Wall street traders and bankers are bitcoin's enemies.

[soy39]

Wall street and bankers are bitcoin's enemies.  

As a means of maintaining value, in the present bitcoin has been defeated.  On 12/17/17 btc=$19379 and today 7/11/18 btc=$6345.  A drop of $13034 or $501/week.  I bailed when I looked at the slope and the previous 2 weeks saw 5.05%/week drop.  Right now the the $501/week average amounts to 2.57%/week.  

One would be an idiot to leave money as bitcoin while it's losing value at 2.57%/week.

Bitcoin's enemies did this.  Wall street brokers and bankers used media to boost the value of bitcoin approaching 12/17/2017, when trading in bitcoin futures took effect, then casting shade driving bitcoin down, classic pump an dump.

I tried buying a few stocks years ago when my bank allowed trading.  I figured oh, no traders to deal with, I was wrong.  Buying a  few stock saw unexpected fees that made the whole exercise a bust.  This was years before bitcoin.  And moving money, the international fees were horrible.  That's why Wall Street brokers and bankers couldn't allow bitcoin to stabilize and rise in value.  They don't want our money in btc.  As fiat currencies increasingly continue to be watered down while money is pumped to the top 1%, the fixed quantity of bitcoin should only allow it to win.  At least that was the case until bitcoin futures trading took effect.

Will eliminating bitcoin futures trading fix it?  Big deposits and withdrawals will still work to pump money out even without bad press to drive value down.  Still, stopping futures trading will kill the incentive for some bad press.  

Early on bitcoin was the place to be when  there was trouble.  That sure changed.  Right now with trade wars a reality one would think money would be heading to bitcoin in a big way.  Why isn't it?  Who's ox was getting gored that that changed?

soy39

(the 39 unrelated to red lining implications - though that 17/17 does bring a pair of grim reapers to mind)

[1714138878]

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[1714138878]

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[soy39]

And suppose a ban on bitcoin futures trading resulted in a long term positive recovery of bitcoin?  What would that say about futures trading of equities in general?

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Interesting.  Looking at the Futures Contract Wikipedia page, the Dutch pioneered and had formal futures markets in the 17th century.  I see references to the tulip bubble bust when shade is being cast at bitcoin.  The tulip bubble that burst.  What caught my eye in this wiki was that a tulip futures market appeared near the height of tulipmania in 1636.  February 1637 saw the crash of the tulip market.  Did speculators see an opportunity to make money bursting the tulip bubble?

[soy39]

And while we're at it why not ban bitcoin lending.  Our economy went to serious inflation when fast cash became available from Ready Credit, to Diners Club cards, to credit cards generally.

[Nunoluck]

Wall street traders will look into bitcoin as well, in this case bank is the only one enemy. All traders are the same, they want to gain profit, and Bitcoin provide bigger opportunity for it. Wall street traders can be Bitcoin investors in the future.

[Stavri]

There is a good advantage in crypto market for everybody. Volatility is so high. So anybody can make so huge profit in very short time. I think they dont like this.

[mamesso]

There is a good advantage in crypto market for everybody. Volatility is so high. So anybody can make so huge profit in very short time. I think they dont like this.

in fact nothing is easy, trading is still at risk for anyone.
New investors should know that crypto trading is not easy, and I agree that there will be movement from Wall Street traders to trade crypto. but they must know the risks.

[r32godzilla]

It's a well established fact that wallstreet traders and bankers are against bitcoin.They don't want to lose their dominance over the market which they think to get crashed if bitcoin allowed.

[soy39]

I mentioned a try at buying stocks.  Bitcoin is too egalitarian for the world financial industry.   If they can't make bitcoin lose money they lose money.

[soy39]

So, I wonder how this state of affairs happened.  Like in this country, did the approving authority that gave the go ahead to trade bitcoin futures ask anyone if we the bitcoin users minded?  I understand bitcoin doesn't have a ruling authority but was the Bitcoin Foundation even consulted?

In 1972, when the IMM was created, was every country who's fiat currencies were then to become part of currency futures, consulted?

Futures trading is astoundingly tempting to manipulation of markets, currencies, equities.  

[squog]

Maybe and maybe not. They could be doing something to crash the price of Bitcoin. But the fact of the matter is that huge almost 20k USD spike is a fluke. If you follow the trend, it shouldn't increase that much. It should've been around only 10k USD and the 6k USD correction if fine. Besides, i think Bitcoin is strong enough to weather these kinds of enemies.

