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Market Makers – TUDO que você PRECISA saber antes de investir em CRIPTOMOEDAS! | #81

Podcast - Market Makers Tudo que você precisa saber antes de investir em criptomoedas! É impossível não querer comprar cripto depois desse papo. Para descobrir tudo que sobre criptomoedas, reunimos três grandes especialistas do mundo cripto para explicar a origem, os desafios e as oportunidades existentes nesse nosso universo. CONVIDADOS: Samir Kerbage Alexandre Vasarhelyi Valter Rebelo

Don Tapscott – TED Summit – June 2016 – How the blockchain is changing money and business.

Don Tapscott, Presidente Executivo do Blockchain Research Institute, é uma das principais autoridades mundiais no impacto da tecnologia nos negócios e na sociedade. Ele é autor de 16 livros, incluindo "Wikinomics: How Mass Collaboration Changes Everything", que foi traduzido para mais de 25 idiomas.

Entrevista da Bloomberg com Mike Novogratz

Mike Novogratz, Galaxy Investment Partners founder, discusses his views on Bitcoin and cryptocurrencies with Bloomberg's Erik Schatzker. (Source: Bloomberg)

Live de Mike Novogratz – on Cryptocurrencies – Bloomberg

Michael Novogratz, Galaxy Digital founder and CEO, joins 'Squawk Box' to discuss cryptocurrency's volatile month in May, where Bitcoin posts its worst month since November, and more.

Entrevista de Raoul Pal com Mike Novogratz da Galaxy Digital

Featuring Mike Novogratz and Raoul Pal Sep 17, 2021 • 48 minutes Raoul kicks off his new Adventures In Crypto show with Mike Novogratz of Galaxy Digital. It's always a fun and interesting conversation when these two friends, both macro investors turned digital asset pioneers, get together and update each other on their thoughts. As ever, they cover a huge amount of ground from how regulation is likely to play out to the future of the space, NFTs and DAOs. Mike is very focused on Solana, Terra and other Layer 1's, but they also take a look at Doge and Cardano communities, amongst others. In fact, "community" is quickly becoming the key word to understanding this new world. This broad and thoughtful macro look at the entire digital asset space is everyone's chance to get up to speed with everything going on. Filmed on August 23, 2021.

Entrevista com David Rubenstein – Grupo Carlyle

Billionaire investor David Rubenstein says, "Bitcoin is going to be around for a while. There’s enormous interest around the world"

BlackRock na CNBC

Larry Fink of @BlackRock thinks #Bitcoin will transcend every international currency due to broad-based worldwide demand.

Why Every Fixed Income Investor Needs To Consider Bitcoin As Portfolio Insurance

Over the last six months, I have had the pleasure of being a guest on the Rock Star Podcast three separate times (RockStarInnerCircle.com/podcast). This is a proud accomplishment for two reasons.

Digital Assets, Distributed Ledger Technology and the Future of Capital Markets

Distributed ledger technology (DLT)* has existed for more than a decade. For nearly as long, advocates have argued either that this technology could be used by financial institutions to radically simplify operations or that its decentralized capabilities would enable an entirely new financial system, wherein capital could flow without traditional intermediaries. DLT’s detractors – perhaps just as numerous – have pointed out challenges in both of these visions, stemming from the potential costs of transformation, the capital markets’ reliance on relationships of trust and the existence of other technologies that might be better suited for certain uses. In this context, firms have invested heavily in DLT efforts, with a wide range of strategic motivations.

The Crypto Phenomenon: Consumer Attitudes & Usage

Cryptocurrency and other digital currencies are part of the popular consciousness and poised for additional growth, especially in Emerging Markets—with wide-reaching implications for payments, finance, and commerce.

Valuing Ethereum into the Merge

While negative sentiment in crypto is arguably at extreme levels right now, crypto is a fast-moving market and changes in the ecosystem are often catalysts for a significant shift in the narrative. One such change Cumberland is closely watching is the Ethereum Merge. Although there is no definitive date for this event as of yet, based on the latest core developer call as of last week, we currently expect the Merge to occur at some point in September or October.

