Tuesday, September 7, 2021

PayPal's interest in the spread of cryptocurrency lies in the shadow of regulated exchanges

https://preview.redd.it/t8nyibwxv7m71.jpg?width=1465&format=pjpg&auto=webp&s=100fba25c7335dcacc7bb8d9e4810b09a622266c

At first glance, this is an event that many have been waiting for. This is the day when PayPal starts offering storage, purchase and sale of four major cryptocurrencies in the United Kingdom, after a pilot project in the United States that began last year.

A few months ago, when PayPal and Visa invested in Blockchain Capital with a total investment value of $ 300 million, it became clear that the company was making great progress in the cryptocurrency.

This particular investment, along with its pilot project in the US, was a sure sign that PayPal, which, interestingly, was founded by Elon Musk, who is now a full-fledged influential person in the field of cryptocurrency, is preparing to attract its global audience to cryptocurrency as the main underlying asset and payment method.

PayPal has emerged as an electronic payment processor for the eBay auction trading platform, and is currently one of the most frequently used electronic payment channels in the world.

If it did not cover cryptocurrency, it would be left behind by regulated cryptocurrency exchanges and electronic brokers that lead the market for fiat inputs and outputs. Well, how else, if the need for access to the cryptocurrency ecosystem in all its forms through regulated payment systems increases significantly.

PayPal is facing direct competition from specialized cryptocurrency exchanges that already have licenses for electronic money (EMI). They serve as a means of approaching the functionality of the blockchain, such as smart contracts, through cryptocurrency exchanges, so now it is necessary to follow this path.

At the time when PayPal joined Visa in a round of investments in Blockchain Capital, a statement was made that part of the rationale for its investment in this particular fund coincides with the firm’s desire to make cryptocurrency more accessible and secure. Visa management believes that their company is aimed at improving all methods of moving money, whether in the Visa network or not.

This step was so big that even Dan Shulman from PayPal personally told the Financial Times in the UK about it and how he sees it as a way to move PayPal forward.

Occupying Niches in the crypto-financial system

PayPal is gradually introducing services in cryptocurrency, and its foray into the UK market for storing and selling cryptocurrencies on the other side of the ocean is a significant step. It allows British users to buy, store and sell Bitcoin, Ethereum, Litecoin. and Bitcoin Cash via your PayPal account. And this is a clear reaction to the improved and complex regulated crypto services.

This is big news, but it does not show real rivals and leaders in this market.

True leaders can offer full opportunities within a regulated framework for all cryptocurrency assets and will strive for full services, including EMI, exchange and multilateral trading facilities.

Today’s transition to storing, buying and selling cryptocurrencies in the UK market has highlighted the leadership of regulated cryptocurrency exchanges, in vital markets with developed financial services ecosystems.

Regulated exchanges, in fact, are an opportunity to participate in the creation of a new world of cryptocurrency, and they will always be ahead, which will lead to a fully decentralized financial future.

Official site: https://coinmarketrate.com/


Too many dumb headlines and silly posts - MUST READ

A country making BITCOIN legal tender was never going to be a perfect smooth transition, or roll out. If crypto has taught me anything it is there are technical difficulties often in new releases. El Salvador will fix its wallet problems and will do very well with this adoption. we should all be celebrating that this huge mile stone has come to pass.

other country's in Africa should look too do the same, this is super bullish i made a video :

(107) making BITCOIN legal tender - BITCOIN DUMP UPDATE, why did bitcoin crash today ? El Salvador - YouTube

dont worry about the short term, this is a milestone event, if you buy the dip you win.


Subtipper has just tipped the top posts for this community! [01:17 GMT September 08, 2021]

Thanks to all posters for providing great content!

The top posts since the last payout (~1 week) have been tipped 1 US cent per vote, or 1482 sats per vote.

For an explanation of Subtipper and how it works, please see this article.

 

Winning posts:


Flight Booked: The Bitcoin Law Goes into Effect Tuesday in El Salvador. I'll be there for it. by u/Mafalzon

[tip] - 386802 sats = 0.00386802 BCH = ~2.61 USD


Reminder: /r/Cryptocurrency also bans people for telling the truth. by u/MemoryDealers

[tip] - 272688 sats = 0.00272688 BCH = ~1.84 USD


Kind of shocked how BCH isn't worth 1/10th of BTC even though BCH is BTC minus the high fees by u/DrankTooMuchTequila

[tip] - 185250 sats = 0.00185250 BCH = ~1.25 USD


If you’re in Thailand and think about buying a car with Bitcoin Cash: Perfect Certified Used Car in Bangkok now accepts Bitcoin Cash... ✌️ by u/Egon_1

[tip] - 182286 sats = 0.00182286 BCH = ~1.23 USD


The BCH community has won the vote, the next chain Hybrix with integrate will be SmartBCH. by u/i_have_chosen_a_name

[tip] - 164502 sats = 0.00164502 BCH = ~1.11 USD


Just got tipped BCH by another redditor. I have no idea how Bitcoin works. Where do I start? by u/ShenBapiro20

[tip] - 161538 sats = 0.00161538 BCH = ~1.09 USD


Bitcoin Cash: The best Bitcoin version is trading at $730 by u/Egon_1

[tip] - 148200 sats = 0.00148200 BCH = ~1.00 USD


Here is the video of me helping eatBCH South Sudan claim his free BCH for all the BCHA he had. His balance went from 0.33 BCH to 2.41 BCH. Do you want free money as well? Better check your wallets for free BCHA/XEC by u/i_have_chosen_a_name

[tip] - 136344 sats = 0.00136344 BCH = ~0.92 USD


BTC Dominance Dropped Below 40%... Congrats Everyone 🎉🥳 by u/Egon_1

[tip] - 133380 sats = 0.00133380 BCH = ~0.90 USD


40 000 BCH is now locked on main and moved over to smartBCH or almost 30 million dollars! by u/i_have_chosen_a_name

[tip] - 127452 sats = 0.00127452 BCH = ~0.86 USD


 

Tips not claimed within 7 days will be returned to the Subtipper fund and tipped out to future posts.

