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RE: What Really Caused the Bitcoin Decline?
"What the heck is taking them so long?" Truer words were never spoken. Getting a bit frustrated myself, if this trend doesn't turn around within 6 months I'll probably take my losses and leave crypto. I can't hodl forever and my patience is limited. What do you think? When is this bear market going to die.... if ever?
In our opinion Goldman Sachs is not to blame but we would like to add this thinking, please see our post explaining what happened: https://steemit.com/bitcoin/@bitcoin-city/is-goldman-sachs-the-reason-bitcoin-has-fallen-this-week
We've got the Bakkt platform coming in November, which is backed by physical Bitcoins and they have confirmed that no fractional banking will be applied. We need SEC regulation and when it eventually arrives it is likely to be good for crypto, an enlightened approach in much the same way that the Clinton administration regulated the internet, in order to avoid innovation and capital flight from the US in the global Fintech race. A Bitcoin ETF will be upon us, probably in 2019, although it may come from Canada before it comes from the US. Crypto is viewed by institutions as a new asset class with the opportunity for exceptional revenue and alpha. I hesitate to offer financial advice, so let me put it another way. I'm hodling, because my nous tells me that in the long-run it will all be worthwhile, but it's going to be a bumpy ride. The good, low-hanging fruit will become more difficult to reach as time goes on and there will be many wealthy people created from digital assets, more so than the stock-market. (opinion)
The SEC has rejected 7 etfs in a row, what makes you think this Bakkt Etf will be any different?
No, Bakkt is a cryptocurrency trading platform and it only needs approval from the CFTC, which is very likely.
https://medium.com/bakkt-blog/https-medium-com-kellyloeffler-price-discovery-f9c77885383
you can trade crypto on coinbase, gemeni, bittrex, what the big deal with Bakkt?
It targets institutions and offers them cold wallet storage. It's a big deal for the cryptosphere.
Wallsteet isn’t coming. Private funds bought above $10,000 plus and will be out if we dip below 5K
Bear market lives
It was the Clinton administration that caused the markets to be in the mess they are today. Not strictly Clinton himself per se but Larry Summers, Robert Rubin and Sandy Weill and their involvement in dismantling Glass Steagall in order to allow the merger of Citibank and Travellers. It was this that led to the securities fraud that caused the 08 crash to happen. None of the administrations that have followed has dealt with this problem adequately either. it's been bye bye capitalism and hello plutocracy and neoFeudalism.
I think it will be necessary for the crypto world to sort its own problems out so that it can offer an alternative to the current pseudo-capitalist situation in the fiat world rather than the other way round.
It could be that you need to do a full Adam Smith invisible hand and let everything sort itself out through mutual self interest. That will allow big crashes to occur and markets sort themselves out but it will also allow bad actors with lots of "cash" to wield a lot of power when the sector is small. Mass uptake in the real world will eliminate that as their power is diluted. Another alternative would be self-regulation - that would annoy purists though - who decides who the power brokers are and how is that regulation enforced.
Ok enough of my rant..... I'll be making more enemies than friends :P
Very interesting
Bitcoin has dumped from $6400 to $6100. Very depressing
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