Messari 2022 Crypto Industry in Research Technology (2)

Chapter 4 U.S. Cryptocurrency Policy

Cryptocurrency policy has changed rapidly. The exchanges and storage bags have been under the supervision of various administrators across the world, and the token team has been working as a security guard from the start. However, governance has entered a phase of rapid growth in the past six months, particularly in the United States. When the market value is over $ 3 trillion, it is tightly regulated, and cryptocurrency politics becomes the key to survival.

This fall, the Financial Services Commission (PWG) issued a statement on stable currency, urging Congress to pass a new health care bill that "complements the bill." "Different rules". Biden's construction costs are passed while handling the catastrophic nature of the "worker" and the pursuit of the privacy policy entered into the KYC rules. This extension will increase the burden on the individual. The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, chairman of the US Securities and Exchange Commission (SEC) many cryptocurrency assets.

The United States is not the only country struggling to find equality in the development of good cryptocurrency policies. As noted in the previous chapter, China has banned cryptocurrency transactions in general to prevent “negative capital expansion”. India's attitude has been more open, but it has exposed its aggressiveness to cryptocurrencies. Israel has announced dystopian financial statements that require the public to report any asset valued above $ 61,000 (crypto privacy = terrorism).

For example, the Financial Services Agency of Japan has set up an agency to resolve DeFi governance issues, Portugal is looking for new cryptocurrency creators who are unable to fund crypto tax returns -currencies, thus avoiding foreign income from the collection of taxes. In the United States, cities like Miami and Wyoming are still developing cryptocurrency havens.

Although they do not believe in financial management, it seems that most countries are committed to the advancement of digital banking start-ups (examples will be presented in the next section).

As a starting point for an in-depth study of the law, the situation in the United States is first described as follows.

1. Staging: American battle

“It's a fast growing industry. She grew 1.5 to 2 times faster on the Internet in terms of adoption. As a politician you said silly, 'Oh, we don't need that.' -Novo (D)

"America accepts cryptocurrency to make money or to ban and destroy it." - - TBI (R)

In recent months, cryptocurrencies have been seen as a 'political watchdog'. Considering the attractiveness and global potential of cryptocurrencies to Democrats and Republicans, this is a success.

However, a few months ago, I noticed an issue. I would say this as a political right-winger, and also as someone who has helped 'monovotate' through the hardships beyond the devastation of the 'middleman' of the Summer Bill infrastructure. (an elector).

In fact, Republican regulators (so far) seem to have given much thought and thought to cryptocurrencies. The members of the Financial Security Council elected by this year's leaders and other key members of Congress have all been removed from their posts. The Senate. He is your best friend. Every smart person knows the value of Senate friendship in a growing industry.

What we really need are crypto advocates like Democratic Senator Ron Wyden. Because the leaders of Biden or the success of the party obviously don't have many friends and maybe they don't even have friends. . Senator Elizabeth Warren is one of the most powerful senators in the financial services space, which hates crypto and other Democrats who are also hostile to it. Maybe we have to thank these people for not following a lot of laws. For that would not be very good and there would be no good reason for the wickedness of progress.

An open letter from young freedom activist to crypto supporter Elizabeth Warren highlights the importance of cryptocurrency to the democratic process. Cryptocurrency not only democratizes financial services, but also promotes integration, enables the use of technology exchanges, delivers benefits to those in need, and its methods of prosperity can boost taxes and green investment. .

We need to get the support for this technology as soon as possible because we don't want to lose the US economy. It will determine whether American policy can have ten years of development as in 1990, and other Western countries will gradually follow in our footsteps and decide whether or not to create a bank for the CBDC scenario of international digital currency. According to Balaji's estimates, the current situation in the United States is unlikely and there could be racial segregation with the Balkans. But Punk6529 needs to get close to me and fight as much as we can in America and win.

For the remainder of this chapter I will write: a) Participants and key issues that need to be addressed in US law versus b) For issues that need to be addressed, financial stability and bank risk, financial protection and taxes. exemption; Trade Fraud and Surveillance c) Technically there aren't two FUD issues (panic, uncertainty and skepticism): security policies and privacy d) Some little things are that we were at war for a long time in Washington.

2. Staging: real risk and self-control

We must at least maintain integrity when we are fighting the best. There are many important ways to build relationships with decision makers and eliminate them before something goes wrong.

Market Risks: User encrypted accounts are not recognized by the FDIC and may be vulnerable to hacker attacks, business disruption, and theft. On the other hand, if the user loses his key or the wrong finger, he can lose his device forever. Management services should educate their users on cryptographic risks and best practices.

Fixed Yields / Loans: Bank executives can't keep up with the cryptocurrency boom with monetary policy, and they can't give loans as a last resort. It's a work. However, it must be recognized that crypto undermines financial management in some areas (Argentina), and these models only accelerate on assets such as Bitcoin as units of account (El Salvador). The Fed is losing control over cracking down on the Eurodollar (Tether) system or smart adoption agencies like the USDC and Paxos.

Bank Consolidation Risk: A visit to a bank by a cryptocurrency company always carries a risk of failure for the bank. The flows and flows that flow into the “real world” are the arguments that businesses simply have to survive. Many compliant and franchised cryptocurrency banks need to avoid the risk of closure and the risk of people gaining access to the platform.

Security Protection Security Protection Security: Illegal hacking activity was only 0.34% of the cryptocurrency market (lower than TradFi), but the unlimited and anonymity of cryptocurrencies makes restrictions and blacklists difficult or difficult to manage. Consider the price people paid in the Terrorist Wars, the Drug Wars, and the Corona Wars in political zeroism, crime. The rules of the cryptocurrency market are very dangerous. We must continue to reduce crime and at the same time emphasize that the potential surveillance of the blockchain is very easy to regulate.

Harassment: Anything if the government finds out that you have reported unauthorized encryption, or if you believe your privacy is not being disclosed, or if you believe there is an unreasonable exchange of objectives. The biggest tax compliance issues are due to incomplete documents and confusing documents. Therefore, the exchange is responsible for filing income tax returns on behalf of consumers.

Risk of Security Fraud: Cryptography is risky and immutable. While the initial war tail effect often sacrificed latecomers for money, that didn't mean cryptocurrencies were 'Ponzi scams', but that cryptocurrencies were turned into technological processes. that have been affected by the cycle of hype and bubble formation like trains and the like. Internet (no “bubble” appears, then ten times in the four-year cycle). The challenge we face is to reduce data asymmetry and promote disclosure based on assurance, community standards and a safe living environment.

Privacy: When discussing privacy concerns in an exchange, you may not be able to come to an agreement. Both the advertising of competitors and the presentation of self-regulatory policies are inappropriate. Provide a research certificate. Otherwise, I'll see you in court.

This list is not exhaustive, but it does address important issues. Before delving into these questions, it is also necessary to understand the concepts of financial soundness and government oversight. The good news is that while I was exploring the NFT gorilla this summer, my brain damaged uncle was still cosplaying in Washington (when the world currency met the NFT Summer, the canned food from Washington) .

Regardless of Congress, we will now focus on the regulators who define, develop, and implement cryptocurrency policies in the years to come.

3. Structure: management of the Financial Stability Commission (FSOC) and the Securities and Exchange Commission (SEC)

In the United States, cryptocurrencies are in the hands of the Financial Supervisory Commission (FSOC) and 10 voting members. There is also the Federal Reserve (Fed), the Treasury, the Commodity and Commodity Futures (CFTC), the Securities and Exchange Commission (SEC) and the Office of the Secretary of the Treasury (OCC). ), Federal Insurance Insurance (FDIC), and Consumer Financial Protection Agency. Bureau (CFPB) and other agencies do not deal directly with cryptocurrencies.

The FSOC is a product of the Dodd-Frank Act (Dodd-Frank), which is responsible for identifying risks and threats to the financial system. This means that they have the legal right to react to new technologies such as encryption. . The task force is made up of the treasurer, whose chairmanship is to ensure there is no blind spot in the US financial system. The impact of the FSOC is truly global, as the United States represents 38% of the global financial market.

How each governing body adheres to our response policy will be discussed in the next chapter. First, we need to understand the current state of each governing body in the crypto field to understand the direction of future development.

*** Financial: *** Stephen Mnuchin is not a friendly cryptocurrency, but Janet Yellen is strongly against cryptocurrency and FSOC colleagues support his involvement. During the real estate battle, Janet Yellen sponsored crypto broker clauses Its property tax payments led the IRS to unveil cryptocurrency insurance plans going forward.

*** US Securities and Exchange Commission: *** Gary Gensler (Gary Gensler) is a talented and knowledgeable politician who has called for various efforts to regulate tokens and crypto exchanges. . Relying on police photos, they like to be watched by the police. He has been recognized as playing a key role in monitoring fixed assets and urges government officials that these assets are “fixed assets”. Hester Peirce had to drop a bomb to protect us from our 'keeper' Gary Gensler.

*** US Commodity Futures Market: *** We lost Priest Cryptocurrency Chris Giancarlo (endorsed by BTC Futures), Heath Tarbert (endorsed by ETH Futures) and Brian Quintenz (at least). It goes with a16z). . President Rostin Behnam is a member of Gary Gensler's former CFTC team. None of the working groups are familiar with cryptocurrencies now, and the job doesn't get done quickly. Is it the cost of the DeFi violation?

*** US Currency Audit Office: *** Former Chairman Brian Brooks recently published a letter explaining how managing a stable coin linked to the US dollar can control deposits in banks. Banks hold crypto assets. Michael Hsu, now in charge, hopes to end what he calls "banking as a service". OCC voters can be true believers, and I understand that the bank strives to maintain a stable income as a bank.

*** Consumer Financial Protection Agency: *** The Consumer Financial Protection Agency is the child of Elizabeth Warren, who hates cryptocurrencies and wants the Consumer Financial Protection Agency to crack down on " abuse ”of cryptocurrencies. New chairman Rohit Chopra has listed stable coins in key areas of the review team.

*** Federal Deposit Insurance Corporation: *** President Jelena McWilliams told the audience of the 20/20 Fund: It also focuses on supporting the development of technology and governance. “Thanks to Jelena McWilliams for her voice! Unfortunately, the Federal Reserve has played a smaller role in cryptocurrencies compared to other organizations. I told Jelena to point out that regulators are no good. .

Washington's crypto alliance is expected to become operational next year.

4. Crypto Alliance

There are 5 major players in cryptocurrency rights in Washington, mostly sponsored by companies. Community involvement is minimal except for cryptocurrency funds linked to Twitter which can provide public support in major battles (such as domestic law). Although not perfect, their performance this year has improved a lot, relative to their weight.

** Token Center: ** An OG assumes a reservoir around Bitcoin where producers and cool books come together to form a small group. They all focus on education and public relations, engage in the hospitality industry, and like to focus on all forms and legal issues (such as privacy, social media, sound, and why crypto currencies are important and need to be adjusted). Corner chooses its own battle.

** Blockchain Association: ** The best blockchain association backed by a large, fast-growing, lobbying and aggressive cryptocurrency startup. They also need to balance member egos and onboarding, which is a challenge for any business organization, but can be especially dangerous in a crypto environment. Ripple is a member, as is Messari. Binance US has become a member, but this is causing problems in Coinbase. However, the Blockchain Association is still the best and only the strongest this fall (see Christine Smith, Chapter 2).

** Crypto Innovation Council: ** The new venture capital organization was led by a strategy led by key sponsors but with a small process. You have enough money, but you have too much to do and not enough time. This means that the team will be more involved as a cohesive partner than the actual organization in this cycle before it is put in place.

** a16z Service Policy: ** Many of the best employees and consultants, major investors, developers and generalists of Crypto Funds represent the main portfolios of the group. Politics a16z. Considering the threat they face, their path to “go through the emergency process” is worth the trouble. They provide a good start to the Web3 policy. It's not clear whether Washington used the 16z rule to really help people or decide its new tactics on the West Coast, but given their ability to act quickly, their success is paramount for this category.

** Digital Chamber of Commerce: ** I love this chamber. I have already applied. They are one of Washington's oldest rights groups. They have a good team and they have done good research. I don't know all the insiders, but there are differences between the Chamber of Commerce and the other group policies mentioned above. So I don't talk about it.

There are other eligible groups to see including DeFi Financial Education and Future Competitions. Some tools still exist (related to Congress) to help with the right to participate. I have expressed this need and will personally support foundations with integrity. Messari will also invest in policy research.

We are looking for leaders to guide the work ethic. (Join the battle, free for Binance Center, please join the Blockchain Association)

5. Thame Setting : director the « scrambling »

Unlike traditional religious or political protest streams, cryptocurrency traders and investors want a smarter crypto policy. We don't want this technology to disappear under American rule.

do not mistake yourself. So far, cryptocurrencies have benefited from a single, clear governing body and regulatory framework. The exchange complained that it was spending too much money to meet the requirements of the Department of Finance, Securities and Exchange Commission, Commodity Futures Trading Commission, OCC, and the Department of Justice, but it was is about similar commercial costs. Fintech currency transmitter. “It's mostly profitable because cryptocurrencies thrive (obviously) in the gray area.

Next year this gray area will be more black and white, and we need to plan ahead when collecting the news. In decision making, the cryptography process can be included in 7 key questions:

Establish Financial Security Through Stable and Prudent Trade Agreements (Federal Reserve Bank / OCC)

Set up KYC / AML self-defense procedures (FinCEN)

Clarify tax laws and change the IRS.

Establish a secure environment for community administered tokens (SEC)

Introduction of DAO as the new National Assembly

Supervision of unified exchanges (tsim "Web3 Committee")

Authorize national and local hearings (Court / Credentials calculator)

Congress likes short words, and the above can be called SPECIAL, or “special bill,” and can include anything. S: Stablecoin, P: Privacy, E: Tax Return, C: Safe Harbor Community, I: Unified DAO Combined DAO, A and L Usage: American Web3 Council Local Experiment.

A law that seems reasonable is a big request of Congress that doesn't matter. But it is essential for the economic competition and national security of the United States, and it allows both sides to support it and to allow the government to obtain more taxes. Changing places, a stupid policy will waste our start-up and push the technological ecosystems of change abroad.

In the next six sections, we'll discuss some of the areas where cryptocurrency leaders and regulators agree, some of which are needed. However, policy makers ignore these ideas and come up with "solutions" that are incompatible with the objectives of the law, making people very frustrated.