 

To support this bot, help spread Bitcoin Cash, and encourage great content in the r/btc community, tip this post using Chaintip by including u/chaintip in your comment!

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Note: this payout event was triggered by block 704379, which was mined more than 3 days since the last event and has the last three hex digits of its hash (joined as a number) strictly smaller than 7. The BCH price at the time of activation was $674.9


Web 3 and Crypto, this is why Blockchain is the future ( long read )

The Internet we have today is broken. We do not control our data, nor do we have a native value settlement layer. Thirty years into mass adoption of the Internet, our data architectures are still based on the concept of stand-alone computers, where data is centrally stored and managed on a server, and sent or retrieved by a client. Every time we interact over the Internet, copies of our data get sent to the server of a service provider, and every time that happens, we lose control over our data. Even though we live in a connected world, with more and more devices getting connected with the Internet – including our watches, cars, TVs, and fridges – our data is still centrally stored: on our computers or other devices, on the USB stick, and even in the cloud. This raises issues of trust. Can I trust those people and institutions that store and manage my data against any form of corruption – internally or externally, on purpose or by accident?

Each time we interact over the Internet, copies of our lives are made and sent to the other computer, and when this happens, we lose control over our data on the other end of the Web, behind the walled gardens of a server. This is not only an issue when it comes to the privacy of our personal data, but it also produces a lot of inefficiencies in the backend of operations along the supply chain of goods and services. The current Internet – with its client-server-based data infrastructure and centralized data management – has many unique points of failure, as we can see from the recurring data breaches of online service providers. It furthermore produces high costs of document handling, as well as non-transparencies along the supply chain of goods and services.

There are historic roots to these issues. We first had the computer, then the Internet was invented, which connected these stand-alone computers with each other through a data transmission protocol. In the early days of personal computers, we used to save data on a floppy disc, eject it, walk over to the person who needed the le, and copy the le onto their computer so they could use it. If that person was in another country, you would need to mail the oppy disc to them. The Internet and the emergence of the WWW put an end to this by providing a data transmission protocol – TCP/IP – that made the transfer of data faster and massively reduced the transaction costs of information exchange. Ten years later, the Internet became more mature and programmable. We saw the rise of the so-called Web2, which brought us social media and e-commerce platforms. The Web2 revolutionized social interactions, bringing producers and consumers of information, goods, and services closer together, and allowed us to enjoy P2P interactions on a global scale, but always with a middleman: a platform acting as a trusted intermediary between two people who do not know or trust each other. While these platforms have done a fantastic job of creating a P2P economy, with a sophisticated content discovery and value settlement layer, they also dictate all rules of the transactions, and they control all data of their users.

The Internet we use today predominantly builds on the idea of the stand-alone computer. Data is centrally stored and managed on servers of trusted institutions. The data on these servers is protected by firewalls, and system administrators are needed to manage these servers and their firewalls. Trying to manipulate data on a server resembles breaking into a house, where security is provided by a fence and an alarm system.

In this context, blockchain seems to be a driving force of the next-generation Internet, what some refer to as the Web3. Blockchain reinvents the way data is stored and managed. It provides a unique set of data (a universal state layer) that is collectively managed. This unique state layer for the first time enables a value settlement layer for the Internet. It allows us to send files in a copy-protected way, enabling true P2P transactions without intermediaries, and it all started with the emergence of Bitcoin.

The Bitcoin blockchain and similar protocols are designed in a way that you would need to break into multiple houses around the globe simultaneously, which each have their own fence and alarm system, in order to breach them. This is possible but prohibitively expensive. In the Web3, data is stored in multiple copies of a P2P network. The management rules are formalized in the protocol and secured by majority consensus of all network participants, who are incentivized with a native network token for their activities. Blockchain, as the backbone of the Web3, redefines the data structures in the backend of the Web, now that we live in a connected world. It introduces a governance layer that runs on top of the current Internet, that allows for two people who do not know or trust each other to reach and settle agreements over the Web.

However, nothing much will change on the surface of the Internet for the average user. While the Web2 was a frontend revolution, the Web3 is a backend revolution. It is a set of protocols led by blockchain, that intends to reinvent how the Internet is wired in the backend, combining the logic of the Internet with the logic of the computer. This is why some refer to blockchain as a distributed world computer. It is possibly the next big step in the development of computers and the Internet.

Stateful Protocols

The Internet we use today doesn’t have a native mechanism to transfer what computer science refers to as state – the status of who is who, who owns what, and who has the right to do what. State, however, is a key property for managing values. The ability to easily and efficiently transfer value P2P is at the heart of nance and e client markets. If you can’t hold the state of the Internet, you can’t transfer value without centralized institutions acting as clearing entities. While today’s Internet has facilitated information transfer by orders of magnitude of what was possible before, creating products and services at lower costs, and higher throughput rates, we need Internet platforms to broker our actions as a workaround for this lack of state.

