Prolly nothing... https://www.bnnbloomberg.ca/citadel-securities-virtu-form-crypto-plan-with-fidelity-schwab-1.1775708 Citadel Securities, Virtu Form Crypto Plan With Fidelity, Schwab Katherine Doherty and Annie Massa, Bloomberg News Virtu Financial Photographer: Tiffany Hagler-Geard/Bloomberg , Bloomberg (Bloomberg) -- Citadel Securities and Virtu Financial Inc. are building a cryptocurrency trading platform along with retail brokerages Fidelity Investments and Charles Schwab Corp. The market makers are developing a crypto offering with help from Fidelity and Schwab that would increase access to digital assets, according to people familiar with the matter, who asked not to be identified discussing the private plans. The product, still in its early development, could be available late this year or early next, the people said. Representatives for Citadel Securities and Virtu declined to comment. Susan Coburn, a spokeswoman for Fidelity, said the company “supports efforts within the industry that provide optionality to source liquidity for our clients.” Schwab “has made a minority, passive strategic investment in a new digital asset venture,” spokeswoman Mayura Hooper said in an emailed statement. “We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment.” The brokerage firm doesn’t have plans to offer direct crypto trading at this point, but “will consider introducing direct access to cryptocurrencies when there is further regulatory clarity,” Hooper said. Investors buying crypto typically use crypto exchanges such as FTX Trading Ltd., Coinbase Global Inc. or brokerage apps like Robinhood Markets Inc. Citadel Securities founder Ken Griffin has said the company plans to make markets in crypto, without providing a specific timeline. Earlier this year, Fidelity said it will have a product ready in the coming months to allow 401(k) plan participants to direct a portion of their savings into bitcoin. Aspects of Citadel Securities and Virtu’s efforts were earlier reported by CoinDesk. ©2022 Bloomberg L.P.
More greater fools? 80% done in the book; up to chapter nine. So far haven't seen anything to change my mind.
I didn't think you learned anything from the book, deaddog, based on your last few posts I'm sorry that you wasted your money and time on the book... and I'm mostly sorry for you, deaddog, for reasons you cannot understand now When BTC hits $100K, $200K, $500K and $1M maybe you'll remember this post... Lawrence Lepard, a gold and Bitcoin believer
Hey you were the guy who said Now I have read the book and still don't understand how to value BTC. The first 1/2 of the book is an excellent history of money as we know it today and how we got to where we are. It then explains the origin and development of Bitcoin. And I agree that a peer to peer currency that doesn't require a trusted third party is a good idea. I'm all for that. But as for valuing bitcoin, all I could find was the fact it would eventually become scarce. "once people finally understand the renaissance of money taking place, fear of missing out will become overwhelming" (Page 92) On volatility and being a bubble the author states it can't be a bubble because it has recovered from 3 separate declines of 80%. I guess he never read the past performance disclaimer. The author states; " If bitcoin truly is to grow from adolescent monetary network to the basis of an international monetary, surely the ups and downs on it's way will mimic a formidable rollercoaster" (page114) but gives no explanation of why that should surely happen, we just have to take his word for it. Anyhow John I read the book. Maybe you can point me to where to look that will help me value Bitcoin.
The USD is valued down to a maximum of the penny. 1/100th of a dollar. The Fed dilutes the currency by printing more and more. The BTC is currently valued down to something like .00001 of a BTC. The Satoshi. What is it again that prevents the blockchain from devaluing the currency by more and more satoshi halving? That is essentially printing more and more BTC, by diluting the satoshi count.
You read the book but you don't know how to value Bitcoin? You read the book but you don't understand the value of a first layer money that cannot be debased even as the book has laid out throughout history the failures of other forms of money including the ones we are currently using? You read the book and you come from a privileged financial place that you do not understand that your currency Canadian $, US $ and British pound have lost 99% of their value in the last 100 years? Oh you're not that old, but I can assure you that your money has lost more than 50% of its value in your lifetime? You read the book and you do not understand that outside of your privileged financial status, millions of people in places like Argentina, Lebanon, Turkey, Sri Lanka, and Peru would have been saved had they converted all their net worth to first layer money that cannot be debased by governments which is Bitcoin in the last 5-10 years? You read the book and cannot see that the value of Bitcoin will keep growing against the Canadian $, the US $ and all other fiat currencies because fiat currencies are designed to always debase? Bitcoin will hit $100K, $200K, $500K, $1M and keep going You read the book and you don't know how to value Bitcoin, deaddog?
He probably also thinks that all the FED money printing is completely rational and won't lead to any bad consequences. He must also believe that while living in Canada, and hence at the center of the biggest housing bubble out there, there is no need to worry as prices will only just go up. He probably also doesn't think that raising interest rates will do any harm, or that those rates will be easily absorbed by the citizens. And worst of all, he probably believes that any problem will be solved by more government intervention and stimulus since it has always worked well in the past. Its not such much about valuing bitcoin @deaddog , but more so about what to do when people realize that the arbitrary dollars are the problem. The coming energy crisis and food crisis cannot be solved by the government since all they know how to do is print. They clearly can't print food and energy, and if they try and print more money to hand out to everyone so they can buy food and energy, what will this do to the prices of the food and energy? Do you think the balance sheet expansions of central banks can grow much bigger? Surely you must at least realize a problem is coming. How do you think this will be solved if you don't see the value in bitcoin at all? Will we go back to gold? Surely you don't think more printing will work, do you?
Exactly. I didn't see anything in the book that led me to believe that bitcoin will continue to grow. Fluctuate off course, I might even trade it, but I have no way of valuing it except that it should probably increase in value if we can find a greater fool. You mentioned that in my lifetime my dollar has lost 50% of it's value. Didn't bitcoin lose 50% of its value since November. I think someone else mentioned it already but it's like a gold rush. There has to be gold out there, if there wasn't gold out there why would they be selling all those shovels. Too many entities hyping it. But FOMO seems to be the main selling point. I'll trade it and hope I can find a greater fool but I won't invest.