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Book describes Sam Bankman-Fried with little attention span or respect for appointments

The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute….



The former FTX CEO was reportedly invited by Vogue editor-in-chief Anna Wintour to be her special guest at the Met Gala, only to cancel at the last minute.

Michael Lewis, author of The Big Short, has painted an interesting picture of Sam Bankman-Fried (SBF) in his soon-to-be released book on the former FTX CEO.

In an excerpt of Going Infinite: The Rise and Fall of a New Tycoon published in the Washington Post on Oct. 1, Lewis described several interactions Bankman-Fried had with the media and influential figures prior to the downfall of FTX and his criminal charges in the United States. According to the author, he would frequently play video games in the background of online interviews — his League of Legends exploits are well reported — often giving little attention to people including Vogue editor-in-chief Anna Wintour.

“Sam didn’t want to seem rude,” said Lewis on SBF’s talk with Wintour. “It was just that he needed to be playing this other game at the same time as whatever game he had going in real life. His new social role as the world’s most interesting new child billionaire required him to do all kinds of dumb stuff. He needed something, other than what he was expected to be thinking about, to occupy his mind.”

Lewis added that Natalie Tien, who moved into the role of FTX’s head of public relations and SBF’s “personal scheduler”, said the former CEO cancelled many highly publicized appearances — often at the last minute — for seemingly no reason at all. The Wintour interview reportedly led to FTX's sponsorship and Bankman-Fried as a special guest at the Met Gala, which he ended up snubbing.

“Sam treated everything on his schedule as optional,” said the book. “The schedule was less a plan than a theory. When people asked Sam for his time, they assumed they’d posed a yes or no question [...] All he had done, when he said yes, was to assign some non-zero probability to the proposed use of his time. The dial would swing wildly as he calculated and recalculated the expected value of each commitment, right up until the moment he honored it or didn’t.”

Other in-person showings by Bankman-Fried included testifying before the U.S. House Financial Services Committee in December 2021 and meeting with Senator Mitch McConnell. The appearances marked some of the rare times SBF appeared in public wearing a suit as opposed to his usual T-shirt and shorts — though social media users pointed to footage of the then CEO's shoes slipped on without being tied at the hearing.

Related: Sam Bankman-Fried FTX trial — 5 things you need to know

It’s unclear what other information will become available once the book is released on Oct. 3, the same day jury selection begins for SBF’s criminal trial in New York. Amid the expected court proceedings, a slew of podcasts, news features, books, and other media have been released detailing aspects of Bankman-Fried’s life before and after the downfall of FTX. A 60 Minutes interview with Lewis revealed SBF had plans to pay off former U.S. President Donald Trump not to run for the office again based on the threat to elections and democracy as a whole.

On Oct. 4, Bankman-Fried will appear in a New York courtroom for the first day of his trial, scheduled to run through November. He will face 7 charges related to fraud at FTX and Alameda Research, for which he has pleaded not guilty.

Magazine: Can you trust crypto exchanges after the collapse of FTX?

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Coinkite’s Newest Bitcoin Device Can Serve As A Lightning Wallet And Nostr Client

Satslink is a versatile and secure peer-to-peer device that empowers developers to explore a wide range of communications and mobile hardware applicat…




Satslink looks similar to the Coldcard Q1, but internally it's completely different.


Coinkite has announced their latest product, Satslink. The under-production device sits at the intersection of many different areas of communications and mobile hardware, empowering developers to build a whole slew of different applications.

Rather than leaning on an opinionated framework, Satslink leverages open and flexible hardware enclosed by the Coldcard Q1’s exterior to bring variety and flexibility to developers. Those in possession of this device can choose what to do with it, and let their builder mentalities run wild on the many different possibilities the piece of hardware can offer.

At its core, Satslink is a peer-to-peer, hackable multi-purpose device. It features a secure element, as typical of Coinkite products, allowing the user to securely store private keys within the device. While it shares the external design with the Coldcard Q1, the internals are totally different from the company’s latest hardware wallet. Instead of focusing on air gapped security, the Satslink aims to bring secure communications to the day to day in ways that few would’ve considered possible.

