@DoveyWan's Threads
Justin in, finally a clear direction for Digital Yuan)
ZHOU, former PBOC chairman, the most influential monetary economist in 🇨🇳 said at a forum today
There’re 2 types of CBDC implementations
1. Electronic payment orients domestic retail system (cont.
finance.caixin.com/2019-11-26/101…
ZHOU, former PBOC chairman, the most influential monetary economist in 🇨🇳 said at a forum today
There’re 2 types of CBDC implementations
1. Electronic payment orients domestic retail system (cont.
finance.caixin.com/2019-11-26/101…
2. international remittance oriented usecase for inter-financial institutions settlement
and China will focus on the former direction for its own Digital Yuan, dedicated in domestic retail on ramp and payment
and China will focus on the former direction for its own Digital Yuan, dedicated in domestic retail on ramp and payment
3. He also emphasized “Fiat currency is a symbol of national sovereignty. Central banks, especially the “super sovereign power” should be very cautious when choosing direction. If going under a wrong direction, the downside can be significant, and even a credit crisis may occur”
BREAKING 🚨🚨🚨
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading”
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading”
shanghai.pbc.gov.cn/fzhshanghai/11…
To highlight a few key points in the announcement
1/ ICO, IFO, IEO, STO are all unauthorized illegal public offering and securities issuance, and potentially illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes
To highlight a few key points in the announcement
1/ ICO, IFO, IEO, STO are all unauthorized illegal public offering and securities issuance, and potentially illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes
2/ Shanghai law enforcement agency will conduct “Special rectification of cryptocurrency-related trading platform, which can be registered overseas, shall be immediately rectified and retired”
Last piece of China BREAKING News before bedtime -
This time is DEFINITELY CRYPTO 💥💥💥
A "Crypto Law" just passed by the National People's Congress...
m.news.cctv.com/2019/10/26/ART…
🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below
This time is DEFINITELY CRYPTO 💥💥💥
A "Crypto Law" just passed by the National People's Congress...
m.news.cctv.com/2019/10/26/ART…
🧐🧐it's hard not to belive all these are not paving the path for Digital RMB .. more reads below
The National People's Congress just passed "密码法" - "The cryptography Law", which will take effect on January 1, 2020. By looking a the news it seems like the law is aimed at "standardizing the cryptographic application and management of passwords"
did a quick research on the draft version below as the formal version is not out yet (just got a push of the quick news update)
secrss.com/articles/11963
secrss.com/articles/11963
BREAKING
Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police
😱😱😱
GXChain was a very hot ICO back in the days with ATH market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs ...
Another high profile 2017 ICO project GXChain $GXC just got clamped down by the Chinese police
😱😱😱
GXChain was a very hot ICO back in the days with ATH market cap over $600M (even now still holds $48M) and considered to be among the very few legit ICOs ...
tbh I have no idea why the police took action against GXchain instead of 10000 other Chinese scams, as GXchain has a real business behind. The trigger might be their data business- they sell processed personal credit data, which is a highly sensitive area now in China
video footage from onsite checking of GXchain's office, it's been emptied out and sealed up
JUST IN
as per sir @loomdart ‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH
I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells
as per sir @loomdart ‘s request, this thread is abt the on-going sells off made by PLUS Token, the biggest Chinese PONZI which scammed ~70K $BTC + ~ 800K $ETH
I mentioned it briefly in my last Coindesk oped but worth additional attention as it may cause further sells
1. PlusToken started in mid 2018, was a pure ponzi with a wallet front with offers “high yield investment return”.
It has 4 layers of membership structure, each will get diff % of rebate. In early 2019, it claimed its membership has over 10M
And attached are its addresses
It has 4 layers of membership structure, each will get diff % of rebate. In early 2019, it claimed its membership has over 10M
And attached are its addresses
2. Above addresses are only the known ones, according to police report the total scammed amount is about $3B. The core team member were chased down by police 2 months ago and will be in jail for decades.
However, the cryptocurrency they scammed is not able to be crawled back
However, the cryptocurrency they scammed is not able to be crawled back
JUSTIN IN - China is ALMOST FINISHED its own digital fiat currency and plans to start trial by the end of this year
And instead of calling it CBDC, PBOC refers it as “DC/EP” (digital currency and electronic payment), so it gonna emphasize more on payment/settlement
GAME ON 😈
And instead of calling it CBDC, PBOC refers it as “DC/EP” (digital currency and electronic payment), so it gonna emphasize more on payment/settlement
GAME ON 😈
In a closed door PBOC planning meeting today, further accelerate the progress of Digital Reminbi becomes the main agenda of it. And PBOC executive brought up both Libra and Bitcoin, claimed both can’t meet the expectation of a highly scalable and parallel payment system
This is a exclusive forum (“Financial Forum of 40 People”) held by PBOC.
