Crypto currency plans

US SEC is watching… :slight_smile:

SEC will give more rulings on cryptos.

Robinhood’s growing cryptocurrency business, which was rolled out in 2018 and now allows customers to trade Bitcoin, Ethereum and even Dogecoin, has drawn questions from the U.S. Securities and Exchange Commission

The SEC, under new Chairman Gary Gensler, is poised to make a number of critical rulings on the virtual tokens in coming months.

https://www.bloomberg.com/news/articles/2021-06-24/robinhood-ipo-plans-said-to-be-slowed-by-sec-review

Not looking good for Binance in Europe, including UK…

  • SEPA transfers to Binance stopped:

Crypto exchange Binance has temporarily halted payments from the European Union’s Single Euro Payments Area (SEPA), according to a Financial Times report citing a company email.

  • Barclays stopped the card payments/transfers to Binance: **

Barclays said Monday it was blocking customers from using their debit and credit cards to make payments to crypto exchange Binance

** Barclays also works as a partner with Revolut…

An article from 31/May/2021 noticed that some UK banks and fintechs were already blocking payments to the crypto platforms: (Barclays is also one of the banks behind Revolut…)

Major banking institutions in the UK like Barclays have decided to block or prevent their clients from transferring money to virtual currency exchanges. Digital banking Fintechs such as Monzo and Starling Bank have also been cracking down on crypto-related entities and transactions they may be conducting, according to reports.

Barclays, Monzo, and Starling clients have reported that they’re unable to transfer money over to widely-used exchanges such as Binance and SwissBorg.

It shows to me that banks like HSBC/Barclays are crapping themselves about the future.

The Starling / Monzo is poor reporting though, they haven’t been cracking down.

Starling payments have been blocked for literally years, and Monzo are perfectly fine with sending transfers.

Binance pays its people in a digital token of its own creation, BNB and something happened…

When the BNB token was less liquid, some workers recall its price spiked just before paydays, resulting in fewer Binance-created coins to meet payroll.

https://www.bloomberg.com/news/articles/2021-07-09/binance-booms-as-nomad-crypto-exchange-outside-nations-reach

Binance offering crypto derivatives, like futures and synthetic (tokenized) shares is playing a very dangerous game with the financial regulators.

As securities and derivatives are heavily regulated, they aren’t as the unregulated crypto coins.

allowing U.S. residents to unlawfully trade Bitcoin futures

https://www.bloomberg.com/news/articles/2021-07-09/binance-booms-as-nomad-crypto-exchange-outside-nations-reach

Binance may have violated securities rules when it issued tokenized shares of Tesla Inc., MicroStrategy Inc. and Coinbase Global Inc., BaFin said Wednesday.

https://www.bloomberg.com/news/articles/2021-04-28/tesla-tokens-from-crypto-exchange-binance-draw-bafin-scrutiny

@RLX worth bearing :bear: in mind that Bloomberg articles need a heavy pinch of salt :salt: not just crypto, everything

Also fun fact CZ used to work for Bloomberg

It’s mentioned in the above Bloomberg’s articles.

Not only Bloomberg, we “must” have a critical thinking in everything. :wink:

I have some relations with financial regulators, and they are very rigid in defending their turf, securities, derivatives and other exchange traded products (maybe because they earn fees and commissions from issuers and other financial institutions :wink: ). And if someone issue unregulated securities or derivatives, etc, the hammer will fall very hard on them.

Security token offerings (STOs), tokenized securities and crypto derivatives are already regulated by the major economies, e.g. US and EU. They must follow their regulation and legislation. An illustrative example below, as their are lot of papers from regulators, BIS, FSB, Central Banks and securities financial regulators that explain with more detail:

image

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Apparently Tether is going to crash the entire crypto market, so i keep hearing.

I genuinely can’t tell if you’re making a funny or not. :joy:

Maybe he is referring to USDT’s underlying collateral, it has some loans and debt instruments or if it is fully collateralized:

Some central banks are concerned about the “stable coins” backed by debt instruments (including CDOs) that can pose a risk to the financial stability.

I’m not advocating any doom scenario or a success story for the “stablecoins” or for any other type of tokens. I don’t have a crystal ball. :slight_smile:

:stuck_out_tongue_winking_eye:

Yeah I’m aware of Tether being Tether but it’s been rolled out more times than ive had hot dinners.

I should add that Tether is a disaster waiting to happen but it’s like nostradamus going well it’s going to happen year after year, it’s all going to end, when/if it does going see told you. :sweat_smile:

Is USDT a shitty stablecoin, 100%.

Does it deter anyone holding USDT that it’s not backed, not so far.

There’s been a shift towards USDC for those holding in finance products.

However most pairs continue to be USDT in trading, and traders are fine with that.

It’s up there with China banning Crypto for the 26th time. And next time BTC is on the ropes it’ll get wheeled out again.

Hi @phildawson

What crypto do you think offers more “future”, from crypto used already as the underlying asset for the existing crypto ETNs/ETPs?

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • Ripple XRP
  • Binance BNB
  • Tezos
  • Polkadot
  • Cardano
  • Stellar
  • Solana

The Ethereum seems more obvious when comparing with Bticoin…

There are other cryptos that could have more potential that are missing in the crypto ETNs/ETPs listings?

When doing some due diligence on crypto ETNs/ETPs, I saw that some issuers avoid the privacy coins, do you know the reasons?

These two will always be good solid options, for anyone hodling these two should make up a good 50%+ of your portfolio.

  • Bitcoin
  • Ethereum

If you really want to bet on future you have these three

  • Polkadot
  • Cardano
  • Solana

I think BNB is always going to be a good bet being the Amazon of the crypto world.

  • Binance BNB

These don’t seem to every die, but you would have to give to me for free to hold

  • Litecoin
  • Stellar

These are complete trash

  • Bitcoin Cash
  • Ripple XRP
  • Tezos
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Five others that I would bet on

UNI (Uniswap)
LINK (Chainlink)
MATIC (Polygon)
AAVE (Aave)
ENJ (Enjin)

So as an example of a solid portfolio of ten that should still be relevant in ten years time

BTC 25%
ETH 25%

DOT 10%
ADA 10%

SOL 5%
UNI 5%
LINK 5%
MATIC 5%
AAVE 5%
ENJ 5%

NFA DYOR
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Also relevant thats just been posted.

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Are you saying people should put 50% of their spare funds into Bitcoin/Ethereum?

Well that example of picking Bitcoin and nine alts and the percentages represent how much they would make up of your crypto portfolio.

So say you can afford to put in say ~£5k a year towards crypto long term holdings. You might put in £100 every Sunday regardless of what the current prices are (£5200 over 52wks).

With that £100 you’ll want to buy:

£25 each of BTC and ETH
£10 each of DOT and ADA
£5 each of SOL, UNI, LINK, MATIC, AAVE, and ENJ

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Ofc for future reference this is what that £100 currently buys you today in those percentages

0.00104210956323104 BTC (25%)
0.016755695260819152 ETH (25%)
0.929368029739777 DOT (10%)
10.537729814715096 ADA (10%)
0.22665457842248415 SOL (5%)
0.3448275862068966 UNI (5%)
0.3930817610062893 LINK (5%)
6.957935107514013 MATIC (5%)
0.023064858381769537 AAVE (5%)
5.424393715514417 ENJ (5%)