### **The Rise of Cryptocurrency and the Scammers’ Playground**  
The **Federal Trade Commission (FTC)** recently released a report shedding light on the growing concerns surrounding **Bitcoin ATM scams**. As cryptocurrency continues to revolutionize the financial landscape, it has unfortunately also become a fertile ground for **scammers** and **illicit actors**.  

### **Key Findings from the FTC Report**  
According to attorneys at DLA Piper, the FTC's insights reveal:  
- **Technical Evolution of Fraud**: Scammers are adapting their tactics to exploit new technologies, making it crucial for consumers to stay informed.  
- **Old Scams, New Technology**: Many traditional scams are being repurposed for the cryptocurrency world, showcasing the need for vigilance.  
- **Financial Impact on Victims**: The report highlights the persistent financial harm inflicted on victims, emphasizing the importance of consumer awareness and protection.  

### **What This Means for the Future**  
The FTC's report serves as a critical reminder for all cryptocurrency users to be aware of potential scams and to take necessary precautions when using Bitcoin ATMs. As technology evolves, so do the methods used by fraudsters, making it essential to remain cautious in this rapidly changing environment.

The Federal Trade Commission's recent insights into bitcoin ATM scams highlight the technical evolution of fraudsters, the application of old scams to new technology, and the persistent financial impact on victims, say attorneys at DLA Piper.

Unveiling the Dark Side of Bitcoin ATMs: Insights from the FTC's Latest Report

### Bitcoin: Gold With Wings

Longtime crypto bull **Anthony Pompliano** asserts that the flagship digital asset **Bitcoin (BTC)** is akin to **gold on steroids**. In a recent interview on **Fox Business**, he discussed the implications of the **US dollar's debasement** for both Bitcoin and gold. He believes that while both assets benefit from this debasement, Bitcoin has the potential to significantly **outperform gold** due to its increasing **adoption**.

> *"If you look at gold and the S&P 500 over the last five years, the compound annual growth rate is about the same. Gold is up 13% and the S&P is up 14%. Bitcoin has destroyed that. So I like to say that Bitcoin is gold with wings. Bitcoin and gold both go up for the same reason. They’re debasing the dollar. But Bitcoin is much more sensitive. It’s an earlier asset that the world is trying to price in."*

Pompliano highlights the **unique adoption curve** of Bitcoin:
- **Individuals were the first adopters**, contrary to traditional technologies that begin with governments and corporations.
- **Corporations and financial institutions** like **BlackRock** and **Fidelity** are now starting to embrace Bitcoin, with the expectation that **central banks** will follow suit.

> *"Central banks today own 12% of the global gold supply. I believe that they will eventually start to buy Bitcoin. That would be very bullish for the price of Bitcoin."*

He predicts a shift in how people store wealth, suggesting that **stablecoins** will replace checking accounts and **Bitcoin** will evolve into the **savings account** of the future:
- More than **one out of every two Bitcoin** has not moved in the last two years, indicating a growing trend of holding rather than trading.

As of now, Bitcoin is trading at **$67,694**, reflecting a **1.5%** drop in the last 24 hours.

![Bitcoin: Gold With Wings](https://dailyhodl.com/wp-content/uploads/2024/11/Gold-With-Wings.jpg)

### Watch the Full Interview

[![Watch the Interview](https://img.youtube.com/vi/I4NAFApSV_E/0.jpg)](https://www.youtube.com/watch?v=I4NAFApSV_E)

*Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.*

Longtime crypto bull Anthony Pompliano believes that the flagship digital asset Bitcoin (BTC) is gold on steroids. 

Why Anthony Pompliano Calls Bitcoin the Future's Gold: Insights on BTC as the Ultimate Savings Account

### The Evolution of Bitcoin

**Bitcoin**, the digital currency that began as a **cypherpunk experiment** in **2009**, has faced a turbulent path to acceptance. Initially dismissed as a niche, unregulated asset prone to illegal transactions, Bitcoin has evolved into a **globally recognized asset** over the past 15 years. This shift has been highlighted by significant milestones, such as the recent **SEC approval** of Bitcoin (BTC) and **Ethereum (ETH) ETFs**, allowing traditional investors to engage with cryptocurrencies in a regulated environment.

