#Long-term Crypto Investment

[my-crypto-blog]

Dollar-Cost Averaging: A Smart Way to Invest in Crypto.

"Discover how Dollar-Cost Averaging (DCA) can help reduce the impact of market volatility in cryptocurrency investments. Learn the benefits and strategies to invest in cryptos with this smart investment approach."

Investing in cryptocurrencies can be daunting, especially with the market’s notorious volatility. One effective strategy to mitigate risk and reduce the impact of market fluctuations is Dollar-Cost Averaging (DCA). This method allows investors to enter the market gradually, minimizing the emotional stress associated with market timing. In this article, we’ll explore what DCA is, how it works, and…

[bitcoinversus]

Morgan Stanley Discloses 6% Bitcoin Exposure in Institutional Fund

Morgan Stanley, a leading global financial institution managing $1.4 trillion in assets, disclosed that 6% of its institutional fund portfolio is now allocated to Bitcoin instruments. This marks a significant step in institutional adoption of the cryptocurrency, reflecting increasing confidence in Bitcoin as a long-term strategic asset. 🇺🇸 $1.4 trillion Morgan Stanley just disclosed owning 6%…

[seoagencyinsingapore]

Top Strategies for Navigating the Volatile Crypto Market

The cryptocurrency market is renowned for its volatility, making it both an exciting and challenging space for investors. As digital currencies like Bitcoin continue to capture global attention, understanding how to navigate this unpredictable landscape is essential for success. In this blog, we will explore effective strategies for managing the ups and downs of the crypto market, focusing on the importance of blockchain technology, long-term investment strategies, and staying attuned to crypto market trends.

Understanding the Crypto Market

The crypto market is characterized by rapid price fluctuations, driven by various factors such as market sentiment, regulatory news, and technological developments. Blockchain technology underpins this market, offering security and transparency for transactions. However, this same technology can lead to sudden shifts in market dynamics, affecting investor behavior and asset values.

The Importance of Strategies in Crypto Trading

Having a robust strategy can help mitigate risks and maximize potential gains. Here are some key strategies to consider when navigating the volatile crypto market.

1. Long-Term Investment Strategies

What Are Long-Term Investment Strategies?

Long-term investment strategies involve holding onto assets for an extended period, often years, with the expectation that their value will increase over time. This approach contrasts with short-term trading, which relies on quick, opportunistic trades based on market movements.

Advantages

Reduced Stress: With a long-term focus, you won’t be as affected by daily price fluctuations, leading to a more stable investment experience.

Potential for High Returns: Historically, cryptocurrencies like Bitcoin have shown significant appreciation over longer periods, rewarding patient investors.

Lower Transaction Costs: Fewer trades mean lower fees, allowing you to retain more of your profits.

Disadvantages

Market Uncertainty: The crypto market can be unpredictable, and holding assets for extended periods may expose you to downturns.

Opportunity Cost: By locking up your funds, you may miss out on other investment opportunities that could yield higher short-term returns.

2. Stay Informed on Crypto Market Trends

Understanding current crypto market trends is crucial for making informed investment decisions. Keeping up with news, technological advancements, and market sentiment can provide insights into potential price movements.

Advantages

Timely Decisions: Being informed allows you to react quickly to changes in the market, which can be beneficial for both long-term and short-term strategies.

Better Risk Management: Knowledge of market trends can help you identify potential risks and adjust your portfolio accordingly.

Disadvantages

Information Overload: With so much information available, it can be challenging to discern what is relevant and reliable.

Emotional Trading: Constantly reacting to market news can lead to impulsive decisions driven by fear or greed.

3. Utilize Bitcoin Wallets Wisely

When investing in cryptocurrencies, securely storing your assets is paramount. Bitcoin wallets come in various forms, each with its advantages and disadvantages.

Types of Bitcoin Wallets

Hot Wallets: These are connected to the internet and provide easy access for trading. They are convenient but more susceptible to hacking.

Cold Wallets: These offline storage solutions, such as hardware wallets, offer greater security but can be less convenient for quick transactions.

Advantages of Using Bitcoin Wallets

Enhanced Security: Properly managed wallets can protect your assets from theft.

Control Over Assets: By using your own wallets, you have full control over your cryptocurrencies.

Disadvantages

Complexity: Understanding how to set up and manage wallets can be daunting for newcomers.

Risk of Loss: Losing access to your wallet or forgetting passwords can result in permanent loss of assets.

4. Diversify Your Portfolio

Diversification is a fundamental investment principle that can help mitigate risk. By spreading your investments across various cryptocurrencies, you can reduce the impact of any single asset’s poor performance.

Advantages

Risk Reduction: Diversifying helps balance your portfolio, as the gains in some assets can offset losses in others.

Exposure to Opportunities: Investing in different cryptocurrencies allows you to capitalize on various market segments and trends.

Disadvantages

Management Complexity: A diversified portfolio requires ongoing monitoring and research, which can be time-consuming.

Dilution of Returns: Spreading investments too thinly might result in lower overall returns compared to focusing on a few high-potential assets.

