keyahayek

Perhaps in thirty years, textbooks will write: The stablecoin GENIUS bill marks another change of anchor for the dollar after being pegged to gold and settled in oil.

Instead, it is anchored to global gray market settlements and the fiat currency alternatives of 'banana republics' with poorer monetary discipline.

Cash in dollars serves this function, but banning it is quite easy; as long as the banks and foreign exchange controls are blocked, merchants face the headache of identifying counterfeit money, which limits adoption.

Blockchain + stablecoins allow for the guarantee of real currency while making substantial foreign exchange controls impossible (with some large government countries as exceptions) and cannot be banned/stopped.

Perhaps thirty years from now, textbooks will write: The stablecoin GENIUS Act marks another shift in the dollar's anchoring, following its previous ties to gold and oil settlements.

It now anchors to the global gray market settlements and the fiat currencies of countries with poorer monetary discipline, often referred to as 'banana republics.'

Cash in dollars serves this purpose, but banning it is relatively easy; as long as banks are restricted, merchants face significant challenges in identifying counterfeit currency.

Blockchain + stablecoins allow for the assurance of genuine currency while simultaneously preventing substantial foreign exchange controls (except in some large government countries) and cannot be banned/stopped.

When people in the cryptocurrency world discuss whether real estate is worth investing in, they should actually take a look in the mirror.

▰ If you earned the same level of wealth in traditional industries, what investment portfolio would you want them to be stored in? Is it highly liquid assets or low liquidity bricks?
▰ If, in a deleveraging cycle similar to Japan's, you had a god's-eye view, what type of asset would you invest in?

Everyone has long been the envy of traditional wealthy people, like Mrs. Watanabe.

EtherFi's U Card is good:
1⃣️No card opening fee 1:1 USDC => USD
2⃣️3% cashback, currently increased to 5% for the promotion
3⃣️1% FTF foreign exchange conversion fee
4⃣️Supports Apple Pay & 3DS

Cons:
1⃣️No physical card
2⃣️Must have overseas residency, not sure if Palau is feasible
3⃣️3% cashback is in Scroll, must sell in time or it will go to zero

Review:
Recently a great card, take advantage of it first, withdraw immediately when cashback decreases.

220 tp has become half CRCL turned into a clown 🤡 Fighting will lead to interest rate hikes, damn it 🤡

220 tp half CRCL has already turned into a clown, fighting will raise and lower interest rates, damn you

In 2016, Circle's Series D round had already reached 500 million. The context at that time was likely the FinTech wave between China and the US (with China being the familiar P2P). It received a relatively high valuation.

Now with a market value of 50 billion, even without accounting for dilution of shares and vesting, the investment institutions from back then actually did not outperform BTC during the same period.

It's so difficult.

"My Father" Li Xinya's B-side, two excellent essays. Seeing the competition journey during my reading time is truly touching, and I feel ashamed of why I didn't have such courage.

"Why Does DeepSeek Come from a Quantitative Company?"

"Why Was DeepSeek Born in Hangzhou Instead of Guangzhou?"

《My Father》Brother Li Xinye's B-side, two very good essays.

《Why Did DeepSeek Come from a Quantitative Company》

《Why Was DeepSeek Born in Hangzhou and Not Guangzhou?》

The protagonist of "My Father" turns out to be a purely self-managed fund in the cryptocurrency circle, reportedly managing over nine figures in USD, and it's not just the Yao class 😂 I checked, and this is the real deal, second place in NOI2009.

When people have money to a certain extent, they indeed lift all restrictions, they can say anything, becoming their true selves.

Circle / The model of borrowing USDC from LUNA / USDT is not feasible:

▰ If issuing bonds, the expectation of the entity taking over the bonds issued by CRCL should be greater than the risk-free return of government bonds, but CRCL can only buy government bonds, and the flywheel cannot get started.

▰ If issuing additional stocks, for example, after selling ATM, issuing stablecoins, the magnitude that can be extracted from a virtual market value of 50 billion is limited to 10%, making it difficult to impact an issuance volume of 60 billion.

