EddieJayonCrypto
3 Oct 22
• The Pound Sterling drops and the UK government flip-flops• Credit Suisse has dropped over 50% YTD is there about to be a crushing fire sale?• Vitalik Buterin wants to stave off censorship of Ethereum with a new proposal through "partial block auctions"• 59 investors give NYDIG $720M for their Inst...
• The Pound Sterling drops and the UK government flip-flops• Credit Suisse has dropped over 50% YTD is there about to be a crushing fire sale?• Vitalik Buterin wants to stave off censorship of Ethereum with a new proposal through "partial block auctions"• 59 investors give NYDIG $720M for their Institutional Bitcoin FundThe world is waking up to the UK making a u-turn on the tax proposal and Credit Suisse trying to convince everyone they are not the next Bear Stearns or Lehman. Where is what is on my mind today.1. It only took the huge drop of the Pound Sterling against the Dollar to make the UK government do a reversal on their new tax proposal. This saw the Pound Sterling for from $1.07 to pop up to as high as $1.128. The u-turn from statements made as late as just yesterday defending the idea is a major move by the new government leadership to admit the plan was not received well. 2. The Credit Suisse debacle is beginning to play out. They have released a statement that a restructuring initiative is underway. They plan on releasing their numbers October 27th along with more details on their restructuring plan. According to sources, they do have good liquidity on a $10B market cap. I am looking at how hard the stock has fallen being down over 50% YTD. This is going to have a ripple effect around the world. 3. Vitalik Buterin wants to stave off censorship of Ethereum with a new proposal through "partial block auctions". The idea is to add another layer of security that would help prevent centralization. In a statement Buterin said, “Instead of builders having full rein to construct the entire block if they win an auction, builders would have a more limited amount of power.” This is why I like the Cryptoverse. It is the inherent push to remove the possibility of centralization . Looking at the current financial problems of Credit Suisse I can see the value in wresting power from the few and giving it back to the many. 4. Imagine having only 59 investors and raising $720M for your Institutional Bitcoin Fund. Well, that is exactly what NYDIG has done according to a filing with the Securities and Exchanges Commission. NYDIG is focused on building an infrastructure that will help with adoption of Bitcoin. Remember back on July 15th I reported NYDIG's multi-year deal with the NY Yankees to provide Bitcoin payroll services their employees .