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Theory: the crypto bear market will be better for having been abrupt; the credit crash will be brutal for having been drawn out over a year, and slowly sapping away consumer confidence day by day.
6) We take our duty seriously to protect the digital asset ecosystem and its customers.
5) And, going forward, we’re excited to partner with BlockFi to offer industry leading products.
4) BlockFi is financially strong; all operations are normal, as they always have been, and assets are safe.
3) Sometimes leadership means acting decisively and that’s what BlockFi did: removing troublesome counterparties _before_ they become a problem, and adding cash _before_ it was necessary.
also so can DeFi; FWIW 3AC/etc. couldn't have happened with an on-chain protocol that was transparent
suing Elon over something he did seems like the most likely way to make sure he keeps doing it
I will keep supporting Dogecoin
I'm excited and honored to sign the Giving Pledge: givingpledge.org/pledger?pledge…
I'm excited to support @YesEndPandemics, a CA ballot measure to help prevent the next pandemic!
50) I know I’ve said this before, but: the CFTC isn’t the world’s fastest acting regulator and our process has been loooong and drawn out, but boy do they know their shit, care about details, and display an approach that today’s partisan climate could learn something from
48) reminder: automated margin calls can _reduce_ risk by doing so only when necessary
47) re: retail: what if the DCO/DCM has all the standard protections, and CFTC oversight?
45) note about capital usage—real time margin reduces the effective risk period, which reduces capital demands
44) helpful point by DRW—models are not about better/worse, they’re about consumer choice and economic competition
43) reeeeeaally good points by Dave/Jump here; innovation is really hard in the current system!
42) people asking whether this model makes economic sense or is the best model. Not really supposed to be the purview, and not usually required for businesses to prove their model is best to be allowed to operate. That’s what economic competition and consumer choice are for!
42) people asking whether this model makes economic sense or is the best model. Not really supposed to be the purview, and not usually required for businesses to prove their model is the best in order to be allowed to operate. That’s what economic competition is for!
39) really interesting perspectives from @Fidelity and @BlackRock—and agree, figuring out the details and ensuring transparency are what matter!
37) ohhhh boy is this going to be a few minutes per person of closing statements? If so, that’s a few *hours* worth.
32) glad to hear talk from a competitor about needing engagement before self-certs, guessing they would support having a round table discussion before each of their self certs?
30) on self-certification and new asset classes—DCR can approve margin models for particular products/asset classes, which limits spread
26) recent comment seems to forget—as is clearly stated in the “stylized facts”, our application, etc.—that we have a guarantee fund in addition to margin
25) great point by Virtu—FCMs can still provide credit/capital to customers to prevent margin calls! But the capital ends up at the DCO one way or another, so other members aren’t impacted
24) note, again, that FTX doesn’t rely on credit, and so doesn’t require additional capital backing credit—though it still does absolutely require both initial margin, and a guarantee fund etc.
21) and crucially, other FCMs/members/customers should not be exposed to that decision
19) in our model, others are still able to extend emergency credit to a firm—using their own capital, not other customer’s!
15) Christine Parker / @coinbase making the same point as me, but more eloquently
13) to clarify, I think the risk model generally works well for digitally settled assets; it would require more work to be as appropriate for goods whose settlement is primarily in physical warehouses
8) price bands prevent flash crashes. We have price bands. Not sure why some are assuming we wouldn’t.
7) glad we’re introducing WMD language to this discussion, really appropriate and well-scoped to DCO margin applications, certainly nothing else recently that would fit it better
6) as others have said, comment about finality is bizarre and seems to forget that we are a centralized exchange and don’t use blockchain for every trade
9)A more just world would shine a larger light on those people working tirelessly to prevent diseases no one should die of today; to fight for those who have no voice; to ensure that COVID is the last pandemic; and to pass off a better world than the one we inherited.
1)Since it’s been getting more attention recently… What are my views on politics and policy?
we're working on getting a federally regulated spot crypto venue that could help support this!
Here’s an idea… partner with @FTX_Official and have them provide the trade data surveillance the SEC has clearly stated is what is required to approve a spot ETF… @SBF_FTX is always talking about the need for exchanges to be regulated, he should be all for it
100% agree--let's bring audits with oversight to stablecoins, so we can protect consumers and give clarity to the industry.
"It's crazy right now that you can actually develop a stablecoin and have it not be backed by anything," says @RepJoshG on #stablecoins. "Part of the concern is that it's unclear what they're backed by. They're going to actually have to show what those resources are."
Ask not how large your workforce can be; ask how much value you can get from your workforce
Lots of people still tossing around business and trade ideas which only worked when true inflation was >>> bank inflation/CPI/treasuries as if they'll last forever
Advantages of a real-time risk management system: ftxpolicy.com/risk-management
4) (And I think this is a pretty compelling use of blockchain! twitter.com/SBF_FTX/status…)
1) FWIW, some thoughts on what a decentralized Twitter might look like:
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Really excited to work with the commission on building out robust markets and bringing oversight to digital assets!
Yes @SBF_FTX’s hair is better than mine and yes @MarkWetjen really is that tall. Thanks for coming to talk to me today! #crypto #web3 @FTX_Official @CFTCpham
12) And then piled on top are a combination of inflation/monetary supply increase (not super relevant), and a change in monetary distribution (relevant but not pure inflation), just to confuse things.
10) Anyway, some rambling thoughts, in case there's anyone it happens to be useful for.
Pandemics are bad. We should prevent them.
To understand this story I think you need to understand that Bankman-Fried’s reasons aren’t “unclear” at all — he’s trying to boost a candidate who will prioritize pandemic preparedness and prevention as an important issue. twitter.com/dkelections/st…
twitter.com/mattyglesias/status/1514203727040856064
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In general, an asset should definitely be some (possibly small!) piece of your portfolio if it's (choose the broadest category that fits!):
ok so it's kinda dumb but I do think that words per minute that I type at is significantly correlated with my productivity for a day