to a felon.
If you aren't backed by the good faith of the central banking cartel, I mean system, then you were done before you even started. It was a good ponzi though. Has sucked plenty of dumb money into it. Just have to hope for no contagion into the stock market and the tech space.Binance, then Tether. Crypto should be pretty much done after that, but it's last much longer than I ever thought so who knows.
The US would go to war to protect the dollar and it's control of monetary policy. I'm not sure why anyone would want to throw in financially to challenge US monetary policy.If you aren't backed by the good faith of the central banking cartel, I mean system, then you were done before you even started. It was a good ponzi though. Has sucked plenty of dumb money into it. Just have to hope for no contagion into the stock market and the tech space.
Easing most definitely. That's all they've known. Tightening is where we are seeing the struggle ATM. A lot of cognitive dissonance will be occuring now and in the future IMO.Investors always say don't fight the Fed when they are easing or tightening, but that also means don't literally fight the Fed
Riot received an estimated $24.2 million in power curtailment credits under its contract with ERCOT and $7.4 million from ERCOT’s demand response program.
Riot made more from energy credits in August than it did from actual bitcoin mining.
The company has plans to build another facility in Corsicana, with 1GW of capacity approved by ERCOT.
Quite the scamI'm regularly finding myself amazed by the things I read about this stuff.
The Electric Reliability Council of Texas paid the bitcoin miner Riot $31.7 million in energy credits in August to not mine bitcoin in order to save energy for the state's power grid.www.tpr.org