Celebrities and cryptocurrencies

by

Embed from Getty Images

What do Paris Hilton, Floyd Mayweather, DJ Khaled, Donald Glover, Snoop Dogg, Drew Carey, Mel B, Gwyneth Paltrow, Ashton Kutcher, Jamie Foxx, and Wu-Tang Clan’s Ghostface Killah have in common?

Cryptocurrencies, of course.

Celebrities are lining up to add their name and support to initial coin offerings (ICOs) — similar to IPOs except the risk is decidedly greater as it’s based on unregulated bitcoin-like technology but the potential payout is sizable.

What is bitcoin? It’s complicated but essentially, it’s virtual money that’s not backed by any government meaning it’s anonymous, untraceable, and almost un-hackable thanks to blockchain technology.

The Guardian’s Alex Hern and The Merkle’s JP Buntinx provide insight into celebrity cryptocurrency endorsement deals and the legal/proverbial slippery slope.

And by slippery slope, I mean the warning issued by the Securities and Exchange Commission (SEC):

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion. We encourage investors to research potential investments rather than rely on paid endorsements from artists, sports figures, or other icons.”

Rather than put his name on someone else’s product, Dennis Coles, a/k/a Ghostface Killah became the co-founder and CBO of Cream Capital with the intent of building the world’s largest cryptocurrency ATM network and the first Ethereum-based dual token system.

Meaning? Cream Capital wants to be the middle-man between the various digital currencies and collect a fee accordingly. That’s a lot of coin.

For those of you unfamiliar with the Wu-Tang Clan, in 1993, they released the hip hop single, C.R.E.A.M. — Cash Rules Everything Around Me. Switch out “cash” with “crypto” and voilà.

The millionbillion dollar question: is digital currency shady AF or the future?

Interactive map by BitLegal shows where cryptocurrency is currently legal, contentious, or denied – a moveable feast.

As per CNBC, the price of the cryptocurrency hit a high of $6,600.84 on November 1, 2017, meaning its market capitalization, or the total value of bitcoin in circulation, hit $110 billion USD.

This isn’t to say that digital currencies don’t have distractors — JP Morgan Chase CEO Jamie Dimon has threatened to fire anyone in his company that trades bitcoin and Larry Fink, CEO of BlackRock, has all but called cryptocurrency illegal by referring to it as an “index of money laundering.”

While the global markets decide how/if to regulate, the genie is out of the bottle.

Written while listening to Wu-Tang Clan’s “Gravel Pit”
 

Background: November

by

Between now and the end of the year, there’s a flurry of activity on Capitol Hill, the FIFA corruption trial kicks off in Brooklyn, Trump visits Asia, retailers brace for the holidays, and the award season is up-and-running. Updated October 21.

November 1: Twenty three (23) working days left in 2017 according to the House Majority Leader’s calendar and on the to-do list: healthcare, budgets, trade, and taxes. On the radar: whether or not the U.S. House of Representatives reauthorizes Section 702 of the Foreign Intelligence Surveillance Act, a controversial provision that allows overseas electronic surveillance but ends at the end of the year.

Speaking of controversy, executives from Twitter, Facebook, and Google are scheduled to testify before the Senate and House Intelligence Committees and face questions as to how these platforms were used to spread fake news and influence last year’s election. Hashtag #awkward.

November 2: United Nations International Day to End Impunity for Crimes against Journalists. This year alone, 30 journalists have been murdered as per CPJ. The latest victim was Malta journalist Daphne Caruana Galizia, 53, killed by a car bomb on October 16th. A critic of the current government, she published allegations linking the Prime Minister Joseph Muscat to the Panama Paper scandal.

November 3: U.S. President Trump heads off to Asia. On the list: Japan, South Korea, Vietnam, China, and the Philippines. On the agenda: North Korea, trade, and meeting with Philippine President Rodrigo Dutuerte, accused of crimes against humanity as well as battling Islamic State group-affiliated militants. Unclear if there will be live Tweeting from the DMZ.

November 4: Occupy Trump. As per Politico, nearly a year after U.S. President Trump’s election, members of the Resistance are planning to descend upon America’s major cities with the intention of occupying city centers and parks until Trump and Pence have left the building. Hope they’re bringing a set of spare clothes because it’s gonna be awhile.

November 6: FIFA corruption trial re: United States vs. Napout. Background: Former FIFA vice president Juan Angel Napout of Paraguay is accused of taking bribes from companies while president of CONMEBOL, the FIFA-affiliated confederation that governs soccer in South America. There are 26 co-defendants with the majority having entered guilty pleas and awaiting sentencing. Location: U.S. Eastern District Court in Brooklyn, New York.

November 7: Election Day in the U.S. and it’s all about state and local elections with an eye on Utah, New Jersey, Virginia, New York, Maine, Ohio, and Georgia.

November 8: 51st annual CMAs a/k/a Country Music Association award ceremony hosted by Carrie Underwood and Brad Paisley in Nashville, Tennessee. Although singer Jason Aldean was shut out in all categories, expect memorials and tributes dedicated to the victims, families, and first responders at his concert in Las Vegas, Nevada on October 1st when a gunman killed 58 people.

November 12: 24th annual MTV Europe Music Awards return to London and hosted by Rita Ora. Yes, it’s still a thing.

November 18: Look up to catch a glimpse of a dazzling light show from space otherwise known as the Leonids. Every few decades, this comet generates a storm where more than 1,000 meteors can been seen an hour. The last time the Leonids were that strong was in 2002.

November 19: 45th annual American Music Awards. Diana Ross receives a Lifetime Achievement Award but it’s still a man’s world as Bruno Mars leads with eight nominations, including Artist of the Year against Drake and Kendrick Lamar. Ed Sheeran and The Chainsmokers – each with five noms.

November 23: Thanksgiving Day. America gives thanks, turns on the 93rd annual Macy’s Day Parade, eats turkey, and watches a lot of football. T-minus 33 days until Christmas. For the first time in NFL history, three (3) games will be played.

November 24: Black Friday. Because not everyone watches football, retailers open their doors and slash their prices on Thanksgiving night to woo customers out of the house and open their wallets. Although declining in numbers compared to online sales, last year’s Black Friday sales rose 21.6% to $3.4 billion USD with a big chunk attributable to mobile purchases.

November 26: Canadian as maple syrup and Justin Trudeau, the NHL celebrates its 100th anniversary and where it all began: the Windsor Hotel in Montreal, eh.

November 27: Cyber Monday. Coined in 2006, today’s the day to get deals not found in brick-and-mortar stores. Truth be told, that’s pretty much the case every day of the year but I digress. In 2016, $3.45 billion was spent online, more than 12% from the previous year and the largest online sales day in U.S. history.

November 28: Grammy nominations announced in Los Angeles but the big news is that the upcoming 60th annual award ceremony is returning to New York for the first time since 2003. Madison Square Garden will be the venue and James Corden is the host.

November 30: Today marks the official end of the Atlantic hurricane season, one of the most lethal and costly on record. This year was the first time since 1893 that ten hurricanes formed in a row.