BC BITCOIN
Saved by @SteveeRogerr

Ok, so what is the significance of the @lagarde statement on bitcoin?

We were offered a very open insight (but slightly flawed analysis) into top level policy perspective behind the crack down on selfhosted wallets.

https://t.co/1LTzrxHbgs 1/32

 'It is a speculative asset, by any account. If you look at the price movements... '

It starts with an economic price perspective and we can learn that ECB is closely monitoring this price movement as one of the many indicators.

So we are in the classic central bank frame 2/32
'Those who thought it would turn into a currency. Sorry, it is an asset not a currency.'

Here she summarises a classic debate on what is currency and what is needed for that. Based on the holy three: unit of account, means of payment, store of value. 3/32
The summary is classic, but too narrow and does not incorporate the wider financial history viewpoints on money, currencies and the way we pay. 4/32
ECB overlooks the de facto unit of account role of bitcoin, having been used to 200 years of having cash around whic is both the unit of account and a means of payment. 5/32
In this book Davies outlines that there are far more than 3 functions for money. He highlights differences between primitive money versus modern money.

https://t.co/UQzQtETM2E 6/32
'bitcoin fails as a currency', shows a limited perspective on currency.

History has also seen playing cards been used as a currency.
-> https://t.co/XLU3shkADk

And as a unit of account bitcoin may be much further ahead than @lagarde realises. 7/32
A Dutch example: trade and payments in Dutch history (17th century) were done in denominations of 'Flemish pounds' which did not exist in real life.

Bitcoin being used as a central currency/unit of account amids a range of other digital coins is quite similar. 8/32
The ECB-perspective is too narrow and thereby overlooks the role of bitcoin as an open source public good. This role significantly adds to its value, but not necessarily to its price.

See the thread here: https://t.co/XsirnRwO7N 9/32
Then @lagarde moves on:
'which has conducted some funny business'
'totally reprehensible money laundering activity'

Here, the narrow FATF-perspective comes into play. Because analytically, this statement is valid for cash, fiat currency and bank behaviour as well. 10/32
To me, this flags that we are about to hear news from the powerful anti-money laundering lobby.

Do note that this anti-money laundering perspective has some serious democratic and analytical errors.

See ->
https://t.co/7WpscAWD7I 11/32
'There has to be regulations and this has to be applied and agreed upon.'

It is flawed to dismiss this as a classic central bank argument, with them only having one flavour of icecream (regulation)

Society by definition regulates what if finds important and rightly so. 12/32
'Regulation needs to be done at a global level because if there is an escape, that escape will be used.'

Here the statement becomes interesting as it shows the desire to close the escape routes.

But are we talking AML-rules, stablo-coin rules, what is it ? 13/32
The regulatory process of setting rules via G7 - G20 and then enlarging them is mentioned and:
'FATF is clearly an organisation that has expanded in that respect'

So it sounds as a focus on money laundering regulations. And effectively the virtual asset work by the FAT. 14/32
So let's look at this FATF report on virtual assets and where there is a mention of escape routes. I guess in crypto-context this meens peer-2-peer then?

https://t.co/MFNOPuYAPj 15/32
The concern of regulators is thus the coexistence of forms of stablecoins and self-owned wallets (or in their terms: unhosted wallets, as not hosted by regulated institutions).

And do note: 'address risk in a forward looking manner', meaning anticipation by supervisors. 16/32
Next up the FATF-report highlights that peer-2-peer tools remain unregulated so far, but national authorities can of course choose to not register or license virtual asset players and couple this to the use of 'unhosted' wallets.

And this is what we start to be seeing. 17/32
Look at the situation in Switzerland where FINMA regulates libra/DIEM and the first additional non-coordinated rules came into play per august 2019.

Peer-2-peer wallets require verification of beneficiary !

https://t.co/3mji8RBmw7 18/32
The Dutch central bank - in september 2020 - suddenly required beneficiary verification and checking the ownership of selfhosted wallet as as a registration requirement.

