Javier E. Castro

tuve un sueño

[Aphex Twin @AphexTwin]

https://t.co/w4lZsYekXI

[Bradley Productions @productions86]

@gunsnrosesgirl3 Same place

[Science girl @sciencegirl]

A spectacular example of an Iridescent cloud

[andrew gao @itsandrewgao]

WTF: Mind reading is here.

Researchers invented a new #AI method to convert brain signals into video. See the results for yourself

Published in Nature yesterday: https://t.co/K4gzZ7WlRw

What are the implications? Is this the biggest paper of 2023?

#CEBRA

[Massimo @Rainmaker1973]

Armadillos collect leaf litter they use to build nests in their burrows. Because of the specific armadillo's body shape, the animal opts for bunching a pile of leaves up against their abdomens and hopping backwards toward their nest

https://t.co/oRZkPHlB27

[Ryan Berckmans ⟠ @ryanberckmans]

Stablecoin legislation has been drafted in Congress

I read the bill.

TL;DR decentralized stables become illegal in the US (DAI, LUSD, RAI, etc. become illegal🚨) while centralized stables, defi, Ethereum, and ETH win big.

High-level summary⬇️
- decentralized stables become illegal in the US. DAI, LUSD, RAI etc.
- foreign stables become illegal in the US. National boundaries for stables
- imo ETH sees significant uptake as a payment method that's both legal and decentralized
- licensed stables, eg. USDC, become huge winners and permitted to access Fed accounts directly

Full summary⬇️

1. The Act makes it illegal to offer unlicensed stablecoins in the US, with a maximum fine of $1M and of 5 years in prison. The Act is specific that this applies globally. Their definition of "stablecoin" is very broad and includes DAI, LUSD, floating stables like RAI, and even includes exotic quasi-stables as long as they are designed to be redeemable for a relatively fixed amount of "monetary value", including all fiat currencies.

For example, this act makes it illegal to build DAI in America, illegal to send DAI to an American business or person living in the US, and illegal for foreign-licensed or unlicensed stablecoins to be offered to Americans in any way.

Essentially, this bill draws national borders around stables by making decentralized stables and foreign-licensed stables illegal in America.

imo the illegalization of unlicensed and foreign stables seems likely to greatly benefit the uptake of non-stable payment tokens, especially ETH.

2. The Act makes the stablecoin licensing process structured but ultimately discretionary. They decide who gets to issue licensed stables.

3. Allows stables to be collateralized by insured deposits in some cases. Could perhaps cause deposit tokens to fall under this regulation as "stablecoins backed by bank deposits".

4. Gives stable operators direct access to the Federal Reserve. Eg. Circle could have accounts at the Fed.

5. Launches an official study on a CBDC. Includes a surprisingly thoughtful list of criteria to study, including the potential impact of a CBDC on the competitive landscape of stablecoins.

6. The Act defines "payment system" broadly in a way that, imo, would include many wallets, bridges, defi, and crypto payment apps. But, the Act does not regulate these payment systems. They aren't banning or licensing defi in this Act.

I'm not a lawyer, and this was my best-effort interpretation of the Act.

Full Act:
https://t.co/vR65M3XayW

[Kim Dotcom @KimDotcom]

Joe Biden doesn’t recognize the little brown guy (Prime Minister of UK) and pushes him away to salute the old white guy. The look on the face of @RishiSunak is priceless 🤣

[Whole Mars Catalog @wholemars]

🤖 this is extremely dangerous to our democracy 🤖

[Andrew Tate @Cobratate]

I met one of my lifelong heroes, Randy Marsh.

[Wall Street Mav @WallStreetMav]

First CNN does a segment on de-dollarization, now Fox News also.

What is going on here?

🔊

[Navalism @NavalismHQ]

"If it hurts to hear it, look for the truth in it.
If it comforts to hear it, look for the lie in it."

@naval

[Alex Hormozi @AlexHormozi]

It’s not burning a bridge if the road doesn’t go anywhere.

It’s pruning a tree to give more resources to the branches that are.

[Visegrád 24 @visegrad24]

The Taliban have released new pictures of some of the military equipment left behind in Afghanistan by the U.S. Army.

[Watcher.Guru @WatcherGuru]

JUST IN: 🇦🇪 UAE Central Bank launches its 'The Digital Dirham' CBDC strategy.

[Elon Musk @elonmusk]

@POTUS Umm … the banks are melting

[Watcher.Guru @WatcherGuru]

🇷🇺 Russia to use Chinese yuan instead of US dollars to settle trade with Asia, Africa, and Latin America.

[Layah Heilpern @LayahHeilpern]

How’s your Friday night going? $USDC

[Wall Street Mav @WallStreetMav]

What really happened at Silicon Valley Bank 🥸

🔊

Ht WSB u/narudatsu

[Roberto Rios @peruvian_bull]

This will always happen with Fractional Reserve Banking.

ALL the banks are broke.
h/t @thecryptoc0up1e