BC BITCOIN
Saved by @SteveeRogerr

Ok, so what is the significance of the @lagarde statement on bitcoin?

We were offered a very open insight (but slightly flawed analysis) into top level policy perspective behind the crack down on selfhosted wallets.

https://t.co/1LTzrxHbgs 1/32

 'It is a speculative asset, by any account. If you look at the price movements... '

It starts with an economic price perspective and we can learn that ECB is closely monitoring this price movement as one of the many indicators.

So we are in the classic central bank frame 2/32
'Those who thought it would turn into a currency. Sorry, it is an asset not a currency.'

Here she summarises a classic debate on what is currency and what is needed for that. Based on the holy three: unit of account, means of payment, store of value. 3/32
The summary is classic, but too narrow and does not incorporate the wider financial history viewpoints on money, currencies and the way we pay. 4/32
ECB overlooks the de facto unit of account role of bitcoin, having been used to 200 years of having cash around whic is both the unit of account and a means of payment. 5/32
In this book Davies outlines that there are far more than 3 functions for money. He highlights differences between primitive money versus modern money.

https://t.co/UQzQtETM2E 6/32
'bitcoin fails as a currency', shows a limited perspective on currency.

History has also seen playing cards been used as a currency.
-> https://t.co/XLU3shkADk

And as a unit of account bitcoin may be much further ahead than @lagarde realises. 7/32
A Dutch example: trade and payments in Dutch history (17th century) were done in denominations of 'Flemish pounds' which did not exist in real life.

Bitcoin being used as a central currency/unit of account amids a range of other digital coins is quite similar. 8/32
The ECB-perspective is too narrow and thereby overlooks the role of bitcoin as an open source public good. This role significantly adds to its value, but not necessarily to its price.

See the thread here: https://t.co/XsirnRwO7N 9/32
Then @lagarde moves on:
'which has conducted some funny business'
'totally reprehensible money laundering activity'

Here, the narrow FATF-perspective comes into play. Because analytically, this statement is valid for cash, fiat currency and bank behaviour as well. 10/32
To me, this flags that we are about to hear news from the powerful anti-money laundering lobby.

Do note that this anti-money laundering perspective has some serious democratic and analytical errors.

See ->
https://t.co/7WpscAWD7I 11/32
'There has to be regulations and this has to be applied and agreed upon.'

It is flawed to dismiss this as a classic central bank argument, with them only having one flavour of icecream (regulation)

Society by definition regulates what if finds important and rightly so. 12/32
'Regulation needs to be done at a global level because if there is an escape, that escape will be used.'

Here the statement becomes interesting as it shows the desire to close the escape routes.

But are we talking AML-rules, stablo-coin rules, what is it ? 13/32
The regulatory process of setting rules via G7 - G20 and then enlarging them is mentioned and:
'FATF is clearly an organisation that has expanded in that respect'

So it sounds as a focus on money laundering regulations. And effectively the virtual asset work by the FAT. 14/32
So let's look at this FATF report on virtual assets and where there is a mention of escape routes. I guess in crypto-context this meens peer-2-peer then?

https://t.co/MFNOPuYAPj 15/32
The concern of regulators is thus the coexistence of forms of stablecoins and self-owned wallets (or in their terms: unhosted wallets, as not hosted by regulated institutions).

And do note: 'address risk in a forward looking manner', meaning anticipation by supervisors. 16/32
Next up the FATF-report highlights that peer-2-peer tools remain unregulated so far, but national authorities can of course choose to not register or license virtual asset players and couple this to the use of 'unhosted' wallets.

And this is what we start to be seeing. 17/32
Look at the situation in Switzerland where FINMA regulates libra/DIEM and the first additional non-coordinated rules came into play per august 2019.

Peer-2-peer wallets require verification of beneficiary !

https://t.co/3mji8RBmw7 18/32
The Dutch central bank - in september 2020 - suddenly required beneficiary verification and checking the ownership of selfhosted wallet as as a registration requirement.

Doing pro-actively what FATF suggested.

https://t.co/NeHZMrH1wv 19/32
The requirement all of a sudden hit the 38 companies that were registering as a virtual asset service provider. Issued 2 months before a registration deadline (close shop if unregistered).

