Category Archives: charlie shrem

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Winklevoss Twins Sue Charlie Shrem for 5,000 Bitcoins

In the latest development of a long-standing feud between the Winklevoss twins and founding member of the Bitcoin Foundation Charlie Shrem, a newly-unsealed lawsuit reportedly has the former suing Shrem for funds of over BTC 5,000.

Shrem got out of prison in 2016, after pleading guilty in 2014 to selling Bitcoin to people who intended to buy drugs on Silk Road. Shrem was one of the earliest Bitcoin millionaires before becoming one of the earliest Bitcoin felons.

Apparently, Shrem played a critical role in making the Winklevoss twins wealthy. He helped get them interested in the crypto space and they gave him USD 750,000 which he converted to Bitcoin for them. However, there was a payment of USD 250,000 in September 2012 where Shrem only delivered BTC 15,120 worth USD 189,000 at the time. If this is true, then Shrem still owes the twins BTC 5,000. Due to Bitcoin’s price rise, the USD 61,000 of missing Bitcoin has become a much more serious USD 32 million.

The twins believe Shrem used the Bitcoin for himself and say they have hired an investigator who found proof that the missing Bitcoins were sent to Coinbase and Xapo. Further, Shrem owes USD 950,000 of restitution for his court case.

Shrem’s lawyer denies any wrongdoing. Further, in the event of Shrem losing the case, it remains to be seen if the judge orders USD 61,000 to be paid, the fiat discrepancy at the time of the transaction, or the Bitcoin value at the time.

Sources have reported that the overseeing judge seems to have taken the side of the Winklevoss twins for now, agreeing to freeze Shrem’s Xapo and Coinbase wallets.

 

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Charlie Shrem Says Hold Your Bitcoins for At Least 5 Years

Crypto expert Charlie Shrem spoke at the MoneyShow conference in San Francisco, saying that people investing in crypto and Bitcoin should hold it for at least five years.  Shrem specifically says, “Pick something in the top 10 or 20, and look at those, learn about them, and take a stake in them. Any crypto you’re going to buy, hold for five years. Say, I’m going to lock this, and this money is locked for five years. There’s a high probability you’ll come out ahead in five years, because usually, these bull and bear markets go in two-year cycles.”

Crypto and Bitcoin are the most volatile major asset class, with fluctuations of 10% in a single day being common, and downward movements of 90% in a year quite possible, as has been seen during this 2018 bear market and past bear markets.

Even though crypto and Bitcoin have bad bear markets, the general trend is that there is a major Bitcoin rally every two to three years that brings Bitcoin to new record highs, often an order of magnitude higher than the previous record high. Therefore, if an investor listens to Shrem and not touch their Bitcoins or crypto for 5 years, they stand to gain if historical patterns hold.

Shrem is one of the earliest adopters of Bitcoin. He started investing in 2011, was one of the founders of the Bitcoin Foundation in 2012, and started the BitInstant exchange which handled 30% of all Bitcoin volume by 2013. BitInstant got investments from Roger Ver, aka Bitcoin Jesus, and the Winklevoss Twins. However, he was charged for selling USD 1 million of Bitcoins to someone who used the Bitcoins to buy drugs on the Silk Road, and spent over a year in prison and was forced to forfeit USD 950,000 to the court.

Despite all of this, Shrem continues to be a major Bitcoin advocate and is now running crypto.iq which offers crypto investment advice and resources. He believes the proliferation of over 1,600 different cryptos is a good thing, and Bitcoin will always be king regardless.

He says, “These 1,600 coins are doing the guerrilla marketing. They’re doing that on-the-pavement work that crypto used to do in the early days. It’s getting people in — it’s getting people intrigued… Bitcoin will always be that ‘daddy’, that long-term gold that everyone has a huge amount in. You will see over time that the transaction volume of Bitcoin will go down because people are going to see it more as a store of value knowing that if that one fails, they all fail. But it’s definitely fun to have other projects like Steem to experiment with and see what they’re all about.”

