Were any of you lucky enough to get sent loads of compound by accident?
Why would you return it dog eat dog mate. Or should I say doge eat doge.
I keep hearing Cramer mentioning that Tether has a considerable amount of Chinese assets also, unsure of how true it actually is
No one really knows. I’m still reading the article.
But if their $69B in assets are true, it represents a financial stability risk, just imagine a “bank run” on it, Tether will have to sell their underlying assets in fire-sales, causing a selloff on that assets. We even don’t if Tether have exposition to Evergrande.
Or it could a crypto version of a Madoff scheme.
The article is very interesting one, a bit long, but explains the origins, the people, the banks used. Legal problems it faced and still facing, and the legal problems the people and companies that partnered with Tether have. It’s almost a book history or a movie argument.
I finished reading the Bloomberg article on Tether, it’s very good. It reads like a book on finance institutions & persons.
Spoiler alert: it gives some pointers on their assets…
I dunno about anyone else, but my second foray into crypto is now up 100%. I’m looking to take out my initial deposit, and let the rest ride 5-10 years.
Looking back on this year - I get the limitations on Binance, they were almost gamifying the whole ecosystem.
Similarly others are trying to analyse all the coin variations as if they are a financial asset.
There are correlations to currency, but none of these appear to be backed by anything.
Will we get to a point this is too big to fail, or will someone shake the foundations that it all falls down?
There is no way every single for crypto can shoot the and most will likely 🪦
The underlying technology that enables all this however is really interesting and has a lot of potential. I believe Docusign uses it to record and reconcile work, but also has a ‘flush’ function of sorts to clear out old records. You can’t do that with coins, but perhaps there is a means to discover lost coins people will take advantage of?
These are crypto and blockchain technologies demonstrations.
The established large companies and Central Banks will use those crypto assets as a learning experience to create their technologies, for Central Banks its very interesting for seeing their potentialities, risks and opportunities, as it decouples and remixes the money functions with the existing traditional ones and new functions (e.g. contracts). It’s a social experience on (monetary) finance.
I’m also up 100% since April. Holding also for 5 to 10 years and praying it’ll be enough for me to retire then.
The most interesting use cases for crypto for me are not the ones that try to be a digital currency. I prefer the blockchains/crypto which offer a secure transfer protocol.
Interesting, I wonder if there will be more about regulation of Crypto ‘assets’ in financial markets as a result.
Is anyone tempted to hold a bitcoin/blockchain ETF rather than directly taking a position in some of the coins?
I can not buy all of the new comers of the cryptos without spending a lot of time researching. So to me I will hold both, main Cryptos and bitcoin/blockchain ETF.
SEC didn’t do anything, that why the crypto futures ETFs are to go live.
SEC didn’t approve or reprove, simply the time to object had/will finish(ed) (75-day waiting period), so automatically it can be listed (if stock exchanges allow their listing).
SEC is more lenient towards to let it go without any objection, the crypto futures ETFs and blockchain stocks ETFs, than a physically backed crypto ETF like in Europe.
So the US listings of crypto ETFs aren’t due to new crypto regulation. It’s a more passive stance towards it, instead of just say no. Live and Let Live posture. Or a Laissez-faire approach, but with some limitations. The crypto ETFs’ issuers, understood what were the objections from SEC by trial-error ETFs’ issuance requests in the past, and choose different ways to circumvent those. The below link, explain some of the legal technicalities:
What I understood about the SEC posture, is that they don’t object ETFs that invest in authorized public securities and derivatives that have exposure to cryptos (e.g. futures, stocks, other crypto ETFs, like the physically-backed crypto ETPs from Europe). But the SEC will object if the ETFs invest directly in physical cryptos.
SEC APPROVES Bitcoin Futures ETF, Opening Crypto to Wider Investor Base
SEC didn’t approved anything, it didn’t object. So there is a difference between don’t object and approving an ETF application. It’s like a not guilty verdict isn’t the same as innocent, it just means that weren’t enough or no proofs to prove it’s guilty.
From the source I post early:
but the so-called ETF Rule passed in 2019 has opened a door for issuers to bring bitcoin exposure to the exchanges with minimal friction.
Under that rule, ETF filings are automatically given relief from the Investment Company Act of 1940 after 75 days, provided they meet a set of standardized listing requirements. The SEC may request additional information or changes to a prospectus during that period, and the exchanges also perform due diligence ahead of a launch.
In other words, unless the SEC requests that an issuer pull its filing or make significant changes to it, any qualifying ETF—including those based on bitcoin futures—will become effective and cleared for a debut on the markets.
From your Yahoo Finance article:
The SEC has, in the past, explicitly rejected bitcoin ETF applications, but it does not need to formally approve one. Under federal law, the SEC can just allow an application to become effective, rather than make a formal announcement.
Another curiosities from the same source I posted, about the 75-day waiting period (ETF Rule):
Teucrium Trading filed for a bitcoin futures fund more than two months prior to Invesco’s and ProShares’ filings, but it filed under the Securities Act of 1933 and doesn’t qualify under the ETF Rule.
However, the Valkyrie Bitcoin Strategy ETF (BTF) , which sees its 75-day waiting period expire on Oct. 25, is a pure futures ETF and can only hold futures contracts. It’s also the only one out of the three to publicly announce a ticker and an exchange.
PS: Posting 2 sources that are clones of themselves, don’t make it more valid, as both are written by the same authors, even the title and photo are the same, text is almost similar. In the end, you could post only one, as posting 2 identical copied articles isn’t an added value (confirmation-bias?).
Other one from Bloomberg and Nasdaq
BLOOMBERG: Bitcoin ETF APPROVAL May Actually Disappoint the Bulls
Nasdaq: SEC APPROVES Crypto Stock ETF
It seems that don’t understand the regulation and legislation about ETFs in US, instead you go for clickbait titles. So I won’t waste more time, explaining the regulation and legislation to you.
Btw both links are the same (and already know that article):