No harm, no foul?
How many times have we said it? Almost everyone needs an exchange.
What to say about Tuesday? Well, a lot actually.
The “revolution” has seen better days.
Grab a pitchfork.
Well, cryptos are crashing – again.
Obviously, none of those things (especially the last one) are any semblance of important and if the SEC was really interested in being on the cutting edge of the digital-coin-based pyramid scheme revolution, they’d have dropped the whole benign paternalism bullshit when the Winklevoss twins came knocking last year.
Once the end game plays out and the losses are actually booked we’ll get to see whether the despair that accompanies the final rout will spill over into all the places Harvey seems to think it will.
For now, things seem to have “stabilized”.
“You look at the entire crypto space and you look at what other products have the liquidity and the notional size, a derivative makes sense.”
Of course that’s assuming they actually stick around to offer an explanation. In all likelihood, most of them will cash out ahead of time and disappear into the fucking Swiss Alps with your money.
You’ll forgive us for saying this (actually you won’t if you’re a crypto proponent) but it kind of feels like this is the beginning of the end for the cryptocurrency craze.
“…there is irrational speculation in cryptocurrency and rational regulation are needed to curb it.”
“…we see Bitcoin and other cryptocurrencies taking the headlines in 2018 – particularly if the surge in energy consumption from this continues in to 2019 and beyond.”
As one derivatives trader we spoke with back in November put it, “almost everyone needs an exchange.” When you shutter these exchanges or worse, if governments were to make convertibility into dollars, yen, euros (or whatever) illegal, this whole thing would go “poof!” overnight.