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Alex Thorn

@intangiblecoins

Dec 11 • 10 tweets • 3 min read Twitter logo

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this bill from @SenWarren massively expands the bank secrecy act, imposing bank-like KYC rules on non-custodial software products, including FOSS. and it’s gaining steam with 5 new co-sponsors 👀

this would be disastrous for #bitcoin and crypto in USA
warren.senate.gov/newsroom/press…

specifically the bill calls for dramatically expanding the bank secrecy act to cover open source software, including non-custodial wallets, miners, and validating nodes

as non-custodial and decentralized software cannot plausibly perform centralized compliance functions, warren’s bill would effectively outlaw crypto in america

take miners or validators as an example. these entities passively add transaction data to the blockchain. while they can exclude known sanctioned addresses, they are structurally incapable of “knowing” the identity of every user.

it would be impossible for miners or validators to perform KYC on every public blockchain transactor. indeed, it cannot even be said that these entities even have a “customer” to “know”

warren’s bill also seeks to impose the bank secrecy act on non-custodial wallets, many of which are free and open source. to be clear, there is no such thing as “unhosted” digital wallets - these are just wallets.

requiring non-custodial open-source software to perform bank-like compliance is *the big attack* bitcoin’s enemies have always threatened. it’s impossible for bitcoin core, for example, to comply with this, so it amounts to an effective ban of bitcoin in the USA.

these rules effectively ban crypto in america, and they fundamentally undermine the core innovation itself — P2P digital cash. if you believe humans should have the right to transact without an intermediary, you must oppose this bill. call your senators! this is the big fight! 🚨

full text of bill warren.senate.gov/imo/media/doc/…

find all the info you need to call, write, or email your senator here senate.gov/senators/senat…

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More from @intangiblecoins

Alex Thorn

@intangiblecoins

Oct 30

the #bitcoin gamma squeeze from last week could happen again 👀

if BTCUSD moves higher to $35,750-36k, options dealers will need to buy $20m in spot BTC for every 1% upside move, which could cause explosiveness if we begin to move up towards those levels

more 👇

when dealers are short gamma and price moves up, or when they are long gamma and price moves down, they need to buy spot to stay delta neutral. last week’s expiries will dampen potential explosiveness, but it’s still in play.

compare today’s gamma profile to last week’s. (thanks to @Amberdataio for helping us calculate this)

this week i’m looking at some other derived metrics. (btw, if you want to understand how to use onchain data to derive valuation metrics, read this great report from @christine_dkim galaxy.com/insights/resea…

Read 9 tweets

Alex Thorn

@intangiblecoins

Oct 23

options market makers in #bitcoin are increasingly short gamma as BTC spot price moves up.

when you’re short gamma and spot px rises, you need to buy back spot to stay delta neutral.

this should amplify the explosiveness of any short-term upward move in the near term. more 👇

when dealers are short gamma and price moves up, or when they are long gamma and price moves down, they need to buy spot to stay delta neutral.

using data from @Amberdataio, we can calculate dealer positioning, and our analysis shows dealers are increasingly short gamma starting around $28.5k and above. at $32.5k, market makers need to buy $20m of delta for every subsequent 1% move higher. the positioning implies that market makers need to buy back increasing amounts of BTC as spot moves higher, which should add to the explosiveness if any upward move in the short term.

more, dealers are long gamma in the $26,750-28,250 range. when you’re long gamma & spot declines, you also have to buy back spot to stay delta neutral. thus any short term downside px action will face resistance as options dealers buy back delta.

this is a great setup for bulls because if spot moves moderately higher, short gamma covering could make it rip much higher pretty quickly, but if it moves lower, long gamma covering could provide some support and limit near term downside.

Read 6 tweets

Alex Thorn

@intangiblecoins

Apr 16

@PRNewswire

once and for all — this Unicoin thing is fake.

the IMF did not announce a new global CBDC with the “DCMA”

some likely fake org (DCMA) posted a press release on @PRNewswire and it tricked tons of people (including smart friends of mine!)

here’s to spot this fake news 🚩🚩🚩

some obvious red flags if you just read the press release. first, look at the end. fake person w/ generic press release distribution service (email4pr lol). if DCMA was affiliated with IMF, it would come from IMF, not a made up person with a greensboro NC phone number

when real companies post press releases, they cite themselves as the contact! just one quick example

Read 13 tweets

Alex Thorn

@intangiblecoins

Mar 5

@yugalabs

the folks at @yugalabs just announced that their twelvefold #bitcoin #ordinals auction will start tomorrow. here are some of my initial thoughts on supply, auction style, and licensing

https://twitter.com/yugalabs/status/1632162026641342469

@hiroto_btc

my guy @hiroto_btc wrote in friday’s @glxyresearch newsletter about the importance of yuga, the worlds largest issuer of NFT intellectual property (30%+ of global NFT market cap), entering the inscriptions fray. read gabe’s note at the top here: galaxy.com/research/insig…

@sal_coin

they have 300 but only 288 are available for bidding — yuga will hold 12 for “contributors, donations, and philanthropic efforts”

my guys @sal_coin and @hiroto_btc predicted months ago that lack of secondary royalties would push issuers to withhold supply galaxy.com/research/insig…

Read 12 tweets

Alex Thorn

@intangiblecoins

Mar 3

NFTs on #bitcoin built w/ inscriptions & ordinals will be a $5bn market within two years

our new whitepaper has everything you want to know about: all the data, the history, how they work, the controversy, modeling their impact on bitcoin, projecting growth

let’s dive in 👇

@glxyresearch

everything in this thread comes from a new @glxyresearch white paper we released this morning, written by the teams at galaxy research & bitcoin mining

@FullNodeChuck @bitcoinbeezy @hiroto_btc @GuerillaV2 @SimritDhinsa galaxy.com/research/white…

@rodarmor

since @rodarmor launched the ord wallet in december, inscription has use exploded, with february seeing enormous growth. there are now more than 250k inscriptions. in the past few days, text-based inscriptions have been huge (some kind of ENS-like service?)

Read 11 tweets