Stateless protocols like the current Web-only manage the transfer of information, where the sender or receiver of that information is unaware of the state of the other. This lack of state is based on the simplicity of the protocols that the Web is built on, such as the data transmission protocol called TCP/IP, and a subsequent protocol stack of related technologies, like SMTP for the transmission of emails, or HTTP for the transmission of Hypertext. This family of protocols regulates the transmission of data, not how data is stored. Data could be stored centrally, or decentrally, but for many reasons, centralized data storage became mainstream, often for settling payments between two untrusted parties.

Bitcoin and similar blockchains introduced a method for each participant in a network to hold and transfer value in a digitally native format, without the need for trusted intermediaries. The consensus protocol is designed in a way that the network can collectively remember preceding events or user interactions. Bitcoin, therefore, resolved the problem of double-spending by providing a single source of reference for who received what and when. Bitcoin and its underlying blockchain protocol can, therefore, be seen as a game-changer, paving the way to a more decentralized Web. A nine-page white paper in 2008 initiated an open and public infrastructure, with a market valuation of around 150 billion EUR at the time of writing this book. This number only accounts for the market value of Bitcoin tokens; it does not take into account the myriad of industries that build on top of the Bitcoin payment network. Nor does it account for the diverse ecosystems of developers, users, and companies, and other public and private tokenized networks that have emerged since.

Source : https://blockchainhub.net/web3-decentralized-web/


[WTS] Some New Graphite, First Quarter Kilo

Verification

Details below, please let me know if you see any errors. If the price seems too good to be true, it’s a mistake and if it seems too high let me know.

***Shipping all orders from the last sale and this sale tomorrow.

Willing to make a deal for someone interested in buying everything. I'd like to focus on more new stuff

Graphite/Milled Bars

250 g Bar - $225 each

2 ozt Round (Deep Stamp) - $58 each

2 ozt Round - $58 each

2 ozt Bar - $58 each

5 ozt Bar - $140 each

-Prototypes

Chapter Black Tape (Yu Yu Hakusho) - 3.1 ozt - $140 each (I'll be making a blank cassette tape too)

Ryuk Bar - 2.1 ozt - $85 each

Phoenix Bar - 1.8 ozt - $75 each

Cobra Kai (Fits in, and comes with ATB Capsule) - 5.1 ozt - $210 each

Cog Tag (Fits in, and comes with ATB Capsule) - 3.9 ozt - $170 each

-General Stock Cast Items

Mythosaur Beskar Bar - 2 ozt - $85 each

Mythosaur Beskar Round - 1.1 ozt - $50 each

Jedi Beskar - 1 ozt - $50 each

Imperial Beskar - 1 ozt - $50 each

-JSB Fractional

(10) JSB Cast Gram - $2.50 each

(10) JSB Honeycomb Cast Gram - $2.50 each

Shipments on this sale will be USPS first class for $5 or priority for $8.

Payment by PPFF, Zelle, Venmo, Bitcoin, and ETH

Prices are subject to change at any time due to market fluctuations and in the event of a listing error or update.

Feedback – The easiest way to get feedback is to post a link to your comment on this WTS once received. This allows me to easily navigate there while on mobile


CLOs, Reverse Repos and GameStop

TLDR:

If asked to explain the significance of Reverse Repurchase Agreements and their relation to GameStop, what would you say? Tough question, right? Until I began some heavy-duty research on the topic a few days ago I’m not even sure how I would’ve explained the phenomenon. That said, I am here today to break down this complicated topic and share with you what I’ve learned while in pursuit of a more complete understanding of how the financial markets are currently operating.

Key Definitions:

Collateralized Loan Obligation (CLO):

”Collateralized loan obligations (CLOs) are a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches. A CLO is a type of collateralized debt obligation.” Wikipedia - September 4th, 2021

Reverse Repurchase Agreement (RRP):

”A reverse repurchase agreement conducted by the Desk, also called a “reverse repo” or “RRP,” is a transaction in which the Desk sells a security to an eligible counterparty with an agreement to repurchase that same security at a specified price at a specific time in the future. The difference between the sale price and the repurchase price, together with the length of time between the sale and purchase, implies a rate of interest paid by the Federal Reserve on the transaction.” - New York Federal Reserve - September 24th, 2021

Secured Overnight Financing Rate (SOFR):

“The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.” - New York Federal Reserve - September 24th, 2021

London Interbank Exchange Rate (LIBOR):

”LIBOR… serves as a globally accepted key benchmark interest rate that indicates borrowing costs between banks. The rate is calculated and will continue to be published each day by a Clearinghouse (business name redacted), but due to recent scandals and questions around its validity as a benchmark rate, it is being phased out.” - Investopedia - March 14th, 2021

Alternative Reference Rate Committee (ARRC):

”The ARRC is a group of financial market participants convened to help ensure a successful transition from U.S. dollar LIBOR to a more robust reference rate, its recommended alternative, the Secured Overnight Financing Rate (SOFR).” - New York Fed - August 27th, 2021

Background:

In previous posts I have hypothesized that a prime broker, family office and supply-chain finance company were collectively exploiting a legal loophole that allowed them to shield their exposure from other prime brokers and avoid taxation through the use of a financial instrument used in conjunction with syndicated secured loans targeting distressed companies tracked on an index meant specifically for them. These financial instruments are a form of “Synthetic Collateralized Loan Obligation.”

When a 50 million-euro term loan was purchased and restructured in November 2019 the downstream impact was an unusual failure of a bankruptcy auction. This auction was triggered by the investors who restructured the loan strategically discontinuing debt payments related to it, thereby intentionally defaulting on the prime broker’s loan. Auctions like these exist because companies have Credit Insurance that pays out pre-determined amounts during Credit Events such as bankruptcies. Simply put, this auction was a classic “short squeeze” that left the prime broker, underwriter of the original 50 million-euro term loan, hodling the bag.

