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Nigeria Seeks Control of Banks Linked to Ex Central Banker - Bloomberg
by Gunnar Larson 26 Dec '23

26 Dec '23

https://www.bloomberg.com/news/articles/2023-12-23/nigeria-to-buy-banks-pur… Nigeria is seeking control of two banks that a probe initiated by President Bola Tinubu alleges were bought at a major discount by former Central Bank Governor Godwin Emefiele using proxies. “We have completed our investigation on this acquisition and we are on the verge of recovering these two banks for the Federal Government,” a report by a special investigator said.

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Elon Musk’s X, accused of withholding bonuses promised to staff, will have to face a court battle | CNN Business
by Gunnar Larson 26 Dec '23

26 Dec '23

https://www.cnn.com/2023/12/25/tech/x-bonus-lawsuit/index.html New York CNN — A federal judge has ruled that X, formerly Twitter, must face a lawsuit after staff accused the company of failing to pay bonuses promised to them. The judge on Friday denied X’s motion to dismiss the case. X stands accused of failing to pay out annual bonuses to staff after its October 2022 acquisition by billionaire Elon Musk – despite repeated assurances from executives in the lead-up to and following the deal that the company would do so, according to a lawsuit filed in June 2023 on behalf of employees. The lawsuit was filed in a San Francisco federal court by Mark Schobinger, who was a senior director of compensation at X until he left the company in May. The suit is seeking class action status for former and current X employees who did not receive their 2022 bonus.

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Goldman’s Painful 2023 Lesson on China Forces Rethink of Emerging Markets
by Gunnar Larson 26 Dec '23

26 Dec '23

Goldman’s Painful 2023 Lesson on China Forces Rethink of Emerging Markets https://www.bloomberg.com/news/articles/2023-12-26/goldman-s-painful-2023-l… Goldman Sachs Group Inc.’s head of global currency, rates and emerging-markets strategy says he’s learned two main lessons from one of the biggest — and most-common — bad calls of 2023: the bet on post-pandemic China’s reopening boom.

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How to Dispose of Christmas Trees, Lights and Other Holiday Staples
by Gunnar Larson 26 Dec '23

26 Dec '23

How to Dispose of Christmas Trees, Lights and Other Holiday Staples https://www.bloomberg.com/news/articles/2023-12-26/how-to-dispose-of-your-c… The holidays are a special time of joy and giving — and a special time for generating trash.

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How Were So Many Economists So Wrong About the Recession?
by Gunnar Larson 26 Dec '23

26 Dec '23

How Were So Many Economists So Wrong About the Recession? https://www.bloomberg.com/opinion/articles/2023-12-26/what-recession-how-so… Last year at this time, 85% of economists in one poll predicted a recession this year — and that was an optimistic take compared to the 100% probability of a recession forecast two months earlier. Meanwhile US Federal Reserve Chair Jerome Powell, drawing upon the work of his highly able staff, expressed fear in March that bringing down the rate of inflation would cost millions of American jobs.

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Ethiopia Fails to Pay Coupon, Becoming Latest African Defaulter - Bloomberg
by Gunnar Larson 26 Dec '23

26 Dec '23

https://www.bloomberg.com/news/articles/2023-12-25/ethiopia-fails-to-pay-co… Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday. The Horn of Africa nation had to pay a $33 million coupon on Dec. 11. The government didn’t want to make the payment because it “wants to treat all creditors in the same way,” Ahmed Shide, Ethiopia’s minister of finance said on state TV on Thursday. Hinjat Shamil, senior reform advisor at the Ministry of Finance confirmed Monday that the payment had not, and will not be paid. Ethiopia reached an agreement with bilateral creditors last month to suspend debt payments.

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The DOJ Took More than Two Years to Answer a FOIA on Its Criminal Division Head; Three Days Before Christmas 2023 We Got a Troubling Disclosure
by Gunnar Larson 26 Dec '23

