Another Day in Crypto #19

Curating some crypto content from around the web.

Hello everyone.

Hope you’re doing well!!!

As always - this is most Definitely Not Financial advice.


Now, let’s look at some interesting stuff from today.

Starting off with in fact - someone who’s not exactly a supporter of crypto - to say the least - Peter Schiff.

Watcher.Guru @WatcherGuru

JUST IN: 🇺🇸 US Financial "analyst" Peter Schiff says regulators have closed a bank he established in Puerto Rico due to net capital issues.

Peter Schiff @PeterSchiff

Despite no evidence of crimes, Puerto Rico regulators closed my bank anyway for net capital issues, rather than allow a sale to a highly qualified buyer promising to inject capital far in excess of regulatory minimums. As a result accounts are frozen and customers may lose money.

Kind of ironic imo.

Moving on - Celsius laying off employees.

Watcher.Guru @WatcherGuru

JUST IN: Celsius Network has reportedly laid off approximately 150 of its employees, CTech reports.

Original article - https://www.calcalistech.com/ctechnews/article/syvuxha99

Next:
Some extra thoughts from scott about how many Bitcoin Maxis are in fact CeFi supporters. The explanation imo - DeFi is perceived by Bitcoin Maxis as a threat.
They know it challenges their narrative. That’s why some of them “settle” for supporting centralized entities - it “helped” them create yield on their Bitcoin just like in TradFi.

And just like TradFi - it was everything but transparent.

scott @scott_lew_is

bitcoin was wholly captured by cefi. the biggest influencers. even blockstream, which sets the bitcoin governance agenda. i had no idea how deep the rot was.

Again, as I‘ve already mentioned a few times - if your crypto assets are with a centralized entity - they’re not really crypto assets yet.

Only once you move to them to your own self custody - where they are cryptographically controlled by you - will they be able to fulfil their potential and original goal of really being yours.

This is imo the most basic and important fact in all of crypto.

Not your keys - not your coins.

fiskantes.lens (⭐️,🩸) @Fiskantes

If I have a non negligible capital somewhere and there is a rumour its at risk there I flee to safety first and ask questions later. It's just a nobrainer.

𝕯𝖆𝖓𝖌𝖊𝖗 @safetyth1rd

@0xShual https://t.co/frJpdVOuw3

otteroooo was blunter:

otteroooo @otteroooo

live look of people who labelled otter's predictions on Luna UST Celsius Voyager as FUD if you hate money, go take a loan and put it in your fave CEX WARNING if your reply gives false hopes, hides risks, calls me FUD AND is a smol account otter will hide replies and block

On a different note, an interesting discussion about PoS is taking place -

foobar @0xfoobar

Hit me with your best arguments against PoS. Why it's doomed to fail, design weaknesses, etc. Want to hear the best steelman

polynya @epolynya

@0xfoobar It's a dystopian plutocracy where the wealthy decide the initial truth and consolidate their power (proof-of-work is even worse) Won't fail - just that it's not a fair or democratic system w/o disruptive intervention (fork) I hope we see more democratic mechanisms in the future

Also, always nice to have a pearl from Vitalik every now and then -

vitalik.eth @VitalikButerin

Pro-tip: if there's a long-established tradition of people debating A vs B based on deep arguments touching on math, economics and moral philosophy, and you come along saying "B is dumb because of a one-line technicality involving definitions", you're probably wrong.

Jimmy Song (송재준) @jimmysong

Proof-of-stake does not solve the Byzantine General's Problem. Therefore, it does not provide decentralized consensus. If you didn't understand this tweet, then you are completely unqualified to make any claims about proof-of-stake.

Different perspectives by CZ and FatMan on banks and Bitcoin reserves:

CZ 🔶 Binance @cz_binance

Banks now use #bitcoin for reserves. Probably nothing. » Bank for International Settlements to allow banks to keep 1% of reserves in Bitcoin

finbold.comBank for International Settlements to allow banks to keep 1% of reserves in BitcoinDespite its skeptical approach, the Bank for International Settlements aims to allow banks to hold up to 1% of reserves in cryptocurrencies.

FatMan @FatManTerra

@cz_binance The way people misframe news never fails to amuse. Chinese whispers. This is the introduction of a limit - as in, banks will *only* be allowed to hold *up to* 1% of their assets in *any cryptocurrency*. It's not a good thing, but you're framing it as positive because... Bitcoin!

On a different topic, I found this one by CZ also interesting:

CZ 🔶 Binance @cz_binance

Our threat intelligence detected 1 billion resident records for sell in the dark web, including name, address, national id, mobile, police and medical records from one asian country. Likely due to a bug in an Elastic Search deployment by a gov agency. This has impact on ...

Let’s move on.
Referring to yesterday’s story:

A surprising new critic to POTUS:

Jeff Bezos @JeffBezos

Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics. https://t.co/XgKfEICZpk

President Biden @POTUS

My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.

