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Stablecoins Are Not as Safe as You Think. How Your USDT, PAX, BUSD Get Frozen in a Moment

Stablecoins Are Not as Safe as You Think. How Your USDT, PAX, BUSD Get Frozen in a Moment
Being created on the basis of blockchain, stablecoins were considered to be a safe haven for investors… until recently. Why is their immunity elusive and how does the Financial Action Task Force (FATF) plan to control them?
Established in 1989 by the G7, the FATF inter-governmental organization develops policies to resist money laundering and financing of terrorism. It sets standards and implements legal and regulatory measures to combat illegal financial transactions.
They developed recommendations for the monitoring of money laundering and keep revising them regularly. In case of non-compliance, law enforcement is executed via regional financial organizations. As of 2019, there are 39 full members of FATF, including the USA, UK, Australia, most EU countries, Singapore, India and the Russian Federation.
Since 1st July, the FATF organization has been headed by Marcus Pleyer. During the last FATF meeting, the new president expressed his concerns about global stablecoins and organizations that issue them. Although the organization had already dealt with these cryptocurrencies, it highlighted that, “it is essential to continue closely monitoring the ML/TF risks of so-called stablecoins, including anonymous peer-to-peer transactions via unhosted wallets”.
Is it ever possible to control crypto wallets that are not hosted on online exchanges? – you’d ask. We’re used to the fact that cryptocurrencies are outside the reach of banks and governments. However, when it comes to stablecoins, things are different.

It’s in the code

What makes stablecoins special is that they are pegging to fiat currency, for example, 1 TUSD = $1 USD. This means that such assets should be backed up by real money stored in the bank accounts of the issuing organization. Consequently, stablecoin creators need to comply with the requirements of the SEC, FATF and other controlling agencies, if they are to operate in the cryptocurrency sphere and be authorised to sell stablecoins. Transparent reports are not the only requirement, stablecoins must also provide the possibility of account blocking.
Surprisingly, this feature is implemented in each stablecoin. The experts from QDAO DeFi are covering several stablecoin protocols that enable this function.

OMNI-based USDT

Issued by Tether Limited, USDT is a stablecoin that was originally created to be worth $1 with each token backed by a $1 real fiat reserve. The currency was successfully promoted and added to major cryptocurrency exchanges but stayed a controversial asset. Despite the claims of Tether Limited, they failed to provide any contractual right or other legal claims to guarantee that USDT can be swapped for dollars or be redeemed.
In April 2019, Tether’s lawyers explained that each USDT was backed by only $0.74 in cash or equivalent assets. No audit of dollar collateral was done. A month before that, it changed the backing to include loans to affiliate companies. The scandal also involved the Bitfinex exchange that was accused of using USDT funds to cover $850 million in funds lost since 2018. They were also accused of manipulating USDT to push the BTC price.
Tether is available on five blockchains: Omni, Ehereum, EOS, Tron and Liquid. Only the latter does not have a freezing feature. Omni was the first protocol for USDT. Blocking of users’ accounts is possible, thanks to the following piece of code:

https://preview.redd.it/uqho45l33om51.png?width=690&format=png&auto=webp&s=c0feebdae086b0deeccde05278eaf3cc760f9e2b
Apparently, it’s used to blacklist addresses and contracts.

PAX

The concerns about PAX were centered around the notorious MMM BSC Ponzi scheme. Before the widespread adoption of DeFi services, it was the second-largest gas consumer after Ethereum. Out of 25,000 daily transactions, 5,000 were performed by MMM BSC. It was reported to be a scam but none of the accounts were frozen. Does it mean PAX lacked the resources to regulate illicit activities?
Evidently, not. The protocol code has a LAW ENFORCEMENT FUNCTIONALITY function that allows for the freezing/unfreezing of contracts or burning assets on blacklisted accounts. It turns out, anyone risks having their PAX coins destroyed during an investigation process while their accounts stay blocked.

History of frozen accounts

In 2019, the ZCash Foundation and Eric Wall conducted research on the privacy of stablecoins and revealed several frozen addresses. It’s not clear why exactly they were blocked. Most probably, it happened shortly after the exchange withdrawal – users took this action after witnessing platforms being hacked.

https://preview.redd.it/pkbruqm83om51.png?width=838&format=png&auto=webp&s=b068c5b8c5e5439892eaf5feefa3fbc93c694c8c
USDT was implicated at least twice in scandals to do with freezing. In April 2019, about $850 million in Tether dollars sent by Crypto Capital Corp. were frozen by a New York court. Tether and Btfinex were accused of participating in a cover-up to hide about $850 million worth in clients’ funds. By July 2020, Tether had frozen 40 Ethereum addresses with millions of USDT (some of them are shown in the screenshot above).
The Centre Consortium was the next to follow their lead; about a month ago, it blacklisted an address with USDC worth $100,000. That was done in response to law enforcement.
Yet, it’s not only Europe and the USA imposing control over cryptocurrencies. Since June 2020, the Chinese government managed to block several thousands of users’ bank accounts. It was done to resist illicit activities, especially money laundering. On some of those accounts, no activity had been detected for several months. Meanwhile, prior to April 2020, Chinese residents moved over $50 billion worth of crypto outside the country borders – more than is officially allowed (a maximum of $50,000 per person).
The authorities claim that USDT and other stablecoins are often used in illegal activities. Together with the People’s Bank of China (PBOC), they are developing new ways of investigating digital crimes and money laundering operations involving exchanges and crypto wallets. Local financial bureaus and police are working tight-lipped about investigating startups and crypto exchanges. And they are succeeding at it.
In July 2020, Chinese authorities confiscated BTC, ETH and USDT worth $15 million from people who allegedly ran a fake cryptocurrency scheme.
By the way, not only corporate accounts are being closed. One investor claims his account had been frozen after using yuan to purchase crypto. Also, users who transfer illegally obtained money outside of the mainland in large amounts are under suspicion. Does it mean the Chinese government has started tightening the screws on cryptocurrency users?

