Distributed Counsel 4


In Other News . . .

Just a quick post today, newsletter style.  Happy holidays to everyone . . .

Do you think you had a bad year?  At least you didn’t bump into Lloyd Blankfein and call him Jamie Dimon.  Another reason we won’t be confusing the two: Goldman is opening a cryptocurrency desk.

Calling the Top:  The creator of Litecoin has sold them all after a 7,500% runnup.  Mr. Lee cashed out his remaining Litecoin at or around $300 USD, citing a general conflict of interest and his influence in a Reddit post.

Not Exactly Stratton Oakmont: A “hedge fund” called Monkey Capital (what a name!), run by a person who clearly has never seen Wolf of Wall Street, has been sued for fraud by a purported class of investors.  The complaint alleges the investors were duped into investing in an ICO, and that Monkey Capital represented that it would, among other things, create a decentralized exchange, an interconnected network of news and information, invest in SpaceX supply contracts, engage in hostile company takeovers, and other stuff.  The principals of the firm appear to be domiciled in Singapore so recovery may be challenging.

Difficulty is Going Up: GMO Internet, a publicly traded Japanese IT firm, will launch a cryptocurrency mine in Northern Europe.  The mine will use geothermal resources, which is not only green, but cheap.  Remember, if you’re paying over 8 cents/kWh, you’re paying too much!

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