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Is crypto a boys’ club? The future of finance is not gendered



Is crypto a boys’ club? The future of finance is not gendered

“I am used to being the only woman in the room,” Joni Pirovich told Cointelegraph over the phone. 

Her tone wasn’t impassioned like she was claiming an injustice. It was matter-of-fact, resigned to the truth of it. Pirovich is a blockchain and digital assets lawyer and has been involved in the crypto industry for years. She’s also a mom of two.

“In some ways, it’s been a real struggle to have my voice heard, to be seen as a legitimate person at the table that has views worth listening to — let alone respecting or following.”

Her claim wasn’t shocking, since gender disparity in this industry isn’t exactly a new talking point. Back in August, CNBC released a survey that found that women are still less than half as likely to invest in cryptocurrencies than men, with 16% of men investing vs 7% of women.

These results echoed what Finder’s Crypto Report had claimed months earlier in June.It stated that 22% of men own at least one sort of cryptocurrency, while only 15% of women do.

Reminder that twice as many men invest in crypto than women, and women only make up 16% of the NFT market. Thanks @ReeseW and other women leaders in the space who are committed to changing that.

— bobbyhundreds.eth (@bobbyhundreds) December 5, 2021

The crypto industry sits at a crossroads between finance and technology, two sectors that have been traditionally dogged by gender disparity.

A 2021 report by Accenture and Girls Who Code found that the gender gap for women working in the tech sector has actually worsened since 1984, from 35% to 32%. It also found that half of the young women who go into tech drop out by the age of 35, giving credence to Pirovich’s unfavorable experiences working in the industry.

Some of you have never had to schedule dedicated time each month in your calendar to remove all the “nice boobs”/”she’s cute”/”can she actually code?”/”get back in the kitchen” comments from your technical videos on YouTube, and honestly? It shows.

— Chloe Condon (@ChloeCondon) August 10, 2021

Meanwhile, an Oct. 2020 research report from Women in VC found that only 4.9% of United States-based VC partners are women. The data gets even more sobering when looking at how the numbers stack up against women from minority groups — only 0.2% of VC partners are Latinx women and 0.2% are black women.

Susan Banhegyi, author of Women in Crypto and founder of Crypto Women Global agreed that the issues women face in crypto are the same plaguing women across the whole scope of male-dominated industries.

“Some crypto communities can be less than welcoming,” she told Cointelegraph, citing harassment and a lack of inclusion as some issues.

The first time I genuinely felt the sexism in tech was when I applied for a sys admin role when I was 16, and the interviewer told me “you’re a girl so you can’t do this job. You’re too weak to lift desktop computers”.

Yes these guys exist.

— Lou (@lovelacecoding) November 29, 2021

Emilie Wright is the founder of PULSE, a charity-focused and women-led NFT project. She said that in her experience, men in the industry tend to naturally make space for other men.

“My experience, as a woman, is that it is harder to occupy that space, and if you push for it you are often met with questions about how deserving you are of it or your credibility,” she told Cointelegraph.

“If I were a man, I would probably feel more accepted, doubt myself less and feel less of an imposter in the space.”

The adoption gap

Gendered obstacles don’t only come for women wanting to work in the crypto industry, but also for those looking to invest in it.

Previous discourse about the crypto gender tends to blame risk aversion. Crypto makes a notoriously volatile investment which is a pull factor for many investors chasing lucrative gains. Women stereotypically tend to be more conservative and risk-averse investors.

But, perhaps this is an easy answer to a complicated question. Wright suggested that if risk aversion does exist among female investors, that’s only because it’s more “socially acceptable” for men to gamble and take risks.

“Maybe as women, there is an underlying pressure on us to be safe, secure and stick to the known. For me, this risk is much more significantly acknowledged in the cryptocurrency space, and I see less women involved in cryptocurrency.”

She added that when she first started investing in crypto, she would spend hours learning about the industry after working her usual nine-to-five job. She said, “I wonder if, as women with families, commitments and busy lives, it makes it much more difficult to actually enter the space.”

