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A few weeks ago, I told you about the “Safe Harbor” plan put forth by SEC Commissioner Hester Peirce ( which you can read here). In a nutshell, it offers a solution to the “regulatory uncertainty” (two words we hope to never hear again) surrounding blockchain, by allowing a three-year safe harbor period.
Think of it as a “grace period” to launch new blockchain tokens.
There is much more to the proposal, which you can read in our official response that we’re releasing today toourfaithful newsletter subscribers.
Commissioner Peirce has gone out of her way to ask for feedback on her proposal, so we’re taking it seriously. Recognizing the significance of her proposal, we’ve worked hard on a significant response.
In the spirit of decentralization, we shared much of our response with you in last week’s newsletter, asking for your comments and feedback. We also had a working session on the proposal at our Blockchain Investors Meetup, and reached out personally to a dozen blockchain experts.
The feedback to our response was extremely positive. With so many blockchain investors offering feedback, it went from good to great. I am grateful for all those who contributed their time and smarts, including Peter Brooks, Hugh Crowther, Mati Greenspan, Alex Lielacher, Kenric Nelson, Nathan Schneider, Louis Slaughter, and Mike Wise. But perhaps the biggest contribution was my frequent collaborator Evan Karnoupakis, who suggested, “Since Commissioner Peirce is obviously such a big Bruce Springsteen fan, you should quote the Boss.”
It is my pleasure to offer you our formal response, Born in the USA. Download it here.
Health, wealth, and happiness, |
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John Hargrave Publisher Bitcoin Market Journal |
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As we indicated yesterday, there's now light at the end of the tunnel. However, as it seems a working vaccination might still be a few months away so things are likely to get a lot worse before they get better.
After discussing with a medical professional, it does seem that COVID-19 is indeed a strain of the flu. So it's most likely to go away when the weather turns better and by next year, the cure can be included in our regular flu shots.
From the data provided, it seems like China (orange) has already seen the worst of it and it is now starting to spread in other locations (yellow). This chart is in log scale to better accentuate percentage changes. As well, my friend in Shanghai tells me life is slowly returning to normal, which is also a good sign. |
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Now that the initial panic has somewhat subsided, let's take a look at some of the numbers. Of the closed cases, the fatality rate does seem pretty high at 7%. Of the active cases, there are still about 8,000 in serious or critical condition. |
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So, in total there are 10,958 cases that have either resulted in travesty or are still causing serious pain. Given the size of China this doesn't seem like a whole lot. In fact, it's less than %0.0008 of the total population. Though it's sad for the victims, it hardly seems worth losing our heads. Especially when the regular flu generally claims a quarter to a half a million lives every year.
The issue however, as pointed out by someone on my feed this morning, it's not the total numbers but the rate of infection that's particularly scary. Healthcare services are usually prepared to handle the flu season when it lasts 5 months, but when they come all at once, it can cause congestion (no pun intended) like we saw in the images out of Wuhan at the beginning of the month.
The markets of course, have much deeper concerns at the moment....
Best regards, |
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Mati Greenspan Analysis, Advisory Money Management |
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