A few highlight of the meeting as below -
1. “Pure” Blockchain infra can’t meet ends need of daily operation for retail banking
2. Hence stuff will be structured on private cloud of PBOC (fine ...)
A few highlight of the meeting as below -
1. “Pure” Blockchain infra can’t meet ends need of daily operation for retail banking
2. Hence stuff will be structured on private cloud of PBOC (fine ...)
"Chinese buying up Bitcoin" is a VERY dubious narrative IMO
1. Bitcoin is trading at a negative premium in Chinese centric exchanges like Huobi and Okex
2. RMB denominated OTC price is now at 1% premium, within its normal range since the bull
1. Bitcoin is trading at a negative premium in Chinese centric exchanges like Huobi and Okex
2. RMB denominated OTC price is now at 1% premium, within its normal range since the bull
I personally think the overall global financial uncertainty does help push up the market, but capital might come from the non-Chinese side more than the Chinese side.
Gold, on the other hand, saw a real spike in volume and prices from the CNY denominated trading pair
Gold, on the other hand, saw a real spike in volume and prices from the CNY denominated trading pair
if they really want to hedge global financial uncertainty, especially local currency devaluation, Tether is the go-to place.. instead of Bitcoin (sorry to let you guys down). BTC is more a long term hedge by some high net worth ppl
However, Tether is now at negative premium too
However, Tether is now at negative premium too
I found this history background very helpful for westerners to understand the core fundamental of how China becomes China - here is a thread (will expand into a series articles later) 👇🏻
Roman Empire vs The Qin Dynasty
Roman Empire vs The Qin Dynasty
1/ When Roman Empire fell and result in thousands years of fragmentation of Europe, Ancient Chinese emperor Qin Shi Huang unified the language, currency and civil laws for entire anchient China, resulted in thousands years of unity until the 19th century
2/ the Ch’in Dynasty (Qin) was a relatively short lived one but it sets the core ideology of “unity” and homogeny among the territory Han race resided
Han race has been the dominant race for the 5 thousand years of Chinese history, and is over 91% of China’s population now
Han race has been the dominant race for the 5 thousand years of Chinese history, and is over 91% of China’s population now
WOW 😲 BITCOIN IS LEGALLY PROTECTED IN CHINA
Today the first property dispute case on Bitcoin finalized trial in a local Chinese court. The court confirmed the "virtual property" attribute of Bitcoin, recognized it as a virtual property with value
m.caijing.com.cn/api/show?conte…
Today the first property dispute case on Bitcoin finalized trial in a local Chinese court. The court confirmed the "virtual property" attribute of Bitcoin, recognized it as a virtual property with value
m.caijing.com.cn/api/show?conte…
I was browsing Weibo and Wechat on sentiment around the sharp Bitcoin rally, instead of Libra, folks attributed the rally to the case above then I realized it’s indeed a big milestone
bjnews.com.cn/finance/2019/0… this links has more details on the case
Basically someone bought 2.6 bitcoin in 2013 and was in the custody of the seller, and the seller closed out the business without any notice nor delivering Bitcoin to the buyer, hence the buyer sued it
Basically someone bought 2.6 bitcoin in 2013 and was in the custody of the seller, and the seller closed out the business without any notice nor delivering Bitcoin to the buyer, hence the buyer sued it
Talking abt longevity, I grew up in a family of doctors 🥼 and have been on “drugs” that’s beneficial for longevity/overall immune system since college recommended by my family members, here is the (unisex) list -
👇🏻
Metformin
Inositol Hexaphosphate
NAC + Glutathione
👇🏻
Metformin
Inositol Hexaphosphate
NAC + Glutathione
Please consult doctor before taking this
I have been taking these for many years now not sure the actual effectiveness (as genes, life stile, diet etc also matter a lot), but it’s an interesting exploration and study of research of these drugs
I have been taking these for many years now not sure the actual effectiveness (as genes, life stile, diet etc also matter a lot), but it’s an interesting exploration and study of research of these drugs
Metformin - so many research abt it so save my words here;
Inositol hexaphosphate enhances immunity and antioxidant properties can also contribute to tumor cell destruction ncbi.nlm.nih.gov/m/pubmed/14608…
NAC + Glutathione are strong antioxidants. ncbi.nlm.nih.gov/pmc/articles/P…
Inositol hexaphosphate enhances immunity and antioxidant properties can also contribute to tumor cell destruction ncbi.nlm.nih.gov/m/pubmed/14608…
NAC + Glutathione are strong antioxidants. ncbi.nlm.nih.gov/pmc/articles/P…
For most retail investors, which ever coin can pump is a good coin, the consensus comes from the pumpability and fomomentality not fundamental beliefs
Two funny chinese phrases commonly used as :
拉盘 and 拍断大腿
Two funny chinese phrases commonly used as :
拉盘 and 拍断大腿
拉盘 means artificially pump the price (usually from the founding team or foundation itsef)
that’s why EOS is very popular among Chinese investors as ppl believe with $3B cash in head, no one can pump the price better than EOS (the RAM purchase done by BM is a good example)
that’s why EOS is very popular among Chinese investors as ppl believe with $3B cash in head, no one can pump the price better than EOS (the RAM purchase done by BM is a good example)
拍断大腿 means you see some shitcoin pumps to the sky in front of your screen, and you regret not getting in before th the pump so much and slap your lap until it breaks lol
Seems someone did it purposely just around the same time BSV pumped just an hour ago.
