Good that you pointed this out.
Quote:
Churning means excessive trading by a broker in a client's account largely to generate commissions. Churning is an illegal and unethical practice that violates SEC rules and securities laws. While there is no quantitative measure for churning, frequent buying and selling of securities that does little to meet the client's investment objectives may be construed as evidence of churning.
Read more: Churn Rate Churn Rate
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Same end result -- this is why Bitcoin is not a currency -- assuming his numbers are correct.
