Discover and read the best of Twitter Threads about #cryptoassets

Most recents (24)

On April 23, 2022, I registered with Florida Department of Corporations
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(as proof of Payment; undeterred by delays. happy to comply with #consumerprotection #law #regulation)

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Today, May 17, 2022 I had the courage. I applied for a #Grant @OpenSea.
My submission for #grant

1equal1 is……
with the Power of #NFTCommunity
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1equal1, the project is a personal commitment and movement to advance civil rights and social justice by inspiring, advocating, and mobilizing via digital art in the blockchain.
Read 18 tweets
Latest UPDATE on the #TFR (Travel Rule) trilogue:

EU institutions are working to finalise the #TFR text to implement the #travelrule in Europe. Please find below the latest details. The aimed-for deadline for conclusion is still the first week of June.

Key issues on table:

The provisions introduced by the @Europarl_EN requiring #verification of information for each transfer of assets, the additional requirements applied to transfers to #unhosted wallets and the #blacklist of non-compliant entities.

In the past weeks, the @EUCouncil has taken onboard the concerns from the blockchain & crypto #industry, as well as those of regulators and competent #authorities (!), that flagged the impracticality and unintended consequences these provisions would have.

Read 9 tweets
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Read 9 tweets
Top 5 #cryptoassets by NV: Linear, Weekly

Read 5 tweets
Timeline from 2011 until February 2018. There are more interesting assets from 2018 but those did not fit in the image. There are also some 1 of 1 art pieces or special images on Namecoin which are impossible to show because of image size.
Read 3 tweets
1/ Pro-tip for long term investors: Principal Tokens from @element_fi are a good way to long high conviction #cryptoassets at a discount to spot:
2/ How is the cryptoasset offered at a discount?

@element_fi allows users to split the base asset of a *yield generating position* into 2 separate, fungible tokens: The Principal Token and the Yield Token.
3/ At the end of a set term (eg, 6 months) each Principal Token is redeemable for its proportional share of the initial stake, while Yield Tokens are redeemable for the yield generated by the principal over the same time period.
Read 6 tweets
Financial life lessons I wish I learned earlier in life. Mind the downside risk. Lose 20% you have to make 25% to get back to even. Lose 50% you have to make 100% to get back to even. Feeling a bit of a thread here.
1/ It's hard to think about the long term when watching an asset that re-prices itself every millisecond. Write down your investment philosophy. Don't have one, start now. Buy a notebook, if you can't afford one DM me your address. Every day write your investing principles.
2/over time your investment philosophy will take root in your heart and mind. Keep writing though. Don't ever stop. This will be your bible in the darkest moments when you want to throw in the towel.
Read 13 tweets
@CaitlinLong_ @uniformlaws @Prof_CarlaReyes I'm very proud of the work done by the brilliant members of the @uniformlaws Digital Asset Working Group incl. @Prof_CarlaReyes @Andrea_Tosato to create this draft. For the twitterati who don't practice law, you may wonder, what's this? & Is it important? YES. A quick #thread
@CaitlinLong_ @uniformlaws @Prof_CarlaReyes @Andrea_Tosato The proposed new article 12 of the UCC would include rules for commercial transactions of what we’ve termed "controllable electronic records" or CERs. This would include a wide variety of #digitalassets including what we generally call #cryptocurrency along with /2
@CaitlinLong_ @uniformlaws @Prof_CarlaReyes @Andrea_Tosato #digitalassets that are related to other assets or legal rights such as precious metals-backed assets, certain types of #NFTs etc. /3
Read 12 tweets
1/ Our second issue is out.

In this issue, we discuss global labor arbitrage and the #Metaverse by looking at the history of MMORPG gold farming and the future of #playtoearn gaming.

This is done through the lens of @YieldGuild, a Metaverse recruitment agency.

Link/thread 👇
3/ @Its_Falcon_Time refers here to the #Metaverse as a set of digital nations.

We agree with this metaphor.

The #Metaverse with its shared on-chain history, vibrant meme culture, & the developing spatial Webaverse is best understood in this way.

Read 21 tweets
#Cryptoassets going through their first bull are likely to draw down 95-99% in their first bear.
If you think your asset is so high quality it’ll be excluded, look at $ETH’s first bear (2018-20).
Keep these #’s in mind as you gawk at “how rich you are.” If you just hodl, you may end up with 1-5% of what you have at the peak.