“Being dissatisfied with the connected and DIY options, we felt the need to create a better hot platform,” NVK, founder at Coinkite, told Bitcoin Magazine. “Bitcoin is expanding scripting/mpc options and we now have Nostr. Someone had to make a good connected and portable device for developers and enthusiast to create the next generation of freedom functionality.”

Satslink leverages ESP32-S3, a low-power MCU-based system on a chip (SoC) with integrated 2.4 GHz Wi-Fi and Bluetooth Low Energy (Bluetooth LE). It consists of high-performance dual-core microprocessor (Xtensa® 32-bit LX7), a low power coprocessor, a Wi-Fi baseband, a Bluetooth LE baseband, RF module, and numerous peripherals. Satslink is programmed in micropython, with its source fully-available, and it is completely field upgradable with no locked-down ROM areas. Coinkite’s product also features a MicroSD slot for data transfer.

Satslink seems to join together many different fields in bitcoin, technology and communications.


“The initial target is developers and enthusiasts,” NVK said. “But, because of the consumer friendly form factor, they will be able to start using anything the community creates. Like hot and sovereign lightning wallets and Nostr clients!”

Nostr, the open communications protocol that went viral after Block CEO and Twitter founder Jack Dorsey started endorsing and funding the project, is top of the list of possible use cases for Satslink. Given its peer-to-peer communication capabilities, Satslink can be used as a Nostr client, and since it can also work as a relay, one could send and receive messages as Nostr posts without those ever hitting the internet. Imagine a localized Nostr made up of many Satslink devices talking to each other through a sort of mesh network instead of the open web. That could be possible with this device.

Another interesting use case that many bitcoiners could relate to is having a sovereign controller for their home-based bitcoin stack. As some bitcoiners run bitcoin nodes and sometimes even self-hosted servers at home, one could program the Satslink to connect to their home stack on demand and perform desired actions remotely and securely given its networking capabilities. Satslink could be used to run a transaction coordinator, for instance, or be used as a whole wallet –– though Coinkite doesn’t recommend using the Satslink as your go-to cold storage solution for large bitcoin amounts.

Satslink’s communication features also boast NFC and a QR code reader, enabling even more use cases for its eventual users. Notably, this combination paired with Satslink’s versatility and programmability could even be used to turn it into a hardware wallet of another manufacturer. Whether that’s desirable or not, truth is it could be possible to turn a Satslink into Blockstream’s JADE wallet or other similar DIY hardware wallets.

While the possibilities are endless, what users actually build with this product remains to be seen. Coinkite’s device is currently available to preorder on the company’s website at a $189 price tag, and it is still unclear when the product will start shipping to buyers.

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Week Ahead: NIFTY Consolidates While Defending Key Levels; Vigilant Protection Of Profits Advised

In the previous technical note, it was mentioned that the volatility gauge INDIAVIX stays at its lowest levels and this setup keeps the markets vulnerable…



In the previous technical note, it was mentioned that the volatility gauge INDIAVIX stays at its lowest levels and this setup keeps the markets vulnerable to profit-taking bouts from the current levels. Over the past five days, the markets showed some signs of profit-taking, but at the same time, they largely consolidated and traded in a range. The trading range stayed modest at 362 points as the index oscillated within this range. The global equities remained largely stable, but some stress stayed visible. Overall, the markets continued to consolidate while defending important support levels; the headline index closed with a net gain of 97.55 points (+0.50%) on a weekly basis.

From a technical perspective, in the week before this one, the NIFTY had tested the 20-week MA and had taken support by rebounding from that point. The 20-week MA which currently stays at 19387 remains an important support for the markets on a closing basis. The markets will consolidate so long as they keep their head above this point; any violation of this level will make the markets incrementally weaker. The volatility gauge, INDIAVIX, showed a marginal increase of 3.08% to 10.62 on a weekly basis. It remains within a striking distance of 10.14, the lowest level seen on this indicator so far. This remains a point of concern as this keeps the markets exposed to profit-taking bouts as mentioned earlier.

