Image Credit: Before the Door PicturesRobinhood announced today it has launched crypto trading in Florida.

You are watching: Be first be smarter or cheat

Because if there’s a place where people are really good at making life and electoral decisions, the retirement communities of the Sunshine State should absolutely be empowered to buy/sell digital assets that no one anywhere else really seems to understand.

The New York Times had an article yesterday on how the big banks have seemingly done a 180° and are now embracing trading crypto:

Some Bitcoin enthusiasts have said that its increasing integration into the existing financial system has pulled it away from its founding ideals. Paul Chou, a former trader at Goldman Sachs who set up LedgerX, a regulated Bitcoin exchange that would compete with Intercontinental Exchange, said his company has made a point of focusing on large Bitcoin holders, rather than financial institutions.

The reason we got into crypto was not to partner with a bank, but to replace them,’ Mr. Chou said, using the shorthand for cryptocurrencies. ‘We deal with crypto holders directly in a way that really takes advantage of Bitcoin’s strengths, while avoiding brokers, banks and other institutions that take multiple cuts of the transaction.’

Bitcoin Sees Wall Street Warm to Trading Virtual Currency

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Image Credit: CB Insights (Instagram)

In the last year, I’ve come to love the screenplay to Margin Call (2011).

In arguably the best scene in a very good film, CEO John Tuld (Jeremy Irons) reminds Jared Cohen (Simon Baker) of Tuld’s credo:

What have I told you since the first day you walked into my office? (pause) That there are three ways to make a living in this business: be first, be smarter, or cheat. Well, I don’t cheat, and even though I like to think we have got some pretty smart people in this building of the two remaining options, it sure is a hell of a lot easier to just be first.

Well, banks have a track record of cheating, and it’s unlikely anyone from Goldman or JPMorgan wrote the Bitcoin white paper so maybe they’re not smarter in this category.

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So, right now, it’s all a race to not be the bank that finishes in second place, even if that means that along the way banks, as a whole, as not going to finish in first place.