This is a section from Blockworks Daily Newsletter. To read full versions, Subscribe,
“It seems a bit that the crypto keeps playing a prank on the stock market, and the stock market keeps falling for it.”
– Matt Lewin on Bitcoin Treasury Companies
Question: Will you let the WorldCoin scan your eyeball?
Now that it is eventually available in America, I am enthusiastically.
It can put me in a minority because the WorldCoine has received a chilli reception in crypto circles, mostly because its eyeball-scanning orb looks directly like monitoring technique minority Report,
But how else are you going to prove that you are human?
AI-fake news, deepfeek videos, financial scams and the upcoming era Fake job applicant, Any A proof will need to be stored that you are human.
You will have only three options to choose: one government, a corporation or a decentralized crypto protocol.
Looks like an easy option.
Is vitallic Explained This is “the proof of personality is valuable because it solves a lot of anti-spams and anti-across-power problems that many people have, in a way that avoids dependence on centralized officers and describes minimum information possible.”
But even non-crypto people will agree that identity on the Internet should be decentralized, cibila-resistant, proved and open source.
Last night, Sam Altman assured us that the technology of the World Cine was “a way to ensure that humans were central and special in a world where there were many AI-operated materials in the Internet.”
Altman is proposing to solve a problem that he has created himself, but it is true that the mission to prove unique humanity is going to be important – and captcha is not going to do so.
So far, the World Cooine is the only laudable solution for proof-of-views that I have seen (or even imagine, in fact, in fact)-and it proves that personality in the most crypto-indestion way: by turning your iris scan into a hash and by collecting it on a decentralized blockchain.
It is also not your full iris data that is stored, just a mathematical representation that can be used for specificity for examination.
Do we not all want to be unique?
And unnamed?
It seems that some true crypto cipherpanks should be embraced.
Question: Should Stabecrim be allowed to pay interest?
I want to get interest on Khan, but paying interest turns into narrow banks and one of the reasons that the Federal Reserve Bank does not give charters to narrow banks – the banking system is considered intermediate between saver and risk -taking, not saver and government.
Narrow banks take money from saving and park it in risk-free T-bill and reverse repo, which is neither financially productive nor socially desirable.
But banking has been becoming more narrow since the introduction of the Money Market Fund in the 1970s (which Paul Volcker argued as a dangerous kind of regulatory mediation).
And now, brokerage such as fidelity and pawns allow you to pay the bill from those high -yielded money market funds.
As allowed, why not to see it, let Stabelin also pay interest?
It feels sufficiently comfortable, but Austin Campbell Why Stabelcoin should pay interest, makes an even more simple case for this: “If you are banning interest payments on Stabelin, this interest does not go away. It only goes into the pocket of corporate officers.”
Pocket pockets are flowing at this time especially at this time: towards them Q1 verification Continued this morning, Tether owners paid themselves $ 2.347 billion last quarter.
It is considering that it is reportedly low as Tithi five Owner – Four Top Officer Plus Cantor Fitzerld who recently took one 5% share (Reasons clearly unrelated to the non-existent requirement of Titer for capital).
Cantor investment gave a price of $ 12 billion, which means that the owners get just one Quarterly Dividend of 19.5%.
Tether’s operational advantage for the quarter was just $ 1 billion, so a dividend of $ 2.3 billion cuts their “equity” buffer and they will not do so every quarter.
Nevertheless, however, 19.5%!
You can see why the circle Allegedly This week turned down the offer of $ 5 billion from Ripple.
Question: How is the President’s stabechoin?
Correct.
Another reason is that the Congress can prevent Stabcoin from paying interest, it is that the President is with a Stabecoin issuer.
Today on stage in token 2049, it was Announced That is that a $ 2 billion transaction between Binance and State-backed Emiti investment firm MGX will be made in the USD1, Trump family Stabecrim.
As long as the money remains there, it represents about 80 million dollars of annual revenue going into the issuer’s pocket.
The New York Times reported, “There was almost every detail of the (D) declaration made during a conference panel with the second son of Mr. Trump, a conflict of interests.”
Ugh.
Question: What does it mean when a SPAC trades on $ 50?
This means that people are losing their mind again.
The 2021 SPAC mania revealed what happens when the price discovery is left for retail investors: deals would never have made it before the first IPO Roadshow meeting, was obtained as “Spacs”.
Special objectives are publicly trading pools that are made to acquire and make it public – an alternative to the traditional IPO process.
SPAC shares are customly issued at $ 10 per share and usually trade somewhere around the level while the SPAC managers go in search of a deal.
After the announcement of a deal, SPAC shares will trade high or less based on how investors are considered a deal.
Broadly, if a SPAC trades at $ 11 after announcing a deal, it means that investors hope that their stake in the deal will be immediately 10% higher that they are contributing to it – a proper perception to make it.
In 2021 Mania, however, it became common for SPAC shares to trade at $ 20, $ 30 or more.
This was not a proper perception to create as it lies that the SPAC managers purchased by the company would have a price higher than a private company in the stock exchange.
They were almost never-some Spacs finished to justify the price of their $ 10 point, the lonely bloated-deal prices insisted on paying in 2021.
It is difficult for me to imagine that this canter equity partners (CEP) would be better for investors currently paying $ 50 for SPAC.
Last week, CEP Reached a deal A new “bitcoin-origin company” with teders and softbanks, twenty-one to make one.
Like the strategy, twenty -one will basically only be a pile of bitcoin with only the share of teders and the ownership of the softbank, which contributes to the bitcoin.
The current holders of the CEP will receive 2.9% of the stack in exchange for their $ 100 million cash.
This greatly simplifies mathematics: CEP’s $ 50 value today implies that investors believe that the $ 100 million bitcoin is $ 500 million in the stock exchange.
It seems about crazy as anything that happened in 2021 – which I did not expect to see again.
Are we really giving tether Punch The value of that kind of bitcoin?
Our crypto contributes to Bitcoin Treasury Companies. at least Cypherpunk we can talk.
But the Crypto people are equally excited about it as the people of the stock market.
Go up the number, I think.
Get news in your inbox. Explore blockwork newsletters:
