FUD Monster (Bloomberg & CNBC)
Beware of the FAKE NEWS People
Bloomberg is waging an all out FUD war against Cryptocurrencies.
Bloomberg trying to tell people that Cryptocurrency is going to ZERO
https://www.bloomberg.com/news/articles/2018-02-07/get-ready-for-most-cryptocurrencies-to-hit-zero-goldman-says
CNBC is telling the same exact story
https://www.cnbc.com/2018/02/07/most-cryptocurrencies-will-crash-to-zero-goldman-sachs-says.html
Reader Beware:
How about we examine what is really going on?
In the article Goldman Sachs is stating that cryptocurrencies are worthless and will go to zero. Why would they say that? Because it is in their best interest to see cryptocurrencies perform poorly. For the same reason banks are scared to death of the thought that cryptocurrencies will eventually replace them, Goldman Sachs is scared to death that cryptocurrencies will put them out of business. If Goldman Sachs told the truth, it would be like General Motors publically stating that Toyota is a better product. The fact Goldman Sachs will go to the extent to state cryptocurrencies are worthless and will drop to zero is an act in PURE DESPERATION. Goldman Sachs is feeling the pressure of people pulling out of their investment management company and putting their money elsewhere. Namely Cryptocurrencies.
Bloomberg Anti-Cryptocurrency Campaign
Bloomberg loves whenever any large financial institution to make these kinds of statements. This legitimizes Bloomberg's anti-cryptocurrency campaign. The fact is the Bloomberg is spewing tons of FUD about Cryptocurrencies to steer investors away from cryptocurrencies toward the stock market.
CNBC will just report anything
CNBC joined in on this bit of FUD, but I can't tell what CNBC agenda is. CNBC is all over the map with their news. It seems like they will just report anything. In the very same day CNBC reported that cryptocurrencies will go to zero, they also reported that the cryptocurrency market will pass 1 trillion this year. The reality is if you make any decisions based on CNBC news, it is highly likely you will loose your money!
Yep tell me about it. Bloomberg Asia is spewing FUD news every day at least one piece with a FUD headline and pathetic piece of article in it. Good that almost everyone that replies are calling them out on spreading FAKE news.
I take it positively that people that are hodling are getting more and more mature.
I'm glad that others are taking notice. The cryptocurrency community needs to understand that Bloomberg is putting out FAKE NEWS.
Simple conflict of interest...
Yes, conflict of interest! I don't think it is so simple though. Bloomberg, Goldman Sachs, and CNBC have a huge audience. They have the power to change minds of people.
I don’t even think it’s conflict of interest. I think their purposefully doing it to get weak hands to sell to FUD from their FAKE news so that they can buy cheap.
I bet that soon they’ll spin it around and have lots of positive news and headlines about crypto and blockchain soon. Coz they’ve already bought in the past 2-3 weeks and soon they’re gonna propagate whatever news that’ll benefit them yet again.
So the news doesn’t even matter. It’s disgusting people behind media lying in order to make quick bucks. We have gotta be smarter! 💪🏻
It is very possible that there are people manipulating the market to make money. It wouldn't be the first time....
They have been trying to undermine crypto-universe since day 1, something they can't control.
Other points, I agree with you, those companies' shareholders won't like it much when they start siding up with crypto; thus, they have to obey and starting the FUD campaigns.
Upvoted and Resteemed for spreading awareness :)!
I really like your post thanks for sharing the things I can learn from you
I'm glad to be helpful. This information needs to get out to the community to inform them on how these organizations are attempting to manipulate them.
this is a very good post, this is crypto I think will persist.
Thank you. I'm glad you liked it.
Your welcome.
America's 50 biggest beneficent contributors gave away $14.7 billion a year ago, as indicated by the Philanthropy 50.
Bill and Melinda Gates drove the rundown with a $4.8 billion gift to their establishment.
The rundown demonstrates that the "well off are flush with money" and that the U.S. economy is solid.
I agree, there is a bunch of money invested. It is a pretty strong argument.
I like the perspective, but I disagree with your assessment:
That doesn't appear to be what they're saying. In fact they specifically said that the underlying technology is valuable.
They did say that most cryptocurrencies could bottom out to zero. This is supported by the data - Every time Bitcoin crashes, every other crypto crashes. If cryptocurrencies were independently valuable, this would not happen, but this shows that their values are not independent. This is not a problem with the technologies themselves. There are a number of different purposes and different technologies behind the various cryptocurrencies, and logically many other coins should be more valuable than Bitcoin.
The issue is that investors are uninformed. There is so much money being blindly thrown around with so little knowledge about the underlying technologies.
We can draw a parallel to the Dot Com bubble. If you had invested in AskJeeves, HotBot and MetaCrawler back in the 90s, you would be sorely disappointed today with your return on investment. Google was not even a player at the time.
I feel like most of today's cryptocurrencies are probably going to be insignificant in the long-term, much like those obsolete search engines. The question is, what coin will become the Google of cryptocurrency?
So far Ethereum looks like the strongest player to me, but that could change very rapidly if new technologies come out that make it obsolete.
The underlying technology blockchain is not cryptocurrency. Blockchain is a method of organization and tracking. Lets say if you want to keep track of all medical records, the technology blockchain can do it. It dosen't have to have a currency to make a blockchain. By stating that blockchain can improve financial ledgers is only stating that they would be interested in changing the way that they keep track of their ledgers. It doesn't mean that they support cryptocurrencies in any way. Most cryptocurrencies use blockchain technology. Cryptocurrency and Blockchain are however not the same thing.
Goldman Sachs telling people that cryptocurrency is bad is like Apple CEO telling people that Samsung products are bad. A better analogy would be like Walmart CEO telling people that buying merchandise with Amazon is just a fad and Amazon will eventually go out of business.
To put into perspective the desperation of Goldman Sachs:
It should be noted that Goldman Sachs does have some stake in crypto - They were the majority stakeholder in Circle back in 2015.
The fact that Goldman Sachs is criticizing crypto is definitely in their business interests, there's no question there. It's a market that they don't have a strong foothold in, while several other major institutions are doing much better. This however does not make their criticism any less valid. Look at the facts in the article, rather than writing it off because of the author.
It's extremely troubling that all of the coins plummet everytime Bitcoin drops in value. This is either an indication of a lack of knowledge on the part of investors, a lack of differentiating features among the products on the market, or a systemic problem with the trading market itself.
So... when the stock market corrected a few days ago and most of the stocks went down loosing 4 trillion worth globally, with that kind of thinking you must believe that investors in the stock market also have a lack of knowledge....
If PetroChina were to lose 50% of its value, the stock market would hurt. There would be cascading effects across the markets and those effects would be fairly drastic. However it would not be realistic to assume that General Electric would also lose 50% of its value because of PetroChina's crash.
If Bitcoin were to lose 50% of its value tomorrow, we could reasonably expect every other cryptocurrency to also drop by an average of 50% (Except for Tether). We would expect this drop in the small altcoins as well as more major altcoins like Cardano and Ethereum, even if the reason for Bitcoin's crash had nothing to do with the other coins that are affected.
The reasons for that are debatable. I'm not saying that everyone has a lack of knowledge, but personally I see enough differentiation between altcoins that a movement in BTC would not cause me to sell my ETH or vice-versa. Maybe that just leaves me as a bag holder ;)