Discover and read the best of Twitter Threads about #cryptoasset
Most recents (24)
1/9 The launch of the Crypto & Digital Assets All Party Parliamentary Group’s report on making the #UK a #crypto hub highlights the potential for the country to lead in crypto innovation, provided the right regulatory framework is in place.
2/9 But urgent regulation in the industry is still needed. The report showcases a prime example of successful public-private collaboration, acknowledging the opportunities presented by the #cryptocurrency & digital assets industry.
3/9 These include financial service efficiencies, economic growth, research opportunities, and improved financial inclusion. The #UK must strategically plan across governmental departments to realise these benefits.
1/14 These critical threads highlight key points on the latest FCA 'Research Note: Cryptoassets consumer research 2023'; revealing a significant increase in #cryptoasset ownership in the #UK, with 9% of adults (4.97m) owning cryptoassets in 2022; highlighting the growing adoption
2/14 The research highlights that 15% of #cryptoasset users have purchased #stablecoins. This indicates that stablecoins, which are designed to minimise price volatility, have gained traction as a popular choice among #crypto investors. #CryptoassetsOwnership
3/14 A noteworthy is that 28% of non-cryptoasset users stated they would be more likely to buy #cryptoassets if the market & activities were regulated. This underscores the potential impact of regulation on consumer behaviour & the importance of creating a regulated environment.
1/10: This threads critically highlight a few points on the #UK #FCA Proposal on #Cryptoasset Financial Promotions Rule that seeks feedback on how they approach & how firms comply with their requirement of fairness, clarity and not misleading. #CryptoRegulations
2/10: The FCA has introduced new regulations for marketing cryptoassets to #UK consumers. This move requires firms, including those based overseas, to comply with the regime and review the statutory instrument alongside the Policy Statement (PS). #CryptoRegulations
3/10: Firms planning to market to UK consumers must carefully consider the four available routes for lawfully communicating promotions and ensure compliance with the relevant requirements. Seeking professional advice is crucial during this preparation phase. #ComplianceMatters
📢Thread:🧵
Navigating #Crypto #Regulation in the UK 🇬🇧💰🔍
A comprehensive summary of the UK House of Commons Treasury Committee report on government's approach to #cryptoassets & how they plan to balance the scales of innovation and risk. (1/16) #ShitcoinShutdown #DLT
Navigating #Crypto #Regulation in the UK 🇬🇧💰🔍
A comprehensive summary of the UK House of Commons Treasury Committee report on government's approach to #cryptoassets & how they plan to balance the scales of innovation and risk. (1/16) #ShitcoinShutdown #DLT
2. Shoutout to @MatthewLINY for finding this document that was published May 10 2023. 🤝
In this thread, I am going to summarize some viewpoints of the UK Gov and I will post the document link at the end of the Thread! Lets dig in⏬ #Crypto #DLT #Blockchain
In this thread, I am going to summarize some viewpoints of the UK Gov and I will post the document link at the end of the Thread! Lets dig in⏬ #Crypto #DLT #Blockchain
3. The Treasury Committee has called for the UK Gov to step up its efforts in regulating #cryptocurrency, amidst rising concerns about risks to consumers.
They advocate for a pragmatic and balanced approach to regulation, recognising the potential of #DLT in financial services.
They advocate for a pragmatic and balanced approach to regulation, recognising the potential of #DLT in financial services.
1/ Pochi giorni fa l’FSMA (alter ego belga di #Consob) ha pubblicato una comunicazione per aiutare a chiarire la diversa natura giuridica dei #cryptoasset, fissando alcuni punti fermi in attesa delle norme UE che evitino interpretazioni arbitrarie.
2/ In sintesi, per una corretta interpretazione è necessario chiedersi se i diritti da emettere siano incorporati in uno "strumento", cosa che generalmente accade quando i diritti sono fungibili.
3/ Se così non è, tendenzialmente non troveranno applicazione né il Regolamento Prospetti, né il Prospectus Act (ossia la normativa nazionale belga, che ha un ambito di applicazione materiale più ampio rispetto al Regolamento UE da cui deriva), né la MiFID.
📢#MiCA is complete!
The landmark #crypto regulation sets out uniform 🇪🇺 requirements for offerors of #cryptoassets and service providers (#CASPs) to apply for authorisation in the Single Market.
👀🧵for a full dive on #MiCA and what it means for the #cryptoindustry.
1/22
The landmark #crypto regulation sets out uniform 🇪🇺 requirements for offerors of #cryptoassets and service providers (#CASPs) to apply for authorisation in the Single Market.
👀🧵for a full dive on #MiCA and what it means for the #cryptoindustry.
