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Mark Cuban Says Crypto Is a Store of Value & Redditors Right to ‘Kick Wall St. Ass’

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Mark Cuban Says Crypto Is a Store of Value & Redditors Right to ‘Kick Wall St. Ass’ 101
Mark Cuban. Source: a video screenshot, Youtube, The Filmy

Shark Tank star and Dallas Mavericks supremo Mark Cuban appears to be growing increasingly bullish on all things crypto-related, claiming that “blockchain-driven assets have now legitimately become stores of value.”

Adding to the mainstream narrative that while crypto appears to be unfit as a means of exchange, it appears to have carved a niche for itself as an inflation-proof store of value, Cuban waxed lyrical about tokens in a recent blog post.

He opined that when it comes to cryptoassets, they are “all are stores of value.”

“It has long included cryptocurrencies (cryptoassets is what they should be called, they are rarely used as currency), like Bitcoin, Ethereum and so many others, along with the tokens being created to support DeFi and other value-creating derivatives of cryptoassets. They all are Stores of Value with market cap leader Bitcoin having a decade-plus long history of transactions and wealth generation,” Cuban said, adding that “there are a growing number of investors and traders who think that the digital goods and cryptoasset marketplaces are better than old school physical markets and the stock market and most of them are young.”

“They love the fact that NO ONE has power over them,” according to the billionaire.

These statements come at the time when Cuban stepping up his own crypto-related activities. Last week, he minted his first Ethereum-based non-fungible tokens (NFTs) on the Rarible platform, and also spoke out about his “shitcoin” collection.

One of the tokens features a dancing Cuban, fully decked out in Mavericks merchandise, and has already attracted a bid of over USD 13,000 for eight editions.

And now, as the National Basketball Association (NBA) has entered the business of trading digital NBA collectibles on blockchain, the owner of a basketball club claims that a store of a value is “something that some number of people assign value to and are willing to pay for and then hold on to, hoping that circumstances increase the value of that item.”

However, another fellow billionaire, Mike Novogratz, might not agree with Cuban. According to Novogratz, very few cryptoassets will stand the test of time and become lasting stores of value outside of BTC.

‘They don’t care’

In either case, according to Cuban, conventional traders appear to be nonplussed by the remarkable rise of crypto.

He wrote,

“This generation doesn’t care what Old School Wall Street thinks or says about valuations. They don’t care about Price Earnings Ratios, or NPV of future cash flows, or what the analysts say [about] the earnings per share this quarter. [They] don’t care at all. They have learned from their experiences watching Wall Street go up and down and making people who aren’t them a ton of money; that it’s a game designed to reward the people with the most money.”

The conclusion that “all these narratives are just sales pitches designed to sell stocks” has driven younger investors to “want to change the game and kick [Wall St.’s] ass,” something that “they should and have every right to,” Cuban wrote.

He also poured scorn on those who would seek to ridicule the Reddit-based movement that has seen members of a number of subreddits initiate price drive campaigns that have sent Wall Street into meltdown.

Cuban opined that “there is zero difference between” investors “following advice from Reddit or someone on CNBC or Bloomberg.”

He added,

“They also know that the more they work together, the less power Wall Street has. They know that fat and happy Wall Street has become slow, stale and set in their ways, which makes [it] an easier target than anyone would expect.”

___
Learn more:
GameStop: How Redditors Played Funds For Billions (And What Might Come Next)
Non-Fungible 2021: Prepare Your NFTs For DeFi, Staking, and Sharing
Bridgewater’s Ray Dalio Sends Stronger Bitcoin Signal
Few Tokens Besides Bitcoin To Become SoV, Ethereum To Reshape Finance – Novogratz
Elon Musk Sees ‘Broad Acceptance’ For Bitcoin





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FreshKorn Cryptocurrency

Prosecutors accuse Maryland couple of hiding additional classified naval secrets

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The revelation came during a detention hearing for Diana Toebbe, who is charged, along with her husband Jonathan, in an elaborate scheme to sell nuclear submarine details.

As part of its case to keep the couple in jail, prosecutors disclosed that the FBI has not been able to access all of the couple’s encrypted email accounts, and still has not located all of the classified naval secrets it believes the couple possessed.

