Omid Malekan 🧙🏽♂️
@malekanoms
Explainer-in-Chief & Adjunct Professor @Columbia_Biz Es Muss Sein
Recycling the previous cycle's FUD is the ultimate sign of a lesser mind. At least have the creativity and audacity to come up with new FUD!
Bitcoin is on the brink of its bloodiest event in modern history and no one is talking about it. Tether is about to be BANNED once the GENIUS Act passes the Senate. Why do you think they’ve been desperately printing USDT out of thin air, pumping prices to unsustainable all-time…
While I fully believe in the benefits of crypto (now more than ever) I am increasingly wary and skeptical of the shenanigans of the crypto industry and am compiling a running list of behavior to be wary of. Here are a few: 1. The most likely motivation of a central player…
Recommend a new industry standard: we stop referring to private networks (like Goldman's) as blockchains. These offer literally none of the benefits of an actual chain: no liveness or safety guarantees, no censorship resistance, no transparency. Whatever cryptography they use…
⚡️ NEW: Goldman Sachs and BNY Mellon launch tokenized money market funds on blockchain, targeting the $7.1T industry with backing from BlackRock and Fidelity.
So are the pump and dump chat groups, the sandwiching syndicates, and paid market manipulation KOLs. Guess which team will win?
i’m assembling a team.
I love it when critics of stables (like the FT) try to call them dangerous...as compared to banks. As if Credit Suisse, literally an official "Global Systematically Important Bank" didn't blow up few years ago, requiring a massive bailout. Like, what planet do these people…
Of all the sins the Federal Reserve has committed over the years, the biggest (yet least discussed) is as an engine of inequality. And I don't mean wealth inequality, though they've contributed plenty to that too. I mean inequality of opportunity, particularly when it comes to…
it’s perfectly right and reasonable to criticize the fed and its “independence” first, article 1, section 8 of the US constitution authorizes congress “To coin Money, regulate the Value thereof..” money printing is the people’s prerogative, delegated (abdicated?) to the Fed by…
The Federal Reserve has been on the wrong side of every major economic event in my lifetime - as measured by their own predictions. Those who treat them as beyond reproach are likely biased (e.g., they work for a bank that got bailed out). Glad to see this
BESSENT: "What we need to do is examine the entire Federal Reserve institution and whether they have been successful." "All of these PhD's over there, I don't know what they do... This is like Universal Basic Income for academic economists."
Didn't we agree that we wouldn't call USDE a stablecoin due to the additional risks of it's structure? Yet this company is called Stablecoin_x?? I know I know, hot topic and Circle's IPO mooned etc etc. But still - we shouldn't confuse TradFi even further. What say you…
StablecoinX Inc. @stablecoin_x has announced a $360 million capital raise to purchase $ENA and will seek to list its Class A common shares on the Nasdaq Global Market under the ticker symbol "USDE", which includes a $60 million contribution of ENA from the Ethena Foundation…
Let's start differentiating where stables trade in the secondary market vs what they can be redeemed for in the primary. Temporary depegs that can be arbed are normal. But it's unclear what this means for tokenized deposits where the secondary market could trigger a run.
Stablecoins are supposed to always equal 1. But they don't. Right now USDC is $1.0007 on Binance. And a few mins from now, it can be $0.9994 on Uniswap. That's a (potential) $13 profit on every $10,000 traded. Here's how traders turn these tiny gaps into income:
That ONDO is a scam is something almost universally known in crypto. But few dare speak up about it, particularly prominent VCs who otherwise hold themselves out as important thought leaders. Step up and be a real leader. This project is a liability for all.
Stablecoins are supposed to always equal 1. But they don't. Right now USDC is $1.0007 on Binance. And a few mins from now, it can be $0.9994 on Uniswap. That's a (potential) $13 profit on every $10,000 traded. Here's how traders turn these tiny gaps into income:
It’s amazing to think that the discounted cash flows of Ethereum have doubled in like a week. But they must have, because markets move on math only. Things like narratives and sentiment don’t matter, as many said when ETH was down. BTW the DCF of XRP had spiked even more.
The most important thing to remember about fiat going on chain (via stables or tokenized deposits) is that unless the solution changes the current architecture of payments, it doesn't achieve anything. It's a step backwards. This is not some anti-bank ideology. It's a practical…
False. This is the opposite of what’s likely to happen. And I say this as someone who got in trouble at Citi talking about stablecoins as far back as 2018. (I was also on calls with Circle management where various bank MDs mocked the very idea of a tokenized dollar). Fraser is…
🚨 BREAKING: Citi unveils it's stablecoin strategy. And it's GENIUS (😁). Circle spent years fighting for regulatory clarity. Guess who benefits when the Genius Act passes? The banks. Here's what most people missed:
Banks make money from inefficiencies in payments. Stablecoins make payments more efficient. It's going to be fun watching them slowly, and painfully, discover the incongruence.