1/22
Even though a better agreement was close last week, 🇫🇷 vetoed it during the 🇪🇺 MS intervention period & raised concerns on USD-denominated #stablecoins used as a "means of #exchange", suggesting a return to their restriction when used for #settlement purposes ❗️
2/22
2/22
The compromise was to at least clarify that USD-#stablecoins used for spot #trading would NOT be captured.
The final text was approval by #COREPER yesterday and @EP_Economics will do it on 10/10. Final adoption by Ministers and the Parliament’s Plenary will be end of Oct.
3/22
The final text was approval by #COREPER yesterday and @EP_Economics will do it on 10/10. Final adoption by Ministers and the Parliament’s Plenary will be end of Oct.
3/22
1) #Cripto #Paraguay After an intense debate @SenadoresPy, we've approved the Bill that regulates #cryptoasset activities. This new law establishes obligations, rights and warranties to investors, to the consumer and the Government.... #Bitcoin
2# the law allows Paraguay to use its excess #energy in a prudential manner, at a competitive price for the investor and the State, under conditions imposed by @ANDEOficial and for a maximum term of 5 years.
3# The National Security and Exchange Commission @cnvparaguay will be in charge of establishing mechanisms of regulating and supervising, trading, custody and emisions of cryptocurrencies in the country, creating a much safer and more traceable atmosphere
The UK says it's ready to regulate stablecoins for payments — and cryptocurrencies like bitcoin are next on its list
1/
The UK will legislate to bring certain stablecoins into its payments system, the Economic Secretary to the Treasury said Monday.
The UK will legislate to bring certain stablecoins into its payments system, the Economic Secretary to the Treasury said Monday.
2/
John Glen announced the government will legislate stablecoins and enable stablecoin issuers and users to operate in the UK.
John Glen announced the government will legislate stablecoins and enable stablecoin issuers and users to operate in the UK.
The 2020s may be the decade where value goes bust, growth turns into value, and crypto reigns supreme.
That doesn't mean '22 won't be rocky, but in rockiness there's tremendous opportunity.
Some thoughts on how to navigate 🧵
That doesn't mean '22 won't be rocky, but in rockiness there's tremendous opportunity.
Some thoughts on how to navigate 🧵
While you could fully allocate your crypto portfolio at current levels, wake up in 5 years and be reasonably happy, in the meantime, you may have to endure a 50% drop (leading to $BTC $22K, $ETH $1,550).
Nonetheless, buying now is better than never buying.
Nonetheless, buying now is better than never buying.
The rally's on, Chris!
It could be, and I could be wrong, but '22 feels like too much of a powderkeg for me to be comfortable saying the bottom's in for crypto.
Rate increases, balance sheet easing, a recession in the US (?), inflation crushing consumer sentiment, war...
It could be, and I could be wrong, but '22 feels like too much of a powderkeg for me to be comfortable saying the bottom's in for crypto.
Rate increases, balance sheet easing, a recession in the US (?), inflation crushing consumer sentiment, war...
Als weltweit erstes Land hat #ElSalvador den #Bitcoin als gesetzliches Zahlungsmittel zugelassen.
#Cryptoasset #legaltender #cryptocurrency #Digitalgeld #Kryptogeld #Kryptowährung
deutschlandfunk.de/el-salvador-bi…
#Cryptoasset #legaltender #cryptocurrency #Digitalgeld #Kryptogeld #Kryptowährung
deutschlandfunk.de/el-salvador-bi…
Das Land will sich nach eigenen Angaben damit auch unabhängiger vom #USDollar und der #Geldpolitik amerikanischen Notenbank #Federalreserve machen. El Salvador hat derzeit keine eigene Währung, seit 2001 wird dort mit dem US-Dollar gezahlt.
Etwa zwei Drittel der Bevölkerung haben keinen Zugang zu traditionellen #Finanzdienstleistungen. Viele Menschen sind zudem auf Geldsendungen von Angehörigen aus den #USA angewiesen.
The 0 to 1 moment is an institution seriously considering a #cryptoasset like $BTC at all.
Once there, stepping into the rest of crypto is incremental in comparison.
Once there, stepping into the rest of crypto is incremental in comparison.
Cryptoasset purity was important for establishing $BTC's credibility in the early knock-off altcoin years.
With the credible innovation we now see in the rest of crypto, such purity will soon appear just as antiquated as the Puritans.
With the credible innovation we now see in the rest of crypto, such purity will soon appear just as antiquated as the Puritans.
Once a trend is established, people naturally ask:
What's next?
What's next?
