Business Wars Encore: Crypto Wars | Zuckerpunch | 6
May 24, 2023
In 2017, the cryptocurrency bubble is about to burst, revealing the volatile nature of the market. The Winklevoss twins are challenged by Mark Zuckerberg's ambitious plans to position Facebook in global finance. As Bitcoin soars past $10,000, scammers flourish, particularly the infamous BitConnect scheme, ensnaring unsuspecting investors. Meanwhile, Coinbase faces a legal battle over data reporting amidst fierce competition with Binance. The podcast highlights the striking contrasts between crypto culture and traditional finance, capturing a pivotal moment in financial disruption.
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BitConnect Scam
- The 2017 crypto boom attracted investors and scammers alike.
- BitConnect's promises of 48% monthly returns lured in billions before collapsing.
Crypto Crash and Coinbase
- The crypto market crashed in early 2018, with Bitcoin dropping significantly.
- Coinbase's revenue forecast halved, but they had a cash buffer.
Coinbase's Strategy
- Coinbase debated listing more cryptos to compete with Binance.
- They also launched USD Coin, a stablecoin pegged to the US dollar.
