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Author Topic: The recent price rise is really bad news for Bitcoin  (Read 1393 times)
Jet Cash
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December 07, 2017, 09:38:07 PM
 #41

I am reading a lot of comments that bankers want Bitcoin dead because it would be competing them out of a job.

Here's a different point of view: what if bankers don't care how they make money? If the most effective way to make money at this time is hoarding Bitcoin, they have no interest in shorting. But that will change once the number of available Bitcoin dries up. Then we'll see new tricks and attacks to force weak hands to sell.

Or maybe the above has already happened a few weeks ago...

Bankers make trillions all around the world, and they do it because of zero interest rates, fractional reserves, and the ability to just print money to lend to people to get them into debt based slavery. The amount of money in Bitcoin is peanuts on a global scale, but it has spawned the birth of other crypto-currencies, and this is a major threat to the banks. If people have a choice of uncontrolled methods of international payment, then it kills a major part of banking profits. If they can frighten people into believing that money has to be regulated and controlled by governments, then they can continue with their dominance.

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cryptojedi
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December 07, 2017, 09:41:35 PM
 #42

You theory would hold water without one single think you ve missed. There re at least 10 alts just waiting to take over BTC place under the sun. So if bankers would even try something like that, it would be a very futile attempt.
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December 07, 2017, 09:47:25 PM
 #43

I think you are missing the point. Bitcoin is the gold standard, it will survive, and no doubt the bankers will use it for their own exchanges, just as they do with gold. It's the public acceptance that is important. If the banks say - look we have got a blockchain system, and it's stable and safe, and they compare it with a Bitcoin system that is volatile, and is reported to be insecure. Which one of the two will the public choose. I believe that the biggest threat to Bitcoin isn't blocksize or stuff like that, it's exchanges that steal people money, or can't keep wallets safe.

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ErjayR15
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December 07, 2017, 09:49:58 PM
 #44

I believe that the price increase is the result of the bankers and their controlling cartel deciding that they cannot stop Bitcoin, but they can make it unusable. They can do this by soaking up all the Bitcoin they can find, and not selling any of it. This has resulted in a dramatic price increase, and a rush by the unsophisticated to join the party, and make their fortune. In the meantime the cartel members are making huge profits on paper. At some point they will stop buying, and sell a few blocks of Bitcoin. This will trigger a rush to cash in profits, or to stop losses for people who bought Bitcoin when they couldn't afford it. The resulting crash will damage the reputation of Bitcoin amongst the average users, but leave a vast store of wealth for the financially aware. After a suitable interval, the cabal can re-enter the market and repeat the process. The newer futures trading platform will allow them to lock in profits from the rise, and suck money away from those who have bought contracts expecting the price to rise exponentially. The price will continue to rise until they have managed to open enough put options to trigger the drop.

Remember guys - Jet Cash warned you about the price movements first. Smiley

We need just wait some time (10. and 18. december) when Fjuchers will be added for investors and traders. after we can see that bitcoin will increase slowly or faster.
hilda483
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December 07, 2017, 09:52:11 PM
 #45

I believe that the price increase is the result of the bankers and their controlling cartel deciding that they cannot stop Bitcoin, but they can make it unusable. They can do this by soaking up all the Bitcoin they can find, and not selling any of it. This has resulted in a dramatic price increase, and a rush by the unsophisticated to join the party, and make their fortune. In the meantime the cartel members are making huge profits on paper. At some point they will stop buying, and sell a few blocks of Bitcoin. This will trigger a rush to cash in profits, or to stop losses for people who bought Bitcoin when they couldn't afford it. The resulting crash will damage the reputation of Bitcoin amongst the average users, but leave a vast store of wealth for the financially aware. After a suitable interval, the cabal can re-enter the market and repeat the process. The newer futures trading platform will allow them to lock in profits from the rise, and suck money away from those who have bought contracts expecting the price to rise exponentially. The price will continue to rise until they have managed to open enough put options to trigger the drop.

