>total $XRP now worth $380 bn.... makes Ripple labs worth $225bn.. tenth largest company by market cap in the world... makes Chris Larsen worth $55bn tying Mark Zuckerburg as 5th richest man in the world.....
>Amidst all of the bullish talk about cryptocurrencies we know that a strike back from the banking system and its owners is coming. In fact, the attack as I see it is well underway.
>And it began with the attack on the credibility of Bitcoin Cash and it’s continuing with the insane pump of Ripple and any coin which has direct ties to old money. What I want to posit today is how the next crash in the cryptocurrency markets can, and likely will, play out.
>To lay this out you have to believe a few things are true.
>The major money center banks have all been trading Bitcoin and other alt-coins for a long time. They have substantial books to push and pull the price.
>The futures market is used to control the price during daytime hours in the U.S. and Europe.
>Bitcoin’s failure to implement ‘Segwit 2x’ and its current dysfunction was intentional in order for Blockstream to offer a ‘solution’ to a ‘problem’ that needn’t have existed.
>Lightning Network is simply a backup control plan in case Ripple isn’t adopted by the marketplace as the crypto-settlement and exchange layer. It creates a second layer of centralization off-chain.
>Legislation and regulation to date has been designed to allow money to flow into the crypto-markets but not back out again.
>Ripple, otherwise known as ‘BanksterCoin’ among we crypto-enthusiasts is the stalking horse of the cryptocurrency industry. It’s meteoric rise in price coincides with Bitcoin’s peak and subsequent meandering. It was done, timing-wise, to see articles like these (here, here and here) written as we ring in the new year.
The Bitcoin Trap
Ripple CEO Is Now Richer Than Zuckerberg
>Look at the situation in Bitcoin. After the failure to implement the New York Agreement, something that didn’t have to be an all-or-nothing proposition, Bitcoin spiked from $5000 to a high near $20,000 in less than a month. Transaction fees soared, exchanges became illiquid, getting alt-coins off some exchanges was difficult as many were revealed (at least in the short term) to not have supply of the underlying assets people were ‘trading’ in their pools.
>Services like Changelly and Shapeshift have much smaller lists of coins available for easy exchange than they did a month ago. Try buying tokens like WAVES, STEEM, Golem, NEO or Komodo on these services. You can’t. They can’t source actual tokens or the gateways to exchange them are down.
>The best way to kill a market is to get retail investors buying the peak and selling into it. Such is the stuff bear markets are made of. It’s imperative to break retail investor sentiment down. That’s how markets are brought to heel. Then rotating out of that market into the next market you want to promote. This is what the banking industry does with its sell-side ‘analysis’ all the time.
>I have a rule, when Goldman-Sachs says “Buy” I sell and vice versa. In my Universe, rightly or wrongly, Goldman and their ilk are still trading against its recommendations and its clients. And if it’s not allowed to do so anymore *wink* *wink* because of Dodd-Frank then in the unregulated crypto-markets you should bet that they, J.P. Morgan and the rest of them are.
>So, it’s easy to believe in an irrational pump of Bitcoin to $20,000 and the subsequent rotation out and into Ripple, boosting its price and profile, while leaving ‘teh newbz’ hanging at the top. Add in Bitcoin futures trading to help the tail wag the dog, insane transaction fees that have everyone wondering what’s so great about this Bitcoin if it costs $30 to move $100 and you have a set-up for carnage.
bump, lurking. keep writing
>The spike to $20,000, in my opinion, was created by the very hinckey roll-out of rival Bitcoin Cash by Coinbase last month. The goal there was to sow confusion and undermine Bitcoin Cash as an alternative to Bitcoin. Again, if you want control over the entire market, you do so by killing off real competition.
>See, folks, all of this confusion and carnage comes from not having any kind of centralized control. But, hey, there’s this new cool thing called Ripple which solves all of that and the price is going bonkers!
Trap Set.
>In response to this, Ethereum begins another push towards $1000. Now, Ethereum has its own problems that are technology-based. Ultimately, its blockchain is only as secure as the code of the tokens issued on it.
