### Edward Snowden's Call to Action

In a recent discussion, **Edward Snowden**, the renowned privacy advocate, urged **Bitcoin fans** to engage in the electoral process. However, he cautioned against the dangers of joining a **cult-like mentality** in the cryptocurrency community.

### A Historical Perspective on Elections

Snowden expressed skepticism about the effectiveness of elections, noting that they have historically resulted in minimal change. He emphasized the importance of critical thinking and independent decision-making in politics, especially in the context of **cryptocurrency**.

### The Threat of AI

In addition to discussing elections, Snowden raised concerns about the **threat of artificial intelligence** to individual freedoms. He highlighted the potential for AI to infringe upon personal privacy and autonomy, urging citizens to remain vigilant.

### A Message of Empowerment

While advocating for participation in democracy, Snowden's message is clear: **be informed**, **think critically**, and **avoid blind allegiance** to any ideology. His insights serve as a reminder for Bitcoin supporters to remain grounded and focused on the core values of the movement.

The outspoken privacy advocate said elections historically haven't changed much, and meanwhile railed against the threat AI poses to citizens.

Edward Snowden's Bold Advice to Bitcoin Enthusiasts: Vote Wisely, Avoid Cult Mentality!

### Bitcoin ATM Scams on the Rise

According to a recent report by the **Federal Trade Commission (FTC)**, the amount of money lost to Bitcoin ATM scams has skyrocketed. The findings reveal that **consumers lost $65 million in just the first half of 2024**, a staggering increase from **$12 million in 2020**. This alarming trend highlights the urgent need for awareness and caution.

### How the Scams Work

Bitcoin ATMs are physical machines allowing users to buy or sell cryptocurrency at locations such as gas stations and grocery stores. Scammers typically contact victims via phone, text, or online pop-ups, impersonating bank or government officials. They falsely claim that the victim's bank account is compromised, urging them to take immediate action.

![Bitcoin Scam Growth](https://duet-cdn.vox-cdn.com/thumbor/0x0:537x700/2400x3128/filters:focal(269x350:270x351):format(webp)/cdn.vox-cdn.com/uploads/chorus_asset/file/25601580/bitcoin_scam_graph.png)

*Image: FTC*

To execute their scheme, scammers instruct victims to withdraw large sums of cash and deposit it into a Bitcoin ATM, which they misleadingly refer to as “**safety lockers**.” Once at the ATM, victims are sent a **QR code** to scan, transferring their cash directly into the scammer’s crypto wallet.

### Victim Impact

This year, victims have reported a **median loss of $10,000** to these scams. The **FBI** has issued warnings regarding this scheme since 2021, and some states like **Vermont and Minnesota** have begun implementing laws to limit daily transactions at crypto kiosks.

### Other Crypto Scams

The rise of Bitcoin ATM scams is part of a larger trend of increasing crypto-related fraud. Other scams include **deepfake crypto schemes** on platforms like YouTube and impersonation scams that drain victims’ digital wallets. Notably, a former bank CEO was arrested in connection with a **“pig butchering” scam** that defrauded investors of millions.

It is crucial for individuals to verify the legitimacy of any communication from purported financial institutions and to refrain from withdrawing money based on unsolicited instructions.

The Federal Trade Commission found that consumers are losing more money to Bitcoin ATM scams, with bad actors stealing $65 million in the first half of 2024 alone.

Staggering $65 Million Lost to Bitcoin ATM Scammers in 2024: What You Need to Know

## BitGo's Bold Move with BiT Global

BitGo's CEO **Mike Belshe** is standing firm in the face of criticism regarding the company's recent partnership with **BiT Global**, a Hong Kong-based crypto custodian linked to **Justin Sun**. In an interview at **Korea Blockchain Week**, Belshe labeled the criticism as lacking **intellectual honesty**.

### Addressing Security Concerns

Belshe asserted that the **key custody model** proposed by BitGo is far superior to that of other platforms like **Coinbase**. The partnership aims to enhance security by distributing key custody across multiple institutions, thereby eliminating single points of failure.

### The Critics' Agenda

Among the most vocal critics is **Threshold**, which has suggested merging its BTC wrapper, **tBTC**, with **Wrapped Bitcoin (wBTC)** to address control concerns. Belshe highlighted that critics seem more interested in boosting their token's value than in genuine decentralization efforts. 

> “Let’s be intellectually honest here: criticizing our efforts to decentralize Wrapped Bitcoin just to boost their token’s value is beyond ridiculous," he stated.

### Coinbase's Competing Interests

Belshe also took aim at Coinbase's newly announced **cbBTC**, arguing that if the DeFi community were to choose a central bank like Coinbase as a steward, it would undermine the very essence of decentralized finance. 

