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Crypto

What has the government ever done for us?

It made me smile when watching Billions during an exchange between Chuck Rhoades (the Attorney General) and a bitcoin miner in Episode 1 of Series 5 (nerdy). Bitcoin miner: "What's the dollar backed by, since we went off the gold standard?" Legislator: "Roads, the military, industry, the credit of the federal government, that sort of…

FSB says stablecoins are unstable

The Financial Stability Board (FSB) are getting more and more active about stablecoins and crypto assets. In a letter to G20 ministers published yesterday,  FSB Chair Klaas Knot Many said that many existing stablecoins would not meet the “high-level” recommendations to be set by global standard setters like the FSB. This is related to the…

What is a stablecoin?

The Wall Street Journal reports that Paxos,  a company focused upon stablecoins, has been issued with a notice they are to be sued by the New York Department of Financial Services (NYDFS). Sources cited by the Wall Street Journal (WSJ) say the U.S. Securities and Exchange Commission (SEC) plans to sue Paxos for violating investor…

Why do you rob banks?

I posted a quote the other day on social media, remembering the old bank robber in America, Willie Sutton. You may not have heard of him, as it is almost a century ago but, during his forty-year robbery career, he stole an estimated $2 million. Today that would be around $35 million. He then spent…

Has crypto failed?

I’ve enjoyed the rise and rise of the Libertarian dream of ungoverned finance. In 2022, facing the reckoning, it’s now quite funny to see the Libertarians saying we need regulations. As I’ve always said: you cannot have money without governance. The challenge here however is what governance? Do we need central banks and nations to…

Just when you think that crypto has failed …

Just when you think that cryptocurrencies are unregulated and ridiculous, the industry spends four years to work out a set of standards to ensure trust. Who would have thought it? Global cryptoasset standards This set of global principles of good practice in the Global Cryptoasset Standards has been developed to provide a common set of…

Crypto 2023: Stronger (what doesn’t kill you)

After 2022’s bloodbath of the crypto world where so many firms were lost – FTX, Celsius, Terra, Three Arrows Capital, Voyager and Vauld to name just a few – this year will be sorting out the mess. Regulations will come to the crypto markets as will consolidation and organisation. It’s interesting that Coin Market Cap…

The future of money, according to Vitalik Buterin

What excites Vitalik Buterin (Mr. Ethereum)? Vitalik Buterin is the leading thinker around smart contracts and blockchain, as well as being the inventor of ETH, the currency, and Ethereum, the platform. A really bright guy and always worth a listen. So, I was interested in his latest blog about the future of where all this…

The whole point of money is to NOT know your customer

I really did not want to write about this article on the ECB’s website but, after so much coverage (including our discussion on this week’s FU), I feel I have to. So, the ECB say bitcoin is irrelevant. Why? Well, on the back of the collapse of Terra-Luna, Three Arrows Capital, Celsius, FTX, BlockFi and more,…

You cannot have money without government … the question is: what government?

It amazes me how many people misread, half-read or assume things based on what you say. There were two instances in the last week. The first: There is an error in @Chris_Skinner’sreasoning. High quality crypto assets absolutely do have fundamental value (all currencies don’t have intrinsic value.) https://t.co/vCWqi00VQV — Gene Hoffman hoffmang.xch 🌱 (@hoffmang) November…

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