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    Bitcoin Documentary ‘Money Electric’ Reopens Search for Satoshi Nakamoto

    The identity of the pseudonymous Bitcoin creator has eluded sleuths for years. But does finding the real Mr. Nakamoto really matter?There are two ambitious missions behind “Money Electric: The Bitcoin Mystery,” a new documentary by the filmmaker Cullen Hoback that was released Tuesday by HBO.The first is to solve one of the internet’s great mysteries by revealing, at long last, the identity of Satoshi Nakamoto, the pseudonymous programmer who created Bitcoin in 2008.The film’s second mission is to make the case that the identity of Bitcoin’s creator actually matters — that Bitcoin, for all its flaws, represents an important technological breakthrough with far-reaching implications, and that there are good reasons, aside from prurience, to care who created it.Let’s start with the first part. Among Bitcoin buffs and cryptocurrency journalists, the mystery of Mr. Nakamoto’s identity has been the subject of fierce debate and painstaking investigation for more than a decade. But nothing has been proved conclusively, and a handful of bungled attempts to crack the case — most notoriously a 2014 Newsweek cover story that put the blame on a physicist, Dorian Nakamoto, who turned out to have nothing to do with Bitcoin at all — have only muddied the waters.(My former colleague Nathaniel Popper suggested that Nick Szabo, who created a digital currency with similarities to Bitcoin, was most likely Satoshi Nakamoto back in 2015, but Mr. Szabo has denied it, and no conclusive evidence has emerged.)Mr. Hoback, who spent years diving down the rabbit hole of the QAnon conspiracy theory for his last film, “Q: Into the Storm,” took a similarly exhaustive approach this time. He and a camera crew spent three years flying around the world interviewing early Bitcoin contributors, following digital breadcrumbs buried in ancient message board posts and piecing together the evidence.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Naked Emperors and Crypto Campaign Cash

    Once upon a time there was an emperor who loved being fashion-forward. So he was receptive to some fast-talking tailors who promised to make him a suit out of new, high-technology fabric — a suit so comfortable that it would feel as if he were wearing nothing at all. “Fortune favors the brave,” they told him.Of course, the reason the suit was so comfortable was that it didn’t exist; the emperor was walking around naked. But the members of Congress who made up his retinue didn’t dare tell him. For they knew that the tailors deceiving the emperor controlled lavishly funded super PACs that would spend large sums to destroy the career of anyone revealing their scam.OK, I changed the story a bit. But it’s one way to understand the remarkably large role the crypto industry is playing in campaign finance this year.Bitcoin, the original cryptocurrency, was introduced 15 years ago and was promoted as a replacement for old-fashioned money. But it has yet to find significant uses that don’t involve some sort of criminal activity. The crypto industry itself has been racked by theft and scams.But while crypto has thus far been largely unable to find legitimate applications for its products, it has been spectacularly successful at marketing its offerings. Cryptocurrencies, which are traded for other crypto assets but otherwise mainly seem suited for things like money laundering and extortion, are currently worth around $2 trillion.And in this election cycle the crypto industry has become a huge player in campaign finance. I mean huge: Crypto, which isn’t a big industry in terms of employment or output (even if you posit, for the sake of argument, that what it produces is actually worth something), accounts for almost half of corporate spending on political action committees this cycle.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    From Tips to TikTok, Trump Discards Policies With Aim to Please Voters

