Institution: Distrust of the US dollar is driving gold and Bitcoin up

The post Tether’s Bitcoin Mining Halted in Uruguay Due to Unpaid Electricity appeared on BitcoinEthereumNews.com. Tether halts Bitcoin mining in Uruguay due to $5 million unpaid electricity bills; pivots to renewable energy mining in Brazil amid regulatory changes. Tether, a well-known stablecoin company, recently faced a big problem in Uruguay. The state-owned electric company of the country, UTE, disconnected the power supply to two mining facilities of Bitcoin belonging to Tether. This was as a result of Tether failing to pay electricity bills that ran to approximately 5 million dollars. Tether’s Two Mining Projects Face Suspension Amid Huge Energy Debt UTE interrupted the supply of electricity on July 25. Sources say that Tether owed an almost 5 million in outstanding power usage. This caused their mining sites to be suspended, which plays a crucial role in their cryptocurrency activities. Related Reading: Tether Mints $1 Billion USDT on Ethereum After Fed Rate Cut | Live Bitcoin News Before the closure Tether was negotiating with UTE. The company had an interest in a new mining plant and had bid millions of dollars to open it. They also demanded a reduced rate of electricity to assist in mitigating expenses. In May, Tether began defaulting on their current bills despite these negotiations. The arrears were extremely large. The monthly electricity bill of Tether was approximately two million dollars. UTE was forced to cut power when their debt was more than the guarantee amount. It owes one project in Flores and the other in Florida, 95million dollars and 87million dollars respectively. Its total debt is approximately 4.8 million without fines. In June, UTE president Andrea Cabrera signed a memorandum of understanding with Tether. Under this agreement, Tether was obligated to keep up with payments and commitments. Nonetheless, the power cut had to happen, as Tether did not pay. Paolo Ardoin, the technology manager of Tether, commended the electricity system in…

PANews reported on October 9th that Kerrisdale Capital, a prominent short-selling firm, announced it has shorted Bitmine, the Ethereum treasury reserve company. The firm believes the DAT (Digital Asset Treasury) model has become mediocre, with the market flooded with copycat projects, resulting in a collapse in premiums and a loss of the ability to increase ETH per share by issuing shares above net asset value. Companies pursuing this "crypto-asset treasury strategy" originally planned to raise over $100 billion, but the scarcity that underpinned the high premiums has been shattered. Today, many of these companies' shares are trading near or below net asset value, stalling their self-circulating mechanism and beginning to collapse. MSTR, one of the earliest DATs, has seen its premium decline from 2-2.5 times its net asset value to approximately 1.4 times. BMNR's premium has also continued to decline, with expectations of parity with or even lower than its net asset value. Currently, BMNR's MNAV is approximately 1.4 times, leaving over 40% room for further decline.

Sam Bankman-Fried’s parents are Barbara Fried and Joseph Bankman, both respected professors at Stanford Law School. They became well known not just for their academic work, but also because of their connection to the FTX scandal involving their son.Barbara Fried and Joseph Bankman supported Sam throughout his rise as a cryptocurrency entrepreneur and remained actively involved, both personally and professionally, during his legal troubles. Their roles and actions have attracted some attention from the public and the media, and raised questions about how their influence shaped Sam’s decisions and the fallout from FTX.Who Are Sam Bankman-Fried's Parents?Sam Bankman-Fried's parents, Barbara Fried and Joseph Bankman, are longtime professors at Stanford University. Both are legal scholars and played roles in Sam's early life and, later, in the FTX story.Parent Backgrounds and UpbringingJoseph Bankman is known for his work in tax law. He teaches at Stanford Law School and is regarded as a leading scholar in his field. He also has training as a clinical psychologist, which lets him approach complex topics from different angles.Barbara Fried is a professor emerita at Stanford Law School. Her expertise is in ethics, philosophy, and law. Barbara has written on issues like utilitarianism and charitable giving. Both she and Joseph have held respected careers in academia.They grew up valuing education and public service. Before joining Stanford, each built their own career in legal research and teaching. Supporting student learning and research has been central in their lives.Barbara Fried: Career and InfluenceBarbara Fried is a respected scholar and lawyer with a long career at Stanford Law School. She is known for her teaching, research, and involvement in politics as both a thinker and an activist.Academic AchievementsBarbara Fried worked for many years as a professor