[2019-05-08] Bitcoin to be offered as collateral during Uber’s IPO

[Davidbugs]

In a bid to cement this movement, WCX, a popular Swiss-based Bitcoin trading exchange, has announced that starting on May 10, users on the platform will be able to long and short Uber stocks using Bitcoin during the ride-hailing service’s much-talked about Initial Public Offering [IPO].

The platform also stated that users will be able to use Bitcoin as collateral to speculate and guess the future price movement of Uber stocks. WCX also educated its users that if they think the price will go up, they need to go long with Bitcoin and if the opposite is likely, users should go short. Developments such as this are expected to give a boost to Bitcoin’s value, at a time when it has taken a hit due to events such as the Binance hack.

https://ambcrypto.com/bitcoin-btc-to-be-offered-as-collateral-during-ubers-initial-public-offering-ipo/

[joniboini]

at a time when it has taken a hit due to events such as the Binance hack.

That 'hack' didn't cause that much panic and in fact, the price of Bitcoin is relatively stable around $6k. While it's true that Bitcoin price could increase if there are services such as this one, it doesn't guarantee it. I'm not sure how many people will use it and how much money will be used up to buy new bitcoins. It might never change because people who're interested in this 'new' service already has some bitcoins.

[shamc]

It's good that bitcoin is used as a tool for institutional investors. Uber is going to have strong demand so relating it with bitcoin to long and short it will be great

[CryptoBry]

at a time when it has taken a hit due to events such as the Binance hack.

That 'hack' didn't cause that much panic and in fact, the price of Bitcoin is relatively stable around $6k. While it's true that Bitcoin price could increase if there are services such as this one, it doesn't guarantee it. I'm not sure how many people will use it and how much money will be used up to buy new bitcoins. It might never change because people who're interested in this 'new' service already has some bitcoins.

How will a new service like this can impact the movement of Bitcoin depends on the number of users actively engaging in the platform and their volume of transactions. This service will further promote more and more speculations which can be a two-edged sword...it can be helping Bitcoin in some ways while bringing in some limitations at the same time. Anyway, this is business and for me the more business that use Bitcoin the better it will be for its long-term viability. Good thing that WCX is offering education to its users on how to trade the Uber stocks.

[rodel caling]

at a time when it has taken a hit due to events such as the Binance hack.

That 'hack' didn't cause that much panic and in fact, the price of Bitcoin is relatively stable around $6k. While it's true that Bitcoin price could increase if there are services such as this one, it doesn't guarantee it. I'm not sure how many people will use it and how much money will be used up to buy new bitcoins. It might never change because people who're interested in this 'new' service already has some bitcoins.

How will a new service like this can impact the movement of Bitcoin depends on the number of users actively engaging in the platform and their volume of transactions. This service will further promote more and more speculations which can be a two-edged sword...it can be helping Bitcoin in some ways while bringing in some limitations at the same time. Anyway, this is business and for me the more business that use Bitcoin the better it will be for its long-term viability. Good thing that WCX is offering education to its users on how to trade the Uber stocks.

Offering education for this new service  to promote and encourage people to use the new  platform to trade bitcoin is preety great ideas and interesting. And obviously this new platform can help for bitcoin mass adoption for the new investors.

[Kakmakr]

To the people who are not spotting this, WCX is a popular Swiss-based Bitcoin trading exchange, not a normal exchange or trading platform where institutional investors are trading stocks and bonds and shares in companies. 

The regulators of each country have to give approval for institutional investors to allow them to trade with Crypto currencies on formal trading platforms. An example of one would be the SIX Swiss Stock exchange that handled almost 1.6 trillion Swiss franc in 2018. 

Now that would get my attention if the major stock markets like SIX starts to offer Crypto currency trading tools. 

[BitHodler]

If you want to turn yourself into a target for regulators, then this is definitely the path to follow. I find it quite shocking how much risk these exchanges expose themselves and their ignorant users to.

It's obviously a marketing stunt, but one that very likely will end bad for the exchange. Regulators might not be entirely up to date with everything related to the crypto world, but they do know how their legacy assets are regulated.

If it was a legal platform it would have offered a viable long term way to get coins off the spot markets, but not this way. We need less unregulated shit exchanges, not more....

[fisheater]

Very interesting news. Was not aware bitcoin can be used as collateral for trading Uber, lol.

[leea-1334]

at a time when it has taken a hit due to events such as the Binance hack.

That 'hack' didn't cause that much panic and in fact, the price of Bitcoin is relatively stable around $6k. While it's true that Bitcoin price could increase if there are services such as this one, it doesn't guarantee it. I'm not sure how many people will use it and how much money will be used up to buy new bitcoins. It might never change because people who're interested in this 'new' service already has some bitcoins.

Not only this hack, all the bad news plus FUD from Nobel Prize winner which I saw made big headlines, along with FUD from Buffett the old anti Bitcoin Wall Street master, all this came in the last two weeks. And did that have any effect on Bitcoin that was negative? I think once more,,, Bitcoin shows that the news no longer works,,, good news also last year just never stopped Bitcoin from sliding.

[1Referee]

If it was a legal platform it would have offered a viable long term way to get coins off the spot markets, but not this way. We need less unregulated shit exchanges, not more....

I doubt anyone really cares about this. I'm not going to risk my precious coins to short an overhyped and non profitable stock on a platform that hasn't done anything to make me consider it trustworthy. On top of that, I can do that already from within my banking portal, but zero desire to do so. Crypto makes the legacy industry look almost irrelevant/boring.

Legacy investors complain about Bitcoin not producing anything, but what does Uber produce? It has never booked a single penny in profit. They even sent out a warning that they may never make an annual profit, lol. In other words, this will fit in the category of gambling. You just need to find a greater fool to buy your bag later on. 

Expect no mercy from the SEC.