Tech billionaire Peter Thiel says the US economy would already be in a recession if not for massive government intervention. Speaking with fellow billionaire Chamath Palihapitiya at the All-In Summit 2024, Thiel says that an economic downturn is in sight for the US but it is being kept at bay by the government stimulating economic […]
The post Billionaire Peter Thiel Warns US Close to Recession, Says Economy Would Be Shaky if Not for Crazy Budget Deficit appeared first on The Daily Hodl.
Tech billionaire Peter Thiel is outlining a number of concrete steps that the US government can take to reduce its huge budget deficit. In a new interview on the Joe Rogan Experience podcast, Thiel takes aim at the government’s habit of spending way more than it makes. According to the billionaire, the amount of taxpayer […]
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Nobel laureate Paul Krugman claims that bitcoin has remained “economically useless.” He criticized the support bitcoin and crypto have from former U.S. President Donald Trump and the Republican Party. Moreover, he stressed: “Tech-bro support for Trump and Vance also seems to have a lot to do with one specific issue: cryptocurrency.” Paul Krugman Criticizes Bitcoin’s […]
According to American entrepreneur, venture capitalist, and political activist Peter Thiel, he still holds bitcoin (BTC) but is uncertain about the future value of the cryptocurrency. Peter Thiel Talks Bitcoin: A Holder With Cautious Optimism Peter Thiel, the renowned billionaire and co-founder of Paypal, Palantir Technologies, and Founders Fund, shared his thoughts on bitcoin (BTC) […]
A global prediction market platform has raised $70 million in funding from prominent investors as the 2024 US Presidential Election looms. According to a new press release, Peter Thiel’s Founder’s Fund, Ethereum (ETH) founder Vitalik Buterin and others have invested $70 million in the betting platform Polymarket. Founders Fund led the $45 million Series B fundraising efforts, joined by […]
The post Vitalik Buterin, Peter Thiel Back Betting Platform Polymarket As $125,328,749 Worth of Election Bets Accumulate appeared first on The Daily Hodl.
Billionaire entrepreneur Peter Thiel’s investment fund reportedly purchased $200 million worth of Bitcoin (BTC) and Ethereum (ETH) right before crypto prices took off last year. Citing sources with direct knowledge of the matter, Reuters reports that Thiel’s Founders Fund bought $100 million worth of BTC and $100 million worth of ETH in Q3 and early […]
The post Peter Thiel’s Investment Fund Bought $200,000,000 Worth of Bitcoin and Ethereum Right Before Bull Run: Report appeared first on The Daily Hodl.
The decision comes after a Jan. 8 filing by FTX’s lawyers, who argued that public disclosure could create an undue risk of identity theft or unlawful injury to FTX creditors.
The names of up to nine million FTX customers are set to remain confidential for at least three more months following the latest ruling in FTX bankruptcy proceedings.
The decision was reportedly made by Judge John Dorsey in the Delaware-based bankruptcy court on Jan. 11 in response to a 168-page filing by FTX on Jan. 8, which requested the court to withhold confidential customer information.
Judge Dorsey said that he remains “reluctant at this point” to disclose the confidential information, as it may put creditors “at risk,” despite increased pressure from several media outlets:
“We’re talking about individuals here who are not present – individuals who may be at risk if their name and information is disclosed.”
Days earlier, FTX lawyers argued “that disclosure of the information would create an undue risk of identity theft or unlawful injury to the individual or the individual’s property” and that the court should use its “broad discretion” under the U.S. Bankruptcy Code to protect those affected by FTX’s collapse.
In late December, a group of non-U.S. FTX customers also pushed the Delaware bankruptcy court to keep customer information private, arguing in a Dec. 28 joinder filing that public disclosure would cause “irreparable harm.”
Judge Dorsey’s decision does however run contrary to most bankruptcy proceedings where creditor information is disclosed — which is what happened in cryptocurrency lender Celsius’ bankruptcy proceedings in October.
Related: Getting funds out of FTX could take years or even decades: Lawyers
The Delaware-based bankruptcy court hasn’t been as kind to FTX equity holders, having released a Jan. 9 document that disclosed the investors expected to be wiped out and the number of shares they held with FTX.
Among those included NFL legend and former FTX brand ambassador Tom Brady, his ex-wife Gisele Bündchen, tech entrepreneur Peter Thiel and Shark Tank investor Kevin O’Leary.
It appears that progress is being made though, with FTX reported to have already recovered $5 billion in cash and cryptocurrency, FTX attorney Andy Dietderich said in a Jan. 11 statement.
According to early bankruptcy filings in November, more than 1 million creditors were speculated to be involved, with $3 billion being owed to the 50 largest creditors alone.
The "PayPal Mafia" including co-founders Peter Thiel and Elon Musk have slammed the payments platform over its "totalitarian" debanking policies.
PayPal's former leadership, also known as the "PayPal Mafia," have slammed the payments giant for its debanking policies of late, with one co-founder calling the freezing of funds “totalitarian,” while another compared it to an episode of Black Mirror.
