As predicted.
Will be interesting to see how a âcurrencyâ that doesnât keep records is able to make that $10,000 reporting requirement.
The IRS just administered slow death to crypto.
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You know, itâs pretty easy and there are many many ways to produce electricity. Are you planing for the scenario when everyone suddenly forgets how that works?
Bitcoin has pretty low hardware requirements and the electricity use for mining scales with the availability of electricity as with other factors. It is specially designed that literally everyone can afford a full node.
Itâs also extremely decentralized (I mean that is the whole point of it). So in an event of global disaster it is far more likely for the Bitcoin network to survive than any form of centralized Banking.
Itâs a public ledger dude. Do you actually understand anything about any of this? Anyone can see any transaction that ever happened unlike in the legacy banking system where all is hidden and you have probably a gazillion ways of avoiding it.
If you are from Murrika and donât disclose that $10â000 Bitcoin transaction I bet you will get a phone call as soon as you touch an exchange with those coins, which are all already requiring to KYC you, because thanks to the public ledger they can track everything.
Maybe they donât get your tax evasion if you are just holding it in cold storage because it is anonymous, but the moment you touch that coins they will. They can even automate those detection systems.
If you want to launder money or evade taxes, better use the legacy banking system. Itâs basically their business model.
https://www.tomshardware.com/news/china-establishes-cryptocurrency-mining-hotline
Illegal is illegal.
Dude, china FUD is like the most low effort FUD out there. Itâs like you are not even trying.
When China is not currently controlling Bitcoin then China is banning Bitcoin like 5 times every bull run.
The reason why China appears in context of cryptocurrencies did never change. It is always the same reason tied to ideology of chinese government. Total control.
It had to be this way.
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Itâs always the same FUD. This time around it was practically a copy&paste from some years ago. The only reason this is spread is because people are looking for a reason why the market crashed and this is satisfying for them.
The real reason the market crashed is simply a ton of overleveraged long positions and market manipulation by a few to capitalize on this by causing a liquidation cascade down. The FUD is only there to hide the manipulation.
You are saying it is not news at all, but someone repeated the same article? What article did they copied?
Anyway, whatever will people put blame on, the bubbles have this to them that they burst. Especially when its a bubble on asset that is so great for speculation.
China did good thing, and more countries will go the same way, if possible. People should not gamble on it and should not mine it.
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Itâs a bit like talking to a wall here. Oh well.
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If that is your assessment of the situation, why would you want to be in a market like that?
Since you are a trader I would be interested in your assessment of the situation.
In my opinion all the centralized markets are like that. If you have a central âtrustedâ party that party has exclusive access to all the data and will eventually abuse it to take advantage of other participants in the market. Oversight of this is an absolute joke in any market I have ever seen.
As for the crash, the market was obviously quite overextended, but the majority of the downside was created by a liquidation hunt because everyone and their mother was long when it seemed to bottom at -30% below ATH, with the expectation that it can only go up now, because that was what previously happened in the run and hence the obvious play.
As for why I would not be in a market like that, Iâm not. Iâm not a trader. I just have spot positions, no stop loss to hunt and no liquidation possible. Most of the funds are not on an exchange but in cold storage. I only use a central exchange to sell or buy at the moment I actually want to do that. They donât have any data and advantage over me.
I would only consider trading if I could do it on an even playing field where everyone has the same data. Iâm sure we will see such decentralized trading platforms emerge in the future. For spot trading that already exists, but itâs not very convenient yet.
Markets with fewer participants tend to be more volatile, regardless of who can see the data. If those few participants are vocal, quasi-celebrity types, and they make lots of noise, then that market is going to do a lot of jumping around. This is the traditional reason that corporations declared stock splits, to reduce the cost of a single share and become more widely held. Markets that are widely held tend to be more stable. We can observe this same behavior in Eve as well, compare historical price for minerals versus say, officer mods. Taking into account CCPs âscarcityâ and other actions of course.
As to the âabuseâ ⌠Thereâs always someone looking for an angle. One of the reason trade fees are so low these days is because the market makers are allowed to use that data (level 3 quotes) to front run some trades. Lower fees for me is a good thing. If they can make a few cents by front running me, I really donât care. It costs me far less than the broker fees of the past.
I donât know much about crypto market sites or those internals, so canât comment much about them.
As for equities: You can see level 2 quotes in real time, all day long, on most platforms these days. If you trade options, you can see the entire chain for all the big market makers in real time. You can see all of the open interest, volumes, implied volatility, all of the greeks. More data than the retail trader has ever had before - And for free. Youâve got more price control on those chains with penny increments and weeklys. But, even the monthly nickles have all of the level 2 data exposed.
The retail investor has never had it better.
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A ledger without identities.
/facepalm
Which doesnât matter, because if you touch base with any real world service, you will inevitably leave a trace that de-anonymizes the whole history. 
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If this book was a country, and had a currency, itâd be bitcoin
This is an interesting take on the crash and why crypto eventually will replace the legacy financial system: https://twitter.com/RaoulGMI/status/1397172575810228225 (make sure you read the whole thread)
Is there anything that could happen that these crypto guys wouldnât think was bullish?