Completely fake news but “real enough” to trick many Chinese retails
Completely fake news but “real enough” to trick many Chinese retails
The trick is easy and constantly used by many scams - all chinese crypto media circulate the breaking news via picture as above in wechat, instead of news link. So anybody can just use the same theme template and photoshop one ☝🏻 like above
It reads “CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter”
it’s fake af but many retail will believe it for a while before they figure out it’s fake
it’s fake af but many retail will believe it for a while before they figure out it’s fake
🚨🚨🚨 Official announcement from PBOC, this might the first bank run and bank bailout by PBOC after 1979 (Chinese economic reform)
Baoshang Bank, a commercial bank with ~10k employees and over $61B total asset is facing severe credit risk and now being taken over by PBOC
Baoshang Bank, a commercial bank with ~10k employees and over $61B total asset is facing severe credit risk and now being taken over by PBOC
This is the document directly sent by PBOC
Just check the bank’s recent total asset is over $81B asset on balancesheet with half of that are deposit asset ... 👀👀👀
Just check the bank’s recent total asset is over $81B asset on balancesheet with half of that are deposit asset ... 👀👀👀
Ironically, the bank has been rated as AA+ by national rating agency in 2017 .. and its latest financial was published in 2017 👇🏻afterwards nothing has been disclosed ..
Long Bitcoin, short the Bank 🏦
Long Bitcoin, short the Bank 🏦
BREAKING and WTF 🤯🤯🤯🤯
Bitfinex is planning on a exchange token sale + IEO... plan to raise $1B in $USDT....
This is really a WTF situation 🤦🏻♀️🤦🏻♀️
Bitfinex is planning on a exchange token sale + IEO... plan to raise $1B in $USDT....
This is really a WTF situation 🤦🏻♀️🤦🏻♀️
Folks are selling the allocation of its IEO in a few channels, i was super skeptical at first but later confirmed by of one of BFX equity share holders
If it’s a fraud then don’t be scammed if it’s not a fraud then WTF
@bitfinex please comment and clarify
If it’s a fraud then don’t be scammed if it’s not a fraud then WTF
@bitfinex please comment and clarify
I just don’t see how this can be sustainable, it won’t make Tether fully-backed again unless they distribute profit/new fund raised back to Tether reserve. BFX has already securitized + tokenized its future cash flow for their last hack, this is another layer of leverage on top
Let's start "This Week in Asia Crypto" with a hot new leak of S17's BOM cost breakdown 🔥🔥🔥
Mining ⛏️
- The latest Bitmain miner S17’s BOM cost got leaked out, expected to ship between 4/20 to 4/30. There's a possibility that this cost breakdown is purposely leaked (cont.
Mining ⛏️
- The latest Bitmain miner S17’s BOM cost got leaked out, expected to ship between 4/20 to 4/30. There's a possibility that this cost breakdown is purposely leaked (cont.
Due to the fact that 279 rmb/thash is exactly around the cost range you can buy from other SHA256 miner as T3 or S15, hence use this “leaked” table to set a reserve price psychologically according to a few insiders
so let's see what's price will be for S17 in a few days 👀
so let's see what's price will be for S17 in a few days 👀
- There are fraudsters shilling “IPFS miner” and many local miners thought it’s a real deal hence get rekt
- Thanks to the IPFS miner fraud, PoC (Proof of Capacity), or storage base algo starts to get attention in Chinese community and a few big miners are preparing the launch
- Thanks to the IPFS miner fraud, PoC (Proof of Capacity), or storage base algo starts to get attention in Chinese community and a few big miners are preparing the launch
My counter arguments with cross-boarder bias. Thread👇🏻
1. “Regulation Arbitrage” is an over-simplified western fairy dust.
