This is where I actually think everyone in crypto is wrong.

Crypto is a luxury item for people who aren't in debt and have funds to take risks, and we are arguing that they don't like L2 fragmentation when they just don't have capital to invest.

https://x.com/CamiRusso/status/1850914258164342918?t=10qHZTd-jziQ_qlODc0xDA&s=19

/cryptobanking

240932

Monteluna

@monteluna·

Please don't fork someone else's code then reference their audits for your cryptobank.

https://x.com/Mrfti_plus/status/1850671801094860819?t=rocOnK-LVOACKJ-T1rkhIA&s=19

Good discussion with PaperImperium on MakerDAO governance, and how GFX Labs was the leading delegate against the rebrand to Sky.

https://www.youtube.com/watch?v=bMrX-3_9_Wo

The BRICs meeting recently concluded, and one take is that U.S. can only maximally choose two of these three options:

- Operate a Laissez-faire capitalism market without interventions on goods, stocks, and bonds.
- Continue with fiscal policy of unlimited foreign wars and social safety nets.
- Using the Treasury market as cheap government financing with suppressed interest rates.

The world is waking up to a new standard of risk free collateral in banking and credit markets: Bitcoin and other cryptocurrencies.

https://www.youtube.com/watch?v=QUJNIMh3sMA

If push comes to shove, I think the probability that the state uses every tool in the shed to try and thwart the BRICs nations is much higher than 0%, and that would inevitably pull in crypto if it ends up being used more and more as a global trade medium and free market banking system.

I do think a lot of crypto people assume a Trump win magically removes the risks to crypto, and I'm not sure I agree.

https://www.youtube.com/watch?v=HPG9qxXdwlY

I keep telling my wife reality TV is stupid.

You can just watch crypto for free. No Netflix required.

https://x.com/gabrielpcarafa/status/1848574785279955036?t=LR12-4YBheeRn-TLDt929g&s=19

Morpho accelerating.

Always struck me as odd that people think the next step change in crypto is RWA.

Usually when I see RWA, the underlying construction is uncollateralized credit, and you can only resort to third parties if the credit goes sour.

The third party is sometimes a court.

https://x.com/ImperiumPaper/status/1848915795356623335?t=85WdQq5ZR3PshKc-WUUstQ&s=19

In a crypto bank credit expansion to a single large player would raise alarms due to the forced constraints on available credit and free market liquidity.

In tradfi, the eurodollar is completely subsidized and guaranteed by the banks, so there's infinite money. Couple this with years of suppressed interest rates and you get a situation where large companies can just ask for long term debt issuance, with little to no risk and the math just checks out.

They can just command cheaper interest rates leading to fascinating trades like this where a company can just hack the corporate debt model to buy bitcoin.

https://www.jaypeg.me/p/mstr-converting-index-investing-into

😔

https://x.com/ImperiumPaper/status/1846985288695922751?t=6lWcYPRWh_F_NJc3OpdBgg&s=19

I have mentioned before that PYUSD was larping in crypto.

Paypal has plenty of resources to actually compete in the cryptobanking space, but they refused to deep integrate into Venmo/Paypal, and just had a bizarre GTM strategy.

https://x.com/hosseeb/status/1846560730868236345

Waiting for people to realize OHM is a cryptobank...

Very good view on cryptobank stablecoins.

https://x.com/henloitsjoyce/status/1843893123031937510?t=JmsVB-WAyF9mHuVuNO_4Xw&s=19

@nourharidy on $DOLA's bad debt and a path to recapitalization.

https://x.com/NourHaridy/status/1842943369548374228?t=4YWxZn3lFxUP2_upgeEZAg&s=19

Austin Campbell on stablecoins and the U.S. banking regime.

https://www.youtube.com/watch?v=3-oz-XUF1EM

Aswath on one of his least favorite topics: Central Banking!

https://www.youtube.com/watch?v=RpuuRS6mkx8

With the recent news about cbBTC, I think everyone has totally forgot about EURC. Note Soneium is releasing soon, and will likely have YEN on chain as well.

Forex is moving to blockchains and it's right in front of us.

/cryptobanking