Daily Archives: February 8, 2021

Dems: The Fifth Amendment against self-incrimination doesn’t apply to Trump – ChicagoNow

Posted: February 8, 2021 at 11:16 am

Dems: The Fifth Amendment against self-incrimination doesn't apply to Trump

By Dennis Byrne, Thursday at 12:58 pm

The Fifth Amendment protects the accused from having to take the stand under oath and testify against himself. It's one of the pillars of the American right of due process.

But not for ex-President Donald Trump in his Senate impeachment trial.

TodayLead Impeachment Manager Jamie Raskin (D-Maryland) sent a letter (below) to former President Trump requesting that "he provide testimony under oath, either before or during the Senate impeachment trial, about his conduct on January 6."

It's okay to invite him. Everyone in the dock knows that he has a choice whether to testify on his own behalf. The prosecution can force him. And the judge typically instructs the jury that a defendants refuse to testify can't be used as evidence of his guilt.

Unless you're Donald Trump. Raskin's letter ends with this threat:

If you decline this invitation, we reserve any and all rights, including the right to establish at trial that your refusal to testify supports a strong adverse inference regarding your actions (and inaction) on January 6, 2021.

Hey, Raskin, do you know how to spell railroad? Or Constitution?

His letter:

February 4, 2021

President Donald J. Trumpc/o Bruce L. Castor Jr. and David Schoen

Via E-Mail

Dear President Trump,

As you are aware, the United States House of Representatives has approved an article of impeachment against you for incitement of insurrection. See H. Res. 24. The Senate trial for this article of impeachment will begin on Tuesday, February 9, 2021. See S. Res. 16.

Two days ago, you filed an Answer in which you denied many factual allegations set forth in the article of impeachment. You have thus attempted to put critical facts at issue notwithstanding the clear and overwhelming evidence of your constitutional offense. In light of your disputing these factual allegations, I write to invite you to provide testimony under oath, either before or during the Senate impeachment trial, concerning your conduct on January 6, 2021. We would propose that you provide your testimony (of course including cross-examination) as early as Monday, February 8, 2021, and not later than Thursday, February 11, 2021. We would be pleased to arrange such testimony at a mutually convenient time and place.

Presidents Gerald Ford and Bill Clinton both provided testimony while in officeand the Supreme Court held just last year that you were not immune from legal process while serving as Presidentso there is no doubt that you can testify in these proceedings. Indeed, whereas a sitting President might raise concerns about distraction from their official duties, that concern is obviously inapplicable here. We therefore anticipate your availability to testify.

I would request that you respond to this letter by no later than Friday, February 5, 2021 at 5pm. I look forward to your response and to your testimony.

The pertinent part of the Fifth Amendment:

No person shall be...compelled in any criminal case to be a witness against himself....

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Americana Corner: The Bill of Rights: The Fifth Amendment – Bryan County News

Posted: at 11:16 am

The Fifth Amendment: No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without justcompensation.

The Fifth Amendment contains some of the most critical protections in the Constitution for those accused of crimes, safeguards that help keep a tyrannical government at bay. In total, it declares five separate but related rights to all citizens. The first right mentioned is that of a grand jury which is a group of citizens, typically 16-23members, assembled by a prosecutor to determine if there is sufficient evidence to charge someone with a felony. It is called a grand jury because it has more jurors than a trial jury. Importantly, it is not a court proceeding.

Its history dates to the Magna Carta in 1215 and was part of the English common law present in colonial America. Its intention is to shield the people from frivolous government accusations. Interestingly, only two nations still conduct grand juries, the United States and Liberia.

The so-called Double Jeopardy clause protects citizens from being accused and going through the rigors of a trial twice for the same offense. Our Founders considered this principle a matter of fairness and compassion.

Although this doctrine is a bedrock principle of our legal system, there is one key exception. Namely, a person can be tried separately by the federal government and a statejurisdiction for the same offense.

The third section is privilege against self-incrimination, know to us today as taking the Fifth.

It is arguably the most fundamental right of those found in the Fifth Amendment. At its base is the natural right to self-preservation.

This concept was part of English common law and its roots trace to the practice of religious orders extorting confessions through torture. By the mid-1700s, coercing answers from prisoners had largely died out in England and men like James Madison wanted to guarantee the same right to Americans.

In 1961, the Supreme Court in Miranda v. Arizona held that authoritiesmust inform a suspect of this right against self-incrimination before proceeding with questioning.

Otherwise, any testimony would be inadmissible.

The fourth section isreferred to as the DueProcess clause and protectslife, liberty, and propertyfrom impairment by thefederal government. TheFourteenth Amendment grantsthe same protectionsfrom the states.

This language means that the government must follow proper procedures and not violate any Constitutional rights when seeking a conviction or that conviction will not stand.

Basically, it makes the government accountable in how they act towards the people.

The final right granted in the Fifth Amendment is the Takings clause. In essence, it requires the government to provide just compensation for private property taken from any citizen. We know this concept as eminent domain.

This right could havegone even further by forbidding the forceful taking of a persons private property regardless of the compensation. However, our Founders knew that sometimes societal needs must outweigh individual rights.