1/ "We need to recognize and fund all of the work rather than just the relatively glamorous work of pushing new features." -@zmanian zaki.manian.org/blog/a-future-…
2/ Funding "all of the work" is one of the things that initially drew me to @decredproject, which moved beyond the insistence that only miners should get paid & instead incorporated a governance system to pay all contributors
Same applies to @radicle_xyz: radicle.xyz
Same applies to @radicle_xyz: radicle.xyz
3/ "Another key, more credit and upside for essential public goods should accrue to the contributors and builders while less should accrue to founders, big kahunas or other leaders." -@zmanian
Here, I believe Zaki means on a relative basis to what is now the norm, and I agree.
Here, I believe Zaki means on a relative basis to what is now the norm, and I agree.
Twitter’s $BTC maximalists != #Bitcoin.
The best we can do is ignore them. And ignore any maximalist of any #cryptoasset for that matter.
Paying them attention only fuels their fire (though I recognize the irony in this tweet *temporarily* fueling their fire).
Paying them attention only fuels their fire (though I recognize the irony in this tweet *temporarily* fueling their fire).
#Bitcoin maximalists run the risk of doing more harm than good for “mainstream adoption.”
It is the fringe of society that gets excited at the prospect of joining an angry, online mob, not the mainstream.
It is the fringe of society that gets excited at the prospect of joining an angry, online mob, not the mainstream.
Here's the cycle:
$BTC rallies hard, majority of "alts" drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC.
Value of "alts" in *BTC terms* then drops until whales choose to cycle into "alts." Then...
$BTC rallies hard, majority of "alts" drop as BTC is the main liquidity provider to #crypto (right now) and no one wants to sell BTC.
Value of "alts" in *BTC terms* then drops until whales choose to cycle into "alts." Then...
2/ Whales cycle from $BTC into the "alts" that're depressed (pick your alt).
Those "alts" rally harder than BTC did because they are higher risk, gaining in *BTC terms.*
The whales can then cash their "alts" out for more BTC than they started with. And so they "make BTC" :-)
Those "alts" rally harder than BTC did because they are higher risk, gaining in *BTC terms.*
The whales can then cash their "alts" out for more BTC than they started with. And so they "make BTC" :-)
3/ BTC is the market beta of #crypto.
Every other #cryptoasset is higher beta than it, meaning it'll move more to the downside (when people are panicking) and also more to the upside (when people are ebullient).
Every other #cryptoasset is higher beta than it, meaning it'll move more to the downside (when people are panicking) and also more to the upside (when people are ebullient).
1/ Published an expansion of the 2017 #cryptoasset valuations piece, bifurcating into cryptocapital & cryptocommodities, two groups with fundamentally different models of value capture: placeholder.vc/blog/2019/4/26…
2/ The primary point of bifurcation boils down to what's a "productive asset" (cryptocapital) vs a "non-productive asset" (cryptocommodity).
The equation of exchange (MV = PQ) only applies to the non-productive subset of cryptoassets.
The equation of exchange (MV = PQ) only applies to the non-productive subset of cryptoassets.
3/ Any cryptonetwork that requires ownership of the native cryptoasset to gain access to a recurring value stream generated by the network, thereby creates a capital asset as opposed to a commodity.
The recent tumble of $BSV shows the importance of application interfaces as distributors in cryptoland.
While application interfaces operating atop open protocols can’t directly censor an underlying protocol, they can strangle distribution and therefore users.
While application interfaces operating atop open protocols can’t directly censor an underlying protocol, they can strangle distribution and therefore users.
Note, however, if demand remains for the underlying protocol, an opportunistic interface may add support or stick around to service the #cryptoasset’s userbase.
It will have less competition from other interfaces given many have left the field, and therefore a greater incentive.
It will have less competition from other interfaces given many have left the field, and therefore a greater incentive.
The application interfaces as “distributors” that don’t have monopoly access to the underlying resource (very different from Web 2.0 things like $FB) is going to be a fascinating landscape to watch unfold.
The suppliers and consumers should win as the distributors duke it out.
The suppliers and consumers should win as the distributors duke it out.
By connecting suppliers with consumers through an open protocol, distributors built atop #cryptonetworks lose a significant leverage point that exists in the Web today: exclusive access to the scarce underlying resources of production & consumption.
Put another way, crypto’s open protocols unbundle “distribution” from the “scarce resource,” which should help us avoid a GAFA style consolidation of market power.
cc @benthompson
cc @benthompson
That said, be on the lookout for consolidation vectors.
As @superwuster made clear in The Master Switch, there will always be a pendulum swinging between centralization and decentralization in information networks.
As @superwuster made clear in The Master Switch, there will always be a pendulum swinging between centralization and decentralization in information networks.
$MKR is better as a secondary layer, as the system can be governed more adeptly without the mental bloat of all $ETH holders involved.
In conversations w/ @BradUSV & @jmonegro, the idea of “small pieces, loosely joined” has come up in the context of #crypto.
