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Must-reads for Nov. 9, 2018: Wall Street gives cyrpto a ‘meh’

These are the crypto stories you should be following today

Wall Street

The corner of Wall and Broad Streets is one of the most boring and disappointing places on earth these days but once it was synonymous with finance (via Pixabay)

Wall Street’s Crypto March Slowed by Appetite of Large Investors (Bloomberg)
You know how HODL bros are always posting on Reddit that “the big boys” are totally into crypto and just you wait when it takes over Wall Street and…? Well, it looks like that won’t happen any time soon, at least not in a major way. “Large institutions currently have little appetite for investing in digital assets, said Nikolay Storonsky, a former Credit Suisse Group AG trader turned fintech entrepreneur…. Storonsky’s comments, which were made at Web Summit 2018 in Lisbon, chime with those of BlackRock Inc.’s Larry Fink, who said earlier in the year that his company’s clients have zero interest in crypto,” write Bloomberg’s Alastair Marsh. Nonetheless, Storonsky believes fintech has an interest in crypto, even if “the Street” doesn’t.

 

Bitcoin Pioneer Who Gave Away Over $100 Million Has No Regrets (Bloomberg)
Behind “Satoshi Nakamoto” and Gavin Andresen, developer Jeff Garzik is the third biggest contributor to Bitcoin’s code. In an interview with Bloomberg, he explains why he takes pride in what Bitcoin has become (the proper verb for this is the Yiddish word “kvell”). Part of what helped was that he gave away BTC 15,678 in the early years to get people using the digital currency. Now he is helps run a company called Bloq (which has Andresen as an advisor) and believes that the late Dave Kleiman—a former Florida sheriff’s officer and self-taught coder who died in 2013—was the real Satoshi Nakamoto.

 

Expect the SEC to Target More Token Exchanges After EtherDelta (CoinDesk)
CoinDesk interviewed NYU Law’s Andrew Hinkes and Byrne & Storm’ Preston Byrne to get their take on what the Securities and Exchange Commission might do next after settling with EtherDelta’s founder, Zachary Coburn.

 

U.S. Law Firm Files Claims Against AT&T, T-Mobile Over SIM Swap-Enabled Crypto Thefts (CoinTelegraph)
Law firm Silver Miller has just filed a lawsuit against two major U.S. cellphone carriers over a serious of crypto thefts involving “SIM-swapping.” “SIM-swapping – also known as a ‘port-out scam’ – involves the theft of a cell phone number in order to hijack online financial and social media accounts, enabled by the fact that many firms use automated messages or phone calls to handle customer authentication,” writes CoinTelegraph’s Marie Huillet. They would then find ways to hack into their victim’s crypto accounts. As you may recall, this very editor was the victim of a similar theft.

 

Lawrence Lewitinn, CFA is editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.