Furthermore, as indicated by the auction service where the short squeeze occurred, the loan was being treated as a syndicated secured one - meaning it was “tranched. When a loan is tranched it allows 3rd parties the opportunity to also invest in the bankruptcy and expected payout of the underlying Credit Insurance previously purchased by the business. Those who invest in loans that do not pay out in the event of bankruptcy stand to lose a lot of money in such an event - this is an incredibly risky form of investment.

It just so happens that, per a legal report published by the bag-hodling prime broker, the family office they had been working with preferred the exact type of financial instrument that pays out in the event of bankruptcy-related events. Due to the family office’s preference for these inherently risky, non-cancelable, high “tenor” financial instruments that were “invented” in 2010, their exposure was the highest of all the prime broker’s clients. Worth noting the average tenor of the family office’s contracts was 24 months, so when the bankruptcy auction “failed” in January 2021 and the prime broker’s insurer froze a $10bil policy that underwrote the supply-chain finance company, it’s not like these contracts became invalidated or were immediately executed on the open market - they’re non-cancelable, remember? So what happened to them?

The understanding I have come to is that these contracts were auctioned off by a Clearinghouse-owned service and were purchased by prime brokers who in this context function as clearing brokers. The clearing brokers then participated in securities lending alongside hedge funds in attempt to reduce exposure (e.g. encourage selling in order to find “hard-to-borrow” shares) of the auctioned-off assets. These hedge funds then opened short positions in companies the over-leveraged family office was long on, seemingly under the expectation the family office would experience a liquidation event in the near future, which did in fact occur during March 2021.

Astonishingly, these same hedge funds appear to have been granted the non-public privilege of concealing certain positions from financial disclosures out of concern they were being “targeted by Retail Investors” on social media. This has and continues to strike me as a false narrative invented by these hedge funds seeking permissions that would not be available to them otherwise.

Hypothesis:

Ok, so by now you might be wondering, how does this connect? What does this background have to do with CLOs, Reverse Repos and GameStop? Well my friends, it’s quite simple - this background is an explanation for how the CLO market silently cultivated a Credit Insurance bubble. The historic Reverse Repo amounts now observed on a daily basis are further evidence of this bubble given their date-driven relation to a transition away from LIBOR (which was being maintained by the Clearinghouse that owns the bankruptcy auction service) to SOFR which was formally recommended by the New York Federal Reserve on July 29th, 2021. SOFR simply provides a benchmark for interest rates based on the amount of money being housed overnight via Reverse Repos.

This transition is an amazing change for the financial markets and is forcing CLO funds to operate in the daylight instead of behind closed doors through legal loopholes.

The transition to transparency is also a possible explanation for why August 2021 saw the “most active” CLO market in history.

A few other points of interest that I discovered during my CLO research: 1. The SOFR chart had an unusual spike on the final day of the family office’s liquidation event on March 26th, 2021 2. CLOs were historically priced off three-month LIBOR, which helps to explain the volatility other popular DD writers have attempted to explain through Total Return Swaps. 3. 2020 had the highest number of defaults since 2009, which means those invested in the CLO market likely made big bucks last year. Curious considering friends of the family office saw record inflows during the same period of time.

Conclusion:

Thanks for reading! Remember, I’m just a Retail Investor who is sharing publicly available information, not a financial advisor.

Happy Earnings Week!


CLOs, Reverse Repos and GameStop

TLDR:

If asked to explain the significance of Reverse Repurchase Agreements and their relation to GameStop, what would you say? Tough question, right? Until I began some heavy-duty research on the topic a few days ago I’m not even sure how I would’ve explained the phenomenon. That said, I am here today to break down this complicated topic and share with you what I’ve learned while in pursuit of a more complete understanding of how the financial markets are currently operating.

Key Definitions:

Collateralized Loan Obligation (CLO):

”Collateralized loan obligations (CLOs) are a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches. A CLO is a type of collateralized debt obligation.” Wikipedia - September 4th, 2021

Reverse Repurchase Agreement (RRP):

”A reverse repurchase agreement conducted by the Desk, also called a “reverse repo” or “RRP,” is a transaction in which the Desk sells a security to an eligible counterparty with an agreement to repurchase that same security at a specified price at a specific time in the future. The difference between the sale price and the repurchase price, together with the length of time between the sale and purchase, implies a rate of interest paid by the Federal Reserve on the transaction.” - New York Federal Reserve - September 24th, 2021

Secured Overnight Financing Rate (SOFR):

“The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.” - New York Federal Reserve - September 24th, 2021

London Interbank Exchange Rate (LIBOR):

”LIBOR… serves as a globally accepted key benchmark interest rate that indicates borrowing costs between banks. The rate is calculated and will continue to be published each day by a Clearinghouse (business name redacted), but due to recent scandals and questions around its validity as a benchmark rate, it is being phased out.” - Investopedia - March 14th, 2021

Alternative Reference Rate Committee (ARRC):

”The ARRC is a group of financial market participants convened to help ensure a successful transition from U.S. dollar LIBOR to a more robust reference rate, its recommended alternative, the Secured Overnight Financing Rate (SOFR).” - New York Fed - August 27th, 2021

Background:

In previous posts I have hypothesized that a prime broker, family office and supply-chain finance company were collectively exploiting a legal loophole that allowed them to shield their exposure from other prime brokers and avoid taxation through the use of a financial instrument used in conjunction with syndicated secured loans targeting distressed companies tracked on an index meant specifically for them. These financial instruments are a form of “Synthetic Collateralized Loan Obligation.”

