Bardy🧃

5.5K posts

Bardy🧃

Bardy🧃

@BardyGG

Reply Connoisseur (formerly Bardstocks)

Comments Section Katılım Ocak 2021
3.5K Takip Edilen24.4K Takipçiler
Bardy🧃
Bardy🧃@BardyGG·
@lzminsky @Max_Newton The most important questions to me are: 1. How much of HL’s user base are the non-kyc bunch that will flee the moment KYC is mandatory? 2. Will institutional investors be onboarded? Can HL compete with Binance, CB, Bybit, etc. at scale? Not easy, but not impossible.
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Lauris
Lauris@lzminsky·
@BardyGG @Max_Newton yes but thats a different customer class. I assume they do want to onboard onshore capital and actually embed themselves within US capital markets. + Jeff doesnt want to go to jail
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Bardy🧃
Bardy🧃@BardyGG·
This is just the modern day version of “steady lads” IMO They are gonna be forced to KYC and 80% of volume is gonna flee to the next unregulated derivatives exchange. Every cycle in crypto had one, HL is just the latest. Bitmex, FTX, Binance, Bybit, the list goes on, all got KYC
jeff.hl@chameleon_jeff

I spent the past few days in Washington with @hyperliquidpc meeting with policymakers during the historic advancement of the Clarity Act. We discussed Hyperliquid, the benefits that it offers to American consumers, and the regulatory path to bring onchain derivatives markets into the United States. Some conversations were technical with an impressive baseline understanding of Hyperliquid. Discussions included how onchain trading is a financial innovation that has clear global user demand. Other conversations focused more on a first principles introduction to defi and the promise of onchain markets. It was encouraging to see bipartisan support for thoughtful regulation of crypto. I look forward to continuing discussions in DC and working hard to make American access to Hyperliquid a reality.

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Bardy🧃
Bardy🧃@BardyGG·
There are three guarantees in life: death, taxes, and Uncle Sam breaking down the front door of your favorite unregulated derivatives exchange the moment it is getting too big for its own boots. It is possible they put off doing it, but it has happened way too many times. HL is no different.
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tree of dopamine
tree of dopamine@infinitybanyan·
@BardyGG US gov would have to prove many things against HL + US persons involvement. Wouldn’t have anything for several years at best.
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Bardy🧃
Bardy🧃@BardyGG·
@aut3z Bad idea in the interim (1-3 months)
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aut3z ⚔️
aut3z ⚔️@aut3z·
$sol $98.13 should we short it ?
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Bardy🧃
Bardy🧃@BardyGG·
@Hy_Purr_liquid That’s fine. They will just have to compete fairly with all the other exchanges that are required KYC.
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Hy-PURR-Liquid
Hy-PURR-Liquid@Hy_Purr_liquid·
@BardyGG genius logic I'll happily kyc to use the best exchange in the business
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Bardy🧃
Bardy🧃@BardyGG·
@infinitybanyan See below
Bardy🧃@BardyGG

@GU1LO Bitmex was not in the US, Binance was not in the US, FTX international was also not in the US, and Bybit was not in the US. All got regulated. It doesn’t matter where you’re at.

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tree of dopamine
tree of dopamine@infinitybanyan·
@BardyGG The US can’t force anything on an entity not operating in their jurisdiction or serving their customers.
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Bardy🧃
Bardy🧃@BardyGG·
@GU1LO Bitmex was not in the US, Binance was not in the US, FTX international was also not in the US, and Bybit was not in the US. All got regulated. It doesn’t matter where you’re at.
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Guilo.hl
Guilo.hl@GU1LO·
@BardyGG Are you retarded? FYI hyperliquid is not available in the US
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Bardy🧃
Bardy🧃@BardyGG·
@defidegen22 Binance originally didn’t require KYC. They were forced to eventually comply with regulators and integrated KYC. Lots of new and overly enthusiastic crypto users yapping about how HL won’t have to get KYC, but history indicates otherwise.
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DeFiDegen
DeFiDegen@defidegen22·
Someone must not have told this guy how binance is running futures without US citizens. If you have no knowledge about how businesses and regulations work, the best you can do is shut up. They are gonna be force to KYC my BS ass.
Bardy🧃@BardyGG

This is just the modern day version of “steady lads” IMO They are gonna be forced to KYC and 80% of volume is gonna flee to the next unregulated derivatives exchange. Every cycle in crypto had one, HL is just the latest. Bitmex, FTX, Binance, Bybit, the list goes on, all got KYC

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Bardy🧃
Bardy🧃@BardyGG·
@soupdefi Think quote tweet below answers your post. Metamask generally requires KYC to buy directly from them, but 99% of users of metamask just buy on a kyc exchange and transfer their funds to mm, that’s why regulators don’t care about it.
Bardy🧃@BardyGG

I don’t agree with this argument, doubtful that US regulators will either. Why? There is enough evidence to suggest that HL is insufficiently decentralized (plenty of centralized moments have happened with HL that are well documented, like the JELLY incident. There is someone clearly in control of the exchange). Putting that aside, HL is getting too big for its boots and may materially affect traditional markets down the road with its volume and size. Lax geoblocking and non-kyc have always been a recipe for beckoning regulators too. Now you have CB potentially distributing rewards via usdc to non-kyc participants? This isn’t to say that HL won’t survive regulation. Bybit and Binance are still swinging. Bitmex has seen better days.