DAI, USDT on Liquid and USDQ are the main options for stablecoin deposits

So, where can you store your crypto assets? USDT on Liquid and DAI are not the only solutions available. Consider making a deposit in USDQ, the stablecoin of the QDAO ecosystem. Like other stablecoins, it’s 1-to-1 pegged to USD. However, it cannot be frozen by a government, financial organization or anyone from the QDAO team. You can check it yourself by reading our Smart contract and USDQ Audit.
In QDAO, users’ accounts are never frozen by a single person – all account issues are solved by the entire QDAO community, with the help of a QDAO governance token.
In case of blocking (the chances of which are almost non-existent), you can address the QDAO community and get timely help.

Bottom Line

With FATF taking this new course of action, we might witness serious pressure on stablecoin providers. Some projects will resist it, but it’s still not safe to store your assets in popular stablecoins, especially USDT. Your account can be frozen by authorities for dozens of reasons without the possibility of retrieval.
Yet, there are a number of reliable alternatives and USDQ stablecoin is one of them. QDAO DeFi platform users feel free to manage their crypto reserves and make profitable deposits.
Want to be the first to hear QDAO DeFi news and updates? Visit our website and stay in touch with us on social media: Twitter, Facebook, Telegram and LINE (for the Japanese-speaking community).
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J.P. Morgan Early Look at the Market – Fri 10.6.17 **PLEASE DO NOT FORWARD THIS DOCUMENT**

J.P. Morgan Early Look at the Market – Fri 10.6.17
*PLEASE DO NOT FORWARD THIS DOCUMENT*

Morning Levels

Trading Update

Top Headlines for Friday

Identifying risks – what could go wrong?