### Philosophical Insights from Andrew Bailey

The philosophical and practical dimensions of Bitcoin's journey are explored in **Resistance Money: A Philosophical Case for Bitcoin**, a book by **Andrew Bailey**, Professor at Yale-NUS College and Senior Fellow at the Bitcoin Policy Institute. Bailey’s analysis emphasizes Bitcoin’s potential to bypass traditional financial and governmental systems, showcasing both **technological innovation** and ideological foundations that have solidified Bitcoin as a symbol of financial resistance.

### The Birth of Bitcoin

Bitcoin's inception traces back to **January 3, 2009**, when **Satoshi Nakamoto** launched the Bitcoin network following the release of a white paper on **October 31, 2008**. Early adopters viewed it as a decentralized form of money, immune to traditional banking systems and state control. Bailey reflects on those initial years, portraying Bitcoin as the embodiment of the **cypherpunk dream**: digital cash that operates without third-party oversight.

### Overcoming Stigmas

For years, Bitcoin remained on the **periphery** of the financial world, often stigmatized as an asset used by criminals or as speculative **digital gold**. The early 2010s were marked by catastrophic events like the **Mt. Gox collapse**, which drew negative attention from financial leaders. Bailey notes that institutional resistance stemmed from Bitcoin's challenge to the **financial status quo**: “Bitcoin routes around the makers, managers, and intermediaries—the essence of traditional financial power.”

### Mainstream Acceptance

Despite skepticism, Bitcoin surged during the **mid-2010s**, flirting with **$20,000** per coin in 2017. It wasn't until recent years that the broader financial world began acknowledging Bitcoin's permanence, especially following the **SEC’s approval** of ETFs in **2024**, indicating traditional powerhouses conceding to the crypto market's influence.

### Political Engagement

Bitcoin's trajectory towards mainstream acceptance has influenced **financial markets** and entered **politics**. The **2024 presidential race** has brought crypto policy to the forefront, with **Trump's pro-Bitcoin stance** suggesting that crypto adoption is now a pivotal issue in swing states. His pledge to position the U.S. as a leader in Bitcoin policies resonated with many attendees at a major Bitcoin conference in Nashville.

### Public Understanding and Resistance Money

Despite significant milestones, the general public's understanding of Bitcoin and crypto remains limited. Approximately **50 million Americans** have owned crypto, but a proper understanding and long-term investment remain niche. Bailey emphasizes that Bitcoin is not just an investment vehicle but a form of **‘resistance money’**, safeguarding individuals in authoritarian regimes and ensuring privacy against institutional misuse.

### Conclusion: A Long-term Game

As Bitcoin becomes embedded in mainstream financial instruments, its evolution from outsider status to a challenger of central banks is evident. Bailey asserts that Bitcoin is a long-term game best understood through its core principles: autonomy, resistance, and freedom. Whether through the adoption of ETFs or the political discourse, Bitcoin's trajectory stands as a testament to its foundational ethos—a new form of money that has weathered significant resistance to reach the mainstream.

Bitcoin, the digital currency that began as a cypherpunk experiment in 2009, has faced a turbulent path to acceptance. Initially dismissed as a niche, unregulat

From Experiment to Revolution: Bitcoin's Impact on Finance and Politics

### Bitcoin and Market Overview

**Cryptocurrencies** experienced a slight increase on Tuesday as investors eagerly awaited the results of the **U.S. presidential election**. 

**Bitcoin** rose **3%** to **$70,053.56**, just **5% off its all-time high**, following a boost from rising stocks. Last week, Bitcoin was close to hitting its previous peak again. Meanwhile, **Ether** climbed **2%** to **$2,473.40**, and **Solana**’s token surged by over **5%**. Notably, memecoins like **Dogecoin** and **Shiba Inu** saw impressive gains of **12%** and **8%**, respectively.

