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The Wolf Den #517 - Go Fish

June 8 · Issue #517 · View online
The Wolf Den Crypto Newsletter
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In This Issue:
  1. Go Fish
  2. How To Get Involved With Ethereum
  3. The Bitcoin Bill Is Here
  4. PayPal Enables Withdrawals
  5. White House Focusing On Bitcoin Energy Consumption
  6. Custodia Bank Suing The Fed
  7. My Recommended Platforms And Tools
Go Fish
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Today feels like a great time to go fishing.
What does this mean?
Markets are exhausting, often confusing and irrational. If you are an active participant, there are numerous options at any given time as to how you can approach your trades and investments. This is especially true in crypto, where the casino is open 24/7/365.
Nobody can remain on top of the crypto market at all times, so trying is a fool’s errand.
When the market is choppy and confusing, it’s time to go fishing.
There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time.“ - Jesse Livermore
A trader does not need to be actively trading the market at all times. I often say that sitting on your hands is a position, meaning that doing nothing is challenging and is a sort of "trade” in itself. If you have decided to trade full time, then doing nothing feels like failure. When I was trading as my main source of income, I found that I pushed trades constantly that I would have otherwise passed on, only to feel like I was “working.” This was a losing strategy that I quickly had to force out of my repertoire.
“No person can play the market all the time and win. There are times when you should be completely out of the market, for emotional as well as economic reasons.” - Jesse Livermore
Reinforcement of the previous idea. This quote reminds us that trading less often gives us more. More money, of course, but also more free time to expand our knowledge and experience and to keep our mind clear to approach the next opportunity with confidence.
What is the moral of the story? Sometimes doing less is more, sometimes taking a break is the best trade, and being patient is ALWAYS the best strategy.
How To Get Involved With Ethereum
Community Hub |
By visiting the Ethereum Foundation and hovering over the “community” tab, you will find a number of ways in which you can get involved in the Ethereum ecosystem. If you have ever thought about being a validator, coder, researcher, or event attendee, this is your starting place. If you do plan to explore this rabbit hole, I suggest creating both a Reddit and Discord account, as all of the important conversations start on these platforms.
The Bitcoin Bill Is Here
Senator Cynthia Lummis
Today, I’m introducing the Responsible Financial Innovation Act alongside @SenGillibrand. The United States is the global financial leader, and it’s absolutely critical the U.S. plays a leading role in this new frontier.
It’s finally done and it’s a big one! The highly anticipated bipartisan Responsible Financial Innovation Act addresses the crypto industry’s most pressing concerns. The topics within the bill include definitions, securities laws, jurisdiction of authority, stablecoin regulation, advisory committees, disclosure requirements, and further studies. There is a lot.
I won’t have time to read the whole bill before sharing (it is 69 pages long), but from what I skimmed through, there are a few points that I liked right off the bat that I copied directly from the bill. I was able to find these points through the Section-by-Section Overview. I recommend starting your journey there.
Section 201 - Gross income shall not include gain or loss from the disposition of virtual currency in a personal transaction for the purchase of goods or services. The amount of gain or loss excluded from gross income shall not exceed $200.
Section 301 - A person acting at the direction or on the behalf of such an issuer, shall be not required to treat an ancillary asset provided by such an issuer as a security under this Act or any other provision of the law.
Section 403 - The Commission shall have exclusive jurisdiction over any agreement, contract, or transaction involving a contract of sale of a digital asset in interstate commerce, including ancillary assets.
These three things constitute a huge leap forward. Section 201 attempts to establish using crypto for payments in small amounts ($200) without having to worry about being taxed on gains. Section 301 amends our outdated securities laws with new definitions to extend to digital assets. And lastly, Section 403 moves a large burden of responsibility of our space to the CFTC from the SEC.
I’ll keep an eye out for comprehensive articles or threads in the coming days, but I think we should chalk this up as an early win. This bill lays the groundwork needed for industry stakeholders and researchers to fill the necessary gaps. Let’s get this thing edited and passed!
PayPal Enables Withdrawals
PayPal Lets Users Transfer Bitcoin and Ethereum to External Wallets - Decrypt
For PayPal users with crypto in their accounts, you will finally be able to withdraw your assets to your own wallet. Coming to U.S. customers within one to two weeks, the functionality will be possible for anyone who completes an additional identity verification. By the way, this is not your cue to use PayPal as a trading platform. They have explicitly said in the past that is not what the platform is designed for.
This just means that you can finally take custody of your own assets.
White House Focusing On Bitcoin Energy Consumption
White House Preparing New Study on How To Curb Crypto Energy Footprint: Report - The Daily Hodl
“Says White House Office of Science and Technology Policy Principal Assistant Director for Energy Costa Samaras,
“It’s important, if this is going to be part of our financial system in any meaningful way, that it’s developed responsibly and minimizes total emissions. When we think about digital assets, it has to be a climate and energy conversation.”
The study, which is coming months after President Joe Biden signed an executive order aimed at ensuring the responsible development of digital assets, will reportedly examine issues ranging from the noise pollution by crypto mining farms to the various mining techniques.
“We need to think about what would be the appropriate policy responses under a world that shifted to proof-of-stake, or a world that has some continuous mix of proof-of-work and proof-of-stake. Proof-of-work is energy-intensive by design, but it also increases security.”
This should be interesting.
Custodia Bank Suing The Fed
Bitcoin Bank Custodia Sues Federal Reserve, Demanding Decision On Master Account
Our friend Caitlin Long is not playing games. Custodia would be the first “bitcoin bank” to gain a master account with the Fed, something is essential moving forward. The application has been delayed for 19 months.
“"Through this lawsuit, Custodia seeks to ensure that its Federal Reserve master account application receives the fair dealing and due process guaranteed to it by both federal statute and the U.S. Constitution,” said Custodia Bank’s spokesperson Nathan Miller in a statement. “Custodia has satisfied every rule applicable to it, and has gone beyond by applying to become a Fed member bank.”“
Get your popcorn.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.
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