usdaed

Netflix, of course, has been everywhere. It’s the streaming pioneer, the disruptor, the reason I haven’t left the sofa in three days. Shares are up something ridiculous – 732% in the last decade, apparently. Which is… impressive. Though, let’s be honest, a lot of things were impressive in the last decade that turned out to be bubbles. I’m cautiously optimistic, but I’ve learned to distrust anything that sounds too good to be true. It’s a rule I break approximately every other Tuesday.

This document, a tome of 278 pages, builds upon the Clarity Act, a piece of legislation passed by the House which, as far as anyone can tell, aimed to divide digital assets into neat little boxes and assign them to various regulatory guardians. The main division, it seems, is between “ancillary assets” and “digital commodities.” A distinction as clear as mud, naturally.

The papers say Louisbourg established this position on the 16th of January. A new claim, a new hope. The price, calculated on the quarter’s average, came to that $5.25 million. It’s a small sum in the grand reckoning of things, but enough to plant a seed and see if it takes root.

The transaction, dutifully recorded in an SEC filing on January 16th, represents a reduction in Louisbourg’s holding of OR Royalties. The fund retains a respectable 219,271 shares, representing 1.55% of their reported assets under management. One pictures a portfolio manager, not panicking, merely…rebalancing. A tedious exercise, but necessary, especially when dealing with assets that have exhibited a disconcerting tendency to appreciate.

They held 1,069,223 shares. That’s a lot of packaging. It used to be 1.32% of their holdings. Which, honestly, sounds like a remarkably specific amount of faith to place in the structural integrity of boxes. I’ve made less calculated bets on grocery store sushi.

The filing says Pictet increased their holdings. Now they have 9,342 shares. The value went up by $3.30 million. Shares and money. They always seem to go together, don’t they? Like loneliness and late-night television. The transaction value, calculated using the average share price over the fourth quarter, was $5.68 million.

The idea, apparently, is diversification. Spreading your money around so when one thing collapses – and something always collapses – you’re not left eating ramen for the rest of your days. It’s a sensible idea, really. Though I suspect most people, myself included, are just delaying the inevitable. Vanguard, this company everyone keeps mentioning, is run by people who seem genuinely committed to… not fleecing you. Which, in this business, is a refreshing change. My broker, on the other hand, owns a yacht. I’m just saying.

The crux of the matter, it seems to me, is this: the adoption of Ripple’s technology does not necessarily translate into a corresponding demand for XRP itself. RippleNet, a system promising swifter, more economical payments, can function quite well utilizing conventional currencies. The banks, those venerable institutions, are perfectly capable of embracing efficiency without succumbing to the allure of the token. It is a subtle point, but a crucial one. One might compare it to a landowner improving his estate with new tools, yet continuing to till the soil in the manner of his fathers.