Special assistant US Attorney Jessica Smolar said 50 of the 51 packets of restricted data the couple held cannot be found, warning the information could cause extreme damage to the Navy if the information got out.

Jonathan and Diana Toebbe appeared separately, each wearing orange jail uniforms, masks, and shackles. Jonathan Toebbe waived his right to a detention hearing, but an FBI special agent revealed new details about the couples’ alleged scheme during a lengthy hearing for his wife. The judge has not yet ruled if Diana Toebbe will be released.

Several photographs and videos were presented in court that the special agent said showed the couple arriving at numerous so-called dead-drop locations throughout the summer of 2021 where they appeared to act as tourists before depositing SD cards filled with classified naval submarine secrets.

They showed “typical tradecraft of espionage subjects,” the special agent testified, describing how FBI surveillance captured the couple parking their BMW Mini Cooper one-and-a-half miles from the initial dead-drop location and then carefully making their way to the previously agreed-upon drop-off spot.

“Diana was right behind him within a meter away,” the agent testified. “Basically keeping a look-out to make sure no one was coming up on them during that operation.”

After Jonathan deposited the SD card, “Diana provided a very distinctive head nod as if they needed to get out of the area, and I observed that,” the agent said.

The couple is accused of acting together to coordinate three separate drop-offs of SD cards containing classified information about nuclear submarines, specifically the Virginia-class submarine. The FBI agent disclosed the depths to which the couple attempted to hide the SD cards at the dead-drop locations, saying one SD card was tucked into a saran-wrapped peanut butter sandwich, while others were hidden inside a packet of gum and a sealed Band-Aid wrapper.

During an anticipated fourth dead-drop on October 9 in West Virginia, the couple was arrested by the FBI.

At the court hearing Wednesday, the testifying special agent said Jonathan Toebbe was getting increasingly concerned about his family’s safety. During the third dead-drop on August 28, Jonathan Toebbe arrived alone while his wife stayed home recovering from ankle surgery.

“Jonathan was extremely nervous,” the agent testified. “More nervous than we’d seen him on the previous ones and just very cautious about what was going on around him….because Diana was not there to act as a lookout.”

Jonathan Toebbe allegedly left a letter with the SD card during that dead-drop which said in part, “I have considered the possible need to leave on short notice. Should that ever become necessary, I will be forever grateful for your help extracting me and my family…. We have passports and cash set aside for this purpose.”

On Tuesday, a grand jury indicted the couple, charging them each with one count of Conspiracy to Communicate Restricted Data and two counts of Communication of Restricted Data. The couple pleaded not guilty to all three counts.

If convicted on any of the three counts, the couple faces up to life in prison.

The couple was arrested October 9, and the initial criminal complaint described how the Toebbes tried to sell sensitive information about nuclear submarines to a foreign country in exchange for millions of dollars in cryptocurrency. The country, which has not been identified in court filings, notified the FBI, which launched a year-long sting operation. The testifying special agent noted that the FBI moved quickly after discovering the couple was trying to sell these secrets in December 2020 because they were concerned the couple might try to shop the information to multiple countries.

After their arrest, the FBI searched their home in Annapolis, Maryland, where they discovered $11,300 in cash — all one hundred-dollar bills wrapped in rubber-bands; a crypto wallet; passports for their two children; and a go-bag containing a laptop computer, a USB drive and latex gloves.

Prosecutors revealed Wednesday that the couple had requested expedited passport renewals since theirs had expired in February 2021; the request was still being processed at the time of the couple’s arrest.

The Justice Department had previously moved to keep the couple in jail, citing their potential flight risk and the severity of their alleged crimes. The Toebbes appeared Wednesday with their court-appointed lawyers. Magistrate Judge Robert Trumble said he will issue a written decision as to whether Diana Toebbe will be released pending trial.



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FreshKorn Cryptocurrency

Prosecutors accuse Maryland couple of hiding additional classified naval secrets

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The revelation came during a detention hearing for Diana Toebbe, who is charged, along with her husband Jonathan, in an elaborate scheme to sell nuclear submarine details.

As part of its case to keep the couple in jail, prosecutors disclosed that the FBI has not been able to access all of the couple’s encrypted email accounts, and still has not located all of the classified naval secrets it believes the couple possessed.

Special assistant US Attorney Jessica Smolar said 50 of the 51 packets of restricted data the couple held cannot be found, warning the information could cause extreme damage to the Navy if the information got out.

