Eleanor Terrett on impersonators and a better crypto industry: Hall of FlameFox Business producer Eleanor Terrett’s following exploded after she began providing commentary on the SESC v. Ripple lawsuit.
Fox Business producer Eleanor Terrett says that, as she gains more recognition in the crypto community, she is becoming a prime target for social media impersonators.
So, I find myself having to tweet more often, saying, Just a reminder, guys, I dont have a private profile; I will never reach out to you, Terrett tells Magazine.
However, she warns that if youre on the hunt for the next runaway altcoin, its probably not going to be her who finds it for you.
I dont have stock trading tips or crypto trading tips, Terrett declares.
Its a pity she cant say the same for all those impersonators floating around out there: Theyre scamming people as well. There is one called Eleanor Terrett Private. They are inboxing people, saying, Subscribe to my trading strategy.
What shocked Terrett even more is that some of these followers have three, four and five thousand followers.
While it might feel kind of nice, shes genuinely curious about how these impostors manage to amass such a following pretending to be her.
My biggest take away from these #HinmanEmailsis that it seems @SECGovofficials who weighed in on the speech believed the goal was to provide market guidance and tried to write it in a way that would convey that. Thus, in the @Ripplecase, the SEC lawyers argument that the
— Eleanor Terrett (@EleanorTerrett) June 13, 2023
Terrett has amassed over 90,000 followers through her consistent commentary on the Ripple v. SEC lawsuit.
Her fanbase is ballooning so fast that people are blowing up her DMs for paid sponsorships, just like those fancy influencers.
But, for the moment, shes not really vibing with the idea.
I dont want to promote anything at the moment; I have an employer, and, just right now, its just not for me. Maybe one day down the line, I dont know. Maybe Ill move jobs, or Ill take up something else in the crypto space.
However, she openly acknowledges that she receives heaps of requests to partner up.
When Terrett isnt busy with her day job at Fox Business as a journalist and producer for Charlie Gasparino or seeking out the freshest crypto scoops for her followers, she enjoys giving back by spending time with animals.
I volunteer at an animal shelter on the weekends because I just love animals, and I think theyre better than people.
Yet a definite career highlight for her is receiving a cheeky follow from none other than Changpeng CZ Zhao, the CEO of Binance.
Furthermore, he gave her a shoutout and praised her social media commentary. Terrett explains that she cleared up a misconception for her Twitter (now X) followers: [I further tweeted that] CZ doesnt have to show up in person [for his court appearance]. Hes not going to be coming to the U.S. to testify. And I think he retweeted me and said, Eleanors got it right!
The lawsuit isnt just against @BinanceUS. Its against @binance, BAM trading, @BinanceUSand @cz_binance.
— Eleanor Terrett (@EleanorTerrett) June 5, 2023
However, shes still keeping her fingers crossed for a follow from Coinbase CEO Brian Armstrong.
What led to Twitter fame?
Terrett says she only had a handful of Twitter followers before venturing into the world of crypto.
I really credit my follower growth to crypto because now Im over 90,000, which is mind-blowing to me. I look at it every day, and Im like, That is crazy.
She says it all began when pro-XRP lawyer John Deatontagged Charlie Gasparino in a tweet, nine months after the SEC filed its lawsuit against Ripple.
Deaton urged him to take a peek at the Ripple v. SEC case. Deaton dubbed it the biggest financial story of the century.
@LizClaman@CGasparino
You have the opportunity to report on one of the biggest financial stories in recent memory.
Will you? https://t.co/J2oOjY6r9S
— John E Deaton (@JohnEDeaton1) September 14, 2021
Terrett explains that it was her job to really dig into the case, and thats what got her hooked.
It was a rundown of the Ripple case, how it came to be, the timeline, and all the key players involved, she says.
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Terrett had no idea that her ongoing updates on the SEC v. Ripple case would eventually catapult her into the spotlight within the crypto industry.
The lawsuit really got me interested in the whole space in the first place. And obviously, Ripple comes with the XRP community following, so that is sort of intertwined, she explains.
not a security. The fact that Ripple sought such advice in 2012 should be applauded. That fact that it took the SEC eight years to suggest they disagreed with that analysis – while XRP traded in a massive global market – is baffling.