6. Risks associated with the Eurodollars thiab cryptocurrency system

"Crypto is a new shadow bank, but there is no consumer protection or financial security backed by existing processes. You turn a straw into gold." - The devil

The first is the biggest problem we face. Rules for fixed coins tied to the US dollar are doubled for regulators.

First, there are concerns that venture capitalists have helped create a digital dollar market outside of the current financial landscape. For some it is true.

Cryptocurrency is like digital money. After the bank kept the U.S. dollar and distributed the money to the ATM (in the case of cryptocurrency, exchanges), the whereabouts of the money were somewhat unclear. It can be 'uncollected' in the cash market and when someone hands it over to the bank, the bank will track the deposit to a managed account (all monitored). Cash management is generally a FinCEN / IRS issue. The protection of financial transactions and tax compliance are the responsibility of the Ministry of Finance. However, as the currency's stability improved, the Fed became increasingly confused by the risks posed by its growth.

Cryptocurrency starts out with $ 3 trillion in asset class, over $ 150 billion in fixed coins, over $ 5,000 billion in annual transactions, and more, stable currency exchanges. It will affect both the law and the management of corporate income.

Stablecoins supports high-profit banks and dollar denominated currency recovery companies with high interest rates to weed out TradFi's partners and competitors. DeFi loans and TradFi (commercial bank) loans follow different rules, but banks don't think that's fair. For years, banks have warned regulators that the world's first fintech, now cryptocurrency - "same business, same risk, same care." “By similar banking standards, this reflects the needs of banks. Management was concerned that DeFi's 'risk-taking' would affect banks. The money themselves hold the deposit.

The position of FDIC President McWilliams is slightly different. He believes cryptocurrency trading outside the banking industry should be encouraged on its own to avoid operational risk. But that's what makes the modern cryptocurrency market different. Until now, most fixed income securities and loans have been fully secured by loans. The key is therefore the audit reserve and solvency.

As discussed in Chapter 5, concerns about loan security and savings behavior are justified (as BlockFi's Gray Trust is exposed). We need to know what assets are supporting Tether, USDC, Paxos, etc., and we need to understand the big loan solution, whether public or private. We should have met a few years ago and made it a priority to look at the focus. This is because it can manage the risk of additional adversity without legal restrictions and regulate stable currencies such as USDC and Paxos.

Another way to have a clear vision of governance is the big constraints which seem to limit the total amount of fixed assets. That is what Senator Warren is claiming. He nicknamed it the "Wildcat Bank" (a market joke from AIG's chief risk officer, causing a loss of $ 185 billion at the time and affecting the economy as a whole), many facts from the product of many years is not seen. Unregulated and unsupervised management related to cryptocurrency exchanges and banking services.

Of course, you can find a digital bank account, but this method is time consuming and hassle free. Our medium-term banking strategy means that we believe we are protecting the Old US Treasury from competition while providing a better, faster and more efficient economy. The question of "crypto Euro" will now be more serious. Foreign banks have created euro benefits for businesses that are not affiliated with domestic companies or US banks. Control of terrorism could slow the growth of cryptocurrencies like Tether.

Your best bet is to integrate cryptocurrencies directly into the US market.

7. Integration of smart crypto bank

“These products are considered to be used by bank users. However, unlike real deposits, they are not guaranteed by the FDIC. In practice, users repair things like bank deposits. However, unlike real deposits, they are not guaranteed by the FDIC. When investors start to worry that they will not be able to withdraw their money, it can cause the bank to malfunction. "- - Reserve Governor Lee Linus, New York Federal Reserve

Another problem that cryptocurrencies pose for policymakers is the impact on the banking industry. For lawmakers, including cryptocurrency exchanges in the banking industry will make more sense than opening cryptocurrency to traditional banks.

Stablecoins are a new force that improves the integration and integration of the US dollar and ultimately makes exports in US dollars. It has also become a staple in some stores. For example, the operation or violation of Tether could have implications for "real" markets such as the paper market, and the USDT has no value in the United States.

On the other hand, providing a full cryptocurrency storage license fixes some important issues. These "crypto-banks" can apply for payment access and FDIC insurance, giving the Federal Reserve greater oversight of the crypto industry, and these "crypto-banks" are allowing banks (offshore and domestic) " weak ”. the entrance.

In return, putting cryptocurrency into TradFi Bank's balance sheet can be a dangerous idea. Standard banking procedures will not be compatible with cryptocurrencies. Avanti CEO Caitlin Long pointed to significant differences in recent comments to the Fed. Given the stagnation of cryptocurrencies and the state of actual payments, as well as the current needs and state of daily payments, how can banks hedge against these “bank run” risks in one? day ? Cryptocurrencies do not have a reversal. Can the Fed accept it? (Incorrect delivery, replacement of personal items, etc. is not possible)

From the perspective of the cryptocurrency market, direct mergers and acquisitions of securities provided by banks by financial institutions will help reduce the risk of not working once: the notion of 'real world' tides and troughs .

It's a big job for anyone. Since the start of this year, Silvergate's book value has more than tripled from $ 300 million to over $ 1 billion, and its stock value has more than tripled since last fall. By 2022, we expect more new crypto banks (such as Avanti) to become unicorns.

8. Cryptocurrency is not good for (bad) business

People who say "cryptocurrencies are for terrorists" are wrong, and the ignorant people who deliberately make mistakes will keep gossiping. As mentioned earlier, according to Chainalysis data, illegal transactions accounted for only 0.34% of the crypto industry, which is lower than the violation rate in the “management” finance program. Among these financial services, banks have always been an anonymous and tax-exempt money laundering channel.

At the same time, cryptocurrency exchanges have always been a key ally in the fight against crime. Binance recently helped cut the ransomware cluster by $ 500 million. Most hackers now understand that white hat hackers can make more money than black hat hackers. Those who don't understand this past gold or laundry work, like this $ 610 million Poly network hack this year, will soon find out.

This appears to be a weekly warning that cryptocurrencies, when used for counterfeiting, can be disclosed to plaintiffs. Black service traffickers could not escape jail. The police can only get more help and better equipment. The Treasury Department is asking for more funding to track and combat crypto crime, and the US Department of Justice has established a crypto governance body.

Using cryptocurrency for criminal purposes is more likely to be detected than for cash fraud. There is one exception (and one acknowledgment): ransomware. It is a serious problem that poses a great risk, and there is no good solution. This means that even if cryptocurrencies are 'wiped out' on a global scale, the ransomware used by cryptocurrencies will still exist and cryptocurrencies will be the black market capitalization. The current problem is small and we need to ask business and government action plans to dramatically improve safety.

Cryptocurrency is not a panacea. Like all new open source systems, terrorists can use it too. This does not reduce its cost. The State Department seems to have agreed, by paying anonymous cybercrime journalists in cryptocurrency ("dangerous" but valid).

9. Tax administration and inventory tax

Truly. No one wants to pay more taxes than they should.

Tax laws are tough enough, and the decentralized assets of cryptocurrencies, the lack of trading standards, and evolving financial standards make it particularly difficult to track and consolidate funds. I understand why we are so stuck in the "hardworking" language of the court process and how the Union measures cryptocurrency development based on $ 28 billion in "refunds" even though they were not disclosed. . Get that number.

Cryptocurrency accounting is a nightmare. It doesn't matter how much it is about tax returns. Cryptocurrency traders rarely have tax exemptions and even struggle to keep their data clean.

For example, here are the common problems (all of which are catastrophic) with revenues over $ 10 billion:

If there is no withdrawal exchange history in the last 90 days, it is nearly impossible for the wallet to identify the refund and track the amount below.

No business history or business history prior to 2020.

Orders are not counted and completed, so each order can retrieve 100 changes, and each trade must be disclosed on form 8949.

Currently, the tax preparation software does not have a short eye tracking function because it destroys the commercial certifications of some programs.

In addition to the above, there are also issues that require the depreciation of illiquid airdrops or forks, removal of hard DeFi loads, or segmentation of seigniorage or NFT stocks to be explained to the IRS. America is now considering taxing false profits! So other than the so called "protection traders" how can this affect the cryptocurrency market?

While the cryptocurrency tax report raised concerns about the Fourth Amendment making research inappropriate and epileptic, the August amendment should be considered to prevent tax investigations. . We believe that cryptocurrency users will appreciate this trusted adware as it allows them to share income, switch wallets and wallets, and decide to sell debt and tax losses when tracking their spending. .

We have to pay millions of dollars, hundreds of hours and a dozen high blood pressure each year to collect our taxes. At this point, nothing hurts taxpayers more than being criticized by Washington insiders. nce.

TaxBit is not a company with a market cap of $ 1.3 billion because cryptocurrency users refuse to pay their debts. It's a unicorn business because it keeps people from going crazy.

In 2022, a wave of mergers and acquisitions will take place in the field of cryptocurrency tax accounting. Because the exchange saw the unknown and will follow the new tax rules set out in the "broker" section. That is, it is very necessary). Unfortunately, we believe that at least one crypto tax company will lose money and sell it to the US government at a different pricing model as a payment for finding insufficient funds.

I also hope the IRS finds a little more explanation for the many cryptocurrency tax collection issues (but I already know that is not convincing). One thing we do know is that this could be the last year where we could use cryptocurrency to 'clean up' the gap.

10. To Gary Gensler: Are you part of a scam or deception?

This year, I frequently interviewed Gary Gensler, the current chairman of the China Securities Regulatory Commission, on Twitter. Now we are going to work harder. I thought he was a liar. Let me tell you why.

Before unloading the cargo, I firmly believe in the intention of the United States Securities and Exchange Commission.

It only protects investors from data asymmetry in market capitalization.

Ensure fairness and profitability of financial transactions.

It supports investment in the United States.

The same goal supports what we do at Mesari.

We specialize in setting up and preparing huge cryptocurrency data, level data mining landscape, outlining the risks and opportunities of this site, and finally new investments, new partnerships, new management strategies, etc. Support decision making. . In my 2017 article, I talked about the self-discipline of EDGAR and ICOs that require cryptocurrency. Hester Peirce's Safe Harbor and Open Framework scripts are similar to the cryptocurrency community trials.

Yes, I am a fan of this work. As long as I have tokens, I have to do it full time. It upset some people, but I still want to say it. I personally protect investors from the effects of data asymmetry, which is better than the United States Securities and Exchange Commission. By law, Messari would always win the SEC in a key position.

We are not against the spirit of the security policy, we are not against their access to cryptocurrencies. The United States Securities and Exchange Commission (SEC) appears to have attempted to recognize its authority over all cryptocurrency markets, including the Web3 protocol, exchanges, financial markets, and even stable trading companies. However, before giving these rules, you should take a look at your cryptocurrency management options. There are three types.

Allows cryptocurrencies to explode and pay off with little care.

Strict application of security laws for cryptocurrencies and innovation of restriction tokens.

Accept the cold and harsh climate and wait for Congress to introduce new procedures, governance measures.

Liberals will love # 1. The chairman of the United States Securities and Exchange Commission seems to like the second. Pragmatists will love # 3.

# 1 cannot meet management's demands to refuse a force it can apply. There is no political election for the abolition of leadership, and the job of Congress is to clarify the beginning and ending process. But with Congress in the midst of a conflict, intellectuals can gauge whether current measures are working. Is it a matter of supervision when it comes to the United States Securities and Exchange Commission? Or do I need a new idea? Let's see how the Securities and Exchange Commission (SEC) works.

Gensler feared enough for his counterattackers, and the crypto creators left the scene from 9 p.m. to 5 p.m. to join the 24-hour cryptocurrency war. Cryptocurrency has the obvious advantage of interest, as the manufacturers here believe their reasoning is justified. Is the policy of the United States Securities and Exchange Commission worthy of respect because it blocks the independence and innovation that could boost Wall Street and the stock market, or help artists, gamers, musical beats and others to create harassing business owners?

Given the size and complexity of cryptocurrencies, the operation of the United States Securities and Exchange Commission (SEC) is itself a difficult, expensive, and time-consuming game of sexual harassment. When they provoke an argument, they will face old friends who are now making more money for other groups. Think what it would be like to challenge a former president in a great law.

When they win, victory is the result of their failure. Their most important solution is the incredible that Block.One faces the constant sale of $ 4 billion in EOS tokens in 2017. This event is certainly on a promotional billboard. in Times Square. EOS token sellers keep their income and reuse it for up to $ 10 billion (plus EOS sales income!) For further personal trading. Token holders were given the opportunity to access a cracked and expensive network, and former developers were forced to quit EOS to make it "safe". At the same time, Block.One changed its financial history for the market.

Are the staff satisfied with this "victory"? Catch them

A project applying for a license from the Securities and Exchange Commission has been hit by a brick wall. The involvement of the SEC can damage an item, spend years and millions of dollars in legal fees for nonprofits, kill the item before it leaves, or sue a household member for judgment. Nobody trusts and shouldn't trust the United States Securities and Exchange Commission (SEC) in the cryptocurrency space. (Others can't tell, but I can.)

The SEC's interpretation of the scalability of cryptocurrencies does not work.

You might say, "Give Gary a chance!" This is only his first year on the job and he works with a lot of importance. He didn't take the Ripple case, but Jay Claton did. It hasn't affected the Bitcoin ETF for 8 years and eventually passed the ETF. He didn't write the DAO statement, he didn't solve the Block.One case, and of course he didn't write Howey's theory. It only works with the old tools because Congress has not fixed the cryptocurrency problem.

It's just. Let's look at his current work.

** Crypto-Crypto ETF: ** In Chapter 5 I will explain my feelings about the toxic Bitcoin ETF. Now, it should be noted that the 8-year delay in the US Securities and Exchange Commission (SEC) deal means that investors lost 800 times as much in value of treasury. This is a blow to the capital building responsibilities of the United States Securities and Exchange Commission.

It's not Gensler. The problem, however, is that future ETFs have been given priority. These ETFs generate 5-10% of the hidden value of their "contracts" each year (which is good for Wall Street), and the ETF's location is modeled after the largest in the world. Commodity exchange (SPDR Gold ETF). Why recommend a special model instead of a better option with 80% lower cost and 40 times more fluid? Well, Gensler wanted to transfer the role to the CFTC (the agency that will oversee Bitcoin in the future) and argued that Congress should give it oversight of the cryptocurrency market and its exchanges. It is about robbing workers and the gradual entry of cryptocurrencies by organizations. This is because very few joint ventures choose to keep toxic and expensive products in their budget in the future. When Gensler refused to acknowledge the truth, he committed suicide.