WHY IT MATTERS So why should the protections and rights enshrined in the Fifth Amendment matter to us today? Our Founders lived in a time when forced confessions and judicial intimidation were a thing of the not-so-distant past.

They wanted to ensure Americans did not have to revisit those times.

Thanks to their foresight, we now enjoy a legal system in which we are innocent until proven guilty, and it is the responsibility of the government to prove the guilt. We should be grateful to our forefathers for creating that system.

As Supreme Court Justice William Douglas said, The Fifth Amendment is an old friend a good friend. It is one of the great landmarks in mens struggleto be free of tyranny, to be decent and civilized.

SUGGESTED READING An excellent reference book on our founding period is The Founding Fathers, The Essential Guide to the Men Who Made America. It is written by Encyclopedia Britannica and covers the key leaders and founding documents of our early nation.

PLACES TO VISIT Colonial Williamsburg in Williamsburg, VA is a real national treasure and well worth a visit. It recreates life in the 1770s and includes a courthouse in which they conduct mock trials and a jail exhibit detailing prison conditions in colonial times.

Until next time, may your motto be Ducit Amor Patriae, Love of country leads me.

Tom Hand is a West Point alumnus and a Ford Plantation resident. You can reach him at tom@ americanacorner. com. And, read his blog at americanacorner.com.

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Ex-Con in Fraud Case Takes the Fifth – Arkansas Business Online

Posted: at 11:16 am

We were unable to send the article.

When asked to explain what happened to millions of dollars lent to him by an elderly Little Rock man, Kristian D. Nelson of England repeatedly cited his Fifth Amendment right against self-incrimination, a move that could hurt the ex-con at trial.

Nelson sat for a deposition on Sept. 23 in the civil lawsuit brought by Richard F. Toll, 90, who sued Nelson in July. Toll accused Nelson of defrauding him of $4.5 million in less than three years.

Meanwhile, on Jan. 29, Pulaski County Circuit Court Judge Wendell Griffen denied a request from Tolls attorney, David D. Wilson of Friday Eldredge & Clark of Little Rock, for a partial summary judgment on a $1.8 million loan that Nelson allegedly defaulted on.

Wilson argued during the virtual hearing that its undisputed that Mr. Nelson did not make payments under the note.

Nelsons attorney, Robin Vail of the Law Offices of Miller Vail of Heber Springs, argued against awarding the judgment, saying Nelson disputed how much was owed on the loan. Griffen agreed, but he also denied requests from Vail, which included sending the case to arbitration.

Vail also represents Nelsons used car outlet, I Sell 4 U Auto Sales LLC of North Little Rock, which is also a defendant in Tolls lawsuit.

The alleged fraud started in September 2017, when Toll first lent Nelson $10,000 for the restaurant Hawgz Blues Caf LLC of Little Rock, the suit said. Nelson told Toll he owned the restaurant, but he didnt, according to the lawsuit.

Nelson then kept returning to Tolls house on an almost weekly basis with manipulative lies and fabrications to entice more and more money from Toll, according to the suit.

Nelson told Arkansas Business in August that he needed money for the Little Rock restaurant, a second Hawgz site in North Little Rock and I Sell 4 U Auto Sales, which Nelson formed in 2018.

Hawgz Blues Caf also is being sued. The restaurant is represented by attorney Kathryn Hudson of Little Rock, who told Arkansas Business in an email in August that Kristian Nelson is not the owner but the manager, and Hawgz Blues Cafe denies the complaint.

Nelson repeatedly cited his Fifth Amendment right against self-incrimination during the deposition, which lasted seven and a half hours. Invoking the Fifth Amendment could hurt a witness in a civil trial, said Joshua Silverstein, a professor at the Bowen School of Law at the University of Arkansas at Little Rock.

Generally when a witness invokes the Fifth Amendment, the jury can draw the inference that theyre asserting it for a bad reason, or theyre asserting it because what theyre being accused of is true, he said.

During Nelsons deposition, Wilson asked Nelson if he believes he will be criminally prosecuted for his dealings with Toll.

I dont believe so, said Nelson, who in 2009 was sentenced to 71 months in federal prison for wire fraud after taking about 20 investors for more than $1 million.

Nelson added that his dealings with Toll were a complicated issue. Theres not just a simple yes or no. If I say yes to something and admit it, then it makes it look like that I am criminally doing something. But if Im not able to tell what happened, then it could be construed as something wrong. So I really want to get this out. I really want to get this thing to where its right.

Wilson accused Nelson of dodging questions during the deposition, as Nelson frequently answered with I dont know or I dont remember. Wilson asked Nelson if he had memory problems. I dont know, Nelson said. I dont think so.

If Nelson has a different answer at the trial, that also might hurt his credibility.

Silverstein said if witnesses give different answers during their trial than at their deposition, the cross-examining attorney can quote from the deposition to challenge the statement.

If there are real differences, then you can use the deposition to suggest that the witness is perhaps not being entirely forthright would be one way to say it, he said.

Wilson has requested that the case be scheduled for three days in October.

He said during the hearing last month that the longer the case is delayed, the better it is for Nelson, because he just spends the money, and theres none left for my client.