Amy-Rose Goodey, the operations and membership manager at Blockchain Australia, has an alternative explanation. She said that women tend to shy away from investing because they aren’t confident in their understanding of how crypto works, and they don’t ask for help for fear of being ridiculed, stating:

“The statement ‘women are risk averse’ has continued to circulate as the primary reason women do not invest in crypto. In my experience, this is not the case. Women are very keen to invest but do not feel confident in going through the process to buy.”

“[Women] are more anxious about not knowing how to buy Bitcoin rather than losing the initial investment,” she said. “It appears to be more a question of confidence rather than risk aversion.”

Their theories are backed up by research, showing that an individual’s confidence is by far the most pervasive predictor of financial risk aversion — regardless of the individual’s actual financial literacy.

Goodey also said the crypto industry is already starting to make strides towards gender parity as it makes movements towards mainstream adoption:

“From where I am sitting, there is a growing number of women diving headfirst into crypto and investment on the whole. I do not see slowing down any time soon with a growing appetite for this asset class.”

This is true, the amount of women diving into the crypto space has skyrocketed this year as we inch closer towards mainstream adoption.

In a United Kingdom survey from January this year, Gemini found that women made up 41.6% of the 2,000 respondents who were current or previous crypto investors. It also found that 40% of the respondents who said they planned to invest in crypto were women.

Related: NFTs of empowered women aim to drive female engagement in crypto

In July, Robinhood COO Gretchen Howard claimed the number of women using the trading application had increased 369% year-on-year.

Looking at the historical data on gender disparity in crypto shows a pretty low benchmark for growth. In 2013, a survey on crypto forums across the internet found that out of the 1,000 people surveyed, 95.2% of “Bitcoin users” were male. A brokerage study from eToro in Feb. of this year found that 15% of its users were women, an increase from 10% the previous year.

The road to representation

As for the road to equal representation, Pirovich said that men need to be part of the solution. She said, “It’s about men supporting women to identify that you’re on an all-male panel. Just choose not to be a part of it until at least another woman is speaking and more equal representation or diverse representation is on that panel.”

Wright agreed, saying that “there are some amazing men who are supporting and empowering women in the right way, but there needs to be a lot more done.”

There is an incredible amount of sexism and discrimination in this space. I could not imagine being a woman in crypto – they take an incredible amount of undeserved criticism and are rarely taken as seriously as their male counterparts. This needs to stop.

— The Wolf Of All Streets (@scottmelker) October 9, 2019

Banhegyi spoke to the importance of having gender parity in the workforce, stating, “The more women who work in this industry, the better, because a community is the foundation of any platform.”

Crypto has the potential to empower women and give them more control over their finances. And for many women, mainstream adoption has already started to chip away at some of the accessibility barriers that previously stood between them and potential gains.

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Wait, what? Former Bitcoin bull Raoul Pal only owns one Bitcoin?



Wait, what? Former Bitcoin bull Raoul Pal only owns one Bitcoin?

Former Goldman Sachs hedge fund manager and cryptocurrency bull Raoul Pal claimed in a tweet that he now only owns a single Bitcoin.

As the claim was made in the heat of a Twitter fight with self-proclaimed “Bitcoin Strategist” Greg Foss it’s not entirely clear whether it’s an exaggeration or an accurate statement about his holdings. Pal is the founder and CEO of Real Vision and Global Macro while Foss is an executive director at Validus Power Corp.

The revelation of his apparently small holding certainly caused uproar and angst among Bitcoin true believers, who’ve looked at Pal askance ever since he started calling Ethereum “the greatest trade” and predicted that ETH and altcoins will eventually outperform BTC.

Fascinating to see that since inception ETH has outperformed BTC by 250%. It only fell below its initial price in BTC for the first 5 months of its existence in 2015.

