[Bearish] Keep bitcoin away from the real economy, says billionaire

[afbitcoins]

bbc.reporter? what kind of username is that? I know of another user named european central bank. maybe i should have called myself 'Prime minister of the UK'. But is that legit, you are a bbc reporter? In that case as a mainstream reporter I have to consider that you are spreading the party line, which would most likely be FUD

I hadn't considered that the  futures market would include scam coins. I don't really see that as a valid concern though. The more concerning thing is that they come to control the 'spot' price of bitcoin in similar way to the control of the spot price of precious metals through futures markets. In other words they manipulate the price of bitcoin without 'delivering' real bitcoin to investors who are only really interested in fiat profit. In other words they own the price and hence the market. In that event I would assume they have to manipulate up before they really have control (for reasons similar to Torque suggesting that the masses own the majority of the asset.)

[UnDerDoG81]

Bitcoin has not prove its usability wholly because there're a lot of problems that we will face when people starting to adopt it in their real life.
for example the transaction and the fees itself,

Forget all that, Bitcoin is useless because of all the hackers. I read more and more "all my coins are gone". How will uncle Phil protect his coins, if even pros can not protect theirs. I have mine on a paper wallet for a long time and I am too scared to "activate" them.

Your money can be also stolen from your pocket. Yes. But usually not thousands or ten thousands of dollars at once.

[pitham1]

Bitcoin has not prove its usability wholly because there're a lot of problems that we will face when people starting to adopt it in their real life.
for example the transaction and the fees itself,

Forget all that, Bitcoin is useless because of all the hackers. I read more and more "all my coins are gone". How will uncle Phil protect his coins, if even pros can not protect theirs. I have mine on a paper wallet for a long time and I am too scared to "activate" them.

Your money can be also stolen from your pocket. Yes. But usually not thousands or ten thousands of dollars at once.

Most of these people won't bother buying or storing bitcoins. They will just trade on contract-for-differences. When the price of bitcoin increases, they will get fiat currency deposited into their bank accounts and be satisfied with that.

[bbc.reporter]

Personally, I believe he is both right and wrong.

He's right about the clearing of bitcoin trades. Wallstreet tends to create their own fkn problems. So Bitcoin should be isolated from all other clearing house products. Available margin should be low. Everything should be fully collateral backed. Leveraging and rehypothecation of Bitcoin derivatives against other investment products should be illegal and not allowed.

But he's wrong and condescending about the masses. I think they have stronger hands than over leveraged Wallstreet does. And during a sudden bearish event, if anything I would hope that the masses would be BUYING more bitcoin, not selling it.

But do you reckon that the playing field will change once Wall Street enters the arena? You may also have underestimated the influence of the market on the behavior of the people. Our resolve have not been tested yet because bitcoin is always going up since 2015. But if they cause another financial crisis, that threatens bitcoin to crash lower than $1000, I reckon it will be the end of the world for some of the strongest hands making them dump their coins.

[Lanatsa]

And this makes us think about that bitcoin can really reach more than $50 thousand dollars, because it made more than 1000% on this year.. Imagine if you wake up tomorrow and you see that your portfolio has went up by more than 10 times of your previous balance. If you had $100k, you are going to have a million if it happens. Of course that it is not going to happen soon because 2018 will be full of obstacles for bitcoin.
We only have to wait a little bit longer and see how does the market reacts from all those kind of stuff.

Even on those words i dont really believe that bitcoin now would possibly hit up 10x-100x-1000x on its current price as of now. On previous years its still possible while the price is still cheap but now not all people do have the capability on buying a whole bitcoin which is almost 8k usd price as of this writing.Analysis of bringing bitcoin to economy is actually right it can totally mess up the economy since price volatility cant really be stopped no matter what.This is why bitcoin would really still remain into its place on where it was now.It would really be better just this way.

[ivrynx]

I think they need to define further what they meant of real economy, it might confuse them. I think they are confused on what Bitcoin is and how Bitcoin works, they might need to ask the reason why the Rothschild invested in Bitcoin as well, since they are a family of bankers, they might have understand the reason why Bitcoin is a great investment. This only means that they fear Bitcoin and they realize that Bitcoin will replace Fiat in the future.

[kryptqnick]

actually what he said make a sense,
but it will affect the entire economy ? i doubt that it will.
Bitcoin has not prove its usability wholly because there're a lot of problems that we will face when people starting to adopt it in their real life.
for example the transaction and the fees itself,
what make it so special compared to other is its usability,but if the hype continue while nothing change i believe it'll be bad for Bitcoin itself in the future.
also CME listing is a bad move for Bitcoin right now but at the same time,
it's the trigger for people to know about it.
everything is like double edge sword for Bitcoin,they have their own advantage and disadvantage.

Well, I think it can affect global economy. Assume bitcoin is highly adopted by people who don't really care about it as a currency and solely consider it as a good investment. One day the price reaches something outrageous like $50k and people start selling evenrything, because they believe that this price is the best btc can do and the potential sums in fiat satisfy them a lot. So, the hell lot of btc is sold for local fiat. Next these people, having a lot of unexpected by governments money suddenly can afford to buy houses, cars etc. This results in devalvation of local currencies, thus leading the the world crisis.

[Almat]

As I mentioned in the past bearish thread I made, the CME Group's creation of a bitcoin futures and derivatives market might cause another catastrophic financial crisis. There is nothing stopping the CME from including scam cryptocoins and tokens in their market. Like what they did in the past, they will combine different scam altcoins with bitcoin in tranches, and have them rated as class A investments.

It is a very terrible time to be bullish.



Peterffy is reacting to news from CME Group CEO Terry Duffy, who earlier this month announced bitcoin futures would debut on the CME by the end of the year.

Peterffy called this move "suicidal."

"Bitcoin has risen by 1,000 percent over the last year. It went from 700 to 7,000 -- there is nothing to say it wouldn't go to 70,0000," Peterffy said.

He argued that even 20 percent limit up or down on bitcoin, as Duffy has suggested, wouldn't protect against bitcoin's volatility.

"It could bring down the entire economy," he said.

Read the whole article https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html

He is making legitimate arguments, actually. I thought it would be another FUD fest. There is no way to know but try though.

[Silberman]

As I mentioned in the past bearish thread I made, the CME Group's creation of a bitcoin futures and derivatives market might cause another catastrophic financial crisis. There is nothing stopping the CME from including scam cryptocoins and tokens in their market. Like what they did in the past, they will combine different scam altcoins with bitcoin in tranches, and have them rated as class A investments.

It is a very terrible time to be bullish.



Peterffy is reacting to news from CME Group CEO Terry Duffy, who earlier this month announced bitcoin futures would debut on the CME by the end of the year.

Peterffy called this move "suicidal."

"Bitcoin has risen by 1,000 percent over the last year. It went from 700 to 7,000 -- there is nothing to say it wouldn't go to 70,0000," Peterffy said.

He argued that even 20 percent limit up or down on bitcoin, as Duffy has suggested, wouldn't protect against bitcoin's volatility.

"It could bring down the entire economy," he said.

Read the whole article https://www.cnbc.com/2017/11/15/thomas-peterffy-keep-bitcoin-away-from-the-real-economy.html

I think he is right but do you think wall street is going to stop, they want to make as much money as they can and they are going to try their experiments with bitcoin, there is always a bubble, we had the dot com bubble and then the mortgage bubble, it seems crypto is next, but who cares, if they want to buy my  bitcoin for tens of thousands of dollars why I'm going to stop them.