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24
Sep

We are corrupt; please follow the rules

Gensler We were treated to an interview in the Washington Post this week with SEC head Gary Gensler. He had plenty to say but reserved particular ire for stablecoins, which he likened to poker chips. The driving force behind his intervention was likely the recent Coinbase proposal for a USD stablecoin that would have attracted

27
Aug

Ignore what they say, see what they do.

It’s not what they say “Not for us” “It’s a ponzi” “It’s going to zero”. We still hear it every day from banks and institutional fund managers. What they say is one thing though, what they do is more instructive.Take BlackRock, the world’s largest fund manager, with $9 trillion at their disposal. They have taken a very

30
Jul

You’re boring

Boring We’ll start this week with a story. A boring story. Years ago I worked with someone who had a mantra. I didn’t like him personally and found the whole thing very annoying. It’s borrowed from Albert Einstein.   “if you always do what you always did, you’ll always get what you always got” Whatever we

15
Jul

The Digital Corporation

It’s difficult You will have picked up over the years that people involved in bitcoin are rather anti-government. The source of this really goes to the original design of the network which anticipated that one day (or every day) governments would try to undermine bitcoin to ensure the survival of their own currencies. It was a

02
Jul

Half Time

Half Time After a disastrous first half for us with the sky falling in and all doomsayers fully validated. The results are now in. Once again. Focus on the long-term macro picture and think in four-year cycles. The lightning network Going back some years now, 2017 in fact, the Lightning network launched. Blockchains themselves are

04
Jun

As long as we can pay the interest

Joe Biden released details of his first budget on Friday with $6 trillion to be spent in the next year against $4.2 trillion in revenues. Of all the things that stand out in the budget, “only” $300 billion is new spending. The rest of the $1.5 trillion shortfall is consumed in pre-committed programs such as Medicare,

28
May

The Earth is flat

Peak bad news? Having navigated Elon Musk, I had thought there was nobody more prominent that could have an opinion on Bitcoin. I was wrong. This tweet from the Pope was taken as a dig at the protocol and its power consumption. Reading it, it could equally be about aircraft, space travel or formula one cars

21
May

Did someone say Elon?

The wrong chart Quite the week. No need for another reminder of how frequently we have these steep pull backs, since we’ve just had one. The situation is adequately described below. For those that don’t know. The term HODL originated in 2013 after bitcoin’s price had crashed 40% to $450. A highly medicated trader typed HODL

23
Apr

Agent Lagarde returns

Protocol Henceforth, references to Bitcoin (B) mean the network, the software, the entire protocol. References to bitcoin (b), mean the currency embedded in that protocol. I’m glad this convention has emerged, it has bothered me for a while. Obviously, when starting a sentence, you’ll still have an issue and will simply have to do your best. A

16
Apr

Isabel

Risk Free Here’s an interesting trade for you from Bloomberg. December bitcoin futures were trading at a $5,000 premium to the spot price last week. All you had to do to make the 8% annualised return was go long spot bitcoin and short the December future. Sit tight for a few months and collect. Indeed, there are