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George Soros, Rockefeller Take Their Marks Before Diving Into the Cryptocurrency Pool (businessinsider.com)
john of sparta shares a report from Business Insider (Warning: source may be paywalled; alternative source): Reports of a crackdown on cryptocurrency advertisements by tech giants such as Google and Facebook as well as regulatory uncertainty in Asia and the U.S. have weighed on the coin for much of March and April. The coin is down 50% since the beginning of the year. But investors appeared to be more bullish during Sunday's trade following reports that two Wall Street icons were looking to get into the market for cryptos. More notably, the investment fund founded by billionaire George Soros is preparing to dive into cryptocurrency trading, even though Soros himself previously described them as a "bubble." Adam Fisher, who oversees global macroeconomic investing for Soros Fund Management, has gained internal approval to invest in and trade cryptocurrencies, according to a Bloomberg News report. Also, Venrock -- a venture capital firm founded by descendants of famed capitalist John D. Rockefeller -- announced it was partnering with a cryptocurrency investment firm based in Brooklyn. Fortune first reported on the partnership.
But introducing yet another kind of money, let alone one that is without substance insofar as its value isn't backed by a profitable industry which is the only thing that can induce real value into a currency, and even one that is devoid of every safety that conventional banks are bound to offer by law, would not really be the way to go.
And to get rid of money, we'd need to get rid of capitalism in the first place.
though Soros himself previously described them as a "bubble."
Getting involved with it does not necessarily prove it otherwise, he may just want to get his fair share of that bubble before it bursts for good.
"John Burbank, who shuttered his main fund last year, plans to raise $150 million for two funds investing in digital currencie"
Please be clear. Burbank is taking US Dollars for a 'Fund'. Funds take money (real actual $$$ money) and buy something with it, and take a fee for managing that something. He is not investing in crypto, you are, he is taking fees as $$ for your investment in it. He is not the idiot making the bad pseudo investment, you are.
"Soros has already been indirectly betting on crypto. The firm amassed a stake in Overstock.com in the fourth quarter, making it the third-biggest shareholder of the discount e-commerce company. In August 2017 it became the first major retailer to accept digital currencies. The company had also planned to start an exchange for cryptocurrencies as well as offer digital coins that could trade on the platform."
Again, he is not investing his money in crypto, he bought Overstock.com who in turn were planning to setup an exchange TAKING MONEY FROM IDIOTS BUYING CRYPTO. A different thing.
Don't be fooled.
All this announcement means is: They think they can game the system.
(Possibly by buying a load of cryptocoins then going around spreading rumors that they're "getting into crypto"...)
No sig today...
Honestly this seems the way of the future, it is sweeping the globe. It works better than money, and it has none of the down sides of the bickerings of the international community.
"Works better than money?" LOL!
No bickerings? LOL!
You're blowing off the "international community" and putting your money in the hands of a bunch of Chinese who've already shown that they'll manipulate the price all day long:
https://hackernoon.com/the-gre...
No sig today...
People like Soros and the descendants Rockefeller arent visionary, but products of their respective dynastic wealth. They benefit disproportionately from a wealth that came about to an extremely lucky subset of people once in a generation. The methods by which their fortunes were amassed arguably could only ever take place once in history.
Venrock, the venture capital company mentioned in tfa, has nothing to do with intrepid capitalists championing the helm of innovation and change and more to do with a branded venture capital firm seeking out new revenue streams, like an old dog seeking out the dinner bowl by smell.
Good people go to bed earlier.
What's hard to understand?
A handful of Chinese own most of the cryptocurrency and are busy manipulating the markets* so they can take all the round-eyes life savings and college funds.
(*) By buying and selling between themselves at artificial prices
Here they are, all sitting in a row:
http://cointimes.tech/2017/01/...
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Comment removed based on user account deletion
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Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
For example, US Dollar and Bitcoin are really equals?
Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
Also, not to mention, US Dollars in any US Bank is insured by US Government!
What authorization/guarantee/insurance is behind Bitcoin? Nothing!
Sorry but that is the end of discussion then!
Why do you think Satoshi Nakamoto is really hiding his identity, if Bitcoin is really such a great innovation?
He is just someone does not like media/fan attention?
Or, could it be really because Bitcoin (and all cryptocurrencies followed it) are actually Ponzi Schemes?
(So he knew very well that law enforcement would come after him sooner or later?!)
If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere!
All cryptocurrencies need to be banned globally before it is too late!
Same way they do any other transaction that is subject to tax but might bypass channels they can readily track: require you to declare your profits (or losses) from the transaction (or "investment", if you prefer) coupled with some deterrance in the form of severe sanctions (fines, jail time, etc.) for anyone who thinks they can keep their profits hidden from "the man" but fails to do so. Typically, in nations that are implementing this, the approach seems to be to class it as a form of capital gains (e.g. just like stocks, shares, etc.) and tax accordingly at similar rates. YMMV but, speaking from experience, if you're converting a large chunk of crypto currency into traditional currency and want it all above board, you can expect "the man" to take quite a large bite.