    The former president’s economic agenda has made some notable reversals from the policies he pushed while in the White House.At his convention speech last month, former President Donald J. Trump declared that his new economic agenda would be built around a plan to eliminate taxes on tips, claiming that the idea would uplift the middle class and provide relief to hospitality workers around the country.“Everybody loves it,” Mr. Trump said to cheers. “Waitresses and caddies and drivers.”While the cost and feasibility of the idea has been questioned by economists and tax analysts, labor experts have noted another irony: As president, Mr. Trump tried to take tips away from workers and give the money to their employers.The reversal is one of many that Mr. Trump has made in his bid to return to the presidency and underscores his malleability in election-year policymaking. From TikTok to cryptocurrencies, the former president has been reinventing his platform on the fly as he aims to attract different swaths of voters. At times, Mr. Trump appears to be staking out new positions to differentiate himself from Ms. Harris or, perhaps, just to please crowds.To close observers of the machinations of Mr. Trump’s first term, the shift on tips, a policy that has become a regular part of his stump speech, has been particularly striking.“Trump is posing as a champion of tipped restaurant workers with his no-tax-on-tips proposal, but his actual record has been to slash protections for tipped workers at a time when they were struggling with a high cost of living,” said Paul Sonn, the director of National Employment Law Project Action, which promotes workers’ rights.In 2017, Mr. Trump’s Labor Department proposed changing federal regulations to allow employers to collect tips that their workers receive and use them for essentially any purpose as long as the workers were paid at least the federal minimum wage of $7.25 an hour. In theory, the flexibility would make it possible for restaurant owners to ensure that cooks and dishwashers received part of a pool of tip money, but in practice employers could pocket the tips and spend them at their discretion.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Bitcoin and other cryptocurrencies plunge, mirroring global markets.

    The prices of Bitcoin and other major cryptocurrencies plunged over the last two days, mirroring the volatility in global stock markets and ending a run of growth and excitement in the crypto industry.Bitcoin’s price has dropped about 12 percent since Sunday, falling to roughly $53,000. The price of Ether, the second most valuable cryptocurrency, was down nearly 20 percent over the same period.The precipitous falls show that digital currencies, once envisioned as an alternate asset class that would be shielded from gyrations in the world economy, remain vulnerable to the same broader economic forces that affect technology stocks and risky investments. And the panic is a reminder that Bitcoin and other cryptocurrencies are highly volatile, prone to dramatic increases and decreases in value.Just a few days ago, the crypto industry was flying high. In January, the approval of a new financial product tied to the price of Bitcoin prompted a market surge that propelled Bitcoin to its highest-ever price. The excitement even led to a wave of new memecoins, the digital currencies tied to internet jokes.That enthusiasm came to an end on Sunday, as global markets plunged. The panic was caused by several factors, including a slowdown in U.S. job creation and concerns that tech stocks had increased too quickly.As the price of Bitcoin cratered, investors shared despondent memes on X, while industry leaders tried to reassure crypto fans that the market would rebound.“Yikes,” Cameron Winklevoss, one of the founders of the crypto exchange Gemini, wrote on X on Sunday. And then a few minutes later: “Everything is fine.” More

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    Ether Cryptocurrency ETFs Are Approved by the SEC

    The Securities and Exchange Commission gave its blessing to a fund that tracks the price of the most valuable cryptocurrency after Bitcoin.Federal regulators on Thursday approved an investment product tied to the cryptocurrency Ether, the most valuable digital asset after Bitcoin, in a major boost for the crypto industry.The Securities and Exchange Commission said a group of exchanges could begin listing investment products known as exchange-traded funds, or E.T.F.s, linked to the price of Ether. The products would offer an easier and simpler way for people to invest in crypto, potentially boosting prices and promoting wider adoption of digital currencies.In January, the S.E.C. approved similar products that track the price of Bitcoin, leading to a flurry of new investment that helped propel Bitcoin’s price to a record high.The impact of the Ether approval could take longer to hit the market. Before the exchanges can start offering Ether E.T.F.s, the S.E.C. must also approve a separate set of applications from companies that want to issue them, including from major financial firms like BlackRock and Franklin Templeton. That process could take weeks or months, according to financial experts.An S.E.C. spokeswoman said the agency had no comment beyond a formal order approving the products.The news prompted celebration in the crypto industry. A representative for 21Shares, one of the companies seeking to offer the Ether investment product, called it an “exciting moment for the industry at large.”But industry critics called the approval a dangerous development that would encourage wider investment in a volatile market.“The S.E.C. failed to live up to its mission to protect investors and the markets,” Benjamin Schiffrin of Better Markets, a nonprofit that fights for stricter financial regulations, said in a statement.Offered by mainstream financial services firms, E.T.F.s are essentially baskets of assets — rather than buying the assets directly, customers buy shares in these baskets. The products are easy to trade, from brokerage accounts with companies like Vanguard or Charles Schwab, and are popular with wealth advisers and other financial mangers.In the crypto world, E.T.F.s offer another key advantage: simplicity. Rather than navigating the complexities of an online crypto wallet, a customer could go online and buy shares in a Bitcoin or Ether E.T.F. alongside stocks traded on Wall Street.For years, crypto advocates have seen these products as a promising way to encourage wider use of digital currencies. Before the Bitcoin E.T.F.s were approved, crypto companies battled the S.E.C. in the courts, securing a legal victory in August that forced the agency to allow the products.The Bitcoin E.T.F.s have proved to be enormously popular, attracting billions of dollars in investment.The price of Ether has rebounded over the last few months, after a crypto downturn that started in 2022. Ether currently trades at about $3,800 per coin, more than 20 percent off its high of just under $4,900.That’s a small fraction of the price of Bitcoin, which trades at about $68,000 per coin. More