Macro Update

Calendar of events to watch for the week of Mon Oct 9

Catalysts – big events to watch over the coming months

Opinion/Interesting-but-not-immediately-impactful/intra-day boredom reading

Full catalyst list

  • Mon Oct 9 – China Caixin services PMI for Sept (Sun night/Mon morning)
  • Mon Oct 9 – German industrial production for Aug. 2amET.
  • Mon Oct 9 – earnings after the European close: LVMH.
  • Mon Oct 9 – Columbus Day holiday in the US (equities will be open while fixed income is closed).
  • Tues Oct 10 – German trade balance for Aug. 2amET.
  • Tues Oct 10 – analyst meetings: TECD, Santander, WDAY, WMT
  • Tues Oct 10 – PG shareholder meeting
  • Tues Oct 10 – earnings after the close: CUDA
  • Wed Oct 11 – US JOLTs report for Aug. 10amET.
  • Wed Oct 11 – Fed minutes from the Sept 20 meeting (2pmET).
  • Wed Oct 11 – analyst meetings: KR
  • Wed Oct 11 – earnings before the open: BLK, DAL, FAST, OZRK.
  • Thurs Oct 12 – Eurozone industrial production for Aug. 5amET.
  • Thurs Oct 12 – US PPI for Sept. 8:30amET.
  • Thurs Oct 12 – analyst meetings: BOX, HPQ, LSCC, WDC.
  • Thurs Oct 12 – earnings before the open: C, DPZ, JPM, LNN, Sky PLC, Tata Consultancy.
  • Thurs Oct 12 – earnings after the close: EXFO
  • Fri Oct 13 – China imports/exports for Sept (Thurs night/Fri morning)
  • Fri Oct 13 – US CPI for Sept. 8:30amET.
  • Fri Oct 13 – US retail sales for Sept. 8:30amET.
  • Fri Oct 13 – US Michigan Sentiment for Oct. 10amET.
  • Fri Oct 13 – US business inventories for Aug. 10amET.
  • Fri Oct 13 – analyst meetings: SAFM
  • Fri Oct 13 – earnings before the open: BAC, DRFG, FHN, FRC, JBHT, Man Group, PNC, WFC.
  • Mon Oct 16 – China CPI/PPI for Sept (Sun night/Mon morning)
  • Mon Oct 16 – Eurozone trade balance for Aug. 5amET.
  • Mon Oct 16 – earnings before the open: SCHW
  • Mon Oct 16 – earnings after the close: BRO, IEX, NFLX, Rio Tinto
  • Tues Oct 17 – Eurozone Sept auto registrations. 2amET.
  • Tues Oct 17 – German ZEW survey results for Oct. 5amET.
  • Tues Oct 17 – US import prices for Sept. 8:30amET.
  • Tues Oct 17 – US industrial production for Sept. 9:15amET.
  • Tues Oct 17 – US NAHB housing index for Oct. 10amET.
  • Tues Oct 17 – earnings before the open: BMI, CMA, CSX, GS, GWW, HOG, JNJ, MS, Pearson, PLD, Remy Cointreau, UNH
  • Tues Oct 17 – earnings after the close: ADTN, BHP, CP, CREE, IBM, LRCX, NAVI.
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits fro Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, Akzo Nobel, MTB, NTRS, USB
  • Wed Oct 18 – earnings after the close: AA, AXP, BHE, CCI, CCK, EBAY, LLNW, SLG, TCBI
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, BK, DGX, DHR, GPC, KEY, Nestle, Pernod Ricard, PM, PPG, Publicis, RCI, Roche, SAP, SON, Thales, TRV, TSMC, TXT, Unilever, VZ, WBC.
  • Thurs Oct 19 – earnings after the close: ATHN, ISRG, LHO, MXIM, NCR, PBCT, WDFC, WERN.
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – earnings before the open: Assa Abloy, BHGE, CFG, CLF, Daimler, DST, GE, GNTX, KSU, SLB, STI, SYF, TomTom, Volvo.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Mon Oct 23 – earnings before the open: HAL, HAS, ITW, KMB, STT, VFC
  • Mon Oct 23 – earnings after the close: ARNC, CR, OI
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Tues Oct 24 – earnings before the open: AMTD, Anglo American, BASF, BIIB, CAT, CLB, CNC, FITB, GLW, GM, INFY, LLY, LMT, MAS, MCD, MMM, Novartis, PCAR, PHM, PNR, R, RF, SAH, SHW, SWK, WAT, WDR.
  • Tues Oct 24 – earnings after the close: AKAM, AMP, CMG, COF, DFS, ESRX, IRBT, T, TSS, TXN.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Wed Oct 25 – earnings before the open: ALK, ALLY, ANTM, Antofagasta, AOS, BA, BAX, Dassault Systemes, DPS, FCX, FLIR, Fresnillo, HBAN, Heineken, IP, IR, KO, LEA, LH, Lloyds Banking Group, NDAQ, NSC, NYCB, Peugeot, TMO, TUP, V, WBA, WEC.
