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Wall Street execs get ready for a potential US debt default and the risk of a mortgage and stock market collapse.

GhostFi Media™ Issue #14

Crypto investing - because a crypto wallet is way cooler than a savings account!

- Crypto Boo

Welcome, crypto enthusiasts, to the Ghostfi™ Newsletter! We'll be your Dumbledore, guiding you through the wizarding world of cryptocurrencies.

First of all, please share this link with anyone you know who wants to learn about investing in the crypto space or who can use updated news to make better moves in the market: https://www.ghostfi.media/

Here’s what we have for you today:

  • Wall Street execs get ready for a potential US debt default and the risk of a mortgage and stock market collapse.

  • Binance strongly criticizes a Reuters report alleging the commingling of customer and company funds, calling it "desperate" in nature. 

  • Ledger Delays Plans for Controversial “Recover” Service, Announces Open-Source Roadmap

  • Elon Musk, the master of surprises, recently shared his words of caution for Dogecoin investors while revealing his deep affection for the beloved DOGE.

  • Rookies’ Corner

Last updated 5/25/2023

Wall Street execs get ready for a potential US debt default and the risk of a mortgage and stock market collapse.

Here we go again! 🎉 Wall Street executives, those guardians of financial stability, are apparently preparing themselves for the worst-case scenario as the US debt ceiling deadline looms overhead. Fun times! 😄

Washington DC, like a bunch of spoiled brats who don’t know what they’re doing.

Citigroup's chief executive, Jane Fraser, bless her heart ❤️, finds the ongoing partisan debate "more worrying" than all the previous debt ceiling dramas. The unwavering faith in our esteemed politicians is misplaced! 🙏

Treasury Secretary Janet Yellen, our very own prophet of doom ☠️, has warned that failure to raise the debt ceiling would send the country spiraling into an "economic calamity." She even graced us with the delightful projection that the government could run out of cash by June 1st. She paints a pretty picture indeed! 💸💥

According to Reuters, those big bond investors, in their infinite wisdom, are emphasizing the need for liquidity to withstand potential market volatility. How reassuring it is to know ‘they’ have everything under control! 🤔💼

The Securities Industry and Financial Markets Association (SIFMA), that illustrious trade group, is reportedly playing a game of speculation, envisioning various scenarios for the government's potential cash shortage. One such scenario involves the Treasury Department extending maturing securities by one day at a time. Geniuses! 💡

But wait, dear readers, Reuters warns us that the most disruptive scenario would be if the Treasury fails to offer extensions and, dare I say it, defaults on bonds. The Apocalypse? 😱

Rob Toomey, the wise managing director of SIFMA, with his calm and collected demeanor, assures us that they are merely developing a plan to help their members navigate through this potential disruption. Very comforting indeed! 🙌📋

Meanwhile, negotiations between House Republicans and the Biden Administration continue, though we have yet to discern how close they are to reaching a deal. The pressure of a deal! 😫🔥

The drama! The intrigue! Our impending doom! How fortunate we are to witness such thrilling times on Wall Street. Let’s hold our collective breath, cross our collective fingers, and watch how this saga unfolds! 🎭🍿

Binance strongly criticizes a Reuters report alleging the commingling of customer and company funds, calling it "desperate" in nature. 

Who do you trust? Binance, the epitome of transparency and integrity, is gracefully defending itself against that pesky Reuters report.

Patrick Hillmann, Binance's chief communications officer, took to Twitter toaddress the matter. Oh, he did not outright deny the claims, but he did assert that they keep user and corporate funds on completely separate ledgers. Bravo, Binance, for your impeccable bookkeeping skills! 📚💼

But of course, the plot thickens! Reuters had the audacity to publish a special report claiming that Binance commingled customer funds with company revenue. The report, based on unnamed "former insiders," alleged that billions of dollars were involved, with this "commingling" happening almost daily. The drama! 🎭

Of course, Reuters couldn't find any evidence of clients' funds being "lost or taken." Of course, they didn’t! They previously reported that Binance accessed and transferred funds belonging to Binance.US in a Silvergate account, but neither Binance nor Binance.US bothered to refute that claim. How mysterious! 🤔💰

Yes, the dreaded buzzword in the crypto sphere: "commingling." It's become quite the sensation since the fall of FTX, raising concerns about the widespread practice in the industry. Amazing revelations! 🌐💸

Binance itself faced allegations of fund mixing when a Bloomberg report unveiled their little mistake of keeping collateral and customer funds together. Oops! 🙊💼

Patrick Hillmann’s Twitter Tirade

But fear not, dear readers, Binance swiftly struck back! Patrick Hillmann, the mighty defender, called the Reuters report "weak" and full of "conspiracy theories." Oh, the nerve of those journalists! He even shared a five-paragraph Twitter tirade to express his displeasure. Bravo, Hillmann, for your eloquent defense! 👏🗣️

