Have the regulatory floodgates really just been opened? Wyoming just introduced a bill allowing banks to officially store and handle cryptocurrency UNDER SEC REGULATIONS. Those Banks can act ALL ACROSS THE UNITED STATES.

Being a regular cryptopanic reader I am used to shady, clickbaity or wannabe price-tweaking posts.

When I read "Wyoming drops biggest crypto regulation news ever." as headline I was like: yeah, sure. M00N S00N.

But as it was tagged Cardano, which I like a lot, and Cardano moved to this very Wyoming recently, I figured: why not treat yourself to some decent trash read.

And seriously, having been in crypto for some years, I was thinking: is this it? Is this really it? Can't be.

Long story short: I think it is, actually. It's just hidden in the worst headline in a repost (and overlongest twitter-monologue in original).

My sum up would be:

bill legitimates banks as official crypto storage and handlers. One twist of the wording of the bill is that it also gives crypto the same currency "rights" as fiat currencies in Wyoming. Other twist is that, the way it is put, it allows for the facilities, as they are defined as banks, to act all through United States, not only in Wyoming. It even fixes the lien issue.

Please read for yourself and tell me if I get this wrong. English is not my first language, neither is law my field of expertise.

Twitter-tirade by Caitlin Long (no joke) explaining the whole thing in (very much) detail (30+ consequent Tweets):

https://twitter.com/CaitlinLong_/status/1086367321738731520

News article – more brief than the Twitter-thing – but less detailed on the wider implications:

https://www.forbes.com/sites/darrynpollock/2019/01/18/wyoming-introduces-bill-offering-cryptocurrencies-legal-clarity-to-attract-blockchain-business/?ss=crypto-blockchain&utm_source=TWITTER&utm_medium=social&utm_content=2087367833&utm_campaign=sprinklrForbesCrypto#67492e6246d5

Let me know what you think.

submitted by /u/Wally_the_Lao
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Bitcoin – The Currency of the Internet

Who else feels really good about buying in right now?

48 hours remain until 2019, and bitties are hella cheap right now. 2018 is done, 2019 is… hell, NO ONE has any idea what the fuck is about to happen in 2019. Not just for bitcoin, but for anything. We're quite literally in.. brand new territory. We're pioneers on this new, futuristic horizon. I can tell that 2019 is going to be a good year. It feels so damn good. Things are going to change. Things are going to get turned over. Things are going to take off.
I believe that. And I feel that right now, Bitcoin is the cheapest that it will be, for a very long time. Now is the fucking time.
No one is talking about Bit. This is the time. I tasted success in the last run. Bitcoin actually seems to make its big changes at a yearly basis. I don't think it's coincidence that going into 2019, it is so low.
My stocks have been suffering, which leads me to believe that the dollar is.. more volatile than it has been in recent years. This gives me more reason to believe that Bitcoin will re-emerge as a currency. I believe people will say "Oh YEAH. Remember that crypto currency that blew up last year? Let's look into THAT."
Banks will realize the power of Bitcoin. Businesses. Well, more businesses (A LOT of vendors accept Bitcoin these days, if you simply inquire about it.) will.
I'm feeling so damn good about this. For people that bought in at 6500k or higher, maybe for you, this sucks. But for us getting in right now, there's no better feeling.
Let's jig off this bitcoin in 2019 boys.

submitted by /u/toreachtheapex
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Bitcoin – The Currency of the Internet

Who’s really shorting bitcoin? educational post

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…

submitted by /u/TechIBD
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Bitcoin – The Currency of the Internet