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the reason for that saying is because by the time the lowest class of service workers is buying then there is nobody else to buy from them Stocks and commoditi
by ringaroundthetx 9y ago
the reason for that saying is because by the time the lowest class of service workers is buying then there is nobody else to buy from them
Stocks and commodities spread through society that way, from the most well connected VCs down to the lower class when the price rise makes them feel like they have a chance to get rich after it is shown in their nonfinancial choices of entertainment
Bitcoin hasnt gone through society in this route
Existing hedge funds, VCs, University endowments and pension funds are legally incapable of buying cryptocurrency
They are all forming new LPs with new operating agreements to do so
There is no institutional leverage or credit in the cryptocurrency ecosystem
There are no derivatives to manage risk yet
The lower class will be selling to the institutions soon
- charlesdm 9y agoWhat is interesting here is that it almost seems to be acting like a reverse bubble.
- batmenace 9y agoMost of the institutional 'slow money' like endowments and pension funds will never touch cryptocurrencies, no matter how they are structured. They can't even take positions on FIAT currencies, or even bonds below AA rating. No way are they ever touching cryptos.
- ringaroundthetx 9y ago> No way are they ever touching cryptos. Not what I’m hearing in legal circles Everyone wants exposure, and if they require a new legal structure or a financial derivative they are doing what needs to be done. The pensions will just go through the next hedge fund that buys for them.