Conclusion

Navigating the volatile crypto market requires a combination of strategies, knowledge, and discipline. By employing long-term investment strategies, staying informed about crypto market trends, utilizing Bitcoin wallets wisely, and diversifying your portfolio, you can position yourself for success in this dynamic landscape.

For more insights into effectively managing your cryptocurrency investments and understanding the role of blockchain technology, consider visiting cyphergold.net. The platform offers valuable resources to help you make informed decisions in your investment journey.

As the crypto market continues to evolve, being prepared and proactive will empower you to face its challenges head-on. Embrace the journey and happy investing!

[ultragamerz]

Dogecoin: The OG Meme Coin - Still The Most Relevant in the Evolving Cryptosphere

New Post has been published on https://www.ultragamerz.com/dogecoin-the-og-meme-coin-still-the-most-relevant-in-the-evolving-cryptosphere/

Dogecoin: The OG Meme Coin - Still The Most Relevant in the Evolving Cryptosphere

Dogecoin: The OG Meme Coin – Still The Most Relevant in the Evolving Cryptosphere

Dogecoin (DOGE), the undisputed granddaddy of meme coins, needs no introduction. Its iconic Shiba Inu mascot has become synonymous with the entire meme coin movement. Launched in 2013 as a lighthearted parody of Bitcoin, Dogecoin defied expectations by capturing the public imagination and experiencing explosive growth in 2021. But with the meme coin craze seemingly fading in 2024, a crucial question arises: Does Dogecoin still hold relevance in the ever-evolving landscape of cryptocurrency?

From Humble Beginnings to Viral Sensation:

Dogecoin’s journey began as a playful jab at the seriousness of the early crypto scene. However, its lightheartedness resonated with a growing online community, fostering a strong sense of camaraderie and humor. This unique social aspect propelled Dogecoin into mainstream consciousness, aided by celebrity endorsements from Elon Musk and others. By 2021, Dogecoin’s price skyrocketed, briefly surpassing even established altcoins in market cap.

Beyond the Hype: Exploring Dogecoin’s Evolution:

While the initial frenzy may have subsided, Dogecoin hasn’t simply faded into obscurity. The project continues to explore ways to enhance its utility and appeal. Here are some notable developments:

Focus on Developer Activity: The Dogecoin development team remains active, working on scalability improvements and network upgrades.

Integration with Businesses: Some merchants have begun accepting Dogecoin as a form of payment, demonstrating its potential for real-world use cases.

Charitable Endeavors: The Dogecoin community has a strong philanthropic streak, supporting various charitable causes throughout its history.

Dogecoin’s March Madness: A Potential 9x-13x Price Surge in 2024?

March 2024 could be a pivotal month for Dogecoin (DOGE), the meme coin that captured the world’s imagination. While the broader cryptocurrency market remains uncertain, several factors converge that might propel DOGE to a staggering 9x to 13x increase in price. Here’s why March might be the month for a Dogecoin “March Madness”:

1. The Dogefather’s Endorsement: Elon Musk, the self-proclaimed “Dogefather” and a major influencer in the crypto space, has a history of sending DOGE prices soaring with his tweets. With key developments happening at Tesla and SpaceX in March, a well-timed tweet mentioning Dogecoin could reignite investor interest and trigger a buying frenzy.

2. Retail Investor FOMO (Fear of Missing Out): Retail investors, a major force in the crypto market, are known for their enthusiasm and responsiveness to trends. If Dogecoin experiences a significant price jump in March, a wave of FOMO could ensue, pushing the price even higher. Social media buzz and news coverage could further amplify this effect, creating a self-fulfilling prophecy.

3. Scheduled Doge-related Events: March might witness significant events within the Dogecoin community. Hackathons, meetups, or charitable initiatives could reignite the community spirit and attract new investors. Increased community engagement and positive news surrounding Dogecoin could lead to a renewed sense of purpose and value for the coin.

4. Integration with Payment Platforms: The growing adoption of Dogecoin by online merchants for payments could see a significant acceleration in March. If major retailers or service providers announce Dogecoin integration, it would signal real-world utility for the meme coin, potentially boosting its price.

5. Technical Chart Signals (Disclaimer): While technical analysis should never be the sole factor in investment decisions, some analysts see bullish signals in Dogecoin’s price chart for March. A potential breakout from key resistance levels could trigger a buying spree and propel the price upwards. However, it’s crucial to remember that technical analysis is not a foolproof science, and past performance doesn’t guarantee future results.

A Word of Caution:

Investing in cryptocurrency, especially meme coins known for volatility, carries inherent risks. This article is for informational purposes only and should not be considered financial advice. Always conduct thorough research and consult a qualified financial advisor before making any investment decisions.

Dogecoin’s Position in the Crypto Market:

Despite these developments, Dogecoin faces significant challenges. Critics argue that its lack of a defined use case beyond speculation hinders its long-term viability. Additionally, the meme coin market itself has become saturated, with newer projects competing for attention.

The Future of Dogecoin:

Dogecoin’s future depends on its ability to adapt and innovate. Can it evolve from a pure meme coin into something more? The answer remains uncertain. However, Dogecoin’s engaged community, coupled with ongoing development efforts, suggests there’s still a fight in the old dog yet.