  • Wed Oct 25 – earnings after the close: ABX, ACGL, AFL, AMGN, CLGX, DLR, FFIV, FTI, KIM, LSTR, NOW, ORLY, PKG, PLXS, RJF, TSCO, UNM, VAR, XLNX.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Thurs Oct 26 – earnings before the open: Aixtron, ALLE, ALV, Anheuser Busch, APD, Bayer, BMY, BSX, BWA, CCMP, CELG, CHTR, CMCSA, CME, Deutsche Bank, ENTG, EQT, F, HLT, MMC, NEM, Nokia, ODFL, Santander, Schneider Electric, UNP, UPS, WM, XEL.
  • Thurs Oct 26 – earnings after the close: AIV, ATEN, CB, CDNS, EXPE, FLEX, FTNT, GILD, GOOG, HIG, INTC, LPLA, MSFT, NATI, PFG, SYK, VDSI, VRSN.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
  • Fri Oct 27 – earnings before the open: B, MRK, PSX, SC, TRU, Volkswagen, WY, XOM.
  • Mon Oct 30 – US personal income/spending and PCE for Sept. 8:30amET.
  • Mon Oct 30 – US Dallas Fed index for Oct. 10:30amET.
  • Mon Oct 30 – analyst meetings: CSX
  • Mon Oct 30 – earnings before the open: HSBC
  • Mon Oct 30 – earnings after the close: AVB, CGNX, RE, RTEC, VNO
  • Tues Oct 31 – US Employment Cost Index for Q3. 8:30amET.
  • Tues Oct 31 – US Case-Shiller home price index for Aug. 9amET.
  • Tues Oct 31 – US Chicago PMI for Oct. 9:45amET.
  • Tues Oct 31 – US Conference Board Sentiment readings for Oct. 10amET.
  • Tues Oct 31 – earnings before the open: ADM, AET, Airbus, AMT, Barclays, BNP, CMI, ECL, GGP, K, MA, OSK, PFE, XYL.
  • Tues Oct 31 – earnings after the close: APC, CHRW, CXO, WFT, X
  • Wed Nov 1 – US ADP jobs report for Oct. 8:15amET.
  • Wed Nov 1 – US Markit Manufacturing PMI for Oct. 9:45amET.
  • Wed Nov 1 – US Manufacturing ISM for Oct. 10amET.
  • Wed Nov 1 – US construction spending report for Sept. 10amET.
  • Wed Nov 1 – US auto sales for Oct.
  • Wed Nov 1 – FOMC meeting decision. 2pmET.
  • Wed Nov 1 – earnings before the open: AGN, APO, CLX, EL, GRMN, HFC, Novo Nordisk, ORBK, Standard Chartered, TAP, TRI.
  • Wed Nov 1 – earnings after the close: ALL, BHF, BXP, CAVM, CSGS, FB, LNC, MANT, MET, MUSA, OXY, PRU, QCOM, ULTI, XPO.
  • Thurs Nov 2 – US nonfarm productivity and unit labor costs for Q3. 8:30amET.
  • Thurs Nov 2 – earnings before the open: ADP, AN, BCE, CI, Credit Suisse, DISCA, H, ICE, Royal Dutch Shell, Sanofi, Swiss Re, WRK.
  • Thurs Nov 2 – earnings after the close: AAPL, AIG, CBS, CRUS, FLR, HLF, RMAX, SBUX, UNIT.
  • Fri Nov 3 – US jobs report for Oct. 8:30amET.
  • Fri Nov 3 – US trade balance for Sept. 8:30amET.
  • Fri Nov 3 – US factory orders and durable goods orders for Sept. 10amET.
  • Fri Nov 3 – US non-manufacturing ISM for Oct. 10amET.
  • Tues Nov 7 – US JOLTs jobs report for Sept. 10amET.
  • Tues Nov 7 – US consumer credit for Sept. 3pmET.
  • Thurs Nov 9 – US wholesale trade sales/inventories for Sept. 10amET.
  • Fri Nov 10 – US Michigan Confidence preliminary numbers for Nov. 10amET.
  • Tues Nov 14 – US PPI for Oct. 8:30amET.
  • Wed Nov 15 – US CPI for Oct. 8:30amET.
  • Wed Nov 15 – US Empire Manufacturing for Nov. 8:30amET.
  • Wed Nov 15 – US retail sales for Oct. 8:30amET.
  • Wed Nov 15 – US business inventories for Sept. 10amET.
  • Thurs Nov 16 – US import prices for Oct. 8:30amET.
  • Thurs Nov 16 – US industrial production for Oct. 9:15amET.
  • Thurs Nov 16 – US NAHB housing index for Nov. 10amET.
  • Fri Nov 17 – US housing starts and building permits for Oct. 8:30amET.
  • Mon Nov 20 – US Leading Index for Oct. 10amET.
  • Tues Nov 21 – US existing home sales for Oct. 10amET.
  • Wed Nov 22 – US durable goods for Oct. 8:30amET.
  • Wed Nov 22 – US final Michigan Confidence numbers for Nov. 10amET.
  • Wed Nov 22 – FOMC 11/1 meeting minutes. 2pmET.
  • Fri Nov 24 – US flash PMIs for Nov. 9:45amET.
J.P. Morgan Market Intelligence is a product of the Institutional Equities Sales and Trading desk of J.P. Morgan Securities LLC and the intellectual property thereof. It is not a product of the Research Department and is intended for distribution to institutional and professional customers only and is not intended for retail customer use. It may not be reproduced, redistributed or transmitted, in whole or in part, without J.P. Morgan’s consent. Any unauthorized use is strictly prohibited.
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J.P. Morgan Early Look at the Market – Mon 10.16.17 - **PLEASE DO NOT FORWARD THIS DOCUMENT**