** Safe Harbor: ** Hit the safe area of ​​Hester Pierce. Pretending to be ignorant and lying to Congress is another matter. That's what Gensler did in October when asked about Safe Harbor directly by Congressman Patrick McHenry. He uses deception to stop responding (see for yourself) and McHenry kills him by questioning him further! ".

PM: “Have you checked Safe Harbor? "

GG: "The costs are not verified."

PM: "Have you inspected the Pierce Commission lair?" "

GG: "We often talked about certain issues."

afternoon. “Specifically, have you checked out Safe Harbor itself?

GG: “I spoke from his perspective on Safe Harbor.

PM: "Senator Serkis, please tell me."

SS: “President Gensler, I didn't listen to x talk to Director Peirce. Answer the damn question: Did you read the article itself? It is 8 pages long and is concerned about data asymmetry in the cryptocurrency market. worry. Have you read it? "]

I know I am naive. But if you're in a critical position and want the industry to trust your instincts, you shouldn't lie to Congress that you know the key, loud, clumsy, unnecessary to take your place. ten-year plan.

No Action Relief & Reg A R등록 :Three years ago, Bill Hinman, a member of the United States Securities and Exchange Commission, suggested that under the cryptocurrency network's new measures, it would become a "sufficient decision" for the exchange to 'assets does not represent openness. to the right. Even these operations were carried out through token sales. If Safe Harbor is not satisfied, the United States Securities and Exchange Commission can provide advice on how to become "fully decentralized" or at least apply the Reg A process to obtain tokens for trade.

Do not hold your breath. The product was discontinued in August this year after announcing $ 21 million in 2019. Standard management, we have no hope for the future. The process itself. Now it is ranked # 75 by the cap market, but it is uncertain whether users will come can read data and trade tokens in the United States Liquidity Hopes for Coastal Trade How to Authorize Reg A Carry And Gensler expect new operations to continue to name this method and discuss with the United States Securities and Exchange Commission?

** ATS Stonewalling: ** Gensler's most unfair move now has to do with the bad trade phrase “Come on, talk to us”. Coinbase CEO Brian Armstrong called on the US Securities and Exchange Commission to "find" the decision and explained in writing why the commission refused to meet with the company to handle or blocked the new loan request from Coinbase.

This behavior is very serious. Coinbase and other exchanges have struggled to comply with the rules for years, with some even taking on the broker. It is the United States Securities and Exchange Commission that has the problem with the broker request. years ago. See what lawyer Collins Belton says.

It is not a surprise! Gensler himself once said that oversight cannot include cryptocurrency exchanges and the way forward should be done by the exchange staff! ("Will they also be allowed to sign up? Without those 200 exchanges, the world would move on. Someone else would be in that seat. I know it's possible, but it can be done."

Warning: disasters have occurred and only the National Stock Exchange can trade cryptocurrencies. It's obvious. Also, crypto experts don't trust this guy because he's crazy and we don't have a name for the skin. We know for sure who he is.

We have also learned that the practice of contacting the United States Securities and Exchange Commission in Ripple Court is being used as preventative evidence. Gensler recently told the Securities Enforcement Forum: come in and chat. We will use it against you and refuse to discuss the explanations. Yeah, Gary.

Peirce points out (of course) that the SEC's invitation to crypto investors is an absurdity given to the SEC's policy-centric approach. Another market firm [and] wait ... wait ... wait a little longer Give us a slow pace in determining how regulators interact with cryptocurrencies, industry participants will be surprised to see: . I was at the scene with a police weapon and I don't think Poloniex was registered or exempt. "This is why he is the only director of the United States Securities and Exchange Commission who has all the means to trust cryptocurrency.

Anti-press ETH:The United States Securities and Exchange Commission (SEC) also secretly protects cryptocurrencies. They raised the bar for Bill 40 funds ($ 30 trillion mutual fund and ETF market) to determine the risk of non-Bitcoin crypto securities like Grayscale's ETHE. A chief financial officer said his company had agreed to own ETHE through the regional office of the United States Securities and Exchange Commission (SEC). A few months later, the SAR office called with a list of attorneys and said, "Actually, we haven't blessed crypto security outside of the Bitcoin trust." Several financial attorneys have acknowledged that the United States Securities and Exchange Commission has always been a threat to non-Bitcoin security, a significant challenge to Hinman's previous assumptions that questioned Ethereum's public claims. Even Bitcoin doesn't like it. Only the eldest.

** Stable Results: ** The most obvious theft power we've seen includes Gensler, which has helped keep the market stable. He cleverly changed the name from "stable currency" to "stable value" for the US security market. Fixed payments, overseen by the Council, pay taxes to this community. Honestly, compared to his other job, I don't have much of a problem with that. As mentioned earlier, the solution of a joint venture in a bank would be better than promoting a stable coin with fewer paperbacks or other commodities.

** America Crypto vs. China Stnks: ** I know that "some doctrines" are bad. It is a factual argument. However, when Chinese companies deliberately proclaimed the right to publicize free trade on the US stock exchange, US cryptocurrency innovators were not given the same patience.

The Public Securities and Exchange Commission (PCAOB) is responsible for overseeing the audit of trading companies and managing the list of foreign companies by the US Securities and Exchange Commission. Did you know that 95% of the company's list inspectors are in Mainland China or Hong Kong? You know there are China Petroleum & Chemical Corporation, China Mobile, JD.com and other companies over $ 10 billion, as well as small companies with over $ 1 billion in IPOs like as iQiyi, Pinduoduo, Nio and Tencent Music.

Gensler gave these companies three years to comply with the PCAOB guidelines, but did not accept the port of cryptocurrency for three years. I hope you are joking? The difference is that Wall Street is funded by one group rather than another?

** Who protects, who the hell? ** Cryptocurrencies are starting to signal the demise of the '40 rules' of the 80s and previous rules for certified investors. These policies prevent users from earning token rewards. They keep companies from going public until their growth spurt is self-imposed. Things like investment company fraud rules don't stop it. (I saw it for myself.) Income and wealth for recognition are in their own specialty and racism. Of course, anyone who marvels and calls Satoshi Nakamoto "him" while avoiding and asserting the infamous name of "president", will appreciate the prestige of cryptocurrencies in the community got help. Not sure about TradFi. To the right?

A naturally competitive band (13% of free details have been called with 21% of the merchandise and transgish commission continued Hard work. When the encrypted phone is too encrypted by one item, Parent-style style style especially especially ", and a higher amount of money again to earn more money than the duties. The act of business is good. It is the end of the equal to those who are not available in history.

(Source: Bitcoin Case)

That's a lot of evidence for Gensler. However, "liar and deceiver" is a word that refers to violence. Can injustice and injustice be the cause?

No, it is not a matter of ignorance or ignorance. It is his abilities and ambitions that make Gensler terrible and disgusting. He is a key figure in the $ 120 million acquisition of Goldman Sachs Group. As the former Chairman of the United States Commodity Futures Trading Commission, he knows how the political system in Washington, DC works, how to polish his CV, fight hard and make a name for himself in the media. As a former cryptocurrency expert at MIT, he is more familiar with the technology. He's smarter than most in the Washington DC legal circle. He is very intelligent and very prepared.

Let the role of the Securities Regulatory Commission fall to hell. He looks after the whole booming industry as he enjoys the process of ascending to treasurer.

I have consulted with professional, knowledgeable, prominent, and highly qualified professionals from the United States Securities and Exchange Commission (SEC). I won't name their names here (the reason is obvious now ... I don't want them to be in trouble), but I respect them, and in a perfect world, I want to do more for us. .. Collaboration Close partnership.

Gensler keeps them away. He's a liar. US investors and US Securities and Exchange Commission staff need to improve.

11. Ripple vs SEC vs Safe Harbor

What can I say ? I am not a fan of Rooibo. In cryptocurrency, I call the companies Jekkyl and Hyde. Save time, pay bills, and send tech, but shady MLM-level businesses and retailers are throwing away secret XRP content. If you've been in the cryptocurrency space for a long time, you'll know that Ripple CEO Brad Garlinghouse and I haven't traded Christmas cards. But since the day the SEC ruled on them last fall, I've always supported their victory over the SEC because it could have been disgusting and dangerous in the first place.

We learned from a Ripple court that the United States Securities and Exchange Commission failed to notify Ripple or its partners that the digital currency company, XRP, is a safe haven, despite three years of meetings with top management. 'business. , until the start of the infringement. This alone is very convincing. I'm not a lawyer, but I know that joining a business for three years and then taking legal action without notice is not a good way to create a law for a new business.

Significantly, unlike many other crypto tokens, XRP is a real resource and has been used legally for cross-border payments. In "Found Your XRP" I published an important article three years before SEC policy (this article protects investors from 95% of XRP appearing after my article). Edited above), I described the problem.

"XRP can increase its ability to be used for 'fundraising' ^, and can be used as a stored asset by schools that don't trade certain perks multiple times (for example, finding a foothold outside the intermediary bank XRP's "freebies" can be used If Bank A in Africa does not frequently trade with Bank B in Latin America, what can they do to resolve the problem? gets part of the XRP cookie process, this can be easy. Banks can earn by saving money and maintaining XRP early on, and the network can be gradually decentralized. It doesn't seem, but it can be. "

In review, I did not object to the company's use of XRP, but to the options to expand XRP sales, deliberately highlighting limitations while supporting multiple XRP (due to expansion / of counterfeiting). of the exchange of the coast at the time (the number), and often. Dirty business of the company, and the company deliberately (and still does) all the transactions and sales involved with XRP. Since the insiders discovered that thousands of dollars in tokens were sold each year and that the tokens were already considered part of the “shipment,” they tracked the funds and adjusted the XRP value of the transaction accordingly. We have found that insiders sell millions of dollars in tokens every year, and the tokens are considered part of the "shipping exercise." two worlds "of assets.

It's just a safe harbor. This asymmetry provided by XRP would be lost if Ripple complied with the Peirce Group's pending notice of application.

* (iii) (D) Provides sufficient information to allow a third party to develop tools (such as a blockchain or distribution system) to identify the history of token transactions. *This will allow Ripple to support an independent branch block explorer.

* Previous sales. On the day of the sale, the number of tokens to sell before relying on the port security notice, prohibits the exchange of tokens for sale, mark and receipt of the order received.* This is all of Ripple's sales history, including off hours and joint ventures.

(v) (B) a description of the tokens or token rights held by each member of the initial development team and any restrictions on the exchange of tokens held by such persons;This follows Chris Larsen's Brad. Garlinghouse, continued sales with Jed McCaleb and affiliate sales at the base.

* (ix) Commercial partnerships. Describe the key industries or areas in which the development board is involved, and the stakeholders who are or may be, directly or indirectly, involved. The description should determine the nature of the exchange, the stakeholders, the basis for becoming a participant and estimate the value of the funds involved in the exchange. . * As above.

At Safe Harbor, Ripple spent three years developing an export and distribution strategy. It would be a rule necessary for development and innovation. The company still faces legal action because it regularly withdraws its reviews or because Ripple and its management are fraudulent and do not violate security records.

The policy of the Safe Harbor policy should be to eliminate crooks and crooks through transparent selection. Participants in cryptocurrencies have big goals and rewards, promote secure innovation at the local level, promote network sharing with tokens, and pursue big ideas without interfering with the aim of protecting investments by law. . More importantly, the development of open source models has been faster than the legal certainty of 80 years of the pre-computer era.

I predict the SEC will continue to cause problems for US crypto companies and things won't turn out well until all else fails, and Gensler will so far ignore Senator Warren's Peirce Safe Harbor request, owner of Peirce, said.

12. Privacy wars

Sadly, our digital privacy policy is a backlash for policymakers. They believe that "national security", "cleaning up the bad guys" and "taxation" will allow us to explore our digital lives without restriction. The worst part of the infrastructure policy, maintaining the "trader" conditions and the 6050i reporting rules, puts the company in a special position, which could violate its First and Fourth Amendment rights and could endanger the business. 'subject to trial in court.

In the legal infrastructure, the word “broker” is dangerous and confusing. It can be used to capture individuals writing numbers, legitimate employees, and participants involved in the management of cryptocurrencies. This information is designed so that you can monitor DeFi transactions and report tax information to the IRS. However, the "uncertainty" appears to have been deliberate as the Treasury decided to impose a property tax. In summary, the Bank opposed the amendment proposed by the Cryptocurrency Alliance as a fix.

There is of course another big fight with the 6050i, which usually requires the company to place an ad (like your name and Social Security number) when it receives more than $ 10,000 from another person. 6050i infrastructure policy amended to include cryptocurrency report. According to the Evidence of the Constitution, which first invaded the law, the new law would allow Americans to compile and publish information about their nationality, which the government cannot obtain without a search certificate under the Secrecy Act. , it's too much. .

As the Coin Center explains, Penal Code warnings in banking rarely comply with the law, but for the following reasons:

“The bank is a third party in the consumer market. Customers of the bank can send exchange information to the bank as a precautionary measure to use the services of the company. The bank and the bank keep this information for legitimate business. This is the bank. This is called the "third party."

There are no third parties in the P2P industry. However, the new 6050i version allows Alice and Bob to trade BTC and ETH and receive general warnings from each other. A misinterpretation of the 6050i in this case is that failure to follow this rule could result in a life sentence and up to five years in prison. This limits the happy medium as it makes compliance impossible in some stores (NFT art for sale). Does it keep us away from the wicked, Father?

If these two laws are not directly amended, legal action will be taken in due course.

13. Incorporer DAO (DAO Integration)

The most popular ad policy I've seen this year is 16z. In their introduction to lawmakers and administrators, they start with the reason behind “Web3”. Consumer intelligence gives owners and individual voters the independence of the platforms they use, fosters financial integration, creates an open environment for big tech companies to grow and compete, and ensures that the Internet future is free from commerce or harassment.

It resonated. It also helps focus on capture devices such as non-fungible coins (NFTs), internet connections, and data storage networks beyond DeFi and cryptocurrencies. The future of the Internet itself.

ZK Snarks Against Surveillance Capitalism

But 16z also did some important things that are unclear. They reduced the value of the tokens and gave DAO the new legal model it needed.

Sure!

