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An FX trader saying Bitcoin is gonna die? right, he's not biased at all. Isn't it very obvious that anyone in the current financial world(Traders/FX brokers) do

An FX trader saying Bitcoin is gonna die? right, he's not biased at all. Isn't it very obvious that anyone in the current financial world(Traders/FX brokers) doesn't like cryptocurrencies? Why does Bloomberg even have to take their opinion. On the other hand, yes, there's some bad news across the board. China, India, and Bitfinex/Tether. Despite that, we only see the price going to a 3 mon old price. Once Tether is sorted out and the regulations are clear in China & India, you could see the recovery.

avtar 9y ago
> Why does Bloomberg even have to take their opinion. Bloomberg seem to love speculating on bubbles of all sorts https://www.google.ca/search?q=bloomberg+bubble+bust https://www.google.ca/search?q=bloomberg+bubble+bust
tomsthumb 9y ago
The only reason I can see for downvoting this comment is that it’s counter-narrative to the “we’re all gonna get rich on crypto right now” spiel. Can someone point out a better (actual) reason to downvote it?
- mikestew 9y ago
  counter-narrative I'm confused, doesn't parent fit the narrative of "get rich on bitcoin"? Anyway, my guess for why the downvotes is because it's a reverse of "appeal to authority". The classic appeal to authority is, "he/she is a $MUCKITY_MUCK in this field, and therefore should be listened to." with no real reason to listen other than that they hold a title of authority on the subject. Parent is the reverse: "Authorities on the subject are, of course, biased and should not be listened to."
  - mr_spothawk 9y ago
    Presumably, not every person who holds bitcoin is doing so to get rich.
mikestew 9y ago
An FX trader saying Bitcoin is gonna die? right, he's not biased at all. Yeah, currency traders, what do they know? Isn't it very obvious that anyone in the current financial world(Traders/FX brokers) doesn't like cryptocurrencies? Oh, it's obvious. Ever wonder why? Bias? Conspiracy? Ya know, traders would trade cockroach shit if there was a market. It could be bias, could be that these professionals ask themselves, "how can I value this?" and come up empty.
- fwdpropaganda 9y ago
  HAHAH awesome I just made exactly the same comment.
  - vthallam 9y ago
    Thought, I could answer both of you here. I'm an engineer and reasonably well read, but I didn't bother to read the bitcoin white paper or understand ethereum smart contracts until recently and it took me some time. So a finance person not understanding technology without any asset backing it is understandable and so they are not bullish about Cryptocurrencies. Everyone knows the crypto market is crazy, it's difficult to comprehend. But few of the top coins will survive in some or the other form. Also, everyone in finance not agree on the idea it's a bubble. Goldman is starting a trading desk[1] in 2018 for cryptocurrencies, I will just wait until more traditional financial institutions join. [1] - https://www.bloomberg.com/news/articles/2017-12-21/goldman-is-said-to-be-building-a-cryptocurrency-trading-desk https://www.bloomberg.com/news/articles/2017-12-21/goldman-i...
  - mikestew 9y ago
    Our comments do have an uncanny restating of the same thing, all within 60 seconds of each other. I'm not terribly surprised, as parent has an uncomfortable "chem-trails" vibe to it. What ELSE is the currency market hiding from us?
    - deleted 9y ago
      [deleted]
- 9y ago
fwdpropaganda 9y ago
I hear all the time from the crypto-people the reasoning > Isn't it very obvious that anyone in the current financial world(Traders/FX brokers) doesn't like cryptocurrencies? "Oh finance people just don't _like_ cryptocurrencies!" Well, finance people make their living either trading or selling anything at all they can get their hands on. Have you asked yourself why it is that they don't have the same attitude towards cryptocurrencies? Why is it that they don't apply the same knowledge and experience that they have from years of trading other financial instruments, to cryptocurrencies? Nothing strikes you as strange here?
- hyprCoin 9y ago
  What's to say they aren't? If you are trying to accumulate, would you bump up the price publicly and buy privately or suppress the price publicly and buy privately? I know what I'd do, especially if there were no laws around any of it. Personally I trust the future of finance, governance, security representation, IOT, fog computing and other yet to be developed applictations to software engineers rather than wall street and lawyers.
  - lern_too_spel 9y ago
    Don't lump me in with the cryptocurrency maniacs. Most software engineers also see blockchain as useless when applied to the domains you listed.
    - hyprCoin 9y ago
      I'm saying that all crypto teams contain software engineers, not that all software engineers are cryptocurrency maniacs. You also may want to reevaluate your initial thoughts on what representations of value can do for each of these use cases. A quick example: A secure means of sharing information and value across devices is a building block for the internet of things. How would such a standard exist and how would the value distribution become agreed upon? There are many crypto currencies in the space edit: removed coin reference, really not trying to convince anyone to buy anything, just re-evaluate prejudices