Investing in Dogecoin: A Word of Caution

Dogecoin’s past volatility makes it a high-risk investment. While its potential for future growth shouldn’t be entirely dismissed, thorough research and a cautious approach are essential before making any investment decisions.

Disclaimer: This information is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any investment decisions.

[cryptonewspod]

Top 5 Altcoins for the Next Bull Run - 100x Growth in March 2024!

2024 could see a big rise in altcoins during the crypto bull run! This year is going to be very exciting for cryptocurrency fans. Recent events like Bitcoin halving and Ethereum ETF will shake the cryptocurrency market, and experts seem quite excited about this. YouTuber Brian Jung recently released a video in which he talks about the Top 5 Altcoins and also reveals that this is going to be a…

[open-era]

The Psychology of Trading: Short-Term Tactics and Long-Term Vision

Finding the perfect balance between swift gains and enduring success is the trader's art. 🚀⏳ Explore the fascinating world of time horizons in trading and uncover the secrets to making the most of short-term gains while aiming for long-term triumph. 🌟💹

In the complex realm of trading, achievement stretches beyond mere market analysis and strategies. It is fundamentally intertwined with the trader’s mindset, an integral force that shapes every transaction. Each trade undertaken showcases not just financial savvy but also an individual’s psychological fortitude. Notably, two prevalent trading methodologies, short-term trading and long-term…

[cryptonewsme]

July's Winning Cryptos: The Best Long-Term Crypto Investments For 2023 And Beyond

Navigating the current state of cryptocurrency markets can be a daunting task, as uncertainty looms large and investors grapple with tough decisions. The question on many minds is whether it’s wise to sell and safeguard against potential losses or hold on with hope for a market rebound. While history has shown that crypto markets tend to bounce back from bearish periods, it’s crucial to recognize…

[eosnox]

Smart Investors Choose Crypto: Unlocking the Potential of Crypto Investment

[mcromwell]

AI shit is artificially inflated to appear like "the future", "the way of the future", "new standard" etc.

Remember a couple years ago who was saying the same type of shit?

Crypto bros.

Remember all the companies that adopted NFTs and crypto payment options from the hype? Compare that to the state of crypto now.

Brands are easily swayed by smooth talking tech nerds looking to make a lot of money fast and then split when the tech ends up not performing as well as advertised or too expensive to sustain long term. Or when the public gets bored. They got bored of NFTs, it wouldn't surprise me if AI generated shlock becomes solely synonymous with bootlegs and the companies already producing cheap crap.

This article goes into it a bit more, here's a quote.

"Would it surprise you to learn that OpenAI is also not making any money, and relies on investments from venture capital to stay in the black? Because they are not making any money and rely on investments to stay in black. Part of this is because of the technology itself: according to Microsoft, which has invested $13 billion into OpenAI, they lose money each time a user makes a request using their AI models."

Stay strong, y'all. I'm not saying this tech isn't harmful (it is super harmful) but the situation is not hopeless.

[comeonamericawakeup]

• Let the bribery and corruption begin! said Timothy Noah. In his first term, Donald Trump ran the most blatantly corrupt administration in recent history, and now he returns to the White House protected by unprecedented levels of immunity, with the Supreme Court "practically inviting you to bribe your president." Since Trump left office, the high court has expanded its protection of public officials who take money and gifts from beneficiaries of their policies, ruling that such rewards are "gratuities," not bribes, as long as they're received after the official acts. To protect Trump from prosecution, the Supreme Court also invented a new rule that presidents cannot be prosecuted for official acts. During his first term, Trump violated the Constitution's "emoluments clause" by billing China, Saudi Arabia, and other foreign governments $13.6 million for stays at his properties, but the Supreme Court declined to hear cases on that issue. In his second term, anyone seeking the grifter in chief's favor not only can pay him for use of his properties but also invest in his Truth Social social media firm, his crypto business, or just give him a "gratuity." Ladies and gentlemen, "the Trump presidency is open for business."

THE WEEK November 29, 2024

[argumate]

One thing I wonder about is: If you were designing a financial system from scratch, in 2024, would you come up with banking? That central traditional trick of banks — that they fund themselves with safe short-term demand deposits, and use depositors’ money to invest in risky longer-term loans, with all of the run risk and regulatory supervision and It’s a Wonderful Life-ness that that involves — would you recreate that if you were starting over?

Part of me feels like, if you started a new civilization and put smart but ahistorical tech people in charge of designing a financial system, it would never occur to them to recreate traditional banking. It is so messy and opaque and imprecise, using a shifting pile of demand deposits to fund long-term loans. Plenty of people — insurance companies, retirement savers — want to earn a return on their money and don’t need it anytime soon; their money can be locked up in long-term loans. The money that people keep in the bank just to pay rent and buy sandwiches doesn’t need to be pooled and invested in risky loans; it should just sit in the vault.

This idea — that bank deposits should just sit in the vault (or, realistically, in electronic money at the Federal Reserve), while risky loans should be funded by long-term investors who intend to take those risks — is sometimes called “narrow banking.” It has a long intellectual pedigree, it came back into vogue after the 2008 financial crisis, and it got attention again after last spring’s US regional banking crisis. All those crises! The traditional business of banking is necessarily crisis-prone; using risky long-term loans to back risk-free short-term demand deposits involves a fundamental mismatch, and every so often that flares up into a crisis.

