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17th December 2021 > > Kraken crypto exchange.

tl;dr

Some crypto exchange CEOs need to get out more.


Market Snap







Market Wrap

On chain data is showing that whales are net sellers now, with the slack taken up by wallets holding less than 1 BTC (whitebait?). The latter are likely to be recent entrants and probably not very familiar with the extreme price volatility often seen with BTC.


The strength of their hands is yet to be tested. Let us hope it is not found wanting.


Occasional Series – International Monetary Fund (IMF)

The IMF has warned the UK that Omicron may “trigger a mild slowdown”, presumably referring to the economy as opposed to individuals feeling a little under the weather. (*)


Thanks for that, IMF.


And to the IMF staff involved in preparing this report, “when are you going to get a proper job?” is the only reasonable response.


Curious Cryptos’ Commentary – International Monetary Fund (IMF)

Gita Gopinath, Chief Economist at the IMF, has renewed calls for "global" regulation of cryptos.


‘Nuff said.


Curious Cryptos’ Commentary – Kraken and commentary from its CEO, Jesse Powell

Kraken is a centralised exchange, one with which I have never engaged.


Kraken CEO Jesse Powell has gone on record to say that:


i) “BTC is a great buy at $40k”, an opinion which frankly is not particularly useful when BTC is trading nearly 25% higher than that price. Clearly Powell is a believer in technical analysis and is an ongoing buyer of buckets full of holes.


ii) “USD is going to zero”, an outcome he seems to desire, despite the economic turmoil and destruction to global living standards – particularly to the poor and destitute - that would entail.


Ho hum, moving on.


iii) “USD interest rates are going negative” (someone needs to tell him the Fed has just said there will be three interest rate rises next year alone. Shame he cannot be bothered to read the financial news).


iv) “A lack of regulation encourages firms to move from the US to offshore centres” where there is even less regulation. This comment is truly nonsensical.


To top that, Kraken has just been censured by the UK Advertising Standards Authority for inappropriate adverts.


Any firm with adults in the decision-making seats, allied with a robust internal compliance department, would never be in the situation that Kraken finds itself.


Given that Jesse Powell appears to demonstrate that he might be lacking in the strong intellect and rationale demanded in his role as CEO, may I gently suggest that if any readers hold funds at Kraken, they move them asap.


(*) Tin hat time I know.


Reserve Treasury Protocols (before they all go to zero









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