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HHS Expands Categories of Persons Covered Under the PREP Act Who Can Administer COVID-19 Vaccine – JD Supra

Posted: at 11:16 am

On January 28, 2021, HHS issued a fifth amendment to the Declaration under the Public Readiness and Emergency Preparedness Act (PREP Act), expanding the categories of persons able to prescribe, dispense, and administer COVID-19 vaccines under the protections of the PREP Act (the Fifth Amendment).

HHS first issued a Declaration under the PREP Act in March 2020, providing liability immunity for medical countermeasures against COVID-19. There have since been four amendments to the Declaration, expanding liability immunity for various actions taken by qualified persons in furtherance of the COVID-19 countermeasures. In the Fifth Amendment, HHS now amends Section V of the Declaration to add additional categories of persons covered under the PREP Act as qualified to prescribe, dispense, and administer COVID-19 vaccines. The Fifth Amendment specifically permits the following:

To be covered by the protections of the PREP Act, the Fifth Amendment requires these qualified individuals to complete the CDCs COVID-19 Vaccine Training and, for healthcare providers who are not currently practicing or whose license or certification is expired, to undergo a period of on-site observation by a currently practicing healthcare professional.

The language of the Fifth Amendment can be found here. The press release issued by HHS is available here.

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Republicans seek to play offense in vote-a-rama | TheHill – The Hill

Posted: at 11:16 am

Senate Republicans still smarting over their unexpected demotion to the minority will go on offense Thursday by forcing Democrats to take tough votes on sending stimulus checks to immigrants living in the country illegally and raising taxes on small businesses.

Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate eyes speedy Trump impeachment trial Republicans look to pummel Democrats on school reopenings GOP blames White House staff for lack of COVID-19 relief deal MORE (R-Ky.) previewed the strategy ahead of a marathon voting session on a Democratic budget resolution that will lay the groundwork for passing a $1.9 trillion COVID-19 relief package with a simple majority vote, avoiding a filibuster, later this year.

The voting session is described by both parties as a vote-a-rama.

Were going to put senators on the record . Well see how our colleagues vote on these basic, commonsense steps. Well see what this resolution looks like on the other side and what signals Democrats send the American people along the way, McConnell said on the floor Thursday morning.

One of the top GOP priorities is to force Democrats to vote on an amendment sponsored by Sens. Todd YoungTodd Christopher YoungRepublican 2024 hopefuls draw early battle lines for post-Trump era Senate Democrats approve budget resolution, teeing up coronavirus bill House will have to vote on budget second time as GOP notches wins MORE (R-Ind.) and Tom CottonTom Bryant CottonRepublican 2024 hopefuls draw early battle lines for post-Trump era The Hill's Morning Report - Presented by Facebook - House boots Greene from committees; Senate plows ahead on budget Cotton tries to squeeze Democrats on expanding the Supreme Court MORE (R-Ark.), a potential White House candidate in 2024, that would prohibit stimulus checks forundocumented immigrants.

The amendment applies to what is expected to be the third round of direct payments following checks sent out through last years CARES Act and the $900 billion rescue package passed in December.

The amendments, however, do not have the force of law as they are being offered to a budget resolution, which does not require the presidents signature.

The Biden administration shouldnt reward illegal immigrants for breaking our laws by giving them checks, Cotton said in a statement.

A second amendment sponsored by Sen. Marco RubioMarco Antonio RubioLawmakers wager barbecue, sweets and crab claws ahead of Super Bowl Republican 2024 hopefuls draw early battle lines for post-Trump era The Hill's Morning Report - Presented by Facebook - House boots Greene from committees; Senate plows ahead on budget MORE (R-Fla.), another potential White House hopeful, and Sens. Tim ScottTimothy (Tim) Eugene ScottSenate panel advances Biden's picks for Housing secretary, chief economist Republicans seek to play offense in vote-a-rama The Hill's Morning Report - Presented by Facebook - Democrats chart path to pass Biden's COVID-19 relief plan MORE (R-S.C.) and James LankfordJames Paul LankfordHow your taxes subsidize the Super Bowl and how that might change Republicans seek to play offense in vote-a-rama The Hill's Morning Report - Presented by Facebook - Democrats chart path to pass Biden's COVID-19 relief plan MORE (R-Okla.) calls for preventing tax increases on small businesses during the pandemic.

A third amendment sponsored by Scott, Lankford and Sen. John BarrassoJohn Anthony BarrassoOVERNIGHT ENERGY:DOJ to let companies pay for environmental projects again to reduce fines | House Democrats reintroduce green energy tax package Republicans seek to play offense in vote-a-rama Sanders, Ocasio-Cortez, Blumenauer aim to require Biden to declare climate emergency MORE (R-Wyo.) would reduce funding to states that are actively investigating nursing homes for underreported deaths.

A fourth sponsored by Sens. Roy BluntRoy Dean BluntDemocratic senator demands Rand Paul wear a mask on Senate floor Republicans seek to play offense in vote-a-rama Missouri newspaper urges Hawley, Blunt to 'bring Trump to justice' MORE (R-Mo.) and Scott would call for withholding supplemental funding from schools that do not reopen for in-person learning even after its teachers receive coronavirus vaccines.