If holding BTC, maybe 15-30%.
Read 5 tweets

El estado de Wyoming (EEUU) ha aprobado la solicitud de dar apertura a un banco comercial a la exchange de criptomonedas Kraken, con el que la empresa puede mejorar y expandir sus productos, según un comunicado de prensa.

Hasta ahora, Kraken dependía de terceros para ...

...las transferencias bancarias y otros servicios que le permitían interactuar con el sistema financiero convencional.

Ahora sus clientes podrán realizar operaciones bancarias directamente con Kraken Financial, tal como lo harían con su banco actual. Para empezar, la ...

...compañía ofrece a los usuarios la opción de depositar USD y activos virtuales, que se integrarán en los servicios de intercambio existentes. El comunicado de prensa establece que esto puede proporcionar a los clientes una mejor infraestructura financiera, una mejor...
Read 4 tweets
#California appellate court affirms summary judgment in favor of @coinbase as to claims for #conversion #breach of contract & negligence; related to #coinbase not supporting #bitcoingold fork for its users; since it's precedent in CA, let's dive in /1 ImageImageImageImage
Court ruled that there was no agreement to give Plaintiff #Bitcoingold; there was no "contractual obligation to support or provide services for any particular cryptocurrency." Merger clause barred parol evidence & there was no contractual duty. That's breach of contract /2
Conversion of crypto is a pet issue of mine because it requires the Court to determine that the thing that is allegedly converted (i.e. the civil version of theft) is legally recognized property. Fun Fact- property rights are mostly created by state law. Only 1 state (Wyoming)/3
Read 11 tweets
When $BTC rallies, trolls point and laugh at $ETH.

When $ETH rallies, trolls point and laugh at $BTC.

But both miss the point: $BTC & $ETH feed into each other.

Been watching this dynamic play out since Q1 2016.
$BTC rises relative to $ETH? That means more $ETH can be bought with each $BTC...typically leading to an $ETH that rises in USD and BTC-terms, once $BTC pauses.
Since $ETH is more illiquid & higher risk than $BTC, it tends to overshoot $BTC's gains in a bull market, ultimately ending up higher than it started in $ETHBTC terms...

...then allowing more $BTC to be bought with $ETH, and so the cycle continues.
Read 12 tweets
1/ GAME ON! The @USOCC's announcement that it's following #Wyoming by allowing national banks to custody #digitalassets is GREAT news for #crypto! Long overdue & hopefully will help U.S. regain ground it lost to other developed world countries by dilly-dallying for so long.
2/ Winners=customers & #crypto VCs. This will spur M&A boom as US banks acquire #digitalasset custodians. Most must sell bc:
a. trust co. charters now obsolete &
b. #BitLicense now obsolete 👏

bc @USOCC leapfrogged 'em. Custodians now MUST have a bank charter to be competitive.
3/ But @USOCC didn't leapfrog #Wyoming, bc we already offer a bank charter.🤠

What's the distinction? A bank license was **ALWAYS** the optimal US regulatory structure for crypto custodians--not a trust charter or #BitLicense. Bank charters are SO much better for #crypto custody
Read 25 tweets
What Mr. Garg said yesterday and its implications:

1. Mr. Garg's body language was very receptive yesterday he had a smile on his face for an hour and he was genuinely interested in the discussion. Yes, that could be because he is not holding the chair anymore.

2. Mr. Garg seemed hostile toward the word "Currencies" as no one other than a sovereign nation has the right and duty to issue and manage "currencies".

This is ok as there is hardly any nation on planet who is willing to allow crypto as "Legal Tender".

Mr. Garg seemed impressed with the setup, background of speakers, and obviously, the number of viewers registered to listen to his views. On quite a number of occasions, he called @NischalShetty by his name and added his views to his examples.

Which is Good!

Read 10 tweets
Important thread for #crypto users, lenders, borrowers & intermediaries. Unsurprising result, given prior Singapore (Quoine) & UK (Robertson) authorities holding cryptocurrencies to be property; US has been there for (via twisty path) for a while now:
#Cryptopia like many other early #crypto trading platforms had quickly changing terms of service- i.e. it's contract with its customers. early T&C stated that the site took no ownership right over any customer's contributed #crypto. ImageImage
later amended T&C's expressly appointed #cryptopia as the agent of its users, created expressly custodial accounts, gave the platform the power to close accounts, expressly states that the platform holds assets on the customer's account. This contract matters- a lot. ImageImageImageImage
Read 9 tweets
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/ 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
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
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

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