Caitlin Long 🔑⚡️🟠
@CaitlinLong_
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Founder/CEO @CustodiaBank . #bitcoin since 2012. 22-yr Wall St veteran. Not advice; not views of Custodia Bank!
Wyoming & #decentralized
Joined April 2016
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Pinned Tweet
1/ NEW SPEECH, "The Engineering of
#Bitcoin
," posted here: . "Money in this internet age is an engineering problem & Bitcoin is the engineered solution to it." Written for general audience, w/ engineering emphasis. HT Person Lecture, UW Homecoming 2023.🤠🙏
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WORLD WAKING UP to the fact that a bank deposit is an unsecured loan to a leveraged counterparty, that the FDIC insurance fund only has $128bn, that total deposits in US commercial banks=$17.6 trn, &...here's the big one: that money itself is a confidence game (always has been)🤔
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WHAT I FIND MOST SIGNIFICANT about
#ElSalvador
's move=it has nothing to do with speculating on
#bitcoin
's price (how refreshing!!). It's really about what
#Bitcoin
tech can do to empower regular people + the power of
#LightningNetwork
payment efficiency. Congrats
@nayibbukele
!🇸🇻
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1/ HOW TO UNDERSTAND WHAT'S GOING ON IN FINANCIAL MKTS. Western world built up a debt bubble of stunning proportions over past ~50yrs. It's deflating now, just as it tried to do in 2008, 2001, 1997, 1994, 1987, 1981 & 1974. Each time, tho, there was enuf balance sheet capacity...
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1/ THREAD ABOUT A HISTORIC DAY in
#bitcoin
:
#ElSalvador
president publicly announced support for legislation to make
#BTC
legal tender. *IF* it does become law, it wld have many secondary effects. Steel yourselves bc a big fight on this probably coming tho
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DAY 2 of sharing deets & receipts regarding Operation Choke Point 2.0 with various DC people who need to know. There’s a reason for the smile on my face…stay tuned…🍿
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SENATOR LUMMIS is now on the Senate Banking Committee.
You guys, a
#bitcoiner
is on Senate Banking!!
THIS IS HUGE!
Fingers had been crossed for this. It means a whole lotta good stuff.
#Bitcoin
🤠😉🤠😉🤠🚀🚀🚀
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I'M HEARING FEDERAL BANK REGULATORS are mad that "people warning each other about SVB" on Twitter exacerbated its bank run. But Twitter isn't the problem--risky banks are the problem. If Twitter rumors can bring a bank down in <48hrs, it was fragile. Regulators have work to do.
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1/ IT'S TIME FOR ME TO REVEAL A FEW THINGS. I've just published a post "Shame On Washington, DC For Shooting A Messenger Who Warned Of
#Crypto
Debacle." Link to post is here:
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AND IT’S OFFICIAL!! 🤠
#Wyoming
will recognize
#DAOs
as a new type of LLC, effective July 1! Thank you legislators &
@GovernorGordon
for building on Wyoming’s history of inventing the LLC, which all other states followed roughly a decade later. We’re doing it again! A thread👇. 1/
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WOW—pal sent me a
@jpmorgan
research report “The Bitcoinization of El Salvador” written by its LatAm research team, & it doesn’t mention
#LightningNetwork
even once.🤦♀️It’s clear they don’t even understand the basics. Why does anyone pay attention to WallSt research on crypto???🤷♀️
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HOLY COW!! 👇💪🙏
Our CEO,
@CaitlinLong_
, was just named one of three Innovators of the Year 2023 in the US banking industry by
@AmerBanker
, selected by American Banker as one of the top three from the 20 total named Innovators of the Year 2023. Congrats to all!
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INTERESTING: the world truly has changed...no headquarters address for a fully remote company.
@coinbase
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1/ INTRODUCING AVANTI BANK, a new US
#bank
to serve
#digitalasset
industry, offering new products & svcs not currently available in USD mkts along w/ tech partner
@Blockstream
.
#Wyoming
-based. We’re preparing long process of charter application & aim to open early 2021.
