News: International crypto tax crimes force, Coinbase Custody and ETC, ERC-20 vulnerability database, UBI Blockchain, Li Xiaolai tells the truth, Lightning Network

  • The hard part of being a major crypto holder is just keeping your coins secure! So — keeping up the crypto world’s reinvention of all the old middlemen, but badly — Coinbase is offering holding-as-a-service for large customers — Coinbase Custody! And just to keep it as crypto as possible, they’ve chosen Electronic Transaction Clearing as their partner — who the SEC charged in March with “repeatedly putting customer assets at risk.” Here’s the 103-page PDF listing all of ETC’s infractions.
  • Matt Levine: “Of course this is not because the people writing the securities laws in the 1930s somehow foresaw the blockchain. It’s because, at the low end of crypto innovation, the new tricks are exactly the same as the old tricks.” And at the middle end, and at the high end.
  • I am shocked, shocked to hear that a company that renamed itself “UBI Blockchain” got busted by the SEC working a convoluted share pumping scheme.
  • Coiners are shocked, shocked to hear Bitcoin billionaire Li Xiaolai telling the simple and obvious truth in a leaked audio recording. “A person needs to become a celebrity before starting any blockchain based project. Blockchain project creators need people to believe in them, and most people are dumb and easy to manipulate. Fan-flow is the core competition. The rest of the factors are largely BS.”



  • Kindle Canada had Attack of the 50 Foot Blockchain cheap last month, and this month it’s even cheaperCDN$1.99! Or, of course, there’s the lovely paperback.






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4 Comments on “News: International crypto tax crimes force, Coinbase Custody and ETC, ERC-20 vulnerability database, UBI Blockchain, Li Xiaolai tells the truth, Lightning Network”


    “Seven Stars Cloud Group” buying West Hartford campus of University of Connecticut.

    [Bruno Wu] said the company plans a $283 million tech hub for blockchain technology and artificial intelligence. “We are going to be creating a lot of jobs and at the same time making a lot of investments,” he said.

    Wu said Friday, “Our plans to transform the college campus into ‘Chain Valley’ — our global headquarters for technology and innovation — will create hundreds of new jobs in town, generate significant tax revenues and create meaningful partnerships with numerous area college, universities and corporations. We are excited to soon join the thriving community of West Hartford.”

    The state will [be robbed of] a $10 million loan to Seven Stars Cloud Group as an incentive, and the money will be used for renovating and retrofitting existing buildings. If the company reaches certain job targets, the loan could be forgiven and turned into a grant.

    1. or, since Tronc still appear to be personal data abusers, archive link

      the kicker: “Seven Stars has also agreed to be responsible for the cleanup of the PCBs and all other environmental matters required by state and federal environmental regulators at no cost to UConn.”

      so the story is “thank goodness someone was dumb enough to take this toxic waste dump off our hands”

      I can’t quickly find what they do or where their money comes from. But they’re NASDAQ listed, so.

  2. David, I’m disappointed that your bold criticism is equally addressed to fraudlent crypto scams and to LN which is an honest early development stage highly important project led by the high quality honest developers . Really, this makes your justified criticism questionable . Pls consider a more fair reporting on LN, it will only help make your case which is 95% correct. Make it a 100%. Thanks, @rashbit

    1. I think it’s 100% fair to note that Stark loudly made a claim then quietly refused to back it up. At this point, the ball’s in LN’s court.

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