Bitcoin Forum

Take this quote from an article:

Source: https://cryptodaily.co.uk/2018/09/bitcoin-btc-falls-back-to-trend-line-but-will-it-fall-further/

When did people start caring what cartels have to say about bitcoin. have people forgotten what cryptocurrencies were suppose to do? have people really starting looking up to the same people that destroyed the global economy in 2008? This is just insane to me. It would be like Airbnb looking for approval from Hotel chains, or Uber looking for approval from taxi companies.

Seriously, people wake up. Bitcoin never did any of these peoples permission. If you are really looking for the same cartels that have been destroying lives for decades to come and "regulate" bitcoin, then you have fully misunderstood what power you have been given.

I don't think that we should give him attention based on this there are some people who are making it viral and give their unnecessary attention to that news which is bringing more drama to us so we should avoid such types of things.

I don't suppose it is that much about caring what Goldman Sachs, SEC, and others say about bitcoin. it is mostly about what they say can affect bitcoin price, in other words it is about speculation.
for example I assure you nobody in bitcoin world gives a flying fuck about what Jamie Dimon of JP Morgan says about bitcoin but bitcoin price dropped about 30% IIRC last year when he called bitcoin "fraud". in a way it has turned into a tradition among market players that whenever some FUD is spread about bitcoin, everyone panic sells. and the funny thing is they sell because they want to buy back more of it not because they think bitcoin is over! :D

Because the Bitcoin market is primarily fuelled by hype. Good hype = market increase; bad hype = market plummets.

It's a sad reality, because this exact situation is what allows large corps like Goldman Sachs to manipulate the price.

This is really heartbreaking for the cryptocurrency community. After showing plans to open a trading desk for Bitcoin earlier, Goldman Sachs has finally aborted his plan. According to the report, they are finding it difficult to regulate cryptocurrency. The whole cryptocurrency market is astound with this news. This is already affecting the prices of Bitcoin and other currencies.

More than the Goldman Sachs flip flop, all this gushing over ETFs was real a eye opener for me. Give me a break! They're paper markets where you trust institutions to back pieces of paper with a peer-to-peer currency! Just say that out loud. Have you ever heard of anything so nonsensical? :D

It raises some interesting questions about who Bitcoin investors are (at this point) and where their principles lie -- how easily they might be co-opted in the future. Many people are now so greedy for price gains that they're praying Wall Street involvement will pump the price, principles be damned. If they really understood Bitcoin, they wouldn't advocate for all the counterparty risk that paper Bitcoin markets will create.

In my opinion the dump had more to do with the recent large movement of coins from an old wallet than any GS statement.

Because noobs are very sensitive to any news, they think that everything can move Bitcoin's price, especially when Bitcoin is directly mentioned. This is probably because crypto news sites report anything slightly related to Bitcoin's price, and they also like to suggest a connection between price moves and some events, to boost their own relevancy. This might be especially notable now, during the bear market, because a lot of newcomers got #rekt by jumping into Bitcoin near the top of the bubble, so they desperately look for anything that in their opinion could trigger a new run.

the timing of it doesn't match the drops if you check the charts.
basically the news about SilkRoad $1billion bitcoin movement started on 30 August, price was $7050+ and went down to $6800ish and then from 31 to September 5 price continued rising after the "hiccup" up to ~$7400 then the news about GC came out and price dropped on the same day. here is the link with dates:

8 days ago (large movement of coins):
https://www.reddit.com/r/Bitcoin/comments/9bwsaf/investigating_the_1b_bitcoins_on_the_move_from_a/

4 days ago (GC):
https://www.bloomberg.com/news/articles/2018-09-05/bitcoin-drops-3-in-10-minutes-as-cryptocurrencies-join-selloff

link to price for comparison with dates: https://bitcoinwisdom.com/markets/bitstamp/btcusd

i'm sure it wasn't jamie dimon uttering a few words that caused BTC to drop 30%. :D

it might have coincided with the correction---IIRC, that story dropped right in the middle of it. but the drop had much more to do with general market conditions and profit taking because we had just made a new ATH and price was going parabolic. good traders expected a harsh pullback given the magnitude of the preceding rise.

