Transparency and full public participation is needed for sound policy making on complex topics like this. However, with a shortened 15d window (holiday included) vs standard 60d, we are not getting a genuine opportunity to participate.
On Dec 18th, FinCEN announced a proposed rule that will require collection of personal information for transactions of >$3,000 sent to self-hosted wallets.
https://t.co/h1GT64oOqo
We are very concerned about this proposal @OKCoin.
Key takeaways below:
Transparency and full public participation is needed for sound policy making on complex topics like this. However, with a shortened 15d window (holiday included) vs standard 60d, we are not getting a genuine opportunity to participate.
No evidence indicates that illicit crypto activity has risen disproportionally to threaten national security that warrants such a rush.
This is revolutionary in human history and will greatly promote financial inclusion and freedom. It would also lead to innovations and paradigm shifts that we cannot imagine today.
It is also very nascent that needs very careful and thoughtful policy-making.
Good guys will have increased burden of compliance, less access to the system, and potential risk of data leakage.
Bad guys can off-ramp in other jurisdictions, which weakens law enforcement.
The former being decentralized in nature (and by design), and therefore does not have a centralized, secure messaging network like SWIFT for Travel Rule compliance by banks.
It would force crypto exchanges to store and hand over customer information automatically, every time, while today law enforcement has to subpoena to get such information
But when we are building a more sovereign financial world where trust is built into code and enabled through smart contracts, people are entitled to their financial privacy when using self-hosted wallets
https://t.co/RDxcWZLWFB
We hope that sound policy-making can finally prevail.
A hallmark feature of digital assets, like #BTC, is the ability to conduct transactions w/out an intermediary. This promotes financial inclusion and freedom. A rule adopted at this juncture would be a solution in search of a problem. More pressing BSA-related issues exist. (7/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
More from Crypto
Key difference between the '17 and roaring 20s in crypto is that back then everyone was aping a16z and Naval.
Today everyone apes 3AC wanting to be the next Degen.
'17 was an idealistic *saving the world* kind of thing
20s is *me against the world*
1/ The financialization of crypto means more volatility but pretty long ascend to the top.
Multi-year bull and an ATH surprising even to the biggest bulls as the infinite Cantillon "wealth" is pumped into crypto
Crypto becomes the ultimate Cantillon insider circle-jerk.
2/ This will be one the most iconic ideological reversals in history, comparable to Google who was firmly against advertising but turned into the most powerful ad company ever.
3/ This scenario reminds me of the 90s privatization period in the post-socialist countries.
The regime transition allowed the communist party elite to benefit from the wild west form of "capitalism" that ensued, transferring (and multiplying) their wealth into the new regime.
4/ We are far from Satoshi's original vision . But words and intentions of *prophets* were used to manipulate and corrupt all throughout human history and this time it is no
At "forever" Cantillon insiders are infinitely wealthy. Everybody else lives in pods & eats what the livestock eats, or joins the harem or household staff of an infinitaire.
— Nick Szabo (@NickSzabo4) January 21, 2020
ok, I lied. but strictly it's not a new graph, just a new trendline (now a quadratic on the log plot). looks um... quite a good fit. so I'd say that was interesting. pic.twitter.com/qkgyMf1ya8
— James Ward (@JamesWard73) January 27, 2021
WARNING: this is a long thread, and it’s a bit of a roller-coaster. We find some apparently strong patterns in the data, and then start to unpick them a bit. So if you start getting excited half way through you might find you’re less excited at the end. But we’ll see…
First we first have to go back a bit. @bristoliver posted a thread a few days ago explaining why, with a constant vaccination rate, a log plot of cases should show a quadratic form. In other words, it should fit an equation like: a + b.x + c.x^2
I meant to link in the model thread there - here it is
Been thinking about where we are, where we might be going, what effect vaccines might have and how to tell. This thread may not happen all at once, and will get a bit mathematical in a couple of places (sorry!), but I will put in pictures. It's yet another argument for log scales
— Oliver Johnson (@BristOliver) January 24, 2021
the quadratic coefficient – the ‘c’ in that equation – gives an estimate of the % of the population who are being newly protected by the vaccine each day. Please note ‘protected by the vaccine’, not ‘vaccinated’ – as we don't expect 100% protection after the first dose