| submitted by /u/bosejso
Liechtenstein’s official post office is offering fiat-to-bitcoin exchange services through a partnership with Swiss blockchain company Värdex Suisse, a regulated payment service provider based in Switzerland. The Liechtensteinische Post AG office in Vaduz ― the capital of Liechtenstein ― launched the crypto exchange service on February 15. “Nothing is different from the conventional money-exchange business, which has always been part of Swiss Post’s service offering. The customer receives a physical cryptowallet ― which allows him by means of public and private keys ― activation of the crypto box in the network.” After an introductory phase, customers will be able to exchange fiat money into
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Back in March 2018, articles like this one were posted: "New York Assemblyman Ron Kim Passes a Bill That Could “Kill” BitLicense" = https://cryptoslate.com/new-york-assemblyman-ron-kim-passes-bill-kill-bitlicense
Right now, Rom Kim and I are both running for the position of Public Advocate of the City of New York. As such I got to ask him a question regarding his bill: https://www.youtube.com/watch?v=Cvze9yHki8k (Sound is bad …)
Bitcoin is part of the New York City election and would be great to get some publicity around it.
Theo Chino, hopefully the bitlicense slayer.
I see a lot of conspiracy theory here, especially stuff like that whales and institution are manipulating and crashing the markets so they can enter at a lower price point and etc.
I work for a TMT focus HF, but that doesn't really matter much because anyone with a curious mind and has learned to use Google can find this out themselves and see if what i am saying is true.
So, no, there is no conspiracy theory.
The main driving force of bitcoin short is the miners.
2018 has been in a steadily decline with all the charts indicating further downward movement, so instead of selling their coins cheaper and cheaper and lose their underwear, miners bought short sale contract to lock in the price they can sell their future mined coins at.
Now what is a short contract? A short contract allows you to borrow assets from somebody else, in this case, coins. You then proceed to sell it at market price. Later on you buy the coins back and pay back the lender. A short contract will only make senses if you know, or think, the price will be lower in the future.
Still don't understand? here is an example to really dumb it down:
October price hovers around 6K, November average out to 5K, December is at 3K something now. A short sell contract made in October and due december, essentially allows you to sell the coins you would have mined in November and December at October's price, 6K a piece. A pre-sale if that make sense. Later on when the contract is due, you buy the coins at 3K a piece, December's market price, and return the coins back to the lender who lend you the coins in the first place in October. You profited 3K per coin.
Now, obviously miners don't need to buy the coin back, they will just return the coins they have mined from those two months. So, they are basically forced into this short position, because they are stuck with bitcoin, not fiat, from their operation. Exponentially more miners are doing this now because the price break their cost to mine, they are shorting to limit their loss. In the summer, miners are just making less money, now they are losing and everyone is panicking.
So long as the expectation is bearish, the shorts will always be there, from the miners, and it would be foolish to do otherwise. Kinda of a vicious cycle as more shorts in the market represent an overall negative outlook which will drive down the price and thus force the miners to short even lower, whole thing goes round and round, until i suppose it reaches a point where everyone is pulling the plugs of their rigs and the cost to mine goes down substantially since the overall computing power diminishes.
Hope all that make sense and now the fake news and conspiracy can stop.
Edit: I don't get all the downvotes, but they surely say something about this sub
Edit: I don't think people understand how costly farms are to run. The bigger ones cost tens of millions to build and a 7 figure a month utilities bill is not unheard of. Most of those projects need a couple years to cover the initial investment, and thats based on that bitcoin worth 20K and more each. Now these farms have only been in operation for a fairly short time, and investors are panicking af. Rigs that you paid 10K for less than a year ago now is barely worth 1500, that's tens of millions of "unrealized equity loss", except they can't just hodl that shit.They got bills to pay and they will try to sell to get as much fiat cash as possible anyway they can, isn't that just a tiny bit ironic…