My question is why we should take it seriously when people here nowadays are not noob and illiterate about matters,cryptonians now are mature enough to learn that speculation is different from realizations and that is what we must accept

Goldman is just like any other people here that want popularization for hes own interest but concerns nothing but himself

Let's just put this into some perspective here, because this statement is very broad. The "people" that you are referring to in your post is definitely not the old timers and early adopters. The "people" that are influenced by Goldman Sachs antics, is probably people who are also invested in Stock markets or Banks.

These "people" are your typical speculator/trader in fiat currencies and also other commodities. So let's just get this out in the open, before we talk about "people" in general. I will be one of the "people" who would be celebrating, when Goldman Sachs goes down.  >:(

We need to be more patient in this condition. The news is really heartbreaking. Goldman Sachs is scrapping off the plan of opening cryptocurrency trading desk. This news has already affected the market and left it astound. We need to be patient with Bitcoin and try not to make the price fall more.

There will be people that will give unnecessary attention to news that will bring more drama to us. There seems to be no need to even give this guy a shed of attention, given his past history with the market.

This seems really absurd that people are actually giving Goldman attention. Have we not learned our fair share of the consequences of giving attention to the wrong news yet? I hope the people will not get themselves into it too deep before it is too late.

it is basically a place what explains you investment related details and security and it is a global platform but because of some previous unfortunate issues crypto users stop carring or believing on their decision, but I will suggested you to at least have their updates

I think this less trust issues are happening for the 2008 economic distroy , crypto currency users have not still forgot that incident that is why they are stop caring about their decision but I think we should have the updates

well as far I know it is group which provides suggestions and gives lead to investment markets , but some people claim that they were responsible for few economic dump so I think everyone is now stop caring about this because of that reason

bitcoin does not fall this aggressive since June 2018. it is more promising and reputable. it will be turn around and make sure good thing for investor.it will rest of the market into a long term bear trend.

completely agree with the author. I think if we came for help to institutional investors, it means that we spat in the face of our creator

i think it will rest of the market into a long term bear trend. though bitcoin market go down but it will come back immediately. because it following liquidity.

bitcoin market are now going down but it's doesn't mean bitcoin closed. it will grow up its price. it will more popular day by day. i want to know more about this.

i agree with you. if we misunderstood bitcoin it actually our failure.in crypto market bitcoin is promising coin instead of others. we should keep our faith on bitcoin.

To be honestly, i don't believe this was the cause for the dump.
Actually, the dump happened a few (about 10) hours before goldman sachs has announced they are dropping their plans of a trading desk.

So, either there was someone with insider information and a lot of bitcoins who triggered the dump, followed by the news to create fear among people.
Or the dump hasn't anything to do with this announcement.


And to answer your initial question, i think people started caring about what sachs says about bitcoin when they realized bitcoin has made other people extremely rich.
They also want to get rich quick and would endorse anything which would increase the $-value of BTC. Even if it would damage the whole bitcoin ecosystem..
Basically, greed.

It is true that the Bitcoin has its own characteristics and it does not have to depend on someone's or something's. It is different on its own position, because it has its own ability to go to its position by its power. And can play a huge role in economic positive change.

Bitcoin does not have to depend on someone's or something's others. It is different with its characteristics, because it has the ability to go to highest position by its own power. Bitcoin can play a huge role in economy.

Bitcoin has its own features and it does not have to depend on others situation. It is different with its own character and popularity. And has the ability to go to the leading position of economic aspects with the vital role of economy.

I don't assume the BTC price will fall down $6000- as the dumps have been done and the market is slowly recovering. Though we cannot assume accurately, the stat says it would not happen. But who knows!

The dump may be influenced a little by this Goldman hype but it cannot be completely responsible for the market price dumping of the BTC. Even the ETF hype cannot fully trigger a dumping. There will be a huge change by the end of the year.

I don't think it really triggered this dump. The dump was to happen as a real rise in the market is waiting for the BTC. People think over too much, the wise just hold their thoughts as well as investments.

Cartels are created to manipulate people and achieve their business goal at any cost. People has different opinion in different aspects. Who knows some of they may be getting paid to spread out those words.