When a 50 million-euro term loan was purchased and restructured in November 2019 the downstream impact was an unusual failure of a bankruptcy auction. This auction was triggered by the investors who restructured the loan strategically discontinuing debt payments related to it, thereby intentionally defaulting on the prime broker’s loan. Auctions like these exist because companies have Credit Insurance that pays out pre-determined amounts during Credit Events such as bankruptcies. Simply put, this auction was a classic “short squeeze” that left the prime broker, underwriter of the original 50 million-euro term loan, hodling the bag.

Furthermore, as indicated by the auction service where the short squeeze occurred, the loan was being treated as a syndicated secured one - meaning it was “tranched. When a loan is tranched it allows 3rd parties the opportunity to also invest in the bankruptcy and expected payout of the underlying Credit Insurance previously purchased by the business. Those who invest in loans that do not pay out in the event of bankruptcy stand to lose a lot of money in such an event - this is an incredibly risky form of investment.

It just so happens that, per a legal report published by the bag-hodling prime broker, the family office they had been working with preferred the exact type of financial instrument that pays out in the event of bankruptcy-related events. Due to the family office’s preference for these inherently risky, non-cancelable, high “tenor” financial instruments that were “invented” in 2010, their exposure was the highest of all the prime broker’s clients. Worth noting the average tenor of the family office’s contracts was 24 months, so when the bankruptcy auction “failed” in January 2021 and the prime broker’s insurer froze a $10bil policy that underwrote the supply-chain finance company, it’s not like these contracts became invalidated or were immediately executed on the open market - they’re non-cancelable, remember? So what happened to them?

The understanding I have come to is that these contracts were auctioned off by a Clearinghouse-owned service and were purchased by prime brokers who in this context function as clearing brokers. The clearing brokers then participated in securities lending alongside hedge funds in attempt to reduce exposure (e.g. encourage selling in order to find “hard-to-borrow” shares) of the auctioned-off assets. These hedge funds then opened short positions in companies the over-leveraged family office was long on, seemingly under the expectation the family office would experience a liquidation event in the near future, which did in fact occur during March 2021.

Astonishingly, these same hedge funds appear to have been granted the non-public privilege of concealing certain positions from financial disclosures out of concern they were being “targeted by Retail Investors” on social media. This has and continues to strike me as a false narrative invented by these hedge funds seeking permissions that would not be available to them otherwise.

Hypothesis:

Ok, so by now you might be wondering, how does this connect? What does this background have to do with CLOs, Reverse Repos and GameStop? Well my friends, it’s quite simple - this background is an explanation for how the CLO market silently cultivated a Credit Insurance bubble. The historic Reverse Repo amounts now observed on a daily basis are further evidence of this bubble given their date-driven relation to a transition away from LIBOR (which was being maintained by the Clearinghouse that owns the bankruptcy auction service) to SOFR which was formally recommended by the New York Federal Reserve on July 29th, 2021. SOFR simply provides a benchmark for interest rates based on the amount of money being housed overnight via Reverse Repos.

This transition is an amazing change for the financial markets and is forcing CLO funds to operate in the daylight instead of behind closed doors through legal loopholes.

The transition to transparency is also a possible explanation for why August 2021 saw the “most active” CLO market in history.

A few other points of interest that I discovered during my CLO research: 1. The SOFR chart had an unusual spike on the final day of the family office’s liquidation event on March 26th, 2021 2. CLOs were historically priced off three-month LIBOR, which helps to explain the volatility other popular DD writers have attempted to explain through Total Return Swaps. 3. 2020 had the highest number of defaults since 2009, which means those invested in the CLO market likely made big bucks last year. Curious considering friends of the family office saw record inflows during the same period of time.

Conclusion:

Thanks for reading! Remember, I’m just a Retail Investor who is sharing publicly available information, not a financial advisor.

Happy Earnings Week!


At this point I’m sure everyone knows

  • Bitcoin day
  • and other “pump” days I can’t name due to the rules on this sub…

All supposedly “massive PUMP” events. Yet the opposite always happens. Big money will always pre pump coins leading to events like this, to take profits when the news hits. Nothing new here, very repetitive at this point

Hold, but always remember that the majority of investors will sell the news and buy the rumor, always.

And at this point I’m sure everyone knows, analysts and price prediction charts are as clueless as they come.

Still bullish AF tho😊💎


I'm putting on my tinfoil hat today

The west has a longstanding history of meddling in foreign affairs and quite a rap sheet for Latin America specifically. For example, here is a fun list of some of the coups the US took part in to suit their economic interests.

https://en.m.wikipedia.org/wiki/United_States_involvement_in_regime_change_in_Latin_America

And another list of military interventions.

https://www.yachana.org/teaching/resources/interventions.html

It's a fascinating hole to fall into if you have the time to dyor, but that's not the point here.

So hear me out, we've been hearing day in day out that the western governments and banks are increasingly threatened by the world's reception to cryptocurrency and they will do just about anything to cripple the growing adoption. Would it really be so crazy that those in power working with the banks intervened in some way? Would you be genuinely surprised that a crash on the day that El Salvador officially recognized Bitcoin as legal tender was influenced be some folks behind scenes.

This event is going to make many of these newcomers distrustful, all the while discussion of adoption around the world has been growing exponentially. We know the market is volatile, and the people should know, but the timing is all very suspicious to me and I wouldn't be surprised to find foul play in the headlines in weeks to come.

I am no scholar in the realm of politics and economics. I am not married to this theory and frankly, the idea seems a little out there, but this happenstance really got me thinking. Let's sell a little off the top for some corkboard and yarn and we can dive into it.

TL;DR: I'm not saying it was the U.S. but usually usually it's us.