@AvantiBT
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WOOHOO—after a rousing, standing-ovation speech at
#Bitcoin2023
,
@RobertKennedyJr
signed his book I bought in 1997 after we were seatmates on a long flight. His entry in the presidential race is a breath of fresh air—an answer to Biden/Warren trying (but failing) to kill
#bitcoin
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1/ SOME THOUGHTS on
#stablecoins
& the
#crypto
selloff, which are probably connected.
HUGE news last week & it matters far more than
@elonmusk
or
@binance
news. A long thread 👇:
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TRUTH REVEALED--Warren's orchestration of
#OperationChokePoint2
.0 thru her control over the Biden Administration's financial services appointees is really about rolling out a US
#CBDC
. This has been an open secret in DC since January, but it's not a secret anymore.
#HillToDieOn
“Let’s do a central bank digital currency … I think it’s time for us to move in that direction.”
Amid Sen. Warren’s moralizing on crypto money laundering, never forget what her ultimate goal is: the destruction of Bitcoin to make way for a CBDC.
Warren is usually effective at…
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WELCOME TO
#Wyoming
,
@Ripple
! More
#crypto
cos are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws. People often ask how many cos have relocated/redomiciled to Wyoming--we dunno. We don't keep lists & we like it that way
#XRP
@Mark_Gordon_WY
🤠
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HOLY COW, does this database of Fed master account holders ever raise a lot of questions. A LOT OF QUESTIONS!!!!! The list of uninsured financial institutions that have Fed master accounts is 21 pages long & I've spotted several that may not even have been eligible for one!!!!!😡
To promote transparency,
@federalreserve
publishes database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services:
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“MUSK IMPLIES TESLA MAY SELL OR HAS SOLD BITCOIN HOLDINGS”=Bloomberg headline today
#GoodRiddance
? Or, alternatively, might it be this? 🍿
“Musk buys more
#bitcoin
on price dip”=future headline coming soon??? Oh, and:
Knock knock.
Who’s there?
SEC.
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STANDOFF IN THE SENATE🧐. At this point it's all abt procedure. Keep callin' your senators!💪
Crypto peeps have distributed political power (
#cyberhornets
are everywhere). If we decide to use it, we matter.
Strange bedfellows tho! Biden/Portman/Warren v Wyden/Lummis/Toomey...
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IT SHOULD BE CRYSTAL CLEAR BY NOW that the Biden Administration wants all
#crypto
(even the legit parts of it)--run out of the U.S. See also yesterday's White House economic report, which dunked on all financial innovation while espousing the "stability" of traditional banks
On March 22, 2023, Coinbase received a “Wells Notice” from the SEC stating that the Staff made a “preliminary determination” to recommend that the SEC file an enforcement action against the Company alleging violations of the federal securities laws
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🚨🚨🚨OMG there were rumors of a pro-
#Bitcoin
mole on
@ewarren
’s staff. One person told me I’d know it when I saw it. Well, I guess this is it. Nice job, mole!!!💪😂
BREAKING: Elizabeth Warren signs a certificate to honor
#Bitcoin
creator Satoshi Nakamoto with a ceremonial flag flying. "Americans are forever grateful." 🇺🇸
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I CAUGHT UP with a big
#bitcoin
-er & investor in bitcoin infrastructure cos who said he doesn't think this rally is all about the spot ETF. He thinks it's abt this👇too. I missed this at the time--but looking into it this morning, it seems there wasn't much coverage at the time.
JUST IN - The Emir of Qatar 🇶🇦 has landed in El Salvador 🇸🇻 😳 🚀
What do ya think they’re going to talk about…
#Btc
nation state adoption perhaps 🤔 👇
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@realDonaldTrump
1/ Mr President—
#Wyoming
, the state that gave you the highest margin of victory in 2016 (even bigger than Reagan), welcomes law-abiding
#crypto
companies & created a new type of bank charter to allow them to comply w/ the law. You are just wrong on this—ur staff is misleading you
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LEVERAGE DRAWDOWNS can be brutally swift.
#Bitcoin
has no lender of last resort to bail out intermediaries or stabilize its price—this is a feature, not bug. They help keep bitcoin’s interest rates pure (unaffected by built-up
#circulationcredit
, which is being liquidated today).
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NEVER IN HUMAN HISTORY has a good that people use as money been this scarce. Happy
#bitcoin
halving, peeps!
