SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?


To: Julius Wong who wrote (169656)3/19/2021 10:20:51 AM
From: TobagoJack  Respond to of 217711
 
Re << 100% physically settled Bitcoin >>

... am joshing, but wonder what a bitcoin looks like :0)

Love bitcoins. So ephemeral and wispy, and as beautiful as a single grain of photon

Currently am positioned such that should all sell all gold and move to BTC, am okay w/ the net net win, so am allowed to make light of BTC.

:0) “make light of BTC”



To: Julius Wong who wrote (169656)3/19/2021 11:34:34 AM
From: TobagoJack  Respond to of 217711
 
True danger, even if might be temporary if triggered ...

bloomberg.com

Rise of Crypto Market’s Quiet Giants Has Big Market Implications
Joanna Ossinger
March 19, 2021, 10:40 PM GMT+8
An influential set of cryptocurrencies is under increasing scrutiny, and how it’s regulated will have major implications for digital tokens as a whole.

So-called stablecoins such as Tether or USD Coin track the value of assets including fiat currencies like the U.S. dollar. While those linkages mean they don’t have the spectacular price moves of the likes of Bitcoin and Ether, it’s also helped facilitate their growth into a crucial part of the crypto ecosystem.

As of the middle of Asia’s day on March 17, Tether’s 24-hour volume was $94 billion versus Bitcoin’s $56 billion, according to cryptocurrency data provider CoinGecko. About 55% of all Bitcoin purchases are now conducted with Tether, according to researcher CryptoCompare.

The rapid rise of stablecoins over the past five years or so has also opened up questions about regulation, supervision and oversight, J.P.Morgan Chase & Co.’s Chair of Global Research Joyce Chang said in an interview.

“Future regulation will need to focus on who is permissioned to issue global stablecoins and gain access to the Federal Reserve’s payment system,” said Chang.



Holders could be vulnerable to losses, since stablecoins aren’t considered deposits -- meaning they may not be required to be insured by the kind of deposit guarantee like the U.S. Federal Deposit Insurance Corp. provides, said Chang.

Along with strategists including Josh Younger, Chang warned last month that any issues preventing investors using Tether could result in a liquidity shock across the broader cryptocurrency market. It is performing “classic liquidity transformation” similar to commercial banks without the same strict regulations or deposit insurance, they wrote.

Read more:
China’s Plan for Digital Yuan Imperils Bitcoin’s Biggest Markets
JPMorgan Joins Choir Warning of Tether’s Sway on Crypto Markets


What's moving marketsStart your day with the 5 Things newsletter.

While little public information exists about how Tether is created, it generally trades for around $1 because each coin is supposed to be backed by $1 of fiat money in a bank. Tether Ltd. claims to have reserve assets of cash and equivalents equal to its outstanding liabilities, but has so far not produced an audit. The U.S. Commodity Futures Trading Commission subpoenaed the firm and affiliate stablecoin exchange Bitfinex in December, seeking proof that Tether is backed by a reserve of U.S. dollars, as it claims.

Last month the officials who control Bitfinex agreed to pay a $18.5 million settlement with the New York Attorney General, who said they hid the loss of commingled client and corporate funds and lied about reserves. Tether and Bitfinex settled without admitting or denying any wrongdoing.

Stablecoin usage is expected to expand to many different companies for remittances and payments generally. Tether Ltd.’s market value at the end of 2019 was $4.1 billion. It has since grown to $38.1 billion, according to Coinmarketcap.com.

According to a March 10 report from The Block Research strategists including Larry Cermak, “Once global frameworks are established, we believe that $1 trillion in annual stablecoin volume will only be the beginning.”

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE

Sent from my iPad



To: Julius Wong who wrote (169656)3/19/2021 6:51:49 PM
From: TobagoJack  Read Replies (3) | Respond to of 217711
 
Re <<Bitcoin ETF>>

Looks like all the Boyz played well together in Alaska, and that is bullish for BTC, meaning there shall be no overarching cooperation on anything, at least not between Teams USA and China, even as Europe is not exactly w/ Team USA, and China and Russia seems to continue to see merit in working together

As some of the largest industrial and special-purpose companies in Russia and China mine BTC, and both wish Team Hong Kong to trade in the satoshi's, means we get to support the yearning for freedom by championing BTCs

Some kind of wonderful

(footnote, that Gazprom accounts for ~5% of Russian GDP, and together with its supplier network, ~15%, and its bank, the special-purpose Gazprom accounts for all clearing of Gazprom's European and Asia gas trades, dubbed out of freedom Hong Kong)

jpt.spe.org
Gazprom Neft Mines Bitcoin as an Alternative to Flaring Unwanted Gas

(footnote: Rusal is listed in HK finance.yahoo.com )

coindesk.com
Russian Aluminum Plant Pivots to Bitcoin Mining Following US Sanctions



... and as long as Team Hong Kong remains open for BTC from customers from everywhere, and that the customers in USA, Russia and China mainland must meet imperatives, then BTC shall thrive even if ownership banned in domains wishing to engage with monetary suicide

The description of the proceedings a hoot ...

zerohedge.com

Biden "Proud" As "Theatrical" Alaska Summit Ends In 'No Breakthroughs' With China

During China's Foreign Ministry press briefing on Friday, spokesman Zhao Lijian put blame squarely on the United States for the somewhat chaotic and "fiery" and "confrontational" talks in Alaska, which is the first time the Biden administration has conducted a face-to-face meeting with Beijing officials. It was essentially a failure by all accounts. Yet Biden said he was "proud" of the US diplomatic team's performance under Blinken.