Unfortunately, Bias and fear mongering is prevalent on all platforms.

Going through all the different ideas and submissions posted in this Subreddit, during last 48 hours confirms my own title, if anything. Take a deep breathe and evaluate with little or no emotion, if possible. Don't succumb to the emotional or degenerate ape.

You like Bitcoin, in the long term? - Invest, buy every dip - HODL!
You don't like Bitcoin, in the long term? - Short it, stay way or shut the fuck up!

Avoid framing a single emotion or event to your financial decisions. The Technical Analysis is the one thing that will never lie, or quite frankly never ever, let us down. It will be blunt, honest and transparent in showcasing the supply and demand.

Regardless if long or short, stay safe!


The Flash Crash! It Was A Coordinated Event To try and Discourage Other Countries In Adoption Of Crypto!

On the day that El Salvador Accepts Bitcoin as Currency a Flash Crash just so happens to occur! Coincidence….I think not!!!!!

This Flash crash was done deliberately! This was a coordinated and calculated event! This was done in an attempt to scare off other country’s from following suit and Adopting Crypto as well! This is a last ditch effort to try and put the breakers on mass adoption!

Country’s, Big Banks, and traditional Financial systems are all running scared! They should be because when cryptonians are finally triumphant and mass adoption and blockchain technology have forever changed our financial system those that defied it shall perish! Those that embrace d it shall flourish!

So I’m just going to sit here with my chips eating the dip! Waiting and watching to see the world eventually completely embrace crypto!!

Have a good evening fellow Cryptonians!


Becoming a non-resident to (legally) avoid capital gains tax

If I buy 1 Bitcoin (BTC) for $1,000 and it goes up to $50,000, that’s a capital gain of $49,000 when I sell. Now lets say I move overseas and become a non-resident for tax purposes. Under CGT Event I1, I choose to disregard the gains, so the 1 BTC remains part of the Australian tax system. A few years later, BTC hits $100,000 and I return to Australia to become a resident again.

To my understanding, this means the cost base of my BTC increases from $1,000 to $100,000. The increase in value that occurred whilst overseas does not trigger an Australian taxable event if I never sold. So if I eventually sell at say $120,000, that’s a capital gain of $20,000.

But if I had never left Australia and had sold at the same price, the capital gain would’ve been $119,000. A HUGE difference. Even with the 50% discount (i.e. a capital gain of $59,500), that's still a higher CGT compared to being a non-resident.

Now lets say BTC goes down instead. If my cost base is $100,000 upon returning to Australia and BTC never hits that price again, then any sale I make is tax-free if I’m not mistaken. In fact, I think I can even report a capital loss and use it to offset future taxable gains.

I think this is all valid under the tax laws. Please correct me if I'm wrong. Otherwise, strategically moving overseas could be an option to greatly minimise or legally avoid CGT. I based this scenario from the article Taxing Issues for Departing Taxpayers by a tax accountant. He gives an example of an Australian who moves to France, then returns to Australia. I applied this to crypto but this obviously goes for all assets.


Will Market Cap Of Dogecoin Flip Bitcoin?

The search terms for Bitcoin were high for a while, but Ethereum began to rise, eventually surpassing the number one search interest in market capitalization. In the fight between the two, Dogecoin pushed higher and surpassed Ethereum's interest a few times before finally leaping in front of the two. On the average of the past day, the search interest for both Ethereum and DOGEcoin was at the same level, which corresponds to a value of 40% and 100% respectively, whereby Ethereum has a higher value of 61%.

https://www.buyshitcoin.com/2021/09/08/will-market-cap-of-dogecoin-flip-bitcoin/

Doge is currently valued at $8.42 billion, while XRP is valued at $5.59 billion ahead of Messari. Its soaring popularity means it has overtaken XRP by market capitalisation as the second largest cryptocurrency behind Messari (coinmarketcap). Doge has recently recovered, fueled by certain prominent tweets, and has been included in the top 10 coins of the market capitalization list, where it is currently in 5th place.

Dogecoin will have a market capitalization of $7.5 billion, making it the third largest cryptocurrency after Bitcoin ($1.03 trillion), Ethereum ($3.86 billion) and Binance Coin ($9.7 billion). Assuming that the price of Binance Coins remains unchanged, Dogecoin would switch to Binance Coins at $0.77. Dogecoins' market capitalisation is currently around $6.3 billion, 75 per cent below Bitcoins' market capitalisation of $8.44 billion.

Despite the record rally, experts warn investors not to jump into dogecoin just to make money. I'd say it has a better chance than 1 in 13 of overtaking Bitcoin as the dominant crypto-storing of value, and that makes it a better investment - at least for the money you are willing to lose.

Ethereum, the second-largest cryptocurrency after Bitcoin, closed the price gap to Bitcoin last year, and many smaller cryptocurrencies have recovered faster than the price of Bitcoin. Bitcoin's price rally stalled after a stellar start to the year, with Ethereum falling below its peak. Bitcoin lost about a third of its value after surging above $65,000 per bitcoin in April, while Ethereum itself has plummeted 50% since its peak in mid-May. The rally in Ethereums has dwarfed the rise in the price of Bitcoins over the past 12 months.

After hitting record highs earlier this month, dogecoin is the cryptocurrency to watch out for. The cryptocurrency invented as a joke by Jackson Palmer and Billy Markus and launched in 2013 surprised everybody with its big names such as Elon Musk and Snoop Dogg, followed by celebs supporting its rise in price. Sign up for Cryptocodex, a free new daily newsletter that will keep you updated on the crypto market.