The State of Lightning

Arcane Research is a part of Arcane Crypto, bringing data-driven analysis and research to the cryptocurrency space. After launching in August 2019, Arcane Research has become a trusted brand, helping clients strengthen their credibility and visibility through research reports and analysis. In addition, it regularly publishes reports, weekly market updates, and articles to educate and share insights.

The Great Bifurcation

For the first several years of Stratechery I would write a year end article about “The State of Consumer Technology”; the last one I wrote, though, was in 2018, because consumer technology, dominated as it was by Apple and Google on the device side, and Google and Facebook on the services side, seemed rather stale and destined to descend into the world of politics and regulation (I was more optimistic about the enterprise, both in terms of the ongoing shift to the public cloud and the opportunity for SaaS companies).

Taproot Primer An Upgrade For The Ages

Many would contend that Bitcoin is the most important invention since the Internet's inception in 1983. Despite its nascency, Bitcoin has some limitations that have hitherto hampered mass adoption, including scalability and privacy concerns. Historically, optimizing Bitcoin's protocol has been a continuous process of exploring new ideas amongst community members to reach a consensus.

On The Money The introductory TL/DR version

Blockchains, smart contracts, miners, ASICs, nodes, ICOs, tokens, hacks, soft forks, hard forks, spin offs, splits, clones, halvings, hashrates, singlesigs, multisigs, POW, POS, 51% attacks, scaling wars, altcoins, pump, dumps, ponzis, pyramids, bubbles, moons, lambos...

Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard

The Common Reporting Standard was designed to promote tax transparency with respect to financial accounts held abroad. Since the CRS was adopted in 2014, over seven years have passed, in which over 100 jurisdictions have implemented the CRS and financial markets have continued to evolve, giving rise to new investment and payment practices. The OECD, working together with G20 countries, has therefore conducted the first comprehensive review of the CRS in consultation with participating jurisdictions, financial institutions and other stakeholders.

Institutionalisation of crypto-assets and DeFi–TradFi interconnectedness

Over the past few years, digital assets (including crypto-assets, stablecoins and decentralised finance or DeFi) have increased exponentially. Increased interest and investment in digital assets by traditional financial sector players and institutional investors, coupled with increased supply of products and services providing access to crypto-asset risk, are transforming business models and risk profiles of traditional finance (TradFi).

The opening lines of Charles Dickens’s A Tale of Two Cities offer a fitting coda to 2020

It was the best of times, it was the worst of times . . . it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair.

THE GREAT MONETARY INFLATION

The depth and magnitude of the economic drop-off took modern monetary theory—or the direct monetization of massive fiscal spending—from the theoretical to practice without any debate. It has happened globally with such speed that even a market veteran like myself was left speechless. Just since February, a global total of $3.9 trillion (6.6% of global GDP) has been magically created through quantitative easing. We are witnessing the Great Monetary Inflation (GMI)—an unprecedented expansion of every form of money unlike anything the developed world has ever seen.

An Investor’s Guide to Crypto

In 2018, it was relatively easy for asset managers to ignore the cryptocurrency space. Bitcoin had crashed, losing over 80% of its value, and the new ecosystem was littered with failed initial coin offerings. It all looked like a fad. Today, the space is harder to ignore. As of May 2022, the capitalization of cryptocurrencies is over $1.3 trillion, approximately half the value of all U.S. notes and coins in circulation (Exhibit 1). The goal of our paper is to provide an investor’s perspective on how to approach the space, given its newfound prominence.

Into the Metaverse

Virtual singers, such as Shanghai Henian’s Luo Tianyi, have grown into a multibillion-dollar industry, your best friend could be an AI bot like Kuki, and non-fungible tokens (NFTs) have revolutionized digital ownership, with renowned auction houses Christie’s and Sotheby’s auctioning digital masterpieces for tens of millions of dollars. “The smartphone is no longer just a device that we use,” says Daniel Miller, professor of anthropology at University College London. “It’s become the place where we live.”

