Another bad news for Bitcoin

[Fawez]

Steve Eisman, à famous investor, particularly influential on Wall Street, was in Hong Kong to participate in a particularly important convention in the finance sector. The man had to express himself about crypto-currencies, explaining that for him it was only a fling::'' I do not see the point. What is the added value of crypto-currencies? No one has been able to give me an answer to that question. »

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[elachious123]

Hmmmm, this is a questions we must all pounder on. What is the value added of Cryptocurrency? But all I know is that Cryptocurrency has come to stay.

[burakdat]

Yeah i thought of this also but still i want cryptocurrency to stay this way and let us get along with it. As we all know that some of the members here had benefited already with cryptocurrency and we are hoping that we are too in the near future. As we get along with day by day we are able to learn more about cryptocurrency and we are hopeful that it could stay this way.

[Carthages]

Steve Eisman, à famous investor, particularly influential on Wall Street, was in Hong Kong to participate in a particularly important convention in the finance sector. The man had to express himself about crypto-currencies, explaining that for him it was only a fling::'' I do not see the point. What is the added value of crypto-currencies? No one has been able to give me an answer to that question. »

He is a respected personality in the United States. Is it him who  inspired the character of the movie The Big Short ?
Anyway, he gave his opinion on Bitcoin and on crypto-currencies ,and it going to have a bad influence to its rate .

[BitNaija]

He has not used cryptocurrency. Has he? If yes, he wouldn't ask that question. One simple answer is fast, decentralized and well secured peer to peer payment across the globe.

It this has existed before cryptocurrency, he should let me know. I see it as added value.

[Kprawn]

" After offering testimony to Senate Health, Education and Labor Committee on problems with for-profit higher education,

Eisman was criticized by progressive groups such as Citizens for Responsibility and Ethics in Washington on the grounds that

he stood to profit from proposed regulations due to his short positions against private colleges."

https://en.wikipedia.org/wiki/Steve_Eisman

So, his game is simple : Short Bitcoin, talk trash about Bitcoin, Bitcoin price takes a nose dive, take profits. 

These guys just know how to play the game and they will never be caught with the hand in the cookie jar. 

https://www.cnbc.com/2018/05/14/big-short-steve-eisman-blasts-cryptocurrencies-bets-against-deutsche-bank.html

" "For the first time in all the years I've covered bank stocks, I can honestly say the financial system in the United States is

safe." <---- Massive Bank Shill.     ....Famous last words!

[Kiss me]

what bad news is that. . . make people afraid of ha ha. . .

[Pearls Before Swine]

This isn't bad news at all.  It's merely an investor expressing his opinion on bitcoin, and it doesn't even sound like he blasted it at all.  He's merely skeptical of bitcoin's value, which I confess I am as well.  People who make their living trading stocks and such won't necessarily have any need whatsoever for crypto, and that's something we all should expect and accept.  It's the same thing with Warren Buffett, who has expressed his doubt as well.

Time will either vindicate the true believers or not, but crypto has been around almost 10 years now and it's been an incredible ride so far.  And think about this, 1BTC=$7500.  Bitcoin started at basically zero in 2009.  That is incredible progress.

[nydiacaskey01]

" After offering testimony to Senate Health, Education and Labor Committee on problems with for-profit higher education,

Eisman was criticized by progressive groups such as Citizens for Responsibility and Ethics in Washington on the grounds that

he stood to profit from proposed regulations due to his short positions against private colleges."

https://en.wikipedia.org/wiki/Steve_Eisman

So, his game is simple : Short Bitcoin, talk trash about Bitcoin, Bitcoin price takes a nose dive, take profits. 

These guys just know how to play the game and they will never be caught with the hand in the cookie jar. 

https://www.cnbc.com/2018/05/14/big-short-steve-eisman-blasts-cryptocurrencies-bets-against-deutsche-bank.html

" "For the first time in all the years I've covered bank stocks, I can honestly say the financial system in the United States is

safe." <---- Massive Bank Shill.     ....Famous last words!

