Joe

Today I officially and publicly announce my involvement with Monochrome Asset Management ETF($IBTC) @MonochromeAsset and Monochrome Exchange @Monochrome_EN. Monochrome is a company that’s public shareholders register contains my name alongside members of the royal family of Malaysia. People all around the world from the underbaked to the trillionaires need safe custodianship of their assets however this becomes a geopolitical nightmare. This is demonstrated by the gold market and the lack of ability for central banks of the world to coordinate to independently verify with 100% certainty that all reserve gold assets are held 1:1 and its note equivalents are not fractional. Bitcoin is the only asset in the world that anybody with a smartphone can verify is not subject to flaws that make it fallible to fractional reserve banking. I’ve long championed Malaysia as the epicentre of crypto innovation. However as a British passport holder who has served his (then queen and) country, I salute with great respect the fact that the USA are the best at custodianship of crypto assets. (Because of its military industrial complex). It has an edge over Switzerland for being the “bank of banks” not because of anything warfare or defense related… The US edge over Switzerland when it comes to crypto is the fact that it is home to the United States Dollar… the USD. My life has been horrible over the past few years as what I know makes me a target (in the kindest ways) to all of the banks across the Asia region and beyond. But I have a family that I have to keep safe. If you want to know more then please find and follow me on my social media platforms. Search for MrJoesLife on Instagram, X and MrJoes on TikTok. My telegram group: lnkd.in/gD2kdb_D My bio: discovered the bitcoin white paper around 2010 thanks to my cousin from Penang. Took it seriously in 2011. Purchased 50 bitcoins for US$100. For the rest check my LinkedIn bio. Quit a six figure investment banking job to make my life’s work about crypto. Met Vitalik Buterin before he launched ethereum in either Hong Kong or Singapore (can’t remember it was that long ago) and became a seed investor in Ethereum. My mum and dad are first generation migrants in the UK from Malaysia and Hong Kong respectively. And they are aging there knowing that their only two sons need to be in Asia if the world is to get any real innovation in its financial services. I will make cross border payments fee less. I will tell banks how they can make their next billion dollars risk free. 100% upside and no downside besides hearing me out. I love you more than I could ever express mum and dad. I hope you’re proud of me ❤️.

Here’s some advice. If you are an exchange, only keep in your hot wallet a nostro account for client withdrawals to the expected amount of daily withdrawals. If it’s not enough for that days withdrawals, delay payments. Customers would rather have piece of mind then convenience. Delay payments from largest to smallest as the larger the amount the more duty of care you as an exchange have to show but the more expectation from the client is expected that you’re doing your duty to keep their funds safe. Add time gated withdrawal windows. Perhaps anything less than US$100,000 can be instant but anything above can be subject to a 1 hr delay, perhaps US$250,000 above 2 hr delay, US$500,000 and above 3 hr delay, US$1m perhaps 4 hr delay, US$5m say 12 hr delay and above US$10m then a 24 hr delay. This will allow your internal treasury management to plan ahead each morning the “hot wallet” float that will need to be withdrawn from cold storage. This shows both customers and hackers that your attack vector is minimised disincentivising attack while also limiting the bounty to a successful hack to a portion of your exchange’s AUM. Leave a bounty on your servers. Here’s how to do it. Hackers are black hat or white hat. Give them a generous incentive to be a white hat hacker. If they are talented enough to get into your infrastructure then you need to become friends with them and work with them. Put a private bitcoin deposit address onto the server somewhere only a hacker would see. When I ran a Bitcoin trading platform I placed a .txt file on my server where the index.html page was. It was called something like “hacker bounty.txt” it contained instructions on how to contact our senior staff members to claim a white hat bounty if they were to be good actors. Make the bounty large, very large, large enough for them to feel satisfied that they’ve done the right thing but not so big that it threatens your client balance sheet. This is self insurance and how you create a win-win situation. Play the game theory. There’s so much more but if be surprised if this isn’t already on the front of the minds of any ceo running an exchange. Follow for more and please make your preferred exchanges CEOs or CTOs aware of this post. It’s your hard earned money that they’re supposed to be protecting. Sharing information is free and has 100% upside to good actors.

We’ll be doing treasury management a little different at Monochrome if I have any say in the matter boss 🫡. No customer funds should ever be at risk from a hot wallet “float”. The attack vector is simply too large and provides both independent and government actors a great financial incentive to attack. We’ll make the cost of performing an attack on Monochromes infrastructure so expensive that it becomes easier to target other financial services infrastructure.

Estimated impact of our hack… only US $6.3bn…

Should I run for the Bitcoin foundation?

Go outside and enjoy nature

Shout out to my guy @yellowpantherx… “Bro you should post more thoughts on X” he said. 1 month ago today… go over there and thank him for me will u 🙏🏼

Cuban night

When the 2008 financial crisis happened @GoldmanSachs the world’s most influential and powerful investment bank needed a bailout. But the money printers themselves, the US Federal Reserve didn’t have enough money 🤣. They had to turn to a guy running a private company to ask for some money. Mr @WarrenBuffett. Nice guy.

I’ve not been active much on X but people tell me to post my thoughts here more… What do u wanna know?

Thinking of setting up an investment fund…

The telegram link is: t.me/+jM_ouq5HHcw0YzVk

Like, retweet or share if you think that @Lamborghini should compete in F1. #f1

Just a casual US$9 million raise…