The Cryptocurrency Trading Journal

"Gold is analog, Bitcoin is digital. It’s far superior to gold as a store of value, not just because it’s gone up 200% a year for 10 years, but because you can’t flee your country with millions of dollars worth of gold, as it’s bulky and hard to divide, whereas you can send Bitcoin anywhere in a fraction of a second at very low cost, and it’s almost infinitely divisible. The best estimates I’ve seen are that there’s about $10 trillion of gold value in the world, some in jewelry, some in central banks, some in things like ETFs. Bitcoin’s market cap is around $1.1 trillion. I’m highly confident that Bitcoin can go up 10 times under certain reasonably assumed conditions—namely, it can be as valuable as gold."

https://www.barrons.com/articles/ho...E4BA55144CAA0A4C98A5%40AdobeOrg|TS=1619179428
 
Crypto banks are garbage

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https://blockfi.com/updated-rates-for-btc-eth-link-ltc-and-paxg-effective-may-1-2021

Blockfi is holding a big loss on GBTC, which it sounds like they have not realized (judging by their withdraw restrictions). They are levered 10-1 IIRC. Now they want people to risk their biometric data on some server somewhere, a honeypot for hackers. Celsius CEO said his company functioned as a hedge fund a few weeks ago on RealVision, well, most hedge funds are horrible investments, why crypto hedge funds would be any different? If fact, its worse given the inhert risks of crypto

I stand by my views, I'd avoid all crypto banks
 
I've taken my cryptos from BlockFi and Celsius, but disclosure, I am a nexo token hodler

My only comment is that this collateral-asset industry is "good" for the cryptos and I do not think we should be rooting for its demise

I would wish to defend Celsius (and Nexo) and separate them from BlockFi, but no point and nothing at risk with Celsius so no incentive

If BlockFi goes under, it could hurt the the validity of bitcoin as an investment asset. Fidelity is partnered with them

https://www.fidelitydigitalassets.com/articles/collateral-agent-press-release

https://elitetrader.com/et/threads/...lue-in-collateral-market.356744/#post-5343102
 
https://cointelegraph.com/news/resi...-can-conduct-local-transactions-using-bitcoin

"Residents of small island nations are finding it increasingly difficult to send and receive money internationally because of 'derisking' by large international banks. Derisking is when these large institutions remove their intermediary banking services from smaller island-based community banks. This prevents the island-based banks from transacting internationally"

This worries me a great deal. The big police states (US and EU) were coming in hard against the tax havens in the last few years, Covid has only accelerated that. In 2019 was 'substance requirements' for tax havens domiciled companies, that forced a lot of businesses domiciled in havens to have an office and employees at the islands, even if they are not doing business there.

Now Yellen is talking about a Global corporate tax rate, who knows what they will talk about in a couple years. Truth is, with crypto, offshore banking is irrelevant. Anyone can open a BVI company and setup a Binance account for that entity. The company can be capitalized with BTC. Then the person can make and receive payments. They can send their crypto to a hardware wallet (including stablecoins like USDC and USDT to an ETH address) and you are in business. With Moon you can even issue a temporary virtual visa card with the lightning network, so you can pay for corporate expenses.

But it seems to me that the financial police states have not realized how powerful crypto is, its making bodies like the FATF irrelevant. Havens can now tell big countries to go fk themselves. When the big bureacrats realize that, they wont be happy and at that point there will be push back

I dont know what will happen but I bet it wont be good
 
They are going to be a one stop shop for institutions wanting to enter the cryto space, I'm no expert on institutional solutions in the digital space but I dont think there is anything like it right now. So, they will be like an Oasis in the desert
 
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