BC CRYPTO
Saved by @Mollyycolllinss

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:

 1/ The results seem to be pre-determined.

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.
2/ Cyber-crime is not unique to crypto. An FBI report in June said that daily digital crime has risen 75% since March.

No evidence indicates that illicit crypto activity has risen disproportionally to threaten national security that warrants such a rush.
3/ A unique nature of #bitcoin is to transmit value without intermediary.

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.
4/ This is the “responsible innovation” that sound policy making is supposed to protect.

It is also very nascent that needs very careful and thoughtful policy-making.
5/ However, if this proposed rule on self-hosted wallets is implemented, FINCEN registered exchanges will be forced to either non-comply or significantly increase the friction w/r/t self-hosted wallets, which are the major medium where such innovations actually happen.
6/ It is essentially slamming the door closed on crypto-related innovation in US.
7/ This proposed rule won’t succeed in “protecting national security”.

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.
8/ Nor can this proposal be practically implemented without unintended consequences:
9/ There are fundamental differences between crypto and banking system.

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.
10/ In other words, there is no practical tools available yet that allows effective identity checking while protecting individual privacy.
11/ Most concerningly, such a proposal is a serious infringement on our privacy and constitutional rights.

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
12/ Such monitoring may be needed where intermediaries are indispensable.

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
13/ Like many others in the industry, we find it to be our social responsibility to have our voices heard.
14/ There are sensible voices among policy-makers, as demonstrated by @CynthiaMLummis.
https://t.co/RDxcWZLWFB

We hope that sound policy-making can finally prevail.
15/ End.

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1/  We've reached a critical inflection point in bitcoin's adoption curve.

A moment wholly unique in the history of markets.

Are you ready for what comes next? 👇

#Bitcoin


2/ A perfect storm of demand dynamics is driving #Bitcoin price.

I think something shifted in the market -- and active investors & traders would do well to adjust their mindset.

3/ After years asleep at the wheel, institutional leaders are now jarred awake, en masse.

If they want this asset: they'll have to hustle, compete with the masses and FOMO in above ATH's.

Against a backdrop of scarcity unlike anything they've ever seen.


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Their bots will not stop buying.

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We should be proud about @0xPolygon. But don't invest if you don't understand what they do just like any other asset class.
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Blake Burge \U0001f4a1
Blake Burge 💡
@blakeaburge
Think crypto is confusing?

You're right.

Let's make it easier.

Here's Crypto Terminology 101: 🧵

Altcoin:

Any coin that's not #Bitcoin

Ether (#ETH) is the second most popular coin overall and the most well-known Altcoin.

Ether is the native cryptocurrency on the Ethereum blockchain.

There are thousands of other altcoins, but for now, this is the one to know.

Bitcoin: (#BTC)

The first decentralized digital currency.

Launched in 2009 by an unknown person or organization known only as "Satoshi Nakamoto."

It is the most famous, and most valuable cryptocurrency.

Blockchain:

The core tech behind Bitcoin and most other cryptocurrencies.

An open, distributed, general ledger where transactions are organized into blocks which are then connected using cryptography.

Coin:

A store of digital value that lives on a blockchain.

Some blockchains, such as Bitcoin, use the same name for both the network and the coin.

Stable coins are another type of cryptocurrency which are backed by fiat currency (e.g the US dollar) or commodities such as Gold.
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Binance
Binance
@binance
🔸FUD
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Ever seen one of these abbreviations and wondered what it
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Vitor Const\xe2ncio
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@VMRConstancio
Tesla just announced that it had bought 1.5 billion dollars of bitcoin and could in the future sell cars in bitcoins. Since this morning both Bitcoin and Tesla are going up in the market. Maybe there is afterall something in the saying that“Bitcoin is Tesla without the cars”1/ 20

Musk is seen as a genius, a true Midas, by many investors and millennials. For them he can never go wrong. He became recently the richest man in the world dur to Tesla stock valuation (+353% yoy). He moves markets and today´s announcement is “kind of legitimise “ bitcoin 2/

Tesla shares attained $870 which represents a Price/ Earnings ratio of 1.747 (!) on the basis of last year´s profits. Apple is at 37 and the S&P firms average is 23 (against a historical average ≈16). Future profits would have to increase a lot to justify a more normal ratio 3/


Tesla has a good product but the question is if it will sell enough cars to get such profits in face of coming fierce competition. However, this is not the question I want to comment upon. It is also not about what may interest the SEC and market conduct…4/

It was not disclosed when Tesla had made this investment. In December, Musk said that Tesla could buy bitcoin, and this was followed by many statements that he supported bitcoin. Bitcoin kept going up & Tesla investment has appreciated. The SEC will look into this 5/
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