Let that put rest to the idea that all other tokens trend towards zero in BTC terms. pic.twitter.com/ulCpsjG8up

— Raoul Pal (@RaoulGMI) April 7, 2021

Pal first purchased BTC in Nov 2013. He sold for a 10X profit in the so-called “fork-wars” of 2017 (missing out on an even bigger gain later that year) before adding to his collection in 2019 through 2020. In May 2021, he confirmed that he owned more ETH than BTC. At time of writing, Bitcoin (BTC) is worth $40,925.

The barney was instigated by Foss, who tweeted “Raoul is soft” followed by another intellectual tweet, “Raoul sucks and blows” shortly after. After some back and forth between Pal and the Bitcoin maxi, Pal posted that people like Foss and the Bitcoin community’s exclusionary ideology are why he only holds one Bitcoin.

And that is your issue. I don’t share your philosophy, so you attack me? Really? This is why I hold only one bitcoin, the community has lost sight of inclusion and you sir, are helping reduce the network effects by excluding people who dont share your view from the network.

— Raoul Pal (@RaoulGMI) January 20, 2022

This upset the Bitcoiner community, many who claimed he had let emotion cloud logic. “His feelings are hurting his future,” commented one user Emanuel in a reply to Bitcoin Meme Hub tweet. “I knew when he started to sip Vitalik’s coolaid he was a goner,” added another user, Jalan Foster.

The founder of Synaptic Ventures Marc van der Chijs complained that the fact Pal only owns one BTC based on the makeup of the community and not on the potential return “goes totally against the gospel he preaches on RealVision.”

However, some defended Pal, pointing to his impressive track record and reminding followers that he is in fact a trader, not a holder. Crypto analyst and founder of Crypto My Way “Coach T” wrote that he appreciates Pal’s “diverse views and intelligent thinking.”

Foss vs. Pal: a Twitter feud

It appears that the argument was in response to a disagreement on Pal’s stance on inflation and bonds as a trading vehicle. Foss explained that he didn’t support Pal promoting his trading strategy to others who don’t entirely understand how it works.

Pal disagreed, explaining that his views on bonds are “a trade, not a philosophy.” Despite this, in a following comment on the thread, Pal claimed that he doesn’t own any bonds.

Ok, lets do math. If Im right and bonds can rally 20% in 12 months (just use TLT) that is faster than the balance sheet expansion, thus its a net win to your purchasing power. If you hold bonds to maturity you lose. Issue?

— Raoul Pal (@RaoulGMI) January 20, 2022

Three hours after posting the original tweet attacking Pal, the argument eventually culminated in Foss tweeting an apology saying that he “regrets his actions,” adding that he “made a rookie error” and that he has “bigger battles to fight.”

Related: Raoul Pal says ‘reasonable chance’ crypto market cap could 100x by 2030

Just weeks ago, Pal said that he believes there is a “reasonable chance” that the crypto market capitalization will increase 100 times by the end of this decade. Hoping he’s right about that is perhaps something on which we can all agree.

Cointelegraph reached out to Raoul Pal via Real Vision and will update the story with any response.

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Multichain hacker returns 322 ETH, keeps hefty finders fee



Multichain hacker returns 322 ETH, keeps hefty finders fee

Owing to a security vulnerability in six tokens, Multichain users lost more than $3M over the week. A white hat hacker returned 322 ETH, but in excess of 527 ETH is still exploited.

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Multichain hacker returns 322 ETH, keeps hefty finders fee

In a dramatic twist, one of this week’s Multichain hackers has returned 322 ETH ($974,000 at the time of writing) to the cross-chain router protocol and one of the affected users.

However the hacker kept 62 ETH ($187,000) as a “bug bounty”, and a total of 528 ETH (worth $1.6M) remains outstanding after the exploits.

Earlier this week, news emerged of a security vulnerability with Multichain relating to the tokens WETH, PERI, OMT, WBNB, MATIC, and AVAX, and $1.43 million was stolen. Multichain announced on Jan. 17 the critical vulnerability had been “reported and fixed.”

