Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[Biodom]

Re bitmex.
It's like 2013 and the Silk road bust, which made btc acceptable for hedge funds to invest.
Now, to make it 'investable' for 'serious' institutions (or MAYBE even countries) bucket shops like bitmex with 100X leverage had to be at least slowed down if not impaired.
I know that people love to play with margin, but there is ledgerX in US (should get more business as a result).
Not sure if Deribit will also be 'punished' at some point.
Whether or not this is 'good' or 'bad'-time will tell.

[criptix]

BitMEX CTO got arrested.

Mex users on the brink of panic (i am) - if they arrest one more mex gonna likely lose access to their multisig wallet lol...

Traders unwinding their position to leave bitmex could make crazy swings in the spot market.

[VB1001]

The U.S Commodity Futures Trading Commission, or CFTC, has charged the BitMEX derivatives exchange with operating an unregistered trading platform and violating anti-money laundering regulations.

According to a statement released Thursday, the CFTC filed a civil enforcement action in the Southern District of New York against five entities and three individuals who allegedly own and operate the exchange.

The individuals charged include Arthur Hayes, publicly known as the CEO of BitMEX, as well as Ben Delo and Samuel Reed. The CFTC alleges that these individuals are owners and operators of BitMEX through a “maze of corporate entities.”

The aforementioned corporate entities, who are also cited as defendants in the case, are HDR Global Trading Limited, 100x Holding Limited, ABS Global Trading Limited,Shine Effort Inc Limited, and HDR Global Services (Bermuda) Limited (BitMEX).

The CFTC seeks disgorgement, or restitution of all “ill-gotten gains,” civil monetary penalties, permanent trading bans and injunctions against future violations.

https://cointelegraph.com/news/cftc-charges-bitmex-with-illegally-operating-derivatives-exchange

[Biodom]

BitMEX CTO got arrested.

Mex users on the brink of panic (i am) - if they arrest one more mex gonna likely lose access to their multisig wallet lol...

Traders unwinding their position to leave bitmex could make crazy swings in the spot market.

well, then i will send more $$ to purchase a bit.
...pinky swear.

[Torque]

Re bitmex.
It's like 2013 and the Silk road bust, which made btc acceptable for hedge funds to invest.
Now, to make it 'investable' for 'serious' institutions (or MAYBE even countries) bucket shops like bitmex with 100X leverage had to be at least slowed down if not impaired.
I know that people love to play with margin, but there is ledgerX in US (should get more business as a result).
Not sure if Deribit will also be 'punished' at some point.
Whether or not this is 'good' or 'bad'-time will tell.

Any crypto exchanges creating a byzantine Rube Goldberg machine of derivatives on top of derivatives with 100X leverage and complex yield structures with no regulatory oversight are a huge risk to investing in Bitcoin, and need to be brought down. They are basically creating and enabling digitized Ponzi scams, worse than the ICO scams.

[600watt]

let us hope $10200 holds this dump.

[rolling]

Re bitmex.
It's like 2013 and the Silk road bust, which made btc acceptable for hedge funds to invest.
Now, to make it 'investable' for 'serious' institutions (or MAYBE even countries) bucket shops like bitmex with 100X leverage had to be at least slowed down if not impaired.
I know that people love to play with margin, but there is ledgerX in US (should get more business as a result).
Not sure if Deribit will also be 'punished' at some point.
Whether or not this is 'good' or 'bad'-time will tell.

I think Deribit charges are soon to follow. Not everyone is aware yet of why the market is tanking right now. Expect further drops as the news circulates.

I wonder how many BTC are going to be stuck on their platform and for how many years?

[Last of the V8s]

aka the crime of sneering at a banana republic

go after them for rigging the market, a true crime? nah

[soullyG]

Prepare the fiat cannons! This is the kind of dip I can get behind

[machasm]

Not your keys Not your coins.
Personally I dont know why people are selling?
Just take your BTC off the exchange.
Or do most people using Bitmex dont have personal wallets?
What gives?

[El duderino_]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

Who is this Hayes character??

[Biodom]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

Who is this Hayes character??

you are kidding, right....he is one 'smart-ass' guy wearing jobs-style turtleneck (has kind of super huge mouth/smile).
look for pics with sunglasses (Alps?)

