Magic Walrus hedges

Credit Slips:

OneWest Bank was founded by Treasury Secretary Mnuchin in 2009  primarily to acquire, and foreclose, thousands of troubled mortgage loans made by the failed subprime lender IndyMac. Otting served as CEO of OneWest from 2010 until 2015. The President's two leading bank regulators made considerable fortunes by running this very unusual bank, relying on some big-time government funding.

Millennials need think twice before signing that debt ledger in Sept. 

Republican conservatives stab millennials in the back

A leading House conservative said Wednesday that Congress will raise the nation’s debt ceiling in September as he backed away from his earlier demands that any increase be paired with steep spending cuts.Republican Representative Mark Meadows, who leads the House Freedom Caucus, said that while he wants changes aimed at cutting the budget deficit, he is ready to accept a bill without other conditions and wants to “get it done sooner rather than later.”

Last week its only value was toilet paper

Venezuela Bolivar Loses A Third Of Its Value In The Past Week

You  have to use three layers or your finger pokes through.

Coordination failure

The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use.

But:

Meanwhile, bitcoin adoption in India is rapidly growing especially in cities like Bangalore, where Unocoin, one of the largest bitcoin exchanges in the country is located. The company told Bitcoin.com that over 50 new merchants have signed up to accept bitcoin this month alone. According to a recent survey, professionals in most industries have heard of bitcoin, even though they have not used it themselves.

Solution?

Yes, the Indian finance ministry should support custodial coins over trusted networks.  Then they have traditional access to private banking accounts, using warrants.  But they need to concede the idea that all transactions report to the central bank.  No special government code in the secure element.

Put and call in the oil market

Producers are locking in production quotas for 2018 at prices a few dollars less than the current spot.  

Now, are they hedging or just prepping for production?  2018 is only six months away, they gotta prep.  They are not hedging, they are setting prices, it is the spot market that was hedged. Anyway, futures prices dropped a bit and volatility in future prices increased.  The spot market has to requantize a bit, production is supposed to estimate supply needs.

Increasing volatility means actually moving sips, oil equipment and crew around a bit to meet contract.

Demand for put options that producers use to lock in prices has jumped over the last two weeks. An indicator known as the skew that compares put option and call option prices has shot up for December 2018 Brent and WTI contracts, indicating that producers are guaranteeing sales for next year. There was also a 32 percent increase in the number of West Texas Intermediate contracts for June 2018 last month, PVM Oil Associates analyst Stephen Brennock wrote in an emailed report Wednesday.Several large trades were reported to U.S. regulators last week that were also typical of producer hedging, according to data compiled by Bloomberg. Among those, one saw 4 million barrels of supply locked in at $45 a barrel.

How does sandbox do it?

Dunno, these are tim based contracts  so there should be little contango effects along the way as bunching occurs on expiration. Just came up as an issue, needs thinking....

OK, first thoughts.  The spot market is a two color with a delivery schedule as the third color.  Contracts to deliver by producers are like a reverse flow ledger service, the producers accept delivery contracts to enforce the no-contango principal. So the ledger, in this case, tracks all gendered oil workers and their equipment, the real stuff that makes the spot market flow.  The producers operate in smart contract land and make contract bets on the spot market in pure cash. 

They are dealing with the 'fails to deliver' calculation. Without a third color producer stream, the bit error would  be way to volatile to make the market.

Substitute defendant

Trump and his team can decide whether to continue that appeal; pulling it would effectively cut off CSR payments unless Congress were to appropriate the funds.But on Monday, the court ruled that the 17 states and DC could intervene and continue the appeal. The court's ruling said ending the payments would be damaging to the states' citizens.

For fellow readers amazed at the judicial web, this one takes the cake.

Trump is being sued for doing something not approved by Congress.  Trump is threatening to concede the issue.   Now, this judge rules that we can substitute Trump, the defendant, who threatened to confess, with a new defendant who will not admit to breaking the law so as to ?? continue breaking the law?  Like we have one plaintiff and we get to substitute defendants until we get one we like. Absurd

No, these 17 states should just file a friend of the court brief,  Or the judge in the original case should dismiss for lack of evidence. After all, the majority of the House has ruled, in the majority, to continue delaying the suit as if they approved the law, in the majority.

This judge fucked up big time and will be laughed off the calendar. I call it the Sotomayor effect.

Good enough

Bitcoin cash has secured its place as a top cryptocurrency within a day of entering the marketplace.According to Coinmarketcap.com, the cryptocurrency is trading at about $490 a coin, and its market cap now stands above $8 billion. As such, it is the third-largest cryptocurrency by market cap, surpassing big-name coins such as Ripple ($6.7 billion) and Litecoin ($2.2 billion).

Solving the wait times on customer service calls

OK, no  more waiting.

The company has its phone, you call it and input the customer service line.  The customer service line calls you back. Wait times are estimated, so your call can be anticipated to a lower and upper bound.

The company sells service to service centers.

Building the trusted nets

We want the card not present fraud close to zero. Start with travel, checkin ID at hotel and lights, almost no fraud.   This is where we go to custodial coins, and either of the two block chains will find niche. The first money market card denominated in one of the blockchains will arrive soon.

All the buyers' clubs, membership is a fraud protection, these come next. In tax dollars, they exist, as in Uber; a buyers club, and stores offer them.  But mostly what is new is the money market pit applied to buyers club in tax dollars, and that happens next.   WalMart will run a money market for its bonafide customers, government cannot deny that for long with the advent of sandbox.  Amazon will make its own money market card.

Two year roll out, trillions of dollars, millions of bitcoin in flow. All of it, asynchronous automated trading.

In related news:
Two teams of heavy thinkers want better ideas for scaling block chain.

Both teams, however, have a problem with Segwit2x. Nchain supports the 2mb fork increase. However, Nchain claims it is not enough. In staying true toSatoshi Nakamoto’s original vision, Nchain wants to see larger scaling initiatives for the Segwit fork of bitcoin. Nchain said they will remain open for communication and new research development to help bootstrap bitcoin with more network capacity.

Other than trusted net, I presume.  Not my field, but I will think on  it.

Wasserman-Schultz is being blackmailed.

Rep. DeSantis Call For An Investigation Into Wasserman Schultz's Ties To Awan

Wasserman-Schultz may have allowed Awan to take the Hillary e mails.