Discover and read the best of Twitter Threads about #cryptoassets

Most recents (24)

1/ $BTC' recent strength has caught eyes, and it's true the undercurrents of what's happening play to #Bitcoin and #crypto's long-term favor.
2/ That said, if we get another "sell everything" moment in global markets, as we did the week of 3/9, #bitcoin & #crypto will not be spared.
3/ From a market perspective, here's the opportunity as I see it:

If global markets freak out again, then there are any number of lows in the $5000s, $4000s and $3000s that $BTC could reach. Other #cryptoassets would test their own lows.
Read 10 tweets
1/ Lots of people asking where $BTC bottoms. The short of it is I wouldn’t be surprised to see a retest of our 2018 lows near $3000. To explain:
2/ Historically, I’ve relied on the 200 week moving average (yellow line below) as our bear market bottom, but we we fell through that at ~$5500 last Thursday.
3/ As someone recently reminded me, in a 2018 interview with @MelissaLeeCNBC I stated the real capitulation starts if we break the 200 week MA:
Read 10 tweets
1/ INTRODUCING AVANTI BANK, a new US #bank to serve #digitalasset industry, offering new products & svcs not currently available in USD mkts along w/ tech partner @Blockstream. #Wyoming-based. We’re preparing long process of charter application & aim to open early 2021. @AvantiBT
@Blockstream @AvantiBT @adam3us 2/ Co-founder/team news soon. I’ve founded @AvantiBT w/ key support from top people in #crypto + important innovators from traditional finance. Seed funding round recently closed. Avanti will serve institutional customers that need services around #Bitcoin & #cryptoassets.
@Blockstream @AvantiBT @adam3us 3/ A critical piece of US mkt infrastructure is missing—a regulated #bank that can act as bridge to Fed for pymts + custody #crypto for BIG institutional money (pensions/endowmts/foundtns/corps/sov wealth) who need this b4 entering #crypto in a big way. Regulation had blocked it.
Read 29 tweets

1. “Public Comment on Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.”.

The Consultation Report Omitted “Issues, Risks and Regulatory Considerations” in Regards to Decentralised Exchanges (DEXs) and Also Did Not...
2.Disambiguate the Term “Crypto-Asset Trading Platforms (CTPs)”.

Though the Board of IOSCO has published this Consultation Report on Crypto-asset Trading Platforms (CTPs) to elicit comments from the public “on the identified issues,risks,key considerations and related toolkits”,
3. we have highlighted a number of issues in relation to the general Consultation Report as regards the omission of Decentralised Exchanges (DEXs) as a CTP, and also, the other issue borders on the non-disambiguated term, and therefore non-descript term...
Read 51 tweets
1/ If you haven’t done so already, make sure your @telegram has a password. It’s not a default requirement.

If you don’t, you’re vulnerable to an account compromise, a growing trend that’s in its early days but likely to become an epidemic in crypto (similar to SIM swapping).
@telegram 2/ I learned this the hard way. I also learned SIM swapping the hard way in 2016, and then watched it sweep like a digital plague through crypto in the following years.
@telegram 3/ @ohmstone helped me immeasurably through this process and also pointed out @telegram’s lack of a “compromised account recovery process” is an embarrassment, as is its lack of default requiring a password.
Read 7 tweets

I put these words together circa fortnight ago to help give a laser clarity assistance on the different regulatory roads to travel by @SECNigeria & @cenbank per their enabling statute-laws on crypto-assets.

#Cryptoreg #legaltender #bitcoin #blockchainsecurities
*Cryptocurrencies: SEC Nigeria Has No Power to Regulate Only the CBN Does*
For the purposes of issuance and regulation, cryptocurrencies do not fall within the regulatory remit of a national securities regulator like for instance the Securities and Exchange Commission (SEC) Nigeria.

#Cryptoassets @cenbank @SECNigeria #legaltender #cryptosecurities
Read 64 tweets
Guidance on #Cryptoassets
Feedback and Final Guidance to CP 19/3

July 2019:

Can cryptoassets be used to facilitate regulated payments
services? (Page 39)
Tokens can be used to facilitate regulated payment services such as international money remittance, and we have seen several use cases in the sandbox where unregulated tokens have been used like this to make things cheaper and faster on a small scale.
What this looks like in practice
• Sandbox case study 1. Unregulated tokens can be used to facilitate cross-border payments which are regulated by the FCA such as money remittance services
and this business model has been tested in our regulatory sandbox.
Read 13 tweets

As always, an exciting experience for me to've facilitated yet another training, & contributed to further enlightenment of @SECNigeria on how they should go about regulating #CTPs, #crypto-assets such as securities, commodities and derivatives on commodities in #Nigeria.
For the opportunity, many thanks to @BlockchainNG, a foremost and quite resourceful #blockchain education and awareness creation network of crypto-savvy experts in #Nigeria and West Africa.