The trillion dollar value of the cryptocurrency problem is "how can this be profitable?" and "how can the open internet be managed?" "

Return to top "Both the" safe safety (wanting to be valuable to investment and others) and is the safest way to change, and network benefits are USA. Use DAO Curin translated in the original form of the new company. A) "Industry around", what it is, is the company that describes the "effort". b) How to make a simple company policy worldwide. There are many differences between companies and daos, which starts starting and rules, not the call.

This is the way to go, but it also raises another question. Products have CFTC, securities have OCC, and securities have SEC. Do you still have to manage tokens?

maybe.

(Additional Resources: A16z Wins the Future, A Standard for Workers, narrated by Jesse Pollak)

14. United States Web3 Commission

In addition to stable financial management, they can be achieved through a combination of OCC and FDIC (not SEC). Cryptocurrencies are quite big and volatile. . Ironically, this controller would be like a mix of OCC and FSOC.

Regulators can target companies like Coinbase and Kraken, Anchorage and BlockFi that hold crypto storage for their customers. However, it can take on a collaborative role, collaborating with other organizations. Violation of social relations and attempted closure to maintain power.

The U.S. Web3 Commission may work on Hester Peirce's use of secure sites and submit fraud information and provide good credit to the US Securities Commission. You can work with the CFTC on the supervision of the DeFi store and the rules of permanent trading. We can work with the US Internal Revenue Service to develop a tax code to address the 1099 problem in cryptocurrencies. We can work with the Internal Revenue Service and other agencies to develop new tax standards for DAOs.

More importantly, it may be ahead of new cryptocurrency stocks that we haven't yet considered or have yet to emerge. What about privacy, timeless information, creative politics, and other issues in blockchain and meta-universes. How do you take responsibility and oversee DAOs and other regulators?

Coinbase announced the integration of regulation / SRO into their recent deal, and I think they described the product very broadly.

Create a new framework for digital assets that includes the unique characteristics of digital assets.

Set up a specialist manager to resolve digital asset business issues

Avoid scams and scams in these stores

Encourage collaboration and competition

The significance of this is that Coinbase has added interaction (by preventing the location of currency exchanges on wallets and making sure there is no pain in “exiting” the exchange). Brian Brooks also said Congress is implementing a non-discriminatory cryptocurrency policy (no special treatment for TradFi and DeFi).

An organization like AW3C may be the only one that doesn't oversee the cryptocurrency market for the United States Securities and Exchange Commission or push cryptocurrency overseas. There will be rules here, and the Treasury and FSOC appear to have relied on Gensler. The “new” school will help identify the US base of cryptocurrency as a new paradigm (online medicine!), Teach smart rules, and provide tax and compliance information.

Unfortunately, I think the probability of this becoming true is >

15. War between Indigenous Peoples and the Meta World

There are big plans for this. really. The state of Wyoming is doing a good job of making significant changes in the cryptocurrency industry and DAO politics. Markets are starting to compete with each other to become the cryptocurrency space. I love that New York City teaches a bit of battle and my two favorite cities, Austin and Miami, are already safe areas. I also really believe that in a world where there is no physical solution, we have to be careful with virtual devices. We must strive for an open meta-universe world. In the physical and virtual realm, we have to struggle on the verge of decentralization.

But I want to stop here for two reasons.

I am tired. This chapter is quite long.

I don't want to forget my first sentence. Here in the United States, particularly in Washington, the danger could not be greater. We can win and experience another hot age of internet users. Otherwise we will be lost and the future will be bleaker.

The country won't let you escape Uncle Sam. That's not how it works at all. We have to win Washington.

16. Nothing Is More Punk Than American War Cryptocurrency

At the end of this section, I will delete the most recent posts from Punk6529. We encourage you to read all of Punk6529's Gold Points while on vacation. Between this report and Punk's SMS, an incorrect version of the “Federalist Secret Document” appears.

Alright, I have to ...

1. Bitcoin Futures ETFs are government backed junk.

The Bitcoin Futures ETF, approved in mid-October, is not good for non-Wall Street investors. Although the nominal price is only 65-85 principles depending on the Bitcoin model and continued volatility and the long-term bullish model of the market, this profitable product can cause boy companies to lose almost 5-10% of their assets. hidden. annual subscription.

Bloomberg also pointed out that "cryptocurrency printing has reopened." The price of a short contract is always higher than the market. This "spread of blood" resulted in a direct loss for Wall Street producers and a direct fall for ETF holders.

Arthur Hayes has written an article on how these functions work in plain language.

Such a future model would be appropriate for ETFs that track physical commodities such as fuels. Problems and costs kept, and result confused?). However, for assets like Bitcoin, similar patterns are strange. Having a healthy trading platform and a Bitcoin wallet, a mechanism that is easy to physically maintain for investors in the future! We have known from day one that the new Bitcoin ETF is a loss. In order to see what the market is doing, we only need to look at ETFs of products with similar patterns. USO oil futures have fallen 38% over the past five years, while core assets have increased 62%.

(Source : Bloomberg, Joe Orsini)

Raoul Pal explains it best.

If there is a silver lining here, then (ironically) Raul is right.

Wall Street favors valuable commodities and views ETFs as good, but they don't allow participants of those commodities to participate. Like piglets entering the trough, are BITO and others finally allowing banks to get involved in the cryptocurrency industry? Benchmark trading provides free funds to follow strict controls. Do you think this can be a good thing in the long run? At the same time, if someone else is not the winning broker, they become the Coinbase merchant. Not a loser in BITO / BTF / XBTF.

Ben Thompson also pointed out that at least now we know the value of net training. The value of contango / merchandise returns of hundreds of millions of dollars does not make sense, unless it is "oversight". In this crazy situation seeing ETFs is a cheaper option and Gary Gensler won't be approving ETFs anytime soon (see last chapter).

Since Wink Ivos Twins created their first ETF app, free market trading has missed the 1,000-fold increase in the Bitcoin market. They applied to the ETF in mid-2013. Today, they can still lose 10% per year on Wall Street… and there is no room for growth.

The total cost of these products will be less than 1%, but in 2022, the contract withdrawal price will be above 5% (75% confidence).

2. Goldman Sachs Gary and the Redemption Company

The ultimate reason Gary Gensler is both a con artist and a con artist is about his idea of ​​protecting investors in the cryptocurrency industry has to do with Grayscale's Bitcoin Trust / GBC product, which is still the most misunderstood of all cryptocurrencies.

I will do my best to briefly explain how it works, but it will be easy to explain and will have many pages. those

Oracle information is public, but it takes knowledge to know what you are watching.

This is what I see in the data.

I'll try a brief explanation of how it works, but the description is as short as 15 pages. Information on these deposits is public, but only those with previous experience will be aware of what is presented in this form.

First of all, you need to understand the organization's statement.

GBTC is a site-based, trusted grayscale Bitcoin trading platform. The trust holds $ 40 billion in bitcoin, with an annual rate of 2%.

Gray is the founder of Faith and supports families like Faith.

Greyscale is a supporter of trust funds and has supported many similar denominations.

Digital Financial Group is a parent company (100% owned) by Grayscale.

Then you need to regularly understand the differences between gray stocks and ETFs.

In an item-based commodities ETF (eg Gold GLD), the total value of the commodity equals the net asset value (“NAV”). If ETF demand ever exceeds demand, the dynamics of NAV will prompt investors to buy bitcoin, send bitcoin in trust to develop new products, and then sell new types of open market. When the stock value is

This is not the case with Grayscale Trust Company.

The GBTC stocks you see entering the market today due to the uncertainty of the law.

The Grayscale Participants (another DCG agency, Genesis World Trade) raised funds for their investment trust from recognized investors and, after a six month period, calling it Rule 144, traders can access public markets. - List newly created GBTC shares on the stock exchange (not on the New York Stock Exchange). I call it quasi-ETF or sidedoor ETF or Faust industry. It sounds like an ETF, but it's true:

Six months later, the public float slowly reached the retail market.

There is no exchange to get your bitcoins back by exchanging the following. The last point is very important. We'll see later. It is an investment.

Rule 144 skepticism paved the way for certified traders to enter the Grayscale Trust and then move on to the retailer, reaping huge benefits over time. For a long time, the demand for publicly traded Bitcoin products exceeded commodity prices, GBTC products are simply legal tender, and the SEC has attracted other ETF offers. This profitable open market is a good example of Grayscale's confidence, and early investors made a lot of money on their spreads. Thousands of dollars in total on the stock market value and with the tacit approval of the United States Securities and Exchange Commission.

GBTC Premium lasts longer than most people realize. However, the crowded grayscale trading went badly because investors were able to enter the Bitcoin market. New products were created to flood the market in the first quarter and now continue to enjoy significant discounts.

(Source : ycharts)

If this is a real ETF, keep in mind that there are no fees and guaranteed investors will not sell to investors in a few years. It also means that a huge (now permanent) discount on its asset price will be closed when investors choose to buy back GBTC trust shares. in exchange for 15% of the bitcoin market. It has a higher cost and will be worth doing until the differential capital is closed. The Commission has refused to license an ETF to continue punishing trapped investors, hoping to recover property that won't come, paying a 2% annual grayscale royalty.

But for grayscale traders, there is a third way and a way out!

While Grayscale cannot "continuously advertise" new products and buyouts at the same time (slammed by the SEC in 2016 !!!), they can comply with the Reg M buyout. The announcement of the new product has been delayed during the GBTC discount period. The point is, if you've been expecting insane volatility and our mistake in the SEC, you're right. Gray can find it at any time, but has no obligation to seek reimbursement from Reg M. Thus, the day after the ETF futures approval in October.

Greyscale said some facts are true, but not all. “Paying off Reg M 2016 is tough. That's why we left work.” and “GBC investors are in an open market. Liquidity tries to fill the asset gap by converting trust funds into ETFs,” he said. this ..

Grayscale views asset management as a function of leverage in its ETF exchange with the United States Securities and Exchange Commission (SEC). Bigger is the SEC's ETF conversion plan, but more importantly, it determines the $ 1 billion in approved BIT trains and the ongoing investment to be made in the Building Rest in California now. As the founder of BIT, Greyscale is the final arbiter.

ETF data transfer (they did it)

Work Payment RegM Payment (no)

Liquidation of trust funds (yes, yes)

At the same time, every purchase from DCG-GrayScaleGBC itself is not to show confidence, but to prevent members from transferring money from one bag to another out of anger. They have no incentive to grant restrictions.

Can you blame them?

The SEC turns a blind eye here. Gensler is an accomplice. It allows a difference of $ 6-10 billion between GBTC and the company's debt trust. ETF "pure" in grayscale that it will not leave the SEC with a speed of 0%. "We will not buy back the ETF until it has been approved by the SEC" bodes well to avoid any backlash. The traders lost money and Gensler and Greyscale won because it was so difficult and people didn't mind.

This allows us to see "news" frequently reported by DCG this year, with the announcement of the GBTC's approval to return. (As of this writing, he's made a $ 400 million deal, but accepted $ 1 billion.) It's not a show, it's a risk-free choice.

Uncertain traders believe that DCG can achieve a variety of assets (this does not provide a measure of reliability), but the real results are: a) Converting to ETF, GBTC income at par and DCG knew GBTC gains. b) AUM then, DCG "personal payment" (in grayscale) controls the 2% price for GBTC shares, or c) finally starts the Reg M or liquid Bitcoin and Bitcoin redemption service at face value.

After writing this article last month, the lawyer said, “These cases go to court, especially if Greyscale is still paying the bills and not using the discounts. It's possible. Please. Remember. responsibility: "Okay, but remember. They can say they are taking action to make a difference. This comes from the buyout and demand for ETFs. of Grayscale's new beliefs, which seem to be improving.

Challenge: Barry Silbert is the father of Gary Gensler. (100% confidence) Gray wins and always criticizes the SEC. GBTC does not have Reg M or ETF targets (95% confidence), so the average discount on an asset's price is 15% (75% confidence) and investors can suffer big losses. . .

(DCG's recent $ 10 billion valuation further proves Barry is the second-largest investor, and also provides insight and legal asymmetry in tax revenues of around $ 1 billion annually.% Reduction) )

3. Loans

Unfortunately, managing stable coins and mortgages is good for business. As we start to see some of the assets that VCs and lenders have put on their balance sheets this year, we've lost some high positions. Grayscale stock included!

Tether can have many assets (see later in this article), but Blockfi assets are larger. I will choose their fault. a) I think it is safe because there are treasures there. b) they are already in the perimeter of control (because they are related), c) they are in a bad deal. caught. (So ​​you can see it's not just an idea.) They have a lot of money. (hence the app is not trustworthy), e) This is all public information.

Here's what we learned about BlockFi in Q1 ...

Block announced in January that BlockFi's revenue by 2020 will be less than $ 100 million, of which about $ 30 million will come from GBTC fees paid for grayscale transactions and $ 55 million from business loans. . BlockFi, along with three companies, is one of the two companies and has accused Greyscale Trading of undermining the SEC's 13G expansion. As of February 11, BlockFi had $ 1.7 billion in GBTC assets and unrecognized revenue of approximately $ 150 million. A few days later, the value of GBTC against NAV began to drop 25% within two weeks. Despite the fact that Blockfi failed to turn a profit at the time, it immediately went down from $ 100 million to $ 150 million down.

The company announced Series D revenue of $ 350 million a few weeks later. coincidence or increased creditworthiness? I think it's old, but the ad seems to be going fast.

Is BlockFi the main reason that ultimately broke grayscale commerce? Appropriate descriptions for what happened in February are:

As GBTC rates fall and prices rise over time, BlockFi risk groups may want to reduce their position. Given the risks of BlockFi (this risk will increase further as the value of Bitcoin increases), a project's performance may lead to negative sales until the BlockFi team is vulnerable. The company's underwater activities are kept in the bank and a recovery strategy for current investments is put in place.

Indeed, as of June 24, BlockFi has removed 45% of these sites, which means that they could still be worth over $ 1 billion in GBTC which was not announced and kept this asset experiencing the loss of 10 %. 2% gray price control and deposit interest on BlockFi.

It's true!