The fifth amendment being highlighted by the GOP leaders is sponsored by Senate Minority Whip John ThuneJohn Randolph ThuneSenate eyes speedy Trump impeachment trial House votes to kick Greene off committees over embrace of conspiracy theories Republicans seek to play offense in vote-a-rama MORE (R-S.D.) and calls for limiting the tax liability for medical professionals who crossed state lines to make up for a shortage of health care workers in areas hit hard by the pandemic. It would protect doctors, nurses and other professionals from having to pay state and local income taxes in multiple jurisdictions, in certain cases.

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Book review: ‘The Crooked Path to Abolition’ – Bowling Green Daily News

Posted: at 11:16 am

"The Crooked Path to Abolition" by James Oakes. Norton. 256 pp. $26.95. Review provided by The Washington Post.

In his illuminating new book, James Oakes, an acclaimed historian, offers us a "third Lincoln": neither the mythic Great Emancipator nor a flawed reluctant emancipator, but instead a committed proponent of anti-slavery constitutionalism.

Lincoln, Oakes argues in "The Crooked Path to Abolition: Abraham Lincoln and the Antislavery Constitution," consistently upheld the "federal consensus" on slavery: that Congress could not abolish slavery in any state but also could not interfere with a state's choice to emancipate enslaved people. Within these constitutional boundaries, Lincoln pursued, before and during the Civil War, the goal of abolition by individual states. He intended that pressure from the federal government would move the Southern states to enact their own gradual emancipation policies, as individual Northern states had done after the American Revolution.

Lincoln's outlook was rooted in a distinct anti-slavery constitutionalism, elaborated by reformers and politicians in counterpoint to the pro-slavery constitutionalism of Southern enslavers. During the antebellum decades, as slavery's apologists ratcheted up their claims that slaveholding was a constitutionally protected property right, abolitionists drew out the anti-slavery implications of the founding documents. For example, while Southern enslavers emphasized their summary right of recaption of fugitives, abolitionists emphasized states' authority to require due process in renditions. The Constitution's ambiguity on the fugitive issue meant "that every slave who escaped from Maryland to Pennsylvania, or from Kentucky to Ohio, opened the possibility of a political conflict between the owner's claim to his or her 'property' and the free state's recognition of the accused fugitive's right to due process."

Invoking the Fifth Amendment right to due process was just one of the many ways that slavery's opponents "colonized" the Constitution, imbuing certain clauses with anti-slavery meaning. They also emphasized such measures as the territorial clause, which granted Congress the power to ban slavery from the territories, thereby preventing the addition of new slave states. By the time he became president in 1861, Lincoln had embraced most elements of what Oakes calls the "Anti-slavery Project": a set of policies, such as congressional abolition of slavery in the District of Columbia and the suppression of illegal smuggling of enslaved people into the United States, designed to reverse slavery's expansion and shift the sectional balance of power northward.

Lincoln homed in on the banning of slavery's expansion in the territories as the one issue around which his Republican Party was "most likely to build a winning coalition." In his reckoning, the policy of nonextension, by surrounding slave states with a cordon of free states, would undermine slavery's economic profitability and motivate Southern Whites to dismantle the institution.

The Civil War, Oakes shows, radicalized Lincoln, compelling him to press more aggressively an agenda of state-level emancipation, through both threats and incentives aimed at enslavers. Lincoln seized on the anti-slavery movement's long-standing forfeiture-of-rights doctrine, which held that seceded states would relinquish their right to have fugitives returned, and on the doctrine that emancipating the enemy's enslaved people was a legitimate use of war powers. These pre-war doctrines formed the basis of the wartime policy by which the Union Army confiscated, freed and eventually enlisted fugitive slaves.

Lincoln also tried in vain to entice the loyal border slave states to adopt gradual emancipation policies, by offering to compensate them for their financial losses and to deport those who were freed. Though his overtures were rebuffed, he remained committed, even after his Emancipation Proclamation of 1863, to promoting state-by-state abolition. Lincoln's sustained campaign to shift the balance of power in these states toward anti-slavery forces worked, as six state governments Maryland and Missouri, which had never seceded, and Virginia, Arkansas, Louisiana and Tennessee, which were undergoing wartime reconstruction abolished slavery in the last year of the war. Adding them to the roster of free states made possible the 1865 ratification of the 13th Amendment, which abolished slavery throughout the United States. This course of events was "hardly inevitable," Oakes notes, but "neither was it accidental": Anti-slavery constitutionalism guided Lincoln's journey down the winding path to emancipation.

A commitment to the federal consensus not only drove but also constrained Lincoln. The limits of his egalitarianism his failure to support full social and political equality for Blacks were, Oakes surmises, a function of his federalism. Lincoln regarded the right to vote or hold office or marry or attend public schools or serve on juries as state matters, beyond the purview of the federal government; under a federal system, state legislatures retained the power to practice local racial discrimination. In deferring to this notion of states' rights, Lincoln also deferred to discriminatory views and practices.