### Legal Structure and Fiduciary Duty

Belshe emphasized that many critics do not understand the **legal structure** of BiT Global, which is registered as a **Trust or Company Service Provider** (TCSP) in Hong Kong, and has a fiduciary duty to ensure the security of assets in custody, similar to BitGo.

### Transparency and Trust

The CEO expressed the importance of **transparency** in their operations, stating, "Most companies wouldn't have even mentioned his name, but we did. Why? Because transparency matters." He encouraged the community to scrutinize the partnership openly.

### Positive Market Response

Despite initial backlash, on-chain data indicates that there hasn’t been a significant exodus from wBTC. Belshe reiterated that the focus should be on who can serve as a qualified custodian for these assets, regardless of their affiliations.

![Bitcoin Security](https://cdn.jwplayer.com/v2/media/pRjW4vuz/poster.jpg?width=720)

*Image Source: CoinDesk*

The loudest critics of BitGo’s deal with Justin Sun-affiliated BiT Global also want to see their ‘number go up.’

BitGo CEO Clashes with Wrapped Bitcoin Critics: Unpacking the Controversy

### CleanSpark's August 2024 Bitcoin Mining Update

**CleanSpark Inc.** (Nasdaq: CLSK), recognized as **America's Bitcoin Miner®**, has released its **unaudited bitcoin mining** and operations update for August 2024, showcasing impressive growth and future expansion plans.

#### Key Highlights:
- **Bitcoin Mined**: 478 BTC in August, bringing the **CY2024 total to 4,586 BTC**.
- **Total Holdings**: 7,558 BTC as of August 31.
- **Sales**: 2.5 BTC sold at an average price of **$56,729** per BTC.
- **Fleet Size**: Deployed fleet now totals **163,648 units** with an efficiency of **22.70 J/Th**.
- **Operating Hashrate**: Increased to **22.6 EH/s**.

**Zach Bradford**, CEO, stated, "As we approach the end of our fiscal year, the team continues to work diligently to optimize fleet efficiency and increase hashrate. Our fleet upgrade is well underway as we prepare for **65 MW** of new capacity to come online in September."

#### Expansion Updates:
- **Dalton Expansion**: 15 MW of additional data center capacity expected to be operational next week.
- **Sandersville Expansion**: 50 MW capacity anticipated to be fully hashing by mid-month.
- **Wyoming**: Progressing on the initial **30 MW immersion-cooled facility** and preparing for a second site.
- **Tennessee**: Utilizing **50 MW** under a hosting agreement with plans for **80 MW** more under construction.

For more information about CleanSpark, visit [CleanSpark's website](https://www.cleanspark.com). 

#### Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ due to various factors, including market conditions, regulatory changes, and operational challenges. 

![CleanSpark](https://rt.prnewswire.com/rt.gif?NewsItemId=LA96172&Transmission_Id=202409030900PR_NEWS_USPR_____LA96172&DateId=20240903)

/PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner®, today released its unaudited bitcoin mining and operations update for the month...

CleanSpark's August Mining Update: Record Bitcoin Production and Expansion Plans

**Welcome to Latam Insights Encore**, your source for the latest economic and cryptocurrency happenings in Latin America! In this edition, we delve into how **other nations can leverage Bitcoin as a strategic rebranding tool**, drawing inspiration from El Salvador's bold move.  

### El Salvador: A Case Study in Bitcoin Rebranding  
**Bitcoin** transcends its role as a mere financial instrument; it has become a catalyst for transformation in El Salvador. President **Nayib Bukele** recently shared insights in a **Time magazine interview**, highlighting that although the adoption of Bitcoin has not reached its full potential, it has served significant purposes beyond just currency.  

> “It gave us branding,” Bukele noted, emphasizing how Bitcoin has transformed El Salvador's image from a nation plagued by gang violence to a **welcoming haven for Bitcoin investors**. This shift in perception is crucial as the narrative around Bitcoin evolves from a tool for **cybercrime** to a **stable store of value** akin to gold.  

This rebranding might have otherwise cost the country millions in lobbyists and advertising, yet Bukele’s innovative approach has attracted global attention without the hefty price tag. He has successfully created a conducive environment for the **cryptocurrency industry** to flourish within the nation.  

### A Blueprint for Other Countries  
Other nations can take cues from El Salvador's experience, considering the adoption of Bitcoin as legal tender, even if initial uptake is modest. This strategy can enhance their visibility and appeal to progressive investors looking for new opportunities to build wealth.  

As the Salvadoran experiment unfolds, tourism is on the rise, and numerous **Bitcoin initiatives** have taken root, showcasing the positive impact of Bukele's Bitcoin strategy.  

