This is more about NFTs, but I’ll consider it “related fuckery”
https://www.sfgate.com/column/article/sho-club-wrong-for-sf-17305039.php
The wording around the club’s recent media blitz reads like a parody of Silicon Valley’s repellent buzzwordery.
“SHO Club is a member’s only NFT-based hospitality club providing exclusive access to immersive experiences and services around its flagship restaurant, SHO,” reads the blurb.
They serve pictures of food?
It’s hard to glean from the article, but I think they are selling their memberships as NFTs.
Once you have handed over your cash, your membership “will be minted on the Ethereum blockchain. As an NFT, the SHO Club membership will be an asset to the holder, publicly verifiable, and can later be sold or transferred on the secondary market.”
[…]
If you’re wondering why the company is going to such lengths to promote a restaurant that doesn’t exist yet, it seems a fair guess that they need moneyed folks to buy up the NFTs so they can actually build the thing.
The entire article is worth a read, as it contains many more baffling specifics about this project.
In a terrifying J.G. Ballard-like dystopian metaphor come to life, the private lounge, which will charge a top-tier membership fee of $300,000 a pop (yes, really, more on that later), will be situated 70 feet above surrounding homeless encampments.
Ah - performance art.
India’s Reserve Bank (RBI) wants cryptocurrency banned, according to a statement made in parliament on Monday.
The Bank’s position emerged in an answer to a question on notice, delivered on Monday by finance minister Nirmala Sitharaman.
“In view of the concerns expressed by RBI on the destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country, RBI has recommended for framing of legislation on this sector. RBI is of the view that cryptocurrencies should be prohibited,” Sitharaman declared. [PDF]
The Bank has previously shared its dislike for cryptocurrencies, labelling them a “clear danger” and “designed to bypass the financial system and all its controls, including Anti Money Laundering (AML)/Combatting the Financial Terrorism (CFT) and Know Your Customer (KYC) regulations.”
[…]
So, it’s an allegedly exclusive members club where each member is able to sell their membership on to anyone they choose to and the other members have to put up with whatever eejit pays to join?
It’ll never catch on at the Travellers. Or the Drones.
Well, they can’t abide NFTs, the Committee can’t.
The Monetary Authority of Singapore (MAS) said on Tuesday that its cryptocurrency regulations will add measures to protect consumers, in addition to ongoing work to contain money laundering and terrorist funding.
“Most regulatory regimes today do not cover areas such as consumer protection, market conduct, and reserve backing for stablecoins. This is changing,” said MAS managing director Ravi Menon at a media conference.
Menon detailed that reviews and public consultations on the matter have commenced among international standard-setting bodies, and that MAS aims to consult on proposed measures in the next few months. Menon also reminded the audience of Singapore’s attitude toward crypto for consumers: just don’t take the risk.
Singapore has repeatedly warned retail investors to avoid cryptocurrency as it increased regulations on operators through licensing requirements and restrictions on advertising.
[…]
Gee, I wonder why.
What happens when somebody tries to trade something worthless for something else that is also worthless?
We could have had a future with universal leisure and personal jetpacks. Instead, we got power and privilege concentrated in the hands of the ultra-wealthy, and whatever the fuck this is.
And spandex jackets, one for everyone.
Exactly! Who needs pockets in a post-ownership society?
h/t daringfireball
A crook who created a business called My Big Coin to cheat victims out of more than $6 million has been found guilty by a jury.
Randall Crater, 51, of East Hampton, New York was this week convicted [PDF] of four counts of wire fraud and three counts of money laundering.
[…]
Martin Shkreli—the notorious ex-pharmaceutical executive fresh from prison after his 2017 fraud conviction—announced his latest, eyebrow-raising venture Monday: creating a blockchain-based “Web3 drug discovery platform” that traffics in his own cryptocurrency, MSI, aka Martin Shkreli Inu.
The platform, still in the early development phase, is called Druglike, according to a press release that circulated Monday. The platform’s goals are ostensibly lofty, but the details are extremely sketchy, and Shkreli’s intentions have already drawn skepticism. It’s also unclear if the enterprise will run Shkreli afoul of his lifetime ban from the pharmaceutical industry, which stemmed from the abrupt and callous 4,000 percent price hike of a life-saving drug that made him infamous.
Make sure to invest every penny you have plus whatever you can borrow in it martin.
The US government is reportedly investigating Kraken, a massive cryptocurrency exchange suspected of violating sanctions against Iran, and is expected to slap the crypto behemoth with a fine in the near future.
[…]
