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Author Topic: Wall street traders and bankers are bitcoin's enemies.  (Read 178 times)
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July 13, 2018, 09:22:07 PM
 #41

Futures contracts are the cause of this bull run. And until the volume of the crypto market increases the future contract investors will command the market.

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July 13, 2018, 09:45:56 PM
 #42

In the Trading world as long as you profit from the trade how different its channels it would be the same but when if the two counter effect its other to lose its value then a conflict may arise but I think this will not happen because traders who have been in the market before crypto have already established their skills they have anticipated some of the things that may happen and they can take advantage of the young age of crypto to benefit.

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July 13, 2018, 10:36:03 PM
 #43

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)


Banks are afraid of bitcoins because if most of the investors will focus on cryptocurrency then their business might go down since there will be less people who are going to place money on the banks.



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July 14, 2018, 01:26:28 AM
 #44

Okay, so maybe the banks aren't afraid of bitcoin.  I can recall around 1986 there were a great many complaints from Central and South American countries that their debts to the US were impossible to pay.  I'd guessed how that came about and figured banks wanted to dump money to reduce availability so sold the governments on borrowing.  Figured that the banks had too much money for some reason relating to the Arab oil embargo not all that many years before.  That perhaps the higher petroleum prices saw the Arabs dumping money into US banks.  I wondered because Mexico had built copper smelters along their northern border that were suddenly polluting north as far as Wyoming, causing acid rain that measurably changed the lakes causing defects in frogs as a for instance.  Not an accident.  But I was wrong as to how those Central and South American debts came about and only realized that after reading Confessions of an Economic Hitman by John Perkins.  The countries were sold huge construction projects, dams, power plants, etc.  That's what the money was spent on although the banks profited from the loans.  Those are huge debts and I doubt Bitcoin's market cap compares.  So, the invasion of the US by Central and South American refugees might have its roots in that debt.  The social inequalities and violence that triggered that migration may partly be intentional as payback for that bank debt.
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July 14, 2018, 03:00:28 PM
 #45

Futures contracts are the cause of this bull run. And until the volume of the crypto market increases the future contract investors will command the market.

And "Futures contracts give traders a way to bet on bitcoin prices and earn profits without buying the actual cryptocurrency." a businessinsider.com bullet point before futures launch.  Another bullet point on that page "The Chicago Mercantile Exchange says it will launch its bitcoin futures contracts on December 18."  So, they could beat bitcoin all to hell without ever buying any.
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July 14, 2018, 03:01:33 PM
 #46

Futures contracts are the cause of this bull run. And until the volume of the crypto market increases the future contract investors will command the market.

Would you say it's a bull market for bitcoin futures and a bear for bitcoin itself?
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July 14, 2018, 03:19:36 PM
 #47

I expect the government will see a nice tax bump from hodl-ers having cashed out.  So, the CFTC, an agency of the US government, must have been wearing a cheshire grin when approving bitcoin futures contracts trading.
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August 03, 2018, 09:13:02 PM
 #48

There is no enemies for Bitcoin. Once the wall street, banks, and governments figured out how to monetize with it. There is no way to stop bitcoin but just slowing it down.
Yes, bitcoin has no enemies but greedy ones, wanting to acquire them. The high value and profit that bitcoin makes to the investor community is tremendous. From there intermediaries such as banks, taxes, government, etc.
They all want more commissions from these electronic money transactions. But it certainly will not do much because the sustainability of bitcoin is stable. Strong communities will decide everything.

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August 03, 2018, 09:28:20 PM
 #49

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)


I don't think Bitcoin has enemies. Banaks and Wall Street traders are doing what they have to do but Bitcoin is just a currency where traders used to purchase and to sell goods in the blockchain. In other words, Bitcoin is used by traders and cryptobanks to their business in the blockchain that traditional banks cannot sustain.

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August 15, 2018, 06:45:25 PM
 #50

Based on my own experience, In cryptocurrency, futures contracts trading sounds a lot like the application of the Invisible Hand of the Marketplace as espoused by the rumored Mafia bookkeeper/economist. So just keep the good work on these.
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August 15, 2018, 09:37:46 PM
 #51

Quote
As a means of maintaining value, in the present bitcoin has been defeated.

Not really. What we're seeing right now is short term volatility, and nothing other than that.

In the long run, I think that bitcoin would still be a much better store of value than something like fiat, which has proven that it would drop in value imminently, and consistently. I'd much rather store my wealth in something independent like BTC than a government issued and controlled fiat currency.

These institutions that you talk of are actually becoming interested in crypto on a massive scale. I don't think that they are the ones that are pushing prices down at all. It's just a normal phase in the bitcoin's price cycles, which iterate every few years. Futures could be the source of some manipulation, but it would be hard to see how they can be stopped.

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