And so, since 2008, but more visibly since last spring, banking really has become narrower. Private credit is the lending side of “narrow banking”: Private credit firms raise dedicated funds, with locked-up money, from investors who intend to invest in long-term loans to earn a return. And private credit is the hottest area of finance, making buyout loans and investment-grade corporate loans and funding consumer loans. And private credit is booming not just as a competitor to banks, but as a funding source for banks: Banks have the relationships and technology to make loans, but not the money, so they partner with private credit to fund the loans.

Meanwhile the deposit side of “narrow banking” is something like banks taking their customers’ money and parking it at the Federal Reserve. And in fact some money has shifted out of banks (which are not narrow) and into government money-market funds (which park the money in Fed repo or Treasury bills). Even within banks, there is less lending.

...

That’s narrow banking. I admit I have a certain emotional soft spot for traditional banking. There is something magical about how banking transmutes risky assets (loans) into risk-free liabilities (deposits). “A banking system is a superposition of fraud and genius that interposes itself between investors and entrepreneurs,” wrote Steve Randy Waldman in 2011; it allows society to use the money of risk-averse depositors to fund risky investments in growth. But it is possible that this magic no longer works: In a world of financial transparency and fast communications technology and flighty deposits, you can’t really expect to hide the risks of the banking system; you have to fund the loans with people who know they’re funding the loans.

I will say, though, that I have also written a lot about crypto over the last few years. Crypto really created a new financial system from scratch, and it started with a very strong philosophical bias against traditional banking. And then it really did recreate traditional banking! And also traditional banking crises: In 2022, it turned out that one of the main uses of crypto was to turn customer demand deposits (of crypto) into extremely risky loans (of crypto), which ended as badly as you’d have expected. “One possibility,” I wrote last year, “is that fractional reserve banking is deeply rooted in human nature.” If you started the financial system over, maybe banking would develop again. Even if actual banking is getting narrower now.

Matt Levine on narrow banking, we talk about this a lot as banks are so fundamental to how our entire civilisation currently functions and yet they're basically just hacks that lurch from crisis to crisis, more evolved than engineered

[bitcoinversus]

Bitcoin is Projected to reach $1M by 2033

Bitcoin’s value trajectory may be on a scientific path to $1 million by 2033, thanks to Stephen Perrenod’s unique power law model predicting a long-term growth pattern rooted in mathematical principles and natural phenomena His analysis uses the “Bitcoin Power Law,” a model that employs mathematical patterns often seen in nature, such as scaling laws in biology and physics, to predict market…

[mostlysignssomeportents]

The long sleep of capitalism’s watchdogs

There are only five more days left in my Kickstarter for the audiobook of The Bezzle, the sequel to Red Team Blues, narrated by @wilwheaton! You can pre-order the audiobook and ebook, DRM free, as well as the hardcover, signed or unsigned. There's also bundles with Red Team Blues in ebook, audio or paperback.

One of the weirdest aspect of end-stage capitalism is the collapse of auditing, the lynchpin of investing. Auditors – independent professionals who sign off on a company's finances – are the only way that investors can be sure they're not handing their money over to failing businesses run by crooks.

It's just not feasible for investors to talk to supply-chain partners and retailers and verify that a company's orders and costs are real. Investors can't walk into a company's bank and demand to see their account histories. Auditors – who are paid by companies, but work for themselves – are how investors avoid shoveling money into Ponzi-pits.

Attentive readers will have noticed that there is an intrinsic tension in an arrangement where someone is paid by a company to certify its honesty. The company gets to decide who its auditors are, and those auditors are dependent on the company for future business. To manage this conflict of interest, auditors swear fealty to a professional code of ethics, and are themselves overseen by professional boards with the power to issue fines and ban cheaters.

Enter monopolization. Over the past 40 years, the US government conducted a failed experiment in allowing companies to form monopolies on the theory that these would be "efficient." From Boeing to Facebook, Cigna to InBev, Warner to Microsoft, it has been a catastrophe. The American corporate landscape is dominated by vast, crumbling, ghastly companies whose bad products and worse corporate conduct are locked in a race to see who can attain the most depraved enshittification quickest.

The accounting profession is no exception. A decades-long incestuous orgy of mergers and acquisitions yielded up an accounting sector dominated by just four firms: EY, KPMG, PWC and Deloitte (the last holdout from the alphabetsoupification of corporate identity). Virtually every major company relies on one of these companies for auditing, but that's only a small part of corporate America's relationship with these tottering behemoths. The real action comes from "consulting."

Each of the Big Four accounting firms is also a corporate consultancy. Some of those consulting services are the normal work of corporate consultants – cookie cutter advice to fire workers and reduce product quality, as well as supplying dangerously defecting enterprise software. But you can get that from the overpaid enablers at McKinsey or BCG. The advantage of contracting with a Big Four accounting firm for consulting is that they can help you commit finance fraud.