This one hits the spot. Its a typical whale strategy specially for those who want's to get in but too late. So instead of buying at high price, he used his influence, he uses the stage. But if you are familiar with how Bitcoin behaves, it will recover eventually. Bitcoin has gone through this kind of situation before. This is not something new anymore.

[KingScorpio]

Steve Eisman, à famous investor, particularly influential on Wall Street, was in Hong Kong to participate in a particularly important convention in the finance sector. The man had to express himself about crypto-currencies, explaining that for him it was only a fling::'' I do not see the point. What is the added value of crypto-currencies? No one has been able to give me an answer to that question. »

olthough i am too opposing bitcoin i can answer that actually,

cryptocurrencies, decentralise the financial system, that is currently focused on communal establishments, those basically see and threat the population that cannot print money, like money earning cattle, which is forced to sell their time, in order to obtain consumption capacities through money.

with cryptocurrencies and a good decentralised cryptoeconomics it is possible to decentralise the economy from those establishmentists, that effectively run a neofeudal rule over those that don't own anything and have to sell them their time, like slaves.

this is a very painful truth and it is being surpressed deliberately.

regards

[Interrobangz67]

This isn't bad news at all.  It's merely an investor expressing his opinion on bitcoin, and it doesn't even sound like he blasted it at all.  He's merely skeptical of bitcoin's value, which I confess I am as well.  People who make their living trading stocks and such won't necessarily have any need whatsoever for crypto, and that's something we all should expect and accept.  It's the same thing with Warren Buffett, who has expressed his doubt as well.

Time will either vindicate the true believers or not, but crypto has been around almost 10 years now and it's been an incredible ride so far.  And think about this, 1BTC=$7500.  Bitcoin started at basically zero in 2009.  That is incredible progress.

Their opinions don't matter although they are free to express themselves. It doesn't sound like he did is research about the blockchain technology anyway.

[cryptorTUX]

Steve Eisman, à famous investor, particularly influential on Wall Street, was in Hong Kong to participate in a particularly important convention in the finance sector. The man had to express himself about crypto-currencies, explaining that for him it was only a fling::'' I do not see the point. What is the added value of crypto-currencies? No one has been able to give me an answer to that question. »

This is personal opinion, some people are trying to find the answer they are looking for. Obviously this guy who ever he is first time hears about crypto and he might feel awful for not stepping it foot on the train and get money out of it. So now he is looking for reasons not buy into crypto or blockchain tech. Crypto is the future and there is no person on the planet that can make my opinion otherwise in this moment in time. It simply is, call it a bitcoin or something else it will exist in the future and have its value. Let me ask you a question how dollar has value by being backed up with debt?

[Batask]

Hmmmm, this is a questions we must all pounder on. What is the value added of Cryptocurrency? But all I know is that Cryptocurrency has come to stay.

Hm, its normal movement everybody. And here in investment there is always bad news and good news, all we need to do is to timing at the exact moment so that we can earn profit. Like right now its bad news because its falling, but its also a good news to those people who did not invest yet, so expect worst and after that profit will come to you.

[bitbunnny]

And why is that bad news for Bitcoin?
And who says that he is so influental that his opinion would affect Bitcoin in some significant way, to much attention is given to.such "experts".
To my opinion the greatest added value of Bitcoin is decentralization and new technology (blockchain) that is based on. This is the first time in financial history that we have system like that and that can actualy change something.

[dothebeats]

Any successful trader who never held cryptocurrencies in their lives that come and make some negative comments about it shouldn't be listened at. It's like they're giving a review to an item which they don't like because they have one that they use and they are paid to use it. These comments are irrelevant no matter how successful one might be in investing if they don't fully understand the concept and dynamics of cryptocurrencies. Sure it's a new tech and it's volatility raises red flags, but the mere fact that people invested so much onto it and built services around it already justifies that people want it to stay.