26 Dec '23

https://wallstreetonparade.com/2023/12/the-doj-took-more-than-two-years-to-… The DOJ Took More than Two Years to Answer a FOIA on Its Criminal Division Head; Three Days Before Christmas 2023 We Got a Troubling Disclosure By Pam Martens and Russ Martens: December 26, 2023 ~ Kenneth A. Polite Kenneth Polite On July 20, 2021 the U.S. Senate voted 56-44 to confirm Kenneth Polite (pronounced Po-leet) to head the most powerful criminal law enforcement office in the United States, the Criminal Division of the U.S. Department of Justice. The vetting of this candidate immediately raised red flags at Wall Street On Parade. Despite Polite owing more than $1.5 million in debts according to his financial disclosure form and public mortgage records; paying over 18 percent interest on an outstanding balance on a credit card; 19.99 percent interest on a personal loan; and then accepting a job where his income was going to be slashed by approximately 77 percent – not one Senator on the Senate Judiciary Committee asked a single question about Polite’s unusual financial obligations during his confirmation hearing on May 26, 2021. In addition, Polite was coming from the law firm of Morgan, Lewis & Bochius, which had plenty of red flags itself. Polite was a partner there earning approximately $877,500 in 2020. His job at the Justice Department was to pay less than $200,000 annually. Morgan, Lewis has, for decades, provided legal representation to the Wall Street mega banks. Polite’s financial disclosure form revealed that JPMorgan Chase was one of his clients over the prior 12 months. JPMorgan Chase is a recidivist lawbreaker on Wall Street with an unprecedented five felony counts brought by the Justice Department and admitted to by the bank. Having a recidivist felon that is the largest bank in the United States as a recent client and then moving into the job as a potential prosecutor of that bank is not good optics, so Polite signed an Ethics Agreement (EA) that read in part: “he will be required to recuse from particular matters involving specific parties involving his former employer or former clients for a period of two years after he is appointed….” During the time that Polite was ostensibly recusing himself from matters involving JPMorgan Chase, the Attorney General of the U.S. Virgin Islands brought a civil case in federal court in Manhattan against JPMorgan Chase for “actively participating” in Jeffrey Epstein’s international sex-trafficking ring where Epstein and his wealthy pals were sexually assaulting underage girls. According to documents released in the lawsuit, the bank was alleged to have laundered more than $5 million in hard cash for Epstein over the span of a decade without filing the legally-required Suspicious Activity Reports with law enforcement. In addition, various employees of the bank were making visits to Epstein’s Manhattan mansion where sexual assaults of minors were alleged to have occurred. The Criminal Division of the Justice Department has yet to bring a criminal case against JPMorgan Chase for either willfully participating in and/or covering up Epstein’s crimes for more than a decade. (See our report: Former FBI Agent Prepared to Testify that JPMorgan Had Jeffrey Epstein Account for 28 Years – Not 15 Years – and “Impeded” Criminal Investigation of Epstein.) The number of red flags swirling about Polite’s vetting to become the top criminal cop in the United States and supervise a department of some 1400 prosecutors and staff, prompted Wall Street On Parade to file a Freedom of Information Act request for documents with the Office of Government Ethics (OGE) on July 26, 2021. We requested “all electronic correspondence from November 6, 2020 through July 20, 2021 that relates to the nomination or confirmation or vetting of Kenneth A. Polite for the position of Assistant Attorney General at the Criminal Division of the Department of Justice.” We received a response from OGE dated September 30, 2021, more than two months from the date of our inquiry. The cover letter said the OGE was “enclosing 96 pages of responsive records” subject to various redactions. The 96 records were anything but responsive. Most of the 96 pages were simply clerical emails between staff members that shed zero light on how all of the red flags on Polite’s financial disclosure form and work history had been ignored. The relevant documents, it turns out, were withheld and sent over to the Justice Department for more stalling. The OGE cover letter explained as follows: “In searching for responsive records, OGE located 58 (some partial) pages of records that originated at the Department of Justice. We are therefore sending these responsive materials, along with a copy of your request, to the Department of Justice…We are asking the Department of Justice to review the material and respond directly to you.” This past Friday, December 22, 2023 – more than two years after we first filed our FOIA, the Justice Department finally got around to looking at those 58 documents and sent us only a portion of those, with heavy redactions. One electronic document did, however, raise more deeply troubling concerns about how candidates for the U.S. Department of Justice are vetted. The email was from Cynthia (Cindy) K. Shaw, the Director of the Departmental Ethics Office at the Justice Department. Shaw noted in a previous email that she would be the “reviewer” working with the OGE in the vetting of Polite. But in this email dated April 14, 2021, Shaw appears to be seeking the opinion of the man being vetted as to whether her suggested wording of his Ethics Agreement might raise questions. (See document below. Redactions were made by the DOJ.) Internal DOJ Email Related to Kenneth Polite Is it the legitimate job of an ethics reviewer to make sure no questions are raised by others? After being put in charge of the Criminal Division under an understanding that he would recuse himself for two years in matters involving his prior clients at Morgan, Lewis & Bochius, Polite ended up resigning his position at the Criminal Division of the Department of Justice after just two years and two months in the job. Polite headed for another big paycheck at corporate law firm Sidley Austin, where he is the “global co-leader of Sidley’s White Collar Defense and Investigations practice.” Polite, like so many before him, has gone from head honcho in the top federal division mandated to root out and prosecute criminals to dramatically elevating his income by defending corporate executives against government-alleged crimes. There is now no Senate-confirmed head of the Criminal Division of the DOJ. The woman Polite hired in May of 2022 to be his Chief of Staff, Nicole Argentieri, has stepped into the role of acting head of the Criminal Division. Immediately prior to joining the Justice Department, Argentieri had been a partner in the White Collar Defense & Corporate Investigations department at corporate law firm O’Melveny & Myers.

