Bloomberg (TV) reporting that a draft executive order has been circulating around the white house requiring federal agencies to study and come up with proposed regulation for crypto.

No specific text yet and no regulation, just a requirement for proposals.

According to Bloomberg it is contested even in the White House if it should move forward or not.

A really odd approach to this and something to keep our eyes on.

I wonder if these politicians know that they could earn more from retroactive airdrops than from the donations they get from banking companies?

Hah, I posted this a few seconds before the official Bloomberg tweet!

...I spend too much time on Twitter..

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More from @adamscochran

9 Oct

Part of the reason this space has so many shitty "VCs" willing to use people as instant exit liquidity is this space feverously worships anyone who makes money, and thinks VCs are just for dry powder.

If the only way you vet investors is by assuming they have no value-add and seeing who gets simped the most on Twitter, then of course you're going to have a cap table filled with people happy to nickel and dime you.

Like lets face it, CZ could turn around, mint $10M in new BNB, blatantly dump it on the market and half of his followers would just say its for the good of the project.
Read 12 tweets
9 Oct

I honestly believe much of CT would happily cut of their nose to spite their face.

Look if investors had a heads up about the details of the airdrop and misused insider info, that is shitty.

But this is the only industry where teams give you basically free money and people are somehow pissed off if someone else got more than them.

Ribbon made a great product, with vaults of a great return, that gave you a massive airdrop.

That airdrop was flawed and may have been manipulated, but we all won out.

Did some people win out more? Yeah.

But does that mean you should hate and attack that team? No.
Read 9 tweets
6 Oct

I was excited to hear Microsoft 11's event would include NFTs, but the NFTs are just coupon codes to buy Windows 11.

It also uses a weird corporate EVM deployed by "Eluvio" which claims to be a blockchain alternative to a CDN.

But, it doesn't seem to be something you can run a node for, so its really just a 'blockchain' running on private servers likely owned by the corp.

Claims its going to revolutionize how artists share content by requiring NFT tokens to access content.

But its not like the content itself is streaming from an EVM blockchain so...
Read 5 tweets
6 Oct

I think $DYDX has dramatically changed the market behavior.

It puts some critical new strategies on the table, and has a huge impact on the actions many market makers and bots seem to be taking. 👇

First, what's important to note is that DyDx has a different funding rate structure than a lot of the futures products in the market.

It's a more aggressive, but in turn much safer for the system, kind of calculation.

But, this makes for a huge delta in the rates, as can be seen in the 30 day avg chart below from Defi Rate.

Over 30 days, longing $ETH on DyDX 29x the FTX rate.
Read 16 tweets
1 Oct

A lot of crypto people delivering a bad take here saying this wasn't a hack.

It wasn't a hack where someone gained direct access to Coinbase's cold wallet but it was still a hack, because a piece of code Coinbase was running seems to have been the point of fault.

Notably the hackers had to have the email and password for the account, and an associated phone number to perform the exploit.

What people forget is many other crypto exchanges have had hacks where their database was dumped including KYC and 2FA information

So identifying that information is not nearly as hard as people might think, and sadly many users don't use unique passwords or rotate emails/user names between exchanges.
Read 7 tweets
30 Sep

If you don't follow US politics, let me just say that this debt ceiling stand-off is an utter shitshow right now.

Political games are being played all over the spectrum and there is a signifgant level of disarray and divide here.

Do I think the US government will default on its debt?


That would be the most catastrophic thing to ever happen in modern finance and would impact the global economy for a century.

I think we'll avoid that.
Read 11 tweets

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