J.P. Morgan Early Look at the Market – Mon 10.16.17

SEC DISCLAMIER: PLEASE DO NOT FORWARD THIS DOCUMENT

Morning Levels

Trading Update

Top Headlines for Monday

Catalysts – big events to watch over the coming months

Full catalyst list

  • Wed Oct 18 – Fed speakers: Dudley, Kaplan.
  • Wed Oct 18 – US housing starts for Sept. 8:30amET.
  • Wed Oct 18 – US building permits for Sept. 8:30amET.
  • Wed Oct 18 – US Beige Book. 2pmET.
  • Wed Oct 18 – earnings before the open: ABT, Akzo Nobel, ASML, MTB, MTG, NTRS, Reckitt Benckiser, SVU, USB
  • Wed Oct 18 – earnings after the close: AA, AXP, BDN, BHE, BXS, CCI, CCK, EBAY, GHL, HXL, KALU, LLNW, SLG, SLM, STLD, TCBI, URI.
  • Thurs Oct 19 – China Q3 GDP and Sept retail sales, IP, and FAI (Wed night/Thurs morning)
  • Thurs Oct 19 – US Leading Index for Sept. 10amET.
  • Thurs Oct 19 – earnings before the open: ADS, BBT, BK, BX, DGX, DHR, DOV, GPC, KEY, Nestle, NUE, Pernod Ricard, Philips Lighting, PM, PPG, Publicis, RCI, Roche, SAP, SNA, SON, Thales, TRV, TSMC, TXT, Unilever, VZ, WBC, WGO.
  • Thurs Oct 19 – earnings after the close: ASB, ATHN, ETFC, ISRG, LHO, MXIM, NCR, PBCT, PFPT, PYPL, WDFC, WERN.
  • Fri Oct 20 – BOJ’s Kuroda speaks. 2:30amET.
  • Fri Oct 20 – US existing home sales for Sept. 10amET.
  • Fri Oct 20 – Yellen speaks to National Economists Club in Washington. 7:15pmET.
  • Fri Oct 20 – earnings before the open: Assa Abloy, BHGE, CFG, CLF, Daimler, DST, GE, GNTX, HON, InterContinental Hotels, KSU, MAN, PG, SLB, STI, SYF, TomTom, Volvo.
  • Mon Oct 23 – China Sept property prices (Sun night/Mon morning).
  • Mon Oct 23 – US Chicago Fed Activity Index for Sept. 8:30amET.
  • Mon Oct 23 – earnings before the open: HAL, HAS, ITW, KMB, LII, Philips, STT, STX, VFC
  • Mon Oct 23 – earnings after the close: ARNC, CR, JBT, OI, ZION.
  • Tues Oct 24 – Eurozone flash PMIs for Oct. 4amET.
  • Tues Oct 24 – ECB bank lending survey. 4amET.
  • Tues Oct 24 – US flash PMIs for Oct. 9:45amET.
  • Tues Oct 24 – earnings before the open: AMTD, Anglo American, BASF, BIIB, CAT, CLB, CNC, CVLT, ETR, Fiat Chrysler, FITB, GLW, GM, INFY, IPG, LLY, LMT, MAS, MCD, MMM, Novartis, PCAR, PHM, PNR, R, RF, SAH, SHW, SWK, UTX, WAT, WDR.
  • Tues Oct 24 – earnings after the close: AKAM, AMP, AXS, Canadian National Railway, CMG, COF, CYBE, DFS, ESRX, HLI, IRBT, IRM, MANH, NUVA, RGC, T, TSS, TXN.
  • Wed Oct 25 – US durable goods for Sept. 8:30amET.
  • Wed Oct 25 – US FHFA home price index for Aug. 9amET.
  • Wed Oct 25 – US new home sales for Sept. 10amET.
  • Wed Oct 25 – Bank of Canada rate decision. 10amET.
  • Wed Oct 25 – Brazilian rate decision (after the close).
  • Wed Oct 25 – earnings before the open: ALK, ALLY, ANTM, Antofagasta, AOS, APH, BA, BAX, BTU, Capgemini, Dassault Systemes, DPS, FCX, FLIR, Fresnillo, HBAN, Heineken, IP, IR, KO, LEA, LH, Lloyds Banking Group, NDAQ, NSC, NYCB, OC, Peugeot, SIRI, SLAB, TMO, TUP, V, WBA, WEC, WYN.
  • Wed Oct 25 – earnings after the close: ABX, ACGL, AFL, AMGN, CA, CLGX, DLR, FFIV, FNF, FTI, KIM, LSTR, MC, MLNX, NOW, NXPI, ORLY, PKG, PLXS, RJF, SSNC, TSCO, TYL, UNM, VAR, WCN, XLNX.
  • Thurs Oct 26 – Riksbank decision. 3:30amET.
  • Thurs Oct 26 – ECB rate decision. 7:45amET press release, 8:30amET press conf.
  • Thurs Oct 26 – US wholesale inventories for Sept. 8:30amET.
  • Thurs Oct 26 – US advance goods trade balance for Sept. 8:30amET.
  • Thurs Oct 26 – US pending home sales for Sept. 10amET.
  • Thurs Oct 26 – earnings before the open: ABB, ABX, Aixtron, ALLE, ALV, Anheuser Busch, APD, Bayer, BEN, BMS, BMY, BSX, BWA, CCMP, CELG, CHTR, CMCSA, CME, COP, Deutsche Bank, ENTG, EQT, EXLS, F, GNC, HLT, HSY, LUV, MMC, MKC, NEM, Nokia, OAK, ODFL, PX, Santander, Schneider Electric, SPGI, STM, TWTR, UNP, UPS, VC, VNTV, WM, XEL, XRX.
