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RE: A Couple More Months Of The Bear: Buying STEEM?

in #busy6 years ago

The big concern i have is that when the major financial institutions get into crypto, they will just control the prices like they do with other assets. When the die hard crypto people say that the banks can't control crypto because it has limited supply and can't be printed, i don't think they understand how the banks do what they do. They create as much fake supply as they want to control the price.

Maybe I should write a post on how exactly they do that so people understand, but we can get all the institutional money into crypto without raising the price because none of them will actually own any crypto, it will just be the banks saying they own it.

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I think you're totally right about this.

Never trust a banker ...

parasite-banker.jpg

The big concern i have is that when the major financial institutions get into crypto, they will just control the prices like they do with other assets.

They are already in. They were in the second the futures market opened up. And that is when the full blown manipulation started. Like you said, no ownership, just "paper" contracts that they can keep making as they see fit.

As for the raising of the price, the VanEck fund is buying bitcoin...in their proposal they specifically state that plus the markets they will buy it on.

So at least this one is going to buy the asset.

I do not like the idea of paper Bitcoin... This might even lower the price of crypto because of unlimited supply.

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The Exchange states that the
Trust intends to achieve its investment objective by
investing substantially all of its assets in bitcoin traded primarily in the OTC markets, but that the Trust
may also invest in bitcoin traded on domestic and i
nternational bitcoin exchanges, depending on liquidity and other factors at the Trust’s discretion.

Page 4.

https://www.sec.gov/rules/sro/cboebzx/2018/34-84231.pdf

like the silver and gold funds, there is no actual ownership of precious metals, it's all just contracts

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