— Eleanor Terrett (@EleanorTerrett) February 18, 2022
Terrett explains that her increase in followers is simply the result of gradually building trust over time:
I like to be reliable and trustworthy. So, its a cool cycle. I do good, and then people follow me. Crypto has been the catalyst for my followers, for sure.
What content can people expect?
Terrett likes to focus on the legal and regulatory side of crypto and admits she isnt really a price analyst person.
She declares that she keeps a vigilant eye on any new regulatory developments in the crypto world:
So, for me, its mostly regulation and policy. So, anything thats coming out of Washington to do with crypto, whether its the SEC, CFTC, the bills going on in Congress, its all very much from a policy standpoint.
NEW: A source close to @binanceon whether the exchange plans to join @coinbasein suing the @SECGov.
Company leadership is highly supportive of Coinbase and their efforts to bring reason and clarity to U.S. crypto regulations. However, the company is still dealing with the
— Eleanor Terrett (@EleanorTerrett) April 25, 2023
What do you enjoy on Twitter?
Terretts passion for crypto regulations means she enjoys keeping tabs on all the big shots in the U.S. government to ensure she doesnt miss any juicy updates on whats happening:
So, its the Tom Emmers, the Bill Huizengas, Warren Davidsons people who, if theyre gonna break news, theyll probably break it on Twitter, right?
Shes also got all the crypto exchange CEOs on her Twitter radar, making sure she doesnt miss any hot gossip to share with her followers.
NEW: The @SECGovhas just delayed the @ARKInvest/@21Sharesand @GlobalXETFs's $BTCSpot ETF filings.
Is this the SEC trying to get ahead of a possible government shutdown on Friday? Will we see more delays in the coming days? https://t.co/YzGi7RbAQA
— Eleanor Terrett (@EleanorTerrett) September 26, 2023
Predictions?
Terrett refrains from declaring any price predictions on crypto. However, you might catch an indirect hint of excitement about a crypto asset every now and then.
The day after Ripple scored a partial win against the SEC, she spilled the beans that a crypto exchange had a little hiccup, likely because of a crazy rush of people trying to buy XRP.
NEW: Im being told the crypto exchange @UpholdIncis currently down. Its one of the only exchanges in the U.S. currently offering #XRPto retail investors.
I would say people are trying to buy right now.
— Eleanor Terrett (@EleanorTerrett) July 13, 2023
However, after diving headfirst into nearly every crypto-related court filing this year, shes made some predictions about the industry for the next 12 months:
I think the SEC has got a little bit of egg on its face in terms of its recent losses with crypto enforcement cases.
Just like how taking baby steps can lead to success, Terrett firmly believes that all these little crypto victories, like Ripples recent victory, will stack up over time, creating a path to a more transparent industry.
She particularly notes the recent Uniswap class action lawsuit being thrown out as a good step forward for the industry:
The judge said you cant blame software for your losses. That was sort of a landmark case in that sense. That is basically what DeFi is, right? Its software.
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SUBSCRIBEMatrixport: Bitcoin Is Better than Digital Gold and Huge Cash Inflow to Crypto Assets Is on HorizonThe firm believes the approval of a spot Bitcoin ETF in the United States will trigger an influx of over $30 billion in subsequent months.
The mainstream adoption of Bitcoin (BTC) by institutional investors has put the gold market on notice with a possible decoupling in the coming few years. According to a report by Matrixport, Bitcoin is about to challengegold as a store of value due to the simple fact that the former has outperformed the latter in the past years. Additionally, the demand for Bitcoin has significantly increased in the past year despite the FTX and Alameda Research collapse that wiped out more than $30 billion from the nascent industry.
Notably, more than 10 fund managers with a combined market capitalization of more than $17 trillion have applied with the United States Securities and Exchange Commission (SEC) to offer spot Bitcoin Exchange-Traded Funds (ETF). Interestingly, the SEC lost a case against Grayscale Investments for lacking sufficient evidence on why the former could not convert its GBTC product to spot Bitcoin ETF. As a result, experts believe the chances of a spot Bitcoin ETF approval in the coming six months have exponentially increased.