A knife on the table.

https://t.co/v5KvSoFH91 20/32
Some 25 out of 38 registering companies were forced to comply and desired to know the formal basis of this rule. Central bank said: sanctions law, but it is not there.

So they wrote a joint letter on Nov 2.

https://t.co/wQJ9xG8oQu 21/32
The letter remains unanswered even today, 2 months later and 15 of the registering companies in the Netherlands were forced to comply with it.

https://t.co/Ur1l72AgXo 22/32
More specifically one of the Dutch crypto players has announced it will bring the last minute requirement before a judge, citing it's ineffectiveness, infringement on privacy and disproportionality. 23/32
Meanwhile in the US, things started to move as well. Coinbase was the first company to indicate that government sought to introduce beneficiary information and verification rules for selfhosted wallets.

https://t.co/OVDV5J7L3J 24/32
And then, just before Christmas, the FINCEN figured it would be a good idea to use a consultation period of 2 weeks, outlining the proposed rules. 25/32
In essence the same rules as FINMA and DNB, although slightly more risk based by the use of thresholds above which the rules apply.

https://t.co/AV5j1yqNWu 26/32
Despite the brief time and the holiday period 7500+ comments were being submitted to the FINCEN. Feel free to have a look here:

https://t.co/1mEaiUxlqH

More responses came in at the FINCEN than ever received before. 27/32
The comments raised fundamental concerns in terms of contents and due process. How can FINCEN limit the consultation period in this way?

https://t.co/ZiRS7zrlcF 28/32
A good thing is that FINCEN is indeed extending the consultation period now.

https://t.co/NKZixJlksK

But it becomes clear what is meant with 'address risk in a forward looking manner' 29/32
So, let's move slowly back to the speech of @Lagarde.

I think it gave us an open insight into the desire to make sure that no escape routes are present for bitcoin/crypto.

It tells us there is a strong FATF-inspired objective to crack down on selfhosted wallets. 30/32
I hope the FATF will take note of the many responses that have been sent to FINCEN and to the ongoing discussion that will become visible in the Netherlands.

My full FINCEN response:
https://t.co/OTMlwgVqHy 31/32
Indeed, when it comes to things/coins of value, regulation may be justified.

Still this must be proportional and within the bigger framework of human rights protection.

See European Data Protection Board ->
https://t.co/Y2dpZ1a5ux 32/32

More from Bitcoin

Timothy Peterson
Timothy Peterson
@nsquaredcrypto
1/ Thread explains the rationale for $GBTC over #bitcoin. (Speaking from experience, but not necessarily an endorsement of GBTC):

2/ $GBTC fills a need and is designed to permit exposure to #bitcoin for professional, registered investment advisors in the US. Money managers have unique circumstances compared to individual investors.

3/ #Imagine you are an investment mgr with 250 client accounts (an average-sized separate account manager would have 400). Owning #bitcoin means setting up another 250 accounts - major work with not a lot of reward. If you want to rebalance (stocks/bonds/bitcoin)...

4/ you have 250 transfers to make. Doubles admin workload, makes operational life very complicated. Lots of work for a 5-10% allocation (or less!) to $BTC.

5/ Client reporting is a nightmare. 2 sets of custodian statements not easily combined... A typical client already has 3 accounts, now it is 6 accounts & 6 statements, and there are few software feeds to consolidate data from #crypto exchanges into traditional portfolio reports.
BITCOIN
RealRLD
RealRLD
@rld_real_CPR
https://t.co/kWHHSWdlw2 #GoldStandard #Bitcoin #BTC
#Covidstroika
BITCOIN
Advertisement
O\u20bfiWan
O₿iWan
@ObiWanKenoBit
0/Why HODL?

Bitcoin is a proxy for the struggle for human dignity. It is a peaceful revolution seeking to displace the anomaly of false monies. The world stands at the cusp of social and political upheaval. Though many look to politics, money’s fate will determine our future.

1/HODLers voluntarily participate in the reformation of money. This is a multi-generational effort to secure & ensure a future sans fiat. HODL forms the basis of a simple ideological framework entirely forward looking. It abandons past constructs & releases one from the present.

