Peterffy (IB) takes out ad in WSJ to warn against BTC futures

Maverick74 said:
Well, yes and no. Think of each coin as a unique technology. BTC has it's own technology structure. Moving to another coin is like moving to another stock. Sure, it might be better or worse but the business model of AAPL is not the same as the business model for IBM. But yeah, they are both stocks. The Feds could basically buy up the BTC just to destroy it. At a bare minimum to control it and round and round we go....
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Most are only interested in the speculative aspect. Now the consensus is that bitcoin is best... and most supported by miners and marketers. But when bitcoin isn't around... they will move to the next because the speculative nature is the same.... underlying tech might be slightly different, but most are very similar. Maybe Ethereum is different, since that is targeted to contracts and info on blockchain... not only currency.

That's why I don't believe in it, people are holding because it's going up.... that's speculating... If it would be used for transactions in the goods and services sense, it would make sense to me. And if it was truly limited... or better: unlimited but dosed release.

I'm going to an info-evening in my town tomorrow, curious to see what people is attracted and what the general arguments are. Pretty sure the focus will be on that it's easy to create wealth since it's only going up, besides a few crashes of course... If I don't get the "I-want-to-get-rich-quick"-vibe of the crowd I will be surprised...
 
JackRab said:
Yep... unlimited risk does that...

I don't even know how people can arbitrage it properly... influx of funds into unregulated exchanges will be enormous... that's another risk altogether.

@Maverick74 what did Peterffy say about an own independent exchange? How does that work or even how is that going to make any difference? The exchange will just go bust instead of brokers/clearing? That sounds a bit like BitMex is geared... independent. They have futures and swaps-style products for crypto, but I also have no clue how they can possibly contain a move of 100%+ within mere seconds...
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https://www.google.com/amp/s/www.cn...n-says-people-who-buy-bitcoin-are-stupid.html

I can provide references to what I'm going to explain if you need.
BTC is clearly inside a gigantic bubble, but are professional investors going to invest without being able to hedge it? No.
You can think about shorting all you want, but they aren't going to take that risk(atleast the big ones.)
Some of the guys I've went to school with and worked with are risk officers, all over the world, it's just not going to happen.

There is going to be something to blame for reduction in credit, but........ from what I've heard and seen, it is automobiles.
 
Many others threatened legal action, with @thejoestore posting "everyone file for class action on Kraken!!!" and called for the U.S. Securities and Exchange Commission to investigate.

This is Darwin's theory at work - greedy and very naive noobs that dived into this non-regulated arena should have read the fine print - I sure did, and it scared me off. Deposits are not insured, there is unlimited counter party risk, and their disclaimers states that they are not legally liable for any losses - no matter what. Now they cry that the SEC should save them - good luck with recovering loses in an unregulated market. This is that part about ' a fool & their $ are soon parted'.
 
JackRab said:
Great... more crypto coins... this one is focussed on trading/financial markets.

https://au.investing.com/studios/article-21

The crypto printing press is running at 200%....
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Just saw the sales video on trade.io website... Bad acting. Funny though, they say that it's unfair that banks have made 100's mlns of profits... and that "we are here for you" blahblah. Yeah right... give me a break. They are in it for the money... "democratizing the financial industry"... :rolleyes:
The CEO is Jim Preissler, he also is CFO at Macau Resources Group, which seems to be servicing the gambling/casino industry... I guess thats close to crypto, since the crypto-coins are all a casino anyway ;)
 
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comagnum said:
Many others threatened legal action, with @thejoestore posting "everyone file for class action on Kraken!!!" and called for the U.S. Securities and Exchange Commission to investigate.

This is Darwin's theory at work - greedy and very naive noobs that dived into this non-regulated arena should have read the fine print - I sure did, and it scared me off. Deposits are not insured, there is unlimited counter party risk, and their disclaimers states that they are not legally liable for any losses - no matter what. This is that part about ' a fool & their $ are soon parted'.
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JackRab said:
What do you mean by this?
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Nothing. I don't know anything.
 
JackRab said:
Just saw the sales video on trade.io website... Bad acting. Funny though, they say that it's unfair that banks have made 100's mlns of profits... and that "we are here for you" blahblah. Yeah right... give me a break. They are in it for the money... "democratizing the financial industry"... :rolleyes:
The CEO is Jim Preissler, he also is CFO at Macau Resources Group, which seems to be servicing the gambling/casino industry... I guess thats close to crypto, since the crypto-coins are all a casino anyway ;)
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Fuck me man... if you dig deeper you find more rabbit holes to go into. This whole thing smells like a big casino/gaming enterprice. Multiple people on board have been or are in that segment... smells fishy to me...
Also: connect the dots to Cyprus, Binary Options and FX-trading...:D

PS, sorry to OP for slightly derailing the thread.... (OP is me anyway, so OP is fine with it).
 
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