### Election Day Dynamics

On election day, the battle between **Vice President Kamala Harris** and **former President Donald Trump** is viewed as a pivotal moment for the **crypto industry**. Many analysts suggest that a win for Harris could pose risks for crypto, while Trump is seen as more favorable, having positioned himself as a pro-crypto candidate. 

Despite the outcome, **Bernstein analyst Gautam Chhugani** believes Bitcoin will persist and thrive, citing ongoing U.S. fiscal indiscipline and demand for hard assets like gold and Bitcoin as key drivers. Chhugani predicts a **$200,000 price target for Bitcoin by 2025**, with potential fluctuations depending on election results. He anticipates a short-term rally to **$90,000** if Trump wins, but a drop to **$50,000** if Harris prevails.

### Broader Market Implications

Chhugani also notes the success of Bitcoin **ETFs**, which have attracted over **$23 billion** in inflows this year. A supportive SEC could open up opportunities for all cryptocurrencies beyond just Bitcoin. The key to a thriving crypto market lies in bipartisan support for crypto regulations, which could be influenced by the election outcome. 

While Trump is expected to push for a crypto-friendly SEC, Harris has pledged to defend crypto asset ownership, although the community is seeking more specific policies from her camp. 

The sentiment is shifting as some analysts believe that a Harris presidency may not be as damaging to crypto as previously thought, despite fears stemming from the current administration's regulatory stance under **Gary Gensler** and vocal opposition from figures like **Sen. Elizabeth Warren**.

Cryptocurrencies inched higher as investors looked forward to results from the U.S. presidential election.

Bitcoin Surges as Investors Anticipate U.S. Election Results: What It Means for Crypto

### Mt. Gox Repayment Deadline Extended

**Mt. Gox** has recently delayed its repayment deadline to **late 2025**. This decision comes as the exchange continues to navigate its complex recovery process.

![Mt. Gox Bitcoin](https://u.today/sites/default/files/styles/736/public/2024-11/50369.jpg)

### Major Bitcoin Transfers

According to **Spot On Chain**, wallets linked to the now-defunct Mt. Gox have **transferred over $2 billion** worth of Bitcoin to three new addresses. As reported by **CoinGecko**, the price of Bitcoin fell to **$66,853** earlier today.

Despite these transfers, there remains **$810 million** in Bitcoin across known wallets associated with Mt. Gox. The exchange has been a significant **bearish catalyst** in the market, impacting Bitcoin prices as it began repaying creditors in **Bitcoin** and **Bitcoin Cash** after nearly a decade of waiting for many customers.

### Repayment Process

In total, Mt. Gox has repaid more than **$6 billion** worth of Bitcoin from July to August. By early September, the exchange had about **30% of its initial holdings** left. With the repayment process nearing completion, it is expected that the exchange will no longer exert significant selling pressure on Bitcoin.

### Future Developments

Last month, the exchange's managing trustee announced the new deadline for repayments is **October 31, 2025**. This extension was attributed to many creditors failing to complete necessary procedures and some complications encountered during the repayment process.

In related news, **Mark Karpeles**, the former CEO of Mt. Gox, is set to launch a new exchange called **EllipX**. Karpeles recently claimed that the Mt. Gox hack could have been avoided with modern security measures, such as **hierarchical deterministic (HD) wallets**.

Mt. Gox recently pushed back the repayment deadline to late 2025

Mt. Gox's Bitcoin Movement Amidst $66K Price Drop: What It Means for Investors

The medical device company has made a peculiar bet on a popular cryptocurrency.

**Semler Scientific** shot up **24.5%** in October, according to data from [S&P Global Market Intelligence](http://marketintelligence.spglobal.com). The **medical device** company has started buying up **Bitcoin** with cash on its balance sheet, which is correlating its stock price to the popular cryptocurrency. Even after the price jump last month, the stock is still down **35.4%** in the last five years as it saw slowing revenue and declining operating margins.

### Adding Bitcoin to the balance sheet

The reason Semler Scientific stock jumped in October had nothing to do with its underlying business. In fact, the company had no material updates to give investors in the month. The only reason the stock rose is because management has decided to put most of the company's liquid assets in Bitcoin. In October, the price of Bitcoin rose to over **$72,000**, or close to an all-time high. In its recent quarterly update, Semler Scientific told investors that it now owns **1,058 Bitcoins**, which equates to a value of **$76 million** at a Bitcoin price of **$72,000**.

