From today's Treasury Dept report "Digital Assets and the Treasury Market"

Some choice quotes in this thread 🧵 First, this was the ask:

With the SEC filing suit against @coinbase, let's take a walk down memory lane and examine how this outcome was obvious, inevitable, and entirely self-inflicted by @brian_armstrong, @balajis and @a16z 🧵👇 1/15 @coinbase @brian_armstrong @balajis @a16z Back in 2020 we saw clear evidence that @brian_armstrong no longer saw Bitcoin as part of his monetization mention. Though he later deleted his post laying out the "future of crypto," Bitcoiners noted the near complete absence of the word "Bitcoin." 2/15

Incentives matter.

Set up your incentives to align with truth or you'll end up spouting lies for a living. lol the hits keep on coming

https://twitter.com/jdcmedlock/status/1666451269131685890?s=20

The most glaring omission in the SEC suit vs Binance was ETH, the token marketed and sold by the Ethereum Foundation and Consensys, being left off the list of securities. The SEC knows it will face opposition from extremely well financed backers of ETH, including Coinbase.

1/ The axis of Ethereum includes Consensys, the Ethereum Foundation, Coinbase (which is now clipping hundreds of millions of dollars in interest through its “staking” offering), and crypto venture firms like Andreessen Horowitz.

2/

With the SEC dropping charges against Binance and Scampeng Zhao today, it's time for a greatest hits recap thread... 🧵👇 1/17 Here's a look at the CFTC charges vs. Binance from March, which closely resemble the new SEC case:

https://twitter.com/coryklippsten/status/1640383570941468681?s=61&t=3mQqpXBvmoi_4dRkJpXW9A

2/17

With @brian_armstrong and @iampaulgrewal spreading the falsehood that the SEC supposedly OK'd every aspect of their possible securities offerings, let's look at what the SEC ACTUALLY sent to @coinbase regarding their registration statement: 🧵👇 @brian_armstrong @iampaulgrewal @coinbase "We note your disclosure that "[t]he test for determining whether any given crypto a is a security is a highly complex, fact-driven analysis that evolves over time, and the outcome is difficult to predict."

Brian Armstrong’s safe word If you’re still on Coinbase, delete that thing and GET ON THE SWAN!

@SwanBitcoin

swanbitcoin.com/delete-coinbas…

I talk a lot about wash trading on Binance. Here's a great visual to help you see what their market makers do to fake demand for worthless tokens.

The reason we could see it on the chart is because Binance HALTED trading on FTX, but left their own market-making bots running 😂 Ht @Cryptadamist ^

We, the Bitcoiners, believe that Bitcoin is more than just a decentralized digital currency. It is a tool that has the power to ensure freedom for all 8 billion humans in the face of rising centralization and tyranny. 1/7 As governments and corporations around the world continue to consolidate power and infringe on our basic rights, Bitcoin stands as a beacon of hope. It is a means of taking back control of our money, our privacy, and our lives. 2/7

Why won’t SEC answer Yes/No on “is ETH is a security?”

Congress defined “security” as a “flexible rather than a static principle, capable of adaptation to meet the countless and variable schemes devised by those who seek the use of the money of others on the promise of profits.” Straight from page 6 of the Bittrex complaint

sec.gov/litigation/com…

Is this real?

Selected clauses from a future SEC complaint against @coinbase, with reference to Ethereum being a security: 179. From the time of its offering and continuing through the Relevant Period, ETH was offered and sold as an investment contract and therefore a security.🧵👇

As we've said for years, Scampeng Zhao trades against his own customers, ripping their faces off in the Binance czasino.

Spelled out in new charges from the CFTC.

https://twitter.com/coryklippsten/status/1638932743319871489

Binance US does not have your money, it turns out.

It probably exists, but it's held by Binance Int'l, which is, of course, an illegal runaround of US regulations.

Walls closing in on CZasino Boy.

Great reporting by @Reuters and @MikeBurgersburg

dirtybubblemedia.substack.com/p/is-binanceus… Here's the section of the Binance US terms where you sign off on your trades getting passed through to Binance dotcom.

Enter a buy on the US site, and Binance as "market maker" matches the order with a Binance dotcom order.

Why is @Stacks a scam, and why won't Bitcoiners just leave them alone?

A great new post from @bergealex4 explains the issues clearly.

Key passages 👇 🧵 "
If one were to single out a single idea responsible for the absolute shitshow that was “crypto” in 2022, you could hardly do better than “yield”.

Yielding products were behind every monstrosity that collapsed once the bull market ran out of steam.

THE RACE TO AVOID THE WAR

In February 2020, a month before @swanbitcoin launched, we published our mission statement "Ten Million Bitcoiners."

The imperative to recruit and train 10M USA Bitcoiners is not the only way to help bring our bright orange future closer, though.

🧵👇 We Bitcoiners are in a race. Perhaps the most important race we will ever run. We are racing against time to drive the adoption of Bitcoin as fast as we can. We are racing toward a future in which the U.S. Govt never coordinates a concerted attack against Bitcoin and Bitcoiners.

After calling bullsh*t on Luna, Celsius, and FTX well before any of them collapsed, I have a bit of credibility with the mainstream media. I want to use that credibility to call attention to the worst and largest of all the scam perpetrators in the "crypto" space, @a16z 🧵👇 Unfortunately, the formerly venerated firm sold its soul for quick profits and massive management fees. In this thread I'll compile some of the many, many tweets in which I've called out @a16z and their loudest partner pushing their fraudulent "crypto" efforts, @cdixon.

It’s time for a greatest hits thread about FTX and Scam-Bankster Fraud.

The signs were there all along.

A thread 🧵 👇

Starting with the most obvious contradiction:

https://twitter.com/coryklippsten/status/1546582013875867648?s=20&t=aFYPbac6lI8d3AmWoDQjrA

Continuing with this classic, in which SBF explains exactly how defi frauds work

https://twitter.com/coryklippsten/status/1546902114550439936?s=20&t=aFYPbac6lI8d3AmWoDQjrA

This would be hilarious. Clash of the Sh*tcoin Titans 😂

The theory is that CZ is about to rekt Scam Bankster-Fraud.

https://twitter.com/AutismCapital/status/1588933383501275142

https://twitter.com/coryklippsten/status/1589292807747178497

The FLYWHEEL SCHEME has been the dominant business model in “crypto” “cefi” from the past three years. It was as dirty as ICOs, maybe worse in wealth destruction and delay of Bitcoin adoption.

Major perpetrators:
FTX/Alameda
Celsius
Crypto dotcom
Nexo
Babel
Voyager
and more From dirtybubblemedia.substack.com/p/is-alameda-r… by @MikeBurgersburg

Bitcoin is the 6th Technological Revolution

1) Industrial - beginning c. 1771

2) Steam & Rail - 1829

3) Steel, Electricity & Heavy Engineering - 1875

4) Oil, Autos & Mass Production - 1908

5) Information & Telecommunications - 1971

6) Bitcoin - 2009 Do NOT expect a technology adoption curve, like for iPads.

Cory in March 2022: "Do Kwon gives me Elizabeth Holmes vibes."

@samcallah in November 2022:"Sam Bankster-Fraud gives me Do Kwon vibes." 😂

https://twitter.com/cobie/status/1587955502738472960