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- Weekly Rundown - August 6, 2023
Weekly Rundown - August 6, 2023
As long as they want to make money off of us
Mark Helfman
August 06, 2023
No audio because I’m on vacation (“holiday” for proper English speakers). Bad enough to disturb you with my narration, worse to bother the fam.
Ergo, a short rundown this week. Make sure you got my most recent update.
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Bottom line: legacy financial firms want to make money off of us. They see Ethereum investment funds as a way to do that.
My take: I know some people in finance who still can’t believe that crypto-native firms had a license to print money and still screwed it up. Your favorite YouTuber says everything’s going to collapse, but Wall Street’s still trying to get a cut of the action. Doesn’t that tell you something?
Why we care: as long as the suits still want to make money off of crypto, they will pressure governments to let them.
Mark, you mention Binance, Huobi, Justin Sun, and Tether as potential problems. Shouldn’t we worry?
Yes, but don’t let that stop you from going about your business. I’m not going to spread rumors about these entities. I’ll leave that to the conspiracy theorists.
I only use them as examples of big entities that people trust for no good reason. Like I used to use Credit Suisse as an example of a big, poorly-run, unprofitable legacy financial entity that people keep putting money into.
Who knows, maybe they’re all legit, honest, ethical, above-board, and doing what they say they’re doing.
Binance already admitted to putting user funds into its corporate treasury rather than users’ accounts. I’ve covered some fishy movements of crypto and stablecoins in, out, and through Binance. Tether said it faked its reserves for years. Doesn’t mean they’re still doing bad things, only that they did in the past.
Huobi and Sun seem to have an FTX/Alameda relationship, shuffling your money back and forth without your knowledge. Let’s hope everything’s copacetic and Huobi can cover withdrawals.
As US banking customers discovered with the bank failures earlier this year, what you don’t know can hurt you. But you can never know what’s true or not!
These entities and circumstances can persist for years without failure, regardless of anything that happens with interest rates, “macro,” and market conditions.
(Sovereign debt falls into that category, too, but I still buy US bonds.)
Speaking of conspiracy theorists, one of my favorites tweeted this.
2/🧵 banks still process txns with COBOL - a programming language invented in 1960¹ - for a reason. that reason is not "because it's a fun programming language to work in". it's because by now we're pretty confident the bugs have been fixed.
¹ not a typo
— ⚯ M Cryptadamus ⚯ | @[email protected] (@Cryptadamist)
11:13 PM • Jul 31, 2023
Cryptadamus posted this tweet to mock us, but made a great point in our favor.
When you move billions of dollars in capital, you need to know that everything will work the way you expect. DeFi doesn’t do that yet.
Humans never had a robust, secure way to send money until Bitcoin. DeFi aims to reach that level of trust, but hasn’t yet done so.
Give these protocols some time to get attacked and undermined until we find robust, secure ways to manage finance. Once that happens, the money will flow.
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Relax and enjoy the ride!
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