Bitcoin is a different game, unlike traditional financial systems

After months of inactivity on social media, former BitMEX CEO Arthur Hayes shared a post detailing his opinion on the latest developments in the financial markets.

The game is the same, you just didn’t know the rules

After months of total silence from one of the biggest proponents of cryptocurrencies and arguably one of the most influential people in the industry, Arthur Hayes is back.

The former CEO of BitMEX shared his thoughts on some pressing and relevant issues: about the state of the cryptocurrency markets after the GameStop fiasco, and everything that happened in this regard.

After the case against BitMEX, led by the US Commodity and Futures Trading Commission (CFTC), Arthur Hayes, the company’s former CEO, simply disappeared. His last tweet was back in September 2020.

Today, Hayes shared a lengthy post outlining his views on the GameStop stock fiasco, as well as sharing his thoughts on an alternative to the current financial system. A blog called Walkaway allows you to delve deeper into Hayes ‘ thoughts and his own experiences on this subject.

As we reported, one of the main factors of pressure on the community was that Robinhood, having received a huge number of purchase orders, stopped GME shares, not allowing users to buy more of them, leaving them only the opportunity to sell. Many people have claimed that this was done under pressure from Wall Street, essentially claiming that the broker banned the purchase to “bail out” the underwater hedge fund’s short positions.

Hayes gave his opinion. He said that in order for Robinhood to continue servicing trades on the same day, they would have to pay clearing houses $ 4 billion to maintain volumes. Instead, RH went the other way: stop trading or “drastically reduce trading in stocks that cause ‘pain’ to the various rulers of the universe.” He also emphasizes that this is information from the CEO of Robinhood, given in his interview with Elon Musk Clubhouse.

He also noted that the “game” is built in such a way that institutional players enjoy advantages under all circumstances. This is nothing new: on Wall Street, the rules have not changed, retail investors simply did not know them.

What now?

Refuse. This is what Hayes suggests as an alternative. And in order not to seem empty, he offers an alternative, which he calls “another game”.

This system was launched on January 3, 2009 with the Bitcoin genesis block. Today, this game is called Crypto Capital Markets — Cryptocurrency Capital Markets. Built on open source, this new Crypto Capital Markets game promises an open, permission-free way to move data / values around in society. The playing field is a cyberspace that can be played by anyone with an Internet-enabled device.

The crypto mogul also reveals the risks, but he also says that “if your goal is to speculate to dispel the boredom caused by the COVID lockdown, or to increase your declining real wages, then cryptocurrency can and does produce such results.”

He also makes a few comments about the community. There are experts and opinion leaders in the crypto industry, although their reputation is based on independently verifiable statements about what they do. He compares this to traditional finance, where reputation can often be linked to the fact that your “ last name contains the correct vowels, or you have gained a high reputation.”

Respect follows results, not the other way around. Having social capital always helps, but if you submit a crappy code, the world will know because it’s been reviewed. If you want to charge for management, for performance, we can query your wallet balance in the blockchain and determine whether you are just a beta brother or an omnipotent omega operator.

This is the crypto-space…

Source: https://news.bit.team/bitcoin-is-a-different-game-unlike-traditional-financial-systems/

Official website: bit.team