[WaffleMaster]

Steve Eisman, à famous investor, particularly influential on Wall Street, was in Hong Kong to participate in a particularly important convention in the finance sector. The man had to express himself about crypto-currencies, explaining that for him it was only a fling::'' I do not see the point. What is the added value of crypto-currencies? No one has been able to give me an answer to that question. »

So, why is a rich person who doesn't understand something bad for whatever they are talking about that they don't understand? Often when you're rich and successful, you'll be surrounded by people who just further your own idea so they can keep cashing out on your checks and never try to contradict your ideas to avoid upsetting you.

There are many use cases for Bitcoin, and just because some ignorant rich guy doesn't understand it doesn't mean it is bad for the market

[Sam San]

And why is that bad news for Bitcoin?
And who says that he is so influental that his opinion would affect Bitcoin in some significant way, to much attention is given to.such "experts".
To my opinion the greatest added value of Bitcoin is decentralization and new technology (blockchain) that is based on. This is the first time in financial history that we have system like that and that can actualy change something.

his is the main bad news for States, and they are trying to confront this new phenomenon together. and some financial circles use the situation to knock bitcoin out of weak hands and take as much as possible and as cheap as possible

[Nurul_]

after I read the news or information, that the Chinese country to buy 100 thousand bitcoin me to mind if. one day they will slam the bitcoin price. sell bitcoin at once after bitcoin prices start to improve .if that happened. when will the bitcoin rate keep improving ?. so that small investors can also feel the result of their investment .

[makolz26]

Maybe he has a point and obviously he knows what he is saying and he is free to say whatever he wanted to say, but for me, although there is a negative side about bitcoin I would still want this despite of everything that I am hearing and regardless how famous and influential that person is.

[nanda1280]

" After offering testimony to Senate Health, Education and Labor Committee on problems with for-profit higher education,

Eisman was criticized by progressive groups such as Citizens for Responsibility and Ethics in Washington on the grounds that

he stood to profit from proposed regulations due to his short positions against private colleges."

https://en.wikipedia.org/wiki/Steve_Eisman

So, his game is simple : Short Bitcoin, talk trash about Bitcoin, Bitcoin price takes a nose dive, take profits. 

These guys just know how to play the game and they will never be caught with the hand in the cookie jar. 

https://www.cnbc.com/2018/05/14/big-short-steve-eisman-blasts-cryptocurrencies-bets-against-deutsche-bank.html

" "For the first time in all the years I've covered bank stocks, I can honestly say the financial system in the United States is

safe." <---- Massive Bank Shill.     ....Famous last words!

Bitcoin has dropped to a point in the unfavorable to produce, according to some estimates.

"Bitcoin is currently being traded on a break-even fee for bitcoin mining, at $ 8,038 based on the mining model developed by our team," Thomas Lee, Fundstrat said in a report on Thursday.

The Fundstrat model incorporates three factors, namely the cost of equipment, electricity and other overheads such as maintaining cooling facilities.

Cryptocurrency traded slightly lower, approaching $ 8,000 Thursday, according to the CoinDesk bitcoin price index, which tracks prices from four major global bourses. Earlier, bitcoin hit a low of $ 7,676.52, the lowest since Feb. 8, according to CoinDesk data.

Bitcoin is created through an energy-intensive "mining" process that uses high computational power to solve complex mathematical equations, proving that an anonymous miner uses an agreed-upon process of networking to build a blockchain transaction record. Then, miners get bitcoin as a reward for successfully completing the equation.

"In some cases, miners might just shut down the engine until the price goes back a bit," said Shone Anstey, co-founder and president of Blockchain Intelligence Group. "Keep in mind that some of them may lose money."

Currently, Bitcoin miners need specialized hardware whose price can reach several hundred to several thousand dollars, because it requires a lot of technology, and more efficient equipment.

In fact, the need to replace equipment accounts for more than half the cost of mining, according to the Fundstrat model, said Sam Doctor, head of quantitative data science. He assumes electricity costs of 6 cents per kilowatt hour and other costs to a break-even forecast of $ 8,038.