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$9.4B liquidated in the last 24 hours? Where's it going next?Be careful plalying with margin boys and girls. It's not for the faint hearted.
Bitcoin plunges to $52,000 as $7.6 billion in crypto long positions liquidated
$7.6 billion worth-of crypto long positions liquidated over the past hour as bitcoin's price plunged to $52,000, data from bybt.com shows.www.theblockcrypto.com
Margin in general is scary. Bill Hwang, Archegos capital, and the absolute unwinding of his portfolio in a violent manner. Crypto margin has 10x +++ that volatility.Be careful plalying with margin boys and girls. It's not for the faint hearted.
Bitcoin plunges to $52,000 as $7.6 billion in crypto long positions liquidated
$7.6 billion worth-of crypto long positions liquidated over the past hour as bitcoin's price plunged to $52,000, data from bybt.com shows.
I have a friend from law school working at the IRS, and he told me they were focused solely on major money laundering with crypto and were not really interested in enforcing per-sale cap gains treatment as opposed to total in/out from fiat. Who knows if that's accurate, though, or if it will stay accurate even if it is.
Some of us either do basis trades which lock in profit and don't need to be monitored, or don't get into short term trading at all. A lot easier to disconnect when you're planning long term holds through whatever peaks and dips arise.
why the fuck would you launder money using something with a public ledger?
because you can still get in and out anonymously, or tumble the coins to disguise their source, or swap to privacy coins that aren't trackable on public ledgers, or make legit looking but bullshit sales publicly like NFT art buys, or use many other schemes to launder the cash
newer developments say this twitter chain is total bullshit. looks like the real cause of the flash crash may be alameda dumping tons of spot to either hedge or cheaply buy futures.
There are public and private ledgers in blockchain. Both are important. But I don't have time or energy to explain. 1000's of good articles out there on the subject.
