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| HEALTH, WEALTH, AND HAPPINESS |
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| "People who do more than they are paid for will soon be paid for more than they do." - Napoleon Hill |
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A Very Special Evening with "CryptoDad" J. Chris Giancarlo: We are thrilled to welcome the Chairman Emeritus of the CFTC for a one-time event to discuss the state of U.S. crypto regulation, tomorrow, Thursday 12/16 at 6:30 pm ET.
The event is free and open to all. RSVP here! |
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Ethereum Cofounder Joe Lubin Speaks Out on High Gas Fees (Decrypt): He calls them a "growth pain," saying, "When a new technology becomes successful, it always has scaling issues."
Investor takeaway: Lubin expects gas fees to come down with Ethereum 2.0, which he predicts will launch in Q2-Q3 2022. Long-term ETH investors may be comforted by his predictions. (He would know.) |
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| Compare the left side of this chart with the right side. Two years ago, average gas fees (service fees to use the Ethereum network) were around $12. Today they're over $80. (Courtesy YCharts) |
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Investor takeaway: This is like your bank charging $2.00 to use an ATM, then two years later they're charging $13.50.
In one way, insane fees are good for ETH investors, as it shows insane demand -- but it's terrible for investors using the network. Consider buying and holding ETH, and trading only when absolutely necessary. |
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Hi Everyone,
It honestly threw me for a loop this morning, and despite how minor an issue this is, I couldn't help feeling just a little bit violated.
An imposter copied my Twitter profile in its exact form, changing only a single letter in my username to create the handle @MariGreenspan. |
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The content this account is pushing out is trash, and the projects it is promoting are certainly sketchy.
Yet, Twitter has decided after two reviews that this account hasn't broken any of the platform's rules and should be allowed to continue. They even suggested that if I don't like the content of the imposter, I should mute or block the account. So glad I took the time to file a thorough report.
Like a teenager who just had a fight with his/her parents, I seriously considered moving off the platform entirely, but quickly realized that I have no place else to go.
I'd love to say that Web3 fixes this, but I don't really see how it does.
All things considered, I really have nothing to complain about.
Not only is my life a picnic in the grand scheme of things, but I'm actually honored that 45,000 people choose to follow me and that nearly 2,000 of you are reading my daily thoughts through this newsletter.
I am actually flattered that some deranged people out there would even want to impersonate me.
With that said, please be very careful on social media, as people aren't always who they appear to be, myself included. |
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Confusingly aggressive
Speaking of feeling cheated, I can say that the market reactions to today's Federal Reserve meeting were more than a bit bewildering. |
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If the Fed is aggressively pulling back stimulus, risk assets should be falling, but instead, they're rising. The U.S. stock indices are very close to all-time highs now, and the entire crypto market pumped during the time of Fed Chair Jerome Powell's speech. Way to go, J-Pow!
It's easy to say that investors may have been expecting even harsher measures in the wake of last week's inflation data, but the word "aggressive" is not being used lightly here.
Next month, the Fed will only be injecting $60 billion per month. That's half of the $120 billion they were doing two months ago.
The key to the market reaction may be found in the Fed's updated dot plot, which shows us how the members of the Federal Open Market Committee (FOMC) expect the liftoff from near-zero benchmark rates to take place.
As we can see, even the most aggressive members are still forecasting a very gradual rate hike regimen. |
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Of course, even if they do plan to hike aggressively next year, that won't be reflected by the above, for fear of spooking the markets. Nope, better to make those adjustments gradually.
Unless inflation gets remarkably lower from here, we can expect that by the next meeting those yellow dots will be migrating upwards. As for the markets, nobody knows anymore. ...
Have an amazing evening! |
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| Mati Greenspan Analysis, Advisory, Money Management |
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| This is why gas fees are so high. |
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Bitcoin Market Journal is a daily newsletter focusing on blockchain and crypto investments. It is written and edited by Evamarie Augustine, Charles Bovaird, Mati Greenspan, and John Hargrave.
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