[Johnzky]

Wall street traders will look into bitcoin as well, in this case bank is the only one enemy. All traders are the same, they want to gain profit, and Bitcoin provide bigger opportunity for it. Wall street traders can be Bitcoin investors in the future.

Yups only the bankers are considered as enemy in this case and not the wall street and besides wall traders sometimes gives good outlook in cryptocurrency specially bitcoins thats why i dont see and related issue to declare war on this high valued traders.and dont make this kind of speculation when theres really none happening

[soy39]

So, with no real central authority to consult they just put futures trading in place.  Brings to mind a large corporation that would insure some of its workers with life insurance and the corporation as the beneficiary.  Say a worker would die at home, the corporation would collect the life insurance and the worker's family would get nothing from the life insurance policy.  The practice was ruled illegal.

[mahilchii]

Certainly yes. Wall street and banks are the first and biggest enemies of Bitcoin because their business will shut down if Bitcoin accepted worldwide and the purpose of Wall street and banks to steal people's money in the form of charges and fees will be stopped since Bitcoin is a peer to peer platform where there is no intermediate person or institution is not required for any transactions.

[leostrong.mo]

Wall Street and banks are hostile to BTC because BTC has stolen their profits!
With the development of blockchain technology and the popularity of BTC, they can be friends with BTC when they can make profits on BTC in the future!

[peter1]

There is also a third enemy. The government is actually the real enemy of BTC. The government's prohibition on trading and fighting BTC is the biggest harm to BTC.

[WaitingToGetPaid]

I do not think so. It seems to me that in the case of bitcoin, each of the parties can make a profit: institutional investors (banks), traders, investors, etc.

[The Sceptical Chymist]

On the other hand, we've been stable, oscillating around $6000 for quite a while now.  I don't get why people think jumping from $1000 to $20,000 as fast as bitcoin did would have been sustainable--that sort of rise is never permanent, and I think we should all count ourselves lucky that bitcoin didn't drop even more than it did, i.e., that it kept a lot of the gains it made on its way up to $20k. 

If you remember the dot com stock craze of the 90s, most of those stocks went to ZERO, and many of the ones that did survive lost a significant amount of value.  That's what happens when speculators get carried away with buying an asset and drive its price up into the stratosphere.  Now, I'm not sure if there are any "enemies" here, much less that they're bankers or anyone on Wall Street.  I'd argue that there were plenty of people worldwide who bought bitcoin in the hopes that they'd get filthy, stinking rich.  They're responsible for where bitcoin is at now, too.

[soy39]

Along with the fairly steady decline of Bitcoin value since that Black Sunday, Dec. 17, 2017, when Bitcoin futures trading commenced, has been sharp large volume increases and decreases. Those jumps also have an effect of triggering wins and losses in futures. So, a large enough house with enough Bitcoin to make the large jumps can decide how much to buy or sell for a period in the then coming days to maximize profit on futures. It's pumping money out. And it can do this even without using bad press to change expectations.

I think without the margin payouts this would become unprofitable to the house.

[soy39]

Wall street traders will look into bitcoin as well, in this case bank is the only one enemy. All traders are the same, they want to gain profit, and Bitcoin provide bigger opportunity for it. Wall street traders can be Bitcoin investors in the future.

Yups only the bankers are considered as enemy in this case and not the wall street and besides wall traders sometimes gives good outlook in cryptocurrency specially bitcoins thats why i dont see and related issue to declare war on this high valued traders.and dont make this kind of speculation when theres really none happening

How can you say that 'theres really none happening' in the face of the near constant decline since Black Sunday Dec. 17, 2017 when Bitcoin futures trading was started?  Soon after futures contract trading was called out as causing the decline, the decline slowed and as voices were raised the non-big-jumps, ordinary trading, has leveled out.

[richardsNY]

Soon after futures contract trading was called out as causing the decline, the decline slowed and as voices were raised the non-big-jumps, ordinary trading, has leveled out.

Buy the rumor sell the news, that clearly happened. Another thing is that everyone was expecting them to bring big institutional capital to Bitcoin, but many failed to understand that cash settled contracts don't bring actually capital to Bitcoin. It's nothing more than an empty side product for whoever wants to bet on Bitcoin's price. If we look at financial tools that could actually bring in big money, then the Bitcoin backed Solidx ETF will be it. For every share purchase of $200,000 (which is the minimum entry point), $200,000 worth of Bitcoin will be taken out of circulation. This ETF is worth fomo'ing for, future markets aren't.