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SEC Chaos Might Allow Tesla CEO to Work on Less ‘Boring Projects

Sec chaos might allow tesla ceo to work on less ‘boring projects

SEC Chaos Might Allow Tesla CEO to Work on Less ‘Boring Projects

Sec chaos might allow tesla ceo to work on less ‘boring projects

If Elon Musk was busy last week, he’s swamped this week. The workaholic Tesla boss has his hands full at the best of times overseeing one of the world’s most valuable car companies (Tesla), a ground-breaking private space exploration enterprise (Space X) and his lesser-known but equally interesting public-transit company (The Boring Company). Telsa has been occupying a lot of media coverage lately, with safety concerns and company layoffs. On Monday his schedule got even more hectic as he was forced to file a response to a worrying SEC complaint which wants to hold him in contempt of Federal Court.

The SEC want to stop him tweeting, and Elon said (roughly speaking) “you can take my titles, but you’ll never take my tweets” citing his first amendment rights. Many political commentators thought this was absolutely the wrong way to go. There was some great news on Wednesday for The Boring Company though, and evidently, Musk wasn’t going to miss the chance to get his fingers tapping,

What Next For Musk When the SEC Dust Settles?

So what happens next? Well if he’s found guilty, he could potentially be banned from tweeting, face a huge fine and/or lose the Tesla CEO position. He has already given up as Chairman, but Chief Executive Office could be a more significant blow to the company. At this point does Musk even care? I would argue possibly not.

Space X Can Help us Reach Another World, But the Boring Company Can Improve This One

Elon Musk is an innovator and a problem solver first and a businessman second. What he excels at is creating groundbreaking products and marketing them in a way that generates an almost religious following. Tesla launched an electric car when no one could make one that looked and performed better than a cereal box. He changed the plug-in vehicle game forever. But now what? Its already worth more than GM and electric cars are becoming the norm rather than the exception, as is development in self-driving technology. Teslas use rubber tires and environmentally expensive battery manufacturing processes.Most of their charging stations use dirty power grids like everyone else.

Even the most ardent supporters have to admit that they are still an environmental negative when charging their Model S, 3 or X. Don’t even think about what we are going to have to do to dispose of the batteries when they are spent in 20 years. You can’t just melt them down like a regular car. Add in the fumes and fuel from Space X-ploration and Musk isn’t looking like the tree-hugger he was accused of being at the beginning of all of this. Enter the Boring Company.

Musk Is First of All a Visionary

Elon Musk loves to be on the cutting edge of innovation and Tesla is the mainstream now. It’s Beverly Hill’s Prius (a little joke for the Los Angelenos there). His biggest goal is he wants to get to Mars, but for sure he wants to keep making a difference on earth too. As a resident of the West-Side of Los Angeles, Musk knows what pain traffic causes in urban areas as much as anyone. Well, the Boring Company seeks to solve these problems by creating a more efficient, speedier and safer public transportation system. In LA everything is so built up over the ground, underground provides a unique opportunity.

This is where Elon can be an environmentalist. He knows that changing car motors to electric doesn’t get the life-shortening particulates out of our cities and that Lithium is a nightmare to procure. The real answer to urban pollution is to get cars off the roads or at least reduce their road time.

Tesla’s path is clearly plotted, what left is there for Musk to do?| Source: Justin Sullivan / Getty Images / AFP

More Attention Will Improve Boring’s prospects

His incredibly hectic schedule has at times made it seem like The Boring Company was an afterthought, and some struggles with Californian bureaucrats may have dented his enthusiasm. Musk is no stranger to legal obstacles after launching Telsa’s direct to consumer business model, and it is great to see the City of Las Vegas apparently on board with what Boring are trying to do. The proposed loop for the tunnel would help ease congestion and provide transport from the Las Vegas International airport. All for a staggeringly low cost of $35 to $55 million! California can barely build a public toilet for less than $100 million.

Tesla is Fully Evolved, It’s Time to Let Go

Losing the Tesla CEO position might be exactly the jolt Musk needs. Of all his companies, Boring Company needs him the most. A safe pair of hands could push Tesla along at this point. All you need is to avoid scandals and keep coming up with fun updates for the cars. Much like Tim Cook is doing at Apple without Steve Jobs. Musk has laid out enough of a vision for the future of the company with all the planned models that there isn’t much “envisioning” left to do. Boring Company needs a push at this stage; however, as with Urban centers around the world increasingly getting busier, infrastructure is groaning.

