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

[taskmaster4450]

Then the bear is probably still out. However, knowing the Wall Street game, odds are they got it down enough to clean up. Sure, it could get turned down but there is going to be a lot of pressure on the Commissioners with many of the Wall Street firms/banks opening trading desks.

There is also the opening of Bakkt and Nasdaq in 2019 which means there are a couple major players entering ie the exchanges. Couple this with a couple major firms establishing custodians to hold the keys (one of the reasons for rejection in the past), and I think it is a better than average chance that this gets approved.

Comments

[yabapmatt]

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.

[smasssh]

I think you're totally right about this.

Never trust a banker ...

[taskmaster4450]

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.

[organduo]

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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[taskmaster4450]

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

[clumsysilverdad]

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

[joshman]

A denial of the ETF in Feb would be a great opportunity for a final shakeout.