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Caitlin Long @CaitlinLong_
, 7 tweets, 3 min read Read on Twitter
1/ Let's review direct quotations from the Fortune article about @Bakkt and @ICE_Markets, which is available here: fortune.com/longform/nyse-…
2/ "And #bitcoin was the epitome of a broken model that if fixed, could change the world." --Jeff Sprecher, founder, chairman & CEO of @ICE_Markets
3/ "Sprecher & Loeffler disagree, arguing that a strong central infrastructure is precisely what's needed, and that ICE and its partners are the ones to supply it." [Loeffler is CEO of @Bakkt, previously head of IR/comms/mktg at @ICE_Markets]
4/ "Two things are missing," says Sprecher. "Trading on an official exchange, and safe storage for digital currencies on an institutional scale."
5/ "Our [@Bakkt] system would operate on a layer above the blockchain, and we'd keep our own omnibus ledger apart from the blockchain," explains Loeffler."
6/ "To evolve, the cryptocurrencies need to run on established infrastructure. They need the trust and rules that have been built into our financial system for many years. They need the kind of trust that the Big Board represents."--Jeff Sprecher, CEO of @ICE_Markets
7/ ...end of Fortune article quotations. Now please ponder this: What do these statements convey about @ICE_Markets and #bitcoin?
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More from @CaitlinLong_ see all

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1/ CRINGE ALERT: if the regulator of your #crypto exchange/custodian requires this, run! "A DAB (digital asset biz) shld have a minimum amount of assets on-hand, within the organisation, to withstand the withdrawal of all client assets." @BermudaMonetary
cloudfront.bernews.com/wp-content/upl…
2/ I found that gem in Bermuda's "Digital Asset Custody Code of Practice." Consumer protection is listed as the first core objective of the effort (bma.bm/BMANEWS/BMA%20…). Sorry, but I don't see much meaningful consumer protection in here. @TraceMayer would probably agree...
3/ ...and here's another gem, in a section titled Account Segregation🤔:
"While keeping client assets separate from its own, DABs may commingle client assets..." Believe it or not, the quote in the prior tweet was in a section titled Proof of Reserves! There's a lot of great...
Read 12 tweets
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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 info@digitalasset.org if you'd like to join that...
Read 15 tweets
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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

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1/ Bitcoin is a decentralized super-organism made of individually replaceable cells that share aligned incentives. Some of Bitcoin's best traits are simply copied from the Fungi Kingdom. Let's explore this...

Part 1: Mycelium

medium.com/@BrandonQuitte…

Thread 👇
2/ Bitcoin appears superficially simple at first glance, however true understanding is difficult. Observers are easily seduced into making hasty assumptions. Competing narratives make it even harder (digital gold, fintech revolution, etc).

@nic__carter
medium.com/@nic__carter/v…
3/ “What is bitcoin?” Like Fungi, bitcoin is a super-organism adapting to environmental stimuli, it unlocks stranded resources through PoW, absorbs proven competitor's advantages, and occupies a similar ecological role: the immune system.
Read 39 tweets
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0/ @Bakkt plans to launch next month on December 12, and some people are hoping it kicks off another crypto bull run. Now seems like a good time for a quick discussion on:

- what Bakkt is
- why it might be exciting
- when it will get regulatory approval

Thread. 👇
1/ Bakkt is a brand new platform for institutions, merchants & consumers to trade, store & spend digital assets.

It was announced three months ago on August 3 in a detailed Fortune article that's still one of the best sources of information on it today:
fortune.com/longform/nyse-…
2/ Bakkt's goal is to make digital assets easier to buy, sell, store & spend.

Bakkt will start by offering one-day, physically-settled bitcoin futures contracts. That means if you buy a futures contract from Bakkt, you get actual bitcoin the next day.
medium.com/bakkt-blog/wha…
Read 19 tweets
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My latest estimations for #Bitcoin Energy Consumption based on hashrate. Worldwide consumption likely to be between 3880MW and 5080MW with average of 0.035% of the world's energy consumption. I will soon update to include latest HW from Canaan, Bitewei and more as they roll out.
Source data sheet with auto-update now available here : docs.google.com/spreadsheets/d…
Updated with newest models, stats and upcoming units!
Read 3 tweets
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0/ The SEC killed *all* of the pending derivative-backed #bitcoin ETFs today. Why did they do it, and what does it mean?

Thread.

1/ All eyes were on the SEC this week, as the final deadline to approve or reject the two ProShares bitcoin ETFs was tomorrow, August 23.

Most of us on #cryptotwitter were expecting the ETFs to be rejected.

2/ But we weren't expecting the SEC to also reject *seven* other derivative-backed ETFs proposed by GraniteShares & Direxion. Those ETFs weren't due for final decisions until September 15 and 21 respectively.

The only ETF left now is the VanEck/SolidX commodity-backed offering.
Read 11 tweets
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1/ I believe the reason we are not seeing any movement in the price of #bitcoin from today's mega announcement from @NYSE @Starbucks @Microsoft @BCG is because #crypto now values delivery (scarce) over talk (abundant) fortune.com/longform/nyse-…
2/ In traditional markets, public announcements are often made only after material results and impact are delivered, whereas in the crypto markets, public announcements have been used as a means to raise money (to start to build, execute, and deliver)
3/ Crypto markets and investors have become so desensitized to public announcements and press releases about the intent to deliver future products and code, that announcements (even ones as significant as this one today) are bucketed into the "huh, that will be cool" category
Read 8 tweets
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Spending #Bitcoin today is senseless. But if we manage to make it a good store of value, then it will naturally be used as a medium of exchange in the future.

Thread 👇
1/ Instead of focusing on the act of "spending", we need people want to "earn BTC", to "be paid in BTC". We need more hodlers.

The economic and technical consequences of stressing one viewpoint (to spend) over the other (to earn) are profound and irreconcilable.
2/ Money's essence is being used as a medium of exchange (MoE). But for something to become money, or a universally accepted MoE, it must first follow evolutionary stages. First, comes store of value (SoV), second, MoE, and third, unit of account (UoA).
Read 57 tweets

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