luc

trading. bitcoin. formerly @coinbase / @cumberlandsays / @drwtrading

[luc @dcluc_]

drw the goat

[Beni @beniduboss]

I am never leaving this app LMFAO

>be Don Wilson
>predict compute markets will be > than oil within 10 years
>anons call you delusional
>lmao.exe
>fyi this is your track record
>1992: found legendary prop firm DRW
>name it after your own initials (omega based)
>pioneer quant and electronic trading
>your firm trades Bitcoin in 2010 (bruh)
>launch Cumberland in 2014
>become one of the biggest institutional LP in crypto
>co-found Compute Exchange and back Silicon Data to build GPU markets and pricing indices
>literally became a billionaire by being early for over 30 years

like bruh you��re literally arguing about markets with a man whose racing sailboats are called “Convexity” LMFAO

you can’t make this shit up

incredible stuff thank you for the laughs

[luc @dcluc_]

@AviFelman it's fantastic

[Austin Campbell @austincampbell]

I am not sure the crypto industry understands how much they owe to @coinbase.

This is a firm that has been tirelessly fighting to stop the SEC's rogue behavior and to expose Operation Chokepoint 2.0 (first reported on by @nic_carter, among others), despite the fact that @coinbase is probably the second biggest beneficiary of OCP 2.0 (behind, hilariously, only @tether).

Why do I say this?

Given that the usual bank custodians were banned from the space, who is the big winner of the ETF custody game for the largest ETF launch in history (the BTC ETFs)? Oh, that's right, @CoinbaseInsto.

Given that new stablecoin launches were largely crippled outside of New York, who became the default exchange distributing stablecoins and earning all the interest from @circle in the United States? Ah, yes, that's right, @coinbase.

Given that smaller players could not get bank accounts, who retained access due to scale and political pressure and was able to keep running an actual exchange in the United States even as some competitors were debanked and others were kept out? Again, @coinbase.

A "normal" company here would go to the government and immediately begin lobbying to deepen that moat and have regulators discriminate against smaller less "professional" outfits. To ban the small fries entirely, take over for themselves, and entrench their position while stifling innovation and the crypto space. You want to see how this works? Look at what Dodd-Frank did for the big banks.

Instead, @brian_armstrong and @iampaulgrewal have lead a full frontal assault to expose the misdeeds of some of the regulatory agencies that are harming startups and thus potential competitors the most, and may help the bank custodians get into the game. It may help us find actual regulatory clarity and force the SEC to obey the law. There are folks at Coinbase like @faryarshirzad and team who have been fighting this battle (thanklessly, to most of the crypto space) in DC, in trench warfare amongst staffers and policy people to make sure what happened is known.

So I just want to take a moment to remind everyone, especially those who complain about Coinbase as "too centralized" or "not crypto" (despite having perhaps done more for mainstream crypto adoption in the US than anyone else so far), that these guys went to bat for the industry overall and the long-term vision of the space instead of falling into the trap of their own short-term profits.

This is rare. And it should be recognized. I'm raising it today because of the absolute treasury trove of information that just became public thanks to their efforts via FOIA against the FDIC. So, thanks.

[luc @dcluc_]

@ProofOfMoney what about capital gains -- the gift giver has to pay taxes on capital gains if the BTC is in the money, no?

[luc @dcluc_]

ring ring ring ring ring ring ring

banana zone

[luc @dcluc_]

@dylanleclair United by far the worst US-based airline lately. Avoiding them as much as I can but the last 4 trips I had to take with them all had some level of tomfuckery. American smooth 95% of the time

[doncrypto @DonCryptoDraper]

Still thinking about dis 👽👽

[luc @dcluc_]

@TheJerzWay Paraty 🙏🌴

[luc @dcluc_]

@Tree_of_Alpha BDF ™️

[DCinvestor @DCinvestor]

don't mind me- i'm just checking in on the reported Blackrock wallet onchain

[kremsky @0xKremsky]

@tether just became the first stablecoin to reach $100b. It's an amazing milestone but I think stablecoin adoption is just getting started.

[C @cyounessi1]

Looking back, I am just shocked by the number of people I was unable to convince over the last two years.

I don’t think I onboarded a single person this last bear market. Family, friends, old professors, old tradfi colleagues all just looked at me with apathetic eyes.

[luc @dcluc_]

@cyounessi1 Wow. Felt that

[karbon 🐺🦊 @karbonbased]

Uber has 0 cars
Airbnb has 0 houses
OTC desks have 0 BTC

welcome to the new economy

[luc @dcluc_]

@sunnydecree https://t.co/K8IvWCqANn

[luc @dcluc_]

I appreciate the sentiment here. but this is just not how OTC desks work re: 'drying up'

perhaps they have no natural sellers of BTC in their book of clients/counterparties

but...

1/3

[luc @dcluc_]

I have always wondered (and have never looked) at how these metrics around 'OTC Desks' and OTC inventory are calculated and who uses this data. bc I find it not very useful information

3/3

[luc @dcluc_]

I appreciate the sentiment here. but this is just not how OTC desks work re: 'drying up'

perhaps they have no natural sellers of BTC in their book of clients/counterparties

but...

1/3

[Andrew @AP_Abacus]

A quick note: echoing @CaitlinLong_ here. OTC desks are nearly dried up.

Very little #Bitcoin available thats easily accessible to meet demand.

@BlackRock and @Fidelity are moving size in ways crypto has never seen before.

[luc @dcluc_]

they have inventory and access to liquidity that they manage to ensure that they can always make you a price if you are looking to buy BTC

it just might start getting higher and higher...

2/3

[luc @dcluc_]

@amitisinvesting the price being quoted at any given time on rh is significantly away from mid market. significantly more than the "fee" they show, that they say is (also) baked into the price being shown.

you're paying a not insignificant hidden spread on rh.

optically tho, yeah I get it...