BlockFi will survive, and even if their jobs are lost, their account balance will absorb the shock. Maybe BlockFi pulled out of the deal altogether (I don't believe so) or made a bad bet with other DeFi bets and bank loans. However, it should also be noted that the disclosure of financial information by third parties poses a risk to more than $ 10 billion of cryptocurrency borrowers, of which there are currently 500,000 vendor sales. (This also indicates the issues GBTC will face when it reverts to NAV. Whales will take 2% of their value and ask the ETF to approve or sell a refund of more than 90% of the NAV. .)

Now that we know about the sausage factory, we can say that today the market for cryptocurrency lending is similar to short term cryptocurrency. Blockfi's risk is greater.

Matt Levine wrote some great questions about Coinbase loans and emphasized the importance of the issue.

As we said in the previous chapter, we must keep the advice! Keeping a lot of risk on the balance sheet is a little silly. This can lead to serious problems, do not disclose archives or loans and do not expect developers to respond. Proof from the lender and the trustee is required.

I think we've talked about this in the past, but I think cryptocurrency lending will be scrutinized strictly this year. The B2B sector (the main source of credit unions) will be good, but credit unions will not be popular in the United States until the end of the year.

4. CeFi vs. TradFi

I still think people don't really get it. Banks, conglomerates and large financial management companies. All of them are accessible in cryptocurrencies, and many more products will be released in the near future. But then the game started too.

Only brute force, regrouping and collective purchases or the like, the cryptocurrency company "CeFi" has won and will never return to Wall Street. Risk management for all companies protects TradFi organizations by improving their business knowledge and human resources, but in a limited way to prevent long-term competition in the crypto financial management space.

Of course, there will be innovation teams, crypto and media leaders, but crypto firms are bigger, faster, tighter, and have nothing to do with managing TradFi controls there. is 50 years old. The pond can only move in one direction with the encryption. Here, we are still in the early decades of migrating financial, technological and creative skills to crypto.

Traders won't go to Goldman Sachs for inappropriate loans until they turn to the creatively content blockchain company, which has generated $ 100 billion in loans in less than 2.5 years.

Going forward, choose Binance or FTX, not CME. Before joining Coinbase Institutional, they had not yet studied Fidelity (the university now ranks 10th in the top 100 financial institutions according to users). The FDIC uses Anchorage to efficiently manage its bank accounts.

See NFT in FOMO: OpenSea

5. Ed. CEX

Decentralized Forex growth is still crazy. These rules generally provide users with a better experience (asset, efficiency) than their centralized counterparts and absorb the products of international trade. Good answer. at the same time last year). For long-tails and new blended assets, DEX's strength will continue.

There is a full chapter on DeFi and we will discuss DEX in more detail in Chapter 7. Until now, we will continue our discussion of large scale centralized cryptocurrency exchanges.

There are three basic steps today. Our main "new" exchanges are Coinbase, Binance and FTX, where the importance will depend on the new product and management capabilities. Then Kraken, Huobi, Kucoin, Gemini, OKEx and Bitfinex are in the "packaging market" camp, but if any of us fall or stagnate, "this exchange may still be the first." There can be a healthy balance of joint ventures between the rising and falling groups. There are also regional winners: Upbit from Korea, bitFlyer from Japan, Bitso from Latin America, CoinswitchKuber from India and Luno from Africa.

Here, we plan to announce only the first three exchanges. If that puts you off, you can write your own end of year book.

We now have a poll on Coinbase. If you want to know more about it. I also mentioned some good points in the Emilie Choi section. Incredible development, first-mover advantage, "free trade" based on the first crypto IPO, liquid devices that can be used to eliminate additional costs (which has proven to be beneficial for their consumer equipment), exchanges the more modern top Stable management of the exterior. But perhaps the most interesting thing is their Web3 plan. I have been following their Coinbase and DAO portfolio plans regardless of their future NFT trades.

Binance is the largest with the most extensive exchange of three majors. It might be too big to do, but you need to clean up your image control. Around many years ago they were killed all over the world, and CZ looks like a ready-made person who finally decides after an exam like a baccalaureate. Isn't it necessary to accept the government as a businessman at this time? Maybe Singapore? They can be so important that laws must be obeyed by agreement rather than private negotiation. Management issues have brought some performance to the company. Everyone's talking about Coinbase and FTX this year, and the BNB token, which only accounts for 20% of currency gains, broke the $ 100 billion mark for the first time this fall.

But if you want to know the direction of the line, I would point you to FTX. There is a lot of talk about Sam Bankman-Fried this year. The richest people are under 30. beneficial altruism. Sizechad model. To be honest, it's worth it. FTX was amazed and generated $ 25 billion in revenue with less than 100 employees in less than three years. They are the biggest company in history, ahead of Coinbase, Stripe, and even Binance, and have done so in the competitive cryptocurrency market. Here is what I did in 10 easy steps!

Use your investment and your credit to become the best trader on BitMEX.

Trade with our sister chairs at the start of FTX.

Traders create products for traders such as leveraged tokens and token stocks.

Encourage early adopters by using tokens due to high exchange rates.

Buy BlockFolio's largest mobile platform.

Become the second largest donor in the world for a future presidential race.

It is estimated that US $ 500 million has been spent on sports for the industry to build brand awareness.

Select the Layer 1 blockchain policy to help you measure your DeFi (Solana) ecosystem.

Use it to become the god of the first Bitcoiners who wrote outside of Ethereum.

Take a bite.

If Web3 allows every trader, FTX and others to trade online. By 2030, we will see several trillions of cryptocurrency exchanges. (Learn more about Messari Pro: FTT, BNB, COIN Standard)

6. Encrypted securities (and OIT)

Gensler is still waiting for his team to approve an internal electronic counter swap rather than continuing to curse candidates. At the same time, the only major “digital securities” platform is Republic Crypto.

The Republic, which recently raised $ 150 million in Series B funding, seems happy to develop a second business for digital security. It can be broad and expansive. They also deserve attention as they can be major beneficiaries in the worst-case scenario where most crypto schemes are considered safe. CEO Kendrick Nguyen is not afraid of this fact. “Everything the Republicans do, everything we've been through, makes them safe by default and puts them on the foundation of existing US security laws.

But that's another Republican product that I like. This is a preliminary hearing. While crypto threats primarily come from FSOC regulators, raising money to fight fraud through litigation can be more of an investment than a financial boom.

7. Ticket holders (and ticket holders)

Surveillance is where the path between Crypto and TradFi meets. Consumer surveillance has opened the door to registration, lending, marketing and participation in management. This is the obvious area where cryptocurrency companies should be regulated (and now regulated). Over the next several years, most of TradFi's involvement in cryptocurrency merger and acquisition activities will be in terms of oversight, with most investors and network partners having access to it. Security.

Dedicated managers like Anchorage, BitGo, Fireblocks, and Ledger have all recently become unicorns due to interest in traditional currency. Coinbase Cloud (Bison Trails infrastructure) shows how beneficial the market for betting services and betting services is for these groups. They made $ 80 million in gaming revenue in the third quarter alone, and other real estate companies like Blockdaemon, Figment, and Alchemy have raised more money to comply.

8. Coinlist: global token advertising platform (excluding US and North Korea)

President Caroline Crenshaw recently attacked Peirce Safe Harbor. It has been argued that the excitement of ICOs in 2017 "will change for the better" when Pierce Safe Harbor goes live. He warns without evidence that "ICOs and other digital advertising assets have raised millions of dollars from investors, but often fail to deliver on their promises." But let's ignore it. That's a good point, because most startups don't.

What is the whole market?

In fact, tokens are sold as a better investment than Standard & Poor's. Sales of eye tokens increased by around $ 20 billion. Binance (BNB) alone provides 5x of its total investment. Here are the actual numbers based on the top 15 token sales projects in the market.

That's $ 350 billion in value created with $ 500 million in private equity ... more than enough to cover almost 20 times the loss of every person lost. This does not include the market value of the $ 550 billion Ethereum created in 2014 and $ 18 million in crowdfunding income. For token sales that don't perform well, don't send at all, or are fraudulent at all, a safe haven may place “unregistered” issues in a fraud case.

It is wrong to claim that tokens as a category are not good for traders. If so, it is a complaint with the United States Securities and Exchange Commission. Traders want and need change for today's market. Participation in the token market at almost every level of diversity has always been earned. Taking Mason's recent CoinList sales analysis as an example, this also criticizes Crenshaw's comments. The United States is only second behind North Korea on the list of countries that don't include participation in most parts sales, but here are the real benefits of investing $ 100 in the top 20 sales.

(Source: Messari Pro: Sale of CoinList against ETH)

The only question in this review is whether the performance of coin investing is better than ETH, but more efficient. During the test, only two tokens were exchanged at a price lower than the value of the coin list. One of them is Props. The decision to comply with the advice of the Securities and Exchange Commission and the security restrictions imposed by Reg A made the network unusable and subject to actual damage. Another option is placed on Coinlist customers. If you invest $ 100 in each Coinlist sale, you could earn $ 150,000 by contributing an additional $ 2,000 to the SEC-approved project, including a 100% rating.

This is racist and should make the current administration of the Securities and Exchange Commission think you are angry.

To make matters worse, Coinlist, an Angelist fan, helped streamline the JOBS Act to simplify existing laws. It was recently sold to US investors, but raised $ 100 million out of $ 1.5 billion.

This facility is designed to facilitate compliance, usability, integrity, and long-term decentralized token sales of US platforms. The SEC followed closely.

9. Knowledge management

If you want to join the fight against cryptocurrency as an entrepreneur or partner, but feel like a Western policeman working hard to restore order at the border. , the cryptocurrency regulatory skill game is a good start. Leaders in low cost management are at the forefront of our protections and often act as a bridge for effective and efficient executives across the aisle. (Katie Haun at 16z was a government attorney before joining the Coinbase board!).

The status of public blockchains has opened up, so it would be good for these companies to help police catch money launderers, tax evaders, and criminals (and why). Performance improvement tools give us confidence in our claim that public blockchains make cryptocurrencies a dangerous tool for counterfeiting. They are the ones who kill the FUD.

This has been a great year for solutions like Chainalysis (Coague, Benchmark, $ 100 million from Accel, market value of $ 4 billion) and Elliptic ($ 60 acquisition from Evolution and SoftBank). . million) and Ciphertrace (from ThirdPoint) (US $ 27 million). The same is true for tax solutions. TaxBit became a unicorn organization ($ 130 million in Paradigm, Insight, and Tiger Global). Encrypted data and management platform, SEC Killer and Superhero Factory Messari, also had a good year (up $ 21 million at Point72 Ventures and all major U.S. crypto exchanges).

You don't have to be a traitor to enjoy the fun of the cryptocurrency house.

10. New payments

Again, this can complete the map on its own. We plan to remove more content or expand it to stable products as needed for further expansion.

To me, the greater expansion of cryptocurrency payments may be obvious. Stablecoins are exploding. Over the past few years, the Bitcoin and Ethereum markets have grown exponentially. This is great because you don't have to start the cabling from your bank interface every time you send USDC to fund your investment. It looks like these models were designed by someone who still plays Frogger in their spare time.

All of this is evident. We would also like to discuss any special adjustments we've seen this year, including Consolidated Payments, Unbound Payments, Second Payments, and Consolidated Payments. integrate with new customers such as collaboration. I want to support my investment project of this angel. Since these companies are tokenless and a killer paid infrastructure company, their transaction volume has grown vertically this year.

Salary (Juno). For many years, I have discussed the need for cryptocurrency financial solutions. These tools are easy to integrate with major payment institutions, allowing employees to receive similar cryptocurrency payments while complying with tax regulations. I use Juno to pay for my cryptocurrency and have also recommended Juno to the mayor of Miami. (How does this increase investor value?

Superfluid: I like Superfluid. In early 2015, we were the first investors in Streamium, a Bitcoin streaming payment company similar to Lightning before Lightning Network (Streamium switched to OpenZeppelin). In Bitcoin today, Strike offers similar solutions. But my favorite of the Ethereum streaming payment options. Superfluid can manage listings, payments, giveaways, or other flow transactions, and enable ongoing and timely payments. Multicoin calls it network spending.

Second payment (Gitcoin). Well, “Gitcoin has tokens and I am (unfortunately) not an early trader. However, they are the first major task to join the second payment, the cryptocurrency killer model. Gitcoin is scalable (a community that votes for consensus rather than a board of directors), is open to controversy, independence and advocacy rather than launching a 'good citizen' fundraiser. This is how the DAO treasure will finally be able to open the balance well.

Blocking. Before cryptocurrency, I found a free payment company. When I first entered the field, I was thinking of changing this concept to apply to crypto assets. It was too early, but my argument has not changed. Free cryptocurrency research tools have two benefits for donors. You can avoid taxable income on the “freebies” you give and gifts. This year, Giving Block has gone beyond the idea by bringing it to the fore. They will donate over $ 100 million and are just getting started.

Emerging markets (Valiu). Most of the developed countries still use security funds for approval. This may change slowly as inflation climbs to 6%, but it is already true that those in emerging markets like Venezuela have experienced financial and political turmoil. In order to use Stable Coins, I want to keep betting on the best return platforms that offer stable payouts in emergency areas regardless of their location on the body.

Likewise, we haven't done a fair assessment of cryptocurrency payments this year. Too big. Coinbase announces partnership with Visa and launches Coinbase card. BlockFi Bitcoin gift credit card ad. Stripe is currently recruiting a cryptocurrency group and will include Paradigm co-founder Matt Huang on its board. Mastercard works with Bakkt. Visa becomes Punk, bringing him closer to the spirit of punk rock. The whole was financed at a cost of US $ 300 million. Moonpay has a net worth of over $ 3.4 billion. This is all too optimistic. I can not accept.

11. Cryptocurrency National Security Case

One of the things that got me hooked on Bitcoin in 2013 was the “grand court” debate about the potential of the US government. I believe our national leaders will not be able to effectively resolve the issues in the process, mainly due to our collective bargaining and the unfair media nature.

This demand has become a reality. Deep political polarization The insufficiency of the WWII stage (because no one can agree on a responsible budget) decided to turn costs into big gains with interest rates close to zero. About 40% of the US dollar in travel history has been released since early 2020. All of this led to my first debate, which has earned me over 500 times the value of Bitcoin over time. .

So it would be surprising if you know why national security, I really have the courage of the US dollar. And because I love this country, despite the dissatisfaction of many leaders. Having said that, we believe that one of the only ways out of our current predicament is to take the extra time to hold onto the world's big savings and start exporting cryptocurrencies. The digital money tools that the US Treasury trusts but can be traded anonymously (written checklist) are fantastic and will appeal to participants around the world. The closed-loop digital currency of the central bank (multiple dualism) controlled by the Federal Reserve will not succeed. Because always the national state will not invite this fine-grained foreign agent into the banking system.