Doing pro-actively what FATF suggested.

https://t.co/NeHZMrH1wv 19/32
The requirement all of a sudden hit the 38 companies that were registering as a virtual asset service provider. Issued 2 months before a registration deadline (close shop if unregistered).

A knife on the table.

https://t.co/v5KvSoFH91 20/32
Some 25 out of 38 registering companies were forced to comply and desired to know the formal basis of this rule. Central bank said: sanctions law, but it is not there.

So they wrote a joint letter on Nov 2.

https://t.co/wQJ9xG8oQu 21/32
The letter remains unanswered even today, 2 months later and 15 of the registering companies in the Netherlands were forced to comply with it.

https://t.co/Ur1l72AgXo 22/32
More specifically one of the Dutch crypto players has announced it will bring the last minute requirement before a judge, citing it's ineffectiveness, infringement on privacy and disproportionality. 23/32
Meanwhile in the US, things started to move as well. Coinbase was the first company to indicate that government sought to introduce beneficiary information and verification rules for selfhosted wallets.

https://t.co/OVDV5J7L3J 24/32
And then, just before Christmas, the FINCEN figured it would be a good idea to use a consultation period of 2 weeks, outlining the proposed rules. 25/32
In essence the same rules as FINMA and DNB, although slightly more risk based by the use of thresholds above which the rules apply.

https://t.co/AV5j1yqNWu 26/32
Despite the brief time and the holiday period 7500+ comments were being submitted to the FINCEN. Feel free to have a look here:

https://t.co/1mEaiUxlqH

More responses came in at the FINCEN than ever received before. 27/32
The comments raised fundamental concerns in terms of contents and due process. How can FINCEN limit the consultation period in this way?

https://t.co/ZiRS7zrlcF 28/32
A good thing is that FINCEN is indeed extending the consultation period now.

https://t.co/NKZixJlksK

But it becomes clear what is meant with 'address risk in a forward looking manner' 29/32
So, let's move slowly back to the speech of @Lagarde.

I think it gave us an open insight into the desire to make sure that no escape routes are present for bitcoin/crypto.

It tells us there is a strong FATF-inspired objective to crack down on selfhosted wallets. 30/32
I hope the FATF will take note of the many responses that have been sent to FINCEN and to the ongoing discussion that will become visible in the Netherlands.

My full FINCEN response:
https://t.co/OTMlwgVqHy 31/32
Indeed, when it comes to things/coins of value, regulation may be justified.

Still this must be proportional and within the bigger framework of human rights protection.

See European Data Protection Board ->
https://t.co/Y2dpZ1a5ux 32/32

More from Bitcoin

kain.eth
kain.eth
@kaiynne
For those who were trading in 2017 or earlier bull markets this may be obvious, but these kinds of corrections are typically driven by overleveraged longs, not whales dumping on you. That hasn’t started yet. Let me break down why it happens and why it is worse on the weekends.

I should probably have data to back this up, but I haven’t kept up to date with the latest trading data so much of this is based on intuition and experience trading through 2016-2018. If you have data that invalidates this please provide it, happy to be wrong here!

Firstly in an early bull market you have some OG holders taking profit around previous ATH, they have “learned their lesson” and are trying to not get rekt like last time. Once they finish taking some profits or hedging they are riding this up to multiples of previous ATH.

For example I sold around 5-10% of my ETH into stables between $500-$1200, over $1,200 you would need to claw it out of my cold dead hands before we hit $3k. If we don’t get there this cycle (we will) then I will just keep holding. I know a lot of people who did the same.