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    Biden Bans Chinese Bitcoin Mine Near U.S. Nuclear Missile Base

    An investigation identified national security risks posed by a crypto facility in Wyoming. It is near an Air Force base and a data center doing work for the Pentagon.President Biden on Monday ordered a company with Chinese origins to shut down and sell the Wyoming cryptocurrency mine it built a mile from an Air Force base that controls nuclear-armed intercontinental ballistic missiles.The cryptomining facility, which operates high-powered computers in a data center near the F.E. Warren base in Cheyenne, “presents a national security risk to the United States,” the president said in an executive order, because its equipment could be used for surveillance and espionage.The New York Times reported last October that Microsoft, which operates a nearby data center supporting the Pentagon, had flagged the Chinese-connected cryptocurrency mine to the federal Committee on Foreign Investment in the United States, warning that it could enable the Chinese to “pursue full-spectrum intelligence collection operations.” An investigation by the committee identified risks to national security, according to the president’s order.The order did not detail those risks. But Microsoft’s report to the federal committee, obtained last year by The Times, said, “We suggest the possibility that the computing power of an industrial-level cryptomining operation, along with the presence of an unidentified number of Chinese nationals in direct proximity to Microsoft’s Data Center and one of three strategic-missile bases in the U.S., provides significant threat vectors.”Now, the mine must immediately cease operations, and the owners must remove all their equipment within 90 days and sell or transfer the property within 120 days, according to the order, which cites the risks of the facility’s “foreign-sourced” mining equipment. A vast majority of the machinery powering cryptomining operations across the United States is manufactured by Chinese companies.Cryptomining operations are housed in large warehouses or shipping containers packed with specialized computers that typically run around the clock, performing trillions of calculations per second, hunting for a sequence of numbers that will reward them with new cryptocurrency. The most common is Bitcoin, currently worth more than $60,000 apiece. Crypto mines consume an enormous amount of electricity: At full capacity, the one in Cheyenne would draw as much power as 55,000 homes.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Bitcoin Hits Record High, Recovering From 2022 Meltdown

    Bitcoin’s price surged above $68,800, breaking the record the digital currency set in November 2021 when the crypto industry was booming.Bitcoin hit a record high of about $68,800 on Tuesday, capping a remarkable comeback for the volatile cryptocurrency after its value plunged in 2022 amid a market meltdown.Bitcoin’s price has risen more than 300 percent since November 2022, a resurgence that few predicted when the price dropped below $20,000 in 2022. Its previous record was just under $68,790 in November 2021, as crypto markets boomed and amateur investors poured savings into experimental digital coins.“This is just the beginning of this bull market,” said Nathan McCauley, the chief executive of the crypto company Anchorage Digital. “The best is yet to come.”Bitcoin’s recent surge has been driven by investor enthusiasm for a new financial product tied to the digital coin. In January, U.S. regulators authorized a group of crypto companies and traditional finance firms to offer exchange-traded funds, or E.T.F.s, which track Bitcoin’s price. The funds provide a simple way for people to invest in the crypto markets without directly owning the virtual currency.As of last week, investors had poured more than $7 billion into the investment products, propelling Bitcoin’s rapid rise, according to Bloomberg Intelligence.The price of Ether, the second-most-valuable digital currency after Bitcoin, has also risen this year. Its increase has been driven partly by enthusiasm over the prospect that regulators may also approve an E.T.F. tied to Ether.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More