Bitcoin is up by more than 10% today to above $38,000 at some point from $32,000 yesterday.
Unfiltered volumes have ballooned to near $120 billion while credible volumes have jumped to $27 billion, a trippling.
That last red candle is the precise moment Dow opened, which went down 1.2% before currently recovering to -0.43%.
The instant bitcoin move at market open is the first we’ve noticed to such extent, indicating the stokenization of bitcoin is now gaining some scale.
The biggest news however is some crowd movements going on with r/ethtrader swarmed.
It used to have less than 600 visitors on at anyone time. Now it’s more than 3,000.
And how on earth did this get to 640,000 holders? Unless our memory is totally off, it was just 200,000 yesterday or thereabouts.
r/bitcoin is seeing 20,000 users on. Nothing compared to wsb’s more than one million users on right now.
That’s the highest ever and by far. It’s even more than any livestream we’ve all watched, like the SpaceX rocket that sent those two American astronauts to the international space station.
A lot of these people learned a thing or two yesterday about how the centralized game works, so clearly plenty have come to crypto where there’s no halts of trades and we don’t have clearing houses or brokers that have to put deposits with these central entities to share risk burdens.
Instead here doge can go to the moon and no one cares except the buyer and the seller. Up 300%!
While in the analogue system it’s a patchwork of paper account keeping by actual individuals that has kind of been scanned to the internet for automation, instead of it being digitally native.
So it’s all still the 18th century basically where stocks are concerned, with the internet being kind of on top of that layer instead of the layer.
Hence you can’t really blame these brokers for trying to manage the risk because they open themselves to liability, but we can argue that this is just an old and archaic way of doing things that doesn’t benefit anyone, and therefore is ripe for disruption.
The way to do that is simple. Instead of issuing paper stock, you issue token stocks. Then, ethereum is the clearing house and you might not even need a broker.
At which point just like bitcoin the stock can go up and down as it pleases without anyone taking any risk save for the buyer and the seller.
Because the benefits of this were clearly shown, there now appears to be an influx of users with Binance temporarily swarmed.