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Author Topic: The recent price rise is really bad news for Bitcoin  (Read 1400 times)
JTEN18
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December 07, 2017, 04:08:05 PM
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I dont know guys. I dont think the banking industry even cares about bitcoin. Recently, my work put me in contact with the Head of Czech National Bank and naturaly I have asked about bitcoin. He did know what bitcoin is, but his knowledge was limited. He was of the opinion that its irrelevant and that it has no future in public finance. I know that Czech Republic is not the most economicaly strong country, but I think it might be similar else where.

The Banks want Cryptos dead, its direct competition to them. Why would you want to pay a 10$ for an international wire payment, when you could send some ___coin instead?
Of course banks really cares, a lot of users are really wanting to invest in bitcoin rather than investing in bank which gives you just a bit profit. It casuses a big impact to them the money circulation that must be for them is now in bitcoin so they are really manupilating it.

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December 07, 2017, 04:22:12 PM
 #22

This seems very unlikely to me.

1) If any gov't or entity succeeded in owning enough BTC that they controlled it it would kill the value of bitcoin and its appeal would be lost.  The financial industry would go into this knowing they'd be losing hundreds of millions of dollars to try to kill BTC.  Perhaps that's better than having BTC become a realized threat to their industry.  But the issue with that is...

2) There are plenty of other altcoins ready to step up to the plate if BTC becomes unusable.  The financial industry would have to go through this same process over and over again every time a cryptocurrency hit $15k or whatever threshold they deem threatening. 
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December 07, 2017, 04:23:43 PM
 #23

actually more important its blockchain than its price
according to me

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December 07, 2017, 04:24:15 PM
 #24

I'm not an expert on the matter, but from the way i see it a volatile and unstable market like what we've seen this past month with bitcoin, is not good for any currency that aims to have real world usage.

No platform in it's right mind is gonna accept bitcoin payments, when bitcoin can pump or dump 20% in 2 hours. That's just insane.

If bitcoin isn't a stable and acceptable currency by most platforms than it's just a speculative bubble, and as any bubble you can make LOTS of money in a short timespan, but you can also lose a lot.

For small time holders and investors this is one shitty position to be in, for trader whales this is heaven.

Bitcoin will not die out and the crypto market is gonna grow for sure, but if bitcoin doesn't stabilize bad things are gonna happen to it and it's gonna cause mayhem on the crypto markets.
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December 07, 2017, 04:27:41 PM
 #25

You do have a point there and with the steady cost increment, it made a few dealers question additionally that the higher the expansion more probable it'll bob back to around $11k or thereabouts. The expansion is frightening and perhaps an awful news for bitcoin yet uplifting news for the individuals who put resources into bitcoin

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December 07, 2017, 04:29:25 PM
 #26

I have to agree with the premise of the OP. What's the ONE thing people haven't been able to do with bitcoins so far?

Shorting the market.

Why would big institutional players push their buddies on the CME to create a futures market for them? Think long and hard about that question.

Where's the BTC market MOST likely to go from here after weeks of relentless rallying?

I think there will be a massive dump right after the big boys are all set in their short futures positions, after all, they're the ones who have been buying bitcoins ever since Jamie Dimon sank the market for them earlier this year. His 'off-hand remark' was carefully timed and coordinated, believe me.

This type of manipulation exists in all markets, always have, always will.
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December 07, 2017, 04:36:26 PM
 #27

You do have a point there and with the steady cost increment, it made a few dealers question additionally that the higher the expansion more probable it'll bob back to around $11k or thereabouts. The expansion is frightening and perhaps an awful news for bitcoin yet uplifting news for the individuals who put resources into bitcoin

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December 07, 2017, 04:38:49 PM
 #28

I do not know what triggers bitcoin prices, but right now, the world is talking about it. this very high price makes anyone interested in bitcoin. well, this is something nice for some people, but for some people this can also be something bad.

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December 07, 2017, 04:48:38 PM
 #29

The other thing that you may not have noticed is that an option contract is not tied to specific Bitcoins. If I purchase a traded option to buy 5 Bitcoin next June, the option writer doesn't have to specify blockchain identifiers for those 5 coins. Next June he can deliver with any old bunch of Bitcoins. This moves us away from the "physical" Bitcoins into the realm of virtual Bitcoins. People have enough trouble understanding virtual assets, how are they going to get on with the concept of a virtual holding of a virtual asset? This could leave the way open for the creation of fractional reserve Bitcoins.

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December 07, 2017, 06:48:17 PM
 #30

I dont know guys. I dont think the banking industry even cares about bitcoin. Recently, my work put me in contact with the Head of Czech National Bank and naturaly I have asked about bitcoin. He did know what bitcoin is, but his knowledge was limited. He was of the opinion that its irrelevant and that it has no future in public finance. I know that Czech Republic is not the most economicaly strong country, but I think it might be similar else where.

The Banks want Cryptos dead, its direct competition to them. Why would you want to pay a 10$ for an international wire payment, when you could send some ___coin instead?
Of course banks really cares, a lot of users are really wanting to invest in bitcoin rather than investing in bank which gives you just a bit profit. It casuses a big impact to them the money circulation that must be for them is now in bitcoin so they are really manupilating it.

