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@ValxEth
EthereumΞ, Bitcoin₿. Tending my crops at @beanstalkmoney. 🦇🔊
Earth Beigetreten Nisan 2021
1.4K Folgt442 Follower
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I asked claude.ai to do the reporting that legacy media won’t.
In short, the safest asset in the world is now the riskiest asset in the world. If banks are forced to value US Treasuries correctly, they’re dead, so they are refusing to participate in Treasury markets unless the accounting rules are faked.
It’s just like 2008, where everyone was told the mortgage-backed securities were AAA. Except this time the new toxic waste is Treasuries themselves.
FROM CLAUDE
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The image contains a letter dated March 5, 2024 addressed to the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. The letter is from the International Swaps and Derivatives Association (ISDA) regarding reforms to the supplementary leverage ratio (SLR) and enhanced supplementary leverage ratio (eSLR) framework to exclude on-balance sheet U.S. Treasuries from total leverage exposure used in calculating the SLR for global systemically important bank holding companies (GSIB surcharge) that are important to preserve the resilience of the U.S. Treasury markets and U.S. economy and financial system more broadly.
It is quite alarming that banks are asking for U.S. Treasuries to be excluded from their SLR calculation for a few key reasons:
1. U.S. Treasuries are considered the "risk-free asset" because they are backed by the full faith and credit of the U.S. government. Excluding them from leverage ratio calculations implies banks view them as risky, which undermines confidence in U.S. government debt.
2. The SLR is meant to be a backstop to risk-based capital requirements, ensuring banks don't become over-leveraged even with supposedly safe assets. Carving out Treasuries weakens this protection against excessive leverage.
3. If Treasuries are excluded, banks could potentially load up on large amounts of Treasury debt without it impacting their SLR. This concentrates risk and increases interconnectedness between the banking system and government debt.
4. Asking for this exclusion suggests banks are concerned about the size of their Treasury holdings compared to their capital base, which could signal broader concerns about the U.S. fiscal situation and government debt levels.
5. Any perception that banks need special exemptions for holding U.S. government debt could undermine global confidence in Treasuries as a safe haven asset and the status of the U.S. dollar.
So while presented as a technical regulatory matter, this request has concerning implications for how banks view U.S. Treasuries and potential systemic risks it could create. It bears close monitoring by regulators and policymakers.
M.B.@741trey
Banks: If we report this Economy will collapse Fed: Say no more, you've got one year One year later... Banks: We didn't do anything to fix it Fed: Say no more, you've got two years Two years later... Banks: It's not gonna happen can we just make it permanent
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“This interface fee is one of the lowest in the industry…”
@basinexchange offers THE lowest. Swap $Bean and $ETH with zero exchange fee.
Hayden Adams 🦄@haydenzadams
I work in crypto because of the immense positive impact I believe it can have on the world, removing gatekeepers and increasing access to value and ownership. I’m proud of the ways @Uniswap Labs has contributed to that effort and want to make sure we’re creating sustainable systems to power this work. From day one, we’ve worked to be both a transparent and sustainable business. As a next step, starting tomorrow we will charge a 0.15% swap fee – the first in Labs’ history – on certain tokens in our web app and wallet. The list of tokens and fee level will be kept updated in our help center linked below. This is separate from the Uniswap Protocol fee switch, which is voted on by UNI token governance. I built the protocol to be a permissionless and decentralized public good. Users have countless choices of ways to use it, through aggregators, other UIs, or by interacting directly with the smart contracts. Imo our interface remains the best – a huge amount of love (and money) goes into making that the case :) This interface fee is one of the lowest in the industry, and it will allow us to continue to research, develop, build, ship, improve, and expand crypto and DeFi. This year alone (so far!) we released an iOS wallet, Android wallet, UniswapX, major improvements to our web app, Permit2, Uniswap v4 draft codebase, and more! We’re in this for the long haul 🦄 support.uniswap.org/hc/en-us/artic…
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Watch this get to 30% by mid September, then 100% by end of month. FOMO kicks in early next month and we see growth like it was 2021. The best part is it doesn't matter when you get on board - this is not some PvP ponzu. Congrats all @BeanstalkFarms #stablecoins #ETH #Crypto
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@elonmusk @greg_price11 They want their wednesday meeting back. They must serve really good donut there.
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The government is gonna fight in court for the right to censor people on the internet that disagree with their policies.