UNIX? They're not even circumcised! Savages!
This, the goal is to avoid taxation, that's why the crypto disciples are called crypto-anarchists.
They've probably already quietly bought shitloads of it, and now it's time to talk up the price.
The only thing crypto currency is good for is generating hype stories and bubble inflation...
...and buying contraband. As long as it's good for this, it's not going to disappear entirely. Cryptocurrency is still the primary trading medium for the dark web.
He's getting rather old, but he's a good mouse.
Of the beast. Considering the two.
Brought to you by Carl's Junior.
When people like this "get into the market," it does not mean what most retail investors think it means. They may be long, short, selling derivatives, buying derivatives, or, most likely, all of the above. They are also looking at being middle-men, making a few (more) cents on every transaction, being money changers.
Having people think it just means they are going long helps them by bringing in dumb money. Their job is to help that dumb money find its way home to where the smart money lives. "Price discovery" is a nice way to tell people "you paid too much."
Yeah, I read it as 'there are enough sheep with enough money for the wolves to be interested'.
It is only a way to avoid taxes or embezzle funds as pictured by people who do not know much about either and have only ever worked W2. They kinda hope that if enough people say 'no more taxes' and invest in their cryptothingie the various governments will just give up and stop collecting them or something.
The only thing crypto currency is good for is generating hype stories and bubble inflation...
...and buying contraband. As long as it's good for this, it's not going to disappear entirely. Cryptocurrency is still the primary trading medium for the dark web.
I'm guessing that one or more state actors can trace it. Unless it's based on the only secure software on the planet.
Sheesh, evil *and* a jerk. -- Jade
It works better than money, and it has none of the down sides of the bickerings of the international community.
I agree. Digital currency only has upsides. Stealing Bitcoins online is way easier than robbing a bank.
I hope you don't have to rely upon your "thinking ability" for anything important...
Yeah; no.
About five hours ago (9 April 2018 10:14 UTC), bitcoin fell off a cliff. It dropped $268.36 in 18 minutes. How can anything be a currency for use in financial transactions if it is so volatile? How can you price goods and services with such volatility?
1. Soros and Rockefeller leak "reports" that they are about to get into cryptocurrencies
2. Wait for the market to spike and short cryptocurrencies
3. Soros and Rockefeller issue official statements that cryptocurrencies are a terrible investment
4. Cryptocurrencies nose-dive and they sell their short
Soros got rich shorting a currency...
Here's what I'm read from the article. The fund founded (not run by George Soros but his son) has approved trading in cryptocurrency.
The Soros Fund Management venture internally approved the trading of virtual coins in the past few months. So far, no actual “big trades” have has been made, but that situation will come to change very soon.
As for Rockefeller, this was the relevant passage:
Also, Venrock — a venture capital firm founded by descendants of famed capitalist John D. Rockefeller — announced it was partnering with a cryptocurrency investment firm based in Brooklyn.
The article makes clear that the fund not run by Soros himself has only approved trading not that it has traded in cryptocurrency. It doesn't necessarily say that the fund will invest in cryptocurrency as an asset; the fund could be shorting them. As for Venrock, there are no details on what and how much investment is being made. It could be a small amount.
Well, there's spam egg sausage and spam, that's not got much spam in it.
Sorry, I forgot the apostrophe:
It should be "...take all the round-eyes' life savings and college funds."
No sig today...
That's not affecting its popularity.
He's getting rather old, but he's a good mouse.
How to make lots more money
1) Buy up a lot of Bitcoin very quietly
2) Announce that you are thinking about buying Bitcoin
3) Sell all your Bitcoin
4) Tell everyone Bitcoinis just a bubble
5) Go back to step #1
All this announcement means is: They think they can game the system.
I can promise you that is what it means. People like Soros don't see it as something that can benefit everyone. Right now all they see is a way to increase their own personal money and power. It is just another tool they can use to accomplish this.
Personally, I think bitcoin and its like is nothing more than a ponzi scheme and will collapse sooner or later. But with Soros and his like getting involved, that will lend it a air of legitimacy. Which will only make the collapse so much bigger when it does happen. Only now fuckers like Soros will walk away with a fat bank roll while so many other people will be left destitute.
To bad someone can't figure out how to game Soros through this and empty a few of his bank accounts.
I read at +2. If your post doesn't reach that level I will not see or respond to it.
I bet that if Soros infests in cryptomoney, it will not be in bitcoins. That specific bubble is already too much inflated.