Remember: if you're an executive greenlighting fraud, you mostly just want to be sure it's not discovered until after you've pocketed your bonus and moved on. After all, the pro-monopoly experiment was also an experiment in tolerating corporate crime. Executives who cheat their investors, workers and suppliers typically generate fines for their companies, while escaping any personal liability.

By buying your cheating advice from the same company that is paid to certify that you're not cheating, you greatly improve your chances of avoiding detection until you've blown town.

Which brings me to the idea of the "bezzle." This is John Kenneth Galbraith's term for "the weeks, months, or years that elapse between the commission of the crime and its discovery." This is the period in which both the criminal and the victim feel like they're better off. The crook has the victim's money, and the victim doesn't know it. The Bezzle is that interval when you're still assuming that FTX isn't lying to you about the crazy returns they're generating for your crypto. It's the period between you getting the shrinkwrapped box with a 90% discounted PS5 in it from a guy in an alley, and getting home and discovering that it's full of bricks and styrofoam.

Big Accounting is a factory for producing bezzles at scale. The game is rigged, and they are the riggers. When banks fail and need a public bailout, chances are those banks were recently certified as healthy by one of the Big Four, whose audited bank financials failed 800 re-audits between 2009-17:

https://pluralistic.net/2020/09/28/cyberwar-tactics/#aligned-incentives

The Big Four dispute this, of course. They claim to be models of probity, adhering to the strictest possible ethical standards. This would be a lot easier to believe if KPMG hadn't been caught bribing its regulators to help its staff cheat on ethics exams:

https://www.nysscpa.org/news/publications/the-trusted-professional/article/sec-probe-finds-kpmg-auditors-cheating-on-training-exams-061819

Likewise, it would be easier to believe if their consulting arms didn't keep getting caught advising their clients on how to cheat their auditing arms:

https://pluralistic.net/2023/05/09/dingo-babysitter/#maybe-the-dingos-ate-your-nan

Big Accounting is a very weird phenomenon, even by the standards of End-Stage Capitalism. It's an organized system of millionaire-on-billionaire violence, a rare instance of the very richest people getting scammed the hardest:

https://pluralistic.net/2021/06/04/aaronsw/#crooked-ref

The collapse of accounting is such an ominous and fractally weird phenomenon, it inspired me to write a series of hard-boiled forensic accountancy novels about a two-fisted auditor named Martin Hench, starting with last year's Red Team Blues (out in paperback next week!):

https://us.macmillan.com/books/9781250865854/redteamblues

The sequel to Red Team Blues is called (what else?) The Bezzle, and part of its ice-cold revenge plot involves a disillusioned EY auditor who can't bear to be part of the scam any longer:

https://www.kickstarter.com/projects/doctorow/the-bezzle-a-martin-hench-audiobook-amazon-wont-sell

The Hench stories span a 40-year period, and are a chronicle of decades of corporate decay. Accountancy is the perfect lens for understanding our modern fraud economy. After all, it was crooked accountants who gave us the S&L crisis:

https://scholarworks.umt.edu/cgi/viewcontent.cgi?article=10130&context=etd

Crooked auditors were at the center of the Great Financial Crisis, too:

https://francinemckenna.com/2009/12/07/they-werent-there-auditors-and-the-financial-crisis/

And of course, crooked auditors were behind the Enron fraud, a rare instance in which a fraud triggered a serious attempt to prevent future crimes, including the destruction of accounting giant Arthur Andersen. After Enron, Congress passed Sarbanes-Oxley (SOX), which created a new oversight board called the Public Company Accounting Oversight Board (PCAOB).

The PCAOB is a watchdog for watchdogs, charged with auditing the auditors and punishing the incompetent and corrupt among them. Writing for The American Prospect and the Revolving Door Project, Timi Iwayemi describes the long-running failure of the PCAOB to do its job:

https://prospect.org/power/2024-01-26-corporate-self-oversight/

For example: from 2003-2019, the PCAOB undertook only 18 enforcement cases – even though the PCAOB also detected more than 800 "seriously defective audits" by the Big Four. And those 18 cases were purely ornamental: the PCAOB issued a mere $6.5m in fines for all 18, even though they could have fined the accounting companies $1.6 billion:

https://www.pogo.org/investigations/how-an-agency-youve-never-heard-of-is-leaving-the-economy-at-risk

Few people are better on this subject than the investigative journalist Francine McKenna, who has just co-authored a major paper on the PCAOB:

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4227295

The paper uses a new data set – documents disclosed in a 2019 criminal trial – to identify the structural forces that cause the PCAOB to be such a weak watchdog whose employees didn't merely fail to do their jobs, but actually criminally abetted the misdeeds of the companies they were supposed to be keeping honest.

They put the blame – indirectly – on the SEC. The PCAOB has three missions: protecting investors, keeping markets running smoothly, and ensuring that businesses can raise capital. These missions come into conflict. For example, declaring one of the Big Four auditors ineligible would throw markets into chaos, removing a quarter of the auditing capacity that all public firms rely on. The Big Four are the auditors for 99.7% of the S&P 500, and certify the books for the majority of all listed companies:

https://blog.auditanalytics.com/audit-fee-trends-of-sp-500/

For the first two decades of the PCAOB's existence, the SEC insisted that conflicts be resolved in ways that let the auditing firms commit fraud, because the alternative would be bad for the market.

