THE HASH: LocalBitcoins to Close Down Amid 'Very Cold' Crypto Winter; Coinbase CEO Suggests SEC May Ban Crypto Staking

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4.7 • 698 Ratings

🗓️ 9 February 2023

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

The most valuable crypto stories for Thursday, Feb. 8, 2023. "The Hash" squad discusses today's top stories, including bitcoin exchange LocalBitcoins gearing up to close this month. This comes as Coinbase CEO Brian Armstrong says he's heard rumors the U.S. Securities and Exchange Commission (SEC) would like to ban retail investors from engaging in cryptocurrency staking, the income-generating technique at the core of running proof of stake blockchains including Ethereum. Plus, Tether, the issuer of the world's largest stablecoin, reported a $700 million fourth-quarter profit. See also: Bitcoin Exchange LocalBitcoins to Close, Citing Market Conditions Coinbase's CEO Cites 'Rumors' the SEC May Ban Crypto Staking for Retail Customers Stablecoin Issuer Tether Reports $700M Profit, Complete Exit From Commercial Paper - This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.” See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0	This is the hash podcast.
0:11.0	Stay informed with the latest on Bitcoin, ETH, the Metaverse, Web3, and more, with stories that matter to the crypto world.
0:18.3	All on the hash for your ears.
0:21.7	You're listening to the Coin Desk Podcast Network.
0:26.7	Hey, everyone. Welcome to The Hash. I'm Jensen Asi. We got Zach Seward, Adam B. Levine,
0:32.0	and Will Foxley with that big smile in the bottom corner there.
0:39.4	Thank you guys for joining us again.
0:40.6	We love you.
0:42.9	Zach, you got the first story.
0:43.7	What do we got today?
0:45.1	Yeah, end of an era.
0:47.2	Pour one out for local Bitcoins.
0:50.0	After a 10-year run, which is ages in crypto time,
0:57.4	Bitcoin Exchange, local Bitcoins is calling it quits, citing current market conditions and the prolonged crypto winter. Really quite a sad development for a long time observers of the space.
1:02.6	Local Bitcoins is one of those early peer-to-peer Bitcoin marketplaces that really spoke to sort of the
1:07.8	original ethos of Bitcoin, less intermediated by big companies,
1:12.3	more about that peer-to-peer trading that was initially envisioned for the original cryptocurrency.
1:17.1	Local Bitcoins, I think, saw a lot of early growth in emerging markets,
1:21.3	and now, unfortunately, they are closing shop.
1:24.8	Really sad to see, but it becomes another victim of the latest crypto downturn.
1:29.7	I mean, it's awesome to Adam for his thoughts and a bit of historical perspective on this.
1:33.3	Yeah, you nailed it there. So, I mean, local bitcoins was kind of really, really important
	...

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