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SOUP
SOUP@soupdefi·
im not even an hl maxi but this take is shallow af, the entire reason for the HEVM’s existence is so that HL can be regulated more like a protocol/wallet and unlike a money transmitter. compliance with money transmission laws, à la KYC/AML, are therein circumvented for the same reasons that MetaMask (et al) doesn’t require KYC.
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Bardy🧃
Bardy🧃@BardyGG·
@lzminsky @Max_Newton Totally possible this happens, but HL will have to meaningfully compete with binance/bybit/cb/etc. at that point. No more big competitive edge with non-kyc.
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Lauris
Lauris@lzminsky·
@Max_Newton @BardyGG actual institutional capital deployment outside of APAC is one of them
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Bardy🧃
Bardy🧃@BardyGG·
I don’t agree with this argument, doubtful that US regulators will either. Why? There is enough evidence to suggest that HL is insufficiently decentralized (plenty of centralized moments have happened with HL that are well documented, like the JELLY incident. There is someone clearly in control of the exchange). Putting that aside, HL is getting too big for its boots and may materially affect traditional markets down the road with its volume and size. Lax geoblocking and non-kyc have always been a recipe for beckoning regulators too. Now you have CB potentially distributing rewards via usdc to non-kyc participants? This isn’t to say that HL won’t survive regulation. Bybit and Binance are still swinging. Bitmex has seen better days.
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morpheus
morpheus@altair_morpheus·
@BardyGG I forgot that the binance order book was on chain too running on 16 validators (until the code is mature enough for oss)
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Bardy🧃
Bardy🧃@BardyGG·
Totally unrelated to anything I normally post, but I decided to buy a box of Riftbound Unleashed. Think the LoL IP has staying power, might just become an avid collector of this TCG. Also bought 3 Origins packs. How did I do? I will get them sleeved immediately of course!! #riftbound #leagueoflegends #unleashed #tcg
Bardy🧃 tweet mediaBardy🧃 tweet mediaBardy🧃 tweet media
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Bardy🧃
Bardy🧃@BardyGG·
I think the fact that there’s CME arbitrage and a material level of volume across several assets, alongside lax geoblocking, means it’s gonna get hit. Seen it happen too many times. Think Binance/CB/Bybit have been holding their tongue, but they can’t be happy either that HL gets a huge competitive edge with no KYC when all the aforementioned exchanges were forced to KYC. But if HL is allowed to continue as-is, you can be sure that Binance/CB/Bybit will create platforms with no-KYC that are as compliant as HL.
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Genia🔮
Genia🔮@Genia_XBT·
@BardyGG To be fair, I actually don’t think this will happen given the fact that Frontend wallet and wallet connection has been deemed not obligatory for KYC— however u can never be too sure. Coin flip
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Bardy🧃
Bardy🧃@BardyGG·
@369slim @R89Capital See below
Bardy🧃@BardyGG

@HentaiChrist_ @R89Capital Yes, but they lost the non-kyc crowd in the process who have now been using HL. Once HL has to KYC, they will have to compete fairly and meaningfully with Binance and other KYC exchanges. HL’s big edge this entire time has been non-KYC.

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Bardy🧃
Bardy🧃@BardyGG·
@HentaiChrist_ @R89Capital Yes, but they lost the non-kyc crowd in the process who have now been using HL. Once HL has to KYC, they will have to compete fairly and meaningfully with Binance and other KYC exchanges. HL’s big edge this entire time has been non-KYC.
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Bardy🧃
Bardy🧃@BardyGG·
It’s usually filthy Americans like myself (among others) buying coins off regulated KYC exchanges to trade on non-KYC exchanges. A tale as old as time. But there are also actors buying OTC and then using non-KYC exchanges too. How does HL get around it? They mostly can’t. To meaningfully serve the U.S. market, they’d usually have to KYC and become regulated. But generally speaking, once that happens, product offerings for Americans and certain other jurisdictions become heavily limited, causing capital flight. EX: 25x leverage lol Even today, many derivatives/futures products remain restricted or harder to access for U.S. retail users, with some offerings only available to accredited or otherwise qualified participants. Separate wrapper for the U.S. market hasn’t really worked in enabling competitive KYC’d perpetual futures, historically the product offerings with a US wrapper have been underwhelming compared to non-KYC exchanges (Binance US for example, huge flop).
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swingsonly
swingsonly@swingsonly·
(genuine questions) Help me understand where the people who love "no-kyc" are buying their crypto to put on the "no-kyc" exchange. Aren't they buying from an kyc/aml exchange at the end of the day? Next, how do they get around it? never integrate the US market? or make a separate wrapper for the US market to trade on without vpn?
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Bardy🧃
Bardy🧃@BardyGG·
Brother I am as chill as a cucumber, I just do not mince words As long as you’re aware of the risks, it’s all love, no hate I saw firsthand what happened to bitmex, was my favorite spot to trade before KYC armageddon, now it’s a shell of its former glory HL can still be successful afterwards, but IMO KYC is inevitable
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jords
jords@jords·
@BardyGG there is no need to be upset. you are forgiven
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Keşfet

@lzminsky @Max_Newton @aut3z @Hy_Purr_liquid @infinitybanyan @GU1LO @defidegen22 @soupdefi