Other posts

https://old.reddit.com/r/CryptoCurrency/comments/1blrqyd/new_european_union_aml_laws_to_ban_all_anonymous/?sort=controversial

https://old.reddit.com/r/ethtrader/comments/1blv51x/eu_enacts_ban_on_anonymous_crypto_transactions/?sort=controversial

https://old.reddit.com/r/Bitcoin/comments/1blqh7t/eu_committees_approve_cash_limits_and_ban_on/?sort=controversial

https://old.reddit.com/r/ethtrader/comments/1blqga1/anonymous_crypto_wallets_now_illegal_in_the_eu/?sort=controversial

https://old.reddit.com/r/Monero/comments/1bl8q3b/eu_parliament_committee_approves_cash_cap_and_ban/?sort=controversial

EU enacts ban on anonymous crypto transactions via self-custody wallets

The recent Anti-Money Laundering legislation specifically outlaws certain limits for cash transactions and anonymous cryptocurrency payments.

In a recent regulatory change, the European Union (EU) has prohibited cryptocurrency transactions of any value made through unidentified self-custody crypto wallets. This update is a component of the region's newly implemented Anti-Money Laundering (AML) regulations.

According to a post by Patrick Breyer, a member of the European Parliament for the Deutsch Piraten Partei, the majority of the EU Parliament's lead commission endorsed the prohibition on March 19.

Notably, Dr. Breyer is one of the two leaders who opposed this approval. Gunnar Beck was the other Parliament member who voted against it, representing the Alternative for Germany (AfD) party. The ban on cryptocurrency payments applies specifically to unregistered wallets offered by service providers (hosted wallets), covering self-custody wallets provided via mobile, desktop, or browser applications.

The recent Anti-Money Laundering legislation specifically outlaws certain limits for cash transactions and anonymous cryptocurrency payments. Under these regulations, cash transactions exceeding €10,000 and anonymous cash payments over €3,000 will be deemed illegal.

The approved laws are expected to be fully operational within three years from their entry into force. However, Dillon Eustace, an Ireland law firm expects these laws to become fully operational before the usual enforcement timeline.

Fundamentally, many cryptocurrency networks function within permissionless environments, allowing anyone to create a cryptographic private key and granting unrestricted entry into the system.

This characteristic lies at the heart of cryptocurrencies' fundamental principles, offering a more inclusive, liberated, and equitable financial system that does not discriminate against its users in any form.

Experts and freedom advocates consider this recent approval a hit against financial freedom and fundamental human rights. German MEP Patrick Breyer opposes the bill, claiming it compromises economic independence and financial privacy. He considers the ability to transact anonymously to be a fundamental right.

The crypto sector, known for its emphasis on privacy and decentralization, has responded critically to the EU's regulatory measures. These new regulations have created mixed reactions, whereby some believe the new AML laws are necessary, while others fear they may infringe on privacy and hinder economic activity.

Daniel “Loddi” Tröster, the Sound Money Bitcoin Podcast host, underscored the practical hurdles and consequences of the recent legislation, elaborating on the impact on donations and the broader implications for cryptocurrency use within the EU. He articulated concerns over the stifling effect these rules might have. Notably, self-custody to self-custody transactions are not affected by the new law.

One man was charged with drunken driving after crashing his truck and spilling 11,000 salmon onto a highway in Oregon.

>The problem? He hadn't been drinking.

Instead, he was diagnosed with a rare condition known as auto-brewery syndrome, in which a person's gut ferments carbohydrates into ethanol, effectively brewing alcohol inside the body.

This week, the man was acquitted of a drunken driving offense — he wasn't a boozer, the court found; his body was essentially making its own beer.

Haven't seen this mentioned here yet, but for any of you r-slurs actually r-slurred enough to be considering investing in the shitshow that is called Reddit considered yourself forewarned. Also, this is a great example of how much of a loser Spez and the exec leadership of Reddit are considering Reddit clone sites like The Chive, even Digg and (hopefully) rDrama and WPD can operate at a net profit with far less employees than what Reddit does. A great example is The Chive which was profitable after 2-3 years (estimated $20 million in revenues and approx 6 employees).

In contrast, after 20 years, Reddit is not only not profitable but they continue to post yearly loses in the tens to hundreds of millions of dollars a year. In fact, the article points out, that these loses translate to "....$232,432.87 a day, or nearly $9,685 an hour [in loses]."

So, Reddit finally filed for an IPO. After nearly 20 years, starting on its own, being acquired by Condé Nast Publications in 2006, spun out in 2011.