And just to spice things up, Hillmann accused Reuters of "xenophobia" for mentioning Binance founder Changpeng Zhao's ethnicity. How dare they! We must always note that he's been Canadian since the age of 12. Such important details! 🌍🇨🇦

In the end, Binance assured us that they have addressed the issue "on multiple occasions." Rest assured, dear readers, they keep their user and corporate funds separate, like true professionals. They even hinted at knowing the sources of Reuters. 🔎📰

Now we eagerly await the next chapter of this captivating saga. Will Reuters respond? Will Binance continue its crusade for justice? Stay tuned for more dramatic exchanges and thrilling accusations! 🍿💥

GhostFi’s™ Recommended Exchange

With all the US Exchanges under fire from the SEC, we recommend KuCoin

Ledger Delays Plans for Controversial “Recover” Service, Announces Open-Source Roadmap

What a thrilling turn of events we have here! Ledger, the epitome of transparency and trust, has graciously decided to delay its private key recovery service after facing some pesky backlash. Not expected! 🙄

Ledger CEO Pascal Gauthier, in his noble gesture, issued a public apology letter to ease our troubled hearts. How very considerate of him! They never meant to surprise us with their poor communication skills. Sounds like they’re pulling a Bud Light or a Target! 🎯

Let's not forget about Ledger Recover, the service that caused all the fuss. It's an upcoming paid subscription that promises to help users recover their crypto if they lose their device and paper-backup seed phrase. Sounds foolproof, right? They just break up your private key into encrypted "shards" and store them with multiple parties. What could possibly go wrong? 😬

But alas, critics emerged, claiming that Ledger could potentially snatch users' private keys with a malicious firmware update. The audacity! And to make matters worse, Ledger Support had the nerve to imply that we've always "trusted" them not to release such malicious code. Very reassuring! 🤥

In a delightful podcast episode, Gauthier revealed that Ledger's custodians might hand over your precious private key shards to the government if subpoenaed. The thrill of potential government involvement! What a delightful twist! 🕵️‍♂️💼

Fear not, dear users, for Ledger still plans to bless us with a "clarified version" of Ledger Recover. They assure us that this version will address all our concerns. They’ve seen the light and want to deploy a warm and fuzzy to everyone! 🤗

But wait, there's more of course! Ledger is embarking on an open-source roadmap because transparency is its middle name. They have already open-sourced their cryptography library, and soon, they will generously release the Ledger Recover whitepaper. How kind of them to allow us to audit their protocols and build our own backup providers.

Of course, Ledger can't fully open-source its firmware due to those pesky IP agreements with chip manufacturers. We wouldn't want hostile attackers to have a field day with our devices, would we? Safety first! 🔒

In conclusion, Ledger is committed to bringing us verifiability through open sourcing. Recent events have clearly emphasized the urgency of this noble initiative. How fortunate we are to witness such transparency in action! 🚀🔍

Elon Musk, the master of surprises, recently shared his words of caution for Dogecoin investors while revealing his deep affection for the beloved DOGE.

The fascinating world of cryptocurrencies and the enigmatic Elon Musk has been a rollercoaster ride! 🎢

In a riveting interview with WSJ, the genius behind Tesla shared his pearls of wisdom, cautioning people against investing their hard-earned money in the cryptocurrency market. Oh, nice to say that now!

But wait, let's not forget about the Clown Prince of digital assets - Dogecoin! Musk's undying love for this meme coin knows no bounds. Despite his wavering relationship with the crypto industry, he always finds time to shower DOGE with his blessings. What a true champion of humor and canine appreciation! 🐕🚀

The contradictions are crazy! Musk acknowledges the risks involved with cryptocurrencies and advises against betting the farm on Dogecoin. Yet, he can't resist proclaiming his fondness for it. After all, what's not to love about a digital asset that combines the best humor with adorable doggies? It's a match made in heaven!

It’s raining DOGE.

Musk even ponders the irony of a meme coin, created as the Pet Rock of crypto, becoming a global currency. Can you imagine a world where our financial systems are built on the foundation of a humorous internet sensation? What a delightful twist that would be! 😄💸

Of course, let's not overlook the profound impact Musk's words have on DOGE and other meme coins. The mere mention of his name sends the prices soaring and fuels the launch of new projects. It's truly remarkable how his influence can shape the crypto landscape. Absolute power! 🔥💪

But alas, even Musk's endorsement couldn't prevent DOGE from stumbling in response to his latest comments. The price briefly soared, only to come crashing back down. Such is the fickle nature of the meme coin world! 📉

The whimsical world of cryptocurrencies and the charming Elon Musk. What a joy it is to witness the drama and unpredictability unfold before our eyes. Buckle up, my friends, for the crypto rollercoaster ride is far from over! 🚀🌙

Rookies’ Corner

🛠 Learn something new 🛠

Here we will feature tools, ideas, apps, software, methods, etc. that will help newbies ramp up their knowledge in this space.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.TBA

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