  • Thurs Oct 26 – earnings after the close: AIV, ATEN, CB, CDNS, CENX, CLS, EXPE, FLEX, FTNT, FTV, GILD, GOOG, HIG, INTC, LPLA, MAT, MSFT, NATI, PFG, PRO, SGEN, SIVB, SYK, VDSI, VRSN.
  • Fri Oct 27 – China Sept industrial profits (Thurs night/Fri morning).
  • Fri Oct 27 – US Q3 GDP, personal consumption, and core PCE for Q3. 8:30amET.
  • Fri Oct 27 – US Michigan Confidence numbers for Oct. 10amET.
  • Fri Oct 27 – earnings before the open: B, MRK, PSX, SC, TRU, Volkswagen, WY, XOM.
  • Mon Oct 30 – US personal income/spending and PCE for Sept. 8:30amET.
  • Mon Oct 30 – US Dallas Fed index for Oct. 10:30amET.
  • Mon Oct 30 – analyst meetings: CSX
  • Mon Oct 30 – earnings before the open: HSBC
  • Mon Oct 30 – earnings after the close: AVB, CGNX, RE, RTEC, VNO
  • Tues Oct 31 – BOJ rate decision (Mon night/Tues morning).
  • Tues Oct 31 – US Employment Cost Index for Q3. 8:30amET.
  • Tues Oct 31 – US Case-Shiller home price index for Aug. 9amET.
  • Tues Oct 31 – US Chicago PMI for Oct. 9:45amET.
  • Tues Oct 31 – US Conference Board Sentiment readings for Oct. 10amET.
  • Tues Oct 31 – earnings before the open: ADM, AET, Airbus, AMT, Barclays, BNP, CMI, ECL, FIS, GGP, K, MA, OSK, PFE, XYL.
  • Tues Oct 31 – earnings after the close: APC, CHRW, CXO, PLT, WFT, X
  • Wed Nov 1 – US ADP jobs report for Oct. 8:15amET.
  • Wed Nov 1 – US Markit Manufacturing PMI for Oct. 9:45amET.
  • Wed Nov 1 – US Manufacturing ISM for Oct. 10amET.
  • Wed Nov 1 – US construction spending report for Sept. 10amET.
  • Wed Nov 1 – US auto sales for Oct.
  • Wed Nov 1 – FOMC meeting decision. 2pmET.
  • Wed Nov 1 – earnings before the open: AGN, APO, CEVA, CLX, EL, GRMN, HFC, LFUS, Novo Nordisk, ORBK, Standard Chartered, TAP, TRI.
  • Wed Nov 1 – earnings after the close: ALL, BHF, BXP, CACI, CAVM, CSGS, EGOV, FB, LNC, MANT, MET, MUSA, OXY, PRU, QCOM, ULTI, XPO.
  • Thurs Nov 2 – BOE rate decision. 8amET.
  • Thurs Nov 2 – US nonfarm productivity and unit labor costs for Q3. 8:30amET.
  • Thurs Nov 2 – earnings before the open: ADP, AN, BCE, CI, Credit Suisse, DISCA, H, ICE, LDOS, Royal Dutch Shell, Sanofi, Swiss Re, WRK.
  • Thurs Nov 2 – earnings after the close: AAPL, AIG, ATVI, CBS, CRUS, FLR, HLF, JCOM, RMAX, SBUX, UNIT.
  • Fri Nov 3 – US jobs report for Oct. 8:30amET.
  • Fri Nov 3 – US trade balance for Sept. 8:30amET.
  • Fri Nov 3 – US factory orders and durable goods orders for Sept. 10amET.
  • Fri Nov 3 – US non-manufacturing ISM for Oct. 10amET.
  • Mon Nov 6 – Fed’s Dudley speaks at The Economist Club of New York.
  • Tues Nov 7 – RBA rate decision. Mon night/Tues morning.
  • Tues Nov 7 – US JOLTs jobs report for Sept. 10amET.
  • Tues Nov 7 – US consumer credit for Sept. 3pmET.
  • Thurs Nov 9 – US wholesale trade sales/inventories for Sept. 10amET.
  • Fri Nov 10 – US Michigan Confidence preliminary numbers for Nov. 10amET.
  • Tues Nov 14 – US PPI for Oct. 8:30amET.
  • Wed Nov 15 – US CPI for Oct. 8:30amET.
  • Wed Nov 15 – US Empire Manufacturing for Nov. 8:30amET.
  • Wed Nov 15 – US retail sales for Oct. 8:30amET.
  • Wed Nov 15 – US business inventories for Sept. 10amET.
  • Thurs Nov 16 – US import prices for Oct. 8:30amET.
  • Thurs Nov 16 – US industrial production for Oct. 9:15amET.
  • Thurs Nov 16 – US NAHB housing index for Nov. 10amET.
  • Fri Nov 17 – US housing starts and building permits for Oct. 8:30amET.
  • Mon Nov 20 – US Leading Index for Oct. 10amET.
  • Tues Nov 21 – US existing home sales for Oct. 10amET.
  • Wed Nov 22 – US durable goods for Oct. 8:30amET.
  • Wed Nov 22 – US final Michigan Confidence numbers for Nov. 10amET.
  • Wed Nov 22 – FOMC 11/1 meeting minutes. 2pmET.
  • Fri Nov 24 – US flash PMIs for Nov. 9:45amET.
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submitted by SIThereAndThere to wallstreetbets [link] [comments]

