Cryptos Dive As CFTC Subpoenas Bitfinex And Tether Who Maybe, Maybe Doesn’t Have That $443 Million
Cryptos were already on the back foot Tuesday, so things probably didn’t need to get any worse, but they just did anyway.
Cryptos were already on the back foot Tuesday, so things probably didn’t need to get any worse, but they just did anyway.
Monday, Monday.
The “scene” Bloomberg is describing apparently involved furious Japanese customers huddled together in the freezing cold…
How many times have we said it? Almost everyone needs an exchange.Â
“Stirred, in a half-carafe.”
What to say about Tuesday? Well, a lot actually.
Is it Friday yet?
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.
“Yes, is this customer service? I’d like to report an outage in the magic money machine.”
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.Â
One thing worth noting, you better hope Wamsi is more right than Harrison because…
“Many clients we meet are fully invested bears, nervously looking over their shoulder for signals of the next ‘Great Unwind’.”
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.
“After a few decades of staring at markets, I can tell you one thing for certain – when the strategists must bite the pillow to stop themselves from screaming in joy, it’s time to think about going the other way.”
That’s some rough shit right there, and it underscores just how dire the situation had become when the bank embarked on an effort to turn things around after an abysmal Q2 performance.Â
Specifically, people are using “alternative venues” and as you can imagine, Beijing isn’t particularly enamored with the idea that people are effectively ignoring their decree.
Thank God it’s Friday.
“Not like everybody says.”
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.
Well, you can add Warren Buffett to this list of people who wants nothing to do with cryptocurrencies.
Don’t say no one told you how to BTFD.
He’s going to build the “Goldman Sachs of cryptos.”
Well, in what we can only describe as a sign of the surreal times in which we live (and trade)…
“Yet there is something about Michael Wolff’s tirade that deeply resonates, albeit on the other end of the Acela Corridor. We are referring, of course, to the ‘idiots’ who are buying the S&P 500 at 2735 and earnestly debating the pros and cons of bitcoin at $16,000.”
Well fast forward to Sunday, and there’s more cryptocurrency news out of South Korea.
“…you still need to assume that the major central banks simply pat Ripple execs on the fanny, say good game and thank you for destroying big chunks of our business, we’ll just sit in the corner and go f*ck ourselves as you steal our money printing power.”
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