Centralized Crypto Exchanges Saw Over $14 Trillion in Trading Volume this Year (theblockcrypto.com) 32
Centralized crypto exchanges, which hold customers' private keys unlike decentralized exchanges, reported more than $14 trillion in trading volume in the year 2021, according to The Block Research. From the report: That figure is a massive 689% increase compared to 2020 trading volumes, based on data as of December 24. Last year, centralized crypto exchanges facilitated over $1.8 trillion in trading volumes. All these numbers are from The Block's Legitimate Index, which takes volume data from the largest exchanges that are known to be reporting volumes more accurately. Binance continues to dominate the centralized crypto exchange market. It facilitated 67% of total volumes this year, i.e., over $9.5 trillion, according to The Block Research.
$14T?! (Score:1)
Wow, that's a lot of money laundering.
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Neat trick, washing money that doesn't exist. How many watt hours were consumed?
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Neat trick, washing money that doesn't exist. How many watt hours were consumed?
Probably more than physically cleaning real money would have taken.
Some scams take decades to be revealed (Score:3, Informative)
amazing to see and to think /. has been crying about how crypto was a scam for so many years...and it just keeps getting bigger. glad to see the trolls proven wrong!
That trope has been said so many times I've lost count.
As tlhIngan pointed out: [slashdot.org]
Re:Some scams take decades to be revealed (Score:4, Insightful)
Except someone pointed out years before the investigation that what Bernie Madoff was doing was mathematically impossible.
In 1999, financial analyst Harry Markopolos had informed the SEC that he believed it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver. According to Markopolos, it took him four minutes to conclude that Madoff's numbers did not add up, and another minute to suspect they were fraudulent.[85]
After four hours of failed attempts to replicate Madoff's numbers, Markopolos believed he had mathematically proven Madoff was a fraud.[86] He was ignored by the SEC's Boston office in 2000 and 2001, as well as by Meaghan Cheung at the SEC's New York office in 2005 and 2007 when he presented further evidence. He has since co-authored a book with Gaytri D. Kachroo, the leader of his legal team, titled No One Would Listen. The book details the frustrating efforts he and his legal team made over a ten-year period to alert the government, the industry, and the press about Madoff's fraud.[85]
A pyramid and ponzi scheme mean that you can't see what is being done with your money. So you have to assume whatever the investor is telling you is true. That is nothing like the crypto exchange.
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A pyramid and ponzi scheme mean that you can't see what is being done with your money. So you have to assume whatever the investor is telling you is true. That is nothing like the crypto exchange.
You had me until that last paragraph What fraction of the people investing in crypto really understand what's going on in crypto exchanges and the blockchain? Many people thought they understood telecommunications and the Internet in 2000, but many thought Internet traffic was doubling every 90 days, a number that might have been true for a few months around 1995. That fiasco vaporized a couple of trillion in investments.
Overheard a guy talking about Bitcoin in a bar: (Score:1)
He said: "Fiat currencies are obsolete. They're total crap."
His friend: "Really? Like what currencies?"
Guy: "Anything - the Euro, the Yen, even the USD - all crap."
Friend: "Uh Ok; so like, what's Bitcoin's worth then?"
Guy: "Each coin is worth north of $60K right now."
Friend: "What?! $60K?? As in USD??"
Guy: "Yeah - over $60K USD each"
Friend: "Wow. Bitcoin sure is a lot of crap!"
At this point I think the only reason (Score:3)
Seriously, having an "asset" with nothing of value backing it isn't going to end well for anyone. We need to get this under control or it's going to cause a market crash that'll hit all of us.
It'll cause the next meltdown (Score:1)
Seriously, having an "asset" with nothing of value backing it isn't going to end well for anyone. We need to get this under control or it's going to cause a market crash that'll hit all of us.
Ironic how crypto will eventually cause yet another economic meltdown - the very thing it was born out of, and claimed to want to prevent.
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Ironic how crypto will eventually cause yet another economic meltdown - the very thing it was born out of, and claimed to want to prevent.
Bitcoin was created as an experiment. Experiments sometimes blow up in your face.
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Seriously, having an "asset" with nothing of value backing it isn't going to end well for anyone. We need to get this under control or it's going to cause a market crash that'll hit all of us.
Are you talking about BTC or USD?
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USD is backed up by the "full faith and credit of the United States government," i.e. the greatest military-industrial complex the world has ever seen, including, but not limited to, the nuclear stockpile that the US government would be willing to use prior to being destroyed.
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USD is backed up by the "full faith and credit of the United States government," i.e. the greatest military-industrial complex the world has ever seen, including, but not limited to, the nuclear stockpile that the US government would be willing to use prior to being destroyed.
Blah blah blah. Which means what exactly? You're going to nuke me if I say I don't want your dollars in exchange for whatever I have and you want?
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No. This thing is too tiny for that. My take is that they will shut it down, but because it is pretty meaningless they are taking their time.
Also remember those "14 Trillions" are no actual "trade". They are fictional transactions of fictional goods. Nobody else would call what is basically an expensive, insecure and clunky bank transfer a "trade".
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What's even sadder is whiny bitches like you adding to the noise by complaining about it.
Oh, and no, you needn't point out how my own post adds to that same noise (brought on by your posting), Captain Obvious.
Magazine (Score:1)
Just spotted a print magazine in the grocery about "cryptocurrency" so going more mainstream - or, "If you dig a deep enough hole, everybody'll want to jump into it. "
Aaaaaaand It's Gone (Score:2)
Protecting the USD, not the retail investor (Score:2)
Canada has billions (B) in spot Bitcoin ETFs, notably BTCC, BTCQ, and QBTC. Perhaps Canada is more reckless than the USA? The land of good government and law and order? I don't think so.
The Fed is not protecting retail investors. This is comically laughable.
It's protecting the USD.
These are interesting times. Fidelity has a ETF proposal due for a final ruling early in the New Year. Grayscale is taking the SEC to court.
Gold and Silver markets are terribly manipulated - no issues there. Even when large financ
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