2/HODLers sacrifice present needs for future rewards. Not just monetary riches, but the gift of an economy free of fiat’s false prosperity. Bitcoin succeeds where fiat fails. Savings is rejoiced, opportunity is available for all.

3/Our civilization is engaged in an epic conflict this time centered around money. Greater than any physical battle in history, fiat’s war on the public seeks deep authoritarian control over every aspect of life. You will work, live, love at their mercy, upon their whims.

4/Historically conflict existed at physical borders between tribes and nations. Members forged ideological bonds allowing them to selflessly coordinate, overcome threats and establish regional security.
BITCOIN
balajis.com
balajis.com
@balajis
The defi matrix

As each asset class goes on-chain, it can be stored in a digital wallet. And it can be traded against other such assets. Not just cryptocurrencies, but national digital currencies, personal tokens, etc.

We’re about to enter an age of global monetary competition.

The defi matrix is the table of all pair wise trades. It’s the fiat/stablecoin pairs, the fiat/crypto pairs, the crypto/crypto pairs, and much more besides.

Uniswap-style automatic market making for everything. Every possession you have, constantly marked to market by ~2040.

More liquidity, less currency?

This is an interesting point. Cash doesn’t make you money. In fact, it can lose you money in an inflating environment.

Reliable, 24/7 mark-to-market on everything is hard — but if achieved, means less % of assets in cash.


AMMs boost BTC. Here's why.

- All assets trade against all assets in the defi matrix
- Automated market makers give liquidity for rare pairs
- Everything is marked-to-market 24/7
- Value of cash drops, as you can liquidate instantly
- The new no-op is to keep your assets in BTC

Basically, automated market makers like @Uniswap boost BTC in the long term, because they allow *everything* to be priced in BTC terms, and *anyone* to switch out of BTC into their asset of choice.

Though in practice this may mean WBTC/RenBTC [or ETH!] rather than BTC itself.
BITCOIN
Kirtan A Shah
Kirtan A Shah
@KirtanShahCFP
𝐀 𝐩𝐫𝐢𝐦𝐞𝐫 𝐨𝐧 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 & 𝐂𝐫𝐲𝐩𝐭𝐨𝐬 🧵

I still everyday meet investors who think Bitcoin & Blockchain are the same & this thread is specifically for them

Do re-tweet & help us educate more invetsors ☺

#Investing #Cryptos #Bitcoin (1/n)

(Q1) Lets start with what was historically used as a method of payment?

- Barter system, you give me a cow and I give you 100 kgs of rice (2/n)

(Q2) So why dint we continue with the barter system?

- It was difficult to transact in fractions
- What if I want only 50 kgs of rice? I cant give you half a cow right?
- This is the prime reason for the introduction of smaller units of payment method we now call as coins (3/n)

(Q3) How did Gold coins get shortlisted for the job?
- It was malleable & portable
- It was non corrosive, could be stored for a long time
- It was a perfect combination of abundance & rare
- Plus it was eye catching & visually appealing (4/n)

(Q4) What about paper currencies?
a) When paper currencies were introduced, it was decided that a country could only print as much currency as the gold reserves they have but this was withdrawn in 1971 bcoz of which the central banks could then print as much money as they wanted
BITCOIN

You May Also Like

Anastasis
Anastasis
@OrdersofM
https://t.co/6cRR2B3jBE
Viruses and other pathogens are often studied as stand-alone entities, despite that, in nature, they mostly live in multispecies associations called biofilms—both externally and within the host.

https://t.co/FBfXhUrH5d


Microorganisms in biofilms are enclosed by an extracellular matrix that confers protection and improves survival. Previous studies have shown that viruses can secondarily colonize preexisting biofilms, and viral biofilms have also been described.


...we raise the perspective that CoVs can persistently infect bats due to their association with biofilm structures. This phenomenon potentially provides an optimal environment for nonpathogenic & well-adapted viruses to interact with the host, as well as for viral recombination.


Biofilms can also enhance virion viability in extracellular environments, such as on fomites and in aquatic sediments, allowing viral persistence and dissemination.
ALL
Aditya Todmal
Aditya Todmal
@AdityaTodmal
Master Thread of all my threads!

Hello!! 👋

• I have curated some of the best tweets from the best traders we know of.

• Making one master thread and will keep posting all my threads under this.