▰ If issuing convertible bonds, even for MSTR, the current scale of convertible bonds has not reached 10% of the market value (the 42B plan is pending, but at least currently it does not exist). Similarly, returning to the logic of issuing additional stocks—if the limit for this operation is an additional 5 billion USDC issued, there is no need to take such risks.

So far, the post with the most exposure in CRCL is by a 45-year-old Chinese-American on Literature City, whose mindset is:
The Grand Leader's national strategy, replacing VISA, charging aggressively towards 2000.

For us so-called real users in the crypto space, we see it as: compliance costs are so high that there is no profit, a rate cut cycle can easily lead to losses, issuance relies on massive subsidies, and a reasonable valuation is 30-50, haha.

Just like in the crypto space, once a coin is listed, it becomes a bet and the fundamentals gradually detach, you need to know who you can pour it into.

From the recent Nobitex incident and various exchange security events in the past, for ordinary retail investors, it is best to choose leading exchanges for daily use, as the safety of funds is always the primary consideration. Madam, you wouldn’t want your coins to be stolen, would you?

Currently, Binance is widely recognized as the leading comprehensive exchange in the market. From the data perspective, this is indeed the case:
1️⃣ Spot market share hits a 12-month high: The Block's market share tracking data shows that Binance's current spot market share has risen to the highest level in the past year.
2️⃣ BTC & ETH trading volume continues to increase: Binance currently accounts for about 45.6% of BTC spot trading volume, and the share of ETH spot trading volume has consistently remained around 50%.

When the tide goes out, you can not only see who is swimming naked but also who is wearing the most attractive swimsuit. In the current context of a decline in overall market trading activity, having such data indicates that, on one hand, Binance has strong user stickiness, and on the other hand, it suggests that other exchange users may choose Binance to avoid risks.

Fundamentally, Binance is able to continuously lead the market. Discounting other operational factors and market activities, the safety of Binance remains the most important aspect attracting users.

Data released by CryptoQuant on June 3 shows that Binance currently holds 59% of the USDT and USDC reserves among centralized exchanges, having the largest stablecoin reserves among all centralized exchanges. Stable and transparent reserves are always a critical point valued by users after FTX.

In addition, the Alpha activities have indeed attracted and converted many users from other chains or exchanges into Binance users. Balance points and trading volume points represent two forms of conversion: one for capital retention and the other for operational habits. Once you have funds on Binance and have gotten used to its operations, it is hard not to continue using Binance.

A grain of sand in the era, when it falls on an individual, becomes a mountain. If one has experienced the torment of FTX, despite the unsatisfactory final outcome, the agony during the process is something no one wants to go through again. Always remember, "fund safety" is more important than "earning an extra 10%."

I feel that Circle, Tether, Rutenik, Sun Yuchen, and Mercado Libre may have worked in vain these years, waiting for JD.com to issue stablecoins to save users from distress.

The identity configurations that cryptocurrency enthusiasts like the most: Saint Kitts, Saint Lucia, and Vanuatu may be included in the US travel ban in 60 days. Myanmar has already been restricted.

In addition, the first round of voting by European Schengen countries to revoke visa exemptions for Saint Kitts, Saint Lucia, and Grenada (the country where Sun Ge served as WTO ambassador) has passed, and now it just needs to be approved in a final meeting for implementation, which is highly likely to be approved.

Recently, there has been a lot of talk about issuing stocks rather than coins, but I am genuinely curious: what does issuing stocks in the U.S. stock market have to do with us yellow-skinned people?

Aside from the Japanese Metaplanet, the only liquid stocks left are basically MSTR, CRCL, COIN, and the three mining stocks MARA, RIOT, and CLSK, each around 5 billion, all of which are as white as can be, with shareholders being blue-blooded companies from the U.S.

Why is it that the pile of yellow-skinned coins and stocks that started in Canaan just can’t seem to get a premium?

First, they have long been thrown into the category of Chinese concept stocks, which, as we all know, has been a major disadvantage over the past few years.

Second, capital operations are not about doing business; they are about building relationships. The company has long been sold to institutions, all of which are professional managers with Wall Street backgrounds. Who is going to honestly do business with you? Take MARA as a typical example: for years, it has been continuously acquiring at any cost to maintain its leading position and obtain market premiums, while simultaneously issuing ATM shares to sell to institutions (scalpers).

