By their nature, cryptocurrencies and decentralized finance (DeFi) are decentralized and permissionless. We are not sure how they would be ‘outlawed’, as Dalio describes in this story.

His example of gold being banned was only possible because of the government’s centralized system. Governments could ban the exchange of fiat for cryptocurrencies, but the DeFi system is being built to work on its own merit, with no ties to fiat.

Furthermore, countries that attempt to outlaw cryptocurrencies would risk their seat at the table. As the chart below shows, crypto adoption is highest among impoverished nations, lowest in the developed world.

These countries will continue to design the new financial system, with or without any input from current world powers.

If/when this system becomes robust enough, these countries could demand trade (including oil) be conducted in these new financial systems.

This may seem farfetched, but progress in the DeFi world is happening at a staggering pace.

Technology has disrupted many industries. DeFi is in the process of reimagining the financial system.

When I put this post together, I fully expected a lot of FUD about DeFi.

Instead I’m getting full blown Stockholm syndrome.

It’s almost as if they want and need the big banks to continue to rip them off.

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More from @biancoresearch

12 Mar
Some COVID charts

The US continues to plunge from its January 8 peak.

Vaccinations, % of population (as of Mar 11)
First dose, 19%
Fully vaccinated, 10.2%

Worldwide, cases might be bottoming

Vaccinations, % of population (as of Mar 11)
First dose, Less than 1%
Fully vaccinated, 0.2%

Israel leads the world with 44% fully vaccinated, and its case counts continues to plunge

Read 4 tweets
28 Feb
Tell me what is right/wrong here:

The US Crypto exchanges allow USD trading so they also have to adhere to AML and KYC rules.

So, this prevents US crypto accounts from seeing or understand DeFi's potential. US can access it via a wallet (metamask), but this is hard!

Coinbase … no ADA, BNB, USDT (NY), and XRP. No DeFi, limited farming, margin trading just started (in 12 states, no NY), no perpetual futures. etc.

I'm not endorsing doing any of this. But blocking prevents the US from "getting it."

So US thinks "Crypto" means gambling on BTC and shitcoins (DOGE) and constantly ask what is the potential/use case. This comes from being in the dark.

1 day (years from now) we are going to wake it and realized we have been passed by. Regs are putting us at a disadvantage.
Read 4 tweets
25 Feb
No this is not a month old story, this is happening AGAIN today.

$GME is getting squeezed all over again. It was trading $43 earlier today and tonight, after hours, it just traded $200!

Which hedge fund(s) is getting squeezed on their "re-short?" Same as last time? Image
It looks like the meme stock squeezed was so much fun we are going to do it all over again ... AMC is up 60% from this morning's low. Image
All the meme stocks are going ballistic tonight
Koss is up 200% since this morning (I think the last trade is a bad tick)

Express (EXPR) has nearly doubled. ImageImage
Read 5 tweets
15 Feb
Quick rant ...

What's wrong with politics? It is not red or blue. It is elderly versus not-elderly.

For 100 years the average age in the Senate (more so) and the House (less so) was fairly stable. But over the last 40 years the average age has sky rocketed.

If gets worse

Boomers (57-75) and the Silent Generation (76+) are WAY over-represented compared to their share of the wealth and population (noted on chart).

Generation X (41 to 56) and Millennials (26 to 40) are relatively under-represented.

Ditto the House
Tech is generational and it is disrupting lives/business, both good/bad. How we use/regulate this tech is THE ISSUE moving forward. It folds into equality, climate and nearly everything else.

Our elderly leaders are not capable of understanding this.

Read 4 tweets
15 Feb

Seems like I've been posting a lot of commodity charts breaking out to multi-year highs. Will this be next?

At a minimum every commodity chart looks like this chart (and the one above) … straight up the last several months.

Here is my favorite commodity chart today ... about a point away from a 10-year high.

(Why my favorite? Explained on the chart)
Read 4 tweets
11 Feb
Bitcoin play...MicroStrategy (MSTR). On Aug 11 it announced it was converting its cash holdings into bitcoin.

8k filing this month, it now owns 71,079 bitcoins with a market value around $3B.

Since that announcement six months ago, the stock is up 10x!

It gets better

Dec 9 MSTR issued a $650M convertible bond with the proceeds used to buy bitcoin.

Priced at par on Dec 9, coupon of 0.75% and convertible into MSTR common at $397.

That bond traded 330 yesterday, down 71 today to 258. Yes this is a corporate bond!

Gets even better

If you look at the image above, 0.75% coupon and a 258 price gives it a yield of -18%. Yesterday's yield was -23%.

Is this the reining world record holder for the largest negative yield in history?

Welcome to 2021

Read 4 tweets

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