A guide to Decentralized Finance for financial institutions, cryptocurrency funds, exchanges, custodians, and family offices.

This year has seen significant traction from decentralized versions of lending and borrowing platforms, prediction markets, margin trading, payments products, insurance, and more. Notable traction has also been evident across entirely new forms of investment, such as staking and yield farming. The DeFi ecosystem? which now represents an expansive network of integrated protocols and financial instruments worth more than $60B? has attracted more than 1.75 million users as well as some of the world?s leading financial institutions, funds, exchanges, and family offices.

DIGITAL MONEY ACROSS BORDERS: MACRO- FINANCIAL IMPLICATIONS

Rapid ongoing progress with digital technologies has increased the prospects for adoption of new forms of digital money for both domestic and international transactions. These include central bank digital currencies (CBDCs) and the so-called global stablecoins (GSCs) proposed by large technological companies or platforms.

Gold vs. Bitcoin

Gold volatility on the rise with prices vs. declining Bitcoin volatility owing to a consolidating bull market is indicative of the crypto becoming a digital version of the metal. Our graphic depicts gold 260-day volatility at the lowest vs. the same Bitcoin risk measure since the crypto-asset parabolic rally in 2017. Fast forward to the third year since that advance and the annual Bitcoin risk metric has dropped to about 70% from 100%. Volatility on the crypto was very high and is mean reverting, which is a bullish price indication, if history is any guide.

THE FUTURE OF ORGANIZING COMMUNITIES ONLINE

Last week, a DAO almost bought an original printing of the US Constitution. On Thursday, November 18th, 2021, The ConstitutionDAO nearly won an auction at Sotheby’s on behalf of its 17,000 donors to claim the only known copy of the US Constitution to be privately- owned. Over the course of a week, The ConstitutionDAO amassed a war chest of almost $50 million for its treasury through grassroots campaigning on the internet.

In Search of Scaling

Public blockchains are distributed databases with the ability to reach consensus between an untrusted set of participants without the involvement of intermediaries or central parties. To achieving trustless consensus, blockchain design has necessarily made sacrifices on other fronts, including scalability, when compared to centralized solutions. Ensuring that a blockchain’s nodes are widely distributed requires minimizing the burden on node operators, which necessitates limiting the amount of bandwidth, storage, and computation required to operate a node.

The Future of Money and Payments

On March 9, 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets (Executive Order).1 Section 4(b) of the Executive Order directs the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies, to submit to the President a report on the future of money and payment systems.

Understanding Bitcoin

Among many portfolio managers, bitcoin seems to be gaining legitimacy as an asset class. But the digital-asset space is rather technical, and the learning curve can be very steep. Getting on board with bitcoin takes serious commitment. I intend this paper as a brief plain-English primer, but also to assess, in a meaningful way, the value proposition of bitcoin as it relates to asset allocation. Of course, what follows pertains to my own learning and, thus, represents just one opinion among many.

ACTION PLAN TO ADDRESS ILLICIT FINANCING RISKS OF DIGITAL ASSETS

This action plan responds to Section 7(c) of Executive Order (E.O.) 14067, “Ensuring Responsible Development of Digital Assets,” which calls for the development of a coordinated interagency action plan for mitigating the digital‐asset‐related illicit finance and national security risks as identified in the U.S. government’s National Strategy for Combating Terrorist and Other Illicit Financing (Illicit Financing Strategy).1 The Illicit Financing Strategy, which was informed by the Department of the Treasury’s National Risk Assessments (NRAs),2 outlines priorities and supporting actions to ensure that the U.S. government adapts our anti‐money‐laundering/countering‐the‐financing‐of‐terrorism (AML/CFT) regime to an evolving threat environment and accounts for structural and technological changes in financial services and markets.

Digital Assets: From Fringe to Future

Alexander Hamilton founded what is today BNY Mellon 237 years ago with a bold vision: financing the economic success of a new world. At that time, the U.S. had limited access to capital to fuel growth. While most other Founding Fathers struggled to imagine a U.S. economy with a single nationwide currency,1 the eventual ability of farmers, entrepreneurs and industrialists to build a strong economy demonstrated the strength of Hamilton’s vision.