The Gainbitcoin Scam in India

There have been various bitcoin scams in India in the wake of demonetisation in 2016, such as MMM, Onecoin, Power Hashing etc. Gainbitcoin has been one of the largest bitcoin scams in India. Its owner Amit Bhardwaj was arrested in 2018 for duping investors of 300 million dollars. He recently got bail claiming medical reasons. Gainbitcoin, set up in 2015, claimed to be a cloud-mining company which would reward investors with shares of the newly generated bitcoins. Bhardwaj also set up a mine pool called GBMiners. After the 2016 demonetisation in India, investment to this company increased. However, Gainbitcoin was in essence a predatory multi-level marketing scheme or a pyramid scheme. Journalist Kyle Torpey has written about GBMiners, calling it a Ponzi scheme as well. The founder Bhardwaj, has been known to give contradictory information such as inflated graphs showing increase in investment. He denied any relation between Gainbitcoin and GBMiners, and did not reveal his connection to the former on any social media platforms as part of a supposed “PR Strategy.”
Reference: Promise and peril in the Indian bitcoin economy
submitted by meenakshi1995 to Bitcoin [link] [comments]

morning breakfast

U.S. stock futures are marginally lower as investors await official domestic GDP data and another batch of corporate earnings to wrap up the week. Economists surveyed by The Wall Street Journal estimate GDP rose at a 2.5% annual rate for the quarter, which would mark the economy’s strongest January-March performance in four years. In Europe, the Stoxx Europe 600 was 0.1% lower in morning trade, with most sectors and major bourses in the red. In Asia, China’s Shanghai Composite fell 1.2% and Japan’s Nikkei closed 0.2% lower.
Deutsche Bank profit surges but full-year revenue target cut
Deutsche Bank (NYSE:DB) reported stronger-than-expected Q1 net profit of €201M ($223M), up 67% from a year ago. But revenues fell 9% for the quarter to €6.35B, the ninth straight quarter of revenue contraction, and the bank says it expects full-year revenue to come in flat after previously targeting a slight increase. Income from buying and selling securities fell 19%, marking the investment banking division's weakest Q1 since the financial crisis. The results follow Deutsche Bank's failed merger talks with Commerzbank (OTCPK:CRZBF, OTCPK:CRZBY), leaving Europe’s once-dominant financial institution to find other ways to boost profitability and revenue.
Japan eyes possible GDP contraction as Q1 factory output declines
Japan's industrial output fell in Q1 at the fastest pace in nearly five years, suggesting the economy may post a mild contraction in the quarter. Industrial output for January-March slipped 2.6%, the biggest decline since Q2 2014, according to data from the Ministry of Economy, Trade and Industry. The sharp decline shows the extent of the damage caused by the U.S.-China trade war, but economists are optimistic that Japan's economy can rebound quickly, since global growth remains on relatively firm footing.
Chip stocks on watch after Intel slashes full-year guidance
Intel (NASDAQ:INTC) plunged after-hours after cutting its financial guidance for the full year and reporting its first decline in sales of data center chips in seven years. The company said it now expects 2019 earnings of $4.35 per share on revenues of $69B, below its previous forecast for $4.60 earnings per share on $71.5B in revenues. “We're taking a more cautious view of the year, although we expect market conditions to improve,” CEO Bob Swan said, also taking note of the "challenging NAND pricing environment." On watch: Micron (NASDAQ:MU), Nvidia (NASDAQ:NVDA), Texas Instruments (NASDAQ:TXN), Advanced Micro Devices (NASDAQ:AMD).
Amazon profit doubles; core Prime getting one-day shipping
Amazon (NASDAQ:AMZN) reported Q1 results that beat earnings per share estimates by a hefty $2.44 and met revenue estimates with 17% Y/Y growth. But sluggish retail sales overseas and a flat performance from Whole Foods weighed down revenue growth for a fourth straight quarter. Amazon’s operating margin climbed to 7.4% in the quarter as expenses rose 12.6%, the lowest percentage gain in at least a decade. Expenses likely will move higher, in part because Amazon said it will invest $800M to make one-day free shipping the new standard for core Prime members.
Musk, SEC again ask judge for more time to resolve contempt dispute
Elon Musk and the SEC are seeking more time to work out their dispute over whether the Tesla (NASDAQ:TSLA) CEO violated a court order restricting his Twitter use. In a filing late Thursday, Musk and an SEC counsel asked a U.S. District Judge to extend their deadline for presenting the court with an "agreement in principle" until April 30. The judge had already granted a one-week extension to continue negotiations after she ordered the two sides to resolve the SEC's request to have Musk held in contempt of court.
Facebook broke privacy laws by exposing user data, Canada says
Canada's privacy commissioner said he will take Facebook (NASDAQ:FB) to court after finding the company’s lax practices allowed personal information to be used for political purposes. The report said it uncovered major shortcomings in Facebook’s procedures and that the company had rebuffed the commissioners' findings and recommendations. The Canadian probe comes as Ireland’s privacy regulator said it is investigating Facebook over a recent revelation that it had left hundreds of millions of user passwords exposed.
Uber plans $44-$50 per share for IPO; PayPal to invest $500M
Uber (UBER) reportedly is aiming for an IPO valuation of as much as $90B, seeking to price its shares in the $44-$50 per share range and hoping to raise $8B-$10B. Uber is expected to make the price range public in a filing Friday morning, which The Wall Street Journal reports will also include news of a roughly $500M investment in Uber by PayPal (NASDAQ:PYPL). PayPal already partners with Uber on processing its fares.
Renault to propose merging with Nissan, reports say
Renault (OTCPK:RNLSY) reportedly will propose to automaking partner Nissan (OTCPK:NSANY) that the companies merge under a new holding company where shareholders of each company would receive a roughly 50% stake. Renault is said to be moving quickly in proposing the holding company structure due to its concerns about Nissan's deteriorating business results. Renault's new Chairman, Jean-Dominique Senard, reportedly believes the move would allow the companies to move past disputes over the shareholding imbalance - Nissan owns a 15% stake in Renault, but Renault holds 43.4% of Nissan - and allow them to focus on Nissan's business recovery.
Edison sued by Los Angeles County over wildfire damage
Los Angeles County is suing Southern California Edison and parent company Edison International (NYSE:EIX) to recover $100M in costs and damages from a wildfire that may have been sparked by one of the utility's wires. It's the latest lawsuit against SoCal Edison since a fire last November that burned more than 150 square miles, destroyed 1,643 buildings and killed three people. The official cause of the fire remains under investigation, but Edison has said an electrical outage before the fire may have been caused by a guy wire and a jumper wire making contact.
Goldman's 10 commodity trade ideas for the second half
Goldman Sachs (NYSE:GS) has introduced 10 commodity trades for a second half it thinks will be based on shorter-focus considerations. Among metals trades Goldman is pushing: Long gold and short silver, long copper and short zinc, long palladium and short platinum, long 62% vs. 58% iron ore premium. In agriculture, Goldman is urging to go long the S&P GSCI Agriculture and Livestock Index. And in energy, it recommends being long cal20 WTI-Dubai; shorting Q3 2019 TTF (European gas) spread to Nymex (U.S. gas) prices; and being long the Q2 2020/Q2 2021 heating oil crack box spread vs. Brent.
What else is happening...
3M (NYSE:MMM) knocks nearly 200 points off Dow following a dismal Q1.
Citron’s Andrew Left takes no position on Tesla (TSLA).
Berkshire’s (BRK.A, BRK.B) best use of cash may be buybacks.
New York AG to probe Facebook’s (FB) contact collection.
Thursday's Key Earnings Amazon (AMZN) +1% as profit doubles. Intel (INTC) -7.9% AH on 2019 guidance cut. Ford (NYSE:F) +7.7% PM after North America results shine. Starbucks (NASDAQ:SBUX) -0.5% PM on earnings beat. National Oilwell Varco (NYSE:NOV) -1.7% AH on Q1 earnings miss. Illumina (NASDAQ:ILMN) -4.4% AH despite Q1 beat, guidance raise. T-Mobile US (NASDAQ:TMUS) +1% AH on healthy Q1 subscriber additions, record financials. Cypress Semiconductor (NASDAQ:CY) +1.9% AH on beats, in-line guide. Juniper Networks (NYSE:JNPR) +0.5% after Q1 beat where sales, profits decline. Mattel (NASDAQ:MAT) +6.1% PM on slimmer loss. Seattle Genetics (NASDAQ:SGEN) -4.4% AH despite Q1 beat. GrubHub (NYSE:GRUB) +13.2% PM on Q1, diner metric beats. Proofpoint (NASDAQ:PFPT) -6.4% AH on downside FY profit outlook.
Today's Markets In Asia, Japan -0.22%. Hong Kong +0.19%. China -1.20%. India +0.97%. In Europe, at midday, London -0.26%. Paris flat. Frankfurt +0.09%. Futures at 6:20, Dow -0.13%. S&P -0.09%. Nasdaq +0.11%. Crude -1.86% to $64. Gold +0.25% to $1,282.90. Bitcoin -1.5% to $5380. Ten-year Treasury Yield -1.2bps to 2.522%.
Today's Economic Calendar 8:30 GDP Q1 10:00 Consumer Sentiment 1:00 PM Baker-Hughes Rig Count
submitted by upbstock to Optionmillionaires [link] [comments]

