14th November 2023 > > Central banks & IOTA.

tl;dr

Yet another dig at technocrats, who really should get a proper job, but their mama never told them so. Important information for IOTA holders.

Market Snap

Market Wrap

A decent retracement in the perpetual futures funding rate overnight at a cost of just $800 per BTC is a surprise to the upside. There were liquidations so there is only one explanation for such a minor sell-off – ample buying in the spot market counteracting the downward pressure from futures, which is a tremendously healthy sign.

The GBTC (Grayscale BTC Trust) discount is now approaching single digits. For those of you lucky enough to have regulators who recognise that the US has the very strongest securities laws in the world, your BTC returns via GBTC at 300% in 2023 dwarf those 120% returns in 2023 that those of us who live in the UK have been allowed to enjoy owning just BTC.

Perhaps we can add Defund the FCA! to the campaign to Defund Gary Gensler!

Who wants to march with me?

Curious Cryptos’ Commentary – ZeroHedge & central banks

ZeroHedge is not everyone’s cup of tea, and frankly sometimes it’s nonsense.

https://www.zerohedge.com/economics/fed-has-no-plan-and-just-hoping-best

This article undoubtedly appeals to my deeply held belief that central banks should be restricted to the one important task they have - that of being the lender of last resort. Anything over and above that is simply a derogation of responsibilities by politicians who lack the enthusiasm or, whisper it quietly, the bravery and courage required to do the day job.

With that said, for those of you who still believe in the unnatural aura of central banks and the technocrats at their helm, it is an interesting read.

If you don’t have time, the message is a simple one.

Central bank independence is just a façade, a deception that does not stand up to scrutiny, which comes as no surprise to regular readers of the CCC. Democratically elected leaders need to stop hiding behind this lie.

…

But on the upside, if the political and technocratic elite do not change course, this can only be good for crypto adoption. And hurrah to that.

Curious Cryptos’ Commentary – IOTA update

The most important news first – the Stardust hard fork has been implemented. This sets the clock ticking if you bought IOTA on the Chrysalis network before the Firefly update. You need to move your coins in the next two years, otherwise you will lose them. DIN (Do It Now!). If you do not know how to move your coins across, the CCC team is ready and willing to guide you through the process. Just let us know you need our help, and we are there for you.

Now, onto those who staked IOTA for ASMB. As you know ASMB has been discontinued https://www.curiouscryptos.com/post/29th-september-2023-gensler-iota). To compensate stakers who anticipated earning ASMB coins, you are now receiving IOTA airdrops every fourteen days from 4th October 2023. The first airdrop on that date was for 10% of your total accrual. The remaining 90% will be paid over the next four years. Total accruals depend on how many of the staking rounds for ASMB you got involved in, and for how long. Mine are coming in at around 14% of my original stash, which is nice.

Check your wallet (DIN!) to make sure those coins are being paid to you, for even in the decentralised world, mistakes happen. Again, if you do not see your newly minted IOTA in your wallet, please let the CCC team know, and we will do our best to help you.