This book represents a shift in Oakes' own thinking. While his 2007 study of Frederick Douglass and Lincoln, "The Radical and the Republican," juxtaposed Douglass the crusading reformer with Lincoln the cautious politician, this volume foregrounds the commonalities between the two men. Lincoln shared with Douglass, Oakes emphasizes, an abiding belief in the abolition movement's core principle of fundamental human equality.

Much insight is to be gained by contrasting the anti-slavery constitutionalism of Douglass and Lincoln with the pro-slavery constitutionalism of Southern enslavers: Doing so brings into sharp focus the anti-racist qualities of Lincoln's leadership. But Oakes' earlier approach remains salient. Douglass and Lincoln both hated slavery, but "they hated it in different ways," as Oakes has cogently put it. Lincoln's view of Black freedom was considerably narrower than that of Douglass and of the Black resisters and reformers who were the vanguard of the abolition crusade. Understanding the convergence of Lincoln and Douglass is essential for understanding slavery's wartime demise. Acknowledging the persistent fault lines in the North, even among slavery's opponents, is a key to understanding why fundamental rights remained so elusive for Black Americans.

Reviewed by Elizabeth R. Varon, who is the Langbourne M. Williams professor of American history at the University of Virginia and the author of "Armies of Deliverance: A New History of the Civil War."

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Forget Bitcoin: The insane world of altcoin cryptocurrency trading – CNET

Posted: at 11:14 am

It was a Saturday morning and Adam was feeling bold.

He'd made thousands of dollars on a single trade the night before, and was feeling lucky. But Adam wasn't trading on the NASDAQ, pumping GameStop stocks or investing in a startup. He was about to sink $2,500 into a cryptocurrency called DeTrade.

It seemed safe. Adam had investigated the coin's development team on LinkedIn, and watched a video of its CEO laying out a roadmap for the coin's future. A newswire piece published on Yahoo touted DeTrade's technology as advanced enough to disrupt cryptocurrency.

Thanks to Bitcoin hitting an all-time high valuation of $40,000, almost tripling its value in two months, cryptocurrency is very much back in the zeitgeist. But while for many people Bitcoin is synonymous with cryptocurrency, it's not what crypto traders like Adam are interested in. Beneath Bitcoin and Ethereum, the second-best-known currency, is a strange underworld of different cryptocurrencies.

Called altcoins or, sometimes, "shitcoins," these are essentially penny-stock cryptocurrencies. And they're crazy. Bitcoin tripled its value recently, but many altcoins explode 30, 40 or 50 times over within days. Arguably the most famous is Dogecoin, which recently shot up thanks to a potent combination of Reddit and Elon Musk, but there are thousands of altcoins, forming an Indiana Jones-esque Cave of Crypto Wonders. The spoils can be life-changing, but there are traps around each corner. Fortunes can be made and lost in seconds. Cons and fraudsters are everywhere, with traders vulnerable to scams at each step of the process.

Case in point: Adam's foray into DeTrade. The touted technology behind it wasn't real. Nothing about the project was. DeTrade, for all intents and purposes, didn't exist. The LinkedIn profiles were fake, and the video of its CEO was a deepfake created with AI. It was a scam. Those behind it, operating in the unregulated world of crypto, vanished. Adam lost his $2,500, but he got off easy. In total, those behind the scam took in around $2 million.

Just a regular day playing with altcoins, says Adam.

Adam got into cryptocurrency in September. When we spoke, it felt like he'd crammed years of trading into two months. He put in $4,000 and lost it in days. Then he turned $3,000 into $90,000. After withdrawing a third of that and then losing just over another third, he now had around $20,000 in crypto.

Adam had seen some tempestuous trading in recent weeks. One person managed to flip $2,000 into over $40,000 on two different occasions, but lost it all to scams both times. Another put $150 in a coin and doubled his money in 15 minutes. Decent result, but his $150 would've turned into $28,000 if he'd waited only one more day.

But despite the community's enthusiasm, there's a small problem. Right now cryptocurrencies don't really do anything.

Bitcoin nearly tripled in price, from $15,000 to over $40,000, in two months. If you invested $1,000 in early November, you could have taken out $2,600 two months later.

Investing in a stock means ascertaining its value -- based on factors like competition, risks and, above all, profit generation -- and then putting money into ones that are undervalued. If other investors follow you, the stock rises, giving you an opportunity to take profit.

Speculation is naturally part of this: The Dot-com Bubble was all about pouring money into "pre-profit" companies in the hopes they'd make money someday. Cryptocurrency, however, takes speculation into the stratosphere. For the most part, cryptocurrency is pure speculation. People are investing in technology that produces nothing, and has no practical application. As I write this, a coin called Meme is selling for $517. That's a little over four times the price of an Apple share. Doge, a coin marketed after the internet slang for "dog,"doubled in value earlier this month after a pornstar tweeted about it. After the price settled, it then rocketed once more when Reddit wanted to make it the GameStop of cryptocurrency.

This disconnect between price and purpose has made many experts understandably skeptical.