And some laughs:

Alex Svanevik🐧 @ASvanevik

My message to the companies running dapps and setting prices in my metamask is simple: this is a time of war and global peril. Bring down the price you are charging for my tx to reflect the cost you’re paying for the product. And do it now.

laurence (btc maxi disrespecter) @functi0nZer0

My message to the egirls running thirst trap profiles and setting prices on their feet pics is simple: this is a time of war and global peril. Bring down the price you are charging to reflect the cost you’re paying for the product. And do it now.

Now for some education: Starting with of course, the biggest provider of educating threads - Haym Salomon.

Haym Salomon @SalomonCrypto

(1/21) So let's just address the elephant in the room: bribing. What is it? Is it sustainable? How am I going to explain this to my mom, let alone @GaryGensler? Read on to learn more about ve-tokens, voting incentives and the systems you're seeing all over De-Fi!

Haym Salomon @SalomonCrypto

(1/21) Computer Science Fundamentals: Turing Machines and Turing Completeness. Want to learn just how powerful @ethereum really is? You need to understand this core concept!

Let’s continue with one from Barry Fried:

Barry Fried (‘½⏱’) @BarryFried1

Looking for a “set and forget” $vlCVX bribe autocompounding service? (No gas fees!) Ability to withdraw/swap at any time? Potential $CVX arb opportunities? Say hello to @BadgerDAO’s $bveCVX 🧵👇

napgener 0xDONE shared his own thoughts on CVX 0.00%↑ :

napgener 0xDONE @napgener

votium.app click here and you can see 6.8267 1 $cvx controls 5.3248$ usd of $crv and .75c of $fxs cvx trades at $3.9 Comes with 4 month lock instead of 4 year. use some black scholes and crypto volatility. cvx is far too cheap

votium.appVotiumGet rewarded for your vlCVX/veCRV votes!

Another project I’ve already mentioned a few times that I’m interested in is Umami.

Again anons, this is not financial advice, this is my writing online my perspective on a project. I think if this thing works, it will become an amazing way for people to generate yield on their $USDC (and I imagine other stablecoins and crypto assets as well as time goes on) which is both high and sustainable. Highly interesting.
Read this by Degen Sensei to know more:

Degen Sensei | DeFi Scavenger 🔎 @DegenSensei

New substack post that discusses how @UmamiFinance can deliver 25% yield in their USDC vault. It dives into providing yield for customers and adopting risk management through @TracerDAO and how @dopex_io will tie it together through Atlantics. Enjoy!

degensensei.substack.comThe Delta Neutral Yield Strategy25% APY, how is that possible?

The Delta Neutral Yield Strategy

CryptoCondom @crypto_condom

Props to @DegenSensei & his substack on @UmamiFinance: "A clear and transparent way to generate yield while being aware of the inherent risk the protocols possess is a step in the right direction. This is the DeFi we’ve all been asking for." 🤝

Degen Sensei | DeFi Scavenger 🔎 @DegenSensei

New substack post that discusses how @UmamiFinance can deliver 25% yield in their USDC vault. It dives into providing yield for customers and adopting risk management through @TracerDAO and how @dopex_io will tie it together through Atlantics. Enjoy! https://t.co/2wGyXF3nMy

Wrapping up with some general nice tweets:

mewny @mewn21

remember the guy that was offered a record breaking sum for his punk and he rejected it with a long thread about it being his identity bull market psychosis things

CRONK, Professional Bitcoin Historian @CryptoCronkite

in 8 months we've gone from: -discussing if there'd ever be a real bear market again to: -the bull market was fake all along -there is no adoption -DeFi never worked -CeFi never worked -there are no narratives left -retail will never come back not a buy signal but noteworthy

Algod🫐 @AlgodTrading

Crypto at this stage is just a game you have to become good at If you beat the game it can give you financial freedom and decades/centuries of ‘free time’

Also liked this one by Algod:

Algod🫐 @AlgodTrading

A scalable privacy solution is needed more than people think Going to invest in a privacy solution just because it’s the right thing to do

Oh, and Gabriel Haines.eth is the craziest content creator around:

Gabriel Haines.eth @gabrielhaines

My neighbors:

Thanks to crv.mktcap.eth for making me see this nice one:

Lina Seiche @LinaSeiche

None of your business

I also recommend you read his article on the upcoming EU regulation being discussed - and earn about PACDAO.eth and European Crypto Initiative - who are working on improving such regulations. Btw, as you can see on the next tweet - all subscriptions for crv.mktcap.eth benefit the PAC DAO!

And to conclude: a new Discord server for the crv.mktcap.eth community is now on - and I think it’s going to be a great place for cooperation and education.

Thanks sers!

crv.mktcap.eth @CurveCap

🔏🧵7/7 For more, check the full article. All subscriptions go to benefit @PacDao, which is participating in the fight: curve.substack.com/p/jul-1-2022-a… Also, please join our new Discord! discord.gg/DJx7RrHG

discord.ggJoin the *.mktcap.eth Discord Server!Check out the *.mktcap.eth community on Discord - hang out with 147 other members and enjoy free voice and text chat.

That’s it for today everyone, thanks for reading and have a great day!