Having a long gestation as a private company getting investment dollars isn't unusual today. For a number of years now, the trend has been to see increasingly long years of waiting to seek an exit so investors can allow the company to develop. To strengthen. To build a capability of making money.

Which makes Reddit's filing — its S-1 using technical terms — so interesting is that it's taken so long to still be losing money by the truckful. That's $232,432.87 a day, or nearly $9,685 an hour.

Maybe this has something to do why Condé Nast's parent, Advance Publications, waved goodbye to Reddit so many years ago.

The company calls itself an “emerging growth company” by the definition of the JOBS Act, and will continue to be until any one of the three following conditions happens: their revenue at least equals $1.235 billion; they reach the last day of the fiscal year following the fifth anniversary of the IPO offering; they reach the date on which during a previous three-year period in which they issue more than $1 billion in non-convertible debt; or, under the Exchange Act, they're deemed a “large accelerated filer.”

There are 54 pages of risk factors, which, after reading many S-1 filings over the years, seems pretty long. One of the most notable is the sentence, “We have incurred substantial losses during our history and may never achieve profitability.”

There are companies that have said that in the past, but they were much younger. AmazonAMZN +1% has a reputation of being unprofitable for a very long time, but in the last quarter of 2001, it had its first profitable quarter. That was about seven years after the company started running out of the garage of Jeff Bezos.

After two decades, Reddit still warns that it's not making money. Losses can eventually be useful for companies when they can carry them forward and finally offset profits, but the profits do have to come. At the end of 2023, the company has $216.7 million in federal and $177.1 million of state net operating losses (NOLs) to carry. The state ones are gone in 2026 if there aren't profits to apply them to. Federal NOLs through 2017 can only be carried for 20 years to fully offset taxable income. After 2017, due to the Tax Cuts and Jobs Act, they can be carried indefinitely to offset only 80% of taxable income annually. So, the losses at this point are theoretically helpful, but practically? Who knows?

In 2023, the company's revenue was $804.0 million. Research and development, at $438.3 million, was more than half, an awfully big number for a company of this age. Total costs and expenses were $944.2 million. The net loss was $90.8 million, which at least is an improvement over 2022, with its $666.7 million in revenue and $158.6 million in losses.

Reddit favors non-standard accounting metrics like adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). The adjusted part include “stock-based compensation expense and related taxes, other (income) expense, net, and certain other non-recurring or non-cash items impacting net income (loss) that we do not consider indicative of our ongoing business performance.” Which makes it tough to know exactly what's being included or excluded.

The adjusted EBITDA in 2023 was still -$69.3 million.

And they like free cash flow as a “liquidity measure.” Free cash flow in 2023 was -$84.8 million. In 2022, it was -$100.3 million.

On top of that, Reddit is going the dual stock class approach, where Class A is the ordinary stock with one vote per share, Class B getting 10 votes per share, and Class C, no votes. This is the type of structure designed to let a small group continue to control the company no matter what. The public argument is that they will keep doing the right thing for the company. In practice, that has meant lots of losses.

A jury on Thursday found a Minnesota man guilty on all charges in connection with the fatal stabbing of a teenager during a tubing trip in western Wisconsin in the summer of 2022.

Nicolae Miu, who's now 54, was found guilty of first-degree reckless homicide in the death of 17-year-old Isaac Schuman of Stillwater during a confrontation on the Apple River. The verdict was read just after 11 a.m. in St. Croix County Circuit Court in Hudson, Wis.

Miu was also found guilty of four counts of first-degree recklessly endangering safety, in connection with four people who were wounded in the stabbing — Alexander Martin, Dante Carlson, Anthony Carlson and Ryhley Mattison.

Miu also was found guilty on a count of battery.

He had been charged with first-degree intentional homicide, and four counts of attempted first-degree intentional homicide.

But KARE 11 reported that the jury was given the option to find Miu guilty on less-severe charges of reckless homicide and recklessly endangering safety — and exercised that discretion in their verdict.

!chuds !nooticers @arsey the zoomies won

THE WPATH FILES

Advocates of gender-affirming care say it’s evidence-based.

But now, newly released internal files from the World Professional Association for Transgender Health (WPATH) prove that the practice of transgender medicine is neither scientific nor medical.

American… pic.twitter.com/mcJ2E7TezW

— Michael Shellenberger (@shellenberger) March 4, 2024

https://twitter.com/shellenberger/status/1764799914918490287

It's also here

https://environmentalprogress.org/big-news/wpath-files

and on Shellenbergers substack

https://public.substack.com/p/the-wpath-files