The core ethos of entire CCP governance is around “social stability” so 2 things violates it when it comes to #Bitcoin 1. capital outflow 2. Speculative behavior on the trading side
1/
”summoning top executives to a meeting that threatened severe punishment for violations ranging from excessive speculation to spreading fake news”
If we are to take this out the context it applies to pretty much all financial sectors in China where speculation can be induced
2/
Chinese retail are highly speculative making China A shares the largely retail dominated equity market on earth, result in a 20 yr of PnD chart unlike S&P’s up only
CCP’s tolerance of severe negative social news like retail investors suucie due to high lev trade is ZERO
3/
Bitcoin mining ban is a collateral damage in the suite of actions to “maintain financial and economic stability”
As it’s not speculative can also contribute to local tax income,take advantage of excessive hydros etc
But unironically good for a global hashrate redistribution
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Might be hosting a space room in Twitter tomorrow morning PST and will try grab a few other insiders to share what’s going on and what’s possibly going on in China, how does it differ than sep 2017 etc
The seriousness of news is def more so than normal China FUD, can be material
1. It’s direct order from the state department
2. It’s emphasized by VP of PRC
In China policy’s execution and impact really matters on where the order is from and who announced it to the public
Also CCP has a known pattern to push policy update on Friday night(same for tradfi market)
As this can catch ppl off the guard and no agency will be working on weekend, leaving ppl no choice (and even hard to get clarifications) only prepare upcoming impact on coming week
For it to be executed, there needs to be series of executable docs passed down to the actual agencies, so will wait for those in coming weeks to gauges level of seriousness
I’ve had this conversion with @AWice before and wanna share it here too
The crypto game is NOT a poker tournament, it's a cash game. Stay on the table to build your stack up is priority #1
An endless game leads us to the infinite frontier, no matter you are builder, trader
Lots of us lost a ton of our net worth in last few days. But no matter builder, trader, hodler stay in the game is priority #1
I don’t like definite quote such as “make it back in one trade”, as long as u are in the game, the massive beta upside of the industry will reward you
I’ve seen so many friends and talents left the space in 2015/2019 winter, with frustration and wounds, turned themselves off in a perma denial after 2020 March crash
Sad they didn’t get a chance to enjoy what we have in past 12months of thrills and the infinite frontier in front
A Korean top prop trader Bill Hwang was liquidated of his entire 15B position on over 80B gross notional exposure yesterday ... might be among the biggest liquidation in recent years for a Aisa prop shop
Many of his position are Chinese big tech stock like TME, BIDU, VIPS etc
And all his positions stocks hit hard yesterday. Bill started trading with his own money ~$200m after leaving Tiger Asia on 2012 and grew it to 15b before being completely wiped out (he traded Julian Roberson’s money in between and made 16m into 8b in 7yrs)
What a life.
If you are looking into building up position of $BIDU $TME $VIPS this is a pretty sweet BTD opportunity