Cartels are made to control people and fulfill their commerce objective at any taken a toll. People has unmistakable supposition in a few points. Who knows some of they may be getting paid to spread out those words.

that is a bad news for a bitcoin investor.but i think investor will thinking before investment.as a investor i think bit coin will recover this situation and increase its demand in future

I really don't believe Goldman Sachs' decision has anything to do with the recent crash in Bitcoin's price. The sole reason behind it is the dump that we saw, which was worth 100 million. Goldman Sachs might have made their decision for not joining crypto scene but that won't affect the market any way.

It is different with its own character and popularity.It is different with its characteristics, because it has the ability to go to highest position by its own power.it will be turn around and make sure good thing for investor.

It is because of media hypes. When something happens that can't explain, media start making false hype and fault news. It's problem, most of the new investors fear. Price falling nothing new with Bitcoin.

Some peoples have very bad habits of pointing fingers So, if something unprecedented happens, people expect that there has to be a solid reason. In this case, I do not believe that Goldman Sachs announcement was the real reason of the dump.

Actually i think that many people in this industry can be manipulated easily. I don't know but maybe they feel insecure whenever they heard a negative news which can be fake sometimes .

The quest for recognition is a serious flaw in humans. That is the reason why there will continue to be oppression. The very people oppressed are turning to them for a favour. This is an irony. There will not be any complimentary remarks from Goldman Sachs regarding bitcoin, at least not now.

Well i guess thats the point im trying to express here, that the culture is changing as it did with the internet, PC's etc. The bitcoin world has changed from when i got into it many years ago to today. I remember communities would shame someone for continuously speaking about price, now its become normal and accepted. The new generation do not hold the original values and principles and many investors actually do give a shit what people like JD from the cartel united have to say.

Its all just a game.


‘Fake News’: CFO Says Goldman Sachs is Not Ditching Bitcoin Trading Desk

https://www.ccn.com/fake-news-cfo-says-goldman-sachs-is-not-ditching-bitcoin-trading-desk/

The market trend is not bullish and over time, I can say it has maintain a steady more downtrend and few uptrend whereas many investors want the full bull run. This drives many to seek information from all and sundry. People should try to get correct info from right channels than listening to someone's thought

I am fully with you. It is insane how people could even consider ETF a good thing for crypto. I think a lot of has to do with the fact that many people still do not even understand the freedom that has been provided by cryptocurrencies.


^^ That is the exact thing that raises a lot of concern for me. You would not believe how many times in presentations i have to remind people of 2008, something that happened only 10 years ago. People have forgotten that in the US alone 10M people lost their homes, that 16T was used to bail out banks overall globally. Yet they go to the same people and ask them to endorse Bitcoin instead of laugh at them for even wanting to be a part of something they never had anything to do with. I fear in time they might even claim they were the ones you who created Bitcoin.

I think we are in an era in which people have forgotten the cost of liberty and freedom, it was something which was handed to most new generations, and as such perhaps it has to be taken away for people to truly understand the depth of the situation.

ETF and Bitcoin in the same sentence is as strange as seeing healthy and cigarettes together.  

Thank you very much for this post. I wonder why people just rely on this people in cryptocurrency. The future of cryptocurrency does not depend on this people. We give them more credence by paying attention to them.

There is a lack of awareness among the investors and hence most of them make decisions based on the market sentiments instead of doing their own research. It is the reason why there is a lack of confidence whenever the investment decision is taken by the investors. Sometimes, random news can trigger the panic selling wave in the market.

When those people suddenly somehow become cryptocurrencies expert. If the person job's have any relation with the economy or technologies somehow mainstream treated it like they are an expert in the cryptocurrencies. Personally, its kind of ironic if we talk about the decentralized nature of cryptocurrency.

Yes, it can be thought by a group of people or businessmen to use bitcoin for different purposes. But also need to take necessary steps to avoid their thinking of regulation on bitcoin. Need to be more careful on this matter, especially from cartels.

I don't think we should believe everything that we read on this article. They are just trying to add to the speculation, nothing else. But, we also have a tendency to depending a lot on external news or sources which might affect the price of Bitcoin and we also want a decentralized system. Very interesting human nature to say the least.