David Gerard is one such skeptic. He became interested in Bitcoin in 2013, when it first hit $1,000, and has since written two books on cryptocurrency. His most recent focuses on Libra, Facebook's ill-fated attempt at digital currency.

"The driving force of Bitcoin and cryptocurrency is nothing to do with technology," he told me during a Skype call. "It's all about the chance that people might get rich for free. All of this is about the psychology of get-rich-quick schemes."

In his years working as an IT systems administrator, Gerard's job has been to examine new technology and discern what's useful and what's not. Cryptocurrency, he told me, is not.

"Bitcoin burns a whole country's worth of electricity for the most inefficient payment network in human history," he said.

After launching at around $8 in August, the obscure Meme coin briefly reached a valuation of over $1,750 in September. If, with fantastic luck, you invested $1,000 at $8 and sold at $1,750, you'd be up $217,000. This is the allure of "shitcoins."

That's no exaggeration. Cryptocurrencies are mined using powerful computers, and many enterprising types put together farms of computers used solely for the purpose of mining Bitcoin. As a result, Bitcoin is responsible for more energy consumption than Switzerland.

Gerard says the only thing you can do with Bitcoin is buy it and sell it. He's even harsher on altcoins.

"They're absolutely useless objects. Even by the standards of Bitcoin, altcoins are useless," he said.

This is precisely what makes them so fascinating. Seemingly, all they can do is get internet punters to bet on their success. But this enables average people to become rich. That Meme coin I mentioned before? It was listed at $2.72 and a month later hit an all-time-high price of over $2,000.

Imagine becoming a millionaire from a joke internet coin.

Crypto Spider has made millions with altcoins. Crypto Spider isn't his real name. Like most people in the cryptocurrency community, he goes by a pseudonym.

He's gained renown in some Telegram groups over the past few months thanks to a "2K to 1M" challenge, where he endeavored to see how quickly, and with how few trades, he could turn the first number into the second. In cryptocurrency, you can follow someone's portfolio if you have their wallet number, so the community was able to watch this challenge play out in real time.

Within two months, that $2,000 had grown to over $2 million. Much of that money was made off one trade: He chucked $50,000 into a project which, in the space of around a week, magnified 35 times in value, netting him $1.75 million. After passing $2 million, he cashed out.

"You won't ever see that type of explosive growth if you don't trade in altcoins," he told me, though he also said "95% of these coins are going to be nonexistent in the future."

Like Adam, Crypto Spider has no background in finance or trading. He lists college courses in game theory, basic algorithmics and some economics as useful to his crypto exploits -- but in essence he's a self-taught amateur. He declined to tell me his specific age, only that he was "20ish" when he first got into cryptocurrency in 2017.

He admits he was attracted by the "pretty numbers," by seeing coins magnify in value 30, 40 and 50 times within a short period. He was enthusiastic enough to start a university club around cryptocurrencies, and how they'd be used in the future.

Crypto Spider says cryptocurrency will play a "major part in the future of finance," and speaks with the passion of a believer. He breathlessly transitions from how cryptocurrency is a part of the internet's evolution to the possible use cases of blockchain, the technology behind Bitcoin, in the next 10 years. But despite his enthusiasm, I couldn't help but notice how chunks of what he said echoed Gerard.

Cryptocurrencies are mined using powerful computers. More emissions are produced by global Bitcoin miners than by the entire country of Switzerland.

For one thing, he looks back at all the projects he was excited about in 2017 and realizes most were almost entirely vaporware, technology that's advertised but never delivered.

Gerard calls the cryptocurrency community a pool of scammers. Spider notes that people often invest in altcoins they know don't have a function, because there's enough hype around the project to make money. "It's a bubble," he said, "we're literally swapping money from each other. I somehow was able to game all the other people."

Spider says his performance is 60% luck. He first approached cryptocurrnecy trading with the mentality of, "I'm young, I'm dumb, I can lose all my money and it'll be OK."

Again, it reminded me of something Gerard said: "If you're rich enough that your money is your own problem, fine. If you know zero is a number your investment could go to, fine."

"But a lot of people are being ripped off, and that's really bad."

People really are getting ripped off. Difficult to regulate and subsisting largely on hype, cryptocurrencies are particularly prone to scams.

Take OneCoin, a company that, through a presale for a cryptocurrency that didn't exist, stole $4 billion from people around the world before its founder disappeared. Then there's BitConnect, a coin that reached a $2.6 billion valuation by promising a 1% return on investment every day. It was eventually designated a Ponzi scheme by various authorities around the globe, causing it to lose 96% of its value before getting shut down months later.

Those are two of the biggest instances of crypto-fraud. But millions of dollars are scammed from cryptocurrency markets every day in less dramatic ways. Coins are suddenly discontinued, with owners taking all the money with them in what the community calls "rug pulls." Some have investment contracts, ignored like terms-of-service agreements, that prohibit you from taking your money out of a project. Other times, entire cryptocurrency exchanges -- which sell coins like a stock exchange sells stocks -- vanish.

"I think I've been scammed over 100 times," Crypto Spider said, adding that he lost $250,000 through fraud in December. "Who knows who creates these projects. A lot of people are taking on pseudonyms, because they're almost all money grabs."

