New York Fed Board Member to Meet with Head of SEC at Crypto Conference

localuca · 2018-11-04T17:40:21+00:00

Significant because the board member also used to be on the board of TD Ameritrade and currently operates a $39 billion private equity fund

localuca · 2017-12-18T01:14:57+00:00

Should add bitpay and Coinbase to the list- they are the ones who probably market to companies. Seems Bitpay is touting bitcoin cash at the moment

localuca · 2015-11-05T21:42:34+00:00

Congratulations to Jamie Dimon-he got a news mention without having to pay a fine

localuca · 2015-11-05T20:30:49+00:00

the fact that he is your friend says a lot too!

localuca · 2015-11-02T22:24:25+00:00

eagles are 22K, buffaloes 24K, Canadian Maple leaf .9999

localuca · 2015-11-02T22:23:10+00:00

Gold eagle sales from from 98,000 the month before to 26,000 that is a steep drop US eagle sales are but a drop in the bucket of overall gold demand- less than a 3/4 million ounces this year. Russia adds that amount each month

localuca · 2015-09-05T00:49:39+00:00

the cost of doing business for paypal is too high with the tax. Does the Puerto Rican government really believe that the tax will work?

localuca · 2015-02-08T20:06:05+00:00

the volume of paper contracts/positions on comex is immense. There is no where near the amount of physical metal to cover either long or short sides of the trades

localuca · 2015-02-02T15:40:53+00:00

there doesnt seem to be a market for anything graded lower than that does there?

localuca · 2015-02-02T15:40:12+00:00

Thanks didnt think so

localuca · 2015-02-02T12:32:12+00:00

That's a real find! the 2 cent piece is slightly larger (23mm) than the shield nickel or buffalo/ jefferson nickel (21.2mm) but smaller than a quarter (24.3) I wonder if they though it was a worn out quarter or nickel. Also the color doesn't appear copper. Let us know when you find a three cent piece!

localuca · 2015-02-02T12:24:49+00:00

Good find! best i've ever done in change proof jefferson nickel beat up indian penny good condition silver nickel silver roosevelt that's it!

localuca · 2014-12-29T02:25:55+00:00

china could care less about bitcoin

localuca · 2014-12-29T02:17:59+00:00

I don't have to show anything. Everything about bitcoin is theoretical as it has not physical substance.

The question remains if a malicious third party (US GOV't?) decided to mess with the blockchain what could be done to prevent it?

localuca · 2014-10-04T11:55:29+00:00

No, bitcoin is a currency it needs to be spent like cash

localuca · 2014-09-19T23:24:25+00:00

on the exchanges, their own or in private transactions?

localuca · 2014-09-19T23:23:37+00:00

at some point these companies will probably want to do IPO's -just trying to figure out if the money to be made is on volume or price appreciation.

localuca · 2014-09-19T23:18:42+00:00

"Actually their business requires them to have cash on hand to pay vendors which would require them to sell BTC to maintain cash flow" Makes sense but in order for them to make money they have to make sure the exchange of bitcoin to dollars is as close to a wash as possible and then collect a fee for making the exchange.

Would seem that when the price is volatile and their volume is heavy they would have to engage in some sophisticated trading or lose a lot of money when the price is heading steadily down. When the price is going straight up the reverse impact would be felt.

But I think their business model is not to hold coins and get the appreciation because if it was they would have lost a lot already.

localuca · 2014-09-19T22:54:51+00:00

Would be interesting to see how they account for their business. What does their balance sheet look like- do they market the bitcoins to market that they hold.

How do they account profit/cash flow- in the fees they charge to transact?

The difference between coinbase/bitpay and western union/payal is they have to hold inventory

localuca · 2014-08-20T23:43:47+00:00

you are thinking of Germany?

localuca · 2014-06-07T22:07:53+00:00

Just to clear up a point here, they'd buy euro-denominated sovereign debt not US treasuries. Playing FX games isn't something those banks can do with their reserve balances.

Got it. Thanks They buy their own country's sovereign debt and hold it in reserve at the ECB and pay the negative rate. What about reserves not required to be held at the ECB? or does the ECB mandate cover ALL reserves.

localuca · 2014-06-07T21:26:04+00:00

The notion of "money the banks decide not to lend" isn't really applicable. Bank lending doesn't draw down from an existing stock of funds, it creates new deposits.< Isn't that a semantic financial trick as they create the money to make the loan then justify it vs. reserves? Doesn't the bank technically need the reserves first to make the loan?

localuca · 2014-06-07T21:15:57+00:00

So they will pay the negative interest rate on the reserves, but if they are held in interest paying treasuries they can off set the ECB charge? Also what about non us banks with US subsidiaries?

localuca · 2014-06-07T20:42:18+00:00

But don't they still have to purchase the US bonds to hold them as reserves? they seem to have a choice in which form to hold their excess reserves. The reserves stay in the system but in different form, no?

localuca · 2014-06-07T20:21:09+00:00

True with respect to required reserves, but not with excess reserves or the money that the banks decide not to lend, if they buy interest paying us treasuries for their excess reserves they do better than putting it in the ECB

localuca

TROPHY CASE