Co-host of 'What'd You Miss?' on BloombergTV. Editor at @business. Fan of poker, chess, (American) handball, country music, and Chinese food.
RT @IrvingSwisher: Thanks for having me @TheStalwart @romainebostick @RiggsReport We covered a lot of ground on labor market and inflation…
U.S. steel is planning on idling plants
RT @tictoc: Facebook announced it's launching a cryptocurrency called Libra. @TheStalwart tells us what it is, how it works, and what mak…
Here's our interview with @IrvingSwisher of @employamerica on #WDYM about what Canada's labor market teaches us about the Phillip's Curve.
RT @tictoc: Facebook announced it's launching a cyrptocurrency called Libra. @TheStalwart tells us what it is, how it works, and what mak…
RT @gnewburn: It was the punkest Honda Odyssey I ever did see . . .
RT @mdudas: The US is bringing down the hammer on unregulated crypto businesses
RT @peteschroeder: Waters brings down the hammer, calling on Facebook to halt development on its cryptocurrency while Congress & regulators…
RT @Zachary: .@PatrickMcHenry asked @RepMaxineWaters to hold a hearing on Facebook’s digital currency plans
@irvingswisher coming up next on #WDYM to talk about what the Fed can learn from the Chinese labor market.
Whoops, meant Canadian
This reminds me of Hillary in the first debate. Everyone thought that expectations were so high, and so therefore there was no way for her to "win." But most people think she won it in the end, and she got a poll bump. (Didn't matter in the end, obv)
About to air my interview with @davidmarcus
"Gold is the best form of money known to man, and blockchain and the Internet will only make it better."
TV time
I’ll be on @BloombergTV with @TheStalwart and @CarolineHydeTV in an hour to chat about Libra. Hot takes will be took. Full analysis / curation of the best takes we’ve seen today on the @MessariCrypto daily research brief. Subscribe:
RT @awealthofcs: My favorite response ever on this beautiful website
It's interesting seeing the collapse in growth expectations in the Bank of America survey. Huge one-month down move. Fits with the record setting plunge we just saw in the Empire Fed survey. Surveys in freefall.
This is an astonishing thing to read with stocks at spitting distance from all-time highs
The title of @matt_levine's column today 'Facebook Will Make the Money Now' reminds me of this
I have seen some takes today
RT @jwMason1: This from @matt_levine is exactly how I tell my students to think about money. I think I'll add this to my teaching materials…
Damn. We shoulda just recorded our drinks last night at McSorley's.
Sanders, Biden, Warren, Harris, O'Rourke, and Buttigieg all beating Trump in Florida right now
Good writeup here from @mmasnick on Google supposedly ripping lyrics from Genius
What are the odds that just due to the unpopularity of $FB among regulatory bodies around the world, Libra just never launches due to overwhelming investigations and so forth?
RT @SenSherrodBrown: Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting the…
"...the surprise package was Rory Stewart, the International Development Secretary, who went from just 19 votes in the first round to 37 in the second."
RT @boes_: Thom Tillis says POTUS "should look at everything he can do within his legal authority" when it comes to Powell and the Fed http…
"Once again we see that “The Libra Blockchain” is not actually a blockchain." -- @lopp
But in all seriousness, do the non-Johnson voters like Johnson, or is he likely to be low down on their preference rank?
RT @_SidVerma: Is asking why Ripple, or XRP, is not selling off more based on a hilariously misplaced price-efficiency premise?
With this Tory leadership race. Why don't they just do ranked-preference voting and do it all in one round?
RT @theousherwood: The result of the second round: Gove - 41 Hunt - 46 Javid - 33 Johnson - 126 Raab - 30 Stewart -37 Raab out
RT @BloombergTV: Facebook's new cryptocurrency is the best of both worlds: it will be regulated to prevent money laundering and allows peop…
Anyway, that's all for now. I think I'll write about the my tentatively bullish case on Libra tomorrow for the @Markets newsletter. So sign up here.
RT @boes_: Stan Fischer on cutting rates: "It would destroy the independence of the Fed ... it's not something that should be done" https:/…
As for how the unbanked will use the currency (a major selling point), @davidmarcus envisions physical points selling Libra for cash (probably like pre-loaded cards), with the breakthrough that those coins will be compatible with coins anywhere else in the world. (in theory)
The retailers will demand a markup, no?
That being said, it's being built such that it's impossible to do any kind of "shielded transaction" on the Libra blockchain. It's specifically designed so that it won't be useful for, say, Dark Web purchasers.
He also said that competitors will be allowed to build wallets, and that users will be able to hold their own keys in a non-custodial manner. So all of the regulation will be around the fiat on/offramps that must comply with various financial regs.
As for the launch partners, he said that by the time of the actual launch, he expects to see actual banks and other large tech companies be part of it.
Among some of the interesting things that stood out to me I asked him the "but why does this need a blockchain?" question. And his answer was that it was the best way to make sure that governance of the network was not under the control of one company. Make of that what you like
Here's my full interview with @davidmarcus, the $FB executive who is spearheading Libra
Countdown to the first Libra hack starting ... now.
A fourth carcinogen has been discovered in a heart drug that's used by millions
A persistent myth is that the volatility of Bitcoin is a major reason why its usage in transactions has been so small. Less volatility might help a little, but it's a pretty marginal issue.
Here’s the relevant citation:
Put another way, the Libra cryptocurrency currently has the downside of volatility without the upside of investment. This could be fixed by making 1 Libra = 1 USD, or possibly issuing a true USD stablecoin on chain.
By crypto standards, however, it won't be very volatile
RT @LJKawa: @TheStalwart really proud of this call so far
$AOR is having its 2nd biggest day of the year
Bitcoin people might hate this tweet, but I can't think of any reason for Bitcoin-based remittances (which has been cited as a future use case) to be a thing in a world where Libra exists.
Depends on how open the Libra network actually turns out to be. It's not hard to imagine cross-border transactions getting smothered by KYC/AML regulations.
Right. That's why I stipulate in a world where Libra exists. If they can't do cross border stuff (due to regs) the whole thing is a flop.
It could still be a successful within-country payment system in multiple countries. People mostly want to make domestic payments.
Honestly, I'm really skeptical. I don't think this project has much to do with traditional crypto either as a competitor or a catalyst. It's mostly about going after the PayPal's/M-Pesas/Venmos etc. of the world.
Has anyone unveiled a Libra-killer yet?
Highly incompatible with Pisces
Someone needs to write a country music song about how the town ain't the same since the old mill closed, but where the town is 'getting fat off client fees' and the old mill is 'my entirely average fund'. A job for @TheStalwart
🎶 I remember when the CFA Meant something in this USA Now they say my fees too high It's 1%, I'm scrapin' by 🎶
This is just beautiful satire. Swiftian, almost. Nearly had me. 😅🎻
Happy father's day to me! Can't get over being a dad to this perfect person
What did she get you?
Beyond Meat is literally fake meat. So why is it worth $9 billion? The alt-meat trend seems so weird to me — totally counter to the 'real food' movement. And a good q from @TheStalwart: Should we trust tech people to take over food? For @newconsumer subs.
The groupings don't matter, since the debate "winner" will just be whoever has the most Twitter/YouTube friendly moment of the night.
But that moment could a cool smackdown of someone else in the room.
I can't articulate why this tweet is so funny to me
Is Taleb part of the Intellectual Dark Web?
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