But the deepfake used to scam $2 million adds a new vector. Coming into wider use in recent years, deepfakes are mostly used for pornographic purposes, but as the DeTrade scam shows, deepfakes can also be used in financial scams.

OneCoin founder Ruja Ignatova at an event for the "revolutionary" cryptocurrency. Ignatova disappeared around the time OneCoin was discovered to be a fraud: The cryptocurrency the company sold didn't actually exist. It's reported to have scammed over $4 billion from people around the world. Ignatova has yet to be found.

Gerard says he's never seen a deepfake used as part of a scam before. Crypto Spider says he's seen it just once.

"We didn't have that problem in 2017, where people would use deepfakes and rug pull like this," he said. "The internet is evolving, but the scammers are also evolving."

Deepfake technology "is being democratized, and that may not be a good thing," said Julie Inman-Grant. Now commissioner of the Australian government's eSafety Commission, Inman-Grant formerly led public policy teams at Microsoft, Adobe and Twitter.

"This kind of takes the art out of social engineering," she explained, referring to the techniques usually used by scammers to get you to click a fraudulent link or hand over credit card details. "If they're delivering a video of someone you respect and you really have no way of telling by the naked eye or ear if it's fake or not, the potential for misuse could be devastating."

Ironically, it's blockchain, the behind-the-scenes technology, that could be the solution to the burgeoning deepfake problem. In cryptocurrency, the blockchain is an unalterable ledger that tracks every transaction. Once it's on the ledger, it can't be altered. That same technology can be used to track anything -- like the creation and distribution of a video, from studio to iPhone screen. There are already startups working toward this, like Truepic.

When I asked about blockchain's ability to neutralize deepfakes, Inman-Grant wasn't entirely optimistic.

"It's definitely an arms race, but it's not an arms race we're winning right now."

When Bitcoin hit $40,000 in December, it was confirmation to enthusiasts that cryptocurrency is the future. For skeptics, a higher peak just means a more precipitous fall.

"I think they'll become increasingly regulated and less and less interesting," Gerard said of cryptocurrency. That means less of the "pretty numbers" Crypto Spider was attracted to, but hopefully fewer scams.

For Adam, DeTrade actually had a happy ending. One aggrieved victim of the scam analyzed the metadata of the deepfake, which he used to track down the perpetrators. After some naming and shaming across Telegram, the money was returned.

That unexpected $2,500 return was a big deal, equivalent to a few weeks pay. Good timing too: By the time Adam got it, a bad trade saw his crypto portfolio diminish from $10,000 to $2,000.

Just another day trading altcoins, Adam told me.

Correction, 1:30 p.m. PT:Removed incorrect statement that Netflix had yet to turn a profit.

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Ether, the world’s second-largest cryptocurrency, hits a record high above $1,700 – CNBC

Posted: at 11:14 am

Ether, the digital token of the Ethereum blockchain, is the second-largest cryptocurrency in the world by market value.

Jaap Arriens | NurPhoto via Getty Images

LONDON The cryptocurrency ether hit a fresh all-time high on Friday, surging past $1,700 for the first time.

Ether, which is the world's second-largest digital coin by market value, climbed 11.2% to a price of $1,743 at around 10:30 a.m. ET, according to data from CoinDesk.

It comes after bitcoin, the most valuable virtual currency, hit a record high close to $42,000 last month.

Bitcoin more than quadrupled in price over the course of 2020, and is up 29% since the start of 2021. Ether has risen about 129% year to date.

Ether has been steadily rising this week as investors await the highly anticipated launch of ether futures contracts from the Chicago Mercantile Exchange next week.

Trading in ether futures is set to start Monday. The CME launched bitcoin futures over three years ago, at the peak of that cryptocurrency's 2017 rally.

Some investors believe that futures and other crypto-focused derivatives products will give institutional investors more confidence to invest in the space.

"Bringing more financial instruments will bring more participants into the market," said SachinPatodia, a partner at Avon Ventures, a venture capital fund affiliated with the parent company of Fidelity. "That probably is positive for the ether price."

But Patodia said a big driver of the price of ether and other smaller digital currencies was the momentum for bitcoin in recent months.

"We've seen this pattern over many crypto cycles that we've gone through, where bitcoin leads the way in price movement and then you see what we call the alt-coins get carried along," he said.

Ethereum, ether's network, was created after bitcoin in 2013. The main difference it has with bitcoin's blockchain is the ability to support applications.

"This move by the CME may spark further buying of ether by new entrants to the market because it provides a way forsophisticatedinvestors to hedge their risk againstpositions that they may be holding on the underlyingasset," Simon Peters, a cryptoasset analyst at online investment platform eToro, told CNBC.

"However, it is worth noting that, like bitcoin, CME ether futures will be cash settled so as not to involve any physicaldelivery, so we shouldn't necessarily expect a major impact on spot prices."

Crypto investors said another factor potentially boosting ether was the start of a major upgrade to the Ethereum blockchain, called Ethereum 2.0. Believers in ether hope the upgrade will make Ethereum faster and more secure.