• Go through this for super learning/value totally free of cost! 😃

1. 7 FREE OPTION TRADING COURSES FOR


2. THE ABSOLUTE BEST 15 SCANNERS EXPERTS ARE USING

Got these scanners from the following accounts:

1. @Pathik_Trader
2. @sanjufunda
3. @sanstocktrader
4. @SouravSenguptaI
5. @Rishikesh_ADX


3. 12 TRADING SETUPS which experts are using.

These setups I found from the following 4 accounts:

1. @Pathik_Trader
2. @sourabhsiso19
3. @ITRADE191
4.


4. Curated tweets on HOW TO SELL STRADDLES.

Everything covered in this thread.
1. Management
2. How to initiate
3. When to exit straddles
4. Examples
5. Videos on
OPTION SELLING , OPTIONSTRATEGIES , CATEGORY
Advertisement
Suhas S. Hardutt
Suhas S. Hardutt
@HarduttSuhas
THE BATTLE OF TALIKOTA and the destruction of Vijaynagar (Hampi)
26 January 1565

A tale of valor, deception and decimation.

A grim reminder that if we fail to protect our heritage, it will eventually crumble under the onslaught of "forces of anarchy".
(Elaborate thread)


This decisive battle was fought between the Vijayanagara empire and the Deccan sultanates resulting in a rout of Vijayanagara and ending the last major medieval era Hindu kingdom in south India.(1)

The seeds of 1565 encounter were sown more than 250 years earlier when the forces of the Delhi Sultanate, during the time of Alauddin Khilji and later Md Bin Tughlaq swept through southern India in an expansion spree.(2)

By middle of the 14th century, facing rebellions, Tughlaq withdrew to Delhi, leaving behind 2 empires, Bahmani, which ruled the Deccan from Kalaburagi, and Vijayanagara, which ruled most south India with its capital at Vijayanagar.(3)

The Raichur Doab, between the Krishna and Tungabhadra rivers, existed as a natural boundary between these two kingdoms, with wars often breaking out over control of this territory.(4)
HISTORY
Anu Satheesh \U0001f1ee\U0001f1f3
Anu Satheesh 🇮🇳...
@AnuSatheesh5
Neyyattinkara Krishna Kshetram
#Thiruvananthapuram
#KeralaTemples 🚩

Neyyattinkara Krishna Kshetram is considered as the Guruvayur of Trivandrum. Thrikkayyil Venna (butter) is main offering to Neyyattinkara Unnikannan. Kshetram is supposed to be built by Marthanda Varma.


Sthala Puranam says that, Anizham Thirunal Marthanda Varma was surrounded by his enemies, Ettuveettil Pillamar, while he was near the place where Temple is situated now. The king prayed to Padmanabhaswamy to protect him.  At that time, a small boy was seen there and he


advised the king to hide himself inside the hollow trunk of a jack fruit tree. The king was surprised to find a small boy in the forest, but agreed to the advice
Thus he was saved from the attack. When the enemies left, king tried to know about the boy, but he couldn't.


He believed that it was krishna himself who saved his life. A temple was built here, which is the present Neyyattinkara Krishna Kshetram. The jack fruit tree where  the king hid himself is now known as Ammachi Plavu. Ashtami Rohini, Vishu are very famous here

Hare Krishna
🙏🕉🙏
ALL
Tashny Sukumaran
Tashny Sukumaran
@tashny
Surendra Ananth @surendraananth, you violated my conditional consent. I assented to unprotected intimate relations with you on the STRICT condition that you tell me if you have relations with anyone else. You failed to do so, and I became ill as a direct consequence.

You refused to reveal your own STI results to me, but claimed to others they were negative and alleged I had multiple other partners, slut-shaming me. You gaslit me saying you had told me about your other partners.

You called up @justice_sisters and @SistersinIslam to tell them I was crazy, jilted. You rebuffed attempts to organise a community mediation so we could address matters. You said I was crazy for speaking to your boss and father in an attempt to keep other women safe.

You have a PATTERN OF BEHAVIOUR of misogyny, harassment and sheer disrespect for women. This was sent to a friend of mine who has never expressed interest in you and has a partner.


You think women are playthings, notches on the bedpost. You, @surendraananth, are no human rights advocate.
LAW