Banks to pay $491M settlement over interest rate manipulation

This week Citibank and JPMorgan were added to the heap of conspirators who fixed a key interbank interest rate in the Eurozone. Euribor, the equivalent of Libor, is a benchmark used to determine interest rates on credit cards, mortgages, student loans, and other debt facilities. The ruling on Euribor fixing comes the same week as a smaller ruling against JPMorgan for fixing benchmark rates in Australia. While the banks must pay the fines, they are permitted to carry on without any admission of wrongdoing.

Citigroup, JPMorgan to pay $182.5 million to settle rate-rigging lawsuit
"A preliminary settlement addressing the banks’ alleged manipulation of the European Interbank Offered Rate, or Euribor, was filed on Wednesday night with the U.S. District Court in Manhattan, and requires a judge’s approval.
Five banks have reached $491.5 million of settlements in the case, including earlier settlements of $170 million by Deutsche Bank AG, $94 million by Barclays Plc and $45 million by HSBC Holdings Plc."

Other news

Bitcoin Close to Overtaking MasterCard in Daily Transfers
"Much of the activity, therefore, probably occurs off-chain, with the public blockchain used sparingly. Yet that off-chain activity must be very considerable if $8 billion is being transferred daily on-chain. That’s a substantial portion of the entire economic activity in US and Europe. Partly perhaps because bitcoin is fully global, giving it a bigger market and thus presumably giving it more use cases."

Soros Strikes Back At Facebook; Demands Congressional Oversight
"Gaspard similarly responded, saying in a statement: 'I was shocked to learn from the New York Times that you and your colleagues at Facebook hired a Republican opposition research firm to stir up animus toward George Soros,' adding: 'As you know, there is a concerted right-wing effort the world over to demonize Mr. Soros and his foundations, which I lead—an effort which has contributed to death threats and the delivery of a pipe bomb to Mr. Soros’ home. You are no doubt also aware that much of this hateful and blatantly false and anti-Semitic information is spread via Facebook."

How Splices Impact Lightning Network Fees
"We have come to the conclusion that intermediate nodes will charge fees proportional to the amount transacted in order to cover their operational costs. Because fees are proportional to the amount, big payments will be charged with bigger fees. This might trigger big payments to be on-chain transactions. The Lightning Network would still offer immediacy, so this could still be a reason for going off-chain anyway."

What’s Your Metagame? An Open Letter to the Crypto Community
"When money is flooding in like a river, the roar prevents us from hearing anything else. Certainly that’s been my experience, usually to my ultimate detriment. But when the water rushes out, there’s nary a sound. We’re all ears. That’s been my experience, too. Almost always to my ultimate benefit.
There’s bigger game afoot than getting rich."

What do you legally own with Bitcoin?
"So, what do you legally own with Bitcoin? To me you own a part of the Bitcoin UTXO set uniquely assigned to you, and only you — by virtue of the corresponding private key. With this comes great responsibility. If you lose your private key, you lose your bitcoins. If your private key gets stolen civil law may dictate that the key itself and the UTXOs accessed by it are still 'yours'. As far as the Bitcoin network is concerned though the private key grants power of disposition to whomever is in possession of said key."

One Week Later: The Latest Developments in the Bitcoin Cash Split
"Despite the hostility and relative chaos, both BCHABC and BCHSV are establishing themselves as standalone cryptocurrencies. This includes the adoption of distinct names and ticker symbols, though these still vary between exchanges and other users. Most of the existing Bitcoin Cash infrastructure has adopted Bitcoin Cash ABC as the new 'Bitcoin Cash.' But infrastructure for Bitcoin Cash SV is coming online as well, such as a block explorer. In the meantime, Bitcoin Cash SV has also mined several blocks that exceed 32 megabytes, setting it apart from Bitcoin Cash ABC (though not without issues)."


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