Cryptocurrency
Out of context: Reply #244
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He seems sad ofc because Sam & Co. just reduced leverage to just 20x and will need to close up shop soon or at least cut all the bullshit
https://blockworks.co/token-metr…
"On Monday Hong Kong time, FTX CEO Sam Bankman-Fried took to Twitter to address concerns that access to high leverage by retail traders had led to undo market volatility.
1) An effective margin system is integral to an efficient economic system.
There are limits to everything, though.
— SBF (@SBF_Alameda) July 25, 2021
Bankman-Fried said that while there is certainly a place for margin trading, and the majority of those that used it are professional investors, it was time to curb access to it. Now, the greatest allowed leverage would be 20x. "
Binance followed suit, Uniswap cleaning house of scammy tokens and not to mention serious BTC outflows from exchanges in the last hours
Sure, BTC price got pumped again (serious selling from China) and holders seem happy, but they will get real silent real soon lol
- Oh and let's not forget: "TSLA reports a Bitcoin-related impairment of $23MM"********
- Oh and one more: "Bitcoin Tumbles After Amazon Denies It Will Accept Crypto In 2022"********
- Yup, it's at $38K********
- No, wait, make that $37K********
- btc outflows from exchanges = good thing.shapesalad
- Not if you're in China...********
- talking to youself mate_me_
- @me mate, crypto is zero sum game, you practically pulled some cash from someone else's wallet to put your downpayment on that flat lol********
- < all this, this is fear in the system realising The Man will drop the hammer on them real soon lol
Crypto can't survive market regulation******** - 40_me_
- I think it can survive.monospaced
- Regulation would be the one thing that would very much legitimize it for big/real business cases. I believe that was always the intent.monospaced
- But there are no big/real business cases. Crypto offers nothing tangible for anything, besides speculation.********
- There's something to be said for the blockchain technology in general for certain transactions beyond just currency. Obviously.monospaced
- @me 39?********
- @mono there isn't
we had distributed ledgers before bitcoin, they were useless
crypto is old concepts repackaged and sold to suckers
Zero real utility******** - Interesting take. I have heard quite the opposite from the Fortune 500, but what do I know right? I only work for a top accounting firm :)monospaced
- I'm trying to say, in a nice way, that there ARE business cases and uses for blockchain tech that are very much being taken seriously at the top. okay?monospaced
- Oh and let's not forget: "TSLA reports a Bitcoin-related impairment of $23MM"