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1/ IT'S OFFICIAL!!! Welcome to
#Wyoming
,
@krakenfx
!
🐙+🤠=🔥🚀🎉
What a win-win for
#crypto
& Wyoming! As of **NOW** Kraken has a US bank charter—a 100% reserves-required, audit required (w/
#ProofOfReserves
), custody via legal bailment, no
#rehypothecation
type of bank!🤠
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THE BIG 4 US BANKS just got a $210bn Fed bailout. How? Fed's new BTFP facility allows banks to borrow against the negative collateral value shown on the graph *AT PAR* instead of at market value(!!!). The big 4 have $210bn of these losses...
#privatizedprofitssocializedlosses
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Vote is tomorrow. But don’t stop the deluge! I think the Boomers in power in DC thought they could pull a fast one on Millennials, but they had no idea how much power this community of
#cyberhornets
has when we decide to use it.
#cyberporcupines
is a more apt term—so many quills!
6:41pm Sat evening-Schumer from Senate floor on infrastructure bill:"We've been working hard all day on amdts & hopefully, we can come to some agreement tomorrow.But, the time is burning as we go forward. So, for the information of mbrs, keep working.We'll resume at 12 (Sunday).
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The
@federalreserve
just reiterated its conclusion, in the middle of a banking crisis it did not see coming, that a bank holding cash to back 108% of deposits is unsafe & unsound--while it continues to believe banks holding cash to back only about 6% of deposits are safe & sound
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FINALLY is media looking into who’s really behind
#OperationChokePoint2
.0, the Biden Admin’s all-of-govt crackdown on all things
#crypto
—*esp* the law-abiding parts of it? Wow, it’s about time. What was initially an open secret in DC isn’t a secret anymore. Better late than never
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🚨🚨🚨WHEN FEES ARE LOWER THAN COSTS, please please please ask yourself how the asset manager is making money managing the fund. With no-fee funds, the answer is usually securities lending—a practice that can pose A LOT of hidden risk to investors. What‘s really going on here?🤔
But wait, ARK just dropped their fee to 0.25% in an S-1 filed 20 minutes after BlackRock’s. Told y’all the fee war would break out bf they even launched. And this is w out Vanguard on the mix. Damn.
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STILL SHOCKED at how much Biden Administration's hatred of ANYTHING
#crypto
drove it to poor judgment, now boomeranging back on it in courts. Better to have worked w/ law-abiding players. This was their choice. Courts curbing federal agencies' power impacts far more than crypto.
The Judge destroyed the SEC in today's judgement:
"The Commission’s unexplained discounting of the obvious financial and mathematical relationship between the spot and futures markets falls short of the standard for reasoned decision making."
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IT WAS NOT ON MY BINGO CARD for the 2024 US presidential race that each challenger candidate of the two major US political parties would be pro-freedom in banking & anti-
#CBDC
, both in a vocal way & both displaying deep understanding of the issues
@RonDeSantisFL
@RobertKennedyJr
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“
#Bitcoin
was designed to be protected from the influence of charismatic leaders.” —Satoshi Nakamoto
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SO MUCH of the garbage in
#crypto
during this cycle was just leverage dressed up as tech innovation.😔
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THE GEOPOLITICAL SIGNIFICANCE of
#Bitcoin
is underappreciated. Back when China kicked out the miners & the US welcomed them w/ open arms, it was geopolitically favorable to the US for the 👇 reasons. Now, the script has flipped & Hong Kong is welcoming...
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THIS ISN’T
#coronavirus
!!! 😬This is result of ~50 yrs of Western economies consuming more than they produced, finally coming home to roost. The virus was just the pin that pricked the debt bubble & revealed the magnitude of the solvency problem. Stay safe out there 🙏
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🚨🚨🚨WOWZERS—I didn’t think this correction would come, but here it is.
Well done,
@nic__carter
! 🙏
Now, when will
@ewarren
and the ~20% of the US Congress who signed her letter based on incorrect facts issue their retractions/corrections???
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🚨QE IS BACK🚨--FED JUST BAILED OUT BANKS, INFLATION TO KEEP RUNING HOT:
* loans of up to 1yr to banks vs US Treasuries, agency debt & mortgage-backed securities + other assets as collateral
* Fed valuing these assets at *par*🤯(🚨THERE'S THE BAILOUT🚨)
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1/ I DIDN'T SEE SOMETHING UNTIL NOW. Often I've spoken about paper assets creating a fake supply that satisfies real demand, & that (all else equal) this causes an asset's price to fall. Most recently this came up in a debate with
@timevalueofbtc
abt using
#MVRV
to value
#bitcoin
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WELL, SHE SAID THE QUIET PART OUT LOUD...
#CBDC
=control
JUST IN: 🇪🇺 European Central Bank President reveals plans to launch a digital euro (CBDC), says there will be control over payments.
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Bank regulators: "chancellor on the brink of a second bailout for banks"🤬
#Bitcoin
: "hold my beer"🍻 (up >30% since SVB bank run Thursday)
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Yep & we’ve proven our power doesn’t stem from lobbying money. Our power= there are ~50 million of us (in every Congressional district), we can self-organize fast when we want to & we’re not afraid to call out bad DC policy that doesn’t understand our tech
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THIS GUY👇 organized 75,000 people to be sued by the SEC for violating Howey—to become defendants(!)—& they won!!!💪 On stage, he skewered
@ewarren
for breaking her first campaign promise to fight the bankers—now they’re writing her anti-self custody bill.
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🚨🚨🚨
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THIS IS *THE* QUESTION in banking right now—is the banks’ biz model of “borrow short-term & lend long-term (with leverage) fundamentally incompatible with the era of online banking, whereby bank runs can start suddenly & finish fast? See how Barr answered Lummis:
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🚨🚨🚨
~20% of US Congress signed a letter based on incorrect facts. Elliptic just corrected the facts. Will
@WSJ
& the ~20% of Congress correct their statements now?
@nic__carter
, thank you for demanding truth here, and holding power accountable for misstatements of fact 🙏
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WOW…BUT WHAT HE WON’T SAY is that the Fed thinks only large incumbents should service
#crypto
. Start-ups that comply with all Fed laws, rules & regulations are being kept out, while Fed lets large incumbents proceed. Master acct list revealed stunning incumbent bias by the Fed…
₿𝗥𝗘𝗔𝗞𝗜𝗡𝗚: Federal Reserve Chairman says "crypto appears to have staying power as an asset class"
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A SURPRISE of the past weeks has been lots of back-channel encouragement from traditional bankers cheering on both
@Custodiabank
& me. Some stunning stories of bullying & abuse by federal bank regulators. Keep 'em coming--yes I have ears of ppl in DC who can address the overreach
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HOLY COW -- look who
@AmerBanker
nominated as a candidate for the US banking industry's "Innovator of the Year" award. Thank you! The winner will be announced on June 12.
CONGRATULATIONS and best wishes to all the
@AmericanBanker_
Innovators of the Year nominees, including Custodia Bank's own
@CaitlinLong_
.
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🚨🚨🚨BOOM!!! Congrats
@JohnEDeaton1
-- you baited
@ewarren
into responding to you. That's a victory. And she called you a MAGA Republican -- that has me ROFL.🤣Anyone who looks into your story quickly realizes the truth (& it's quite a story). She's running scared. AWESOME!!🎤💪
Senator, no one recruited me and I’m looking forward to a substantive discussion on the issues that are important to the good people of Massachusetts, like income inequality, inflation, housing costs, illegal immigration, the debt crisis, and veterans’ services.
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BREAKING!
#Wyoming
legislative committee passed
#blockchain
#bank
bill 13-1 over heavy opposition from the banking industry. Congratulations and thanks to all out supporters!
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1/ SVB—WHAT WENT WRONG
* mgmt: debauched its balance sheet
* depositors >$250k: thought their deposit at a fractional-reserve bank wasn’t an unsecured loan to a leveraged borrower (it is)
* Fed as regulator: that morning, the top cop said Fed-supervised banks don’t have bank runs
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THANK YOU for so forcefully opposing financial censorship & the politicization of banking,
@RobertKennedyJr
. I am stunned at the authoritarian tactics being used by federal bank regulators against lawful businesses as we speak. It’s time to make financial freedom a national issue
The financial censorship of political enemies is something we’re used to seeing under authoritarian regimes. No one was surprised when Russia froze more than 100 bank accounts tied to opposition leader Alexei Navalny. But Canada did it too, locking more than 200 accounts of…
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QUESTION NO ONE SEEMS TO BE ASKING in the news that
#SBF
won't be tried on the campaign finance charges (thus protecting many US politicians' behavior from discovery): why did Bahamas not agree to waive the rule of specialty to permit trial on the campaign finance violations?🤔
Sam Bankman-Fried donated $100 million in stolen customer funds to US politicians.