Most Asian exchanges, compliant or not, are doing what Binance is doing: aggressively listing new assets with minimal KYC, such as Huobi, KuCoin, Upbit
1. “Regulation Arbitrage” is an over-simplified western fairy dust.
Most Asian exchanges, compliant or not, are doing what Binance is doing: aggressively listing new assets with minimal KYC, such as Huobi, KuCoin, Upbit
2. you need to achieve ONLY 3 competitive advantages to make a successful ex- security, liquidity and cost of trading. Binance has the best liquidity with lowest trading fee, so far no major security breach. Reg-arb alone can’t magically get you depth on book or robust backend
3. Reg-arb is not how Binance made it - when it started in mid 2017, Huobi, Okex, Yunbi (Yunbi’s vol = all others combined back then) were the leading ones. All of them “reg-arb” in the western term, leaving no room for another exchange if reg arb is the only advantage 🙃🙃🙃
BREAKING 🚨🚨🚨
Bithumb is being hacked, at its EOS cold storage level!!! Over 3million EOS has been transferred out 👀👀👀
Detail to be reported, confirmed by security firm who’s auditing for Bithumb
Bithumb is being hacked, at its EOS cold storage level!!! Over 3million EOS has been transferred out 👀👀👀
Detail to be reported, confirmed by security firm who’s auditing for Bithumb
And this is the second time Bithumb saw a MAJOR hack, last time it’s hacked with a loss over $30m.. lol and after the first hack it was STILL able to get the fiat license from Korea and WTF??
It’s said their private key was stolen on its EOS account g4ydomrxhege
Hacker's is from ifguz3chmamg, that’s the address ALL EOS was transferred to, down stream exchanges with stolen fund are Huobi, HitBTC, WB, EXmo etc
Hacker's is from ifguz3chmamg, that’s the address ALL EOS was transferred to, down stream exchanges with stolen fund are Huobi, HitBTC, WB, EXmo etc
The recent BNB rally gets Chinese traders/speculators excited in all other exchange platform tokens like HT, OKB, ZB and BTMX. ZB and BTMX pumped for over 130% just today.
“Pump the whole sector” is a very chinese trading mentality, trading is still a local, social behavior
“Pump the whole sector” is a very chinese trading mentality, trading is still a local, social behavior
Western traders seems to be indifferent to any of these, and are excited more about LTC etc.
Trading themes are completely different, and the two trading communities‘ tastes and interested areas are like a two parallel universes.
Trading themes are completely different, and the two trading communities‘ tastes and interested areas are like a two parallel universes.
Also this is a VERY common patterns in both stock and token. One leading stock in that sector rally, the whole sector will pump.
Hence many Chinese traders, instead of buying BNB which has too big of market cap to pump heavily, will buy other candidates in the same sector
Hence many Chinese traders, instead of buying BNB which has too big of market cap to pump heavily, will buy other candidates in the same sector
Rchain, burned all its ICO funding in > 2 years due to a outrageous purchase of a $23m music encoder (WTF??) now is considering a new entity RSong to be “a continuation of RChain”??
Another fork of Rchain, Casper Lab, said has raised $20m 🤷🏻♀️🤷🏻♀️
This only happens in crypto
Another fork of Rchain, Casper Lab, said has raised $20m 🤷🏻♀️🤷🏻♀️
This only happens in crypto
It raised $15m in ETH back in 2017 April, if managed treasury well, at ETH $1000 that equates to $300M bankroll. And they burned it all...
I’m shocked that no one file class action against it especially after the totally unreasonable purchase of that $23m music decoder 🤯🤯🤯
I’m shocked that no one file class action against it especially after the totally unreasonable purchase of that $23m music decoder 🤯🤯🤯
They burned everything in less than 2 years* not >2 years
Unbelievable.
Anyone can let me know how to burn a $30-$300m bankroll in less 2 years???? Like buying 1000 lambos? That sounds lots of work too 🤨🤨🤨
Unbelievable.
Anyone can let me know how to burn a $30-$300m bankroll in less 2 years???? Like buying 1000 lambos? That sounds lots of work too 🤨🤨🤨
Binance’s targeted charitable effort is much more effective than air drop Venezuela - people in those countries need food, water and medicine
It’s the influence of the charitable effort that raises awareness/drives adoption of cryptocurrency, not the other way around
It’s the influence of the charitable effort that raises awareness/drives adoption of cryptocurrency, not the other way around
Both are great charitable events. I was meant to say it’s more effective to directly donate medicine/food if situation allows.