What yellow-skinned people are suited for is doing business, navigating compliance restraints, and building relationships in away games. Honestly, it might be better to just issue a coin instead.

The maintenance costs for shell companies in the U.S. and Hong Kong are not low (several million dollars per year), and under the premise that market capitalization limits are not broken, I see no point in these trading volumes being less than those of exchanges like MEXC and Gate for issuing stocks.

Recently, people often say that issuing tokens is not as good as issuing stocks, but I am genuinely curious about the relationship between token stocks and us yellow-skinned individuals.

Aside from a Japanese stock Metaplanet, the only liquid token stocks left are the American stocks MSTR, CRCL, COIN, and the three mining stocks MARA, RIOT, and CLSK, all of which are as white as can be, with shareholders being blue-blooded companies from the US.

Why is it that the bunch of yellow-skinned token stocks originating from Canaan just can't get a premium?

First, they have long been categorized as Chinese concept stocks, which, as we all know, has been a big negative in recent years.

Second, capital operations are not about doing business; it's about building relationships. The company has already been sold to institutions, all of which are professional managers with Wall Street backgrounds. Who is going to honestly do business with you? You see, MARA is a typical example; for years it has been continuously engaging in cost-ineffective acquisitions to maintain its position as a leader to obtain market premiums, while simultaneously issuing ATM shares to sell to institutions (i.e., the chives).

What suits yellow-skinned individuals is to do business, to engage in relationships in places where compliance constraints exist, and where they are in a guest position. Honestly, it may be better to just issue a token.

Apart from the Japanese stock Metaplanet, the only liquid stocks left are the American stocks MSTR, CRCL, COIN, as well as the three mining stocks MARA, RIOT, and CLSK, which are around 5 billion.

Why can't this pile of yellow-skin stocks from Canaan get a premium?

First, they have long been categorized as Chinese concept stocks, which is known to be a significant disadvantage in recent years.

Second, capital operations are not about doing business, but about building relationships. The company was sold off to institutions a long time ago, all managed by professional managers with a Wall Street background; who is going to honestly do business with you? Just look at that beast MARA, it's a typical example: for years, it has been continuously acquiring at any cost to maintain its leading position and obtain market premiums while simultaneously issuing ATM shares to sell to institutions (the chives).

Yellow-skin stocks are more suited for doing business, dealing with regulatory constraints, and building relationships in away games; how to manage it is really not as good as just issuing a coin.

Apart from the Japanese stock Metaplanet, the only liquid options left in the coin stocks are the American stocks MSTR, CRCL, COIN, as well as the three mining stocks MARA, RIOT, and CLSK, which are around 5 billion.

Why are these yellow-skinned coin stocks from Canaan not doing well and unable to achieve a premium?

Firstly, they have long been categorized as Chinese concept stocks, which, as we all know, has been a significant disadvantage over the past few years.

Secondly, capital operations are not about doing business; they are about building relationships. The company was sold to institutions a long time ago, all run by professional managers with Wall Street backgrounds. Who is honestly going to do business with you? Look at that beast MARA; for years it has been continuously acquiring at any cost while simultaneously issuing ATM shares to sell to institutions (scalpers).

Yellow-skinned stocks are more suited for doing business, navigating regulatory constraints, and building relationships in away games. Honestly, it might be better to just issue a coin.

Aside from one Japanese stock, Metaplanet, the only liquid stocks left are MSTR, CRCL, COIN, and three mining stocks, MARA, RIOT, and CLSK, each around 5 billion.

Why are these yellow-skinned stocks from Canaan not able to get a premium?

First, they have long been categorized as Chinese concept stocks, which has been a significant disadvantage in recent years.

Second, capital operations are not about doing business but about building relationships. The company was sold off to institutions a long time ago, and all are professional managers with Wall Street backgrounds, who is honestly doing business with you? Look at that beast MARA, it has been continuously making cost-ineffective acquisitions while issuing ATM shares to sell to institutions (scalpers).

Yellow-skinned stocks are suitable for doing business, but with compliance constraints and having to build relationships in foreign markets, how can they compete? Honestly, it might be better to just issue a coin.