Giles
gilesots@gmail.com
npub15v58...zjvu
Interested in the intersection of technology and finance. And disruption. And other stuff.
Schizophrenia is an awful disease. As someone who has lost a cousin and a friend to it, this is wonderful news.
Schizophrenia: the new drug set to tackle the ‘cancer of psychiatry’
Client Challenge
Non crypto/tech related post. Northern Lights were booming last night but with the full moon it was just too bright to get them properly. Hints of them but not the full Monty. But that’s also why they are awesome - fickle and you need to keep working at it until you finally get them. Haliburton, Ontario. ISO 1250, f6.3, 16mm, 25 seconds 
Unfortunately this is only going to be learned by the majority after a US style 2008 reset. Too many feel they are real estate experts simply because they own a house or condo.
The Globe and Mail
Stop treating your home as an investment, a nest egg and a retirement plan. It’s just a place to live
The belief that a home is an infallible investment has been seeded into the minds of a young cohort by homeowners who hit the jackpot. You can’t ...
In the words of Lyn, “nothing stops this train”.
“Commission insiders estimate that from 2028 the EU will be facing debt repayment and interest costs of as much as €30bn a year — a sum corresponding to about a sixth of the union’s current annual spending”
Brussels explores Draghi option of extending up to €350bn in EU debt
Client Challenge
For a nothingburger this Bitcoin thing sure seems to be a somethingburger.
"The monetary authority banned operations that allow bank clients to purchase crypto, just days after two large institutions announced they would let clients buy Bitcoin and other digital currencies."
No Bullshit Bitcoin
Argentina's Central Bank Bans Financial Institutions From Offering Bitcoin
"The monetary authority banned operations that allow bank clients to purchase crypto, just days after two large institutions announced they would l...
So if the BoE loses on QE holdings and the government is running deficits…. Who is paying the final bill?
Bank of England forecasts £100bn payment from Treasury by 2033 over QE losses
Client Challenge
First round playoff hockey is the best hockey. The best sports, period. The Stanley Cup has the drama but first round playoff hockey sees all the players still healthy and fit but with the same win or die attitude and it’s better hockey. #GoLeafsGo
Instead of calling it “making our kids our kids pay our debts” or simply “stealing from our kids,” instead we dress it up as “investing in the future.”
Eventually someone has to pay. Either through debasement or extreme austerity. But our kids will pay either way.
From the Globe and Mail: As governments spend with deficit budgets, Canada’s debt grows in the trillions - 
The Globe and Mail
Opinion: As governments spend with deficit budgets, Canada’s debt grows in the trillions
In a high-interest-rate environment, continued deficit spending carries a heavy toll in burdening future generations
Wonderful FT article on the state of the 5th Republic in France.
“French technocrats spend their working lives in a few arrondissements inside the Périphérique, the ring road that encircles the Parisian court like a moat. They treat the rest of France almost like a colony, inhabited by smelly peasants who failed to absorb the Parisian culture they had been taught at school, and who vote far right or far left.”
This could just as easily be written about the technocrats in London, Washington, Ottawa, etc.
Is France on the road to a Sixth Republic?
Client Challenge
Anyone wanting to connect up at Consensus to chat Bitcoin, crypto, Fidelity Canada’s regulated crypto trading and custody, Canadian crypto regulations….. would love to connect.
I'm attending Consensus 2023 by CoinDesk. I'll be there Tuesday late afternoon through Friday early morning if any want to meet up. | Giles Anderson
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My colleague Jack Neureuter with some up to data BTC and lightning metrics. 
X (formerly Twitter)
Jack Neureuter (@j_neureuter) on X
Amidst a bear market, the number of on-chain #bitcoin stats that are breaking new all-time highs (ATHs) is impressive. If you only had access to ne...
Hugely interesting paper about USD as global reserve currency. Preamble also reminds me of Lowery’s work these days.
“Modern warfare is increasingly taking place outside of conventional and kinetic means and in the economic domain. “
“Money, oil, and security are inextricably linked.”
And if you substitute “oil” with “energy” you understand the PoW - Bitcoin axis.
West Point Paper -- Part 1
"US Dollar Primacy in an Age of Economic Warfare"
Big steps in crypto regulation in Canada today. It’s been two years since the regulatory framework was released (Staff Notice) 21-239 and in essence the regulators today threw the book at those taking a long time to complete the regulatory process.
Staff Notice 21-332 was released and basically says, if you want to be regulated and are not yet through the process (which began 2 years ago), here is how you will operate.
Staff Notice 21-332 is here
https://www.osc.ca/sites/default/files/2023-02/csa_20230222_21-332_crypto-trading-platforms-pre-reg-undertakings.pdf
And Noah Billick provides a good Cole’s Notes version
Do read Noah’s post but here’s the short version.
“New rules include:
- a requirement to use an "Acceptable Third-Party Custodian" that is independent, regulated, and has necessary controls in place, and that will allow Canadian regulators to obtain information about Canadian clients directly from the custodian;
- a total prohibition on margin and leverage offered to any client;
- a commitment by non-Canadian mind and management to not interfere with the activities and Canadian directors' independence, as well as a broad undertaking that will "ensure that their activities will not undermine the Canadian Filer’s activities and its compliance with Canadian regulatory obligations."
- an exclusion of all crypto assets from the firm's regulatory capital calculation (including proprietary assets);
- Regular delivery of the CTP's financial information to the regulator; and
- A requirement that the CTP engage a Chief Compliance Officer qualified to meet the requirements of an Exempt Market Dealer (this is going to be an issue--there are very few qualified CCOs in the market right now) and the implementation of all of the responsibilities and processes that go along with that.”
In Canada the regulator has not decreed if Bitcoin (etc) is a security or not but today’s Staff Notice had some interesting views on stablecoins (they are probably securities.
This morning the Canadian Securities Administrators issued a staff notice that increases the compliance obligations for crypto asset trading platforms (CTPs) operating under a pre-registration… | Noah Billick
This morning the Canadian Securities Administrators issued a staff notice that increases the compliance obligations for crypto asset trading platfo...