*What are your thoughts on prioritizing Bitcoin in the Salvadoran economic overhaul? Share your views in the comments below!*  

![Powered by Stytch](https://news.bitcoin.com/static/media/stytch.0bbe072f8defd8607019.png)

Welcome to Latam Insights Encore, a deep view of Latin America's most relevant economic and cryptocurrency-based news last week.

How El Salvador's Bitcoin Experiment Can Inspire a Global Rebranding Revolution

### Illegal Crypto ATM Charges in London

**Habibur Rahman**, a 37-year-old individual, has been charged by **Kent Police** for operating an **illegal cryptocurrency ATM** at the **Gadcet mobile phone shop** in London. According to reports, he failed to register the machine with the **Financial Conduct Authority (FCA)**.

Authorities have also accused Rahman of **laundering approximately $394,950** in cash derived from criminal activities through this ATM. Notably, there are currently **no cryptocurrency ATMs** registered with the FCA in the UK.

The FCA has been on a **crackdown** against unregistered bitcoin ATMs since 2023, executing several raids and seizing multiple machines in the process.

Habibur Rahman, 37 has been charged by Kent Police of operating an illegal cryptocurrency ATM in London at the Gadcet mobile phone shop. He was charged with failing to register the machine with the Financial Conduct Authority, according to a…

Illegal Crypto ATM Operations in London: What You Need to Know

### What You Need to Know Today

**Losses in Asia-Pacific**  
U.S. markets were closed Monday for the Labor Day holiday. [Asia-Pacific markets fell](https://www.cnbc.com/2024/09/03/asia-markets.html) Tuesday. South Korea’s Kospi index lost 0.4%, while the country’s consumer price index for August rose just 2% year on year, the lowest since March 2021.

**Reconstruction Still Underway**  
[China’s housing market](https://www.cnbc.com/2024/09/03/jpmorgan-economist-says-chinas-housing-market-crash-is-still-not-over-yet.html), plagued by bankrupt builders and dropping prices over the past few years, is still in a trough, according to JPMorgan’s chief China economist Haibin Zhu. Despite efforts to stimulate and support the market, those measures have not yielded results.

**Brazil’s Ban on X Upheld**  
A panel of Brazil’s federal supreme court justices voted Monday to [uphold the country’s ban on X](https://www.cnbc.com/2024/09/02/x-blocked-in-brazil-after-court-majority-upholds-suspension-order.html). This decision follows a previous order from Brazil’s top justice to ban X after it refused to comply with content moderation and legal representation requirements.

**Huawei Tries to Upstage Apple**  
As [Apple announces a new iPhone](https://www.cnbc.com/2024/08/26/apple-announces-iphone-event-for-sept-9.html) on Sept. 9, Huawei aims to capture attention with its own product launch on Sept. 10 at 2:30 p.m. Beijing time, just hours after Apple’s event.

**[PRO] Steady Green Stocks**  
With pending interest rate cuts and an upcoming presidential election in the U.S., markets are expected to experience fluctuations. However, [two stocks within the green sector](https://www.cnbc.com/2024/09/03/citi-names-2-green-stocks-unlikely-to-be-affected-by-interest-rates-political-changes.html) are predicted to remain stable.

### The Bottom Line

I want to preface this section by saying I’m no cryptocurrency expert. So please take everything with a pinch of salt.

Boy, is cryptocurrency strange. I don’t mean that in a derogatory way. On the contrary, I’m dazzled by how high the price of **[bitcoin](https://www.cnbc.com/quotes/BTC.CM=)** is, and how it’s entered investing discourse, albeit at the margins.

Cryptocurrencies are like **pretty pebbles on the beach**. Someone likes them and starts collecting them; another appreciates their beauty. These pebbles exchange hands for a price. You might think this narrates how currencies come to life, as seashells were once used as coins.

Yet, the analogy between pebbles and bitcoin short circuits: **bitcoin just isn’t used as a currency now**. Does anyone actually buy things or services – apart from highly illegal ones – with bitcoin?

Currently, bitcoin is mostly an **asset** that holds value, and enthusiasts hope it appreciates. It’s a pebble not used to exchange for anything but money itself. 

In other words, it’s an asset made solely for investment. Yet financial advisors have shunned bitcoin ETFs, which are experiencing **net outflows**. Bitcoin also saw around a **10% loss in August**, marking its **worst month since April**.

Despite this, bitcoin is still up **38% for the year**, even though there’s no real use for it – for the moment. It’s an asset that lives in its own world, worth five figures. That’s both impressive and scary.  