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So, You Thought Your Arbitration Agreement Was Bulletproof: Beware Of Traps That Can Render Arbitration Agreements Unenforceable - Arbitration & Dispute Resolution - United States
by Gunnar Larson 26 Dec '23

26 Dec '23

United States: So, You Thought Your Arbitration Agreement Was Bulletproof: Beware Of Traps That Can Render Arbitration Agreements Unenforceable: https://www.mondaq.com/unitedstates/arbitration--dispute-resolution/1403716… 21 December 2023 by Douglas Lang Thompson Coburn LLP In a recent federal court case, Baker Hughes v. Dynamic Industries, the court decided even though the parties agreed to arbitrate, the agreement was unenforceable because the arbitration agency was "abolished." In that case, the U.S. District Court for the Eastern District of Louisiana denied a motion to compel arbitration where the Dubai-based arbitration agency designated to administer it no longer existed. However, the record showed when Dubai decreed the designated agency was "abolished," it transferred the assets, rights, and obligations of the dissolved agency to another Dubai entity. Also, the language of the transfer stated "DIFC-LCIA arbitration agreements entered into before the effective date of [the decree] are deemed valid." The plaintiff refused to arbitrate because the designated forum no longer exists. The Court agreed the arbitration agreement was unenforceable, citing several prior Fifth Circuit decisions including one where the court refused to enforce an arbitration agreement because the forum no longer administered the type of claim involved. Also, the court relied on a case in which a court refused to compel arbitration where one party sought to hold the arbitration in Mississippi because the agreed upon Iranian forum was deemed unsafe for the litigants. Specifically, in this Baker Hughes case, the Court concluded arbitration would not be compelled because whatever similarity the original agency DIAC may have with the new agency DIFC LCIA, "it is not the same forum in which the parties agreed to arbitrate." The case is likely to be appealed to the Fifth Circuit. Points to consider regarding the decision The ruling appears to be in conflict with the "liberal federal policy favoring arbitration" cited in AT&T Mobility LLC v. Concepcion. The ruling did not expressly consider the federal court's authority to appoint arbitrators under the Federal Arbitration Act. Also, the court did not consider whether it was important that the rules of arbitration for the dissolved forum, the rules of the London Court of Arbitration, were likely preserved when Dubai transferred to the DIAC, "the assets, rights and obligations" of the DIFC LCIA and the transfer decree stated "DIFC-LCIA arbitration agreements entered into before the effective date of [the decree] are deemed valid." The court did not expressly consider the location of the forum remained in Dubai. Lessons for drafting One should consider at least the following: Expressly state in the arbitration clause that should the designated arbitration agency no longer exist when arbitration is to be compelled, the court shall exercise its authority to appoint arbitrators "if for any ... reason" arbitrators are not otherwise appointed to serve, as outlined intheFederal Arbitration Act (9 U.S.C. § 5). Expressly state that if the location designated for the arbitration cannot be used, another designated location is identified.

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Radical Changes In Interlocutory Proceedings In Cyprus - Court Procedure - Cyprus
by Gunnar Larson 26 Dec '23

