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fart simpson posted:i think interactive brokers and a few other things like that actually do let you take a margin loan against your equity and have the cash sitting in your account also it means you're de facto leveraged all the time and a 30% drop in the market wipes you out completely. this is good for buttcoin
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May 21, 2021 15:11
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https://twitter.com/paulkrugman/status/1395541758197567490
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May 21, 2021 15:25
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PBOC keeping the laff machine rolling
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May 21, 2021 15:27
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text editor posted:lol I didn't know other Bitcoin businesses also had their own 'stablecoins' i think that one's relatively newer and actually claims to be exchangeable for real money, unlike tether. we'll see how long that lasts lol.
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May 21, 2021 15:32
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kw0134 posted:that feels incredibly sketchy and if they're not charging usurious rates then welp their website says they have a 50% margin requirement and charge variable interest at benchmark rate + 1.5% for the first $100k you borrow. benchmark rate is based on risk free rate which is currently only 0.06% so it’s 1.56% interest to borrow up to 50% of whatever the value of your investment with them etrade has something similar but they charge 7.95% interest m1 finance has something similar but they charge 2% i don’t think the basic concept is that far out there. i certainly wouldn’t do it with a bitcoin exchange though lol
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May 21, 2021 15:52
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Shame Boy posted:i think that one's relatively newer and actually claims to be exchangeable for real money, unlike tether. we'll see how long that lasts lol. my take is that they saw that there's a market for tether but that the writing is on the wall for their collapse, and want to be positioned to take over the smoking crater that's left over corollary: whoever is in charge of it is even more incredulously furious that it hasn't happened than we are
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May 21, 2021 15:56
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i could see doing that margin loan thing if your a 6 figgie shitlord or something with a fat stack of stocks in your account and you need to come up with an extra $10k for a large purchase or something you only get wiped out if you are borrowing the max amount and the market tanks by 50%
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May 21, 2021 15:57
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borrowing money to invest it is one of those things that has always seemed to me like a really good idea for wealthy people and a really bad idea for normal plebs
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May 21, 2021 16:05
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I guess if you're doing a poor man's repo agreement then that makes sense but that seems like a nightmare for risk management if you're offering that to any meme stock chasing retail trader.
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May 21, 2021 16:06
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qirex posted:borrowing money to invest it is one of those things that has always seemed to me like a really good idea for wealthy people and a really bad idea for normal plebs ive thought about doing it before, but settled for holding a relatively small amount of leveraged etfs
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May 21, 2021 16:14
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kw0134 posted:I guess if you're doing a poor man's repo agreement then that makes sense but that seems like a nightmare for risk management if you're offering that to any meme stock chasing retail trader. oh you mean for the broker? for a normal person i think it could make sense in some situations but like, i wouldn’t trust my mom with that kind of financial stuff
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May 21, 2021 16:15
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Boxturret posted:bitcoin becomes full of genius 9,999 transactions, maybe a couple pairs of instantaneous 5,000 ones if they want to get really tricky dear /r/legaladvice I’m being charged with something called “structuring”?!?!??
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May 21, 2021 16:54
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it's a problem for both the broker and the client; the client can get into trouble easily and the broker, if enough of their clients do the same, now suddenly are on the hook for a ton of loans that are defaulted. like...just ask UBS with what happened to Archegos as an example also a lot of currency brokers got blown up on various currency devaluations; i remember one time the swiss franc dropped 10% because it would no longer support a euro peg (during the 2008 financial crisis) and a ton of traders blew up their accounts, which blew up their brokers
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May 21, 2021 16:58
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enjoying today's latest round of meltdowns every single person who works at mcdonalds has contributed more to society than these idiots so maybe they should follow their own advice
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May 21, 2021 17:02
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Sapozhnik posted:enjoying today's latest round of meltdowns
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May 21, 2021 17:12
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fart simpson posted:i could see doing that margin loan thing if your a 6 figgie shitlord or something with a fat stack of stocks in your account and you need to come up with an extra $10k for a large purchase or something yeah it’s for use as a line of credit by people with big portfolios. as with all things margin it’s super dangerous for normies.
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May 21, 2021 17:40
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https://twitter.com/vhranger/status/1395765279922212875
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May 21, 2021 18:33
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It's better than cash!
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May 21, 2021 18:35
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Paladinus posted:It's better than cash! It's a productive and valuable asset.
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May 21, 2021 18:37
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https://twitter.com/smithstock/status/1395794469761466368 Even better.
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May 21, 2021 18:40
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what's the issue with each tether being backed by a different tether?
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May 21, 2021 18:41
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It's tethers all the way down.
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May 21, 2021 18:42
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May 21, 2021 18:58
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virulent diseases that live on the heads of hammers?
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May 21, 2021 19:02
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dead eyed stares into the void through the medium of a youtube thumbnail where you're pleading with the audience to not sell their shitcoins and have faith in the blockchain by the satoshi, musk and the hodly spirit amen?
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May 21, 2021 19:11
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This can't possibly be legal
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May 21, 2021 19:16
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it feels like they've been doing this for so long how that it should have all collapsed ages ago and i just don't understand how it's still going. does anyone know what it'll take to actually make tether collapse?
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May 21, 2021 19:21
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NYAG might pull it off. They're slow but they do not gently caress around.
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May 21, 2021 19:23
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May 21, 2021 19:29
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remember that this is who buttcoiners think is "charismatic" and "the most effective speaker they've ever listened to"
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May 21, 2021 19:31
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bitcoiners have never really experienced anything before bitcoin, so of course andreas is going to be the most charasmatic speaker they've ever seen, because he's the first speaker they've ever seen and bitcoin is good so therefore so is he
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May 21, 2021 19:34
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Chalks posted:it feels like they've been doing this for so long how that it should have all collapsed ages ago and i just don't understand how it's still going. does anyone know what it'll take to actually make tether collapse?
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May 21, 2021 19:34
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Reminder that New York actually has sweat invested in the cryptosphere with the bit license. Killing tether immediately probably would have killed the industry.
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May 21, 2021 19:36
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it's like how some bitcoiner ligitimately think bitcoin was the first electronic payment system created and before bitcoin banks daily sent thousands of armoured cars full of gold across the country or how satoshi invented math or how bitcoin invented QR codes it's amazing how so many bitcoiners lived their entire lives in a featureless grey room and when they were let out the first thing they saw was bitcoin
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May 21, 2021 19:37
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yeah i don't expect anything to happen to tether until all the powerful people who need the illusion to exist to stop their investments collapsing, it'll get killed when it's no longer of any use to them
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May 21, 2021 19:38
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what we really need is for an economist to come by, and stop laughing for long enough to explain it to us
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May 21, 2021 19:57
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grey thread had a few pages of a coiner who claimed to hold a degree in economics yet didn't know the meaning of negative externalities or what contributed to him having a lower power bill in Spring
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May 21, 2021 20:03
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Shumagorath posted:grey thread had a few pages of a coiner who claimed to hold a degree in economics yet didn't know the meaning of negative externalities or what contributed to him having a lower power bill in Spring probably needs to be a better economist than that, i think. maybe one thats not from gibbis at all
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May 21, 2021 20:24
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you call yourself an economist huh? well can you name 50 economies right now without looking it up? yeah i thought not
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May 21, 2021 20:30
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friends say i'm an economaniac
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May 21, 2021 20:34
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