Today, the US Government announced they're dropping six charges against SBF and will not prosecute him for a political campaign finance violation.
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NEW POST: I fear global bank regulators (the BIS) are about to make a decision that will unintentionally “obsolete” the banks, by prohibiting a coming tech pivot...right as internet-native payment technologies are starting to scale.
@ForbesCrypto
#Bitcoin
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🚨🚨🚨Time for the 50m
#cyberhornets
to start making YET ANOTHER round of calls, emails & social media to senators—the revised Warner amendment STILL requires software developers to report info they simply can’t access. It’s nuts. Keep our voices LOUD today ahead of the vote!📣📢
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LOOK WHAT JUST ARRIVED! Bought it in hard copy—it deserves a spot on my shelf of special
#bitcoin
& economics books🧡
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Here's a link to
#Wyoming
's law protecting open-source software development as speech:
AND IT'S THRU!!
#Wyoming
's "code=speech" bill to protect software developers from criminal liability merely for writing code passed Senate 30-0...next to
@GovernorGordon
's desk! Big kudos to
@rothfuss
,
@SenatorDriskill
@TaraNethercott
@Tyler_Lindholm
!! 🤠
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Argentina!!! 🇦🇷 -- count not yet final, but looks like it may have indeed voted pro-freedom today!
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@SamanthaLaDuc
Oh boy, no progress. So many fallacies in what you just wrote. I wish you well.
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SOLVENT companies don’t need emergency liquidity lifelines.💡
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14/ However this plays out, it's a historic day for
#Bitcoin
& it advances adoption no matter how it plays out. Wonderful for all involved. Congrats to everyone--most especially to the people of
#ElSalvador
! 🇸🇻💪
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11/ YEP YOU GOT IT--*IF*
#ElSalvador
does pass legislation to recognize
#bitcoin
as legal tender,
#BTC
would v likely become *MONEY* under US commercial law (: "Money means a medium of exchange currently authorized or adopted by a domestic or foreign govt")
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Thanks for stopping by Cheyenne,
@IOHK_Charles
! What a fun discussion. Glad to hear about all your progress & the ventures you’re bringing to
#Wyoming
!
@GovernorGordon
@UW_Foundation
@Tyler_Lindholm
Great dinner with the gang: Governor Gordon, Caitlin Long, university of Wyoming president Seidel and Friends
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THANK YOU.🙏 Thank you, thank you for this👇! What a year 2023 has been, so far! It started with the worst week of my professional life in January, when the Fed blindsided Custodia with unexpected denials. Then, the universe responded. Two big awards since then. Plus,…
1/2🤠The first recipient of our Distinguished Alumni Award is
@CaitlinLong_
! Her journey from UW grad to Wall Street veteran and Custodia Bank leader is truly inspiring. When faced with outdated regulations hindering her endowment to UW, Caitlin revolutionized...
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IF THIS IS TRUE👇 then, as
@EricBalchunas
predicted today, there's going to be an epic marketing war by all the spot
#bitcoin
#ETF
issuers. And it's going to be fun watching normies say "wait, wasn't bitcoin dead?" All ahead of the April
#halving
& US presidential election...
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NEW POST: "Why Can’t We Just Have Safe, Boring Banks?"
Yes, your money can be made safe in your bank, even above the $250,000 FDIC insurance limit. Ironically, the Federal Reserve is blocking the path to make it so.
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Good reminder that miners do *NOT* control
#bitcoin
. Users do. For proof, see
#UASF
. Oh, and by the way, miners already have a clear economic incentive to cut power cost. Markets work.
