A good example of elite manipulation of Bitcoin

[FunGate]

Goldman & Sachs are at it again. They just love bashing anything that doesn't seem to fit into their economic model of "make the rich richer and the poor poorer".



    "Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected," the team lead by chief investment officer Sharmin Mossavar-Rahamani said.

    "We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value."



https://www.zerohedge.com/news/2018-08-04/bitcoin-battered-back-below-7000-goldman-expects-further-declines


But there is some good news at least on the Starbucks front:


“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”

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[FunGate]

Something like this already happen many times, but people who need/want decentralization, anonymity pseudonymity, immutability, uncensorable or simply fiat alternative surely will keep using Bitcoin.
Looks like trader/investor still easily manipulated with FUD/negative news.

It sure is off with the big news of ICE trying to bring a new solid steady Bitcoin third party with Microsoft and Starbucks backing it a simple GS sentence is enough to drop the price 6%.

Yeah it's kind of surprising how easily the market is influenced by such ridiculous news. And then people think that the whole price of Bitcoin depends on this piece of news or that piece of news in order to rise again. Personally I'm really getting tired of people asking when the ETF date is, like that's what everything hinges on.

We shouldn't even be reacting to these types of events the mainstrem media generates just to manipulate prices anymore. No matter what they try, it will only be temporary. They can't stop people from using bitcoin.

[Kprawn]

Lucky for us, we do not care what our competition think about our technology. You cannot expect Goldman & Sachs to come

out in favour of their competition.. right? They will use all the dirty tricks in the book, to sabotage Bitcoin and that includes

sabotaging them around every corner. One of these are statements like this and even trying to copy cat the technology and

calling it their own.    It is hilarious to see, to what levels these desperate companies will stoop to retain their

control and dominance in the financial sector. 

[geekandy]

Interesting thread. Bitcoin users need to rise above arrogant elitist manipulation. Bitcoin is here to disrupt, change, and rise. A new economic order is on her way, in these forums I hear her breathing.

[BrewMaster]

Something like this already happen many times, but people who need/want decentralization, anonymity pseudonymity, immutability, uncensorable or simply fiat alternative surely will keep using Bitcoin.
Looks like trader/investor still easily manipulated with FUD/negative news.

It sure is off with the big news of ICE trying to bring a new solid steady Bitcoin third party with Microsoft and Starbucks backing it a simple GS sentence is enough to drop the price 6%.

that is hardly the reason in my opinion because this news came out late and price was already on a small downtrend before it. not to mention that it really ins't such a big bad news targeting bitcoin. it is focusing on "cryptocurrency" in general which mostly includes altcoins which i even partly agree with since they are really useless!

[Sircoss]

It is definitely and obviously that those are manipulating the prices but we as employee here need to just try to adapt to that, otherwise the other option would be to become a whale. Which is not so easy btw

[bitcoindigger71]

Elite manipulation is something there has been from the very beginning and currently we cannot do anything about it since majority of the community is dancing to their tune. However, news like ICE partnering up with Microsoft and Starbucks is something that the crypto scene should be excited about.

[koincik]

It is impossible to understand what this company is. One explanation goes against the other. Is there no manager at the head of this company?

[CoinOnTheBeach321]

Goldman and Sachs are not understanding or more appropriate to say they denying the fact that crypto market have a great potentiality in future. Many like them are saying that crypto currency doesn’t have the features that an accurate currency should have.

[cryptoVinc5599]

I think those who are passionate about cryptocurrency, will ignore these statements. They just spread negativity which is unacceptable.

[gentlemand]

Goldman Sachs is made up of what must be tens of thousands of people. No doubt someone else there will pop along with an opinion that overturns that soon enough.

By this stage of the game I really don't see why any old finance person bothers weighing in on the future of crypto when they had absolutely nothing to do with its creation or rise. They should put a sock in it and sit back and watch.

And if they're bright they'll have some provision in place if it goes where many of us expect it to. I'm sure there are many mind blowing projects and plans joints like this will unveil when the tide turns. They're not stupid.

[kellyscott]

It’s a interesting thread. The users of bitcoin need to rise above arrogant manipulation. Its here to disrupt and also rise. A new order is ongoing also hear peoples brething.

[ronnis.gomes]

This is an opinion contrary to the cryptos, not unique, but that increasingly contains less adepts. It is normal for banks to be against this financial revolution, but some are gradually realizing that it is better to paddle in favor of the tide than against. This GS guy will deeply regret this statement.

[LuckyHarriet]

This is definitely not something to be concerned of. However, we cannot always stop everyone from panicking. These sort of news are why the market gets manipulated but we also need to know which news to believe in and the Starbucks news is related to their recent partnering up with ICE and Microsoft and I feel like this should be the news that the community should focus in.

[aoluain]

Goldman & Sachs are at it again. They just love bashing anything that doesn't seem to fit into their economic model of "make the rich richer and the poor poorer".



    "Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected," the team lead by chief investment officer Sharmin Mossavar-Rahamani said.

    "We expect further declines in the future given our view that these cryptocurrencies do not fulfill any of the three traditional roles of a currency: they are neither a medium of exchange, nor a unit of measurement, nor a store of value."



https://www.zerohedge.com/news/2018-08-04/bitcoin-battered-back-below-7000-goldman-expects-further-declines


But there is some good news at least on the Starbucks front:


“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks. As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”

Isnt this a similar line as that stated by the Dutch Central Bank? Which was reported
in this thread > https://bitcointalk.org/index.php?topic=4812006.msg43440013#msg43440013ThePetra Hielkema, the Division

Director Payments and Market Infrastructure at the Dutch Central Bank stated:

    “If something wants to be treated as money, you have to be able to spend, save and calculate with it.”

Looks like they are trying to use the same ammunition. These statements by
people looking to damage Bitcoin will be ignored by us who see potential,
useability and value in Bitcoin. Their statements will only reach so far.
We had these attacks throughout 2017 but we are still here.

[cryptocooper57]

It is better to not pay heed to these news. They are just making the headlines for the sheer reason of seeding panic among us, because crypto has made a huge contribution in bridging the rich poor gap, which they simply detest.

[annasadia]

I think users of BTC should rise above arrogant elitist manipulation. Who knows maybe a new economic order is coming.

[Icwt]

I used to get annoyed when reading articles like this as it’s so obvious the reasons they are doing it but now I just find it amusing.  Looking forward to what they are all going to say in 5 years when it’s got a lot more adoption and they explain why they are heavily invested 😂

[MetalCoinMTC]

There are people, even the famous ones who will not favour the crypto market, for the sole purpose that it will be the reason to reduce the rich poor gap of the countries. This will seize them of their power and they will make claims to plant fear among the people. Avoiding such news is the better and wiser option.

[FunGate]

Lucky for us, we do not care what our competition think about our technology. You cannot expect Goldman & Sachs to come

out in favour of their competition.. right? They will use all the dirty tricks in the book, to sabotage Bitcoin and that includes

sabotaging them around every corner. One of these are statements like this and even trying to copy cat the technology and

calling it their own.    It is hilarious to see, to what levels these desperate companies will stoop to retain their

control and dominance in the financial sector. 

It only has an effect on us if we let it do so. Goldman has demonstrated yet again that they clearly have no idea about crypto and are envious about those that do. They want to appear as an authority on the subject but they can only make shallow remarks that don't have any depth to them or validity if you look at the fundamentals.

I find it hard to understand why they think they have the answers. It sounds like they're actually afraid of the potential of crypto and have to make cheap shots in order to try and look good. Oh well...