The problem with this is that the new money coming in and pushing the price up is highly leveraged, and the people with the most conviction are mainly holding and so while they might buy some dips they probably don’t have the dry powder to soak up huge liquidated positions.
BITCOIN
Mayank Narula
Mayank Narula
@Mayank_Narula1
I will be a buyer under 13800 levels, but depending upon the reversal on smaller timeframe.
BITCOIN
Advertisement
Meltem Demirors
Meltem Demirors
@Melt_Dem
1/ outlook for bitcoin: positive 🚀

in this thread, i'll quickly outline key data points on #bitcoin sentiment, demand, market structure, and macro conditions

disclosure: i own BTC, obvi. this is not investment advice. DYOR. further disclosures at

2/ let's start w sentiment ☺️

first, investor sentiment:
✅ @blackrock filed to add BTC to 2 funds, CIO has 400k price target
✅ @RayDalio's Bridgewater reportedly issuing BTC research report
✅JPM, Goldman, and other bulge brackets initiated research coverage

3/ next, trader sentiment:

🚨 most important indicator is the forward curve

normally BTC futures trade in backwardation after a price drop.

this time, the curve stayed in contango following drop, meaning market makers are bullish 🐂📈 despite funding rate increase!

4/ sentiment drives demand. so DEMAND next.

💸 let's talk fund flows

🤑 our research shows $359M of inflows into crypto products last week alone (https://t.co/6Kky96m3ob)
🤑 our @CoinSharesCo @xbtprovider ETPs saw $200M trading volume on jan

4/ let's talk bitcoin fundamentals

post-halving, 900 BTC mined per day, 312,000 this year.

👀 47M millionaires. 21M bitcoin.

🏆 collectibles selling at all time highs. bitcoin is the ultimate collector's item. (see
BITCOIN
Aakash Gangwar
Aakash Gangwar
@akashgngwr823
To chaiye chalte h 12K ki taraf.
#BTC https://t.co/Yd4iZqC42s
BITCOIN
Rocketboom
Rocketboom
@Rocketboom
Hello and good Friday, January 28, 2021, I’m Drew and this is Rocketboom [chair breaks]

I see many people are missing why ‘digital currency’, e.g. #Bitcoin is an important disruption in the world. It's not actually about stock trading. It’s waaaaaaaaaay bigger than that.

I USED TO DO A THING. I wrote scripts to break down these kinds of topics. I felt compelled to come back out and explain because its such a big idea...and too many people are not seeing it.

TLDR; Digital currencies allow people living in impoverished nations to transcend the failures of their individual governments, such that their work and purchase power becomes more equal in potential to those in the wealthiest countries.

Examples are always nice. Lets. [cut to voice over]
BITCOIN

You May Also Like

David Rothkopf
David Rothkopf
@djrothkopf
If there is one thing I have learned it is that people love bullshit. They buy bullshit stories from professional bullshit artists, accept bullshit philosophies, purchase bullshit how-to-books, vote for bullshitting politicians.

At first, I resisted believing this because it is illogical and dumb and frankly, doesn't reflect well on the human race of which I am a member (and thus have long been hopeful that it is more of a distinction than it actually turns out to be.)

But if you actually are interested in facts you begin to notice how little most people care for them. Sometimes it is because they are heard to learn and bullshit is so much more widely and easily available. Sometimes it is because facts make them uncomfortable about themselves.

Sometimes it is because just one tiny fact will upset a whole worldview that has grown as comfortable as an overstuffed chair. (Settling into such worldviews is a lot like settling into chairs like that because the longer you're there and the deeper you sink...

...the harder it is to hoist yourself up and out of your fat-assed intellectual laziness.) But I actually think the reason people have such an appetite for bullshit goes deeper, goes to an aspect of ourselves we just can't accept.
LIFE
Anu Satheesh \U0001f1ee\U0001f1f3
Anu Satheesh 🇮🇳...
@AnuSatheesh5
Samayapuram Mariamman Temple
#Trichy
#Tamilnadutemples 🚩

Samayapuram Mariamman Temple is located in Samayapuram of
 Tiruchirappalli district.  Mariyamman here is worshipped as Samayapurathal a form of Parashakti.
Amman vigraham here is made of sand and clay so


no abhishekam done to the main vigraham. Samayapuram Mariamman Temple is one of the famous Shakthi Sthal of Tamilnadu.