The Alaska summit ended somewhat on a quieter and anti-climactic note (compared to the opening war of words the day prior) Friday as the Chinese delegation reportedly stormed out of the hotel in Anchorage, according to CNBC, without giving any comments to the press, with only the US side saying there were "very candid" conversations in talks that were "tough and direct" over many hours, particularly related to issued involving Iran and North Korea. But for all the hype regarding the "diplomacy" of the Biden presidency, the US didn't announce any level of breakthroughs with Beijing, according to Bloomberg.

Zhao blamed the US delegation for breaching agreed-upon protocol from the start, which threw things off and led to "wanton attacks" and the failure of acceptable "diplomatic etiquette". Zhao said the US side "exceeded severely the set time limit and wantonly attacked and criticized China's domestic and foreign policies, provoking disagreements." He continued, "These are hardly good host manners or proper diplomatic etiquette. The Chinese side has made a solemn response."

"It is because the US side failed to keep to the set time limit and provoked disagreements first that the opening statements were fiery and theatrical, which is not what China wishes to see." He concluded, "When the Chinese delegation arrived in Anchorage, their hearts were chilled by the biting cold as well as the reception by their American host."

The US side issued its own assessment of the unusual tit-for-tat introductory remarks which were filled with mutual scathing and sweeping criticisms of human rights records and even quips of "do not lecture us". As Reuters details:

Afterwards, the United States accused China of "grandstanding" while Chinese state media blamed U.S. officials for speaking too long and being "inhospitable".

"The Chinese delegation ... seems to have arrived intent on grandstanding, focused on public theatrics and dramatics over substance," the official told reporters at the Anchorage hotel where the meeting was taking place.

"Exaggerated diplomatic presentations often are aimed at a domestic audience," the official added.

...Some even characterized the talks as a "Hongmen Banquet", referring to an event that took place 2,000 years ago where a rebel leader invited another to a feast with the intention of murdering him.

Still, it was the Thursday evening meeting which the US said was "substantive, serious, and direct" - and even ran past the initially planned-for two hours, according to Reuters.

Also on Friday Biden weighed in, with the president simply saying he was "proud" of Secretary of State Antony Blinken after the first day of the intense two-day talks, and despite the fireworks that marked the start.

"I am proud of the secretary of state," the president told reporters at the White House.

Meanwhile, some are asking...



To: Julius Wong who wrote (169656)3/19/2021 7:08:02 PM
From: TobagoJack  Read Replies (1) | Respond to of 217711
 
Re <<Bitcoin>>

Am amazed and suspicious re Meitu's move

(1) Trust they got the public company regulators to sign off on booking BTC as treasury currency, rather than simply gaming it w/ quarter- and year-end derivative trades w/ some investment banking custodian

(2) Intending to use the BTC as treasury currency, meaning buying as well as selling it

The weaponisation of BTC by 1357.HK rings an alarm to its competitors and gives ideas to would-be copycats, that "buy BTC or perish"

At some juncture, as money gets printed more, perhaps gold shall also get weaponised by the corporates, say soon after Basel III implementation at the banks that says gold is money per Sense' take

Maybe BTC is not alt-gold or better-gold, but the armed recon for the gold takeover against fiats

In any case, the bugle call is calling, BTC weaponisation tee-ed up in both America and China by way of Hong Kong, and the two cannot and shall not cooperate on anything this as well as that side of 2024

IOW, we are good to go go go

finance.yahoo.com



https://news.bitcoin.com/chinese-public-company-meitu-buys-bitcoin-treasury-90-million-cryptocurrencies/

Chinese Public Company Meitu Buys More Bitcoin — Treasury Now Holds $90 Million in Cryptocurrencies

One of China’s top internet app makers, Meitu Inc., has purchased more bitcoin for its treasury. The company now holds about $90 million in cryptocurrencies. Meitu is listed on the Hong Kong stock exchange and its flagship app has more than 1 billion users worldwide.

Chinese Publicly Traded Company Increases Bitcoin Holdings in Its TreasuryMeitu Inc. announced Wednesday that its wholly owned subsidiary Miracle Vision has acquired more bitcoin and ether in open market transactions. This is the second purchase announcement by the company. Meitu is listed on the Hong Kong stock exchange under the stock code 1357.HK.

The company has bought 386.08581655 more BTC “at an aggregate consideration of approximately US$21.6 million” and 16,000 more ETH at “an aggregate consideration of approximately US$28.4 million,” the announcement details, adding:

The group has accumulated a net purchase of approximately US$90 million worth of cryptocurrencies.

“Settlement of the cryptocurrencies acquisitions took place immediately after the respective purchase orders were made and completed on March 17, 2021,” the company confirmed.

The first purchase of cryptocurrencies by the Chinese corporation was for 379.1214267 BTC at approximately US$17.9 million and 15,000 ETH at approximately US$22.1 million.

Founded in 2008, Meitu is one of China’s top internet enterprises utilizing AI-driven image-and-video processing technologies for editing user-generated mobile content. According to its website, the company’s flagship app has accumulated more than 1 billion users worldwide. As of June 2020, there are 2.08 billion unique devices with Meitu’s products activated on them, and a total of 295 million monthly active users of Meitu apps. Meitu’s total number of overseas users has exceeded 823 million users.

“The cryptocurrencies acquisitions were funded by the group’s existing cash reserves other than any remaining proceeds from the company’s initial public offering,” the announcement notes, elaborating:

The board believes cryptocurrencies have ample room for appreciation in value and allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management.