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Eric Lipton

23 Jul, 9 tweets, 3 min read

Founders of the biggest crypto platforms have built a global playground designed to appeal to gamers with a taste for risk, featuring “leader boards” for traders with aliases like Dark Crypto Lord. Read a NYT examination of the exchanges that never sleep
nytimes.com/2021/07/23/us/…

Crypto traders turning to offshore sites like Binance, FTX & BitMEX can take $100 and with leverage turn it into bets of up to $12,500 on the future price of cryptocurrency.

To work around American regulations, major private trading firms with U.S. roots have set up offices in the Cayman Islands to push money through overseas crypto platforms, traders involved told The New York Times.

A former top federal financial regulator worries about high-risk cryptocurrency trading and its potential future impact on global financial markets.

“It is true that this could cause cascades in the economy,” said Sam Bankman-Fried, the founder of FTX, one of the world’s largest cryptocurrency derivatives trading exchanges, on the risk presented by these often highly leveraged transactions.

Is it time to turn down the volume? Sam Bankman-Fried, the founder of one of the world’s largest cryptocurrency exchanges, said the industry should consider limiting leverage offered on derivatives trades to combat a perception it promotes risk.

Facing crackdowns by global regulators over high-risk trading options, some of the world’s biggest cryptocurrency marketplaces have simply picked up their shops and moved to new, more friendly locations like Singapore.

These crypto nomads are a tribe that never turns off — trading takes place 24 hours a day, 365 days a year. Read the whole NYT story on the role offshore crypto exchanges and the high-risk trades they offer play in volatility in the global market nytimes.com/2021/07/23/us/…

@el72champs

Here as well are excerpts from NYT interviews with top executives of two of the world's largest cryptocurrency exchanges that specialize in these high-risk derivatives. Stories with @el72champs nytimes.com/2021/07/23/bus…

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More from @EricLiptonNYT

Eric Lipton

@EricLiptonNYT

14 May

DC trivia....where is this location. (Hint: George Washington did not sleep here)

And the winner is....was too easy. Yes, between Deal Middle and (August) Wilson High School

To me Fort Reno actually is one of the nicest spots in DC because it's so quiet here almost all the time. And I guess by definition, being the highest point, it's not the swamp. Even before Trump did his magic work draining it, right?

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Eric Lipton

@EricLiptonNYT

13 May

Major moment. Are you ready to go maskless (in most places)? “The science is clear: If you are fully vaccinated, you are protected, & you can start doing the things that you stopped doing because of the pandemic” the C.D.C. said in a statement on Thursday. nytimes.com/2021/05/13/hea…

At least for me, this is going to take a while to get my psyche adjusted. Not sure I am ready.

This move by CDC will also almost certainly generate scenes of conflict/confusion indoors at stores/malls/other venues as we transition here and some are with masks and others not. Is it the end to retail mask mandates?

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Eric Lipton

@EricLiptonNYT

10 May

I was amazed as I looked around & saw just how many DC powerbrokers have been hired up by crypto industry. And it's not just lobbyists. The "shadow lobbyists" too like Teneo, which assigned a former top Treasury official to work his magic to fight SEC case nytimes.com/2021/05/09/us/…

A few examples. Binance hires former Senate Finance Chairman Max Baucus. binance.com/en/blog/421499…

BinanceUS hires former acting head of Office of Comptroller of the Currency--i.e. one of the top banking regulators in the United States. businesswire.com/news/home/2021…

Read 7 tweets

Eric Lipton

@EricLiptonNYT

6 May

THREAD: The US has more than enough lithium in the ground to supply the needs of all electric vehicles that will be made here. The massive open question is how will it be extracted from the ground? Let's look at those choices. First a story then documents nytimes.com/2021/05/06/bus…

One model is open-pit mining. Take the LithiumAmericas plan on federal lands in northern Nevada. Dig a giant pit and a sulfuric acid manufacturing plant. Extract a massive amt of water from the ground. Then pull the lithium from the clay to get what you need.

But there is a real environmental cost here. A study completed by Trump-era Interior published late last year before the LithiumAmericas was given final federal approval details some of the impact. That is 3,230 gallons of water per minute & thousands acres wildlife habitat, etc

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Eric Lipton

@EricLiptonNYT

30 Mar

Trump's effort to silence a former campaign aide named Jessica Denson & punish after she claimed sex discrimination/harassment by his campaign is effectively voided today as federal court judge rules that non-disclosure agreement Denson signed as campaign aide in 2016 is invalid

I wrote about this case--and others where Trump used his campaign funds to punish former aides that had been critical of him or his campaign--late last year. nytimes.com/2020/09/05/us/…

Here is the full story on how Trump drew on campaign funds to pay tens of millions in legal bills. Jessica Denson, his former campaign aide, was one of his many targets. nytimes.com/2020/09/05/us/…

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Eric Lipton

@EricLiptonNYT

9 Mar

House Republicans, one at a time, each attempting introduce same HR682 "Reopen Schools Act" (over, over again) even though Dems have not that allowed it to be amended into stimulus bill. These sounds bites will be used in reelection efforts obviously. Sounds like a broken record

So much of what happens in Washington is political posturing. The campaign ad/fundraising appeal here is so obvious.

Given that they're reading exactly the same script it's almost like the House Republicans are auditioning for a TV part, some of them adding little flourishes in their voices as they read the same line

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