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OSU Picks Unknown Bitcoin Investor Who Wrote Its ‘Tall’ Speech
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Ohio State University it was solemn on a day designated for celebration; a few hours before university the start was expected, one participant suffered a fatal fall from 136 feet at the ceremony venue, Ohio Stadium.
With so many families already at the stadium – around 60,000 in attendance – and the event almost underway, the university decided to move forward with the ceremony despite the tragedy.
As always, a start speaker was chosen to give words of wisdom to graduating seniors, but the speaker of 2024 had the added burden of doing so under a cloud of desperation.
Enter Chris Pan, a “social entrepreneur” alumnus who promotes cryptocurrency and who was reportedly hand-picked by the university president to give this year’s commencement address.
It didn’t go well.
The speech was described as the “worst commencement speech ever” by some attendees who spoke The roosterwhich reported the strange address that the graduating students received on Sunday.
Although he had never given a speech of that magnitude, Mr. Pan was still chosen to lead the ceremony. He reportedly thought it was a joke when he was first asked to provide the address.
Sharing his anxieties about writing the speech on Facebook, Pan revealed that he had written parts of it while using the South American hallucinogen Ayahuasca, after a failed attempt to use ChatGPT.
“This week I received help from AI (Ayahuasca Intelligence) to write my keynote speech for 60,000 graduates and family members at The Ohio State University next Sunday,” he wrote. “We live in difficult times: we wanted something more heartfelt. (I tried chatGPT but it wasn’t so good)”
Mr. Pan later edited the post to say that he was relying on “Higher Intelligence” rather than “Ayahuasca Intelligence.”
A screenshot of “social entrepreneur” Chris Pan’s Facebook post in which he claims he used the South American hallucinogen ayahuasca to help him write his commencement speech at Ohio State University (The Rooster via Chris Pan Facebook)
He shared a quote from author and fellow psychonaut Terence McKenna along with his post.
“They would tell you this in Peru, you know: This is our university. You went to Harvard, we went to Ayahuasca,” the quote reads.
What followed was a bizarre cocktail of chants, crypto-shillings and jewels that left many in the audience stunned.
Shortly after the speech began, Mr. Pan asked the audience to stand and sing 4 Non Blondes’ 1993 hit “What’s Up?”
“When I wake up in the morning and go outside, I take a deep breath and feel really high, and I scream at the top of my lungs: What’s going on?” Mr Pan sang before adding arm movements in conjunction with the song’s chorus.
After the chant, Pan began talking about investing, which eventually led him to recommend Bitcoin as a “much misunderstood asset class,” earning audible boos and laughter from the crowd.
He also had a PowerPoint to accompany his commentary.
Soon after, he seemed to suggest that singing was a better therapy for those suffering from mental illness than antidepressants.
“For emotional freedom, I came across singing as a wellness practice after going through a terrible heartbreak. Every morning I felt so much sadness and pain. I considered taking antidepressants, but intuitively I started singing every morning “, he said. “I’m not a trained singer, but I used it as music therapy.”
He then told the crowd that he would give everyone bracelets with a word of their choice as a daily reminder of their spiritual and personal growth goals — noting that “the details [were] arriving via email”.
OSU keynote speaker promoting cryptocurrencies leads crowd in singalong during bizarre speech
His word? An ampersand, as a reminder that racism… well, it’s just not cool.
He concluded the speech with another song, this time choosing “This Little Light of Mine.”
An OSU graduate captured the crowd’s feelings during the speech in a video posted to TikTok.
“pov: you are graduating from OSU and the commencement speaker is asking us to sing and dance,” the user wrote. Mr Pan can be heard singing while students laugh and look bewildered in the background.
Reporters a The rooster they are left wondering “How could this happen?” — according to sources who spoke to the publication on condition of anonymity for fear of backlash from the university — it happened because OSU President Walter Edward “Ted” Carter wanted it to happen.
Rookie speakers at OSU are typically chosen by Ohio State’s Speaker Advisory Committee, which uses a series of criteria to determine whether or not a speaker would be a good fit for the university. Qualifications such as “I am a good public speaker” and can “convey a meaningful and relevant message to our graduating students” are among those considered during the selection process.
Barack Obama, Neil Armstrong, Senator Sherrod Brown and Dr. Anthony Fauci have already given the university’s commencement address.
