Bit Coyne

Building. Get Off Zero! Opinions, likes, retweets, comments are my own and are all CONTEXT DEPENDENT.

[Rye Lacrosse @RyeLacrosse]

RYE WINS THE CLASS C NYS LACROSSE CHAMPIONSHIP!!!

Rye 15 - 9 Jamesville-DeWitt

Congrats to the Rye Varsity Lacrosse Team on an INCREDIBLE year with a storybook finish!

Congrats on an AMAZING first year of coaching Rye High to Head Coach Gutski and his coaching staff!

[Strategy @Strategy]

StoneX Digital and Benchmark are independently hosting a webinar today at 11 AM ET on $MSTR, $STRC, and $BTC capital markets.

Register here: https://t.co/3OazAu3Rck

[Bit Coyne @cryptocoyne]

@TRowePrice_DA Turn on the machines!

[Bit Coyne @cryptocoyne]

https://t.co/bRkTQ7dSC5

[0HOUR1 @__0HOUR1_]

Whole stadium trying to figure out wtf they’re watching lmao

[Bit Coyne @cryptocoyne]

@KalshiSupport what’s up w the deposits???

[Bit Coyne @cryptocoyne]

@dgt10011 @BTCVIX Good post

[Martin Leinweber @mleinweber2]

Bitcoin is -2.88σ below its 200-day moving average.

In 10 years of data, this has literally NEVER happened before.

Not during COVID. Not during FTX. Never.

I analyzed what this means. The findings are striking.

🧵 Thread with charts ⬇️

@SASchoenfeld @MarketVector @matthew_sigel

[Bit Coyne @cryptocoyne]

@LacrosseNetwork @PremierLacrosse sick play and reaction....shouldn't have been a flag

[Bit Coyne @cryptocoyne]

@WHOOP Upgraded to new Whoop 5 and now strain, calories etc all much lower? Seeing similar complaints online. What’s the deal?

[Bit Coyne @cryptocoyne]

@pooleskis block or charge?

[Bit Coyne @cryptocoyne]

It’s that simple.
#TikTok https://t.co/YVcIXuEIYw

[Bit Coyne @cryptocoyne]

https://t.co/WpRWeWg2O6
Blockchain-based stablecoins are now the seventh largest buyer of US government debt, exceeding Germany, Australia and other big countries. And they’re growing quickly — surpassing $200 billion in size this year and nearly $250 billion today.

[Margaret Rosenfeld @AgentM_Tech]

1/ 🚨 Oregon is suing @coinbase — and it’s not just another enforcement action. Here’s why this case matters for the future of crypto regulation in the U.S. 🧵

[Bit Coyne @cryptocoyne]

@DanielSLoeb1 best acting without a single spoken word

[litquidity @litcapital]

“Look, the prices of goods going up and my portfolio going down isn’t necessarily a bad thing, because I love working and that just means I need to grind even harder now”

[Austin Campbell @austincampbell]

I've been thinking about this quite a bit since @brian_armstrong wrote it, and didn't want to shoot from the hip (or on April Fools, because this is not my first time on the internet). But I've gathered a few thoughts and want to share them.

1 - I understand why both banks and issuers would like interest to be prohibited for stablecoins. For banks, they see this as eliminating one source of competition. For issuers, well, keep the money! However, there is one group who we didn't mention there, which is consumers.

2 - For the consumer, part of why banks post-2008 have been such a nightmare is that you don't get paid any interest on the checking accounts you have, so if things go well, the bank executives make a ton of money, and if things don't go well, the public bails them out! That's... not a fair arrangement!

3 - For a stablecoin, the assets are much safer but the business model is pretty simple. Again, why isn't the consumer able to get paid yield and we have a competitive market?

4 - All of this is profoundly anti-competitive in the end. It serves as a subsidy for either banks or stablecoin issuers at the expense of competition and the economic returns to the consumer.

5 - This ban on interest will greatly inhibit adoption, which is a point I think is understated (and why the banks likely enjoy the ban). After all, if I have a stablecoin that pays interest less a small fee for management, everyone can take that and hold that and get paid a fair amount. It becomes the "neutral" option for money if only backed with something like t-bills. Interoperable, generally acceptable, cheap to create. Essentially like the Vanguard low fee index fund concept, but for your deposits. You can see why they want to cripple that for companies and not pay interest - otherwise, people might actually use it!

6 - The people most hurt by this will be the non-rich and small businesses. They are the ones currently getting scalped the most by our financial monopoly, and the ban on interest is just a vote to continue expropriating them.

So, after turning this over a few times in my head, I find it hard to construct a non-protectionist argument for why we would want to ban paying interest.

And from a US perspective: another jurisdiction will allow this, so if we don't, we're just going to lose business abroad.

Thus, I think Brian is right. It's a bad idea. It's pro-monopoly and anti-consumer. It's also just silly, in the end.

Let the market sort it out, so long as the rules around reserves and bankruptcy remoteness are correct (that's where the rubber meets the road on safety).

[Bit Coyne @cryptocoyne]

👀

[Quinn Thompson @qthomp]

Hey @ryancohen, curious why @gamestop $GME chose @TDBank_US as sole bookrunner on the Bitcoin convert issuance when TD shut down their crypto unit and bailed on the industry? Why not give it to the old Cowen team who's now at @StoneX_Official and very crypto native?

[Pardon My Take @PardonMyTake]

March Madness is here

[Bit Coyne @cryptocoyne]

@APompliano be better....