[nullius]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

BitMEX CTO got arrested.

(etc...)

Smooth move.

I have noticed that many sites nowadays ban Americans together with the slaves “citizens” of other notoriously “free” countries, such as the Democratic People’s Republic of Korea.

I always get a laugh when I see the United States on one of those “rogue state people, go away” TOS lists.  Too bad—it must pretty much suck for any sane individual Americans and/or North Koreans.

[fillippone]

BitMEX CTO got arrested.

Mex users on the brink of panic (i am) - if they arrest one more mex gonna likely lose access to their multisig wallet lol...

Traders unwinding their position to leave bitmex could make crazy swings in the spot market.

Well, you are not the only one.
Apparently they hold 193K BTC in their wallets!

Bitmex has ~$2b worth of Bitcoin in their vaults (around 193k BTC) Flushed face

https://twitter.com/nic__carter/status/1311706827982360576?s=20


Apparently it's a 3 of 4 setup, so yes, one more arrest and those coins are gone (not really, but you got that one)

[El duderino_]

https://twitter.com/stephendpalley/status/1311694266389929986

BREAKING: CFTC sues Bitmex, Arthur Hayes "to enjoin their ongoing illegal offering of commodity derivatives to U.S. persons, their acceptance of funds to margin derivatives transactions from individuals and entities in the U.S., & their operation of a derivatives trading platform

yay the drama we need

Who is this Hayes character??

you are kidding, right....he is one 'smart-ass' guy wearing jobs-style turtleneck (has kind of super huge mouth/smile).
look for pics with sunglasses (Alps?)

The joke was real indeed 

[JayJuanGee]

snip

First of all, congrats. This is probably the most important post I have seen on the matter since a while. And you reminded me of this epic Andreas talk in Milan 2016 where those guys you mentioned (consultants from Deloitte, KPMG PwC etc.) were completely gobsmacked by that speech, that of course they couldn't understand!
https://www.youtube.com/watch?v=mRQs9Y6CUSU&feature=emb_logo

Yes.  Very nice reminder Karartma1... I may have seen that previously, but I am not sure, so it was good to watch it again.  I started to listen at a faster speed, but the content was so good that I had to slow it down to 1x (maybe it was just my brain is getting MOAR slower). 

In any event, a great youtube link to another moving presentation from Andreas that puts a lot of bitcoin paradigm shifting consideration matters into an interesting and relatively concise perspective in a bit over 30 minutes.

[Wexlike]

The more coins locked-out for a long time, the better. Right ?

[Last of the V8s]

https://twitter.com/WhalePanda/status/1311718980206329856

9am Eastern = 1pm UTC = 2pm London

https://countingdownto.com/?c=3245384 lol

[Toxic2040]

#hodlerisunaffected


#dyor
1h



4h

#stronghands

[nullius]

Not your keys Not your coins.
Personally I dont know why people are selling?
Just take your BTC off the exchange.

Good point.

I suppose that now, we get to see how many traders on Bitmex and other exchanges are just in it to stack more dollars, and don’t give a hoot about Bitcoin.  Those will probably be the ones who panic-sell on the news—regardless of whether or not their own coins are even at risk.

Or do most people using Bitmex dont have personal wallets?
What gives?

Personal Wallet?  Keys?  What’s that?

Apparently they hold 193K BTC in their wallets!
[...]
Apparently it's a 3 of 4 setup, so yes, one more arrest and those coins are gone (not really, but you got that one)

Wow.  It seems somebody forgot the engineering balance between security and availability.  Whereas availability is a security issue.  Locking 193k BTC of Other People’s Money into a wallet that can be lost with the loss of 2 individuals—that sounds like a vulnerability to DOS a fortune!

Do any two keyholders ever travel together?  Perhaps on an airplane?  Are any two keyholders ever in the same room?

Security and availability is another one of those issues that I intended to write about, on the subject of using seed phrases with ostensibly strong passphrases.  Re AlcoHoDL, et al.  Have not yet gotten to it.  In a nutshell:  If you care about your heirs, don’t use passphrases!  Use Shamir’s Secret Sharing to back up secret pieces in some way that mitigates risk of compromise while you are alive, but also has a high probability of surviving your death or otherwise incapacitation.