GM. My favorite cup for morning tea.

The Bank for International Settlements (BIS) said that stablecoins "perform poorly" as money. This is apparently because they are not backed by central banks, lack sufficient safeguards against illicit usage, and don't have the necessary funding flexibility to generate loans. Let's revisit this. - Stablecoins (e.g. Tether) are backed with U.S. Treasuries. This extends to the FED, i.e. the central bank. - Stablecoins require KYC if you exchange fiat for them on a regulated exchange. Not too different from getting fiat cash from an ATM. You need a bank account for this. Needless to say, both cash and stablecoins can be used illicitly to the same extent. - The flexibility needed to generate loans is essentially creating money out of thin air aka commercial bank lending. This is a given with any fiat instrument. So long there is no full proof-of-reserve, one has to trust the issuer. In summary, stablecoins are just like fiat currency because they are exactly that, continuously debased tokenized fiat currency. They perform well as money for the time being. Ask anyone who is actually using them. So what is the BIS on about? Well, what the BIS is not saying is that stablecoins should be issued by central banks (read CBDC), not private entities possibly out of regulatory reach.

GM and a blessed Sunday everyone

I was on a call with a dude today, and his German accent was so heavy that his "version" sounded like "virgin." So confusing. “Hey Philipp, we plan to do this to Virgin 7 with the upcoming release”

“Pls fix” Every consultant loves this request.

GM. Bitcoin is the ultimate collateral. "[JPM] chief Jamie Dimon, who once branded bitcoin a ‘fraud’, has moderated his tone"

@Skyler what graphic tools do you use to design logos?