The market capitalization of Dogecoin (DOGE), the meme-based cryptocurrency that began seven years ago as a joke, is over, and the big Japanese video game company Nintendo followed the price rally. One can only wonder what will happen if the cryptocurrency exceeds the expected value of $1. The Doge cryptocurrency has become the latest cryptocurrency to become known as meme tokens, soaring more than 40% on Tuesday.

The gains continue the stunning rise of the meme-based cryptocurrency, which is now the most valuable in the cryptocurrency world. Barry Silbert, founder and CEO of the Digital Currency Group, predicted that the market capitalization of the meme crypto, Dogecoin (DOGE) will fall below $1 billion. With momentum, the meme token could move to stock exchange giant Binance, where the domestic token BNB currently has the second-largest market capitalization.

Dogecoin (DOGE) has entered the list of the top 5 digital assets, having jumped 15% in the last 24 hours. According to CoinMarketCap, Dogecoin's total market capitalization rose to $5.6 billion on May 4. Today it is the most valuable and valuable stable coin in the world after Tether (USDT).

Many serious crypto enthusiasts derided it as an embarrassment and a distraction. But CEO Elon Musk's statement on Twitter backed it up, and WallStreetBets hyped its current rise to the top 10 coins with the largest market capitalization listed on CoinMarketCap. In an interesting turn of events, in February Dogecoin (DOGE) became the most discussed digital asset (BTC) as Bitcoin (DOGE).

Investors and crypto fans are mistaken in dismissing Dogecoin as a mayfly, much like Memecoin. It is true that she has shown remarkable endurance and resilience, and there is a compelling story behind it. If we knew that Bitcoin would be as rich as we are today, 10 years ago we would have invested in Bitcoin along with hundreds, if not thousands, of other cryptocurrencies.

There are many alternatives and improved versions of Bitcoin and other currencies such as Ethereum, Cardano, Chainlink and others. Even dogecoin, which began as a joke, is now one of the most valuable cryptocurrencies.

With that caveat in mind, here are the top cryptocurrencies according to market capitalization from May 8 and the stories behind them. Due to the fact that cryptocurrencies are much more risky than other assets, there have been huge appreciations and devaluations of some of these top cryptocurrencies. New cryptocurrencies such as Safemoon and Chia are emerging every day, so we will regularly update the list of top cryptocurrencies.

Bitcoin has the largest market capitalization, highest coin value, and largest user network. There are currently 21 million Bitcoins and that number is shrinking as more and more people invest in them and demand for them grows. While Dogecoin has no such limits, its supply is infinite and it has a network of more than 100 million users. This is one of the most important aspects to consider when considering the way the cryptocurrency is going.

It is recommended to carry out due diligence and proceed with caution prior to any investment. A study in this area and the study of market behaviour take us a step further. Studying the past performance of a cryptocurrency can help investors predict their future. This will help them determine how the cryptocurrency will behave in certain situations.

https://www.buyshitcoin.com/2021/09/08/will-market-cap-of-dogecoin-flip-bitcoin/


Rollercoin is an online bitcoin mining simulator in which you can mine real bitcoins for free without paying for electricity - get a 1000 satoshi now!

Rollercoin is a game that you compete with your friends, who will have a bigger farm to mine bitcoin, ethereum or dogecoin. Аll you have to do is register and customize your avatar, then you're ready to start the race.

The best part is that this game does not require depositing money to grow your farm, it is enough to play games, raise enough money and buy your first miner.

Once you have collected the sufficient minimum amount (about 4-6$) you can withdraw your money to your personal wallet. You can take 1000 satoshi which will help for the development of your farm. They are equal to 0.00001 BTC.

1000 FREE SATOSHI HERE

It is now possible to progress faster with the new in the game "Event Pass", if you do not want to give real money, there are also free prizes such as, acceleration of production by 1 Ph / s for 1 day and 3 days, as well as 2 Ph / s for 7 days and other gifts.

If you wish, you can develop your mining farm with real money, this is optional!

1000 FREE SATOSHI HERE

There are also daily offers that offer a limited series of miners, as well as discounts for miners up to 60%.

Hint:

At Rollercoin you will never mine at a loss because you will not pay for electricity! The game is made you always mine to profit!

If you decide to invest the money you earn in miners, you will start earning more.

The cheapest miner costs only 2.6 RLT which is 2.6$.


Rollercoin is an online bitcoin mining simulator in which you can mine real bitcoins for free without paying for electricity - get a 1000 satoshi now!

Rollercoin is a game that you compete with your friends, who will have a bigger farm to mine bitcoin, ethereum or dogecoin. Аll you have to do is register and customize your avatar, then you're ready to start the race.

The best part is that this game does not require depositing money to grow your farm, it is enough to play games, raise enough money and buy your first miner.

Once you have collected the sufficient minimum amount (about 4-6$) you can withdraw your money to your personal wallet. You can take 1000 satoshi which will help for the development of your farm. They are equal to 0.00001 BTC.

1000 FREE SATOSHI HERE

It is now possible to progress faster with the new in the game "Event Pass", if you do not want to give real money, there are also free prizes such as, acceleration of production by 1 Ph / s for 1 day and 3 days, as well as 2 Ph / s for 7 days and other gifts.

If you wish, you can develop your mining farm with real money, this is optional!

1000 FREE SATOSHI HERE

There are also daily offers that offer a limited series of miners, as well as discounts for miners up to 60%.

Hint:

At Rollercoin you will never mine at a loss because you will not pay for electricity! The game is made you always mine to profit!

If you decide to invest the money you earn in miners, you will start earning more.

The cheapest miner costs only 2.6 RLT which is 2.6$.