26 Dec '23

Cyprus: Radical Changes In Interlocutory Proceedings In Cyprus 22 December 2023 by Christiana Pyrkotou <https://www.mondaq.com/home/redirect/1209506?mode=author&article_id=1404504…> and Aimilia Efstathiou <https://www.mondaq.com/home/redirect/1680448?mode=author&article_id=1404504…> Elias Neocleous & Co LLC Your LinkedIn Connections <https://www.mondaq.com/Home/LinkedinReferal/1078?lcompany=17974723&author_i…> with the authors [image: View Christiana Pyrkotou Biography on their website] <https://www.mondaq.com/home/redirect/1209506?mode=author&article_id=1404504…> Article 32 of the Courts of Justice Law, L. 14/1960, which governs the jurisdiction of civil Courts to issue interlocutory orders, has been recently amended by the L. 114(Ι)/2023, introducing radical changes in this field. In essence, the recent amendments have notably widened the jurisdiction of the Courts to issue interlocutory orders. According to the amending law, the Courts have jurisdiction to hear an application for interlocutory proceedings any time, including the time before the filing of the claim or following the issuance of a judgment in relation to judicial or arbitral proceedings that took place, are taking place, or are going to take place, within or out of the jurisdiction. Furthermore, as far as it concerns the power of the Court to grant interlocutory orders in aid of judicial or arbitral proceedings, the Court has jurisdiction where the respondent is within the jurisdiction, or the property that constitutes the subject matter of the remedy sought is located within the jurisdiction, or where there is such a link with Cyprus rendering the court appropriate to hear and decide the interlocutory application. Before the amendment of the law, the advancement of an application seeking interlocutory proceedings was not possible in the absence of an underlying claim. There has been established case law providing that an application for interlocutory order is filed where there is an actionable right for remedy and that an interim order does not constitute by itself an actionable right. An interlocutory order is ancillary to a substantial claim that is advanced within the context of an action according to the old English decision in *T**he* *Siskina*1 . In *The Siskina* it was stressed that the right to an interlocutory order does not constitute a standalone actionable right, it is not a free-standing right and, as such, it depends on an existing actionable right. At this point it is noted that the approach taken in *The Siskina* has been eroded by legislative amendments in the UK. Similarly, in Cyprus the latest amendment of the Courts of Justice law constitutes a legislative departure from the previous approach, something that is also illustrated in Part 25 of the new civil procedure rules providing that applications for interlocutory orders may be filed, under certain circumstances, before the filing of a claim or after the issuance of the judgment. Additionally, before the latest amendment, it was not possible to obtain an interlocutory order in aid of judicial proceedings pending abroad (apart from the EU) in the absence of a bilateral or a multilateral convention. The possibility to issue an interlocutory order in aid of arbitration proceedings, though, was already available in Cyprus legal system under article 9 of the International Arbitration Law, L.101/1987.2 Despite the fact that the discretion of the Cyprus Courts to issue interlocutory injunctions was wide even before this amendment, the Courts have repeatedly stated that this discretion is exercised within the limits prescribed by the law and, thus, in the absence of a statutory provision, the possibility to issue interlocutory orders in aid of judicial proceedings was limited only in aid of proceedings pending before the Courts of the member states of the European Union pursuant to article 35 of the EU Regulation 1215/2012, as well as in instances where the Republic of Cyprus has entered into an international convention for judicial assistance in this respect.3 In all other instances of foreign judicial proceedings, the Cypriot Courts' approach was that there was no jurisdiction to issue interlocutory orders. Considering the range of the recent amendments, the green light has been given to advance such interlocutory applications at any time and in aid of judicial proceedings wherever these are taking place (provided of course that all statutory elements are met). It could be said that the recent amendments of the Courts of Justice Law aim to modernize the legal system of Cyprus providing further flexibility considering not only the developments of the common law case law, but also the societal changes, such as the ease and speed with which money and other financial assets can be moved around the world, the globalisation of commerce and economic activity and consequent growth of litigation and arbitration with international dimensions as well as the growth and use of offshore companies.4 Having said that, it remains to be seen how the Cyprus Courts will approach the newly added legislative possibilities and whether the pre-existing case law will set boundaries in further developments. Footnotes 1 The Siskina [1979] AC 210 2 Attorney General of the Republic of Kenya ν. Bank Fur Arbeit and Wirtschaft A.G. (1999) 1 C.L.R. 585, Commerzbank Auslandbanken Holding A.G. a.o. ν. Adeona Holdings Ltd, Civil Appeal no. Ε6/2014, 27.2.2015. 3 Volodimir Spilnichenko ν. ANGILERI INVESTMAENTS LTD a.o., Action no. 5652/15, 31/3/2017, CLOSED JOINT-STOCK INVESTMENT COMPANY FINANSOVY DOM ν. UFS CAPITAL LIMITED a.o., Action no. 4480/15, 19/5/2016 4 Broad Idea International Ltd (Respondent) v Convoy Collateral Ltd (Appellant) (British Virgin Islands) [2021] UKPC 24. ----- https://www.mondaq.com/cyprus/court-procedure/1404504/radical-changes-in-in…

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Fwd: Merry Christmas, Elon wrong on crypto, Sam Altman psychoanalyzed, George Michael & Wham! top the charts, Narcro Su…
by Gunnar Larson 26 Dec '23

