[Bearish] The Dangerous Reason Why Bitcoin Just Hit Yet Another New High

[bbc.reporter]

Call me a contrarian or a bear but I still agree with Joe Saluzzi's fear in the CME group's listing of a bitcoin derivative. I reckon that it will be the Wall Street bankers who will be bringing a real crisis in the cryptospace. They will come in and suck more money from the community, faster than the ICO scammers.

Those bankers will be here to take our money, not to help bitcoin or other cyptocoins.





Saluzzi told CNBC that he liked the concept of Bitcoin, but has a problem with the idea “that on Wall Street the innovators are trying to package something up and put a derivative label on it when they really don’t know what’s underneath.”

“It reminds me of the financial crisis all over again,” he said.

Read the article http://fortune.com/2017/11/01/bitcoin-6600-high-cme-futures/

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[rjbtc2017]

"Those bankers will be here to take our money, not to help bitcoin or other cyptocoins." I definitely agree on this statement, they do have a lot of power and influence to manipulate the Price of Bitcoin unlike the ICOs and other Articles that encourages FUD. If these New High Prices will DROP and DIP after Big businesses open gates for Bitcoin then we got a real problem. These Big Businesses will take advantages on their power and influence to generate profit from Bitcoin from small investors worldwide(DIP if it will happen).

[The Sceptical Chymist]

I don't trust bankers or wall street guys either, but stuff like this is inevitable.  And I wouldn't project a negative outcome just yet.  Wall street getting involved could drive up the price to even more insane levels than we're seeing now.  And I'm familiar with the housing/mortgage crisis, and I think that comparison is stretching it just a bit too far.  People were defaulting on those mortgages because they got sucked into buying houses they never had a chance of affording.  Then it became all about the crazy mortgage backed securities that banks created.  How's that going to happen with bitcoin, exactly?

[Biodom]

They will make bitcoin CDOs, LOL.
Remember the mantra "housing never goes down in price"?
Imagine some WS types saying this about btc in a year or two and then 'wrapping" something around btc?
Shivers...

[bbc.reporter]

@Biodom. The problem would be what they wrap bitcoin with in the CDO. If they take random cryptocoin scams, placed together in a tranche with some bitcoin, then rate it as a class A investment, then there shall be problems.

It is was what happened in the housing bubble. They wrapped good mortgages with the bad ones and bribed the rating agencies to rate them as class A investments.  

[UnDerDoG81]

So is the wall street already in or will they enter later? Is that Pump coming from them?

[tweetbit]

The idea is valid, bankers will not just solve they’re insecurity’s to bitcoin by sitting down. That scenario is more likely to happen because if you can’t destroyed it why not benefits from it. In the first place I hope it won’t happen, I’m a little worried thinking about this but then who cares anyway. If it goes down we have chance to push it up again.

[pugman]

Did people seriously think that the stock market will behave in a friendly manner towards bitcoin? Sorry the answer is going to be no. People should have understood that the very moment Jamie Dimon laid down his dirty tricks. Even Warren Buffet is not a big fan of bitcoin. All the hype that caused people to buy bitcoin which is leading it's price towards 7000$ is also going to go in vain just like the hype of bitcoin gold which also lead to an ultimate failure.

[buwaytress]

@Biodom. The problem would be what they wrap bitcoin with in the CDO. If they take random cryptocoin scams, placed together in a tranche with some bitcoin, then rate it as a class A investment, then there shall be problems.

It is was what happened in the housing bubble. They wrapped good mortgages with the bad ones and bribed the rating agencies to rate them as class A investments.  

The problem... well there are so many problems! We've now seen how the big bankers have slowly turned perceptions from outright fear of Bitcoin, to curiosity and now greed, keen to take advantage of the next hottest money spinner. Across the continent in the UK, a company's stocked jumped more than 400% just by the addition of the word "Blockchain" to their name.

Just two days ago, an old classmate of mine, a particularly prominent figure in his business circle in the oil and gas industry, actually asked about Bitcoin. Long story short, Bitcoin's suddenly transformed into a legitimate commodity simply by its recent new packagings the likes of which you've just shared.

And so all this new money is flooding in. We can't do much about it. They may yet push current climbs to the bubble they all accused Bitcoin being. I'm loathe to celebrate this new ATH when the best I'd hoped for only two months ago was $5k.

[bbc.reporter]

@buwaytress. I fear that the people behind the CME group and Wall Street will take bitcoin in a bigger and a more unsustainable bubble, and then make it crash to the lowest of lows.

I also reckon that they are better in manipulating markets all around the world than any bitcoin whale can. At least with some bitcoin whales, they understand and care about the development of the cryptospace itself, Wall Street does not.

