Libre Blockchain

2021-06-14 23:45:59 Bitcoin Censorship

Remember when I told you all that I wrote some information related to BIP340? (Schnorr's Signatures)

This guy Gregory Maxwell removed the entire post, calling it a "wall of misinformation" Open / Comment

2021-06-13 23:17:07 Building a True NFT Solution

Disclaimer: This is not an offering and it won't be (not self-promotion).
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For some reason, the world is still under the impression that if one buys an 'NFT' on one of these online markets (i.e., 'Rarible'), that they have any level of possession, rights, ownership, trademarks, copyright, etc. over the digital asset.

Worse yet, there are people that truly believe that they have some sort of cryptographic "proof" that they've purchased the NFT (even this is incorrect & grossly inaccurate).

So What are People Purchasing?

Digital media. That's it.

Pictures, gifs, etc., that you would find anywhere else on the internet.

There's no information that's contained in the transaction that you could use to suggest that you purchased unique digital media.

If there is anyone on planet earth that has purchased an NFT that believes that they obtained anything out of that transaction, then they are sorely mistaken. Open / Comment

2021-06-13 03:10:11 Class Actions Being Formulated on Reddit

I know we started with the complaints against Binance, but the situation is actually way worse than that at this point.

There are multiple different subreddits dedicated to aggregating resources between Binance exchange victims to either contact law enforcement or file a massive class action lawsuit against them (they've been doing some good work in these subreddits too!)

1. "Binance Lawsuit" - https://www.reddit.com/r/Binance_Lawsuit/

2. "Binance US Class Action" - https://www.reddit.com/r/Binance_Lawsuit/

3. "Binance US Complaints" - https://www.reddit.com/r/BinanceUSComplaints/

4. "Binance Support Tickets" - https://www.reddit.com/r/BinanceSupportTickets

There are hundreds of members in each and every single one of these subreddits and they get updated on a regular basis. Open / Comment

2021-06-13 02:15:27 WazirX Appears to be on its Way Out as Well For those unfamiliar with this exchange, this is India's biggest exchange. They're also owned by Binance. We covered them and the rampant fraud going on over there a few weeks ago. If you missed that piece… Open / Comment

2021-06-13 02:06:21 WazirX Appears to be on its Way Out as Well

For those unfamiliar with this exchange, this is India's biggest exchange.

They're also owned by Binance.

We covered them and the rampant fraud going on over there a few weeks ago.

If you missed that piece, you can view it here: https://librehash.org/wazirx-another-crumbling-binance-entity/ Open / Comment

2021-06-13 02:04:54 Where is Binance's CFO?

Missed this article by CoinDesk that popped up just a couple of days ago.

They claim that the CFO (Wei Zhou), has mysteriously left the company out of nowhere and that nobody knows anything on his whereabouts...

https://www.coindesk.com/binances-chief-finance-exec-has-abruptly-left-the-company

That's dodgy as all hell. And considering the way things are closing in on Binance right now, this is just another sign of impending doom for the exchange. Open / Comment

2021-06-12 10:30:59 We won't go through the rest of the ratings here folks (join the Discord) ; we're going to call it a day on that one.

But for those that are following, you can now say that you have a pretty thorough overview of where things stand as far as Michael Saylor and MicroStrategy (congratulations, friends.

As always, we're going to try to dig down to the very fucking depths of an issue to get to the truth (if possible). Open / Comment

2021-06-12 10:30:59 More Information on That Rating Here in Investopedia (always coming in clutch for us) - https://www.investopedia.com/terms/b/b3-b.asp

"B3/B- refers to the letter grades ratings agencies assign to companies, issuers, and securities that are considered speculative and carry a greater degree of risk than investment grade bonds. In the world of junk bonds, a B3/B- rating is about as low of a rating as most investors will accept."

So... you probably don't need me stating this - but, not good. But hey, if Bitcoin hits $100k, they could really turn things around (assuming they don't sit here and leverage up way more debt in the meantime).

Moody's essentially made it clear they'd downgrade them further if they piled on anymore debt beyond this point (so this could be it for MS for a little while) Open / Comment

2021-06-12 10:30:59 Starting off with the 'Corporate Family Rating' (b3) ; we can see on the chart here that puts MicroStrategy square under the "not prime" section - no bueno for the time being

Link to this URL (explaining the Moody's Ratings) can be found here: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004 Open / Comment

2021-06-12 10:30:59 Moody's Initial Report on MicroStrategy Senior Secured Loans

We'll start with the ratings:

1. Corporate Family Rating = B3

2. Probability of Default Rating = B3-PD

3. Speculative Grade Liquidity Rating = SGL-2

4. Senior Secured Regular Bond/Debenture = Ba3 (LGD1)

Here's the Link to the Moody's Press Release Explaining the Ratings = https://www.moodys.com/research/Moodys-assigns-B3-CFR-to-MicroStrategy-outlook-stable--PR_448144

Starting out the gate, "The B3 CFR reflects MicroStrategy's very high financial leverage, small scale relative to competing data analytics software providers and expectations for modest organic growth in the low single digit percent range. MicroStrategy, which generated revenues of about $492 million in the LTM period ended March 31, 2021, will have Moody's adjusted gross leverage well in excess of 20x (Moody's treats stock-based compensation as an expense) pro forma for the proposed transaction."

Not quite so positive out the gate.

Moody's does go on to note that MicroStrategy was able to acquire the $1.6B+ in additional capital (via convertible notes) with little to no upfront cost to them (i.e., interest rates), which is a big bonus for them (lowers the hell out of their overall potential risk vs. what it could otherwise be).

"The Ba3 rating on MicroStrategy's senior secured notes reflects the company's B3-PD probability of default rating, their senior secured nature and position in the capital structure relative to the outstanding $650 million and $1.05 billion convertible notes due in 2025 and 2027, respectively. The senior secured notes are expected to have a maturity of 7 years with springing maturity 91 days inside the existing 2025 and 2027 convertible notes maturities if MicroStrategy does not have liquidity in a specified amount at such a time." Open / Comment