26 Dec '23

One of the best Christmas newsletters I have ever read. ---------- Forwarded message --------- From: The Cryptonite Weekly Rap <cryptoniteventures(a)substack.com> Date: Mon, Dec 25, 2023, 8:24 PM Subject: Merry Christmas, Elon wrong on crypto, Sam Altman psychoanalyzed, George Michael & Wham! top the charts, Narcro Su… To: <g(a)xny.io> Peace on Earth and goodwill toward all Merry Christmas and blessed holidays to you🎅🏽🙏🏼. Not being one to get caught up in the commercial side of Christmas, I relish the quiet of the end-of-the-year break and try to use it as a time to stand above all the noise and re-assess the ‘noble cause.’ One data point I discovered when responding to Marc Andreessen’s ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Forwarded this email? Subscribe here <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXM…> for more <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXM…> Merry Christmas, Elon wrong on crypto, Sam Altman psychoanalyzed, George Michael & Wham! top the charts, Narcro Subs cruise the Amazon, and more tidbits... <https://substack.com/app-link/post?publication_id=1665481&post_id=140040482…> The Cryptonite Weekly Rap <https://substack.com/@cryptoniteventures> and Anthony Perkins <https://substack.com/redirect/f48b75af-5b4b-47f9-b524-8687559fb213?j=eyJ1Ij…> Dec 26 <https://substack.com/@cryptoniteventures> <https://substack.com/redirect/f48b75af-5b4b-47f9-b524-8687559fb213?j=eyJ1Ij…> <https://substack.com/app-link/post?publication_id=1665481&post_id=140040482…> <https://substack.com/app-link/post?publication_id=1665481&post_id=140040482…> <https://substack.com/app-link/post?publication_id=1665481&post_id=140040482…> <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXM…> READ IN APP <https://open.substack.com/pub/cryptoniteventures/p/merry-christmas?utm_sour…> <https://substack.com/redirect/cb3fbd16-bac7-406f-aac4-e220c84bd00d?j=eyJ1Ij…>Peace on Earth and goodwill toward all Merry Christmas and blessed holidays to you🎅🏽🙏🏼. Not being one to get caught up in the commercial side of Christmas, I relish the quiet of the end-of-the-year break and try to use it as a time to stand above all the noise and re-assess the ‘noble cause.’ One data point I discovered when responding to Marc Andreessen’s *The Techno-Optimist Manifesto *last month is the fact that the poverty rate dropped most dramatically right alongside the development of the World Wide Web and commercialization of the Internet, and it turned out not to be a coincidence. It is called the benefits of increased transaction velocity. [image: AI—Good or bad? Marc Andreessen has an opinion on that and a few other things] <https://substack.com/redirect/0adc0d8f-e67b-427a-a338-3ad4bd79e2ba?j=eyJ1Ij…> AI—Good or bad? Marc Andreessen has an opinion on that and a few other things <https://substack.com/redirect/0adc0d8f-e67b-427a-a338-3ad4bd79e2ba?j=eyJ1Ij…> The Cryptonite Weekly Rap <https://substack.com/profile/146561965-the-cryptonite-weekly-rap> and Anthony Perkins <https://substack.com/redirect/fe83a38e-e599-4731-92b4-f8edae815774?j=eyJ1Ij…> · Oct 19 Read full story <https://substack.com/redirect/0adc0d8f-e67b-427a-a338-3ad4bd79e2ba?j=eyJ1Ij…> <https://substack.com/redirect/f7b9185c-ba7e-40db-bc26-4c57bcd7d327?j=eyJ1Ij…> *The World Wide Web (WWW) was developed by Tim Berners-Lee at CERN, Switzerland, in 1989 <https://substack.com/redirect/f0f55494-c6bc-4902-8b80-19ef29c1e360?j=eyJ1Ij…>, which marked the beginning of a huge downward spike in the global poverty rate.* For those of us who rode bustin’ broncos during the Web1 and Web2 rodeos, this is something to feel good about. It was a noble cause, and we didn’t even know it ;) Speaking of increasing the velocity of transactions, the 260 million Chinese participating in the pilot program for the most successful government-backed digital currency on the planet—the CCP’s e-CNY—are doing just swimmingly using the e-CNY as a payment source for over 200 designated services. It is beyond words why the US is so crypto tone-deaf, and this subject has not been a subject of the US Presidential debates. I sincerely hope South America takes off and lights a fire under our ass. *"Right now, the balance of e-CNY is tiny, but this small balance supported a big number of transactions, which means that the velocity of digital currencies is significantly higher and more efficient than fiat by orders of magnitude.’ * *—Yi Gang, Governor of the Peoples Bank of China* [image: The Bitcoin founders did it, and China's doing it. Where is the USD global digital currency?] <https://substack.com/redirect/a172cdc2-653b-4b17-9632-c62a59eac205?j=eyJ1Ij…> The Bitcoin founders did it, and China's doing it. Where is the USD global digital currency? <https://substack.com/redirect/a172cdc2-653b-4b17-9632-c62a59eac205?j=eyJ1Ij…> Anthony Perkins <https://substack.com/redirect/fe83a38e-e599-4731-92b4-f8edae815774?j=eyJ1Ij…> · Aug 7 Read full story <https://substack.com/redirect/a172cdc2-653b-4b17-9632-c62a59eac205?j=eyJ1Ij…> The CCP's digital currency success so far does help prove the promise of Web3. At a minimum, we can continue to step up transaction velocity and drive the poverty rate into the ground—basically eliminate world hunger. We have no doubt we will accomplish this. Our further fantasy is for individuals to be able to buy groceries and supplies for validated single mothers and others in need on a direct giver-to-receiver blockchain dApp, that offers transparency and traceability, and issues givers a token to easily deduct donations on their tax returns. Now, that is a noble cause! [image: What question would you ask the US Presidential candidates in 2024?] <https://substack.com/redirect/9d9e69a2-dbe4-4ee6-8b98-0ac6c6b4a405?j=eyJ1Ij…> What question would you ask the US Presidential candidates in 2024? <https://substack.com/redirect/9d9e69a2-dbe4-4ee6-8b98-0ac6c6b4a405?j=eyJ1Ij…> The Cryptonite Weekly Rap <https://substack.com/profile/146561965-the-cryptonite-weekly-rap> · Oct 11 Read full story <https://substack.com/redirect/9d9e69a2-dbe4-4ee6-8b98-0ac6c6b4a405?j=eyJ1Ij…> ------------------------------ At Cryptonite, our noble cause is to do our best to chronicle the entrepreneurs and enterprises driving Web3, as well as Greentech and the Life Sciences. In 2024, we plan to support the *Weekly Rap* with a web and mobile app-based *Daily Rap *and start producing insider interviews and *Founder Pitches* on our *Cryptonite Live!* webcasts. We are also set to introduce AI-enhanced indexes with proprietary analytics for private companies, altcoins, and VCs. <https://substack.com/redirect/0e2317ef-9334-4b8d-a0fc-5e8fa582fee3?j=eyJ1Ij…> *British humor.* As always, we will live by the editorial approach that presumes reader intelligence, strives to speak simply and to the point, and be upfront about our worldview. And, like the old *Red Herring* and the 180-year-old *Economist <https://substack.com/redirect/42e2597a-c3b5-4b48-b9e2-d3ee15aace77?j=eyJ1Ij…>* magazine, we will win trust by being straight up, doing our homework, and driven by critical thinking. Media brands today are shallow sycophants to the fashionably elite and try to hide their biases, which is why they are now rapidly losing trust and failing. Cryptonite is also about the American dream, which is simply supporting the freedom of an individual to be whomever they wish to be as long as they respect others—and believe this dream is our country’s greatest advantage. This is why one in five potential migrants—about 158 million adults worldwide <https://substack.com/redirect/5dc54fd1-a21a-49a6-89d4-9f4bf258c06c?j=eyJ1Ij…>—name the US as their desired future residence. This is not something to fear; this is a great compliment! <https://substack.com/redirect/091ff002-0a06-431d-9f43-04595a04f035?j=eyJ1Ij…> Cryptonite is also about the American dream, which is simply supporting the freedom of an individual to be whomever they wish to be as long as they respect others—and believe this dream is our country’s greatest advantage. This is why one in five potential migrants—about 158 million adults worldwide <https://substack.com/redirect/5dc54fd1-a21a-49a6-89d4-9f4bf258c06c?j=eyJ1Ij…>—name the US as their desired future residence. This is not something to fear; this is a great compliment! But in America, we know in our hearts we are not living up to this dream. The social network and corporate media honchos and politicians have chopped us up into little groups of shallow stereotypes and successfully pitted us against each other for their own survival (so they fantasize). Part of our noble cause is to try to help bring people back together around the American dream to live and let live. To achieve this, Cryptonite promises to never utter political labels or partisan talking points. We will focus on innovation and its impact and opportunities. We will stick to facts-based journalism and well-reasoned opinions. Our nature is to challenge convention, spark debate, and teach but also learn. It’s an honest job if we do it right—and the kind of duty the world needs right now to keep the powers that be honest and at bay. This month marks our 6th month of publishing, and