Story says that paramashiva created Kali, out of the poison that he drank during samudra mathanam.  As Devi originated from the Kaalakoota/ halahala poison,


thus the name Kaali. Mariamman is believed to be a form of Kaali, and is also known as Mahamayi. It is also believed that Maharaja Dasharatha offered his prayers here.

Mariamman is Parashakti herself who blesses with prosperity and she is believed to cure all diseases.


Paramashiva, Mahavishnu and Brahma Deva are believed to have taken blessings of Mariamman here.

Om Shakti Para Shakti
🙏🕉🙏
ALL
Advertisement
Seth Abramson
Seth Abramson
@SethAbramson
(THREAD) The Whitaker scandal is deepening, as it becomes clear that Sessions' Russia recusal was a coordinated sham and his firing an act of obstruction—and that his replacement is a White House plant inside the Mueller probe. I hope you'll retweet and read on for more details.


1/ From 2014-17 Whitaker worked for World Patent Marketing—which during his tenure defrauded consumers out of $26 million and was successfully prosecuted by the feds. His involvement in the scam confirmed he had loose morals and that the feds would never want to employ him again.

2/ Despite the seeming impossibility of a man with Whitaker's background getting a job at Justice ever again—he'd been found to have used his former title as a US attorney to fraudulently threaten consumers with valid complaints with criminal penalties—Whitaker found an opening.

3/ Within 60 days of parachuting out of World Patent Marketing as it was being fined $26 million by the feds, Whitaker was working for CNN and telling a fellow attorney panelist that his purpose in working for CNN was to get noticed by one man—Donald Trump—and thereby get a job.

4/ Whitaker spent his time at CNN making ludicrous statements about the Mueller probe: there was no obstruction or collusion, he said; Mueller had no authority to look into any aspect of Trump's finances or to subpoena him, he said. All the while, he hoped Trump was watching him.
POLITICS
Vibhu Vashisth
Vibhu Vashisth
@VIBHU_Tweet
Rani Chennamma of Kittur was one of the first women rulers of India who fought against the might of the British Empire in 1824. Rani Chennamma was born in 1778 in a small village of Kakati in Belgaon distt of the State of Karnataka.


She was born into the Lingayat Community to a man named Dhulappa Desai. From a very young age she was trained in horse riding,sword fighting, archery and diplomacy. At a very young age of 15 yrs, she was married to the King of Kittur and became the Queen of Kittur.


It is said that King of Kittur Mallasarja was once moving around in the neighbouring kingdoms to find support to fight Tipu Sultan. It is then, when he came across Chennamma and he immediately got attracted to her sheer confidence and bravery.

Rani Chennamma and King Mallasarja had a son together who died very soon after the death of King Mallasarja in 1816. As the Queen of Kittur, Rani Chennamma immediately adopted Shivalingappa as her son and declared him the heir to the throne of Kittur.

This did not go well with the British East India Company who was enforcing the Doctrine of Lapse those days, according to which the adopted children of the Indian rulers were not allowed to become their heirs and if the native rulers did not have children of their own, their...
ALL
Aditya Todmal
Aditya Todmal
@AdityaTodmal
A THREAD ON @SarangSood

Decoded his way of analysis/logics for everyone to easily understand.

Have covered:
1. Analysis of volatility, how to foresee/signs.
2. Workbook
3. When to sell options
4. Diff category of days
5. How movement of option prices tell us what will happen

1. Keeps following volatility super closely.

Makes 7-8 different strategies to give him a sense of what's going on.

Whichever gives highest profit he trades in.


2. Theta falls when market moves.
Falls where market is headed towards not on our original position.


3. If you're an options seller then sell only when volatility is dropping, there is a high probability of you making the right trade and getting profit as a result

He believes in a market operator, if market mover sells volatility Sarang Sir joins him.


4. Theta decay vs Fall in vega

Sell when Vega is falling rather than for theta decay. You won't be trapped and higher probability of making profit.
OPTIONSLEARNINGS , OPTIONSBASICS , OPTIONSLEARNINGSSARANGSOOD