avtar 9y ago

> Why does Bloomberg even have to take their opinion. Bloomberg seem to love speculating on bubbles of all sorts https://www.google.ca/search?q=bloomberg+bubble+bust https://www.google.ca/search?q=bloomberg+bubble+bust

tomsthumb 9y ago

The only reason I can see for downvoting this comment is that it’s counter-narrative to the “we’re all gonna get rich on crypto right now” spiel. Can someone point out a better (actual) reason to downvote it?

mikestew 9y ago
counter-narrative I'm confused, doesn't parent fit the narrative of "get rich on bitcoin"? Anyway, my guess for why the downvotes is because it's a reverse of "appeal to authority". The classic appeal to authority is, "he/she is a $MUCKITY_MUCK in this field, and therefore should be listened to." with no real reason to listen other than that they hold a title of authority on the subject. Parent is the reverse: "Authorities on the subject are, of course, biased and should not be listened to."
- mr_spothawk 9y ago
  Presumably, not every person who holds bitcoin is doing so to get rich.

mikestew 9y ago

An FX trader saying Bitcoin is gonna die? right, he's not biased at all. Yeah, currency traders, what do they know? Isn't it very obvious that anyone in the current financial world(Traders/FX brokers) doesn't like cryptocurrencies? Oh, it's obvious. Ever wonder why? Bias? Conspiracy? Ya know, traders would trade cockroach shit if there was a market. It could be bias, could be that these professionals ask themselves, "how can I value this?" and come up empty.

fwdpropaganda 9y ago
HAHAH awesome I just made exactly the same comment.
- vthallam 9y ago
  Thought, I could answer both of you here. I'm an engineer and reasonably well read, but I didn't bother to read the bitcoin white paper or understand ethereum smart contracts until recently and it took me some time. So a finance person not understanding technology without any asset backing it is understandable and so they are not bullish about Cryptocurrencies. Everyone knows the crypto market is crazy, it's difficult to comprehend. But few of the top coins will survive in some or the other form. Also, everyone in finance not agree on the idea it's a bubble. Goldman is starting a trading desk[1] in 2018 for cryptocurrencies, I will just wait until more traditional financial institutions join. [1] - https://www.bloomberg.com/news/articles/2017-12-21/goldman-is-said-to-be-building-a-cryptocurrency-trading-desk https://www.bloomberg.com/news/articles/2017-12-21/goldman-i...
- mikestew 9y ago
  Our comments do have an uncanny restating of the same thing, all within 60 seconds of each other. I'm not terribly surprised, as parent has an uncomfortable "chem-trails" vibe to it. What ELSE is the currency market hiding from us?
  - deleted 9y ago
    [deleted]
9y ago

fwdpropaganda 9y ago

I hear all the time from the crypto-people the reasoning > Isn't it very obvious that anyone in the current financial world(Traders/FX brokers) doesn't like cryptocurrencies? "Oh finance people just don't _like_ cryptocurrencies!" Well, finance people make their living either trading or selling anything at all they can get their hands on. Have you asked yourself why it is that they don't have the same attitude towards cryptocurrencies? Why is it that they don't apply the same knowledge and experience that they have from years of trading other financial instruments, to cryptocurrencies? Nothing strikes you as strange here?

hyprCoin 9y ago
What's to say they aren't? If you are trying to accumulate, would you bump up the price publicly and buy privately or suppress the price publicly and buy privately? I know what I'd do, especially if there were no laws around any of it. Personally I trust the future of finance, governance, security representation, IOT, fog computing and other yet to be developed applictations to software engineers rather than wall street and lawyers.
- lern_too_spel 9y ago
  Don't lump me in with the cryptocurrency maniacs. Most software engineers also see blockchain as useless when applied to the domains you listed.
  - hyprCoin 9y ago
    I'm saying that all crypto teams contain software engineers, not that all software engineers are cryptocurrency maniacs. You also may want to reevaluate your initial thoughts on what representations of value can do for each of these use cases. A quick example: A secure means of sharing information and value across devices is a building block for the internet of things. How would such a standard exist and how would the value distribution become agreed upon? There are many crypto currencies in the space edit: removed coin reference, really not trying to convince anyone to buy anything, just re-evaluate prejudices