One conclusion has been protocols that provide a single service, as opposed to a motley of services, should have tighter governance, leading to more adept evolution.
The native #cryptoasset can then stay more relevant, useful, and valuable w/ time.
The native #cryptoasset can then stay more relevant, useful, and valuable w/ time.
"Perhaps forcefully taking 20% of all rewards is the only way to get any contribution out of the mining industry." -Grin Core Dev grin-forum.org/t/solved-early…
Grin is teaching us that models like what we've seen with $DCR & $ZEC, where 10% and 20% (respectively) of mined assets are reserved for core development and resources, is the best combo of fair *and* sustainable that #crypto has today.
What's great about funding models that come straight from mining is the team only accrues purchasing power, and the treasury of the network only grows, if they create value in the native #cryptoasset.
Different from an #ICO where majority of the money comes in up front.
Different from an #ICO where majority of the money comes in up front.
#Cryptonetworks that started as a security but already launched & will be grandfathered into “sufficiently-decentralized-to-no-longer-be-a-security-land” have a sizable #RegulatoryMoat vs those that raised in 2017 and have yet to launch & cross the security divide.
Much easier for a regulator to say, that #cryptoasset’s no longer a security, and leave its tax treatment, filing requirements, etc as such, than to provide the path to cross from security —> non-security, and that “path” I fear will become a quagmire.
What woes will a team face if upon launch their cryptoasset is a security (until they become a non-security)?
For example:
1) tax ramifications of “transacting” a security are horrible for use.
2) heavy filing requirements drag on resources, especially if dev heavy team
3) ...?
For example:
1) tax ramifications of “transacting” a security are horrible for use.
2) heavy filing requirements drag on resources, especially if dev heavy team
3) ...?
1/ Don't underestimate the strength of the #hodl meme. Until we have market completeness, hodlers will make #cryptoasset prices stickier than anticipated.
2/ Market completeness: "In such a market, the complete set of possible bets on future states-of-the-world can be constructed with existing assets without friction." en.wikipedia.org/wiki/Complete_…
3/ It's no secret the #crypto markets have a strong long bias.
Outside of the top 10 #cryptoassets, shorting is difficult, and even for the top 10, friction remains.
Outside of the top 10 #cryptoassets, shorting is difficult, and even for the top 10, friction remains.
@phenrikand 1/ I’ve been in the digital cash and eMoney space since 1999 for co-design bit.ly/NavyCash It was centralised command control money digital USD on an EMV card where the backend -> every transaction traced & tracked by float manager @jpmorgan debitcard ATMs via @Mastercard
@phenrikand @jpmorgan @Mastercard 2/ Every Navy base & every ship in a flotilla was like an island🌴 at sea (at any point in time it could have only local and no or limited comms back to treasury) Similar to today’s offchain and onchain networks eventually reconciliation would happen. DoubleSpends manual captured
@phenrikand @jpmorgan @Mastercard 3/ Proof of Work Blockchains tend to centralisation. The top5 PoW 💥 Blockchains generally work 💪and have a huge bounty on their embedded value across their networks PoS and others not so much
1/ A few reflections on @andrewrsorkin's interview of Jay Clayton last night. First off, it left me feeling more hopeful for #crypto's regulatory situation.
2/ Clayton and the SEC are not out to get #bitcoin and #ether, this should be obvious by now.
Reading between the lines of his words, it seems Clayton considers $BTC a currency, and $ETH a commodity.
Reading between the lines of his words, it seems Clayton considers $BTC a currency, and $ETH a commodity.
3/ In differentiating a currency from a commodity, he stressed that commodities generally have an “industrial use” beyond serving as a means of exchange.
Will be interesting to see how granular regulators get in classifying the great diversity of #cryptoassets before us.
Will be interesting to see how granular regulators get in classifying the great diversity of #cryptoassets before us.
OGs will often look at #cryptoasset charts in $BTC terms, in addition to $USD terms.
If investing in any ERC-20s, I recommend looking at them in $ETH terms too, $ZRX and $MKR shown below.
If investing in any ERC-20s, I recommend looking at them in $ETH terms too, $ZRX and $MKR shown below.
$ZRX / $ETH & $MKR / $ETH both in beast mode, showing growing confidence in these projects relative to #Ethereum.
Could also be pricing in of the growing trend of "middleware protocols" looking to operate across multiple base layer chains, de-coupling from original parent chain
Could also be pricing in of the growing trend of "middleware protocols" looking to operate across multiple base layer chains, de-coupling from original parent chain
While $USD prices may feel relatively static in #crypto right now, there is a lot of underlying movement in the relative accrual of value between different projects. $BTC makes this clear, but it's also showing in other quality projects.
