Yesterday I noted, per this story, that crypto regulation is coming. But reading this story, it is apparent that regulators are not sure how to do it.…

@edwardnh @AshBennington @RaoulGMI @BanklessHQ @RyanSAdams @TrustlessState @CamiRusso @DefiantNews
But what kind of regulation, what purpose?

@DavidBeckworth interviewed Fomer BoC/BoE head Mark Carney for his podcast Macro Musing

Carney gave the worst possible answer, to ensure central bankers remain relevant.…

From the transcript (my highlight)

My worst fear, regulators are afraid they will be irrelevant and will set out to destroy innovation and improvement to keep themselves relevant, all while claiming they are "protecting the public."

Remember this is a warning:
"I'm from the government and I'm here to help"

Quick follow-up:

In my conversations with current and former central bankers, they have stated that their "relevancy" is an important part of determining crypto regulation.

They are all in favor or progress, as long as they are at the center of it.
please read @MarkJCarney
Who are regulators re cryptos:

* Miami QB Ryan Fitzpatrick ("FtizMagic!") who understood his job was to train his replacement (Tua).

Or are they Aaron Rodgers, willing to destroy the Packers to punish them for drafting his replacement (Jordan Love).

I'll bet they are Rodgers

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Jim Bianco

Jim Bianco Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @biancoresearch

2 Jun
Thread about stablecoins/Tether(USDT) to pushback on the FUD about USDT.

Something bigger is happening, the next reserve currency!


@nic__carter @BanklessHQ @TrustlessState @RyanSAdams @CamiRusso @LynAldenContact @TheStalwart @DappUniversity @VitalikButerin
Bottom line, Tether is never redeemed, so the Trust is more or less irrelevant.
Stablecoins are a trading pairs and transfer tokens in wallets. They are not a money market funds like Tim Massad opined.

Staking pools are like money markets.…

And this is what makes stablecoins so powerful, and worrisome to regulators/TradFi. They are backed by the same thing as the $$$, full faith and credit...of the crypto universe!

USDT's problem is its centralized. A decentralized stablecoin (DAI, LUSD) has more potential.

Read 16 tweets
30 May
The last three months of core PCE, the Fed's favorite metric, is growing at nearly 5%, a 30-year high.

This is being dismissed as part of the reopening process. Careful with this logic.

Friday the UMich released its latest Consumer confidence survey, which also asks about inflation.

The outlook over the next 5-10 yrs is rising and at a decade high.

The 1yr outlook spiked to a 13yr high … highest since $145 crude.

Consumers believe it is coming

But this is 2021, and inflation is measured not by prices, or expectations of what one will pay. It is what the bond market thinks.

So, you cannot have an inflation problem if bond yields are not shooting higher.

I think this is backward logic

Read 6 tweets
23 May
I have never promoted a coin in public. I have said the entire space will be transformational for the financial industry. I still believe that.

Pumping coins makes everyone look away from the changes that are coming. That is what matters to me.

Not unlike the late 1999 when many only saw tech stocks as objects of speculation and missed the bigger picture.

I remember many laughing off e-commerce as a plausible idea because when bust? How does that look now?

So, I avoid talking coins.

I've also said never invest more than you can lose, and have recommended starting with $200 or so and consider it an "education fee."

Open an account and buy a coin. Move it to a wallet and stake, it.

If you do that, you will understand why everything is going to change.

Read 5 tweets
20 May
Last month the Fed said they had five yrs to create a digital currency.
Now Powell put out this video talking about stable coins and the Fed will have a report out on it this summer.
They are getting passed by the crypto world and have to move faster.
My early take.

A Central Bank Digital Currency (CBDC) will not work.

To work it requires the Fed to take over the banking system (making it more centralized and subject to more top down control).

Otherwise it will accomplish nothing.

Bottom line, stablecoins (the concept, not any one in particular) are winning. The Fed sees the future reserve currency and it does not involve them.

I look forward to their rationakiztion to hold onto the past.

Read 7 tweets
19 May
No coiners (most of which are rich CeFi-ers that see DeFi as a threat) are gloating about the decline in cryptoland.

Yes, the casino speculation in cryptos almost demanded this would happened (when and how impossible to predict).

But if you really understand the space, it is a parallel financial system and is now getting this first real stress test. If it makes it through, it would be incredibly bullish.

Today is not the worst day ever (%24h loss). The last such days were March 2020.

What is different now is DeFI was non-existent in those days.

DeFi really took off in June 2020 and was $100B in size at the peak a few weeks ago. So, this is the first real "test" of DeFi.

Read 6 tweets
10 May
Nothing to act on now ... but worth paying attention too.

The Seychelles is a African country of 97,000 off the coast of Tanzania. It is one of the richest countries in the world. The country is full of expensive cars and high fashion, think Beverly Hills.

Seychelles has FULLY vaccinated over 60% of its population, thanks to its wealth. The country has been using the Chinese Sinopharm and AstraZeneca inoculations.

It leads the world with the highest parentage of a population fully vaxxed.

But here is the concerning part ... Seychelles cases are spiking. Remember the majority of country has been vaxxed

Read 5 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!