The Ohio State University football stadium, May 18, 2019, in Columbus, Ohio. (AP)
According to sources who spoke to The Rooster, the advisory committee creates a short list of candidates and sends them to the university president, but the president has the final say.
His last word was, apparently, Chris Pan.
That revelation was particularly troubling after Mr. Pan revealed in a now inaccessible social media post that Mr. Carter sits on the site Terawulf Board of Directors, a Bitcoin mining company. The original social media post can still be viewed on The Rooster.
“With @ohiostatepres – is on the board of zero carbon bitcoin mining company @terawulf and daughter does psychedelic assisted therapy!” Mr. Pan wrote.
OSU Assistant Vice President for Media and Public Relations Ben Johnson told The Independent that Mr. Pan was on this year’s nomination list.
“Chris Pan was on the nomination list, which includes nominations going back several years,” Johnson said. “President Carter met Chris Pan for the first time the night before commencement. They have no financial relationship. It is normal for university presidents to sit on public and private boards of directors.”
The Independent contacted Mr Pan.
Ohio State University President Walter Edward “Ted” Carter (Ohio State University)
Bitcoin enthusiasts on social media made it clear that they approved of the speech. A verified account called “The Bitcoin Therapist” shared a clip of Pan’s speech, including boos at the mention of Bitcoin, and celebrated the speech.
“OSU grad Chris Pan takes ayahuasca to write his graduation speech, then tells 60,000 people to buy #Bitcoin to protect their purchasing power,” the report reads he wrote. “What a damn legend.”
University spokesman Ben Johnson declined to comment on Pan’s mention of Bitcoin during the speech, but told the local broadcaster WCMH that the university does not approve the speeches, although officials read drafts of Mr. Pan’s notes.
An anonymous university official who spoke to The Rooster said Mr Pan was “the worst person I have ever worked with” when it came to preparing the commencement speech.
The source also revealed that early drafts of the speech included numerous references to Israel and Palestine – always a minefield as a topic, but especially so after the OSU. used the Ohio State Patrol dealing with Gaza protesters the previous week – and asked for the references to be removed.
If nothing else, the speech was, at the very least, memorable.
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How Ether Spot ETF Approval Could Impact Crypto Prices: CNBC Crypto World
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CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and gives viewers a glimpse of what’s to come with high-profile interviews, explainers and unique stories from the ever-changing cryptocurrency industry. On today’s show, Ledn Chief Investment Officer John Glover weighs in on what’s driving cryptocurrency prices right now and how the potential approval of spot ether ETFs could impact markets.
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Miners’ ‘Capitulation’ Signals Bitcoin Price May Have Bottomed Out: CryptoQuant
According to CryptoQuant, blockchain data shows signs that the Bitcoin mining industry is “capitulating,” a likely precursor to Bitcoin hitting a local price bottom before reaching new highs.
CryptoQuant analyzed metrics for miners, who are responsible for securing the Bitcoin network in exchange for newly minted BTC. As outlined in the market intelligence platform’s Wednesday report, multiple signs of capitulation have emerged over the past month, during which Bitcoin’s price has fallen 13% from $68,791 to $59,603.
One such sign includes a significant drop in Bitcoin’s hash rate, the total computing power that backs Bitcoin. After hitting a record high of 623 exashashes per second (EH/s) on April 27, the hash rate has fallen 7.7% to 576 EH/s, its lowest level in four months.
“Historically, extreme hash rate drawdowns have been associated with price bottoms,” CryptoQuant wrote. In particular, the 7.7% drawdown is reminiscent of an equivalent hash rate drawdown in December 2022, when Bitcoin’s price bottomed at $16,000 before rallying over 300% over the next 15 months.
This latest hash rate drop follows Bitcoin’s fourth cyclical “halving” event in April, which cut the number of coins paid out to miners in half. According to CryptoQuant’s Miner Profit/Loss Sustainability Indicator, this has left miners “mostly extremely underpaid” since April 20, forcing many to shut down mining machines that have now become unprofitable.
CrypotoQuant said that miners faced a 63% drop in daily revenue after the halving, when both Bitcoin block rewards and transaction fee revenues were much higher.