This is a large portion of Semler Scientific's market value at the moment. As of this writing, the company has a market cap of **$219 million**, meaning **35%** of its value is derived from its Bitcoin holdings. If the price of Bitcoin keeps going up, Semler's stock will keep going up. It's that simple.

![Semler Scientific Logo](https://g.foolcdn.com/art/companylogos/mark/SMLR.png)

### How is the healthcare business doing?

Even though Semler Scientific seems to have fallen in love with Bitcoin, the company still operates a medical device segment with its **QuantaFlo** product, serving the peripheral artery disease (PAD) market. Revenue for the division over the last **12 months** is **$61.7 million** and fell **17% year over year** in the third quarter. Declining revenue is never a good thing, and this could be why Semler Scientific has pivoted to investing in Bitcoin.

However, the company is still posting positive operating income, and has been for the last five years. Last quarter, it had a positive operating income of **$5.1 million** and **$22 million** over the last **12 months**.

On the whole, Semler Scientific has taken a big risk with its business. Investing in Bitcoin can be volatile as the price can move up or down in rapid succession, and it is not guaranteed the company will make money with its operations. For now, its medical device division is generating a profit, but the revenue declines should be a big concern for shareholders. There's no reason to invest in Semler Scientific after its pivot to Bitcoin.

The medical device company has made a peculiar bet on a popular cryptocurrency.

Semler Scientific's Bold Bitcoin Bet: A 24.5% Stock Surge Explained!

### Overview  
Millions of dollars seized by the government from a **$47.1 million cryptocurrency scheme** will be allocated to investors who faced financial losses.  
  
### Court Ruling  
A **federal judge** has ordered the restitution following the case that led to the failure of a **Kansas bank**.  
  
### Sentencing of Shan Hanes  
In **August 2024**, **Shan Hanes**, 53, of Elkhart, was sentenced to **293 months in prison** after pleading guilty to **embezzlement** as a bank officer.  
  
### The Scheme  
As the **CEO** of **Heartland Tri-State Bank (HTSB)**, Hanes initiated wire transfers of bank funds to a cryptocurrency wallet belonging to third parties, which resulted in a loss of approximately **$9 million** for bank investors.  
  
### Recovery Efforts  
The **FBI** managed to recover **$8 million** linked to the fraud.  
  
### Statement from U.S. Attorney  
U.S. Attorney **Kate E. Brubacher** stated, “The U.S. Attorney’s Office – District of Kansas thanks the FBI for its diligent investigations that led to the discovery and recovery of over **$8 million** in stolen funds. Through Hanes’ conviction and prison sentence, the Department of Justice obtained justice for the victims, and now with this court order, those victims will receive some financial relief.”  
  
### Investigation Team  
The case was investigated by the **FBI**, **FDIC-OIG**, **FRB-OIG**, and **FHFA-OIG**.  
  
Assistant U.S. Attorney **Aaron Smith** was responsible for prosecuting the case.

Millions of dollars seized by the government as the result of a $47.1 million cryptocurrency scheme will be divided among investors who suffered financial losses. 

Victims of Kansas Bank Scam to Receive Restitution After $47 Million Cryptocurrency Fraud

## Bitcoin Mining: A Potential Game Changer for Energy Economics

Bitcoin mining, often criticized for its **environmental impact**, may actually have the potential to create a **global electricity price index**. According to **Spencer Marr**, President of Sangha Renewables, this digital endeavor could revolutionize energy economics.

### Bitcoin Mining and Energy
The process of mining Bitcoin requires extensive energy consumption, sparking debates about its **sustainability**. However, Marr suggests that the energy demands of Bitcoin mining could yield valuable insights into energy pricing.

### Creating an Electricity Index
By analyzing data generated from Bitcoin mining operations, we can develop a comprehensive database of **global electricity prices**. This information could be beneficial for industries and policymakers, offering a new understanding of energy markets.

