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29th July 2023 > > DOGE and PoR.


Y’all missed DOGE yesterday. The CCC agrees with the SEC (shock horror!) and disagrees with Hester Pierce (double shock horror!!).

Market Snap

Market Wrap

The US is now paying almost $1 TRILLION every year on its enormous debt pile which can never be repaid. This is the simple answer to those who once proposed that MMT (Modern Monetary Theory aka Magic Money Tree) should be exercised to the full. It almost all but guarantees a return to QE devaluing fiat against hard assets (notably houses, stocks, and BTC), making the poor poorer, and the rich richer. Rate cuts are heading our way sooner than you think.

Eagle-eyed readers noted the obvious error in yesterday’s market wrap. A sudden case of brain fog, probably caused by getting old. Sadly, those biggest and baddest buying boots have been stored away for another day, to be replaced by the usual sized ones.

Curious Cryptos’ Commentary – DOGE (Dogecoin)

Unfortunately, amongst all the fire and fury generated by the mention of Farage in yesterday’s CCC (thank you for all your comments confirming we are on the same page), it seems that no-one noticed the few short sentences about the pivot from Twitter to X.

May I remind you that the CCC never gives investment advice.

But if you believe that X will be a success, and that its current process of onboarding fiat will be extended to cryptos, it is likely that there will be two winners – BTC and DOGE (this is my opinion, and no-one should take heed of, nor action from, it).

The CC Treasury has been holding and constantly accumulating BTC for some time. As of yesterday, the CC Treasury now has a very small but considered investment in DOGE. This may increase over time if we see that Elon is making progress towards implementing receipts (fiat or otherwise) into X.

Curious Cryptos’ Commentary – PoR (Proof-of-Reserves)

Just for once, I find myself in agreement with the SEC regarding cryptos.

Paul Munter, Chief Accountant at the SEC, has issued a statement about PoR for centralised cryptocurrency exchanges:

This is a warning to audit firms who might be engaged to provide PoR. Munter makes the obvious point that a PoR is just part of the story, and that it should not be used to convince third-parties that a full audit has taken place:

“Maintaining the public’s confidence is a serious responsibility, and it requires accountants to exercise integrity in their actions and activities. This includes ensuring that the accountants’ names or services are not being used to convey a false sense of legitimacy or to mislead investors.”

Regular readers already know this.

On 23rd April 2023 (“Texas leads the fightback in the US against losing crypto tax dollars to the EU”) and 30th May 2023 (“PoR is an improvement but don’t fall for all the hype”), the CCC clearly pointed out that a PoR looks only at the asset side of the balance sheet and ignores the liabilities.

Munter must be annoyed with himself that he missed those two daily missives of mine that would have allowed him to get up to speed on PoR three months ago.

And just for once, I find myself in disagreement with Crypto Mom, SEC Commissioner, Hester Pierce.

Hester has publicly rebuked Munter for his intervention tweeting (or is it Xing now?) this question:

“Why would we want to discourage good-faith efforts to provide more transparency?”

That isn’t what Munter is doing at all – Munter is making the exact same point as the CCC, a point that is fair and valid and needs to be understood. I think we can all agree that the CCC cannot be described as crypto sceptical.

Sorry Hester, criticising and opposing someone’s views and suggestions simply because you usually disagree with them is a major problem in modern political discourse.

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