So: rather than cultivating an adversarial relationship to the Big Four, the PCAOB effectively merged with them. Two of its board seats are reserved for accountants, and those two seats have been occupied by Big Four veterans almost without exception:

https://www.pogo.org/investigations/captured-financial-regulator-at-risk

It was no better on the SEC side. The Office of the Chief Accountant is the SEC's overseer for the PCAOB, and it, too, has operated with a revolving door between the Big Four and their watchdog (indeed, the Chief Accountant is the watchdog for the watchdog for the watchdogs!). Meanwhile, staffers from the Office of the Chief Accountant routinely rotated out of government service and into the Big Four.

This corrupt arrangement reached a crescendo in 2019, with the appointment of William Duhnke – formerly of Senator Richard Shelby's [R-AL] staff – took over as Chief Accountant. Under Duhnke's leadership, the already-toothless watchdog was first neutered, then euthanized. Duhnke fired all four heads of the PCAOB's main division and then left their seats vacant for 18 months. He slashed the agency's budget, "weakened inspection requirements and auditor independence policies, and disregarded obligations to hold Board meetings and publicize its agenda."

All that ended in 2021, when SEC chair Gary Gensler fired Duhnke and replaced him with Erica Williams, at the insistence of Bernie Sanders and Elizabeth Warren. Within a year, Williams had issued 42 enforcement actions, the largest number since 2017, levying over $11m in sanctions:

https://www.dlapiper.com/en/insights/publications/2023/01/pcaob-sets-aggressive-agenda-for-2023-what-to-expect-as-agency-enforcement-expands

She was just getting warmed up: last year, PCAOB collected $20m in fines, with five cases seeing fines in excess of $2m each, a record:

https://www.dlapiper.com/en/insights/publications/2024/01/pcaobs-enforcement-and-standard-setting-rev-up-what-to-expect-in-2024

Williams isn't shy about condemning the Big Four, publicly sounding the alarm that 40% of the 2022 audits the PCAOB reviewed were deficient, up from 34% in 2021 and 29% in 2020:

https://www.wsj.com/articles/we-audit-the-auditors-and-we-found-trouble-accountability-capital-markets-c5587f05

Under Williams, the PCAOB has enacted new, muscular rules on lead auditors' duties, and they're now consulting on a rule that will make audit inspections much faster, shortening the documentation period from 45 days to 14:

https://tax.thomsonreuters.com/news/pcaob-rulemaking-could-lead-to-more-timely-issuance-of-audit-inspection-reports/

Williams is no fire-breathing leftist. She's an alum of the SEC and a BigLaw firm, creating modest, obvious technical improvements to a key system that capitalism requires for its orderly functioning. Moreover, she is competent, able to craft regulations that are effective and enforceable. This has been a motif within the Biden administration:

https://pluralistic.net/2022/10/18/administrative-competence/#i-know-stuff

But though these improvements are decidedly moderate, they are grounded in a truly radical break from business-as-usual in the age of monopoly auditors. It's a transition from self-regulation to regulation. As @40_Years on Twitter so aptly put it: "Self regulation is to regulation as self-importance is to importance":

https://twitter.com/40_Years/status/1750025605465178260

Berliners: Otherland has added a second date (Jan 28 - THIS SUNDAY!) for my book-talk after the first one sold out - book now!

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/01/26/noclar-war/#millionaire-on-billionaire-violence

Back the Kickstarter for the audiobook of The Bezzle here!

Image: Sam Valadi (modified) https://www.flickr.com/photos/132084522@N05/17086570218/

Disco Dan (modified)

https://www.flickr.com/photos/danhogbenspics/8318883471/

CC BY 2.0: https://creativecommons.org/licenses/by/2.0/

[vague-humanoid]

The ongoing harms of AI

In the early days of the chatbot hype, OpenAI CEO Sam Altman was making a lot of promises about what large language models (LLMs) would mean for the future of human society. In Altman’s vision, our doctors and teachers would become chatbots and eventually everyone would have their own tailored AI assistant to help with whatever they needed. It wasn’t hard to see what that could mean for people’s jobs, if his predictions were true. The problem for Altman is that those claims were pure fantasy.

Over the 20 months that have passed since, it’s become undeniably clear that LLMs have limitations many companies do not want to acknowledge, as that might torpedo the hype keeping their executives relevant and their corporate valuations sky high. The problem of false information, often deceptively termed “hallucinations,” cannot be effectively tackled and the notion that the technologies will continue getting infinitely better with more and more data has been called into question by the minimal improvements new AI models have been able to deliver.

However, once the AI bubble bursts, that doesn’t mean chatbots and image generators will be relegated to the trash bin of history. Rather, there will be a reassessment of where it makes sense to implement them, and if attention moves on too fast, they may be able to do that with minimal pushback. The challenge visual artists and video game workers are already finding with employers making use of generative AI to worsen the labor conditions in their industries may become entrenched, especially if artists fail in their lawsuits against AI companies for training on their work without permission. But it could be far worse than that.