Matrixport on Why Bitcoin Is Better than Gold
According to Matrixport, an all-in-one crypto financial services platform, Bitcoin has a better shot at becoming the global store of value than gold in the coming years. Moreover, Bitcoin is a better cross-border asset compared to gold, which requires a lot of regulation requirements to facilitate similar services. Additionally, Bitcoin is more versatile and offers cheaper but high-quality services to all users without discrimination.
“Even today, storing assets in the form of gold has not only become unfashionable in the digital age but comes with significant restrictions when crossing borders,” wrote Markus Thielen, head of research at Matrixport, adding that “Bitcoin offers a solution to this dilemma, enabling the swift and relatively inconspicuous movement of value across borders.”
The adoption of Bitcoin to mainstream users has come under scrutiny by global regulators amid claims that the digital asset is being used by different countries to navigate global sanctions. The ongoing war between Russia and Ukraine and recently between Israel and Gaza, has significantly affected the global supply of oil and gas products.
The fact that Bitcoin has a higher volatility due to the high speculation from global investors, Matrixport expects its market capitalization to rally beyond that of gold, which has an uncapped supply.
“Therefore, considering the current state of technological developments, bitcoin’s primary roles are likely as a store of value akin to gold and a speculative financial asset,” the report added.
Market Outlook and Price Action
The Bitcoin (BTC) market value has hovered between $500 billion and $600 billion in the past few months, but experts at Matrixport believe more than $30 billion could flow into the Bitcoin market after a spot ETF approval. Currently, the Bitcoin price action is awaiting the halving event early next year to trigger the larger crypto bull run.
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While early-stage crypto companies may still find willing investors, late-stage tech investors have largely exited the space.
The crypto industry, which once thrived on investor exuberance and rapid growth, has recently hit a rough patch as venture funding for crypto startups in the third quarter of this year plungedto its lowest level since 2020.
According to data from research firm PitchBook, Venture Capitalists (VCs) invested just $2 billion in crypto space during the quarter, marking a staggering 63% decline from the same period in the previous year.
The Decline in Crypto Funding
The dramatic decline in venture funding for crypto startups in Q3 2023 has many factors at play. One of the key reasons, as highlighted by PitchBook analyst Robert Le, is the notable absence of the “big deals” that were once common in the crypto space. The deals have become smaller in scale, leading to a decrease in overall investment volume.
During the crypto bull market, companies like the FTX Derivatives Exchange, OpenSea, and Yuga Labs enjoyed the benefits of mega fundraisers, attracting substantial investments from venture capitalists eager to ride the wave of digital assets and blockchain technology. However, as the crypto industry faces increasing scrutiny and regulatory challenges, the tide seems to be turning, with venture capitalists pulling back significantly.
The declining interest of VCs in the crypto industry poses a critical challenge for startups. Le expressed his concern, saying, “If they’re not able to raise a round, even a down round, they’re either going to go out of business or get acquired at a valuation that’s much, much lower.” This dilemma leaves startups with limited options, making survival a daunting task.
While early-stage crypto companies may still find willing investors, late-stage tech investors have largely exited the space. This shift reflects a broader trend of investors becoming more cautious and discerning in their crypto investments.
SBF’s Trial and the Impact on Venture Capitalists
Adding to the complexity of the situation is the continuing fallout from the FTX scandal. FTX, once a rising star, has faced legal troubles, with its former CEO Sam Bankman-Friedand other executives facing criminal fraud charges. This has raised questions about the role of VCs in the crypto industry and their investments in companies like FTX.
Sequoia Capital, a prestigious VC firm, was among those that had invested heavily in FTX. However, the scandal has forced VCs to reevaluate their involvement in the crypto space. FTX and its trading arm, Alameda Research, had also made their own venture bets and built a diverse portfolio of companies, including stablecoin providers Circle and Paxos, blockchain developer Aptos Labs, and crypto bank Anchorage Digital.
The startup stakes held by FTX and Alameda are now being closely watched as FTX navigates bankruptcy proceedings. The presence of a new funding roundfor AI startup Anthropic, in which FTX invested, has provided some hope that creditors might be compensated through the sale of equity.
However, there is a significant concern that a massive liquidation sale of these startup stakes could lead to a further devaluation of crypto startups.
nextBusiness News, Cryptocurrency News, Investors News, News
Author Benjamin Godfrey
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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