MMM Global Republic of Bitcoin

Anyone else concerned that "MMM Global Republic of Bitcoin" will leave a bad taste in peoples' mouth about bitcoin?
https://www.facebook.com/MMMGlobalRB
Some of my friends in South Africa are really into it. It is a rerun of a ponzi scheme run by Sergei Mavrodi in the 1990s. It was Russia's biggest Ponzai scheme, defrauding thousands of people out of billions.
https://en.wikipedia.org/wiki/MMM_(Ponzi_scheme_company)
Now Mavrodi's back. He's targeting people in South Africa, India, and globally. He's promising 30% to 100% MONTHLY returns. And he's using bitcoin. Coindesk just reported that Bobby Lee attributes the current bull run to MMM.
http://www.coindesk.com/bitcoin-price-breaks-260-to-hit-two-month-high/
My thoughts: thousands of people are getting sucked in. They are getting exposed to bitcoin. They will love it as long as MMM keeps running. Then the pyramid will collapse, they will loose everything, and possibly blame it on bitcoin. Your thoughts?
EDIT: I just blogged about MMM here:
https://letstalkbitcoin.com/blog/post/mmm-global-republic-of-bitcoin-cryptos-next-scandal
submitted by williamsuk to Bitcoin [link] [comments]

HOW TO CREATE A BITCOIN ACCOUNT AND PROVIDE HELP IN MMM WITH BITCOIN mmm india - YouTube 5 Places to Buy and Sell Bitcoins in India MMM GLOBAL 2 Myanmar BitCoin My payment - YouTube MMM INDIA mai Bitcoin address kaise banate hai

I am SANJAY ( BITCOIN ) 10+ GUIDER IN MMM INDIA, i am from NAVI MUMBAI,I AM PH 10,000/- INR ON 31/05/2020 AND 10% COMPLETED ON 30/06/2020 AND 90% LINK COMPLETED ON 05/07/202 AND GH date 5/07/2020 payment 13,000/- ON O5/05/20 AND I received TOTAL 13,000 inr on 07/07/20 i am very happy in mmm India in.long live MMM INDIA.IN THANKS ADMIN AND THANK SYSTEAM, 07/07/2020. Amit Singh 10 guider dausa ... Bitcoin. Home What is MMM ... You may register by filling in the form; Or you may ask MMM Guider to help you. The list of MMM Guider is below the form. It’s up to you. :-)) But you can choose only one option. Either the form or the list. :-)) Name *: (a nickname is possible) E-mail *: (for example: [email protected]) Select Country *: (for example, India) Mobile number *: (for example ... India SOCIAL FINANCIAL NETWORK. YouTube Twitter Skype. Calculator of happiness. What is Bitcoin and how to participate in MMM using bitcoins? It's more profitable, faster, and safer to provide help using bitcoins rather than traditional currencies. Watch the video about Bitcoin's key advantages and find out why it's beneficial to use it while participating in MMM. Bitcoin advantages. Bitcoin ... Bitcoin. en हिंदी ... Myself nawab ...i recieved 3000 INR as refund bonus.i am very glad to recieve it.long live mmm india.ne. Thank you. 30 Jul 2019. Hi everyone, myself Sumitesh Hota from Khariar, ODISHA, Participant of MMM. A great concept where i received HELP of INR 6000/- on 23rd of July. It was a great experience to work in MMM. I would like to continue this further also. 30 ... Am I allowed to add several bank accounts and bitcoin addresses? In MMM System you are allowed to add several bank accounts to your personal office. However, note that these bank accounts have to be registered in the name of only one person — you. That is, the accounts must have the same name and surname. In that case, if you add to your office accounts that are registered in the names of di

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HOW TO CREATE A BITCOIN ACCOUNT AND PROVIDE HELP IN MMM WITH BITCOIN

Raghuram Rajan's Comments on Bitcoins in India - Duration: 2:01. Zebpay Cryptocurrency Exchange 229,810 views. 2:01. Should You Trade Bitcoin Or Just Buy & Hold? - Duration: 16:40. ... Skip navigation Sign in. Search Alexander 亞歷山大 MMM GLOBAL2 BitCoin SERGEY MAVRODI; Videos; Playlists; Community; Channels; About This tutorial shows a step by step process of creating a bitcoin account and how you can use the bitcoin option to provide help in MMM Nigeria. How to use bitcoins in MMM & MPA Review by KudaOnline - Duration: 11:34. Kudakwashe Sape Tshuma 1,600 views. 11:34. How to buy Bitcoin in Coins.ph using BPI express online - Duration: 12:36. ...

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