However, publicity about the vulnerability reportedly encouraged a number of different attackers to swoop in, and more than $3 million in funds were stolen. The critical vulnerability in the six tokens still exists, but Multichain has drained around $44.5m of funds from multiple chain bridges to protect them.

Yeah, bridge contract need pause function. https://t.co/lPjLsE5EtR

— Zhaojun (@zhaojun_sh) January 20, 2022

One of the hackers, calling himself a “white hat” has been in communication with both Multichain and a user who lost $960,000 in the past day or so, to negotiate returning 80% of the money in return for a hefty finders fee.

According to a Jan. 20 tweet from ZenGo wallet co-founder Tal Be’ery, the hacker claimed they hadbeen “saving the rest” of the Multichain users who were being targeted by bots, in an act of defensive hacking.

The funds were returned across four transactions. On Jan. 20 the hacker returned 269 ETH ($813,000) in two transactions directly to the user he stole it from and kept a bug bounty of 50 ETH ($150,000).

The relieved user responded to the hacker:

“Well received, thank you for your honesty.”

Overnight, the hacker also returned 50 ETH ($150,000) across two transactions to the official Multichain address, and kept a bug bounty of 12 ETH ($36,000).

Related: Multichain asks users to revoke approvals amid ‘critical vulnerability’

Multichain (formerly Anyswap) aims to be the “ultimate router for Web3.” The platform supports 30 chains at the moment, including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Litecoin (LTC), Terra (LUNA), and Fantom (FTM).

In a tweet on Jan. 20, the Co-Founder and CEO of Multichain Zhaojun conceded that Multichain bridge contracts need a pause function to deal with similar incidents in future..

Cointelegraph has contacted the project for comment.

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Australia’s plan to create a crypto competitive edge in 12 steps



Australia’s plan to create a crypto competitive edge in 12 steps

In October 2021, the Senate Committee for Australia as a Technology and Financial Centre released its much-awaited recommendations for how cryptocurrency should be regulated. The 168-page final report boils down to 12 recommendations aimed at striking the right balance between creating legitimacy without stifling innovation. 

This is a landmark report that demonstrates Australia’s clear efforts to put itself at the forefront of crypto investment globally. The chair of the committee, Senator Andrew Bragg, believes that “Australia can be a leader in digital assets” and is confident that it can particularly “be competitive with Singapore, the UK and the US.”

Four key recommendations

First, the introduction of a range of new crypto-specific licenses and regulations. For too long, regulators around the world have been trying to put square pegs (cryptocurrency) into round holes (traditional financial regulation). This approach underestimates the fundamental differences that exist as well as the potential that digital assets have to transform the world. This report acknowledges crypto’s potential and calls for a range of bespoke cryptocurrency licenses in Australia. It recommends a specific market licensing regime for digital exchanges as well as a bespoke custody regime for digital assets. Details will still need to be fleshed out but if we get these frameworks right, then this will create the legitimacy that the sector needs to take off into the mainstream.

Second, the introduction of a decentralized autonomous organization (DAO) entity type into Australian corporate law. This recommendation is a very big deal, as it shows that the Australian government is open to decentralized finance (DeFi) as well as crypto innovation. Wyoming is the only region I have heard of that has something like this in place, so this could put Australia on the front foot. If approved, DAOs could provide a unique utility that may bring the Australian economy a decade ahead into a decentralized future. However, this will also be the hardest thing for the Committee to get approved, as changes to the Corporations Act are infamously rare in Australia. If anyone can do it, it’s Senator Bragg though.

Third, improved tax rules for crypto-to-crypto transactions. Recent Finder research shows that over 17% of Australians own cryptocurrency — the third-highest rate of adoption in the world. However, this growing group has had to grapple with tax rules that are confusing at best. Historically, crypto-to-crypto transfers have been considered a capital gain by the Australian Tax Office. The new recommendation calls for tax only when there has been “a clearly definable capital gain or loss.” Again, the devil will be in the detail on this one but active Australian crypto users could be the real winners.

