Cryptocurrencies

[Fly]

6 hours ago, TwoCitiesCapital said:

 

I would like more details on list that tokens included, how inclusion is determined, and how inclusion/exclusion will be determined in the future...along with proposed weightings. 

 

I am surprised it happened so quickly - but the details on the size of the reserve, the weightings within it, and the timeframe to get there - so it may still be a nothing-burger or yet another way to funnel US taxpayer money into TRUMP coin which may be included next 

 

As a US tax payer, I'd be concerned if the weighting of the non-Bitcoin tokens was significant.  At the very least we should start off with a rough market-cap approximation which would put ~65% in BTC, or more, into BTC. 

Who has the best lobbyists? I’d wager XRP, SOL, ADA are right up there at the top. 
 

Oddly enough, the Bitcoin CEO could not be reached for comment…

[TwoCitiesCapital]

31 minutes ago, Fly said:

Who has the best lobbyists? I’d wager XRP, SOL, ADA are right up there at the top. 
 

Oddly enough, the Bitcoin CEO could not be reached for comment…

 

Surely those won't have more weight than $TRUMP? 

[frommi]

Don't want to crush the party, but doesn't congress need to allow buying crypto assets?
The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.
This is from the executive order and there is no mention of buying any crypto assets, its about confiscation. To me the tweet looks like a way to provide exit liquidity to his boys. So don't dream to big about this.

[dwy000]

55 minutes ago, frommi said:

Don't want to crush the party, but doesn't congress need to allow buying crypto assets?
The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.
This is from the executive order and there is no mention of buying any crypto assets, its about confiscation. To me the tweet looks like a way to provide exit liquidity to his boys. So don't dream to big about this.

Yes.  This is like the Sovereign Wealth Fund idea.  You need to fund it and that requires congressional approval.

 

This reeks of putting out a PR to tick the campaign promise box on supporting crypto.  And I'm sure there was some slip of the notice to friends and family to make money on the announcement.

 

 

[Paarslaars]

Yeah I believe we see 80k on BTC again before 100k. This tweet does not mean much more than a campaign promise.

[Dave86ch]

7 hours ago, Fly said:

Who has the best lobbyists? I’d wager XRP, SOL, ADA are right up there at the top. 
 

Oddly enough, the Bitcoin CEO could not be reached for comment…

 

Bitcoin is a religion, way more powerful than any CEO.

 

Like every religion, it has its priests—they come and go.

 

Saylor is just playing his part, preaching about "having faith."

 

$1 million is heaven; inflation is hell.

 

Human nature never changes.

 

Sachs and Chamath laughing about their hodlings.

https://blob.satellite.earth/693b0371172e30089a60af93e5f9558ccd1fd72f0a204df7913b963098580739

 

 

Edited 22 hours ago by Dave86ch

[Parsad]

1 hour ago, Dave86ch said:

 

Bitcoin is a religion, way more powerful than any CEO.

 

Like every religion, it has its priests—they come and go.

 

Saylor is just playing his part, preaching about "having faith."

 

$1 million is heaven; inflation is hell.

 

Human nature never changes.

 

Sachs and Chamath laughing about their hodlings.

https://blob.satellite.earth/693b0371172e30089a60af93e5f9558ccd1fd72f0a204df7913b963098580739

 

 

 

I just don't see this ending well as sovereign nations and financial institutions add crypto to their asset base.  Somewhere down the road, these exposures are going to have a domino effect on capital levels and the losses will be staggering.  Think Regions Financial et al, but 10-100 times bigger!  Yikes!  Cheers!

[TwoCitiesCapital]

3 hours ago, Parsad said:

 

I just don't see this ending well as sovereign nations and financial institutions add crypto to their asset base.  Somewhere down the road, these exposures are going to have a domino effect on capital levels and the losses will be staggering.  Think Regions Financial et al, but 10-100 times bigger!  Yikes!  Cheers!

 

Yea - I'm not crazy about the idea. I'm fine with banks allowed some lattitude to hold it, with an appropriate capital charge for the volatility, but exposures and they shouldn't be release crypto oriented products without a way to bring in crypto based revenue. 

 

As for the US government? Sure. If they want to create a policy of holding BTC that is seized, or other crypto, or converted all seized crypto into BTC, I'm fine with it. While I would personally benefit from the policy of printing money to buy BTC, that is not a sound policy I would generally support as it is going to hurt the 80-90% of the population that doesn't hold it (or the others). 

 

8 hours ago, frommi said:

Don't want to crush the party, but doesn't congress need to allow buying crypto assets?
The Working Group shall evaluate the potential creation and maintenance of a national digital asset stockpile and propose criteria for establishing such a stockpile, potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.
This is from the executive order and there is no mention of buying any crypto assets, its about confiscation. To me the tweet looks like a way to provide exit liquidity to his boys. So don't dream to big about this.

 

+1 

 

As mentioned before, without the details, it could be a big nothing-burger. 

 

7 hours ago, dwy000 said:

Yes.  This is like the Sovereign Wealth Fund idea.  You need to fund it and that requires congressional approval.

 

This reeks of putting out a PR to tick the campaign promise box on supporting crypto.  And I'm sure there was some slip of the notice to friends and family to make money on the announcement.

 

Yup. It's Trump. This is how he operates. His base is still waiting for tipped wages and overtime to be tax-free (and believe it is still coming!).