The total market value of all cryptocurrencies combined hit $1 trillion last month, as bitcoin's price surged to records. Bitcoin bulls say it's gotten a boost from institutional demand, as well as the perception that it is a store of value similar to gold.

Bitcoin was up 4.7% in the last 24 hours, trading at a price $38,151. XRP, the third-largest digital token, climbed 10.7% to 44 cents.

But skeptics like economist Nouriel Roubinisay bitcoin and other cryptocurrencies have no intrinsic value. A recent Deutsche Bank survey found investorsview bitcoin as the most extreme bubblein financial markets.

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Why Cardano Cryptocurrency Has Skyrocketed 93% This Week – Benzinga

Posted: at 11:14 am

Cardano (ADA) has risen 93% over a seven day period leading up to Sunday.

What Happened: ADA has pushed past the psychologically important $0.50 barrier amid high buying interest from investors. Smart contract platforms are seeing increased interest in general, with Ethereum (ETH) and Polkadot (DOT) seeing similar surges.

Daniel Wolfe of Moscow-based Halycon Global Opportunities, a crypto fund, told Forbes that Cardanos blockchain is being built and released in stages, based on a number of design principles. It allows for economic transactions that contain more information that is important for institutional investors, corporations and regulators.

Wolfe pointed to a co-founder of Cardano also having co-founded Ethereum (ETH) a reference to entrepreneur and mathematician Charles Hoskinson.

The cryptocurrencys price under a dollar has been a reason why it has also attracted investor interest, according to Forbes.

Why It Matters: Launched in December, Cardanos third phase Goguen was focused on the integration of smart contracts into the blockchain.

The addition of a multi-currency ledger will also extend the usefulness of the blockchain further, as per the Cardano roadmap.

Cardanos market cap is near touching $20 billion in market capitalization and is behind only Bitcoin (BTC), Ethereum, and Tether (USDT) at the number four spot, according to CoinMarketCap data.

ADA traded at $0.6475 at press time. BTC, the apex cryptocurrency by market cap, traded 1.08% lower at $38,277.30and 14.91% higher on a seven-day trailing basis.

See Also: How To Buy Cardano

Cardano rival ETH fell 4.19% to $1,574.46 on a 24-hour basis and was up 20.67% in the seven-day period.

ADA is often touted as a so-called ETH killer.

Grayscale Bitcoin Trust (OTC: GBTC) traded 0.21% lower at $37.88.

See Also: Dogecoin Hits New All Time-High As Elon Musk Takes Twitter Frenzy To A New Level

2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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THIS cryptocurrency is touted to be the next best bet after Bitcoin – Zee News

Posted: at 11:14 am

New Delhi: As the surging Bitcoin grabs most of the headlines, Ether or Ethereum, the second biggest cryptocurrency, is touching record valuation and could still be bought cheaper -- for nearly Rs 1.16 lakh or $1,600 for one Ether.

According to industry players, Bitcoin which is hovering around $40,000 is beyond the reach for most investors while Ether that has touched an all-time high is still within reach.

According to Rahul Pagidipati, CEO, ZebPay, Ether tends to follow Bitcoin.

"Now that Bitcoin has hit record high and is consolidating, investors are adding Ether. Together the two cryptocurrencies constitute nearly 80 per cent of the total crypto market cap," Pagidipati said.

"Nearly 3 million ETH ($3.8 billion) have been locked up for long-term staking, removing them from the buyable supply. With lower supply comes higher prices,"

Shivam Thakral, CEO of BuyUcoin said that Ether is touching record valuation because Bitcoin is consolidating and investors are looking at Ether to reap greater economic benefits in the long term.

"Ethereum is up about 135 per cent since the start of the year and is expected to become as valuable as Bitcoin in the years to come," Thakral added.

"We hope Indian counterparts will take note of this and enable the growth of the digital asset industry in India by providing a positive regulatory environment. Ethereum Blockchain has very strong fundamentals and a lot of projects are using it to power their infrastructure."

As India plans to introduce the 'Cryptocurrency and Regulation of Official Digital Currency Bill, 2021', to prohibit all "private cryptocurrencies" in the country, the industry stakeholders have come out in unison hoping that the Indian government would listen to all stakeholders before taking any decision.

"As more people see new applications for the Ethereum protocol, like staking, they're realising that Either is real and has lasting value, just as they are realising the truth about Bitcoin," said Pagidipati.

Owning one full bitcoin is probably a dream now for most people.

"But you can still buy a full Ether for Rs 1.6 lakh, still in reach for many. Those who remember Bitcoin at that price may be thinking that this opportunity won't last for much longer," the ZebPay CEO noted.

The Reserve Bank of India (RBI) is already exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it.

The apparent softening in RBI's stand on cryptocurrency came after the Supreme Court last year set aside a circular issued by the RBI that barred any entity from providing banking services to anyone dealing with virtual or cryptocurrencies.

The RBI, in its booklet on payment systems, noted that central banks around the world are examining whether they could leverage on technology and issue fiat money in digital form.

With the overall value of all cryptocurrencies surpassing the $1 trillion mark, industry experts have said that crypto may become the most important asset class of the 21st century and India needs to catch up fast with the global trend.

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