Jonathan and Diana Toebbe appeared separately, each wearing orange jail uniforms, masks, and shackles. Jonathan Toebbe waived his right to a detention hearing, but an FBI special agent revealed new details about the couples’ alleged scheme during a lengthy hearing for his wife. The judge has not yet ruled if Diana Toebbe will be released.

Several photographs and videos were presented in court that the special agent said showed the couple arriving at numerous so-called dead-drop locations throughout the summer of 2021 where they appeared to act as tourists before depositing SD cards filled with classified naval submarine secrets.

They showed “typical tradecraft of espionage subjects,” the special agent testified, describing how FBI surveillance captured the couple parking their BMW Mini Cooper one-and-a-half miles from the initial dead-drop location and then carefully making their way to the previously agreed-upon drop-off spot.

“Diana was right behind him within a meter away,” the agent testified. “Basically keeping a look-out to make sure no one was coming up on them during that operation.”

After Jonathan deposited the SD card, “Diana provided a very distinctive head nod as if they needed to get out of the area, and I observed that,” the agent said.

The couple is accused of acting together to coordinate three separate drop-offs of SD cards containing classified information about nuclear submarines, specifically the Virginia-class submarine. The FBI agent disclosed the depths to which the couple attempted to hide the SD cards at the dead-drop locations, saying one SD card was tucked into a saran-wrapped peanut butter sandwich, while others were hidden inside a packet of gum and a sealed Band-Aid wrapper.

During an anticipated fourth dead-drop on October 9 in West Virginia, the couple was arrested by the FBI.

At the court hearing Wednesday, the testifying special agent said Jonathan Toebbe was getting increasingly concerned about his family’s safety. During the third dead-drop on August 28, Jonathan Toebbe arrived alone while his wife stayed home recovering from ankle surgery.

“Jonathan was extremely nervous,” the agent testified. “More nervous than we’d seen him on the previous ones and just very cautious about what was going on around him….because Diana was not there to act as a lookout.”

Jonathan Toebbe allegedly left a letter with the SD card during that dead-drop which said in part, “I have considered the possible need to leave on short notice. Should that ever become necessary, I will be forever grateful for your help extracting me and my family…. We have passports and cash set aside for this purpose.”

On Tuesday, a grand jury indicted the couple, charging them each with one count of Conspiracy to Communicate Restricted Data and two counts of Communication of Restricted Data. The couple pleaded not guilty to all three counts.

If convicted on any of the three counts, the couple faces up to life in prison.

The couple was arrested October 9, and the initial criminal complaint described how the Toebbes tried to sell sensitive information about nuclear submarines to a foreign country in exchange for millions of dollars in cryptocurrency. The country, which has not been identified in court filings, notified the FBI, which launched a year-long sting operation. The testifying special agent noted that the FBI moved quickly after discovering the couple was trying to sell these secrets in December 2020 because they were concerned the couple might try to shop the information to multiple countries.

After their arrest, the FBI searched their home in Annapolis, Maryland, where they discovered $11,300 in cash — all one hundred-dollar bills wrapped in rubber-bands; a crypto wallet; passports for their two children; and a go-bag containing a laptop computer, a USB drive and latex gloves.

Prosecutors revealed Wednesday that the couple had requested expedited passport renewals since theirs had expired in February 2021; the request was still being processed at the time of the couple’s arrest.

The Justice Department had previously moved to keep the couple in jail, citing their potential flight risk and the severity of their alleged crimes. The Toebbes appeared Wednesday with their court-appointed lawyers. Magistrate Judge Robert Trumble said he will issue a written decision as to whether Diana Toebbe will be released pending trial.



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Bitcoin price surges to new record above $65,000

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Bitcoin prices have surged 50% this month, from just under $44,000 at the end of September.
Some investors are now predicting even bigger gains for bitcoin, despite continued criticism of the cryptocurrency by JPMorgan Chase (JPM) CEO Jamie Dimon, who recently called bitcoin “worthless.”

“Given the price momentum we are seeing on the back of bitcoin’s ETF, we believe that bitcoin can easily go all the way to [$100,000] by the end of this year,” Naeem Aslam, chief market analyst with AvaTrade, said in a report Wednesday.



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