Monday is likely to see a tepid start to the week; the levels of 19880 and 19950 are expected to act as potential resistance points. The supports come in at 19500 and 19380 levels.

The weekly RSI is 62.33; it stays neutral and does not show any divergence against the price. The weekly MACD is bearish and trades below its signal line. A bullish engulfing candle has emerged; however, it is of little significance as it has emerged with an overall uptrend after just a minor decline.

The pattern analysis of the weekly charts shows that the markets are unlikely to see any runaway up move; any extension of the move on the higher side will find resistance to the upward-rising trend line which begins from 18900 and joins subsequent higher tops. On the lower side, the NIFTY has important support at 20-week MA currently placed at 19387. So long as this is protected, the index will consolidate in a defined range and shall get incrementally weaker if this important support level is violated on a closing basis.

All and all, it is the time when we get cautious about the markets. Even if the move gets extended over the coming days, it would be prudent to use such moves on the upside to vigilantly protect profits at higher levels. Fresh purchases should be kept highly selective and within defensive and low-beta pockets. While keeping overall exposures at modest levels, a cautious outlook is advised over the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show that the Nifty Pharma Index which was inside the leading quadrant until now has rolled inside the weakening quadrant. Besides this, the IT, Energy, Midcap100, Media, Metal, PSE, PSU Bank, and Infrastructure indices are also inside the leading quadrant. Out of these groups, except PSE, PSU Bank, and the Infrastructure index, all others are showing a slowdown and paring of their relative momentum against the broader markets.

Along with the Pharma index, the Realty, and the Auto Index are also inside the weakening quadrant. However, both of these indices are showing improvement in their relative momentum.

Nifty Bank and Financial Services index are seen languishing inside the lagging quadrant. The FMCG and the Consumption index are also inside the lagging quadrant, but they are seen improving their relative momentum against the broader Nifty 500 index.

The Nifty Commodities index and Services Sector index are inside the improving quadrant.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst |

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Ethereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?

Bitcoin ETF and halving buzz have boosted BTC’s demand compared to Ethereum in recent weeks.
The price of Ethereum’s native token,…



Bitcoin ETF and halving buzz have boosted BTC's demand compared to Ethereum in recent weeks.

The price of Ethereum's native token, Ether (ETH), is trading around a 15-month low versus Bitcoin (BTC), and the lowest since Ethereum switched to proof-of-stake (PoS).

Will it continue to weaken for the remainder of 2023? Let's take a closer look at the charts. 

Ethereum price breaks below critical support vs. Bitcoin

The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.

The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls. For instance, the pair rebounded 75% three months after testing the wave support in July 2022. Conversely, it dropped over 25% after losing the same support in October 2020.

ETH/BTC weekly price chart. Source: TradingView

ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fib line near 0.051 BTC in 2023, down about 9.5% from current price levels.

Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.

Bitcoin bull case overshadows Ethereum

Ethereum's persistent weakness versus Bitcoin is reflected in institutional capital flow data. 

For instance, as of Oct. 6, Bitcoin-specific investment funds had attracted $246 million year-to-date (YTD), according to CoinShares. On the other hand, Ethereum funds have lost capital, witnessing outflows worth $104 million in the same period.

Net flows into crypto funds (by asset). Source: CoinShares

The discrepancy is likely due to growing buzz about a potential spot Bitcoin exchange-traded product (ETF) approval in the U.S.

Trade pundits argue that a spot Bitcoin ETF launch will attract $600 billion. In addition, Bitcoin's fourth halving on April 24, 2024, is also acting as a tailwind versus the altcoin market.

Related: Bitcoin price gets new $25K target as SEC decision day boosts GBTC

The halving will reduce the Bitcoin miners' block reward from 6.25 BTC to 3.125 BTC, a bullish case based on historical precedent that cuts new supply in half. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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