• Litecoin
    Litecoin

    Autopsy on a pile of b.s.: What we can learn from LitePay’s collapse

    It seemed too good to be true because it was

    Payments processor LitePay abruptly shut its doors Monday, taking a good 10 percent off the top of the Litecoin price too. The proposed company was supposed to make seamless transactions using Litecoin and a proprietary debit card that could even work at cash ATMs. However, there was one big problem: The whole thing appeared sketchy. Litecoin founder Charlie Lee—who goes by the humble but entertaining handle “SatoshiLite” on Twitter—said, “Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence…

  • Students borrowing for crypto
    Cryptocurrencies

    One in five student borrowers use their school loans to buy cryptocurrencies

    A generation in debt doubles down gambling with its future

    Editor’s note: The source of the survey mentioned in this piece was… er… “cloudy”. An outfit called “The Student Loan Report” claims to have conducted a one-question survey of using Pollfish (Survey Monkey, no doubt, was busy and Questionnare Lemming was probably too expensive). The source article was said to have been written by a fellow named Drew Cloud. It turns out he doesn’t exist, so the veracity of the poll data should be rightfully questioned. Of course, we weren’t the only ones to be duped; The Boston Globe and CNBC also had the wool pulled over their eyes. That’s no excuse, of course, but that’s the world we live…

  • bitcoin futures
    Bitcoin,  United States

    Institutional investors are now more bullish on bitcoin—at least when it comes to futures

    It’s not a lot but, hey, it’s something

    Large financial institutions may not be as negative on bitcoin as they were before while smaller investors might not be so bullish, according to the latest data from the Commodity Futures Trading Commission. The CFTC’s most recent Commitment of Traders (COT) report shows that asset managers and institutional investors—pension funds, insurance companies, and the like—have switched from being completely short bitcoin to long the cryptocurrency, at least when ti comes to the futures contract on the Chicago Board Options Exchange (CBOE). A “long” position means the investor owns the contract and is expecting prices to rise while a “short” means the contract was sold in anticipation of prices falling. The…

  • 389 East 89th Street
    Bitcoin

    New York’s first bitcoin real estate transaction raises new questions

    Could $97 invested in 2011 get you a $1 million property today?

    Manhattan has now joined the ranks of marquee places where bitcoins are used to buy real estate. Property developer Ben Shaoul, owner of Magnum Real Estate Group, is in contract to sell two Upper East Side apartments. But is there really a huge upside to paying for homes in crypto? “Everyone’s getting on the crypto train,” Shaoul told Modern Consensus. “I just chose to board it faster.” The two units are both ridiculously small by non-urban standards but for this neighborhood, it’s fairly common. The first unit is a 624-square-foot studio that was asking $875,000. That’s about the size of a car garage in the suburbs. The other is a…