During this time, Bitcoin miners were seen moving coins from their on-chain wallets at a faster rate than usual, indicating that they may be selling their BTC reserves“Daily miner outflows reached their highest volume since May 21,” the company wrote.
Among the sales of Bitcoin miners, whales and national governmentsBitcoin’s price drop in June also hurt Bitcoin’s “hash price,” a metric of Bitcoin Miner Profitability per unit of computing power.
“Average mining revenue per hash (hash price) continues to hover near all-time lows,” CryptoQuant wrote. “Hashprice stands at $0.049 per EH/s, just above the all-time low hashprice of $0.045 reached on May 1st.”
By Ryan-Ozawa.
News
US Congressman French Hill Doubles Down on Trump’s Pro-Crypto Stance
US lawmaker French Hill has noted that Donald Trump will take a more pro-crypto approach than the current administration. The run-up to the presidential election has seen cryptocurrencies become an issue with lawmakers making huge statements ahead of the polls. Donald Trump has also been reaching out to the industry, making a pro-crypto case.
French Hill Backs Trump’s Pro-Crypto Stance
Republican Congressman French Hill has explained the type of cryptocurrency regulatory framework he believes Donald Trump could adopt in the country. In a recent interview with CNBC, French Hill said that the recently passed FIT21 bill is the type of regulatory framework the Trump administration will adopt in the sector.
#FIT21 passed the House with 71 Democratic votes, it’s exactly the kind of digital asset regulatory framework former President Trump would support if re-elected.
See more on @SquawkCNBC🔽 photo.twitter.com/ceTmU4LApU
— French Hill (@RepFrenchHill) July 3, 2024
THE FIT21 Bill It is intended to protect investors and consumers in the market by establishing clear rules and powers for the various regulators in the sector. According to Hill, Trump will adopt it because it directs the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on the specific regulatory framework needed in the market.
“… for people who are innovating and starting a crypto token, a related business, custody of those assets, how to ensure consumer protection, so I think that framework is the right approach and that’s what I’m going to recommend to the President to pass, which is that we have not passed it between now and the end of this Congress.”
He also called Trump an innovative and pro-growth president in financial matters.
Cryptocurrency is going mainstream
This election cycle saw the cryptocurrency industry taking a place in mainstream issues following broader adoption across demographics. From candidates moving toward enthusiasts to recent pro-Congress legislation, cryptocurrencies have become a rallying point for officials. The U.S. regulatory landscape has been criticized for stifling growth due to frequent SEC LawsuitsThis has led executives to push for pro-cryptocurrency laws and raise money for pro-industry candidates.
Read also: Federal Reserve Predicts “AI Will Be Deflationary” to Stimulate Economy
David is a financial news contributor with 4 years of experience in Blockchain and cryptocurrency. He is interested in learning about emerging technologies and has an eye for breaking news. Keeping up to date with trends, David has written in several niches including regulation, partnerships, cryptocurrency, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.
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US Court Orders Sam Ikkurty to Pay $84 Million for Cryptocurrency Ponzi Scheme
A federal court has ordered Jafia LLC and its owner, Sam Ikkurty, to pay nearly $84 million to cryptocurrency investors after ruling that the company was operating a Ponzi scheme.
The ruling, issued by Judge Mary Rowland in the U.S. District Court for the Northern District of Illinois, follows a lawsuit filed by the Commodity Futures Trading Commission (CFTC) in 2022 after the fund collapsed.
Judge Rowland found that Ikkurty, based in Portland, Oregon, did numerous false claims on his company’s hedge funds.
These included misleading statements about his trading experience and the promise of high and stable profits. Instead, Ikkurty used funds from new investors to pay off previous investors, a hallmark of a Ponzi scheme.
The Ponzi Scheme
The court found that Ikkurty misappropriated investment funds for personal use without the knowledge of the investors. These funds were used for personal use and were reported as Fraudulent Investmentscausing significant financial losses to customers.
This non-transparent operation violated Transparency Commission regulations, which led to the imposition of a hefty fine to compensate defrauded investors and restore some public confidence in the financial system.
Judge Rowland emphasized that fraudulent activity such as this violates the law and undermines the integrity of modern financial markets. The $84 million award seeks to address the financial harm inflicted on investors and reinforce the importance of legal compliance in cryptocurrency trading.
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