 

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Bitcoin Price Set to Overtake All Time High Says Senior Analyst

A senior analyst at leading social trading network eToro has announced that he sees Bitcoin overtaking its all-time high of $20,000 with “absolute certainty”

Mati Greenspan, who is also a well-known bitcoin expert, told the UK’s Sunday Express that bitcoin’s January retracement was “a temporary swerve” and feels certain the trend will now be upward for the digital currency. Although he describes himself as, “not a fortune teller or anything like that,” Greenspan  suggested that “Whenever the price moves and jumps into a new order of magnitude, we need to see some sort of retracement on that.”

According to CNN, this is not the first time that analysts have compared the recent slump to the drop in 2014 when bitcoin dropped by 80% in value and then failed to recover for over a year. The market is now considerably different from its position over three years ago with a daily global trading volume of $30 million.

Greenspan is not alone in his views regarding the figure, providing that bitcoin can continue its trading volume, but some investors and analysts see the 20k target happening sooner. Billionaire investor Mike Novogratz, and Pantera Capital CEO Dan Morehead, along with other investors, see bitcoin surpassing its all-time high by the end of 2018.

The market may have benefited recently from the frequent announcements made by well-known investors about to embrace cryptocurrency trading. Also, banks beginning to express a more favorable interest in the market, such as Goldman Sachs announcement to offer bitcoin futures trading on behalf of its customers, does have an impact as well.

Goldman Sachs has said that it has no plans to initially buy and sell Bitcoin itself, but a team is looking into the possibility, provided it can gain regulatory approval and then work out a plan for eliminating risk.

In the last few days, Bitcoin Foundation founder Charlie Shrem has tweeted that May 2018 will be the “last time” bitcoin costs less than $10,000.

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Onward

A few weeks ago I was released from Lewisburg FPC. I want to thank the hundreds of people who wrote, sent books, money, magazines, and their support. There are no words to describe my appreciation and affection to all of you. Thank you so much.

Currently I’m home in southern Pennsylvania where Courtney and I have relocated temporarily. We will spend the summer months enjoying the outdoors, good food, family, friends and the small things that I missed while I was away, and at the same time transition back into normal life. I’m grateful for the opportunity to be back home.

I’m excited to move forward onto new projects and looking forward to seeing what everyone has been working on!

Feel free to reach out if you’d like to say hello!

Charlie

Quick note: I am still under the same communication requirements established for my incarceration and cannot grant media interviews at this time.

 

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Bitcoin for Prison

Bitcoin may have indirectly landed me in prison, but it’s still my passion. An alternative global transaction network would give people more control over their finances, allowing them to send money with greater privacy and without having to trust (or pay) a middleman. It would also reduce the time it takes to move money by days. If we could do that, we would be another step closer to bringing millions of people out of poverty by allowing people in local economies to buy and sell to the rest of the world. I’m obsessed with Bitcoin, and I’m going to prison. So of course I wanted to know if I could continue to use Bitcoin on the inside.

Read the full article on VICE

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So, I’m going to prison. Reflections from Bitcoins’ first felon

(Below I’ve details some ways to get in touch while I’m inside, please do not hesitate to do so. I look forward to everything! )

I’ve been dreading writing this blog post, and since I’ve written it, it’s been sitting as draft for a few weeks.

Never the less, it’s time I get on with it.

46044187-best-place-prisons-lewisburg (1)On March 30th, I’ll be self surrendering to Lewisburg Federal Prison Camp in Pennsylvania. It’s been a long hard fight, from getting arrested at JFK airport while landing home, to solitary confinement and being under house arrest the for the past 14 months. When the government indicted me and requested 30 years, I kept my head up with the help of friends, family, and the Bitcoin community. While some distanced themselves, most stood by and fought. I owe my life to those people. Of course I don’t look for sympathy, I did the crime and I will do the time. They say those who stand by you in the bad times, deserve to be with you in the good times. Good times are coming and I look forward to it. I also want to thank those select few in the SDNY District Court and NYSPT for treating me with dignity and respect.

 

18896-1sz9qf2Of course, no year is wasted in Bitcoin and I’ve made the best of house arrest. From consulting for Payza, Decentral.tv and others to piloting Bitcoin payments at Holidy Inn Hotels and other companies. I’ve made many speeches, some over skype and some in person. I even had a ShremBot take my place! I’ve met with dozens of VC’s and offered free advice to hundreds of companies, got to spend time with friends, throw parties and enjoy time with the love of my life. Making the best of house arrest requires some creativity, like hiring a Jazz Duo to serenade us on Valentines Day (bonus points because I even got to pay in Bitcoin)

 

 

Overall I’m content with my relatively short sentence and ready to move on.