at Stanford Law School. She earned degrees at Harvard University, including her law degree, and began her career clerking for Judge J. Edward Lumbard.At Stanford, Fried became a full professor and later professor emerita, focusing on fields such as legal ethics, contracts, and moral philosophy. She taught both graduate and law students, helping shape the academic development of future lawyers.Her research and writing focused on the intersection of law, philosophy, and ethics, and she became known for her work on moral psychology and utilitarianism. Many students and colleagues credited her with making challenging topics clear and relatable.She helped lead discussions on ethics and philosophy at Stanford and was widely respected in the legal academic community.Philosophical and Political ViewsFried is recognized for her interest in moral philosophy. She often wrote and spoke about utilitarianism, a theory that focuses on maximizing happiness and well-being for the greatest number of people.This belief influenced not only her academic work but also conversations at home. Discussions about ethics and effective altruism, a movement based on using evidence and logic to help others, were common in her family. Fried’s views about reason, evidence, and morality were said to influence her son, Sam Bankman-Fried.She supports fact-based argument and encourages open debate about difficult social issues. Her writing addresses how personal and political decisions can be guided by rational analysis rather than emotion alone.Role in Political CampaignsBeyond her academic work, Barbara Fried has been active in American politics, especially supporting Democratic causes. She is a co-founder of Mind the Gap, a political action committee (PAC) known for funding data-driven Democratic campaigns.Fried has donated to Democratic candidates and opposed politicians like Donald Trump. Her work with Mind the Gap focused on directing financial support to political races where new research suggested donations would have the biggest impact.As a political activist, she helped guide wealthy donors on how to give more effectively. Her data-based approach in campaigns made her an influential figure in political strategy circles, especially among Democratic donors and academics involved in electoral politics.Joseph Bankman: Academic and Professional LifeJoseph Bankman is a leading expert in tax law and serves as a respected professor at Stanford Law School. His career also includes work in legal education and clinical psychology.Expertise in Tax LawJoseph Bankman is widely recognized for his expertise in tax law. He holds the position of Ralph M. Parsons Professor of Law and Business at Stanford Law School. His scholarship focuses on tax policy, tax compliance, and simplification of the tax filing process in the United States.He has written numerous articles and textbooks on tax law, which are used in academic courses across the country. Bankman has also served as an advisor on tax reform efforts at both the state and federal level. His recommendations often center on making taxes easier for ordinary people to understand and pay.Bankman’s analyses and positions are frequently cited in debates about tax policy. He is seen as a leader in efforts to modernize and improve taxation systems using legal knowledge and practical solutions.Contributions to Legal EducationJoseph Bankman has been a Stanford Law professor since the late 1980s. He teaches courses in tax law, corporate law, and business law. His teaching style is described as thorough and student-focused, often guiding students through complex legal issues with clear explanations and real-world examples.Bankman has helped design new curricula and has contributed to Stanford Law School’s reputation as a leading institution for legal studies. Many former students credit him with inspiring their careers in law and providing mentorship throughout their studies.(Source: Amazon.com)He has also published several legal textbooks, some co-authored with other respected academics. These texts are now widely used in law schools and have shaped how tax law is taught in the United States.Psychology BackgroundIn addition to his legal career, Joseph Bankman is also trained as a clinical psychologist. He returned to school later in his career to earn a degree in clinical psychology, which has shaped his approach to teaching and research.Bankman explores the intersection of law and psychology, focusing on how emotions and human behavior affect legal decision-making. He uses his psychological training to study issues such as stress and anxiety among law students and legal professionals.Relationship with Sam Bankman-FriedBarbara Fried and Joseph Bankman played significant roles in Sam Bankman-Fried’s upbringing and values. Their professional backgrounds and personal beliefs directly influenced how Sam approached ethics and philanthropy.Parental Guidance and Ethical PrinciplesJoseph Bankman and Barbara Fried are both professors at Stanford Law