1/ What an honor to be part of this lively debate about #bitcoin vs #WallSt (incl #ETFs & @Bakkt) w/ @GamerAndy, @aantonop, @JonathanMohan & @S_Murphy_PhD. Mainstreaming, rehypothecation, price suppression, privacy, early adoption, Trojan horses, Black Monday, custodian theft...

https://twitter.com/GamerAndy/status/1033735288172949504

2/ ...hear @aantonop & I talk about rehypothecation coming to #bitcoin & #crypto, whether it's legal vs fraud vs merely unethical, how it's a form of #fractionalreservebanking, how it relates to @OverstockCEO's prior discussions of #WallSt's "bezzle" & how big that bezzle is...

1/ Interesting response from @Bakkt today. For #bitcoin this is good news/bad news. First the good--Bakkt disclosed it's not using margin or leverage (explicitly). That's positive. But then the bad--it was silent about hidden leverage, which is subtle...
medium.com/bakkt-blog/htt… 2/ ...and insidious--namely, rehypothecation & commingling of collateral in the clearinghouse, rather than in an individual futures contract itself. Read about how commingling & rehypothecation happen here: forbes.com/sites/caitlinl…

1/ Let's review direct quotations from the Fortune article about @Bakkt and @ICE_Markets, which is available here: fortune.com/longform/nyse-… 2/ "And #bitcoin was the epitome of a broken model that if fixed, could change the world." --Jeff Sprecher, founder, chairman & CEO of @ICE_Markets