Why Has FTX’s Fall Led to Renewed Mistrust in Cryptocurrencies?
By Stacy M. Brown NNPA Newswire Senior
The fall of Cryptocurrencies, the recent wave of the investment craze that includes NFTs and trading cards, has not only ruined bank accounts for some but now has the federal government investigating its dramatic downfall.
FTX, the Bahamas-based cryptocurrency exchange founded just before the pandemic paralyzed America and much of the world, landed in bankruptcy this month, leaving federal authorities perplexed over the fall of the $32 billion company.
Some have compared the fall of crypto to Bernie Madoff.
“And just as Madoff’s Ponzi scheme fell apart during the 2008 financial crisis, FTX’s collapse arrives amid a broader pullback for the tech industry,” Erin Griffith, a tech writer, penned for the New York Times’s digital newsletter.
“Tech stocks have crashed. Venture capital funding is drying up. As a result, nearly 800 tech companies have laid off more than 120,000 workers this year, with cuts hitting Meta, Amazon, and Twitter,” Griffith noted.
In a CBS News interview this week, Treasury Secretary Janet Yellen said the fall of FTX should warn Americans about investing their money in “extremely risky” financial products
traded in a space lacking “appropriate supervision and regulation.”
“I think this is a space where investors and consumers should really be very careful,” Yellen stated.
“We have very strong investor and consumer protection laws for most of our financial markets, but in some ways, the crypto space has inadequate regulation.”
Yet, the crypto space has lured not just financial bigwigs but heavyweights in entertainment like Snoop Dogg, Jay-Z, Russell Simmons, and Ja Rule.
Along with friend and business partner Herb Rice, Ja Rule co-founded The Painted House and launched the NFT collection Black Is Beautiful, with a charitable component benefiting historically Black colleges and universities.
Earlier this year, Ja Rule told the Black Press that he wanted to create a space for people of color in the crypto world.
“That’s important. We need to be at that table,” Ja Rule said.
Simmons, the hip-hop architect, and successful businessman said he leaped into the NFT market because he wanted hip-hop pioneers to get their flowers and much-deserved money while still alive.
In collaboration with NFT marketplace Tokau, Simmons’ NFT honored individuals like D.J. Hollywood, Bizzy Bee Starski, and Grandmaster Caz.
Snoop Dogg agreed to curate the NFT collection.
“This is a multi-billion-dollar industry, and so many of the younger generation don’t know the shoulders on whom they stand,” Simmons told the Black Press at his launch party.
“Some of these guys [founders] don’t even have bank accounts, but we have to consider, all of us have to consider. None of us would be here without them.”
Simmons insisted that Snoop Dogg “gets it.”
“He wants to be a part of this. That’s why I love him so much,” Simmons asserted. “Snoop has such a big heart; he cares about these guys.”
In June, Jay-Z announced that he teamed with Twitter Founder Jack Dorsey to launch a new “Bitcoin Academy” for underserved residents –particularly those in Brooklyn, New York’s Marcy Houses.
The plan included adding other locations for the program designed in collaboration with Crypto Blockchain Plug and Black Bitcoin Billionaire.
Jay-Z and Dorsey said their mission included providing education and empowering the community with knowledge.
Program participants were promised MiFi devices, a one-year limited data plan, and smartphones if needed.
Each of the artists has yet to speak on the current state of crypto space.
This week, a new study found that the District of Columbia topped the list of American states and places that have demonstrated the most interest in NFTs and cryptocurrency.
The study found that Bitcoin sold for a record $68,000 in November 2021, while NFT sales peaked at $12.6 billion
in January 2022.
Both have since dropped precipitously.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” John Ray III, the new CEO of FTX, told MSN as he laid out “a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.”
“From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is unprecedented,” said Ray.
He performed cleanup work in the aftermath of the disastrous Enron scandal.
Griffin wrote in the New York Times newsletter that it would take time and multiple federal investigations to entirely understand what happened behind the scenes at FTX.
However, the impact is already evident.
“Lawmakers are calling for more oversight,” Griffin wrote.
“Crypto die-hards are trying to distance themselves. Critics of this sector of finance are crowing. And for those of you who had, until now, managed to ignore the rise and rise and rise of crypto as a phenomenon? First of all, good for you. And second, you may want to watch this one play out.”
