@craigaatkinson @iang_fc @CommonAccord 1/n I was a Director of International Petroleum Exchange then (I oversaw IPE Gas Oil contract deliverable ARA) with10 yrs DTI experience as a forensic accountant in insolvency & corporate law (fraud investigation) & regulation at AFBD (one of 5 initial UK regulators) @seatradelaw @craigaatkinson @iang_fc @CommonAccord @seatradelaw 2/n IPE developed the first Windows-based trading system & this began my 25 years interest in the area where law, accounting & ICT converge...we didn't call it Fintech then! In 1998 I raised £250k to develop NewClear, which is a generic, globally valid shared transaction registry

@BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 1/n While a currency may have a USD exchange rate it does not have a $ 'market cap'. Bitcoin displays the monetary scarcity/liquidity paradox obscured by gold's residual utility: to the extent a currency is scarce it is not liquid & to the extent it is liquid it is not scarce. @BobMurphyEcon @Coach_JIB @intangiblecoins @WilliamJLuther 2/n In my analysis, at the heart of the monetary relationship is the credit obligation (promise). This is not an exchangeable object, but an assignable (IOU) relationship between subject & object returnable in exchange for useful goods & services to be provided by the promissor

@Big_Orrin 1/n This is interesting

https://twitter.com/JavierBlas/status/1368581191843057671?s=19

'Oil war' bollocks hid the reality of a Covid demand shock blowing through a Saudi-funded WTI peg. So Saudi pumped like mad & sent a fleet to deliver into the May 2020 WTI delivery window. Why? The reason is USO oil fund @Big_Orrin 2/n Both @petromatrix & @izakaminska documented strange 'bloat' of USO (in 2009) when Supercontango bizarrely combined with a rising market. They both remarked on a similar bloat in 2015 (I think) & Izzy wrote some great stuff on #DarkInventory @FTAlphaville