Fourth, new tax incentives to encourage green crypto mining. The Committee recommends a 10% company tax discount for crypto mining businesses that use renewable energy. This looks like a smart move to support two high-growth Australian industries: renewable energy and cryptocurrency. This will be especially important as the Committee tries to get these recommendations signed off against a backdrop of COP26 and rising concerns about climate change.

Related: Crypto staking rewards and their unfair taxation in the US

Three tough issues

  • Timelines for turning recommendations into law. Right now, these are all just recommendations, and are worth as much as the political will that exists to enact them. As with other countries, politics in Australia moves slowly and this will be no different. Senator Andrew Bragg is bullish that he can get all the recommendations passed in 12 months and I back him to get it done. His cause could also be supported by a growing view that crypto innovation could be a vote-winner with young Australians in a looming federal election, as nearly a third of Generation Z already own cryptocurrency.
  • Implications for crypto businesses during the pre-reform period. If it takes a year to introduce new laws then there are still questions about what crypto businesses can do in the meantime. Many submissions called for a “safe harbor” against regulation until rules had been finalized but this was not explicitly recommended by the Committee. However, the direction of travel has been set and there is clear support for crypto innovation and an acknowledgment that new rules and licenses are needed. I would be surprised if we saw much in the way of regulatory action until then.
  • Specifics for the licensing and tax proposals. Many of these recommendations were light on detail and it looks like the Australian Treasury will now lead on these matters. The industry will be very interested to know what the requirements for being a custodian or digital exchange will be, particularly when it comes to capital requirements. If there’s too much regulatory burden, then businesses will move offshore. Likewise, consumers will need more clarity on what a “clearly definable capital gain or loss” is for tax purposes. In many ways, the work starts now.

Related: Crypto makes history in 2021: Five instances of governments embracing digital assets

Learnings for governments around the world

The crypto industry is ready to talk policy. It’s fair to say that this Select Committee was inundated with engagement from crypto businesses, academics, peak bodies and regulators. More than 100 written submissions contributed and there were three full days of public hearings. It’s not often that an industry is asking for more regulation but that is what is happening here. The crypto industry around the world wants clarity and is ready to have a conversation about policy.

Broad reviews are more effective than siloed approaches. One key reason that this consultation had so much engagement was that it looked at the digital asset industry holistically rather than from one angle only. A problem we’re seeing around the world is regulators interested in looking at crypto assets from their specific regulatory view, but broad innovation shouldn’t be assessed through such a narrow lens. This consultation managed to look at the industry holistically while still getting into the specific issues. I welcome more reviews like it around the world.

Bespoke digital asset policy approaches will be needed. Digital assets have hit critical velocity and the revolution can no longer be ignored. Piecemeal changes to legacy financial services policy will not work. We need policymakers around the world to work together to create bespoke policies that are fit-for-purpose. Coinbase captures this well in pillar one of its Digital Asset Policy Proposal (DAPP). The DAPP calls for “a new framework for how we regulate digital assets” that “will ensure that innovation can occur in ways that are not hampered by the difficulty of transitioning from our legacy market structure.” These recommendations in Australia are an attempt at doing exactly that which many can learn from.

What is clear is that the world is changing. This Senate Committee in Australia should be applauded for taking a holistic approach and recommending bespoke policy instruments. It’s time for policymakers around the world to follow suit and take a broad look at their approach to digital assets.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Fred Schebesta is an Australian-born entrepreneur and early-stage investor, founder of global fintech Finder, now worth over half a billion dollars. Fred recently launched blockchain investment fund Hive Empire Capital and co-founded Balthazar, a DAO platform for NFT gaming. With 22 years of experience in building businesses, Fred just released a Number One Amazon Best Selling book, Go Live! 10 Principles to Launch a Global Empire.

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