### Economic and Environmental Implications
As Bitcoin mining grows, its influence could extend into reshaping how **energy is priced and traded**. This transformation could promote a more competitive energy market, enhancing efficiency and encouraging the shift to **renewable energy sources**.

### Could Bitcoin Mining Be the Unexpected Hero in Global Energy Pricing?
In recent discussions, a surprising benefit of Bitcoin mining has emerged: its potential to assist in creating a **global electricity price index**. Despite its high energy consumption, Bitcoin mining might hold the key to revolutionizing global energy economics. What does this mean for communities and industries worldwide? Let's explore the implications.

### The Global Electricity Grid: An Unseen Connection?
Bitcoin miners strategically choose locations based on the cost of electricity, providing critical data points for understanding **global electricity pricing trends**.

### Impact on Local Communities and Industries
For communities with untapped renewable energy resources, Bitcoin mining could provide **economic benefits** and spotlight these areas as future renewable energy hubs. Industries could leverage data from mining operations to improve **power distribution** and reduce inefficiencies.

### Intriguing Questions to Consider
- **Could Bitcoin miners be tomorrow’s pioneers in the green energy shift?**  
- **What happens to energy prices in areas with prominent Bitcoin mining?**  

### Unpacking the Pros and Cons
**Advantages:**  
1. **Data-Driven Insights:** Establishing a global electricity price index could guide smarter energy policies.  
2. **Renewable Energy Opportunities:** Miners’ preference for cheap, renewable energy could spur growth in this sector.  
3. **Economic Benefits:** Potential for job creation and infrastructure development in remote regions.

**Disadvantages:**  
1. **Energy Strain:** Local grids may experience additional stress, affecting residents.  
2. **Market Volatility:** The dual use of electricity could introduce price volatility.  
3. **Environmental Concerns:** The environmental impact remains significant if energy isn’t sourced sustainably.

### Controversies in the Realm of Energy and Cryptocurrency
While Marr’s ideas present an optimistic outlook, the debate over Bitcoin’s environmental impact continues to incite controversy. Many argue that despite potential economic benefits, the **environmental cost** may still be too high.

So, can Bitcoin mining truly transform global energy understanding, or will its environmental toll outweigh its benefits? The answer may unfold as technology and energy markets continue to intertwine.

![Unlocking the Secrets of Bitcoin Mining: Energy Consumption Unveiled](https://www.youtube.com/embed/U3auChBEbYM?feature=oembed)

Unlocking the Secret: How Bitcoin Mining Might Transform Global Electricity Pricing! - Bitcoin Perfect

Unveiling the Dark Side of Bitcoin ATMs: Insights from the FTC's Latest Report

Summary:

The Rise of Cryptocurrency and the Scammers’ Playground

Key Findings from the FTC Report

What This Means for the Future

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Why Anthony Pompliano Calls Bitcoin the Future's Gold: Insights on BTC as the Ultimate Savings Account

From Experiment to Revolution: Bitcoin's Impact on Finance and Politics

Bitcoin Surges as Investors Anticipate U.S. Election Results: What It Means for Crypto

Mt. Gox's Bitcoin Movement Amidst $66K Price Drop: What It Means for Investors

Semler Scientific's Bold Bitcoin Bet: A 24.5% Stock Surge Explained!

Victims of Kansas Bank Scam to Receive Restitution After $47 Million Cryptocurrency Fraud

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Other Latest News

Why Anthony Pompliano Calls Bitcoin the Future's Gold: Insights on BTC as the Ultimate Savings Account

From Experiment to Revolution: Bitcoin's Impact on Finance and Politics

Bitcoin Surges as Investors Anticipate U.S. Election Results: What It Means for Crypto

Mt. Gox's Bitcoin Movement Amidst $66K Price Drop: What It Means for Investors

Semler Scientific's Bold Bitcoin Bet: A 24.5% Stock Surge Explained!

Victims of Kansas Bank Scam to Receive Restitution After $47 Million Cryptocurrency Fraud

Could Bitcoin Mining Revolutionize Global Electricity Pricing? Discover the Surprising Link!