It's nothing? That's why the US still does not have a single efficient electronic transfer system alike Hong Kong, China, Japan, UK and others? You are a total dreamer man.
Global Macro Trading Journal
- Thread starter Daal
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What is a convexity market? You mean a supply/demand imbalance? Convexity is the wrong term. It only plays a role in non-linear products such as options. Stocks, futures, cryptos are all linear products. OMG, could there be a reason you have 12000 posts and 400 likes? You are totally talking out of your ass.
You are a tool, or should I say the product. You seriously have no clue what you are talking about. Care to take a quick look at his bio? And rest assured he is financially equally doing well, just that he does not sell bullshit to sheeples like you:
What have you achieved in contrast? Trading 0.001748 bitcoin day in day out? What a loser.
After receiving a BA in political economics at Bocconi University, Milan and a doctorate in international economics at Harvard University, he became an academic at Yale and a visiting researcher/advisor at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel. Much of his early research focused on emerging markets. During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who in 2009 became Treasury Secretary.
What have you achieved in contrast? Trading 0.001748 bitcoin day in day out? What a loser.
After receiving a BA in political economics at Bocconi University, Milan and a doctorate in international economics at Harvard University, he became an academic at Yale and a visiting researcher/advisor at the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel. Much of his early research focused on emerging markets. During the administration of President Bill Clinton, he was a senior economist for the Council of Economic Advisers, later moving to the United States Treasury Department as a senior adviser to Timothy Geithner, who in 2009 became Treasury Secretary.
OTC stock trader? What is that even? If your orders hit the exchange matching engines then you DON'T trade OTC. Do you even know what OTC means? It is off exchange trades, exclusively the demain of block or facilitation equity desks at banks and hedge funds.
Yes and this has been confirmed by many sources. There is a lot of shuffling of order flow from bids to offers by the same market players who look to inflate volume.
Well, BTC crashed by 75% in two months, and as of yesterday was up 40% in a week before crashing 20% today. So the concepts of equilibrium and real vs. unreal prices have a pretty fuzzy meaning in this arena. One thing's for sure, which is that an "asset" with this sort of regular extreme volatility is never going to be widely seen as store of value, or a reasonable component of any investment portfolio. I think it's perfectly fair to say that aside from a very small base of transaction and money-transfer activity (much of it involving criminals or black money), the BTC market and volume consists entirely of tape-painting and speculative buyers hoping to sell higher.
In any case, my point is that IMHO it's impossible to reliably forecast BTC's value over timeframes longer than a few months. In two years it's as likely to be at 3,000 as at 40,000. IMO the only +EV way to trade or invest in it is by playing short-term momentum.
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This is a big reason why I'm long. BTC is like a call option. You describing something that has a lot of uncertainty. Uncertainty benefits options. The more we dont know, the more I want to lean towards being long (with an adequate position size). The idea of shorting BTC is so crazy to me (other than in a daytrade with a stop), and most traders would agree with that. If the short side is so horrible, then the long side is what makes sense
There's a tremendous cost to you on what you're describing with no benefit to anyone except the bitcoin miners. You can setup hundreds or even thousands of wallets (they're absolutely free), but each transaction (bitcoin transfer from one bitcoin address to another) requires a transaction fee (or the miner would not include/confirm your transaction in the blockchain). I made a transaction yesterday with medium priority and paid about 14,000 satoshis (100 million satoshis in one bitcoin) which is about $1.50 at current bitcoin price.
The more transfers you perform on your thousands of wallets at one time, the more the bitcoin network gets clogged, the higher the fees will be for you (and everyone else), during late 2017 when the bitcoin network was very active, a very low priority transaction I made cost me $35 in tx fees, but I paid it as it was an important transaction for me, otherwise, most people switched to another cryptocurrency for payment to a merchant for goods or services.
Others were paying more than $50 in fees, so your theoretical million transactions would cost you 10's millions of $. Sure, go ahead and make the bitcoin miners rich(er)...
From the Libra's paper:
"The reserve is the key mechanism for achieving value preservation. By fully backing each coin with a set of stable and liquid assets (described later) and by working with a competitive group of exchanges and other liquidity providers, users can have confidence that they will be able to sell any Libra coin at or close to the value of the reserve at any time. "
As I mentioned, this is like an ETF of currencies and short-term government bonds that can be transfered easily between people. Its a cool idea and its similar to an idea I wrote about in this journal in the past, which is to measure one's networth against a basket of currencies instead of the USD or (in my case) the BRL. Measuring against several currencies (plus gold and silver) is more robust against black swans, while measuring your self in just currency induces the investor to take significant black swan risks.
FB is essentially making an IMF drawing rights type currency. I would like to know more details about this currency, in terms of the mix of currencies and etc but if I use this in the future it will be to store value during crypto bear markets. Right now the options are Tether, which can blow up at any second, and other suspect stable currency cryptos. Or fiat cash deposited in crypto brokers, which are super risky. Of course, I can keep the fiat in a bank and then wire as needed but that takes away the flexibility of being able to deploy it at any second. It would be great if this Libra is added to the hardware wallets that exist out there
"The reserve is the key mechanism for achieving value preservation. By fully backing each coin with a set of stable and liquid assets (described later) and by working with a competitive group of exchanges and other liquidity providers, users can have confidence that they will be able to sell any Libra coin at or close to the value of the reserve at any time. "
As I mentioned, this is like an ETF of currencies and short-term government bonds that can be transfered easily between people. Its a cool idea and its similar to an idea I wrote about in this journal in the past, which is to measure one's networth against a basket of currencies instead of the USD or (in my case) the BRL. Measuring against several currencies (plus gold and silver) is more robust against black swans, while measuring your self in just currency induces the investor to take significant black swan risks.
FB is essentially making an IMF drawing rights type currency. I would like to know more details about this currency, in terms of the mix of currencies and etc but if I use this in the future it will be to store value during crypto bear markets. Right now the options are Tether, which can blow up at any second, and other suspect stable currency cryptos. Or fiat cash deposited in crypto brokers, which are super risky. Of course, I can keep the fiat in a bank and then wire as needed but that takes away the flexibility of being able to deploy it at any second. It would be great if this Libra is added to the hardware wallets that exist out there
No it's not in the developed world where a domestic currency is much more stable than a basket of currencies that includes emerging market currencies. This means that the coin is subject to value fluctuations which completely defeats the purpose as store of value and means as payment.
It does suit the backers of this project because it hedges their exposure across the globe but is a huge disadvantage for someone who wants to make a payment to a domestic recipient.
It does suit the backers of this project because it hedges their exposure across the globe but is a huge disadvantage for someone who wants to make a payment to a domestic recipient.