as noted, we have big plans ahead. If you are feeling generous this Holiday Season, we would appreciate your support by becoming a paid member of our community below. We like to keep most of our content free, as we calculate we are gaining 30 to 50 new young subscribers a day. But we do aspire to grow in 2024 and bring on more talent to serve you better, and that will require new investments. We thank you for every time you land on one of our pages and look forward to being with you on the brilliant journey in store for us in 2024 and beyond. *—Anthony Perkins, founder & editor, Cryptonite, Christmas Day 2023* Cryptonite Weekly Rap’s paid members gain access to company and investor lists and analytics and enjoy invitations to private events and global summits. 💪🏼😎 Upgrade to paid <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXM…> Pay for annual subscription with Crypto! <https://substack.com/redirect/be6807b0-d6c1-4073-90e4-cff656208965?j=eyJ1Ij…> George Michael & Wham! top Christmas song chart for 2023 The late George Michael and Wham!’ Christmas tune, Last Christmas, is the No 1 this season, 39 years after the song was written. The hit was streamed 13.3 million times this week and was helped along by special vinyl and CD editions. The song’s official YouTube video <https://substack.com/redirect/0cda9ee8-0a9c-44a7-8e52-3795b0e137af?j=eyJ1Ij…>has over 862 million views. <https://substack.com/redirect/6c7ed94a-c378-4ddc-9529-9d1244ff2f4f?j=eyJ1Ij…> *“George would be beside himself that we’ve finally obtained a No. 1 Christmas song. George said he wrote Last Christmas <https://substack.com/redirect/0cda9ee8-0a9c-44a7-8e52-3795b0e137af?j=eyJ1Ij…> with the intention of it being the No 1. Christmas song in 1984, and it was a huge disappointment to us both when it didn’t reach No. 1 in 1984. Over recent years, it seems it’s become part of the fabric of Christmas for a lot of people, and so here we are in 2023—Mission accomplished!”* *—Wham! ’s Andrew Ridgeley* *Last Christmas <https://substack.com/redirect/0cda9ee8-0a9c-44a7-8e52-3795b0e137af?j=eyJ1Ij…> *was denied the festive top spot back in 1984 by the release that same year of Band-Aid’s Christmas song, *Do They Know It’s Christmas?,* which also featured George Michael. We prefer the latter song of the two and posted it below—How many 1980s icons in the music video can you recognize? (Hints—Bono, Sting, Boy George, Phil on the drums…). Did you know? (*Overheard on the streets of the global Silicon Valley. Got any hot insider tips? Email us editor(a)cryptoniteventures.com <editor(a)cryptoniteventures.com>*) Billionaire Boys & Girls Club The *Washington Post* has written a longer gossipy piece about OpenAI’s Sam Altman’s rise within a cabal of Silicon Valley top investors, including his mentors: Peter Theil, Vinod Khosla, and Y-Combinator founder Paul Graham. Typical of an article of this nature, the Post’s authors also play a game of ‘palm journalism’ in the absence of critical analysis or conclusion. On the one hand, Sam is positioned as the ‘strategy genius’ who sees trillion-dollar opportunities before everyone. Yet, on the other hand, he is an aloof, manipulative, and sometimes revengeful manager. Our observation (we have yet to meet the man) is Sam Altman has proven himself as a modestly successful entrepreneur (he made $5M for selling his first company, Loopt, for $43M, after raising $21M in VC) to a successful connector and early-stage investor as the young President of Y-Combinator <https://substack.com/redirect/e6d30f1c-0c09-4c4e-a45f-5d1a9a212a9b?j=eyJ1Ij…>. Still, it is way too early to claim victory at OpenAI. <https://substack.com/redirect/f9946570-5ecb-4a39-9609-11fc1b8824bd?j=eyJ1Ij…> *An analogy to where the AI business is today. Steve Jobs and Steve Wozniak only made 200 Apple-Is back in 1976 and sold them for $666.66.. <https://substack.com/redirect/4aa3b357-c147-4f65-8cd9-279eea3aa3f7?j=eyJ1Ij…> This one was sold for $400,000 at an auction in 2021.* Despite our respect for the genius and success of Sam’s three mentors, we see several red flags in Mr. Altman’s story that cause some pause. First, Sam showed a lack of savvy by structuring OpenAI to report to a non-profit board, which was clearly a flawed and unworkable idea from the beginning and ironically led to his temporary ouster. [image: OpenAI's Sam Altman out—maybe] <https://substack.com/redirect/8549afb5-6afd-4969-ad45-d3cbe7486701?j=eyJ1Ij…> OpenAI's Sam Altman out—maybe <https://substack.com/redirect/8549afb5-6afd-4969-ad45-d3cbe7486701?j=eyJ1Ij…> Anthony Perkins <https://substack.com/redirect/fe83a38e-e599-4731-92b4-f8edae815774?j=eyJ1Ij…> · Nov 19 Read full story <https://substack.com/redirect/8549afb5-6afd-4969-ad45-d3cbe7486701?j=eyJ1Ij…> Second, Sam is said to operate ‘more as an investor, rather than a CEO.’ This is a problem because investors are always looking for the next deal, whereby CEOs must maniacally focus on their company’s handful of top risks and solve them. Two completely different mentalities. And finally, as an extension of the last point, Sam seems scattered literally all over the map, while his only real job of claiming the generative AI throne is very far from achieved. OpenAI is living in a highly competitive, overheated marketplace that is very competitive. Using ChatGPT today is like playing Pong on an Apple I with a wooden keyboard back in 1976—It was insanely cool then but still a $666.66 toy. Sam still has a huge mountain to climb. [image: Top AI & ML private companies nominated to the Cryptonite 300 competition for 2024] <https://substack.com/redirect/e3d10c62-eef3-454f-833d-febdf97a6dd3?j=eyJ1Ij…> Top AI & ML private companies nominated to the Cryptonite 300 competition for 2024 <https://substack.com/redirect/e3d10c62-eef3-454f-833d-febdf97a6dd3?j=eyJ1Ij…> The Cryptonite Weekly Rap <https://substack.com/profile/146561965-the-cryptonite-weekly-rap> · Nov 4 Read full story <https://substack.com/redirect/e3d10c62-eef3-454f-833d-febdf97a6dd3?j=eyJ1Ij…> Sam is literally scattered all over the map trying to create a Worldcoin, hop-scotching the Middle East seeking money to build AI chips, a giganticly expensive endeavor, and schmoozing politicians. Sam demonstrates a clear sense of urgency about OpenAI’s ‘ever-expanding capabilities to make huge profits,’ yet he lacks the Steve Jobs-like focus. Sam posted this advice to entrepreneurs back in 2019, ‘You also want to be an exponential curve yourself - you should aim for your life to follow an ever-increasing up-and-to-the-right trajectory.’ That sounds lovely, but the law of physics also states that given today's technology, if you are flying much faster than Mach 3, your aircraft is likely to blow up in mid-air. [image: Sam Altman's plan for Worldcoin domination] <https://substack.com/redirect/b08b7c22-294f-4fdf-a61c-866ca891e7b2?j=eyJ1Ij…> Sam Altman's plan for Worldcoin domination <https://substack.com/redirect/b08b7c22-294f-4fdf-a61c-866ca891e7b2?j=eyJ1Ij…> Anthony Perkins <https://substack.com/redirect/fe83a38e-e599-4731-92b4-f8edae815774?j=eyJ1Ij…> · Jun 16 Read full story <https://substack.com/redirect/b08b7c22-294f-4fdf-a61c-866ca891e7b2?j=eyJ1Ij…> UnSocial Networking In an interview on X last Thursday, Elon told ARK Invest Boss Lady and Tesla bull Cathie Wood he wants to grow X by turning it into a ‘giant brain’ and adding financial services to the platform. Elon has the AI pedigree to build the brain, but is he right enough about where payment services are trending to pull from the financial services platform? *“‘I don’t spend a lot of time thinking about cryptocurrency—hardly any at all. I have thought for a long time about money and the nature of money, and it’s really a database for resource allocation. Fiat currency is actually fine as a database for resource allocation, provided that it’s rules-based and there’s not much abuse from the government. You want to minimize noise, minimize latency, and minimize packet loss. Inflation adds noise to the system.”* *—Elon’s response when he was asked about Bitcoin* We have no doubt that in spite of losing nearly half its value since Elon bought the network, he and X Boss Lady Linda Yaccarino will diversify and grow X’s paid services business and get back into growth mode. Most of the loss in X’s value had to do with being overvalued in the first place by bot traffic and an industry-wide advertising slump. >From the very beginning, Elon always said he wanted to be the WeChat of the West. [WeChat is a Chinese social network app that combines instant messaging and mobile payments developed by Tencent with 1.3 billion users vs. *X* at 556 million.] Twitter has primarily operated as a one-trick pony with a group chat supported by advertising. <https://substack.com/redirect/b8832c86-89ce-4d31-af22-142437b6c815?j=eyJ1Ij…> *The Facebook/Whatsapp/Instagram cabal still dominates social.* Elon's weak position on Bitcoin and his resolve to trust Fiat currencies are definitely anti-trends. If Elon wants to be a payments platform, we suggest <https://substack.com/redirect/8333c04b-2302-45c6-b2ee-4195269b3ef9?j=eyJ1Ij…>

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