Microsoft is already partnering with Palantir to feed generative AI into militaries and intelligence agencies, while governments around the world are looking at how they can implement generative AI to reduce the cost of service delivery, often without effective consideration of the potential harms that can come of relying on tools that are well known to output false information. This is a problem Resisting AI author Dan McQuillan has pointed to as a key reason why we must push back against these technologies. There are already countless examples of algorithmic systems have been used to harm welfare recipients, childcare benefit applicants, immigrants, and other vulnerable groups. We risk a repetition, if not an intensification, of those harmful outcomes.

When the AI bubble bursts, investors will lose money, companies will close, and workers will lose jobs. Those developments will be splashed across the front pages of major media organizations and will receive countless hours of public discussion. But it’s those lasting harms that will be harder to immediately recognize, and that could fade as the focus moves on to whatever Silicon Valley places starts pushing as the foundation of its next investment cycle.

All the benefits Altman and his fellow AI boosters promised will fade, just as did the promises of the gig economy, the metaverse, the crypto industry, and countless others. But the harmful uses of the technology will stick around, unless concerted action is taken to stop those use cases from lingering long after the bubble bursts.

[deadinsidedressage]

The absolute worst and ironically best turn of events happened to me in 2022 when my abuser started cheating on me. After investing a decade into molding me into the ideal victim who would never speak against him, he got bored with it. I didn't fight back anymore. I absorbed daily verbal attacks. The random violence he would perpetrate didn't spark a reaction. I would just accept it. I was numb. I was walled off. I had internalized the abuse so much and my depression fed into it.

He wanted to get caught. He didn't hide it at all and he let my paranoia over not being good enough (which he practically had told me daily for years) build and build until I was questioning him. He would reassure me he wasn't cheating and I think the way I was constantly anxious was fun for him. Then he essentially left hard evidence out so I'd find it. He wanted to break me and he did.

My multiple, rapid fire suicide attempts after finding out were largely due to the state of psychosis I was in. My 10 day stay in a psych facility did nothing to assist with my psychosis. It then persisted with varying amounts of lucidity for the next month, month and half that my abuser maintained contact with me after I was released into the care of my parents.

In a lot of ways, psychosis is a lot easier to live with than high reactivity PTSD. My path to mental health management post spousal abandonment in a psych facility has had greater volatility than the crypto market. Compulsive hypersexuality as a near impossible to control symptom of my PTSD was actively tearing my life apart at points. What I didn't expect as much was the transference of reactivity onto hobbies, places, and even people that were a major part of my life pre-psychosis.

I dated someone, who retrospectively a totally sane me would've only been friends with, for about a year and he introduced me to psilocybin. Which is something I have gained a tremendous amount of healing from. I dated someone, who retrospectively I just should've been fuck buddies with, for about 6 months who inadvertently helped me break my codependence. I met another abusive narcissist who love-bombed me and then dropped me when he decided to find another girl to cheat on his fiancée with. Which definitely launched me into a short period of psychosis and a longer period of out of control hypersexual compulsions, but which I didn't take lying down and did in fact do my best to ruin his life by contacting the "ex-girlfriend I'm roommates with" aka, fiancée.

You find out who you have real long-term compatibility with in quite a jarring way when you are at times going completely off the rails as a former abuse victim trying to restart their life. Some friendships go by the wayside as you unlearn personality mirroring and people discover they don't have as much in common with you. Others go down in flames mired by an inability to reconcile with the way severe trauma does not create a healthy person. New friendships emerge as you discover there exist people who resonate with those parts of your personality you thought were unlikeable, unlovable.

This time last year, I was about to experience a relapse of sorts. I got wrapped up with another abuser and the way that would end was far too familiar. I felt like I was reliving the night I was taken to the psych facility when I learned the truth of who that person was. I became suicidal and in trying to prevent myself from acting on that and take care of myself, I lost my job. A job I'd held for about a year and had really enjoyed.

At full speed, I went crashing into compulsive behaviors I knew would destroy me. I was sexually assaulted. I was cultivating a full "social calendar" and using sex to numb myself. I felt like it was all I had to offer anyway.

My low point was also miraculously how I met my other half. I was laying in the bed, well floor mattress, of a two strike violent felon. In the unfinished basement of his NA sponsor's house while he was on the phone with his drunk alcoholic ex-girlfriend. I opened Tinder and started swiping.

I had no idea the sad looking Navy boy I matched with would make me feel like I had reunited with the missing part of my soul. We married within 10 days of meeting, but kept that a secret for about a month after he'd left for his homeport.

For the first 18 year of my life, the thing that kept me alive was horses. During the decade I suffered physical, verbal, emotional, and sexual abuse it was my involvement with horses that kept me sane. Realizing I had to give up that part of who I was in order to start my new life has been incredibly painful. I don't know who I am without horses. I don't know how to keep my mental health in check without horses. I feel such immense guilt over failing to hold on to my dream horse and give her the life I imagined I could. I breakdown and I cry over the loss of Mia, the struggles but ultimately joy I found in Chevy, and just the compounding list of reasons Mitzy and I weren't ever meant to be.

The thing is, I would and will sacrifice anything for that sad looking Navy boy who turned out to be the most beautiful thing that's ever happened to me. The sweet southern gentleman who risked pneumonia while I drug him through every inch of my local zoo and had the courage to tell me about all the worst parts of himself without knowing if I'd accept them. The man I describe to our friends as "me but with a penis" who in turn reminds everyone I'm just "him with a vagina".

