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Titans Clash: Gates/Carrey, Funds/Brokers, New York/Mining

06/17/2022
|
  • NFT
  • Gates
  • Carrey
  • theft
  • mining
News list

How we learned that Bill Gates as a bore conservative; how thieves stole from thieves; how New York can't choose between eco-friendliness and mere cash - this and much more in the new edition of crypto-news by LH-crypto!

While Bill Gates Criticises NFT, Jim Carrey Buys Them

One of the world's most successful businessmen, the Microsoft Corporation founder, came up critisising non-fungible tokens that have become incredibly popular in the last couple of years. According to Bill Gates, NFTs have no practical value and the high demand for them he explained with a "big fool theory". This theory explains financial bubbles with the fact that there will always be someone more foolish than the asset's speculative seller, someone, who would buy the asset hoping to resell it later for more. As a result, we have a bubble that will inevitably burst and ruin the market.

Gates also said that he himself never bought NFT tokens and pointed out ironically that "Sure enough, expensive digital pictures of monkeys make the world a better place". Apparently, he meant the outrageously expensive monkey pictures by the Bored Ape Yacht Club. Generally, Gates classifies himself as a traditional assets supporter, he prefers investing in real sectors of the economy: production, agriculture, land, etc, and avoids crypto investments.

Meanwhile, despite a little fall in the interest in NFTs over the past several months, people continue investing in them, including such famous people as the comedian actor Jim Carrey. He recently invested around 40'000 USD and bought his first non-fungible token. It was a photo of a half-destroyed resort favoured by Joseph Stalin, a USSR leader.

While Bill Gates Criticises NFT, Jim Carrey Buys Them

Another Crypto Criminal Story

Another criminal scandal shocked the crypto industry. Three Arrows Capital, a huge hedge fund, is accused of stealing a million dollars from a Hong Kong-based trading company called 8BlocksCapital. Back in 2020, the organisation made an agreement with the foundation that gave all the profits to 8BlocksCapital, while Three Arrows Capital received their commissions.

On June 12th, the trading company withdrew some of their money from the accounts. The next day, they didn't manage to withdraw anything. According to the 8BlocksCapital representatives, all of their pleas and requests to the hedge fund were ignored. This is when they found out they were missing 1 mln USD; however, no attempts to contact the Three Arrows Capital for some explanations were a success.

Danny Yuan, the trading company CEO, suspects the hedge fund of stealing the assets to hide their financial problems and avoid bankruptcy. He also addressed the owners of crypto platforms where the Three Arrows Capital's money is stored and asked them to freeze the funds so that later they could be returned to his company after the court's decision.

Another Crypto Criminal Story

The Big Apple Mayor Stood Up for Miners

Eric Adams, the New York mayor, suggested lifting bans on crypto mining that were introduced in the state around two years ago. According to Adams, mining can have a positive impact on the city's economy and a good effect on the lives of its people.

However, mining does not fit the state's idea of switching to renewable energy. The state governor is a strong eco supporter, and New York is working hard on reducing its CO2 emissions. Meanwhile, mining requires huge amounts of electricity and, obviously, does not fit the whole picture.

The Big Apple Mayor Stood Up for Miners

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