The Implications of Permissioned DeFi

Although many institutions are beginning to look more seriously at use cases for decentralized finance (‘DeFi’), especially given attractive risk/returns, Total Value Locked (TVL) remains at ~0.3% of global fixed income market cap. A major hurdle for broader institutional adoption of DeFi is KYC/AML (Know Your Client/ Anti- Money Laundering). The creation of ‘permissioned pools’ attempts to address this requirement, largely through whitelisting counterparties. We look at the two main approaches to date, both of which are in the lending/borrowing area.

Crypto-Assets: Implications for Consumers, Investors, and Businesses

Executive Order 14067 on Ensuring Responsible Development of Digital Assets; Section 5(b)(i)—the implications of developments and adoption of digital assets and changes in financial market and payment system infrastructures for U.S. consumers, investors, businesses, and for equitable economic growth.

CRYPTOASSETS THE GUIDE TO BITCOIN, BLOCKCHAIN, AND CRYPTOCURRENCY FOR INVESTMENT PROFESSIONALS

Bitcoin, blockchain, and cryptocurrencies burst onto the world stage in 2008, when the online posting of a pseudonymous white paper envi-sioned a new way to transfer value over the internet.

A Model for Central Bank Digital Currencies

The advent of Bitcoin and other private monies, including global stablecoins, have raised con-cerns among central banks worldwide. If such cryptocurrencies gain additional market shares, monetary policy transmission and monetary sovereignty could be impaired (ECB (2020)). In addition, and accelerated by the COVID-19 pandemic, the use of cash as a means of payment.

What I Think of Bitcoin

I am writing this to clarify what I think of Bitcoin. Not being a Bitcoin/cryptocurrency expert I believe my views are not valuable enough to be relied on so I shouldn’t put them out there. At the same time the little I have said when asked is usually distorted by most folks in the media into brief and incorrect sound bites, so my saying anything does more harm than good. Still, people demand my non-expert assessment of it, so here goes, presented with the warning not to rely on it. The only thing I ask of you is that you read what I wrote here rather than pay attention to the sound bites.

Bitcoin’s role in the modern portfolio

Bitcoin has become a force of innovation since its invention in the aftermath of the 2008 financial crisis. The utility of its underlying blockchain technology has driven the value of the native digital asset that rides on top of it—bitcoin with a lowercase “b”—to be the world’s best performing investment of the last decade.

BITCOIN: THE HALVING AND WHY IT MATTERS

It is difficult to overstate just how novel bitcoin’ stechnology is. It’s not just the distributed consensus as to the balances in everyone’s wallets, although this is a fascinating validation mechanism. Nor is it just the pre-programmed monetary policy that cannot be altered by external forces, no matter how powerful.

Bitcoin for the Open-Minded Skeptic

In the course of our work, we are often in the position of explaining Bitcoin to investors and institutions approaching it for the first time. Never before have we seen more interest in Bitcoin and its potential as a digital companion to gold.

The Investment Case for Bitcoin

• Bitcoin as a Potential Store of Value
• Bitcoin’s Role in an Investment Portfolio
• Accelerating Bitcoin Adoption

The Digital Currency Revolution

The Centre for the Study of Financial Innovation is a non-profit think-tank, established in 1993 to look at future developments in the international financial field – particularly from the point of view of practitioners. Its goals include identifying new areas of business, flagging areas of danger and provoking a debate about key financial issues. The Centre has no ideological brief, beyond a belief in open markets.

a16z Stablecoin Primer for LPs

The issuance process tells you the relative amount of decentralization or centralization of the issuing authority, or more directly, the risk of the stablecoin being blacklisted by a governing body. The ability to redeem varies among the protocols or projects. Alternatively, backing tells you what’s behind it, or the relative safety of the asset itself and whether it is undercollateralized vs overcollateralized. The chart below covers where many of the major stablecoin projects fall on this basis.