Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
On the Bitmex drama, my thoughts.
Some bitcoin companies are like lab rats: they have been left alone to experiment things that one day will become part of the new FINancialTECHnology world. Take Bitmex: bringing futures to the next level right? or finex or any other. Then they come and tell you, hey boy, this is our territory, how do you dare?
And then they publicly admit that "Digital assets hold great promise for our derivatives market and for our economy". Yeah, right?
Thumbs up to 600watt, somac. for https://bitcointalk.org/index.php?topic=178336.msg55302340#msg55302340
Although, IMO, institutions will find a way to get into Bitcoin without an ETF. We've seen however, that in the last months despite the huge purchases, the price didn't move as much as it should. The only logical explanation is of course the fraudulent shorting using Mex and other not well regulated exchanges. There is also a non logical explanation. As we are normal people here, carefuly thinking about every detail, we tend to forget that there are people who are not like us. Take for example Las Vegas - how many addicted people are in the casinos losing all the cash they bring in their pockets! The same is with the addicted daily traders, who can't be called manipulators, but like vicious brainless piranhas eat the price down until their stash is gone in an endless stop loss chase. The removal of Mex shorters will tip the balance against the piranhas and in favour of the natural growth. So I applaud the CFTC action and hopefully it will shut down Mex and put their owners and other money launderers in jail, where they belong!Some bitcoin companies are like lab rats: they have been left alone to experiment things that one day will become part of the new FINancialTECHnology world. Take Bitmex: bringing futures to the next level right? or finex or any other. Then they come and tell you, hey boy, this is our territory, how do you dare?
And then they publicly admit that "Digital assets hold great promise for our derivatives market and for our economy". Yeah, right?
Thumbs up to 600watt, somac. for https://bitcointalk.org/index.php?topic=178336.msg55302340#msg55302340
I will keep my position and see how all this will unfold. I am more conscious than ever that only dexes, layer2, coinjoins, LN and such could allow us a bitcoin true experience. If what you wrote will prevail, I will probably start to abandon the ship. I don't applaud the CFTC
But we are friends anyway
Yes, there will be dips.
Yes, there will be peaks.
Yes, there will be pumps.
Yes, there will be dumps.
Just Zoom OutTM, chill, and have a beer!
If you're scared about a dip, you need some HoDL training...
Don't give them your coins.
A rusty nut won't budge, and that's about the only good quality of a rusty nut.
HoDL.
Yes, there will be peaks.
Yes, there will be pumps.
Yes, there will be dumps.
Just Zoom OutTM, chill, and have a beer!
If you're scared about a dip, you need some HoDL training...
Don't give them your coins.
A rusty nut won't budge, and that's about the only good quality of a rusty nut.
HoDL.
Sure man, I am like you on this. But, what I am seeing coming from the regulators is making me thinking (just have a look at V8's post up here). Maybe I am a bit naive but I don't want to become rich at the expense of my freedom, if you get what I mean.
I know I should elaborate more but I am confused.
I hear you man, I'm concerned too, that we'll end up filthy rich, but unable to enjoy our riches... No joke.
Of course, there are several of us who remain concerned about regulatory overreach and also seeming desperate measures taken by various arms of the USA government.
Clearly there is a bully factor in these matters, and even though there may have been some pretty extreme wild, wild west type activities going on with BitMex's allowance of 100x leverage and problems with incentives created around such extreme abilities to leverage so much.
There have been a variety of actors in the bitcoin space who had been targeted in the past by the USA government in a variety of ways, and does not seem right to be cheering for regulatory overreach and/or bullying.
Furthermore, criminal charges are way the fuck more extreme than civil charges, so we will surely need to see how some of this plays out - especially if we really do not know a lot of the details, and surely it is in the interest of a variety of bitcoiners that Bitmex is able to put up some decent fights.. just like Bitfinex and Tether have been able to do... at least, so far.
I am glad that Bitmex coins had not been seized, and I am glad that mostly account holders are able to get their coins off the exchange, so far. They have likely processed around 30% withdrawals of the coins that were in their custody.. and I believe that they had an additional mass exodus of coins from their custody during the mid-March liquidation event, and surely some account holders had gambled or lost BIG during some of the March situation, and maybe even Bitmex had lost some credibility from how their exchange appeared to be being used during that situation, too.