Due to changes in life circumstances, I will pause updates. See you again if fate allows.

There are no so-called niche tourist spots left in the country 🥹 I just heard about this place, and it's already packed with people... Where can web3 nomads find a quiet spot now? 😂

Whether it's opportunity, patience or enthusiasm, there is an expiration date. Once and again, then again, then again, three times exhausted. The premise of adhering to discipline is that there is a high probability of stepping on the correct trend, if it is a mistake, or the trend has changed, it is better to adjust quickly and stop the loss in time before "further decline".

Thank you Mr. Ni for divergent thinking~ A lot of people talk about Powell, and the focus is on him 1. whether it is too slow (too slow to raise interest rates + too slow to cut rates); 2. Whether you cover the sky with one hand. First of all, let's review that since Powell took office in 2018, the U.S. economy has experienced a process from strong growth to the impact of the new crown epidemic and then to a gradual recovery. Although he succeeded in stabilizing financial markets in early 2020 with unprecedented easing (such as outright purchases of corporate bonds and massive quantitative easing) in the face of the pandemic, the 2018 rate hike also triggered wild market volatility, with Trump publicly criticizing him for being too aggressive at the time (although Powell himself considered himself to be too late). Overall, however, Powell's performance in crisis management is still very good, but it is still debatable whether the policy adjustments in the regular period are fully competent, especially in balancing inflation control and long-term economic growth. But maintaining economic growth and price stability is not the task and goal of one of the Fed's departments. If monetary policy compares the impact on liquidity from fiscal policy, monetary policy (e.g., interest rate cuts or rate hikes) directly affects market liquidity through interest rate adjustments and open market operations, and the impact is rapid and widespread, especially in emergency situations (e.g., 2020). Fiscal policy (e.g., government spending or tax cuts) affects liquidity more indirectly, requires congressional approval, and lags in implementation but may be larger (e.g., pandemic-era stimulus packages). Against the current backdrop of 4.5% interest rates, a rate cut may boost risk appetite in the short term, but if fiscal policy is accompanied by large-scale infrastructure or subsidies, the liquidity shock may be more prolonged. The combination of the two is key, and monetary policy alone may not be able to cope with long-term inflationary pressures. In other words, the dilemma faced by another chairman cannot be solved by simply adjusting interest rates. If Powell leaves due to political pressure, such as Trump's influence, the new president may change his style, but internal disagreements and data orientation will limit the possibility of "covering the sky with one hand". This is because the Fed's independence is largely due to the fact that its decision-making is not directly interfered with by Congress or the executive branch, and that the FOMC's meetings and dot plots reflect collective judgment based on data, rather than a single leadership (just look at the daily speeches of each voting committee). Of course, there is an argument that Powell must be able to influence other voters to be eligible to be chairman, and that is possible to work for the Fed to have a say, so I don't). This checks and balances enhance market trust in policy, but it can also complicate expectations management. For the market, this independence provides stability, but it can also trigger short-term volatility due to a lack of transparency in decision-making.

Two questions: 1. If Powell does resign, will the Fed be able to do so-called "expectations management" in the future? 2. Rate Cuts = Soaring Rates?

Back in the workplace. Wasting another minute is my own stupidity in terms of internal friction.

【Hearsay DYOR】xStocks token is essentially a corp debt structure (tracking the underlying asset), not an equity token. The issuance of bonds tracks the underlying assets, and the issuer does not need custody qualifications, so the backed issuer is an SPV, and the SPV does not have distribution qualifications. There is a Bermuda DA license entity involved in xStock PDSL, which is actually a subsidiary of Kraken and is distributed through this entity. Because it is a debt, it is related to dividends, and xStock directly airdrops tokens; Tokens also don't involve corp actions. Bonds can be issued bearer bonds, so they are indeed more like stablecoins in nature, which are corporate liabilities. More importantly, the transfer of ownership of debt does not need to be registered (equity is required), so there is no stamp duty in the middle (although it is a tax that is very ridiculous in traditional finance), and any transfer can be made on the chain. The purchase will involve the exchange of advances and stablecoins, so there is a single purchase limit. In addition, traditional brokerages only support the market opening hours on weekdays plus blueocean pre-market and after-hours, in order to make up for the losses of market makers, the spread is set at 1%, and the fee is actually relatively high, 0.5%. All in all, giving users access to U.S. stocks has no further effect, but it is sufficient for now. If institutionalization is to be carried out in the future, other distribution structures and solutions are still needed

With the richest and most powerful people in the world still letting themselves go like this, how many viewers do I have?

In theory, these are indeed risks. However, USDT has always been shorted, but it has never been surpassed. So many institutions want to issue stablecoins, such as VISA or even Alipay WeChat, if they issue stablecoins, they are also very competitive in cross-border trade and micropayment scenarios, but they will not cut into crypto trading. If Circle forcibly wants to cut into areas where it has no advantage, it will naturally hit a stone with an egg. However, there are still many incremental market scenarios for crypto payment, so why only refer to the current capacity for evaluation?

SOL~TSLA in Phantom While many people are still discussing how RWA is compliant, the first bite of meat has already been snatched up.