But how often do you even make international transfer? You need to pay for day to day things and you dont use bitcoin for that. You also need to take loans you also dont use bitcoin for that. You need some cash which bitcoin is still unable to replace. I am doing Ph. D. in financial law and I focus on bitcoin, but I totally understand that the banks do not care about it. Dont forget that the blockchain technology is available to everyone. Banks can create and they already did their own settlement network based on bitcoin technology.

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December 07, 2017, 07:18:00 PM
 #31


But how often do you even make international transfer? You need to pay for day to day things and you dont use bitcoin for that. You also need to take loans you also dont use bitcoin for that. You need some cash which bitcoin is still unable to replace. I am doing Ph. D. in financial law and I focus on bitcoin, but I totally understand that the banks do not care about it. Dont forget that the blockchain technology is available to everyone. Banks can create and they already did their own settlement network based on bitcoin technology.

I'm surprised to see a PhD student mking comments like that. I do a lot of international transactions - at least one a day, as I deal in virtual assets. I don't need  a loan, and I would encourage everybody to avoid loans. Debt is slavery, so don't become a slave. Banks are extremely concerned about the crypto currency revolution. as it removes the need for banks if carried to the ultimate. Will it get there? Probably not, but it does introduce a major financial instrument that is outside their control, and they hate that.

Blockchains have been around since at least the 1960s. The Bitcoin revolution was to combine a blockchain with a PoW block generation method, and recording the chain on multiple copies of the ledger stored by a large interlinked peer group. Banks will never create a system like that as they cannot control it.

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December 07, 2017, 08:10:26 PM
 #32

I do not know what triggers bitcoin prices, but right now, the world is talking about it. this very high price makes anyone interested in bitcoin. well, this is something nice for some people, but for some people this can also be something bad.
This would be a totally high increase in bitcoin and many people are really happy knowing that.But to some investors in altcoin of course they will really feel so bad hoping that bitcoin will have a dump one of these days.

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December 07, 2017, 08:21:57 PM
 #33

On a trader's point of view, as long as they are making profit, any movement from the market that benefits them would be totally okay. The price rise seems to be another preparation for what's coming by 18th of December when bitcoin futures at CME goes live. Imagine what would happen once these financial magnates start participating and trading against bitcoin. Everything would go completely nuts.

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December 07, 2017, 08:29:24 PM
 #34

I don't know but maybe the players and even the normal ones won't let it happen as even a price fall like this one can still recover and perhaps be more profitable for them. And its seems that you are only speculating as you don't even have a factual evidence supporting your claim. Also when you look at Bitcoin and its price movement you will know that every time Bitcoin's price fall it will soon recover and may be in to break a new all time high as this is the most common trend I am following even until now.

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December 07, 2017, 08:34:45 PM
 #35

Recent price riseing of bitcoin is really bad for us.Because we cannot buy more bitcoin now.it's totaly expensive.Invest on bitcoin is dificulte for investors now.

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December 07, 2017, 08:44:44 PM
 #36

On a trader's point of view, as long as they are making profit, any movement from the market that benefits them would be totally okay. The price rise seems to be another preparation for what's coming by 18th of December when bitcoin futures at CME goes live. Imagine what would happen once these financial magnates start participating and trading against bitcoin. Everything would go completely nuts.
Yeah a good crazy situation are happening right now , people come to buy Bitcoin make money in short time and sell it immediately, they come back to do the same thing. And once the bad crazy market situation comes I'm pretty sure people can't afford to anticipate the unimaginable crash at some point.

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December 07, 2017, 08:49:46 PM
 #37

Recent price riseing of bitcoin is really bad for us.Because we cannot buy more bitcoin now.it's totaly expensive.Invest on bitcoin is dificulte for investors now.

I don't think it's a problem, If you want to invest in bitcoin, Invest as much as you can afford. There is no need to buy 1 bitcoin. you can buy 0.1, 0.01 or even 0.001 of it. What i important is the value of your investments in dollar.

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December 07, 2017, 08:50:48 PM
 #38

I'm hearing that a lot of Bitcoin purchases are coming from South Korea. If that is true, then Bitcoin will become political in a major way.

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December 07, 2017, 09:02:56 PM
 #39

I'm not very happy with this price. I'm not holding so much bitcoin. The altcoins that i hold are dumping because of bitcoin.

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December 07, 2017, 09:06:19 PM
 #40

I'm not very happy with this price. I'm not holding so much bitcoin. The altcoins that i hold are dumping because of bitcoin.
Even if you dont hold bitcoin you should still be happy because those altcoins you do hold would end up on converting it to Bitcoin for sure. We should be grateful on the amount and its normal for alts to dump since people or investors are focusing now on BTC which if the price increase rally is over and theres already profit taking scenario then for sure price will correct and people would go back into alts.Its just like that, if you are a long time bitcoiner you do already know the aspects and movements of bitcoins price.

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