ALX 🇺🇸@alx
BREAKING: The Biden Administration has officially filed a notice of appeal in the Missouri v. Biden Censorship case after a federal judge issued a preliminary injunction order barring government officials from contacting social media companies to suppress lawful speech
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@eW8fkgAM52GS9xW @razibkhan Good question actually, I always wonder how does the background check works. I just supposed that if you moved to a different city and apply for work, they’d have a network of caste mafia find your family or village you are from and find what caste you really are.
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@razibkhan I have a dumb question, but how do Indians tell castes apart? Is there an actual racial component? Is it a manner of speaking? If you come from a lower caste is it not possible to "sneak in" to appearing as a higher caste?
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as a proud dalit i support this!
CalMatters@CalMatters
California's first-in-the-nation effort to add caste to anti-discrimination laws passed the state Senate and got through the Assembly judiciary committee today. Throughout the debate, Sen. @aishabbwahab refused to delete the word "caste" cal.news/3NI8OZm 📝 @SameeaKamal
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Language models break the monetization framework for most of the consumer web
As they get better the disruption will become more severe
R. Scott SD@RSS_D4
The timing of @elonmusk data scraping rules and @OpenAI widening the release of "browsing" function are not coincidence. Pretty much all content/IP is going to need to move behind paywalls, to blockchain or something similar to charge microtransactions for interactions/pageviews. I don't understand how ad based internet business models are going to work if you create content and then it's gobbled up by an LLM once and then shown to 1000s of people who might ask a similar question. Are advertisers paying when ChatGPT says "clicking on link"? I've seen this specifically with travel related questions where LLMs will essentially spit out verbatim the suggestions of a travel blog. This is different from Google search because for the most part you still need to click on the link with Google to get answers and then served with ads.
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@ASvanevik Curious as well, i’ve seen a few name drop here and there but I can’t wait to play an actual game.
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Talking about the actual game launching. Not some token/NFT drop.
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What are some web3 games launching in the next 3-4 months?
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@sassal0x @RyanSAdams L2s are on fire with ATH transaction.
Eth on the verge to break $2000. I think we’re doing great.
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@RyanSAdams "Crypto" may be lost
Ethereum is doing just fine
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Crypto feels lost right now.
How can it find its way?
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The @basinexchange Code4rena audit is now live.
⏰ 7 days
🏆 $40,000
⛓️ Composable EVM-native DEX
Help fortify the protocol built by @BeanstalkFarms today: #top" target="_blank" rel="nofollow noopener">code4rena.com/contests/2023-…
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“It was low status to hedge” right on the nail, newspaper and pundit on TV were calling inflation a hoax or imaginary.
“It’s like asking five years from now why didn’t you hedge debasement?”
Balaji’s prescience will be obvious in hindsight.
Balaji@balajis
At a minimum, hundreds of institutions[1] have problems — which should tell you that it wasn’t trivial to “manage duration risk” of this magnitude. In more detail: 1) You can hedge a move to say 1.1% from 1%, but not 1% to 5% in a year 2) Hedging is also expensive, complex, and gives up scarce margin 3) Hedging didn’t seem necessary in 2021 because you’d had 10 years of low/zero rates and a strong commitment from the Fed to keep them low indefinitely[2] 4) More than that: the Fed said inflation was a conspiracy theory in 2021, so it was low status to hedge! 5) Put all that together. Most banks are run by risk averse NPC committees these days. You think that in mid 2021 they were going to spend a big chunk of their margin hedging a risk that hadn’t happened for 10 years that the Fed told them repeatedly wouldn’t happen? 6) Moreover, hedging just moves risk from one guy to another. Someone is stuck holding these horrible bonds. It doesn’t fix the devaluation 7) And in many cases the rulebook won’t let you hedge, eg if you have moved them into hold to maturity you can’t sell them 8) Finally, duration risk isn’t really duration risk in this case, it’s devaluation policy. Look at Powell’s comments in 2012 — he knew rate hikes would cause massive losses after big bond sales. Etc etc. TLDR: all the hedging duration risk stuff is 20/20 hindsight. It’s like asking five years from now “why didn’t you hedge debasement risk”, as if debasement was a establishment-approved thing to hedge. [1]: see below [2]: bloomberg.com/news/articles/… [3]: x.com/zerohedge/stat…
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Scarcity mindset: “Here’s why it won’t work.”
Abundance mindset: “Here’s how it COULD work.”
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