Remember guys - Jet Cash warned you about the price movements first. Smiley

Recently there has been a lot of news coverage regarding Bitcoin therefore your theory might be wrong. More people are aware of Bitcoin, that's one of the reasons the price went up.

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freebutcaged
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December 07, 2017, 11:16:09 PM
 #46

They don't want it dead, you can't kill or stop the unstoppable mate, what they want is a shift, moving the ball to their playing field, what exactly

Happened to trigger the rise? Bitcoin futures and wall street happened, what will happen when they announce that Bitcoin is not fast, cheap enough

For their business model? Bitcoin cash comes in and saves the day by 8Mb blocks and fees less than a buck.
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December 07, 2017, 11:28:32 PM
 #47

Just waiting on the correction over here like Roll Eyes We will see with this upcoming year the result of bitcoin
BadGhost
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December 08, 2017, 12:13:53 AM
 #48


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.

I agree with you on the avoidance of a loan, but I must disagree on the rest. You are obviously against banks. I am not a big fan either, but I think banks do have a place in the world. I dont think older people want to do something with bitcoin and similar. I dont understand why the banks should be extremely concerned? I am surprised that they, according to my findings, care so little, but what should be concerning to them? To the extend even as little country as the Czech Republic, could buy one third of bitcoin right away from its Euro holdings.

Also most of the banks have very little financial control whats so ever. There are a few banks like European Central Bank or other national banks that have any financial influence. Its so because financial means that the banks have a legislative power against others. Commercial banks do not have that, thats on legislature. Don't get me wrong I like the idea of bitcoin much more than the idea of new world crisis created by bankers. Then again did the bankers really created the 2008 crisi or the people who bought faulty products from them? The people who took so much debt they weren't able to repay it?

Also the loans, I absolutely agree with you that asking for a loan is risky and should be avoided, but sometimes its necessary - to start a business for example. To buy a house. Some people really need that to afford their own place. Banks are regulated and insured so the average one can use their product without fear. Bitcoin is now completly different. Who the hell uses it for payments? Its monetary function is absolutely useless now. Why would I pay if in 10 minutes I will have much more than I had?

Look the value of bitcoin is its acceptance and the fact that people know what it is. Problem is that if banks use the same technology and put in to their existing network, they will have much broader acceptace and more trust.

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December 08, 2017, 03:15:31 PM
 #49

Then again did the bankers really created the 2008 crisi or the people who bought faulty products from them? The people who took so much debt they weren't able to repay it?

Maybe we're going off-topic here, but do you think cryptocurrencies are immune to events like that? In a way Bitcoin was an escape from fractional reserve banking, but this year has introduced several cryptocurrency lending startups. Lending means debt and interest, and interest means money creation. Are we retracing the mistakes we were trying to fix in the first place? 

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December 08, 2017, 07:59:24 PM
 #50

Problem is that if banks use the same technology and put in to their existing network, they will have much broader acceptace and more trust.


Banks using private centralized blockchain technology to make payments through them much faster would indeed hurt Bitcoin a bit. But having to wait a week for a bank to process a payment isn't the only thing that makes Bitcoin better. Banks updating their businesses to use blockchain doesn't change the fact that your money is still "owned" by the bank/government. A public decentralized blockchain like bitcoin means YOU own your money. It means you can send money and pay for things directly with Bitcoin. Paying for things through the banking system still goes through the banking system even if they use blockchain. There is a lot more to Bitcoin than just a quicker way to send money. Banks can never offer all the other benefits of Bitcoin because those benefits have to do precisely with staying outside of the banking system.
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December 10, 2017, 08:57:46 PM
 #51

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.
Actually banks already made their own application for faster mode of payments like blockchain. But knowing the fact that they are limiting it to invest on bitcoin . Lets go bank to the topic. The buying of bitcoin really rockets because of low selling of bitcoin which I also think that many people are expecting for bitcoin to increase its price more by the end of the year.

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