Forbes - 💯 "Fraud, hype, noise and confusion"

CryptoCodex


	Good Wednesday morning. This is Billy Bambrough, bringing you your latest batch of crypto news and analysis. (I'm on the road this month so you may receive your copy of *CryptoCodex* a little early/late—apologies in advance for any disruption and normal service will resume the week beginning August 23)

24-hour crypto market snapshot

$45,250

$3,055

$0.2999

$1.12

Profit, pocketed 👝🤏


	Cryptocurrency prices are trending downward today, with some of the biggest coins losing double-digit percentages over the last 24 hours. The sell-off has been put down to "profit-taking" thanks to the lack of a better explanation. The bitcoin price has moved away from the summer's holy grail of $50,000, losing around 3%. Ethereum pared back some of its massive monthly gains but remains over $3,000. The meme-based dogecoin, ethereum rival polkadot and decentralized exchange Uniswap's uni token led the major market lower, all down around 10% on this time yesterday. Ripple's XRP has dropped 7%. The stablecoin tether, now with a market capitalization of over $64 billion according to CoinMarketCap calculations, looks likely to return to its ranking of third most valuable cryptocurrency after ethereum's biggest competitors, Binance's BNB and cardano, knocked it down to fifth over the last week with both sinking along with the wider market. Good to know: Legendary investor Bill Miller is betting on Coinbase

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Crypto: "Fraud, hype, noise and confusion"


	Minneapolis Federal Reserve president Neel Kashkari yesterday added his voice to the cacophony of criticism that's been leveled at the cryptocurrency market in recent months. 🗣️ "Cryptocurrency is 95% fraud, hype, noise and confusion," Kashkari, speaking at the Pacific Northwest Economic Regional Annual Summit in Big Sky, Mont, was quoted as saying by MarketWatch. "I was more optimistic about crypto and bitcoin five or six years ago," Coindesk quotes Kashkari. "There are thousands of these garbage coins that have been created. Some of them are complete fraud Ponzi schemes. They dupe people into investing money and then the founders rip them off." Miami vice: Kashkari took a swipe at Miami when asked about the city's recent interest in crypto: "If you want to launch Montana Coin, don’t let me stop you." But but but... The regulators are coming for the "garbage coins" and could "cause a split in the crypto community" with recent scrutiny a "massive wake-up call." "This should serve as a massive wake-up call to the crypto industry," Charley Cooper, a former Commodity Futures Trading Commission chief operating officer now with software and blockchain technology firm R3, told Politico after Securities and Exchange Commission chair Gary Gensler warned this month crypto is rife with "fraud, scams and abuse." Take away: Get your garbage coins while you still can. Now read this: Taliban Resurgence Could Threaten Afghan School Teaching Women To Code And Build Ethereum Apps

🚨🚨 Breaking: Binance hire alert


	Binance, the embattled cryptocurrency exchange whose rapid growth over the last two years has attracted the attention of global regulators, has appointed a former U.S. Treasury criminal investigator as its global money laundering reporting officer. Greg Monahan will be based in Washington and be responsible for an existing team, Bloomberg reported. "My efforts will be focused on expanding Binance’s international anti-money laundering and investigation programs, as well as strengthening the organization’s relations with regulatory and law enforcement bodies worldwide," Monahan said in a statement. The move is part of the company's pivot from "reactive compliance to proactive compliance."

Burning questions for Robinhood 🔥



	Robinhood cofounders Baiju Bhatt and Vlad Tenev on the company's first day of Nasdaq trading Getty Images for Robinhood


	Robinhood, the commission-free trading app that's made a meme-based mockery of investing, will report its quarterly financial results after the close today for the first time since going public. The company, whose stock price has swung wildly since its late-July Nasdaq debut, is expected to report revenue north of $550 million for the three months ended June 30, up double from a year earlier—and thanks in no small part to the app's wildly popular cryptocurrency trading. Robinhood executives, after reserving up to 35% of shares for their users, will face shareholder questions with the app's retail investors most interested in whether they're going to get a crypto wallet, according to Say, a platform Robinhood just bought that crowdsources investor questions. A fully-fledged crypto wallet would allow Robinhood users to withdraw and transfer cryptocurrencies to and from other brokerages. Other burning questions: 🤔 Are there any plans to launch Robinhood in other countries? If yes what is the timeline 🧵 As [an] initial investor, can we get a Robinhood hat and hoody jacket? 👀 Will you add bitcoin to your balance sheet? 😏 How do you assure HOOD price is not manipulated on Robinhood?

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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Forbes - 💯 "Fraud, hype, noise and confusion"

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