I know I haven't permanently closed the chapter of my life as an equestrian. I know because my husband reminds me when I'm breaking down in the shower about how lost I feel without horses that being without them is temporary. It's painful to be without something that I've felt has so defined me and that has been so instrumental in how I've managed my mental health.

Learning to navigate life as a military spouse, living so far from my family and my best friends (who so graciously kept my marriage a secret until I was ready to announce it), figuring out how to survive underways and an eventual deployment sucks so much ass now.

This period of feeling lost will pass.

One day I will again be popping over logs, hacking bareback, bemoaning the parts of a dressage test I'm struggling with, going foxhunting, midfielding in polocrosse, riding aside, and considering 3ft to be a big jump with a non-conventionally bred horse I love for its willingness to try anything with me.

[graceojuola]

Unlock the Power of Staking: A Simple Guide

If you’re curious about how to make your cryptocurrency work for you, staking might be the answer. Let’s break it down in a way that’s easy to understand and, most importantly, relatable.

What Exactly Is Staking

Think of staking as putting your money into a fixed deposit account at the bank. You lock it up for a specific period, and in return, the bank pays you interest. In the world of cryptocurrency, staking works similarly—but instead of a bank, you’re supporting a blockchain network.

When you stake your tokens, you’re helping to keep the blockchain secure and running smoothly. In return, you earn rewards. It’s that simple.

Why Staking Matters

Staking isn’t just a way to earn extra income—it’s also a way to actively participate in the blockchain ecosystem. Here’s why it’s worth considering:

1. Earn While You Hold: You don’t need to sell your cryptocurrency to make money. Staking allows you to earn rewards while holding onto your tokens.

2. Support Blockchain Growth: By staking, you’re contributing to the stability and security of the blockchain.

3. Passive Income: It’s like letting your money work for you while you sleep.

Imagine you own a fruit tree. Instead of cutting it down to sell the wood, you let it grow, water it regularly, and harvest the fruits year after year. Staking is just like that—it lets your crypto assets generate rewards over time.

STON.fi Staking: A Step Beyond

Staking on STON.fi offers more than just rewards. It’s an opportunity to be part of something bigger. Here’s what makes it unique:

ARKENSTON: When you stake STON tokens, you earn ARKENSTON, a soulbound NFT that’s tied to your wallet. It’s like receiving a VIP membership card—it can’t be transferred, but it grants you exclusive benefits. For instance, ARKENSTON will serve as your ticket to the STON.fi DAO, a private community where key decisions about the platform’s future are made.

GEMSTON: You’ll also earn GEMSTON tokens, which are part of the STON.fi ecosystem. Think of GEMSTON as reward points—you can trade them or hold onto them for future benefits.

STON.fi isn’t just about earning—it’s about being part of a community that values your contribution.

How to Stake on STON.fi

Getting started with staking on STON.fi is straightforward:

1. Go to the “Stake” Section: This is your starting point for everything staking-related.

2. Click “Stake STON”: Enter the number of tokens you want to stake and choose the duration.

3. Estimate Rewards: Use the calculator provided to get an idea of what you’ll earn.

4. Confirm and Stake: Once you’re happy with the details, confirm your stake and start earning rewards.

It’s as simple as planting a seed. You decide how much to plant and how long to wait, and over time, you’ll see the results of your efforts.

The Benefits of Staking on STON.fi

1. Ownership with Benefits: Your ARKENSTON NFT isn’t just a digital collectible—it’s your entry pass to an exclusive decision-making community.

2. Tangible Rewards: With GEMSTON tokens, you get immediate rewards that you can use within the STON.fi ecosystem or trade on exchanges.

3. Transparency and Trust: The platform provides clear tools like a reward calculator, so you know exactly what to expect.

A Word on Risks

Like any financial opportunity, staking comes with its risks. The most common are:

Lock-Up Periods: Your tokens will be inaccessible for the staking duration, so be sure to stake what you can afford to lock away.

Market Volatility: Cryptocurrency prices can fluctuate, affecting the value of your staked tokens.

Platform Reliability: Always research the platform you’re using. STON.fi is a trusted option, but it’s important to verify for yourself.

It’s like putting your money into a long-term investment. You need to be prepared for ups and downs but stay focused on the bigger picture.

Why STON.fi Staking Stands Out

STON.fi isn’t just another staking platform. It’s a community-driven ecosystem that rewards participation. When you stake with STON.fi, you’re not just earning—you’re becoming part of a vision for the future of decentralized finance.

Think of it as joining a co-op. Everyone contributes, and everyone benefits. You’re not just an investor; you’re a stakeholder in a growing community.

Final Thoughts

Staking is a powerful way to grow your crypto portfolio without trading or selling. Platforms like STON.fi make the process easy and rewarding, offering unique perks like ARKENSTON NFTs and GEMSTON tokens.

If you’re holding onto cryptocurrency and want to make it work for you, staking is worth exploring. It’s a way to earn, participate, and contribute to the blockchain ecosystem all at once.