The American business community is speaking with a unified voice - NAM called to invoke the 25th Amendment; the Business Roundtable and Chambers of Commerce urge a peaceful transition of power; all have denounced last week's violence. What might this mean? A few implications:
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#irrationalebullience If you want to understand the nature of this asset bubble and the epic capital mis-allocation at it’s heart, look no further than rates. CB’s only tool to push an uber-levered financial system that is highly interconnected through derivatives
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away from it’s natural convergence path towards collapse is to create opposing forces to push it towards divergence. Meaning: force, through financial repression, market participants to rely on price continuation, in a way that makes it self-fulfilling.
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The tool used is rates as it is the basis off of which all other financial assets are priced. Today any buyer of $UST across the curve up to 30Y is guaranteed a loss given reals are negative throughout. So the only hope of escaping this GUARANTEED loss
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is to angle for capital gains, i.e a continuous move downwards in real rates to push for some capital gains in real terms. The longer the financial repression lasts, the further investors are pushed out the maturity and credit risk curves.
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Here are examples to understand what exactly is happening. If an investors buys a 5 Y UST he is guaranteed to lose almost 2% in real terms, so making that up in capital gains is much harder given the v short duration.
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1/ Vanna’s a widow maker... waging war with her & Gary is exhausting... we were able to take a textbook short at 3803 and take a profit On half at 3771. We will look to add more in a similar way on tomorrow morning’s likely vanna rally again... looking for exuberance once again

2/ in that 9-10am CST window. The growing chorus of bulls emboldened by Vanna’s continued support the last few days gives me confidence that this opportunity will be there again. W/Gary & Vanna behind them the retail exuberance is rising to a fever pitch. This is exactly what we

3/ want to see. But what happens when their backup is gone?? Who’s going to buy this market at these increasingly higher levels this week. Better yet who’s going to buy it @ lower levels when they are forced to sell next week? Not Vanna. She’ll be @ the beach. It ain’t cool bein’

4/ no Jive Turkey so close to Thanksgiving (OpEx)... Bear Steepening of the yield curve took a breather yesterday & so did the stair steps, which was a bit discouraging, no 2 ways about it. But those pressures are far from over. But... remember w/ Vanna still at 1/2 force SPX was

5/ still just unchanged. W/out EOD vanna flows where would the market have been yesterday? The NDX generals continue to be violently shot 1 by 1 as the rotation continues. The last generals will be BTC & TSLA. Watch them closely... listen closely into the rally. The fear of Covid

Thanks to the growing number of people who @getMaiar & engage with the @ElrondNetwork ecosystem, the number of accounts doubled to over 320k & we’re over 2.5M TXs, an unprecedented adoption level for a 6 months-young mainnet.
#hypergrowth100 Day 40
Weekly #elrondtech ⬇️

1/ The Delegation Manager toolset has been released for testnet integrations, ahead of our imminent mainnet upgrade. It enables staking providers to set up & manage staking pools, nodes, fees & other parameters for their

2/ We updated the libp2p libraries to the latest release & found out that they work seamlessly with their old counterparts. Congrats @libp2p team for the effort put in backward compatibility. We know how complex that is.

3/ Redesigned the async call & token transfer syntax in our Arwen WASM VM. Interactions between contracts are now “return types”, which makes execution flow more intuitive. Callbacks have also been

4/ Arwen WASM VM updates continued:
- Integrated new Arwen and new features of Arwen into elrond-go. Added a set of integration tests for different scenarios.
- Fixed a bug in Arwen VM which did not let one contract to deploy multiple contracts.

There is a world shortage of chocolate. People are dying because they do not eat enough chocolate. A company, AstraChocolate, one of the few companies that knows how to manufacture chocolate bars, enters into contracts with governments worldwide. 1/

Most of these governments agree to fund AstraChocolate's efforts to research and secure production of highly nutritient chocolate bars. In exchange, AC promises it will deliver X chocolate bars per day to governments once they are produced. 2/

Because edible, safe, chocolate bars need to be approved by national and international regulators, their production and manufacturing takes a while. To ensure a smooth supply chain, AC and other similar companies use factories all around the world. 3/

In Europe, AC uses mainly three manufacturing sites: one in the UK, one in Germany and one in Belgium. In its dealings with governments, AC has promised to deliver 500m of chocolate bars to the EU and 100m to the UK by March 2021. 4/

Now this is a mighty task and there are bumps along the way. Nobody has ever produced edible, safe, super-nutrient chocolate bars at that speed and under that much public scrutiny. So AC and other, similar companies, like Cfacao-BionChoc run into some supply problems. 5/