This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. I really encourage you to check them out.During a U.S. Senate Committee meeting on Banking, Housing, and Urban Affairs, Senator Elizabeth Warren had a few choice words to describe both stablecoins and DeFi. The first gripe she had with the crypto space was with stablecoins.Senator Warren said, “in troubled economic times people are most likely to cash out of risky financial products and move into dollars. Stablecoins will take a nosedive precisely when people most need stability.”Tether, undeniably the most controversial stablecoin, has proven repeatedly to be stable through adversity, including COVID and crypto crashes. It has momentarily wavered slightly above and below a dollar, but its track record is nearly perfect. The criticism does not match the facts.Regulators and malicious politicians are seemingly searching for any dirt they can find on the crypto space. Tether is their natural starting point, due to its popularity and semi-controversial history. When you actually dive into Tether’s financial structure, it looks like a golden child compared to junk bonds, risky mortgage-backed securities, and thinly lined corporate debt structures - Wall Street’s favorite recipes. Here are a few more quotes from Senator Warren during the committee hearing.“DeFi is the most dangerous part of the crypto world. This is where the regulation is effectively absent, and — no surprise — it’s where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders. In DeFi, someone can’t even tell if they’re dealing with a terrorist.” “Stablecoins provide the lifeblood of the DeFi ecosystem and DeFi people need stablecoins to trade between different coins, do derivatives, and to lend and borrow money, all outside the regulated banking system. Without stablecoins, DeFi comes to a halt.” “It’s a risk to traders and a risk to our economy, the time to act is before it all blows up. Stablecoins have no regulators, no independent auditors, no guarantors, nothing. They are propping up in the shadiest parts of the crypto world. The place where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down on these risks before it is too late.”DeFi exists because our “trusted” institutions fail a majority of the world's population, who lack access to the very products that thrive in the DeFi space. While there are bad actors in DeFi and crypto in general, they are equally present in other financial systems, equally rife with fraud and crime.The hypocrisy of bemoaning crypto as a scam on the same day as the government flippantly raises the debt ceiling another $2.5T without any concern for the long-term implications of this decision should not be understated. Which one is more harmful to the average person?As long as our systems continue to fail, DeFi and crypto will continue to succeed. It's as simple as that.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormChannel LinkIf you are a new member, please refer to THIS BLOG for instructions on how to make my charts your own.In This Issue:DeFi Threatens The Status QuoSome Facts About Trading NFTs, Part 1 - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsWe Were Trillionaires For A MomentElon Musk Continues To Move The MarketFOMC Meeting TodayMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO
The Wolf Den #392 - DeFi Threatens The Status Quo
The Wolf Den #392 - DeFi Threatens The Status…
The Wolf Den #392 - DeFi Threatens The Status Quo
This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin - up to $3600 worth. I really encourage you to check them out.During a U.S. Senate Committee meeting on Banking, Housing, and Urban Affairs, Senator Elizabeth Warren had a few choice words to describe both stablecoins and DeFi. The first gripe she had with the crypto space was with stablecoins.Senator Warren said, “in troubled economic times people are most likely to cash out of risky financial products and move into dollars. Stablecoins will take a nosedive precisely when people most need stability.”Tether, undeniably the most controversial stablecoin, has proven repeatedly to be stable through adversity, including COVID and crypto crashes. It has momentarily wavered slightly above and below a dollar, but its track record is nearly perfect. The criticism does not match the facts.Regulators and malicious politicians are seemingly searching for any dirt they can find on the crypto space. Tether is their natural starting point, due to its popularity and semi-controversial history. When you actually dive into Tether’s financial structure, it looks like a golden child compared to junk bonds, risky mortgage-backed securities, and thinly lined corporate debt structures - Wall Street’s favorite recipes. Here are a few more quotes from Senator Warren during the committee hearing.“DeFi is the most dangerous part of the crypto world. This is where the regulation is effectively absent, and — no surprise — it’s where the scammers and the cheats and the swindlers mix among part-time investors and first-time crypto traders. In DeFi, someone can’t even tell if they’re dealing with a terrorist.” “Stablecoins provide the lifeblood of the DeFi ecosystem and DeFi people need stablecoins to trade between different coins, do derivatives, and to lend and borrow money, all outside the regulated banking system. Without stablecoins, DeFi comes to a halt.” “It’s a risk to traders and a risk to our economy, the time to act is before it all blows up. Stablecoins have no regulators, no independent auditors, no guarantors, nothing. They are propping up in the shadiest parts of the crypto world. The place where consumers are least protected from getting scammed. Our regulators need to get serious about clamping down on these risks before it is too late.”DeFi exists because our “trusted” institutions fail a majority of the world's population, who lack access to the very products that thrive in the DeFi space. While there are bad actors in DeFi and crypto in general, they are equally present in other financial systems, equally rife with fraud and crime.The hypocrisy of bemoaning crypto as a scam on the same day as the government flippantly raises the debt ceiling another $2.5T without any concern for the long-term implications of this decision should not be understated. Which one is more harmful to the average person?As long as our systems continue to fail, DeFi and crypto will continue to succeed. It's as simple as that.Chart Request Live Stream at 1:30 PM EST. Please follow the rules. I cannot take requests at any other time, so if you send them during a different window they may not get charted. Remember, no more email requests.1 chart per person, per weekSubmit your request between now and 12:30 PM EST.You can only submit your request through the link below.If it is not on TradingView, there is a chance I will not able to chart it.REMINDER: I can only do so many charts on the livestream. My assistant picks 25 random requests from everyone’s submissions and those are the coins I chart.Chart Request FormChannel LinkIf you are a new member, please refer to THIS BLOG for instructions on how to make my charts your own.In This Issue:DeFi Threatens The Status QuoSome Facts About Trading NFTs, Part 1 - IntoTheBlockBitcoin Thoughts And AnalysisAltcoin ChartsLegacy MarketsWe Were Trillionaires For A MomentElon Musk Continues To Move The MarketFOMC Meeting TodayMy Recommended Platforms And ToolsIF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.CO