Rollercoin is an online bitcoin mining simulator in which you can mine real bitcoins for free without paying for electricity - get a 1000 satoshi now!

Rollercoin is a game that you compete with your friends, who will have a bigger farm to mine bitcoin, ethereum or dogecoin. Аll you have to do is register and customize your avatar, then you're ready to start the race.

The best part is that this game does not require depositing money to grow your farm, it is enough to play games, raise enough money and buy your first miner.

Once you have collected the sufficient minimum amount (about 4-6$) you can withdraw your money to your personal wallet. You can take 1000 satoshi which will help for the development of your farm. They are equal to 0.00001 BTC.

1000 FREE SATOSHI HERE

It is now possible to progress faster with the new in the game "Event Pass", if you do not want to give real money, there are also free prizes such as, acceleration of production by 1 Ph / s for 1 day and 3 days, as well as 2 Ph / s for 7 days and other gifts.

If you wish, you can develop your mining farm with real money, this is optional!

1000 FREE SATOSHI HERE

There are also daily offers that offer a limited series of miners, as well as discounts for miners up to 60%.

Hint:

At Rollercoin you will never mine at a loss because you will not pay for electricity! The game is made you always mine to profit!

If you decide to invest the money you earn in miners, you will start earning more.

The cheapest miner costs only 2.6 RLT which is 2.6$.


Rollercoin is an online bitcoin mining simulator in which you can mine real bitcoins for free without paying for electricity - get a 1000 satoshi now!

Rollercoin is a game that you compete with your friends, who will have a bigger farm to mine bitcoin, ethereum or dogecoin. Аll you have to do is register and customize your avatar, then you're ready to start the race.

The best part is that this game does not require depositing money to grow your farm, it is enough to play games, raise enough money and buy your first miner.

Once you have collected the sufficient minimum amount (about 4-6$) you can withdraw your money to your personal wallet. You can take 1000 satoshi which will help for the development of your farm. They are equal to 0.00001 BTC.

1000 FREE SATOSHI HERE

It is now possible to progress faster with the new in the game "Event Pass", if you do not want to give real money, there are also free prizes such as, acceleration of production by 1 Ph / s for 1 day and 3 days, as well as 2 Ph / s for 7 days and other gifts.

If you wish, you can develop your mining farm with real money, this is optional!

1000 FREE SATOSHI HERE

There are also daily offers that offer a limited series of miners, as well as discounts for miners up to 60%.

Hint:

At Rollercoin you will never mine at a loss because you will not pay for electricity! The game is made you always mine to profit!

If you decide to invest the money you earn in miners, you will start earning more.

The cheapest miner costs only 2.6 RLT which is 2.6$.


Rollercoin is an online bitcoin mining simulator in which you can mine real bitcoins for free without paying for electricity - get a 1000 satoshi now!

Rollercoin is a game that you compete with your friends, who will have a bigger farm to mine bitcoin, ethereum or dogecoin. Аll you have to do is register and customize your avatar, then you're ready to start the race.

The best part is that this game does not require depositing money to grow your farm, it is enough to play games, raise enough money and buy your first miner.

Once you have collected the sufficient minimum amount (about 4-6$) you can withdraw your money to your personal wallet. You can take 1000 satoshi which will help for the development of your farm. They are equal to 0.00001 BTC.

1000 FREE SATOSHI HERE

It is now possible to progress faster with the new in the game "Event Pass", if you do not want to give real money, there are also free prizes such as, acceleration of production by 1 Ph / s for 1 day and 3 days, as well as 2 Ph / s for 7 days and other gifts.

If you wish, you can develop your mining farm with real money, this is optional!

1000 FREE SATOSHI HERE

There are also daily offers that offer a limited series of miners, as well as discounts for miners up to 60%.

Hint:

At Rollercoin you will never mine at a loss because you will not pay for electricity! The game is made you always mine to profit!

If you decide to invest the money you earn in miners, you will start earning more.

The cheapest miner costs only 2.6 RLT which is 2.6$.


🔥🔥 Purchase BTC – get BTCMT for free 🔥🔥

📆 On September 7, Bitcoin will become the legal payment means in the Republic of El Salvador! That is such a great event for the entire crypto industry.

🔷 The photo on which the President of El Salvador, Nayib Bukele, claiming, every adult resident of the country will receive $30 in Bitcoin on their particular wallet app, was all over Twitter.

🔸 That led to a flash mob: Celebrate the legalization of Bitcoin in El Salvador by purchasing this cryptocurrency equal to $30 on September 7th.

🥳 It’s a huge step to adoption, so our team is encouraged too. We will give a free BTCMT token to everyone who purchases Bitcoin equal to $30 or more! At Minto, we also decided to support this large-scale event for the industry and give a free BTCMT token to all those who purchase Bitcoin equal to $30!

📍Participation is simple:

  1. Purchase BTC equal to $30 in the period from 6 September 2021 (00:00 UTC+0) till 14 September 2021 (00:00 UTC+0)

  2. Send us a message in Twitter (@btcmtofficial) or Telegram (@mintosmm) containing your transaction hash (TXID) and an address of set up HECO wallet* where we will transfer a BTCMT token

* Check our tutorial to find out how to set up a MetaMask wallet for HECO https://medium.com/@btcmtofficial/how-to-configure-a-metamask-wallet-to-heco-mainnet-39c5d1f3ee23

The first 1000 enthusiasts will get a 1 BTCMT token to start mining for free! 🚀

BTCMT is your chance to receive mining rewards avoiding all the difficulties of traditional mining, besides saving you time and nerves.

It is cool to buy Bitcoins, but mining them with Minto is even cooler!