Why should lawmakers accept responsibility for overseeing fixed funds? 16z is the best.

Stable governance can be built into many CBDC constraints and can simplify future financial processes by eliminating failures.

I believe the only way to keep US money as a global currency is for the US to base cryptocurrencies. As Bitcoin's liquidity increases and foreign financial institutions and governments cover the creditworthiness of the United States, we will see Bitcoin and other forms of cryptocurrency shifting reserves and national debt. Or you may find that digital bank accounts with strong financial policies are having an impact on the US dollar. The theory behind the game here is that the US is forbidding him to change or buy it for life.

The first won't last long. The end must be.

12. AIDE

To be honest, this year I spent about 15 minutes reading the central bank account. When this idea was first proposed a few years ago, I read what I needed. Since then every word I have seen has started to turn into “Wow! Excellent! We can take care of all the finances of our citizens. »Interest Rates Are Not Right When It's Right! " I do not like it.

DCEP in China gives you special hell (ftw social credit score!). You will find that this is only the time that I have mentioned in this report. For anything other than that, I don't think China has anything to do with cryptocurrency. Enjoy. (And if you ever return to Hong Kong, it's best to keep quiet about China's territorial integrity, hoping you won't be shut down.)

China has set up the DCEP in time for the Winter Olympics in a few months, but some fear that major Western governments will see the DCEP declaration as a failure. Be reliable and try to keep up with new products as soon as possible. Of course, those with the skills to accomplish this task (meta-slavery) will fail because they will be criticized by our heads of government rather than by cooperation and participation.

DCEP, like all CCP regulatory cryptocurrencies, is the end of removing uncertainty in the governance of state investments. One analyst said the DCEP would cut investment flows to Macau by $ 600 billion.

My biggest concern is that this is only the first long term step in replacing the dollar with export earnings. If China could develop a two-tier DCEP payment system that facilitates anonymous distribution across borders and monitors the country's economy, its role would be similar to that of ZCash. The point is that instead of one pool Z address and one transparent T address, you can have two transparent pool RMBs. One is a foreign RMB pool that took care of the interaction with China, and the other is totally non-existent. The Communist authorities hold the second key to the yuan pool at home.

That said, the DCEP will soon be a key candidate for the digital euro. China is now a major trading partner for many countries, including the European Union. Giving some privacy to the digital yuan abroad can be a real threat to savings.

13. Federal Mint and Western SADC

Do not think that the Western countries think that the spirit must act. The Fed will issue an "immediate" review of the costs and benefits of its own CBDC. Fortunately, this is a game we will lose. And to be fair, we have to fall.

Our options in the United States (and Europe) include state-owned digital payment services. This approach made it possible to oversee global trade, censorship and interest rates, and deposit money to enforce property taxes or fines for a shorter period. To save money. We try to establish the drawbacks of the Chinese DCEP, but there is no mode of governance to be done to ensure its success in the West.

We will not have a better challenge and will be faster, better, better, and better, and better, and better, and better, and better, and better, and better. CBDC will be logged by the CBDC's model, CBDC will be viewed customers and even solve the relationship.

Snowden calls them SADC ("f" means "fascism") and I like the idea. The government of today is not the kind of care people trust. It would be crazy if they didn't make the effort to improve on 50% of the engagement. Especially if the government (checks and balances of the courts) can effectively 2 to 3 people register on banks today, especially if there are other better ways.

In the testimony of the Senate Banking Committee, Fed Chairman Jerome Powell seems to agree! He told the board he had not yet made a "legal decision" as to whether the benefits of CBDCs outweighed the risks. He told the board it was "not yet determined whether" the benefits of CBDCs outweigh the risks, and said a better solution might include keeping a clean list of securities.

14.USDC and Jeremy Brothers

When I start writing this report, no "Jeremy-alaer will be the world saved". But please listen to me. In fact, at first, go to Jeremy's song. Then I listened to me.

The thesis on "Jeremy as Cryptocurrency Jesus" is divided into four sections.

We need to integrate it into the entire cryptocurrency ecosystem, around high liquidity and well-managed stability. The USDC and Circle's Paxos are the same big competition today.

USDC is the only stable currency that can influence Binance, Coinbase, and Kraken (also Huobi and OKEx) and is a stronger DeFi bridge than Paxos. To absorb Tether's market share, stable gains must be present everywhere and the USDC must be ten times larger than Paxos.

Our choice as a country is to watch the DCEP replace the US dollar with global reserves, compete with China using its own full currency (I don't want a good response from the public!), Or integrate the everything .. Reserved and well maintained around the stability parts.

If the dollar loses its status as a fundraiser, it will wreak havoc on global geopolitics. I am not sure that such a change of power is peaceful.

It doesn't sound crazy anymore!

The USDC has many favorites. It already has multiple channels and can be used on Ethereum (and Layer 2), Solana, Algorand, etc. It is the most stable treasury solution on DeFi. The cycle publishes a monthly USDDC reserves report provided by our top five analysts, Grant Thornton. The founders of Circle and Coinbase (USDC) have gained trust along the way and have been committed to establishing a secure cryptocurrency payment platform since 2012. If the circle is made public through SPAC, it can benefit from the good fortune of the listed company, adding up to $ 500 million on top of its balance sheet.

If financial accounting and human resources were at the center of this administration, the Circle would also have done work in this area ... Work with the US government! USDC is one of the most lucrative and inclusive programs around. The community offers a wide range of affordable and compliant policies and procedures.

15. When Paxos met the slaves

Paxos has become the backbone of organizations entering the stable market. If admins feel the cycle is going too quickly on DeFi, there is always another way. This year, Paxos understood its partnership with PayPal through a partnership between Venmo and began partnering with MasterCard to promote interactive broker cryptocurrency trading. And the real gift has arrived. The Novi Wallet pilots in Guatemala and Facebook have started.

Although Novi is considering converting to the 'Diem' currency (this process may take years and is not guaranteed), the size and volume of the Paxos USDP could explode at this time as Novi goes ahead with the requirements. . It has a direct impact and less affects financial service providers.

As I wrote last year * “The United States will experience growth in non-crypto-dollar currencies before it sees gains in similar gains in central bank digital currencies. * If we continue in this direction, we will win. Especially since excellent stability pieces show our inability to innovate in many ways in financial management. We are the ones who are taking cryptocurrency companies out of banking, the product of the "old sin."

If there is any doubt that sustainable management is our future, we have some homework to do. Send wire exchanges and fixed exchange rates this week.

I still hear the word "Web3". Because it can transform "cryptography" and become the opposite of moving around through the use of technology. He can attract new listeners, seem less intimidating to admins, and speak faster and more accurately.

Mason defines Web3 as “a transition from managed integration to a more independent Internet”. Chris Dixon said Web3 offers "an opportunity to streamline the company's network with crypto assets and provide consistent support to network owners, partners and the third-party developer." I like this definition. Upgrading Internet products and services for the benefit of non-gateway users is a key task, and Web3 has acquired a wide range of words that we are trying.

For these reasons, later in this report, I will discuss the development of the Web3 application in 2021, the non-fungible tokens ("NFT"), the networks that could explode for 2022 (P2E and integrated systems), and the pipelines of the system. the future metaverse. Overview.

There is a word about the 'initial = error' investment, which is why it is important that we study the further development of Web3 to see if a network can ultimately and successfully be successful.

Linda and Rhys have the same models for me.

In Web3, Cryptocurrencies (Chapter 3) and NFTs (Chapter 6) are the digital products of the new DeFi industry.

(Chapter 7) is a simple financial process, the first level network (Chapter 8) is the way to run everything, and the DAO (Chapter 9) is the way to govern a new country.

It's all happening and it will be absolutely beautiful.

1. NFT: global products

Let's start with this year's legitimate legacy, NFT. They're like ICOs in this cycle: dizzying hype, insane volatility, multiple early wins, and utter crap. But as new heirlooms and groups they will change the world.

NFTs are excellent because they represent the unreliability, mobility and functionality of digital devices. NFTs can be commercial products, virtual swords in MMORPGs, personal images of relationships. Fresh artwork, real estate in metaspace, or Facebook posts. As the blockchain becomes a listing of international companies for virtual and physical assets (or at least receipts), the potential of NFTs is of paramount importance.

A "real" version of NFT can be a contract similar to my home (proof of rarity). If I can prove that I belong to my insurance company, the way is to obtain my contract (digital representation of my assets). You can allow Airbnb travelers to access your Programmable Home (NFT) in the wallet you want to sign the exchange with, or you can apply for home equity credit and use NFT as a peer-to-peer library liability. platform (portable sex). ).

It will be done later. The toy version appears for the first time.

If you think about it a little bit, you will find that this period is excellent.

Watch these two 10 minute videos to understand how NFTs work and why we are crazy about them. Prepare for the next section.

Happy to see you again! Hope you have been brainwashed. In particular, NFTs are so understandable that even the New York Times understands them. Here is the rite of Ezra Klein for this summer.

If much of our future lies in the interconnected virtual world (metamonde), then NFTs are some of the key building blocks of everything in this world. You don't want to be in the virtual world. Your privacy is handled by a tech company. If you've changed your social media platform and need to rebuild your audience and reputation from scratch, you'll appreciate it. Or if you have purchased virtual goods in the game, but then found that the developers regulate all commercial rights and cannot sell or take the goods to someone else somewhere. Or if you believe in virtual reality but shudder at Zuckerberg's vision of the meta-utopia (more on that later).

NFTs can go beyond initial blockchains and metacosms.

You also don't want to live in a virtual world where everyone is the same and has no desire to fly. So you need a third party. To avoid "monotony", you need real-value digital equipment. And you are ready to pay for a special gift to the creator.

For example, if South Park has 1000 special avatars, each can be shipped for 1 ETH. You can send ETH to the SPA NFT contract and start new brothers at Cartman and TBI, but only if the contract has less than 1000 cam avatars so far.

Thanks to the ERC-721 model, these small South Park devices can be switched from the Ethereum blockchain like any other NFT based on this model. That's 100 times better than most virtual devices that can be bought today (on a platform separation rig that rarely happens to game developers).

In comparison, the NFT industry:

We connect the world of consumers and developers.

at low price;

Provide parties with proven ownership of virtual assets.

On any platform that relies on blockchain. In most cases, these assets can be adjusted over time.

This is true whether we are talking about digital art, digital personalization, community engagement, gaming products or financial investments. Almost everyone in the cryptocurrency space agrees that most NFTs will follow the path of most ICOs in 2017 ... Back to zero.

However, some of the early works will be completed in large quantities and the entire estate will be demolished within the next ten years. NFTs will affect all aspects of the industry and kids will be "more like NFTs than they really are". Before 2040, you would hear the impact of TVNs, even if you ignored them today.

Let's start exploring the future of NFTs. You can see some teardown.

(Other NFT primers. 2 hour read, NFT research group, NFT Q2 guide)

2.69 $ Mona Lisa lab JPEG

Even if you are excited about transforming NFTs into technology, you will be amazed by the following: People are already spending millions of dollars on “jpegs”.

To understand if this is completely crazy, you have to start with The Mona Lisa by Leonardo da Vinci, the most famous work in history, and consider it "essential" - historical and rare. Exaggerated value, reputation of the artist and fundamental dynamics of the physical value industry.

Of course, 'Mona Lisa' is the most representative work, and it has been praised by modern people for its originality.

But more importantly, there are some “off-chain” elements that make it popular. Home is the Louvre, the most famous museum in the world. It is the target of some of the most famous theaters. Thanks to his simple, confused smile, he has become a hype in popular culture.

Others like to take photos with Mona Lisa on social media to get a travel ticket. As one of the most famous artefacts in the Louvre, it is a capital asset. Mona Lisa brings in ten million dollars in tourism revenue * each year.

In short, it's a beautiful image with a cool background.

Do you know anything like this in digital art?

(Source: Christies or Blockchain)

Beeple's "Everyday - The First 5,000 Days" contains all of the key elements that make Mona Lisa such a digital image. Famous artist? Yes. Beeple had 2.5 million followers at the time of its sale. Proof of rarity? Yes. This image is difficult to recreate as it represents the end of 14 years of modern devotion. A new background story? Yes. It wasn't stolen, but made history and became the first NFT to work on the Christie's sale, and its value ($ 69 million) made the work rare as well. The machine will not change the innovation and reputation of its first race every day.

So, is this a unique thing or can it repeat Beeple's success? Let's take a look at the basic functions of digital art.

(Source: Mario Taddei)

The real work of art is worth $ 1.7 trillion in real estate with annual sales of around $ 60 billion. According to data from DappRadar, the market value of NFTs at the end of the third quarter was only $ 14 billion. (Excluding "personal photo collection", which will be discussed in the next section) To date, digital graphic NFTs have total revenues of less than $ 2 billion, or less than 1% of the real art market. . 1/10 of the total NFT market.

Does this number remind you of a treasure from the past 4 years?

The NFT market today is very hot, but this early migration from physical art to digital art may be like the Bitcoin "bubble" which fell over 80% in 2014, but it is also the last decade of Bitcoin. Starting the machine for body temperature. In November 2013, Bitcoin's market value exceeded gold by 0.1%. The tech industry currently accounts for 0.1% of the body art market.

I predict the digital / NFT market decline will ultimately be worse than the Bitcoin bear market of 2015 (because these assets are not good commodities), but the whole 10 year market method will be the same: over 100 times .

as is. Before you learn digital photography, here are a few things to keep in mind!

Bitcoin's market cap can reach 100 times in eight years, but if you hold it, you can only earn 60 times because new bitcoins minted will be diluted at that time. Across the cryptocurrency market as a whole, it has won only 30 times, as other new crypto assets like Ethereum entered the market and toppled the Bitcoin regime a few years ago.

I ask this question because the surface area of ​​the NFTs is larger than the homogenized results.

Whether you invest in Bipple's first project or other high-end projects, you will not be able to keep up with the growth of NFT value as a whole. So I like to invest in real estate in the NFT sector, and in the long term, it is a more successful investment than investing in a good NFT project.

