BitMEX Founder Arthur Hayes is Back; This Time he Wants Retail to Opt-Out & Change the Game

2021-2-19 17:39

“Black is back,” tweeted BitMEX co-founder and former CEO Arthur Hayes on Thursday after nearly a five-month hiatus.

Back in October, the U.S. Commodity Futures Trading Commission (CFTC) and Department of Justice (DOJ) charged the exchange and its founders with illegally operating a crypto derivatives trading platform, and since then, there was silence from Hayes.

But in his latest write-up, Hayes talked about the market mania we saw in January with GameStop and other short-favorable stocks that he couldn't resist either.

“I located my previously set up Robinhood account to ape in,” said Hayes.

Explaining what exactly went down, Hayes came to the heart of the problem, which is ‘Retail vs. Institutional Traders’ where retail is the “cannon fodder” for elites but treated like “children and chastised when they “act up.”’

The rules of the game are clear – “if you don’t like them, walk off the field,” he wrote.

And this opting out is “extremely powerful and liberating,” which Hayes then goes on to compare with the American Civil Rights movement, which “showed the power of opting out.” “It is, and always was, about the money,” he added.

And this is when you play the other game called the Crypto Capital Markets.

“Powerful, love the Rosa Parks/BTC analogy,” wrote Su Zh, CEO at Three Arrows Capital. Rosa Parks is best known for her pivotal role in the Montgomery bus boycott and was called by the United States Congress “the first lady of civil rights” and “the mother of the freedom movement.”

Change the Game

In the traditional scheme of things, the problem is you are profiting those exact same people that one may claim to be rebelling against, putting one at a disadvantage. But this is how the game is set up.

But there is another game, with radical transparency where financial intermediaries actually compete with each other to offer affordable and fair access to all participants regardless of their net worth, where if you don't like the rules, there’s technology protocol at your disposal to create services from scratch.

This system started on Jan. 3, 2009, with the Bitcoin genesis block with cyberspace as the playing field where anyone can play.

Now, after a decade, the total cryptocurrency market cap is past $1 trillion, and centralized and decentralized exchanges are handling billions of dollars in volume.

“For a retail trader looking to play a new game, this market appears promising,” said Hayes.

The post BitMEX Founder Arthur Hayes is Back; This Time he Wants Retail to Opt-Out & Change the Game first appeared on BitcoinExchangeGuide.

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