I will do a quick brush up for everyone here on the gold-marinated aspects of the speech.
In dreaming up a regulatory framework for #cryptoassets in Nigeria, it is only meet that the @CBN steps into the waters ab initio to play its roles of public legal tender currency operations, pursuant to Section 2 of the CBN Act 2007 legal tender law.

#Bitcoin #LegalTender
Read 4 tweets
1/ Hypothesis: currently available #cryptoassets can’t help but be sub-optimally distributed given only half of the global population is online.…
2/ Put another way, the fact that ~80% of the “developed world” is online, while only ~40% of the “developing world” is, presents a huge problem for #crypto if our intent is to lessen inequality.
3/ Not to be dour, but it's been a daunting recent reflection of mine, and points to how early we potentially are in the crypto movement.
Read 7 tweets
“We’re sitting in the @NYSE Board Room - that’s a first for #bitcoin.” -@dan_pantera at @Bakkt’s first digital asset summit.
But #bitcoin wasn’t the only asset of conversation @Bakkt’s event today.

When asked about other #cryptoassets, Commissioner Stump referenced the @CFTC’s recent request for information on #Ethereum, saying, “Bitcoin’s not the end of the road.”
All in all, the @Bakkt event signals great things for #bitcoin and #crypto at large, even if I did miss some of the funk of OG days.
Read 3 tweets
1/ At the start of 2019 #bitcoin’s price action looked like it could mirror 2015, but has since switched to feel more like 2016.

As a foreshadowing, below is a graph showing the correlation between $BTC’s price and China's yuan ($CNY) in 2016.

2/ It was remarkable to watch $BTC & $CNY dance in 2016.

Sometimes a #bitcoin rally preceded a CNY devaluation, as shown in green ovals below (presumably Chinese insiders stockpiling BTC before PBOC's action)

Other times bitcoin would show sustained strength post yuan weakness
3/ Turning to what this can teach us about 2019, the first thing to recognize is #bitcoin's rally from ~$3K to now ~$9K has not been *majority* driven by crypto's fundamentals (not endogenous).
Read 15 tweets
One of my favorite interviews I've done over the years in #crypto. A balanced & calm conversation between a #bitcoin minimalist and a crypto VC.… 🙏 @PeterMcCormack
A few too-long-didn't-listen takeaways: many #cryptoassets are shaping up as supply-side focused instruments that'll accrue value for providing suppliers access to "value-flows," similar to how a stock provides access to "cash-flows." Demand-side may not need native token at all.
Such #cryptoassets are more a replacement for equities, than for currencies, and majority of value will be projected via "discounted-value-flow" (DVF) models.

For those that have a demand-side component, there is likely to be an MV = PQ sleeve, requiring sum-of-the parts models
Read 24 tweets
1/ Just attended a very interesting @duffandphelps luncheon on valuing #cryptoassets. Here’s a thread on my key takeaways, as I understood them.
2/ Note: this is NOT a thread on experimental valuation methodologies for #cryptoassets like Metcalfe’s law, MV=PQ, discounted expected utility, etc. Rather, this is on how trad. valuation experts and accounting rule makers are currently thinking about valuation best practices.
3/ "Currency Tokens"

Valuation approach(es) to consider:

Market Approach – considering the robustness of the market
-Timeliness and volume
-Quality of information
Read 24 tweets
#Wyoming Digital Assets act includes definitions of digital asset, digital consumer asset, digital security, #virtualcurrency, classification of assets under UCC, covers perfection against those assets, custody by banks, & jurisdiction by courts… 1/x
WHY THIS IS IMPORTANT: there is no uniform treatment of the various types of #cryptoassets. The IRS views them as property. Some cases & regulators- Shavers, Faiella FINCEN- view them as money equivalents. Some states do not view them as money equivalents- WY, SD, PA. 2/x
Some #cryptoassets are viewed by the CFTC as commodities, or by the SEC as securities. Courts have been inconsistent in their views of these assets. Uniform Acts seeking to bring clarity have not been passed in any jurisdiction. This is confusing for everyone including lawyers3/x
Read 10 tweets
1/ The idea that VCs are out to sow the seeds of #bitcoin’s demise is a joke.
2/ If you’re a VC focused on #crypto, chances are you hold #bitcoin as the reserve asset of the ecosystem.
3/ As the reserve asset, if $BTC doesn’t lift, then this #crypto winter would be more brutal than anyone is currently imagining.
Read 8 tweets
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."…
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.
Read 15 tweets
1/ Blockchains collapse the cost of digital asset creation, custody & transfer, enabling *programmable value* of all kinds.
2/ Money, while an important application of blockchains, is a subset of the broader programmable value universe.
3/ A money like #bitcoin is likely to be the greatest *single instance* of value capture within the programmable value universe, which is why many of the top #cryptoassets today are battling for this position.
Read 8 tweets
If you were in #crypto before it was called “crypto,” chances are you got your start as a #Bitcoin nut.
People diverged from there:

- Some stuck to only #Bitcoin (maximalists)
- Some ventured a bit and came to love a few other #cryptoassets (mostmalists)
- Some ventured to explore the full world of programmable value, often with #Ethereum as the gateway (polycoiners)
What’s fascinating to me is #mostmalists and #polycoiners largely all still love Bitcoin as an economic and technological system, even though many have had falling-outs maximalists.
Read 5 tweets
1/ TWEETSTORM to answer ?s many asked abt #Wyoming's new #blockchain bills, including blockchain-friendly #bank bill. Bottom line: in addition to enacting 5 blockchain-friendly bills in 2018, 6 more bills have an elevated chance of becoming law bc they're now "committee bills"...
2/ ...& more bills are coming. Told ya' #Wyoming isn't done yet! Major opposition from the banking industry to the #bank bill & we weren't sure of outcome, but it v powerful committee endorsed it 13-1 & the only vote against it came from a banker. Next step=legislature in Jan...
3/ ...with momentum behind it (tho it's not law yet!). WY Banking Commissioner approached us after the 13-1 vote came in, to start rule-making work now. We're forming a group thru Digital Asset Trade Assoc (@asset_trade)--email if you'd like to join that...
Read 15 tweets
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.
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.
Read 11 tweets
I'm at a crypto event with reps from the Bank of England, HM Treasury, FCA, Ripple, and Prime Factor Capital. You think crypto is going away? These people are discussing how to implement it now. #crypto #bitcoin @ripple @bankofengland @TheFCA @hmtreasury
One study shows 43% of investors (mostly asset managers) are invested in crypto. 33% of transactions were in the OTC market. #crypto #investors
Almost all panelists refer to "crypto assets" not cryptocurrencies #cryptoassets #crypto
Read 6 tweets
1/ *Centralized* apps building atop decentralized protocols may be the winning combination, each furthering the adoption of the other.
2/ As many have pointed out, “decentralize all the things” is a mistake. Decentralize the things that benefit from decentralization.
3/ Starting with centralized apps (think @coinbase @circlepay etc), if you’ve been paying attention, they are utilizing an increasing amount of decentralized protocols & open-source crypto infrastructure, to the benefit of their end users.
Read 15 tweets
1/ Great morning for a tweetstorm updating the latest on the interaction of #WallSt & #bitcoin, drinking coffee from my new BitMug (thanks AC Fenton!) @brucefenton
2/ The most significant news--maybe most important news to date on the #WallSt front--was @tzeroblockchain's token generation event on 10/12 (a fully-compliant #STO on the public #Ethereum mainnet of true preferred stock, issued by an SEC registrant). Investor letter captures...
3/ ...perfectly the true benefit of owning #cryptoassets (which defenders of the legacy system love to ignore): investors have the option to opt out of the legacy system, which is unstable & unfair. Owners can either hold tokens at a broker/dealer OR IN A PERSONAL WALLET at...
Read 13 tweets
1/ When studying non-fungible #cryptoassets, I'm seeing two types discussed: "functionals" and "investment instruments."
2/ "Functionals" are non-fungibles that are meant to be used, a means to access services like ticketing, voting, payment, and more. Best existing examples?
3/ "Investment instrument" non-fungibles are held for their store of value characteristics, be they solely digital things, or derivations of meatspace assets (real estate, art, cars, etc).
Read 5 tweets

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