Investments in real estate (like SuperRare) in industry segment like art will not reach the top 1% of NFTs, but may result in higher costs and save time. And you don't need a taster to finish. A single infrastructure design is more attractive than NFT infrastructure measures for all classrooms. I want to invest in more NFT infrastructure! Please remember me when you fundraise!

* (If you go to the Louvre as a spectator, you will find that "Les Noces de Cana" is more impressive than "La Joconde". He is my friend. I spent many days and nights. Picture. When he finished painting i guess i hated 130 people he drew so much i hate this map).

(Must read: Mason's article on SuperRare, the NFT master class)

3.PFP: Funk vs. the monkeys

If you have a pure enough heart, Beeple and other digital artists will be your food. But we won't be out of the bigger NFTs by the third quarter of this year. Community avatars, or "PFPs," have skyrocketed sales to $ 5 billion. PFP's value comes from its community leaders and the issues it faces.

The effects are unsatisfactory (100 ethereum sells for 7 digits and may be based on a white chart).

However, thousands of actual PFP users report that:

I started to get involved in this joke.

Learn all about the history and background of NFTs, and why these special PFPs are worth investing in.

You are in dire need of a friend and have a lot of money to spend.

Above all.

It makes us see the excitement and fun of budding PFP. They are well suited for the Twitter cryptocurrency and the meta-universe around the world. PFP projects build on and attract other community members who contribute to the culture and business of the project (including clients early development of NFTs in Punks). Owners benefit from accessing new activities and activities, sharing community benefits (via airdrops), managing operations and even using PFPs as capital resources (providing sufficient capacity) . If NFT continues, more affected people will need PFPCrypto Punks, Bored Apes and Pudgy Penguins with the most original and rare features, the first news on the channel. , and the best features. An important part of the future anonymous reputation. (Can't believe I just wrote this.) Just as businesses rely on memes like words, pictures, and ads, people all over the world can use NFTs. This is because there is a way to tie all the subcultures together in PFP.

PFPs are difficult to understand unless you accept the fact that virtual objects with these small objects are ubiquitous. They are part of us. Fred Ehrsam told Vanity Fair:

Cryptopunk is important because it represents the first PFP in the Ethereum blockchain, in fact the story cannot be changed. The 10,000 pixelated Punk jpegs each have a unique "character", all of which are part of cryptocurrency history. They have a historical background, because they are often forgotten after a fair release and then reappear due to the inability of the "original". The rise of NFT, the spread of word of mouth to Punks as Twitter avatars, and rising prices have made Punks very eye-catching.

Read our full interview on the history of Punk 7804, sold by the founder of Figma for $ 7.8 million. From the epic description of NFT 101:

Coincidentally, the 7804's new owner, a buyer named Peruggia (on behalf of thief Mona Lisa), did not write a similar statement about his purchase.

If more people associate your digital identity with a unique avatar, that avatar will become part of your identity. If you don't believe it, type Mr. Only TBI is trustworthy. This is the ultimate paradox of PFP. Many NFTs can go blind on your own.

Any collector who has made an investment in their group will wear the jersey and will not be able to sell it because it has a special relationship with a particular community or a particular PFP.

If there is a thick talent network and the party is cool (Jay-Z, Snoop, Serena, OBJ have funk), but if the value of this community starts to deviate from their own costs, tariffs and your avatar. close to the red letters at the beginning, it is very bulky because it sounds too loud.

Many factors keep PFPs at bay.

I don't know what you can do with PFP, but I want to make a positive contribution to the future projects of the creators of South Park. (It would be very frustrating if I didn't register as my avatar hasn't changed in 8 years, for example my avatar in 4 years is just punk punk.)

As someone who plans and conducts community meetings, I can say that high prices are a good filter, but not a panacea for a good community. As long as we live in a less commercial environment, people will start to flock more to the elites who only accept invitations instead of paying groups.

Based on these lines (we'll talk about DAOs and Social Tokens later), we're very happy to be a part of the “Friends with Services” community. Compared to others on the PFP site, I look forward to being accepted into the “Friends with Benefits” community. Getting approved (not purchased) is a good idea, and we believe it will help reduce the impact of the social token paradox that applies to every NFT or social token community.

If you are still looking to buy PFP, you should choose the insufficient one and consider treating it as a luxury item rather than a deductible “investment”. If you want to identify yourself in a way other than PFP, you can try digital imaging (one-way fetch), wallet (three-dimensional), or the correct country in the meta-world.

I have seen reviews of the PFP project that are amazing, but the comments are a little more believable. "Community health" promotes the same concerns as MLM services. Sure, the Bored Ape Yacht Club and the Pudgy Penguins don't have the unique historical characteristics that make them special, but you'll never have a parting ... it's a community. The problem is, once you get into a small paid share, the benefits of “communities” suddenly diminish. The community really has a bad history or the essence of fame.

I will end my article because there is no problem with starting a nuclear war. stubborn punk, middle monkey,

Negative views of penguins etc. If you are not the first, you are the last. (Unless you move your project to a new

Blockchain, so it can be the first again.)

(Must read: "Apes as an Asset Class" Penguins were also listed for a job in the "New York Times", giving me the impression that "Everyone gets rich, but you don't. are not. ")

4. Fan tokens

We've covered a lot of stuff in the last few sections. I hope I don't lose you. Let’s examine the meta-NFT hypothesis. Listening is limited and the Internet is huge. We are a group driven by the lust of memes. We are creating a crazy financial connection with access to celebrities and the general public. It is visible through art and encrypted collections. Add it all up, and NFT lets you "have a part of the Internet".

Now let's replace “Internet” with “Favorite artists” (Music, Movies, Sports, Fashion, Games, etc.). Fan Tokens are just the right tools to become a member. These rules can be financial (ticket, sharing of rights), financial (start-up, equal sharing), non-financial (superfan display, access) or a combination of the two.

For example, think about what will happen to the NBA Top Shots.

Top Shots is a collection of virtual cards that capture the most important moments of NBA players and games. Top-shot Stupid V1? These are materials like old baseball cards. But what about V2, V3 ... V8? The best subscribers can be invited to the VIP off-season player event or participate in the All-Star Game. They will bring their favorite family's location to the playoffs in the draw. Or have your say in the new league jersey design.

Or when it comes to music, let's say you buy one of your first 1,000 NFTs for a new album by your favorite indie band. They've gone to the basics and now you get their seats (via your NFT) back for their next visit to your city. Get figures from Netflix data on their earnings. In fact, NFTs provide voting rights in DAOs that vote on tax rates. Your NFT gives the DAO the right to vote on climate change. With this NFT you can get Audius airdrops.

What to do when Lil Mouse X releases tokens? His fans on Spotify have grown from 900 million to 50 million in two years. If you were one of those 900, would you buy (or drop) $ NAS tokens to support its early singers? $ NAS tracks down early “true believers” and lets fans share its financial success.

(Tips: social token and creator-driven economy)

“Win and Help Me Win” is a great template for fans and celebrities, and also works for special creators with fewer viewers (“1000 true fans”). EDM DJ 3LAU launched NFT and made $ 12 million. A group of filmmakers have raised $ 2 million to tell the story of Ethereum.

Design tools like Substack (newsletter) and Callin (podcast) make it easier than ever to realize the “business side” of art. I can see that the NFT has paved the way for the advancement of these communities, just as the Mirror has done in their struggle for Medium.

Whether it's NFT or homogenized social tokens, fan tokens (e.g. Roll's Tokens *) can help cryptocurrencies bridge the gap and drive adoption. While digital graphics and PFPs are good news for visual artists, fan tokens open up whole new sources of value for other aspects of the entertainment industry (film, television, music). They also broke the movie and music chains in Los Angeles, better connecting newcomers, collecting cake for all producers, and reducing "interest in collecting" from more than 50% to 75%. Los Angeles Producers' Fund.

I like the comparison between Uniswap and Binance.

Los Angeles (Binance?) May be the right solution for users who only want the most famous cinemas. However, as a fan, if your hobby is outside the 100, you may perform better in market-to-peer NFT. Marketing is for you.

This is good news for the industry, which recently surpassed $ 10 billion in total revenue and maintained 48% annual growth before the emergence of NFTs. The image below is going to be on the side due to NFT.

(Source: Stripe)

It can be shortened from “fan tokens” to “first private announcement” or “revenue sharing agreement”, and there is no dispute. He hopes that the success of Pan Token will lead to a creative (satisfying and usable) renewal of the ISA. We will promote "Fan Tokens" to help students who are able to get out of school and start working in the Web3 field.

(Audius, evolution of content platforms, evolution of blockchain-based music,

College Athlete Economics, Speculative Sports, Social Token Bible, Capturing the Value of Social Tokens)

5. Axis Infinity and the "P2E" revolution

The gaming industry dominates the entertainment industry (larger than the movie and music industry) in terms of streaming media usage and business models (free and commercial) on the Internet. It would be amazing if these companies (games) were to disappear from crypto. Especially when the cost goes up and the revenues from competitive sports are not in theory. Enjoy.

Considering the market share of Axie, OpenSea and Uniswap, our most profitable application was Ethereum last quarter. Axie and OpenSea have generated over $ 500 million in revenue in the past three months. Uniswap is second with around $ 475 million. Since then, the size of Axie and OpenSea has exceeded the number of the following five Ethereum applications:

Axie's development is finally showing signs of decline, but the P2E gameplay differences that Axie initiated will continue here. The revenues from this platform are staggering, and even as market interest wanes over the next year or so, they're all set for the entire cycle of iteration and growth. . a16z has invested $ 150 million in Mythical Games. Enjin announces that it will generate $ 100 million in gaming revenue. FTX and Lightspeed invest $ 21 million in Faraway Games

The development of encrypted games creates an innovator, the fate of established gamemakers. Steam has restricted cryptocurrencies. The Epic Game Store welcomes temp games that "use blockchain technology" on the basis that they "comply with the law, disclose content and events, and are rated by appropriate groups." Consolidation, we're seeing how quickly anti-crypto users can pull out when Discord predicts NFT aggregation.

I don't think the first time refused to go any further. I'm sure the top five game studios will profitably enter crypto next year. Probably by finding another Web3 game. The advantages of entering the first decade. Fighting in the summer, making the most of the NFT boom and reaping the benefits of future technology is attractive to everyone), not all market leaders are sitting down. Small businesses allow traders to create sandboxes in the betting ecosystem and see the issues before announcing the technology for each trade. It is not the risk that drives them. The threat of non-execution is also real.

Today, the biggest games generate $ 120 billion in annual revenue with a starting price of 100%. Compared to Axie, a dish game that is not in the App Store. Standard game monetization cuts customer cost to zero.

It has attracted millions of users and reached a market value of $ 10 billion in less than a year. It will make them sober. No corporate gaming CEO wants to kill.

By 2022, this image is expected to appear on the first slide of every game developer's CEO board document.

(Source : Epic Games Primer par Matthew Ball)

(Cov Lus Qhia: Play-to-Earn 101, Colossus Research, Complexity of the Axie Economy)

6. Looting: NFT configurable

Words from black letters. This summer, the loot is the NFT's Rorschak test. Do you think this is the new original "configurable" NFT for digital gamers, or do you think this is a Billy Madison scam? Honestly, it can be both, but I've had good results with Loot. (For example, a "quick" newsletter from a financial institution should be deleted in accordance with the NFT.)

Things like Loot seem to be the foundation for the new Web3-based game series. Looking at digital product revenues, critics will point out that this would often amount to a massive financial shift from investors and players from ETH to manufacturers and studios of “different games”.

Most of the virtual devices in these new games will look the same, but other communities will certainly sell the same surprises as their Web2 counterparts. Is Ember Sword compatible with all games? It might be, but if you can buy something, why would you buy this sword? And every game developer develops a solution to realize the value of an item.

Cynics may have underestimated the size of a project like Loot. I'm not saying this because someone who hates V1 and others deserves to compete on the same price list, not a business someone else has grown in 4 years. (cough).

But I am not cynical. The biggest tutorial I learned from Loot was to give me a general overview of the PFP community. Those who got to Loot three weeks late, by contrast, those who entered the cryptocurrency gaming world were still ahead, seemingly unwilling to plan for more than racking up VC.

I'm sure there will be the best version of Loot with good gear and fair play. You will see that Loot Achievement is the project content written by the Big V player, not the Twitter / big V cry speculator.

(United States: We Like Loot, "problem" problem in our network, no NFT time)

7. Financière NFT

By definition, the culture of the active is less than the homogenized active. This poses some problems to research value in the NFT market, not only with secondary sales but also with virtual assets. There are some initial efforts to fix this problem, and this will be one of the most important aspects of building NFT. NFTs are unprecedented and will not be competitive in the bear market. Can I borrow money with NFTs as a contract to cover the risk of a particular project?

It may be, but only if it can satisfy the lender with such a basket of valuables.

Programs like WHALE pack an NFT writer and tokenize their data. PleasrDAO and PartyDAO are setting up a joint campaign to get the team to start opening up to a split party (NFT). The prices of derivatives and collateral above the stock price can be devastating, as many “lower prices” are never really predicted.

Meanwhile, the Punk FLOOR tokens. It seems like the best way. It's a bit of a misnomer. The purpose of the token is to track the average value of the punk. The token aims to keep up with the value of mid-level punk by collecting and distributing members of 104 punks of various rarities. Floor can be the last buyer in the bear market (looking for the most liquid commodities) and the seller of the commodity (at the highest competitive level) in the market selling cows. At the same time, the price of the token is 20% higher than today's special punk price. If you fancy some funk but don't have $ 500,000 in cash, this solution is for you.

It reminds me of Matt Levine the hottest idea of ​​some NFT.

Owner: I bought this special item for $ 4 million, he pointed to a dog photo.

Audience: Ahaha, good job. Congratulations. Money is very precious.

Owner: I divided the shares and sold it for $ 225 million.

Share: Ahaha, another good joke. This joke is worth $ 225 million to us. It's here.

These are two jokes, so the cost is 55 times. I dunno! "

We recognize that it is difficult to understand how NFT tokens that are not marked 1: 1 can be distributed as good members. But in the real world, the examples are plentiful, like timeshare and subletting in real estate, Rent The Runway in the fashion industry, and Certificate of Identity in weary transmission. Timeshare and In-House Sublease, Rent The Runway in Fashion, Personal License in Sports, and more.