@michael_saylor
@elonmusk
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MORE NEWS--permanent residency in
#ElSalvador
available for immigrants that post 3
#bitcoin
(not USD equivalent, but 3 actual
#bitcoin
)--
@nayibbukele
speaking on
@nic__carter
's Spaces room. Nearly 15,000 people listening to this live
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.
@SenSherrodBrown
, you’re wrong that
#crypto
triggered Silvergate’s issue. What did it was $13.3bn in demand deposits that depositors cld withdraw in minutes, but only $1.4bn of cash. Had $SI held $13.3bn of cash, the bank run wouldn’t have impaired its capital. Not a crypto…
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💪⚡️ — this will disintermediate the traditional banking system in the US, just like Uber disintermediated taxis, gradually, and then suddenly. Told ya’ 😉👊🔥
BREAKING: Strike now lets businesses instantly send US dollars over the
#Bitcoin
Lightning Network 🙌
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🤯 MIND BLOWN: “
#Bitcoin
is leaving ppl confounded—we don’t know how to describe what we’re seeing bc we’ve never seen anything like it.” It’s turning the global power grid into the circuit board of a global computer; cld unlock Moore’s law for power grid itself.-
@JasonPLowery
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CONGRATS to one of my fave CEOs,
@owenmahoney
of
@Nexon_America
, for this
#Bitcoin
news! Not surprised, given how thoughtful Owen has been about macro issues for years. We started talking about BTC in ~2015, I think. Welcome to rarified CEO air, Owen!
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EXHIBIT "A" that paper
#bitcoin
exists.👇 In other words, more IOUs for
#bitcoin
exist than actual on-chain
#bitcoin
. FTX had at least $1.4bn of it (in USD terms).🤢🤮😱
Folks, there's a lot more of it out there. Let's get it all flushed🚽🪠 .
#NotYourKeysNotYourCoins
JUST IN: FTX lists zero
#Bitcoin
assets on bankruptcy papers despite $1.4 billion of BTC liabilities - FT
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HOLY COW—this is happening Monday. That’s wicked fast. Keep a close watch on this 🧐
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OH MY, THE CONTRAST--Fed voted down 100%-cash reserved
@custodiabank
& then days later voted a bank bailout after 2 epic bank runs (as Fed Vice Chair for Supervision brags Fed-supervised banks are "well protected from bank runs" on the morning of SVB bank run). Can't make it up🤯
@CaitlinLong_
and
@Tyler_Lindholm
... just doing some relaxed weekend reading, and noticed the press release on the systemic risk exemptions for depositors at SVB and Signature Bank points to the Board votes taken by the Fed. The proximity to other votes take is unbelievably epic
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JUST IMAGINE what the current panic would look like if
#FedNow
were already operating, so that depositors in US banks could access their bank deposits 24/7/365 right now (up to $100k initially).🤔
BANKS NEED TO HOLD A LOT MORE CASH!
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IF YOU OWN
#bitcoin
:
* on an exchange
* in a futures contract
* in a lending product
* in an ETF
* in a closed-end/mutual fund
You don’t own
#bitcoin
. You own an IOU from an intermediary. Are you sure the intermediary owns all the
#bitcoin
it owes you?🤔
#notyourkeysnotyourcoins
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🎯 ATTN TO EVERYONE WHO IS EXCITED ABOUT THE
#bitcoin
#ETF
news -- this is a MUST listen.
@RaoulGMI
is spot-on💯. So is
@LynAldenContact
. I'm with them. Not every bitcoiner views this news as a positive, & for very good reasons.
#notyourkeysnotyourcoins
#HODL
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Operation Choke Point ON STEROIDS NOW😡
"Any buyer of Signature must agree to give up all the crypto business at the bank, the two sources added."
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IF YOU’RE NOT WATCHING, you should be.👇Where’s the fair notice of this new position? This is a shift. Correct me if I’m wrong, but this is the first time I’ve seen Warren/Biden take this position. It also contradicts existing FinCEN guidance, no?
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1/ BOOM!
#Wyoming
just recognized clear, direct property rights for
#digitalassets
by passing SF125! This means
#blockchain
cos will prob want to apply WY law to your contracts, domicile here, &/or have a physical presence here. Thx again to the army of ppl who helped over months
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THE FED RELEASED THIS YESTERDAY...it's playing defense against all the
#FedNow
pushback...
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