No trading strategy works for all markets and time frames.
Why should a Russell 2000 system work for gold?
These two markets are entirely different.
Stop trying to build systems that work for everything.
A quick comparison of the Bank of England's recent stablecoin consultation 🇬🇧 with the GENIUS Act 🇺🇸
Backing model & central-bank deposits
BoE: Requires a floor of unremunerated BoE deposits (≥40%) with the remainder in short-term UK government debt (≤60%). Why? deposits at the BoE are there to meet fast redemptions and protect “trust in money”; more gilts would raise liquidity/market-risk and threaten par, while fewer would undercut viable issuer business models; the limited depth of the UK’s short-dated market; and the need to balance innovation and stability.
GENIUS: Mandates 1:1 reserves in cash, insured-bank deposits, short-dated Treasuries, certain repos/MMFs, with disclosure and tailored capital/liquidity rules (but no Fed account access for issuers). Relies on safe, marketable assets and supervision (rather than CB deposits) to manage run risk.
Big difference is the U.K. intends to give nonbanks BoE accounts for systemic stablecoin backing while GENIUS does not give nonbanks Fed accounts and instead relies on asset eligibility, reporting, and prudential standards.
Paying interest to holders (no difference between the two)
BoE: No built-in yield to coinholders, because systemic stablecoins should be for payments, not investment, and to align with e-money/digital pound treatment.
GENIUS: Also prohibits interest/yield to holders; the bill’s consumer-protection framing stresses preventing runs and misleading “deposit-like” marketing.
UK subsidiarisation & asset location vs. U.S. reciprocity
BoE: Non-UK issuers must set up a UK subsidiary and hold backing assets/capital in the UK, to ensure local supervision, insolvency clarity, and payout enforceability.
GENIUS: Lets foreign issuers reach U.S. markets if they meet a “comparable regime” test, register, and comply with lawful orders; Treasury can ban secondary trading of non-compliant foreign coins. This is about reciprocity/enforceability rather than forced subsidiarisation.
Different because BoE leans on local entity & assets for insolvency and supervisory functions while GENIUS is a federal market-access statute that uses registration + comparability + enforcement.
Transitional holding limits
BoE: Proposes per-coin limits (£20k individuals/£10m businesses) as a transitional tool to cap rapid bank-deposit outflows while the system adjusts—explicitly linking to credit provision and “disorderly transition” risks; plans to loosen/remove later (ya, we'll see about that).
GENIUS: No holding limits; relies on reserve rules, disclosures, and prudential standards to manage run and systemic risk.
BoE nervous about migration to new money forms while GENIUS focuses on issuer-level safeguards and market disclosures.
Treatment of “interfaces” & service providers
BoE: Regulates recognised payment systems and service providers where systemic; otherwise relies on the FCA (custody/consumer/market integrity) and existing Codes of Practice (operational resilience, outsourcing, CTP). No separate specialist regime now; more guidance to come jointly with the FCA.
GENIUS: Creates federal rules touching custodians and digital asset service providers, sets marketing standards and AML/BSA obligations, and gives Treasury power to restrict secondary trading of foreign coins if orders aren’t obeyed.
UK will split regulation between BoE and FCA while everything in the US falls under the Treasury to police. So over there, the FCA will tell you who is a digital asset service provider, whereas in the US the Treasury gets to decide that.
Okay, maybe that wasn't quick
stories, including (especially?) technical ones, can be told in so many different ways
how to choose one?
maintain a ruthless focus on and sensitivity to your intended audience—their background, their objectives, their interests
The older you get the more comfortable you become with who you are and the less you care about convincing others they should invest like you. You finally realize your edge is in the areas you are different from others.
Next week, I’ll be sending a bill to congress to eliminate all taxes (income, property, capital gains and import tariffs) on technology innovations, such as software programming, coding, apps and AI development; as well as computing and communications hardware manufacturing.
To make money at #trading you need to make sure you have at least 2 things sorted:
1. A positive statistical expectancy, and
2. The ability to follow the strategy.
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