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Bitcoin and NFTs
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FCA study on UK consumers and crypto
Gotta love this guy:
Kyle lives in Manchester where he is studying modern history with economics at university. Kyle “partied hard for a few years” but now runs the volleyball team and has stopped smoking cannabis, which has allowed him to have enough money to purchase cryptoassets. Before studying, Kyle worked as a broker in binary options. After graduating he hopes to work in either recruitment or sales.
Kyle dealt with cryptoassets when he was 16 to purchase illegal drugs online, but it was “only when I was 20 or 21 when I saw it as an investment”. Kyle bought £1,100 worth of Bitcoin, Ripple, Tron, Excelen, Appcoin and Elastos with his student loan in January 2018. His purchase was made “at the worst possible time” by his own admission, as the value of Bitcoin plummeted just a few weeks later.
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SEC publishes framework for assessing whether a token is a security.
Also, a no-action letter saying TurnKey Jet's private token isn't a security. No, I haven't heard of them either.
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Tether is backed 1:1: by USD! Or maybe 0.74:1.
Neither the updated disclosure nor the line of credit transaction itself hasimpeded Tether’s ability to process redemptions. As of the date I am signing this affidavit,Tether has cash and cash equivalents (short term securities) on hand totaling approximately$2.1 billion, representing approximately 74 percent of the current outstanding tethers
Beyond Tether’s cash on hand, additional reserves are available, though inless liquid form. That Tether does not now keep liquid, cash reserves equal to 100 percentof the outstanding tethers is not only disclosed to customers, but hardly a novel concept.Commercial banks operate under a “fractional reserve” system whereby they keep cash on hand representing only a small fraction of customer deposits, deploying the rest viainvestments. According to the Federal Reserve website, the banks must keep cash reservesrepresenting, at most, only 10 percent of their liabilities. (Ex. G, at 1.) Tether’s cash is farmore than that, and the company has never lacked the funds to process a redemptionLast edited by Ginger Yellow; 01-05-2019, 09:51.
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