It may take some time for NFT fragmentation to become legal. We anticipate earthquakes which overestimate the guarantees in the projects. But in the long run, starting with the PFP, art collections, and metaspatial real estate, this could be a major release for the cryptocurrency industry.

(Menu: NFT budget, fragmentation environment, cost driver, NFT fragmentation method)

8.OpenSea and friend

Over the past 18 months, OpenSea * has recorded the fastest revenues in history. They believe they can go from an early start-up to a $ 1 billion business and ultimately grow into a $ 100 billion business (or network). This report shows their excellent income.

(Source: Richard Chen of Dune Analytics)

Pictures like this are the reason Coinbase is considering entering the market, FTX already exists just like Gemini. Older companies like GameStop are disappearing from this picture. Sotheby's could even go there directly. This is not a threat to the OpenSea market, but a recognition of the scale of new NFT technology. The bigger question for me is not whether OpenSea and other pure NFT technologies are successful, but how to be successful in the industry vertical.

The answer is simple. While OpenSea and Pure Virtual Appliance Games may be the primary portfolio of virtual products, Exchange Partners may be the managers of virtual properties. You can buy and sell Punks and Decentraland land on OpenSea, but you can also buy and sell FLOOR tokens and LAND collateral on Coinbase or FTX.

As such, the hostile cryptocurrency regulations of the United States Securities and Exchange Commission (SEC) could be a big boost for OpenSea. Stock exchanges and insider brokers.

(Tip: Revolutionary Worthy, A Beginner's Guide to NFT Markets)

* Again, I am an early trader. I want to invest in more NFT infrastructures like OpenSea.

9. Univers crypto

Matthew Ball describes the meta-world as a continuous (long and always open), living (real-time world-like) global unity, non-homogenized. tokens are currencies and commodities) Global digital and physical impact (building without walls) Communication (Portable goods, identity), IP) User-centric evolution (“Content” and “Knowledge” are created by the public and not by the company).

If you believe in such a place and understand that you will spend more time in the future. Therefore, we will gradually increase the value of digital and physical devices.

So the only question is, in which direction will metaspace evolve? Is this a fortress (tech giant) or a cutting edge design (open, cloud-based, cryptographically secure)?

Alison McCauley's article compares recent Decentraland and Roblox festivals and highlights the differences between the two festivals that can change over time.

“Last week two global meta-sites celebrated simultaneously, allowing us to see the stiff competition for management, developed by a well-known sports company. Tab and elsewhere by a pioneering author who is an expert in meta-space.

Roblox is a public company with 2020 revenue of US $ 924 million. Roblox has partnered with music producer Insomniac to bring the first virtual music platform to the Roblox platform. At the same time, Decentraland, the virtual open world accessible to all by users, contains the original fun of the metaverse.

These two events will show you how technology can improve the event, collaborate on the environment and where we can come from. But they also allow us to see the trade in the future.

The Roblox experience is as good as money with the ability to create digital marketing opportunities for businesses. In partnership with the Electric Daisy Carnival (EDC) in Las Vegas, this immersive experience includes live performances and entertainment from EDC, as well as live, virtual and hands-on activities.

The Decentraland Musical Theater has been well designed and well organized, featuring performances by over 80 artists such as Deadmau5 (NFT Wearable Device Store) and even the digital portable toilets. . The Decentraland Music Festival feels like a more creative, non-profit community.

But the most important thing about Decentraland is what happened after the incident. In this world. People can own and cultivate digital land. They can interact directly with the other participants. Instead of relying on corporations to control the world, users control themselves through a Decentralized Autonomous Organization (DAO). "

Eth Apps VS Web 2.0 App Store: watch the NFT on OpenSea

Anyone who has not attended this celebration will think, "Digital art is not enough because you can click on the jpeg to save it". However, in the meta-world, art, avatars, real estate, etc. are perfectly connected to the blockchain, making legal and social problems impossible.

Can you think of dressing up as an artist at a Decentraland party? What if the master really exists? As he wanders in true brilliance, your sincerity will show up on the spot, nailed to your head like a bursting cone of shame. Horrible.

Regarding Metaverse, my short term bet is the world of cryptocurrencies. In the middle of the fortress of the world (tech giant). In the long run, this situation will return. Let's talk about the following reason.

(Instructions : Introduction au métaverse, OS Open Metaverse, Stratechery 의 Metaverses)

10. I'm talking about the metaverse, not the meta.

The metaverse must not be a utopia. The backend of Web3 allows us to live in a world where designers compete for the right to own you and make your data valuable in a competitive payments market. . “We make sales data 100 times easier, but save 20% of revenue. It sounds like an interim decision that pulls users into the crypto world and puts their trust in Web2 banking companies. . When it comes to the open metaverse, I don't think most tech companies today will trust cryptocurrencies. However, the meta is an exception.

Existing companies such as Meta, which owns the “Blue App” cash cow and Instagram, among others, are of interest to the Meta Universe because they are able to integrate into certain products of the digital giant (Oculus, Whatsapp, and Whatsapp) in the meta-universe. participant. Messenger) Try new monetization and support models for Instagram users and “Blue Apps” without compromising your core business. These products are associated with their “real worldly” identity.

Watch NFT on Fighting Metaverse: OpenSea

Like everyone online, I have plenty of ideas for Facebook / Meta. I agree with Qiao's view that the purpose of the name change is to remove the wrong Facebook name. I agree with David Sacks that the news of Zuckerberg's abuse (given his bad behavior) is worse (than Zuckerberg). I also agree with Balaji's point of view that Zuckerberg's attack is positive and that you should at least bet and believe when talking about the metaverse. Yes. Zuckerberg may be the only one who can make the Meta ad name more believable than a crash. However, $ 10 billion per year is a large and reasonable investment that will form the basis for the global launch of meta-like optical fiber at the turn of the last century. Meta-errors improve hardware, software, and mobile bandwidth, making Metaspace a thing of the past.

Since last year we used Oculus Quest to explain our first virtual octagon, we're excited to see what Facebook can do in the VR space. Before that, I met two tech enthusiasts on my first Uber and while reading the Bitcoin whitepaper. If Metacompany keeps its promises and continues to open up the Metauniverse position, I'd be happier.

The success of the business depends on the facts, and this should be your first choice. The cost of having a sizable platform on undeveloped land is much more obvious than having a castle in this area. I think Zuck knows it and he is. An interview with Ben Thompson is worth reading.

(Must read: Interview with Zuck, Stratechery of Meta)

11. Heterogeneous certificate (not false): modular identity

Since 2018, I have been thinking about the concept of token curated and token curated signatures, and I decided that they are an alternative to debit cards. NFTs can become homeless for the following reasons:

Segment performance.

This requires special training which can be easily integrated into multiple platforms.

It is configurable and can therefore be adjusted over time.

Take the example of a digital certificate. In the world of token-organized registration 1.0, these certificates affect the binary / nonprofit pass and discriminate against others eligible through corruption, access to registration or rules. mob. Equity of the diploma.

NFTs will do things a little differently. “Did you get that diploma? "" Have you answered these questions? Have you answered 100 questions to pass this course? Have you completed the 20 courses required to complete this course? With 2000 NFT in the graduate program, the top 500 can determine your "priority." You can use other attributes to finally solve the acceptance problem. In other words, if your work is rated best in class or top 5%, NFTs will have a different product.

At the same time, we believe that NFTs will play an important role in delivering real and personal evidence to the new world.

You don't have to access your driver's license every time you need to prove yourself. Digital signatures open access to your NFT license, medical or insurance information, and more. Identity portability and certificate consistency and comparison.

The potential for visual certification and reputation through the beautiful presentation of NFTs will open your eyes. Virtual parties can choose to display their credentials directly on the avatar paws (speakers or VIPs can wear the NFT list). When gathering, you can choose to wear a different name (not all? Fashion?) To display a status (which seems rare) or behavior (virtual clothes from ESG mode).

The role of NFT can be described as a picture of a thousand words. One of the biggest examples we'll see in 2022 is the NFT. If your cryptocurrency wallet becomes the global digital currency, NFT will represent every segment of your identity. NFT assembled and half converted received and yes TCR returned.

(必读: Examining the Types of Crypto Curation)

12. Namespaces and data sharing

There are also two non-counterfeit items that should be noted. Decentralized registration services and information companies can easily re-authorize personal information.

Obviously, Encrypted Registry Services are killing apps to manage the privacy of Web3. An important part of the Internet infrastructure is domain registration. Internet domain names, like many blockchain-based addresses, change IP addresses to human-readable characters. As PFPs make digital wallets more visible, they are more impactful and more reliable through applications such as ENS and Handshake.

Nearly half a million ENS subscribers signed up ahead of the billion dollar airdrop deal for users early last month. The network will one day be compared to a central DNS server like Verisign (market value of $ 27 billion). Verisign controls nearly 85% of the domain names of 200 million websites worldwide, but Web3 domain names can be two to three times the size because they are 40 times the size of the website. And the number of devices connected to the internet is five times that of the population, and many people around the world will not trust Verisign (due to decentralized options).

Clear identifiers also allow individuals and devices to extract valuable information. According to data from the International Data Corporation, from 2012 to 2020, the value of valuable data increased from 20% to 40%, but less than 1% of data consumed and international reviews. By the end of next year, the data analytics industry will reach nearly $ 100 billion and its data research, including Netflix's $ 1 billion big data / consumer data collection , will expand. Businesses and users alike hope to benefit from better data monetization. In Web3, processes like Ocean support public data sharing, secure data monetization, and search. It has a lot to do with the size of the market as FAMGA revenue (which is a very large market).

(Photo: Deep Sea Dive into the Deep Sea, ENS alphabet book, self-decentralization)

13. Deso Rho Npe

What if we could embed intelligence with business data in PFP, persistent.eth characters, composite data, and the value of data packages? You will benefit from a social network and be able to draw prizes for your first content developer.

The Web3 media seems today to be an unavoidable phenomenon, and could evolve with the advent of marketing campaigns. The rise of projects such as news about the decentralized social project DeSo (formerly Bitclout), Twitter imitators BlueSky and gm.xyz. It is not yet clear which network will initially lead or indicate long-term strength, but after receiving DeSo, sales of "Clout" (renamed $ DESO) tokens (up $ 200 million in 16z) lead to a small self-efficacy. $ 50 Million We get good value with our dollar value. Community development, however, gives users a still poor DeSo experience. I don't think “pay per tweet” is the appropriate standard.

But the main idea is necessary. It is about providing financial rewards to infected users. TikTok performs well in this area (early ad users and engaging users), but without the token gift. Web3 startups can do it more precisely.

The DeSo process has enabled many of Dapp's competitors to create processes that rival users for data management by supporting tokens (monitoring mining?) Or optimization for users. You really need and are willing to pay for things like personal growth, security, and peace of mind. The front-end can recommend the following similar assets and NFTs as owners of other similar assets and NFTs, so that you can sell or resell NFTs directly from your user profile or create better photos of the relationship .

You can see that Adobe is preparing to bring NFT functionality in the new version of Photoshop. DeSo has cast many early winners in infectious disease. Content certification is a certification compatible with the NFT industry, for example for proving the authenticity of the art of the OpenSea platform and for the development and distribution of new NFT.100x easier. “DeSo is waiting for the explosion (Satoshi Moment),” Navel said. Now this field is open and we will be spending a lot of time on new platforms in 2022.

(News: Twitter, NFT and Twitterverse News, The Rise of Crypto Media)

14. Distributed network (persistent) Lub cev

We can make all the best predictions we can about cryptocurrency taking over every business online and going weak. But the point is that our physical survival depends on the distribution of the material. This war on censorship will make the weather, and how to control the administration of this system by modern regimes will make the difference between the open Internet and the police state.

Among the various products in the Web3 hardware category, storage is the most controversial.

Unlike its predecessors, BitTorrent, IPFS provides a new distribution where content must be hosted on local servers. This is a new partition that can store data on each node. However, nodes eventually had to pack their cached content, so Filecoin, a network storage medium built on IPFS, has emerged that can verify that the network is storing the data it claims to be.

As the founder of Filecoin, Protocol Labs ensured financial vitality as the first data-only blockchain project and the first data-only blockchain project, and used these funds to fund many ecosystems. Projects, accelerators and developers. So far, in terms of network data storage, Filecoin is ahead of its competition.

This year, Arweave and Sia have become strong competitors. Each network uses its own blockchain (or Arweave's blockweave) to process its data and decentralized solutions. Although these networks have developed different markets, they can generally be divided into two categories: storage on demand (Sia and Filecoin) and continuous storage (Arweave). Data stored on Arweave comes at a cost (as users pay for lifetime storage). This contract was attractive in the field of NFTs and has become a stable solution for the storage of NFTs and their metadata. Arweave has become a benchmark of choice, especially for the Solana NFT project, which has spiked the growth of Arweave's network in recent months. Arweave applications such as Koi and Kyve have enhanced the capabilities Arweave can provide to other blockchains and users.

Export is an important layer of the Web3 infrastructure, in particular, the rise of integrated products such as Filebase and Pinata will continue to reap the benefits of an Internet resource. Supply new customers. Provides the interfaces, optimizations and service layers necessary for custom storage (CeDeWeb3?)

Just as Coinbase provides DeFi services with processes like Maker and Compound, these obscure services make the Web3 protocol accessible to new audiences.

15. AUTHORIZATION IN THE WORKPLACE

A real turning point in the internet is still to require a network of unlicensed devices and censorship-resistant hardware to support counting and publishing. In last year's article, I said, “Now Helium and its network of Internet-enabled Internet of Things products appear to have a different initial temperature. »Thank you (interpreter's note: thank you for warning me in front of Messari). Since the start of this year, Helium has been one of the most powerful websites3 (3000%). series.

Helium has many partners developing more than twelve types of mining rigs, proving that equipment can be effectively measured by supporting tokens. Hardware is a tough business model, and Helium shows that hardware companies can use user-friendly technology to make good business sense into a more expensive two-way business.

Likewise, by using decentralized video converting process, Livepeer continues to improve and gain value due to its rapid growth in video. In the Cosmos ecosystem, some application blockchains, such as Akash, can use Docker packaging to provide cloud solutions for communities to configure and maintain access points Communities create access points and internet antennas for cities near Livepeer runs on Ethereum, Akash, Helium, Arweave and other hardware It works, but chooses to build its own blockchain, where this hardware (or candidates do better) as its base and is expected to become Internet resistant to censorship.