The Drizzle

EDX Markets

Citadel made its long awaited entry into crypto this week with its launch of EDX Markets, a trading intermediary that is basically an analog to a tradfi brokerage.

Led by long-time tradfi (Citadel, KCG) executive Jamil Nazarali, who is looking forward to HODLing all of those fees that used to go to the companies his buddy Gary just absolutely rekt.

This is the exact version of crypto that Gensler wants, which is the antithesis of what the entire crypto community has been driving toward for years. Soon the only alternative choice will be DeFi/DEX (Decentralized Exchanges), which is more than a little risky in its nascent stage.

The old guard is still coming in hot and they don’t really like competition, so expect this to be a sign of what’s to come. Maybe this will force the maturity and self-regulation of the DEX community and there will be two solid choices.

Repetitive Stress Disorder

Be sure to watch the video from this tweet, it’s wild and as a parent – a bit scary. I have the same exact nightmare, except I’m reloading my kids’ school meal cards (seriously, how do they eat this much?).

More like John Reed Snark, amirite?

John Reed Stark recently laid a lengthy opinion piece on us, with the general sentiment being “hide yer kids, hide yer wife.”

While the Twittersphere did not really take kindly to his advice, it’s not like Mr. Stark doesn’t come with any authority on the subject. As a former SEC Chief of Internet Enforcement, he knows a thing or two about how the SEC does its thing.

Over here, we’re in 100% in agreement with Mr. Stark’s conclusions, but unfortunately his rationale leaned heavily on the tenets of the old world and his conclusions supported tradfinization of crypto.

From my perspective, the real risks come from said tradfinization and the ability for the government to lock accounts and tie up funds for lengthy periods while due diligence runs its course. Like it or not, they will not protect the depositors in the event of a successful prosecution.

While he may not believe that Bitcoin is the next gold, the real gold can be found in his replies to the commenters on his tweet.

I think he and I would be good friends, despite our differences. Hit me up, man.

OceanGateGate

Unless you’re emerging from your week-long darkness retreat, you’re definitely up to speed on the whole submarine debacle.

Let’s be very clear, there is genuinely nothing funny about people getting trapped in a small tube at the bottom of the ocean. In fact, this may be the #2 most terrifying way to die. #1 is of course being eaten alive by a bear while getting victim-shamed by Wendy Williams.

Aside from the human race (once again) demonstrating that it has fully bought into the class war, the thing that really fascinated me about the whole thing was how unsophisticated the entire operation seemed. I highly suggest watching the short clip below as it summarizes the whole thing in a much less snarky way than I possibly could.

Links and whatnot

• Return to Office Enters the Desperation Phase

• 50 Years of Text Games (somebody buy me this please)

• Elon vs Zuck : CAGE MATCH

• Is Google reCAPTCHA GDPR Compliant?

• Reddit is still on the offensive

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