BREAKDOWN: Why Bitcoin and Rehypothecation Don’t Mix
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 20 December 2020
⏱️ 21 minutes
🧾️ Download transcript
Summary
A reading of Jeffrey Snider’s latest essay and Caitlin Long’s companion tweet thread.
This episode is sponsored by Crypto.com and Nexo.io.
On this week’s Long Reads Sunday, NLW starts with the latest essay by Jeffrey Snider, “A Nonsensical Jumble of Misused Words Requires Discussion” and then with Caitlin Long’s followup thread, putting the discussion of rehypothecation in the bitcoin context.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.1 | The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinD desk. What's going on, guys? It is Sunday, |
| 0:24.8 | December 20th, and that means it's time for Longreed Sunday. Today is the last breakdown episode |
| 0:31.8 | before I start my end-of-year extravaganza with 14 different guests, 21 minutes each, looking at the year that |
| 0:39.3 | was in the year to come. And so I wanted to do something special for this LRS, and I came |
| 0:44.2 | across something I thought was pretty cool earlier in the week. Caitlin Long shared an article |
| 0:49.6 | by Jeffrey Snyder, who obviously has been on the show. Both Caitlin and Jeffrey have been on |
| 0:54.0 | the show. And Jeff is Jeffrey have been on the show. |
| 0:54.8 | And Jeff is particularly acute at popping intellectual bubbles that just don't hold up under |
| 0:59.6 | scrutiny. The cool thing, however, is that Caitlin took Jeffrey's article and then expanded it into |
| 1:05.8 | the world of Bitcoin and Crypto. So what I'm going to do is I'm going to read Jeffrey's article |
| 1:09.7 | first, and then we're going to read Caitlin's thread building off of it. So what I'm going to do is I'm going to read Jeffrey's article first, and then we're |
| 1:11.0 | going to read Caitlin's thread building off of it. So Jeffrey's article was on real clear markets |
| 1:15.9 | and is called a nonsensical jumble of misused words requires discussion. I know, right? Like you, |
| 1:23.1 | when I first heard about it, there's been little else on my mind. The structural implications |
| 1:27.2 | alone were such that any rational person would devote as much time and energy to figuring out |
| 1:31.5 | all the nuances. The stakes literally cannot be calculated even today. Scarcely has there been |
| 1:36.2 | a more serious issue. I'm writing, of course, about regulatory arbitrage in the presence |
| 1:40.9 | of non-harmonized rehypothecation regimes. Only partly tongue-in-cheek, |
| 1:45.4 | the satire applies solely to the fact that very few humans on this planet could make much |
| 1:50.0 | sense of what seems otherwise a nonsensical jumble of misused words, hardly the topic for any |
... |
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