Is blockchain really democratized finance when all the validators run on Google and Amazon cloud, Microsoft Azure, etc. Cold storage protects what you have, but without the ability to transact what's the point? Maybe Elon has a solution...

Mike Cagney

Jul 01

And in other Supreme Court news, Jarkesy eliminates the administrative judge system (AJS) employed by the regulators. Now the accused will have the right to a jury trial. The SEC had a 90% win rate for cases brought before the AJS, vs. 69% in court. With all the enforcement… https://t.co/ekffTOUYxc

Mike Cagney

Jun 28

Biggest news in crypto right now should be about the Supreme Court's Chevron ruling. This moves arbitrary enforcement from the regulator to the court. Previously, when there wasn't clear legislation, courts had to side with the regulator (e.g., the SEC). With this decision,… https://t.co/zBITIvBgWP

Mike Cagney

Jun 28

With prediction markets putting Trump 19 points ahead of Biden, many would think BTC would be rallying. I think there are two counterveiling forces here. First, be careful what you wish for. Despite crypto friendly rhetoric, we don't know who will head the SEC (and CFTC) in a… https://t.co/5rl1nBBFUK

Mike Cagney

Jun 28

The value of a crypto utility token should be driven by either a.) the expected present value of fees paid into the L1 that uses the token for staking and/or b.) specific economic value that accrues to the token (e.g., discounted trading, wireless minutes, etc.). Everything else… https://t.co/mB3ps2kdSC

Mike Cagney

Jun 25

Lots of people wanted me to better outline the BTC basis carry trade, so here it is. This is not investment advice. Using 6/21 closing prices, the July 24 BTC futures was 64,810 vs. a 63,972 spot price (identical time stamps). There are 38 days to contract settlement. So if I… https://t.co/4eQ93G6Hmx

Mike Cagney

Jun 24