EmbedsNotWorking-Trader Top 9: A War is Brewing
Welcome back to the Trader Top 9! Lots of FUD spreading as a worldwide regulatory crackdown continues. While much of it is welcome, many are concerned about overreach and may have found their leader in Messari founder, Ryan Selkis, who appears ready to take on the powers that be. Let's dive in!
9. Heading into this past weekend, rumors were swirling that Tether had exposure to the imploding Evergrande situation, a rumor that was dispelled on Monday.
some anons on twitter just arbitrarily decided tether holds evergrande and it became a standard talking point for industry critics. ppl really b believing any old thing bc they want it to be true— nic carter (@nic__carter) September 16, 2021
The Hong Kong stock market plummeted, triggering a decline in global markets and cryptocurrencies. The main reason is Evergrande, China's largest real estate company with nearly 2 trillion debts. Tether just clarified that it does not hold Evergrande commercial votes.— Wu Blockchain (@WuBlockchain) September 20, 2021
Meanwhile, a bunch of newbs cried "Lehman".
Musing of the Day: These Evergrande/Lehman analogies are tiresome and inaccurate. You did not live through Lehman if you think these are equivalent. I expect some fallout for sure in terms of slowing China growth, but this is no Lehman moment, imho. Not even close.— Michael Kao (@UrbanKaoboy) September 21, 2021
8. The bad headlines continue for Binance, as US regulators, including the CFTC, look into allegations of Binance staff illegally profiting off customers. Alex Kruger is not surprised.
If there is no insider trading at Binance then I'm a celibate monkhttps://t.co/nr43BgJ4Z0— Alex Krüger (@krugermacro) September 17, 2021
7. Cosmos... so hot right now. While many cryptos have struggled as of late, ATOM is up 2x this month.
Hey @binance @cz_binance let’s not duplicate efforts on interoperability protocols.#IBC protocol is live for 5 months, in production, on over 12 @cosmos chains having 860k transactions in 30 days.@terra_money is enabling IBC on Sept 29th also. Join us!https://t.co/sWQXwaWJKu https://t.co/9l8RI77xJ4— Adriana ⚛️ (@adriana_kalpa) September 17, 2021
I see you are having trouble understanding how cosmos works. The internet doesn't have one super computer (solana is a super computer). It is networked computers, like cosmos. Each chain is independent but can talk to the other ones so it feels like one environment— Jack Zampolin (@jack_zampolin) September 15, 2021
6. A week after issues with Solana, the Pyth network published extremely erroneous bitcoin data after issues with the format of two firms' submissions.
Between 12:21 and 12:23 UTC the Pyth BTCUSD aggregate price was below $40,000 – the lowest price reported was $5,402 with a confidence interval of $21,623 (4x the asset reported price) for a single slot – which was off-market relative to the BTC price available on other markets— Pyth (@PythNetwork) September 20, 2021
Wherein I mention a floating-point number and a race condition. Is this what it was like covering equities market structure 25 years ago?https://t.co/5WaQlPgJEl— Nick Baker (@inkbacker) September 22, 2021
5. Two weeks ago, we wrote about the conflict between the SEC and Coinbase. Coinbase has for now stood down.
source:https://t.co/VnSgu9eDA2— RYAN SΞAN ADAMS - rsa.eth 🦇🔊🏴 (@RyanSAdams) September 20, 2021
4. Finally. Robinhood steps up to the plate to swat away the main source of criticism on its crypto offering by announcing plans for wallet support, expected to be available to all by early 2022.
What is one product feature you would love to see and why wallets?— Robinhood (@RobinhoodApp) September 20, 2021
Robinhood is testing #Bitcoin withdrawals to external wallets.— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) September 21, 2021
Good step forward. 👍
3. Ryan Selkis at Messari has been doing his best William Wallace impression lately. One thing is clear, the crypto industry could use some friends in DC right now.
If you’re wondering when I actually decided to run for Senate, it was when these fuckers came to my event, didn’t buy a ticket, and served one of the speakers a subpoena.— Ryan Selkis (@twobitidiot) September 20, 2021
More war on our out of control regulatory state.
Final #Mainnet2021 thoughts:— Ryan Selkis (@twobitidiot) September 22, 2021
Got thousands of friends together for the first time in two years.
Took back our status as the world’s top crypto conference producer.
Sending $250k in profits to DC policy advocacy to protect crypto in the US.
Good week. pic.twitter.com/f7syY1rqTB
Big shoutout @twobitidiot— Yano (@JasonYanowitz) September 22, 2021
There’s a regulatory war brewing and our industry is excited to follow you into battle 👊
2. Gary Gensler, chair of the SEC, is slowly solidifying his position as public enemy #1 among the nascent crypto community. In his talk with the WaPo, he referred to "poker chips at the casino" and "wildcat banking," eventually warning that "private forms of money don't last long."
some choice excerpts from New York magazine's Gensler profile; I recommend reading the whole thing--not to hate on Gensler but to understand the magnitude of paradigm clash at hand & the difficulty of overcoming it https://t.co/mvmLnWsM6p pic.twitter.com/twh7f7PaxH— _gabrielShapir0 (@lex_node) September 19, 2021
Morning mood at the SEC if I had to guess pic.twitter.com/gaCJYWLK8J— Hide Not Slide (@HideNotSlide) September 20, 2021
After killing the Coinbase Lend product, he released this video which was widely mocked for suggesting college savers could get an easy 8%.
Whether we’re starting off our freshman year of college or getting ready to graduate soon, I’d bet that most of us are thinking about money in one way or another.— Gary Gensler (@GaryGensler) September 22, 2021
My two pieces of advice are: Start saving early, and save regularly! pic.twitter.com/sJN3tKs91a
Goldman Gary assumes everyone can make 8% annual returns because he already made his $120mm, and has access to private bankers and lucrative “accredited only” options.— Ryan Selkis (@twobitidiot) September 22, 2021
1. WIth all the regulatory crackdown, many wonder whether this is ultimately negative or positive for bitcoin. But using the Stock to Flow (S2F) model, we could be looking at $100k by year end.
So what will #bitcoin Dec closing price be?— PlanB (@100trillionUSD) September 22, 2021
- S2F model says $100K
- Time model (logarithmic regression) says $30K
Next couple of months will be Interesting.
My money is on S2F, of course. pic.twitter.com/ancKQ3FdEZ