'Twas the night before Christmas, and try though they may
Not a token was mooning, not even AAVE
Market buys getting sent by the apes without care
In hopes that new all-time highs soon would be there

Our traders were summoned post-haste from their beds
While visions of making bank danced in their heads
SBF in his sweatshirt, and I in my tee
Had just downed something we're gonna label "coffee"
And amongst all the chaos, amongst disarray
Amongst the red numbers borne out of the fray
From all of the carnage arose one big loser
A coin with a regulatory accuser
For days, XRP has been in the gutter
Because of the claims from Jay Clayton the FUDder
U.S. folks had to spew their positions before
The exchanges could manage to shutter the door
Exchanges like Coinbase -- they threw up their hands
What to do when your government comes with the bans?
To delist or restrict? Or just pause for a while?
It was clear they'd react -- that's Coinbase's style
Trading got pretty crazy because no one knew
Would withdrawals make it past the the phase "under review"?
The markets on Coinbase got quite out of line
Sometimes rich, sometimes cheap -- a trader's goldmine
And elsewhere! Premia were just as sky-high
Japanese XRP was percents good to buy
Derivatives markets moved sort of at random
Arbs arise when the products do not move in tandem!
Insane though it was, there was also a trend
Each XRP market tended to descend
To prices lower than we've seen in some time
Since before Thanksgiving and crypto's big climb
Crypto has high leverage! Which many traders love
It gives them positions many times above
Their net worths with which they could easily gain
The crypto exposure they seek to attain
This magnifies winnings, of that there's no doubt
That carries a cost, and that cost gets borne out
When markets decide to move the other way
It magnifies losses traders need to pay
When a coin's cut in half in the course of a week
The outlook for longs can get pretty bleak
At this point I believe that I've set expectations:
XRP got destroyed amongst liquidations
EVERYWHERE traders got too aggressively long
On BitMEX, on Binance, on Huobi -- all wrong
Positions insta-sold into thin walls of bids
Since traders are off spending time with their kids
Orders always dry up when the market's away
And that is especially true Christmas Day
Impact from aggression gets much more intense
Causing MORE liquidations -- and then even more hence

More from Crypto

1/ @MIT discussing the need for blockchain gateways to achieve interoperability across different blockchain networks, and to support the cross-blockchain mobility of virtual assets

https://t.co/PbjQkSlTT3

@quant_network are collaborating with MIT in the creation of ODAP

$QNT

2/ "In order for blockchain-based services to scale globally, blockchain networks must be able to interoperate with one another following a standardized protocol and interfaces (APIs)"

Gilbert founded ISO TC307 which 60 countries are working towards standardizing the interfaces


3/ "We believe that a blockchain gateway is needed for blockchain networks to interoperate in a manner similar
to border gateway routers in IP networks. Just as border gateway routers use the BGPv4 protocol to interact with one another in a peered fashion we believe that a...

4/ blockchain gateway protocol will be needed to permit the movement of virtual assets and related information across blockchain networks in a secure and privacy-preserving manner"

You can read more about the gateway protocol ODAP in this 21 tweet


5/
"We motivate the need for blockchain gateways and blockchain gateway protocols in the following summary:

✅Enables blockchain interoperability:
Blockchain gateways provide an interface for the interoperability between blockchain/DLT systems that operate distinct consensus...
1/9 #BSC Daily from


2/9 #BSC Daily from

You May Also Like

1/“What would need to be true for you to….X”

Why is this the most powerful question you can ask when attempting to reach an agreement with another human being or organization?

A thread, co-written by @deanmbrody:


2/ First, “X” could be lots of things. Examples: What would need to be true for you to

- “Feel it's in our best interest for me to be CMO"
- “Feel that we’re in a good place as a company”
- “Feel that we’re on the same page”
- “Feel that we both got what we wanted from this deal

3/ Normally, we aren’t that direct. Example from startup/VC land:

Founders leave VC meetings thinking that every VC will invest, but they rarely do.

Worse over, the founders don’t know what they need to do in order to be fundable.

4/ So why should you ask the magic Q?

To get clarity.

You want to know where you stand, and what it takes to get what you want in a way that also gets them what they want.

It also holds them (mentally) accountable once the thing they need becomes true.

5/ Staying in the context of soliciting investors, the question is “what would need to be true for you to want to invest (or partner with us on this journey, etc)?”

Multiple responses to this question are likely to deliver a positive result.