A volunteer friend who just came back said there’s major shortage of life necessity, simply no supply, where you can’t buy even with the money
A volunteer friend who just came back said there’s major shortage of life necessity, simply no supply, where you can’t buy even with the money
She was saying 1. Gas is more expensive than clean water 2. I need to take enough pads/tampons with me if I’d go, simply can’t buy it there 3. Bring enough medince and anti-biotics which is also not available for sale
CØSMOS is one of my most anticipating projects in 2019.
It will fill in a critical void in the industry to bitcoin more interactive, smart contract much more interoperable, and assets more liquid
🌌🌌🌌 🌅🌅🌅
It will fill in a critical void in the industry to bitcoin more interactive, smart contract much more interoperable, and assets more liquid
🌌🌌🌌 🌅🌅🌅
To make* bitcoin more interactive ..
the need for interoperability is obvious -
1. There’s not many “sound money” buy lots of proprietary payment tokens representing its own UoA/MoE, the interoperability makes native crypto assets more liquid in a way that’s not exchange IOU
the need for interoperability is obvious -
1. There’s not many “sound money” buy lots of proprietary payment tokens representing its own UoA/MoE, the interoperability makes native crypto assets more liquid in a way that’s not exchange IOU
2. also CØSMOS’s design allows each application to be secured by “Sound Money as Staking” which I’m super excited about. Only sound money is qualified to be a “stake” imo. with its own security model, each sidechain/zone on CØSMOS can utilize system resources much more effective
Market is shaped by : fundamental, macro event and sentiment.
Crypto market is very indifferent with fundamental, the latter two matter more
Macro events I think matters the most in next 6 months are - Bitmain IPO outlook, Telegram’s deliverable and Bakkt debut (cont.
Crypto market is very indifferent with fundamental, the latter two matter more
Macro events I think matters the most in next 6 months are - Bitmain IPO outlook, Telegram’s deliverable and Bakkt debut (cont.
Bitmain IPO most likely will fail/expire. It needs time to consolidate/sort out internal issue so re-filing won’t be a a near term thing.
Bitmain has been considered as a crypto blue chip/proxy to crypto by capital market. This will set a bearish sentiment once it’s confirmed
Bitmain has been considered as a crypto blue chip/proxy to crypto by capital market. This will set a bearish sentiment once it’s confirmed
Telegram’s ICO is effectively its IPO. It’s massive raise will set an equally high expectation for its deliverable.
TBH TG has a great product and solid user base, as a regular company acquisition price can be easily a few billion given WhatsApp is a 19B deal
TBH TG has a great product and solid user base, as a regular company acquisition price can be easily a few billion given WhatsApp is a 19B deal
Today’s trading volume of China stock market is over 1 TRILLION RMB!!
China stock market is a much bigger casino: perfect liquidity, more information asymmetry, more retail concentration, massive pump and dump. It’s a true speculator’s heaven.
What’s going on this time 👇🏻
China stock market is a much bigger casino: perfect liquidity, more information asymmetry, more retail concentration, massive pump and dump. It’s a true speculator’s heaven.
What’s going on this time 👇🏻
TLDR; version - massive cash influx after a 4-year ATL capitulation, and no other financial asset can be speculated on in near term
- Trading policy reform made it easy for overseas capital to join the game
- Capital retreated from real estate which is on the verge of bursting
- Trading policy reform made it easy for overseas capital to join the game
- Capital retreated from real estate which is on the verge of bursting
- Tax system reform, massive QE, a new “Nasdaq-like" exchange makes it friendly for high-tech IPO, positive outlook on the conversation with Trump etc all these are not fundamental improvements but more of narrative and sentiment building for the stock market
It seems like the M2 velocity has been on a very low level in recent years, which compensated the ever growing money supply for price inflation(MV=PQ)?
However the correlation of M2 velocity and CPI diverged after 1990, anybody know the reason why? @Crypto_Macro @ATabarrok
However the correlation of M2 velocity and CPI diverged after 1990, anybody know the reason why? @Crypto_Macro @ATabarrok
My initial assumption on CPI inflation stayed relatively low after major QE is due to low money velocity (MV=PQ, Q usually is stable). But I’m puzzled now why started 1990 even tho in period when V was high the CPI can still stay low
a few other hypothesis are :
globalization + oversupply (especially in China and later service and goods got imported into US to offset CPI growth?)
And internet is deflationary in general - increasing productivity, global access of cheap intelligent workers etc?
globalization + oversupply (especially in China and later service and goods got imported into US to offset CPI growth?)
And internet is deflationary in general - increasing productivity, global access of cheap intelligent workers etc?