Lewisburg Camp seems like a nice place, it offers outstanding recreational facilities including a walking track; a basketball court; softball fields and exercise equipment.

I will have access to limited email, mail and the ability to speak to the outside world while I’m inside. Here are a few ways to get in touch.

While inside, I’d love emails, letters, books, and magazines! Everything helps.

In Liberty,

Charlie Shrem

 

 

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Things you can buy with Bitcoin: A jazz duo at your apartment on Valentines Day

Being under house arrest has its advantages and disadvantages. I have a direct line to the DOJ and US Marshals on my right ankle and if I were to be in trouble they’d come running.

2015-01-07 14.15.56

On the other hand, being stuck home on Valentines day can be annoying, so coming up with ideas other than the usual dinner and a movie requires some creativity. Further, I’m always up to the challenge of trying to pay in Bitcoin!

I contacted the folks at Busker.co on Friday to see if they can help. After finding the perfect duo to serenade my girlfriend and I, they asked me to pay via Venmo.

Venmo is instant and free only if you add a bank account. I tried doing this but an error told me there would be a 2-4 day delay for them to verify my account.

No problem, they have a credit card option but when I tried adding mine, the notification said there is a 3% fee for me. Renting a private musical act is not cheap, and 3% added fee is pretty damn high.

I sent them an email and explained that by accepting Bitcoin via Coinbase.com there is no fee and no currency risk if they instantly sell the BTC. I explained that unlike what they read in the press, Bitcoin is 2 things. Bitcoin is a global, instant and free payment system while bitcoin is a unit of value (notice the capitalization differences)

After a few back and forth emails they were set up with Coinbase and emailed me an invoice which I promptly paid. By chance they hadn’t sold their BTC yet and with an overnight price bump they made an extra $20.

2015-02-14 19.45.53

 

Around 7pm a trombone and melodica duo showed up at my FiDi apartment and serenaded with:

– My Girl, The Temptations
– John Legend, All of Me
– Nat King Cole, I Love You For Sentimental Reasons
Thanks again to the folks at Busker.co for making this happen!
-Charlie

 

 

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The Race to Replace Bitcoin

Fantastic article in the NY Observer this morning:

http://observer.com/2015/02/the-race-to-replace-bitcoin/

The article was written by Michael Craig but I have no doubt partly written by editor in chief Ken Kurson (full disclosure, Ken is a good friend and I personally look up to him)14291476707_0977fd766b_z

There’s an epic battle for the future of money, and the outcome is murky. It might have several winners. It might have no winners. But one thing is crystal clear: The most exciting battle in this long war is taking place in San Francisco, and the town isn’t big enough for both Ripple Labs and Stellar, two of the contenders hoping to replace not just Bitcoin but the almighty dollar.  

 

 

Im quoted in it about 16 times, and am happy to be apart of this story. Here are some snippets:

 

img_1827-charlie-shrem-1Mr. Shrem, a tireless evangelist for Bitcoin and cryptocurrency, was the CEO of BitInstant and a founder of the Bitcoin Foundation. He pleaded guilty in September to reduced charges of aiding and abetting the operation of an unlicensed money transmitting business. Again, is that actually a criminal offense? If it is, with the Wild West stuff going on in crypto in the Mission District, the free spirits leading the crypto revolution had better sock away a few billion of their newly minted coins for legal fees before they, too, are making coffee in the toilet.

Mr. Shrem told The New York Times, “They want a guilty plea on their books, and that’s what they’re going to get. They got a Bitcoiner.” In a colossal show of overkill, the government agencies behind taking down this 5-foot-5, 140-pound menace to society included the DEA, NYPD, Homeland Security, New York State Police, IRS, FBI, BATF, U.S. Secret Service, New York National Guard, Office of Foreign Assets Control, and the New York Department of Taxation and Finance. Last month, Mr. Shrem wassentenced to two years for “indirectly helping to send $1 million to Silk Road” and is expected to serve half that time.

 

It’s a long one, but I recommend reading the whole thing!

-Charlie

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