School. They have focused on legal theory, ethics, and tax law during their careers. Their work and discussions at home exposed Sam to detailed conversations about fairness, justice, and doing good.At home, the family openly debated moral puzzles and encouraged critical thinking. Sam was influenced by these attitudes and often described his parents as important guides in his decision-making. However, as Sam’s business grew, some critics questioned how much these ethical ideals shaped or conflicted with his later choices.Involvement in Effective AltruismBoth Barbara Fried and Joseph Bankman are connected to the effective altruism movement through their academic interests and their son's involvement. Effective altruism focuses on using evidence and logic to help others as much as possible.Barbara Fried co-founded the Centre for Effective Altruism, linking her work directly to the movement’s early days. Sam Bankman-Fried later became one of its most visible supporters, giving millions to effective altruism causes.Joseph Bankman supported his son’s interest in these ideas, sometimes attending events and discussions. Their home environment gave Sam space to develop his own beliefs about “doing good.” While both parents engage with effective altruism, they do so mostly through research and teaching, rather than through direct financial support.Involvement During the FTX CollapseDuring the FTX collapse, Sam Bankman-Fried's parents, Barbara Fried and Joseph Bankman, became centerpoints of attention. Their actions in Nassau, Bahamas and their support during legal troubles raised questions about their role and responsibilities.Presence in Nassau, BahamasJoseph Bankman and Barbara Fried traveled to Nassau after news of FTX’s financial trouble. They joined their son, Sam Bankman-Fried, at his home as the company unraveled.Both parents were seen supporting their son at his luxury residence in Albany, a gated community near Nassau. Witness accounts and media reports noted their active presence, helping manage household affairs and legal communications. They also attended meetings with legal teams and tried to ensure Sam's wellbeing during the growing scrutiny.During this period, authorities in the Bahamas increased monitoring of the property due to security concerns. Joseph Bankman was sometimes seen at FTX’s offices in Nassau, helping Sam navigate logistics and legal needs.Their stay in the Bahamas was extended as the legal risks escalated. The family's presence in Nassau signaled both emotional and logistical support during a time of intense public and legal pressure.Actions During the Arrest and ExtraditionWhen Bahamian police arrested Sam Bankman-Fried in December 2022, his parents were present in Nassau. They reportedly learned of the arrest late at night and quickly went to the police station to support Sam.Joseph Bankman and Barbara Fried attended early court hearings in the Bahamas. They sat in the front rows, sometimes visibly emotional and at times making public statements on Sam's behalf. Their actions included arranging legal counsel and helping with logistics during Sam’s time at the Fox Hill prison in Nassau.When extradition talks began, the parents worked closely with Sam’s lawyers. They coordinated with legal teams in both the Bahamas and the United States. They also handled paperwork, media communications, and regular prison visits.The extradition process to the United States was highly stressful for the family. The parents' presence remained constant throughout, showing practical and personal involvement at each step of Sam's legal ordeal in Nassau and during his return to the US.Frequently Asked QuestionsWho are Sam Bankman-Fried's parents?Sam Bankman-Fried’s parents are Joseph Bankman and Barbara Fried. Both are tenured professors at Stanford Law School. They have taught at Stanford for decades and have published academic work in the fields of law and tax policy.What is the net worth of Sam Bankman-Fried's parents?Joseph Bankman and Barbara Fried have earned steady incomes as Stanford law professors. Their exact net worth is not public, but there is no verified information suggesting they are extremely wealthy, apart from their academic salaries and some property holdings.Where are Sam Bankman-Fried's parents currently?They continue to reside in California, although they are no longer teaching at Stanford University.Who is Barbara Fried in relation to Sam Bankman-Fried?Barbara Fried is Sam Bankman-Fried's mother. She is a professor at Stanford Law School, specializing in law and philosophy. She has been influential in academic circles and is also known for her writings on ethics and political theory.What property do Sam Bankman-Fried's parents own?Sam Bankman-Fried’s parents own a house on the Stanford University campus where they have lived for decades. They also reportedly stayed in a luxury house in the Bahamas during visits to see their son. There have been reports of other property interests being investigated, especially after FTX's collapse.