![A Bitcoin logo on a screen in Hong Kong, China](https://image.cnbcfm.com/api/v1/image/107353353-1704220470060-gettyimages-1825459932-HONGKONG_BITCOIN.jpeg?v=1725341027&w=1858&h=1045&vtcrop=y)  
*Paul Yeung | Bloomberg | Getty Images*

In my head, bitcoin is pretty pebbles exchanged among enthusiasts. No one's really using it to buy other goods.

Is Bitcoin Just a Glorified Pebble? Exploring Its Current Lack of Usefulness

### Bitcoin ETFs Make Waves

Last October, **Matthew Hougan**, CEO of **Bitwise Investments**, predicted that **spot bitcoin exchange-traded funds (ETFs)** would attract **$55 billion** in assets within their first five years. Fast forward to late August, and these funds have already amassed over **$52 billion** in just eight months since their launch, as reported by **TrackInsight**. Hougan humorously noted, "Clearly, I wasn't being bullish enough. This is going to be an area that we measure in **hundreds of billions of dollars**."

### The Journey of Bitcoin ETFs

Bitcoin ETFs track the price of bitcoin, a cryptocurrency known for its **high volatility** and speculative nature. While the path to mainstream acceptance may be complex, a significant milestone occurred when **Morgan Stanley** allowed its vast network of financial advisers to recommend two bitcoin ETFs: the **iShares Bitcoin Trust** and the **Fidelity Wise Origin Bitcoin Fund**. **John Hoffman**, head of distribution at **Grayscale Funds**, emphasized the importance of due diligence, stating, "It is now unacceptable not to do due diligence and the work of understanding these products."

### Retail Investors Lead the Charge

The initial flows into these new ETFs have predominantly come from **retail investors**, while only a few large institutions have disclosed positions. **Sui Chung**, CEO of **CF Benchmarks**, indicated that the first $50 billion largely came from knowledgeable bitcoin investors. Now, as institutions like Morgan Stanley recognize the demand, the landscape is shifting.

### Looking Ahead

The acceptance of bitcoin ETFs signals a gradual move towards mainstream investment, but challenges remain. **Andrew Lom**, an attorney at **Norton Rose Fulbright**, pointed out that the true test will be their **liquidity** and whether they can be integrated into model portfolios used by financial advisers. This transition may take six to twelve months.

### The Ether ETF Landscape

While bitcoin ETFs are on the rise, the future for **spot ethereum ETFs** is less certain. After their launch, assets in ether ETFs reached nearly **$7 billion**, with **BlackRock's iShares Ethereum Trust** holding **$900 million**. However, comparisons to bitcoin ETFs reveal a slower uptake. **Adrian Fritz**, head of research at **21Shares**, noted that excitement waned after the launch, but with time and education, interest in ether could increase.

Chung likened the two cryptocurrencies, stating, "If bitcoin is **digital gold**, then ether is **digital oil**," highlighting the need for further research and understanding among investors and regulators alike. The complexity of ether may necessitate a more nuanced sales approach.

![Bitcoin ETFs](https://example.com/bitcoin-etfs-image.jpg)

Last October, Matthew Hougan told an industry panel that he expected spot bitcoin exchange-traded funds (ETFs) to attract $55 billion of assets in their first five years.  "Clearly, I wasn't being bullish enough," Hougan, CEO of crypto firm Bitwise Investments, reflected wryly.

Edward Snowden's Bold Advice to Bitcoin Enthusiasts: Vote Wisely, Avoid Cult Mentality!

Summary:

Edward Snowden's Call to Action

A Historical Perspective on Elections

The Threat of AI

A Message of Empowerment

Comments

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Staggering $65 Million Lost to Bitcoin ATM Scammers in 2024: What You Need to Know

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How El Salvador's Bitcoin Experiment Can Inspire a Global Rebranding Revolution

Illegal Crypto ATM Operations in London: What You Need to Know

Is Bitcoin Just a Glorified Pebble? Exploring Its Current Lack of Usefulness

Bitcoin ETFs Surpass $50 Billion: A Step Towards Mainstream Acceptance

Other Latest News

Staggering $65 Million Lost to Bitcoin ATM Scammers in 2024: What You Need to Know

BitGo CEO Clashes with Wrapped Bitcoin Critics: Unpacking the Controversy

CleanSpark's August Mining Update: Record Bitcoin Production and Expansion Plans

How El Salvador's Bitcoin Experiment Can Inspire a Global Rebranding Revolution

Illegal Crypto ATM Operations in London: What You Need to Know

Is Bitcoin Just a Glorified Pebble? Exploring Its Current Lack of Usefulness

Bitcoin ETFs Surpass $50 Billion: A Step Towards Mainstream Acceptance