Source: National Newspaper Publishers Association
Experience RodeoHouston’s New 1-Day Event with Free Admission and Discounts
By d-mars.com News Provider
The annual RodeoHouston organization announced earlier this month that the Texas community can come out for a special one-day event. To commemorate the history of the Houston Livestock Show and Rodeo, the brand will host a Community Day.
On Wednesday March 8, attendees’ admission is free in addition to discount offerings. The packaging includes buy one, get one rides and games, discounted food and beverage offerings, and community activations, per the company’s press release,
“This is the first time the Rodeo has offered free admission to the entire community,” said Chris
Boleman, the president and CEO of RodeoHouston. “Community Day will ensure the entire community gets the opportunity to come out to the NRG grounds and truly experience what the rodeo has to offer. We are grateful for our partnership with TC Energy, and we can’t wait to celebrate on March 8.”
For every person that walks through the gates between 8 a.m. and 12 p.m., TC Energy will donate $1 to the local community.
On March 1 and 15, Family Wednesdays will take place offering similar discounts and even free admission for people 60+. Children under 12 are granted free entry until noon. If you check out RodeoHouston’s website, more information about discounted Wednesdays are available.
Here’s the Community Day Discounts to Take Advantage Of:
• Free admission for all guests until noon
• Buy one, get one rides and games in the Junction Carnival area until 4 p.m.
• Discounted food and beverage offerings until 4 p.m.
• $3 mini corn dog at McKinney Corn Dog
• $3 small popcorn at Kid Shack
• $3 small sour apple lemonade at Squeezers
7 Innovative Technology Devices to Make Your Travels Easier
By d-mars.com News Provider
Technology is a big part of our day-to-day lives - and the persistent rollout of new devices continues to enhance the way we travel. From top camera features and excellent sound quality to the convenience of wireless charging, there are several devices that can make your time on the road more enjoyable and less stressful. Whether you’re shopping for yourself or a tech-savvy, tourist loved one, these are some of the top devices to put on your list.
1. Smart suitcase
belongings easy to transport, but it can also help make sure your devices stay charged. The Un-carrier On from T-Mobile has a sleek design, lots of storage and wireless charging capabilities.
2. OnePlus Nord N300 5G smartphone
• The OnePlus Nord N300 5G smartphone features a large 6.56-inch HD+ display with lightning speed. It’s perfect for streaming the latest shows and keeping
you entertained while you’re out and about. This smartphone is exclusively available at T-Mobile and is packed with a 16-megapixel front camera, a dual rear camera system and a long-lasting battery for all-day usage and fast-charging capabilities.
3. Kids smartwatch
• Keep kids safe while traveling with the benefits of a smartwatch - but with extra protection for young ones. The SyncUP Kids Watch was designed with security in mind and is compliant with the Children’s Online Privacy and Protection Act (COPPA). Kids can conveniently talk and text with approved contacts while their parents have access to real-time location tracking through the watch.
4. Comfort headphones
• Headphones or earbuds are an absolute travel essential, especially for keeping kids entertained. The JBuddies Studio Pro over-ear headphones are perfect for kids 8 and older. They feature a volume limiter, 35plus hours playtime when charged, a plush pillow-soft headband, and faux-leather, cloud-foam cushions for ultimate comfort.
5. On-the-go speaker
• A portable Bluetooth speaker allows you to take your tunes anywhere - from hotel rooms to the beach and beyond. The JBL Go 3 from T-Mobile features bold styling and rich professional sound. Plus, it’s waterproof and dust-proof so you can keep listening to rain or shine, and with its integrated loop, you can carry it anywhere.
6. Portable wireless charger
• Giving your phone a boost of power while you’re out and about has never been easier. Packing a portable charger in your carry-on is a game-changer when all the outlets at the airport are in use.
• The Snap Plus Juice Pack Mini clips right onto the back of your phone for a perfect full charge. This charger works with most iPhone 12 series and later smartphones.
7. Durable phone case and screen protector
• Let’s face it, most people are pretty tough on their phones and devices, especially while traveling. Protect
those precious items with GoTo phone cases and screen protectors. These cases have a slim design with added texture for a better grip while you’re navigating a new area.
Travel can be stressful, but the right devices can make your expedition easier. Do your research and take advantage of seasonal deals to cut the hassle of planning your upcoming trips.
Source: Brand Point