Despite becoming crypto-friendly in recent years, the payments tech giant has caught a lot of headlines and pushback over its de-platforming practices, which reportedly involve a rather abrupt process of freezing funds, fines, and frosty negotiations to unlock the accounts of its users for varying reasons.
Peter Thiel, who co-founded PayPal in 1998 and served as its CEO until 2002 suggested to The Free Press (TFP) on Dec. 14 that the company’s vision has significantly shifted away from its initial goal of giving global citizens greater control over their money.
“If the online forms of your money are frozen, that’s like destroying people economically, limiting their ability to exercise their political voice,” Thiel noted, adding that:
“There’s something about destroying people economically that seems like a far more totalitarian thing.”
Thiel is colloquially referred to as the “Don” of the famous “PayPal Mafia,” which is a group of founders and former employees — such as Elon Musk — that have since gone on to found or work at other major tech companies.
Fellow PayPal Mafia member and the firm’s first COO David Sacks has also spoken out against PayPal’s deplatorming practices over recent years as well.
In talking with TFP, Sacks argued that PayPal, under the leadership of current CEO Dan Schulman, is trying to cash in on the woke culture movement by banning people with opposing views.
“The CEO [Schulman] has got like every woke award you can win,” Sacks said, adding:
“It’s a symbiotic relationship—he implements their agenda, and, in exchange, they give him awards, and that furthers advancement up the corporate totem pole of woke capitalism.”
To list just some of PayPal’s notable deplatformings, it has shut down the accounts tied to the censorship-free focused Freedom Phone startup, news website Consortium News, the Free Speech Union and lockdown sceptic blog The Daily Sceptic. All of which could be deemed as leaning right politically, or at least as holding alternative views.
Responding to the article from The Free Press, Elon Musk, the now-CEO of Twitter and CEO of SpaceX and Tesla said that the platform has become an episode of Black Mirror — a British television series that usually presents some form o dystopian future where people are controlled by technology.
PayPal has become a Black Mirror episode
— Elon Musk (@elonmusk) December 13, 2022
With the threat of deplatforming being in place for some, crypto proponents have of course pushed the “Bitcoin fixes this” narrative due to the network’s decentralization and censorship resistance.
Banks can lock your accounts…
— Chris Dunn (@ChrisDunnTV) December 7, 2022
PayPal could fine you for misinformation…
Governments can print their way to hyperinflation, over-spend, and steal through taxation…
But no matter what, bitcoin will be here waiting to serve you. pic.twitter.com/0U2loosvYw
Related: What are crypto payment gateways and how do they work?
In October, the firm also controversially introduced $2,500 fines for users that “promote misinformation” or material that presents risks to “user safety and wellbeing,” both of which were defined under ambiguous terms.
The move was met with intense backlash from the community and big figures alike, including PayPal Mafia members such as former PayPal president David Marcus and former CEO Musk. On Oct. 11, PayPal then promptly walked back that policy and attributed it to an internal error.
However, some skeptics believe the policy has been quietly snuck back into the company's user agreement and acceptable use policy.
India’s Enforcement Directorate (ED) has frozen crypto exchange Vauld’s crypto and bank assets worth about INR 370 crore ($46,439,181). Vauld halted deposits and withdrawals last month. The Indian law enforcement agency is reportedly investigating more than 10 cryptocurrency exchanges. Indian Authority Freezes Another Cryptocurrency Exchange’s Assets The Enforcement Directorate (ED), a law enforcement and economic […]
The crypto exchange, which is backed by Peter Thiel and Coinbase, halted withdrawals in July following an apparent run on its assets.
Singapore crypto exchange Vauld Group is seeking a moratorium against its creditors — a move that would give the troubled lender more time to restructure its business after collapsing asset prices impacted its operations earlier this month.
Vauld filed an application in Singapore on July 8 seeking a moratorium order, The Wall Street Journal reported Wednesday. If granted, the moratorium would provide the distressed lender more time to seek out a proper restructuring plan.
The Journal said a Singaporean moratorium order is similar to Chapter 11 bankruptcy in the United States, although the moratorium helps the company avoid complete closure.
Vauld issued a statement on July 11 informing the public that it would pursue a moratorium order to give management “the breathing space it requires to prepare for the intended restructuring for the benefit of all stakeholders.” However, as the Journal reported, the moratorium application was filed three days prior.
Related: Source claims 3AC's Deribit exposure is worth much less than reported
On July 4, Vauld suspended deposits, withdrawals and trading due to adverse market conditions, capping off a volatile three-week stretch where customers tried to withdraw nearly $198 million from the platform. Around the same time that Vauld was experiencing a run on assets, CEO Darshan Bathija announced that his company would be cutting 30% of its staff.
We've taken the painful decision to reduce Vauld's headcount by about 30%
— Darshan Bathija (@darshanbathija) June 21, 2022
More information: https://t.co/gD7epuXuvo
The collapse of the Terra ecosystem in May exposed the crypto industry’s over-leveraged players, resulting in the high-profile bankruptcies of Celsius Network, Voyager Digital and Three Arrows Capital. Several exchanges have temporarily suspended trading operations due to liquidity constraints.