[tomahawk9]

@buwaytress. I fear that the people behind the CME group and Wall Street will take bitcoin in a bigger and a more unsustainable bubble, and then make it crash to the lowest of lows.

I also reckon that they are better in manipulating markets all around the world than any bitcoin whale can. At least with some bitcoin whales, they understand and care about the development of the cryptospace itself, Wall Street does not.

"Wall Street" and "Bitcoin", those two words in one sentence make me feel...uneasy.
But i'm with you on this one, these big financial companies will try to manipulate the btc market so that they can attract money away from the original market.

Also, from the article: "the trading of futures contracts further facilitates speculation as everything is done in cash". So people will spent money on this market but it won't help raise the price of bitcoin (since no bitcoins are being purchased), sounds to me like this is just a tool to suppress the btc price and  keep their fiat ponzi alive...thank you bankers.

And about CME group and bitcoin futures, to some people this is big news because it will help bitcoin go 'mainstream' as a legitimate and legal asset to invest in. To me, I'm not 100% sure this is good news for Bitcoin.

[iamTom123]

I can also feel the sense of some fear in here all because we know how Wall Street played that big role in many financial crisis in the past. One fear is that this can stimulate more speculations and of course more volatility. However, I think that since Bitcoin has already evolved and is about to enter the mainstream this thing can be inevitable. Sooner or later a similar investment tool involving Bitcoin would be introduced into the open market. All we can do is hope that things would be be fine and this new development can be working good for the future of cryptocurrency. Hope that Bitcoin can proved itself so resilient when futures can be operating already in the market.

[yndye]

"Those bankers will be here to take our money, not to help bitcoin or other cyptocoins." I definitely agree on this statement, they do have a lot of power and influence to manipulate the Price of Bitcoin unlike the ICOs and other Articles that encourages FUD. If these New High Prices will DROP and DIP after Big businesses open gates for Bitcoin then we got a real problem. These Big Businesses will take advantages on their power and influence to generate profit from Bitcoin from small investors worldwide(DIP if it will happen).

With their power, they can make bitcoins price go lower or higher. The ICOs and FUDs just depend on the people who will either let themselves be fooled by the manipulations but when it comes to wall street, it would be a different story. They have the power to crush crypto because they are backed by government and even if the small time investors would try to push it higher, maybe there would be a time when there's no steam anymore to push it higher.

[DaMut]

right now we have a problem with scammers and shit ICOs,
and another problem will happen in the near future with CME group or whatever they called it.
for now Bitcoin is very very easy to get manipulated by people,
with that alone we can see a big weakness in Cryptocurrency,they can push it to the sky and they can press it also.
just see how far it will be ?
but i bet there will be another huge run caused by them in upcoming months,
and i hope it'll not be the last one,at least with them Bitcoin will be a bubble in the near future i believe.
winter is coming

[fabiorem]

So is the wall street already in or will they enter later? Is that Pump coming from them?

They are already in. Everytime a whale dump his coins, a shark buys them. That's why the price is going higher so quick, despite the B2X drama.

Dimon was even sued by the swedish state for market manipulation, because JPM was buying bitcoins at Nasdaq Stockholm, at the same time he said that bitcoin is a "fraud".

They will surely spike the price higher, it can come to six digits by next year. But they can crash it afterwards, doing to it the same they did to gold and silver.

[alyssa85]

I think people forget that with futures, you can SHORT the price as well as go long.

So many speculators are assuming that if bitcoin is traded on the Chicago Mercantile Exchange the price will go up - but it could easily be an opportunity for those bankers who hate bitcoin to short the life out of it.

[cynical]

I mentioned this CME group in a different post,
they will treat Bitcoin like a pure asset to trade the life out of it and get PROFIT,
which is of course not what bitcoin was intended for.

could the future hold an event where all true bitcoin people to move to an alternative, like BCH, BTG or B2X ?
and leave bitcoin to the traders ?

just throwing that out 

[Pap0u]

https://www.tradingview.com/u/Papou/

[HeRetiK]

I love how people are getting worried about how Wall Street could tarnish Bitcoin's reputation. And rightfully so, unfortunately. Oh how times have changed.

It looks like the Bitcoin experiment is entering the next phase, let's see how it prevails.

My positive thinking side thinks it's great that there are finally financial derivatives to hedge crypto risks. My realistic thinking side is moaning at the thought of investment bankers having found yet another gambling playground to lose other people's money in while claiming to be experts in their field.

[Pab]

I also dont like that great news,to add more Chicago Option Board Exchange wants to join party
At least two platorm will be better than just the one
What is that option market,just one big casino gambling with betting on bitcoin future price,betting with cash
It has nothing with btc,most that big option bettors will not learn what crypto is all above

Our secret weapon against them will be doge,we will crash them with doge hedge
Will than wall street add doge to his list,joke of century