Lack of Urban Infrastructure a Major Obstacle to Global Growth

The US Government have so far failed to address this issue meaningfully. With all the talk of the wall and raising taxes and Russia, everyone has forgotten that both sides want to spend money on the US’s crumbling infrastructure. Bi-partisan concessions or agreement seem to be toxic in Washington at the moment, which is a shame as it means this vital project is, once again, left to gather dust on the steps.

Boring by Name, Not By Nature

Look at how the Boring Company came to be created in this quote from Musk on Joe Rogan’s show,

“I have this, it’s sort of a hobby company, called The Boring Company, which started out as a joke, And we decided to make it real and dig a tunnel under LA. And then other people asked us to build tunnels, so we said yes in a few cases.”

Well, what started as a joke might turn out to be pivotal in making the 15-mile, 2-hour commute a thing of the past. It could be Musk’s enduring legacy if he doesn’t get people to Mars.

While I’m thinking about it, someone @ Elon musk or The Boring Company and ask him/them to take over California’s high-speed rail project. Billions could be saved as they wouldn’t need to worry about buying so much land. It could also be more direct as it wouldn’t affect any protected areas. Get digging guys.

Published at Thu, 14 Mar 2019 02:54:46 +0000

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Programmer Gets 16 Months Jail Time for Bitcoin Laundering Scam

Yuri Lebedev, an immigrant from Ukraine, was sentenced to 16 months of jail for his role in a bitcoin scam that used an illegal bitcoin exchange, Coin.mx, for laundering money for a global hacking ring.


No matter how smart or lucky a criminal is, they usually end up facing the long arm of the law. The latest perpetrator to face justice is Yuri Lebedev, a Florida programmer who had emigrated to the US from Ukraine as an exchange student when he was 16. Now he’s being sentenced to 16 months in jail for his role in a bitcoin scam featuring the illegal exchange, Coin.mx.

Using Technology for Criminal Enterprise

Yuri Lebedev is 39, married, and the father of three children. He’s also the tech guru behind Coin.mx, an illegal bitcoin exchange that authorities say laundered money for a global hacking network. The court found that Yuri Lebedev did not actually launder any funds himself or be personally involved in any hacking, but he was found guilty of setting up and maintaining the illegal exchange.

The group behind Coin.mx targeted financial and publishing firms, such as JPMorgan and Dow Jones & Co., to steal customer data. They then targeted millions of victims to spam “pump and dump” penny stock schemes. The cryptocurrency they received for their attacks was then laundered through the Coin.mx exchange. Yuri Lebedev had set up an array of servers to process the transactions, which were disguised to banks as restaurant delivery charges and online purchases of collectible items in order to be converted into cash. The actual operator of Coin.mx was Anthony Murgio, who was sentenced to 5 1/2 years of prison. The man behind the hacking scheme itself is Gery Shalon, an Israeli citizen, who was recently released from jail after agreeing to pay of fine of $403 million USD.

Shining Opportunity Squandered

As for Yuri Lebedev, he explained his part in the scheme as wanting to create “cutting edge technology” and build something “that would make me exceptional.” He added that he “got carried away.” However, he is lucky in that he did not get the full ten years that he was facing.

It’s a sad twist as Yuri Lebedev had done a lot to improve his lot in life. He was born in Russia and raised in Ukraine. He was abandoned by his alcoholic father when he was 8 and raised by his mother, who was a scientist. He came to the US as an exchange student when he was 16. He graduated from Valdosta State University with degrees in physics and computer science, and he then went on to gain a Masters of Science and Physics from Florida State University. As one could see, Yuri Lebedev is an extremely bright individual and actually didn’t need to turn to crime for money.

An interesting twist on the federal case is that the judge ruled that Bitcoin is money. US District Judge Alison Nathan ruled:

Bitcoins are funds within the plain meaning of that term. Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment.

Do you think that Yuri Lebedev squandered his opportunity by being part of a bitcoin scam? Does such laundering schemes hinder the wider acceptance of cryptocurrency? Let us know in the comments below.


Images courtesy of Pixabay, Flickr, and Public Domain Pictures.

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