>We’ve seen this in reality a couple of times, including the hack because of bad code that forced a fork of the Etherum blockchain which created Ethereum Classic (ETC) and Ethereum (ETH).
>While I fully believe that one (or many) of these Ethereum-based projects is likely to create another event like that one, the pure cynic in me says, “Why wait?”
>If you were the bad guys wouldn’t that be your plan in the first place? Create a crypto-project using ERC-20 tokens that resolve and clear on the Ethereum blockchain with the intention of breaking it. Invite investor money in, say fifty million dollars. A reasonable, but not insane amount of money.
>Then let the code run until such time that it will cause maximal damage to Ethereum and the whole crypto-community. The token goes up four or five times because that’s simply what is happening across the space.
>At that point you’ve created a $200+ million meltdown and negative headlines galore.
>At this point Bitcoin is neutralized and controlled, Ethereum is discredited and something like that would cause a major panic which is exploited by the same prop trading desks that blew the bubble up in the first place.
>If you time that with a spike in Ripple, the banker-acceptable coin, and crash it too, you’ll take down most of the industry in almost no time. The psychological damage from a scenario like this will create bear market not unlike the one created post Dot-Com bubble.
>And like that bust, only those companies that are willing to play ball with Wall St. and Washington D.C. will be promoted and allowed to thrive.
>If you don’t think Wall St. isn’t thinking in these terms then you aren’t a serious crypto-investor. This is the nightmare scenario, or one like it.
Not for long, LOL
I can't wait for the day everybody gets FUCKED by large supply coins
Soon
cool story but we are hodling
You can tell who really runs the bitcoin show but seeing what they don't censor. They only talk favorably of Ripple and LTC. BCH is the devil. Every other alt is forbidden to mention.
Rich on paper < Rich on fiat
How do you even have that much money when every sell you do dips the price or place a big enough wall to never ever get it filled?
You do it over time.
np.reddit.com
blog.coinbase.com
HAHAHAHAHAHA RIPPLE RETARDS ON SUICIDE WATCH
...
oh no no no no no no... AHAHAHAHAHAHAHAHA
ITT, reasons why I only buy XRP
You're analysis is reasonable until you said they want to crash ripple, discredit all of crypto and go back to the old system. Ripple is the foundation of the new system. But they don't announce it so as not to cause global panic. They are letting the peons think that the free market is choosing a new global reserve currency. There was always only one cryptocurrency capable of the job. The one that the owners and operators of $500 trillion in wealth, governments and armies, custom-built themselves. The one that solves all of their problems and meets all of their needs.
>People not buying XRP hand over fist right now
I currently work at a major financial institution (one of the largest) and used to work at Goldman Sachs. Let me tell you something - the _banks_ are not buying crypto like Veeky Forums thinks. In fact, the only large bank I know of that is truly focusing on buying/selling crypto at the moment is Goldman. Banks are slow and fucking huge - the employees are buying this shit just like you and me, but the banks, at large, are really just not even there yet. In fact, even Goldman hasn't opened their trading desk yet - it's expected to open in the Spring. Fuck.
The hedge funds, however, I have no idea about.
> >Legislation and regulation to date has been designed to allow money to flow into the crypto-markets but not back out again.
Can not be more true op
Suffered from that bullshit. Entered $50k into crypto markets.
Tried to cash out $150k. Now on money laundering list, awaiting closed accounts - financial outcast
Only been trading on bittrex bitstamp and kraken
Do you think Zuckerberg has dozens of billions in fiat? No, they're all asset and shareholder rich
And thats why im in Monero
I've worked at two major banks and they move so fucking slow. Crypto might be talked about in meetings, but there is no way any purchase orders have happened with corporate money.
this, banks probably won't be in crypto before there has already been mass adoption of the tech.
the market manipulators are single investors, investor groups and very aggressive private funds.
The value of the currency does not equal the value of the company
its like adding up the bank accounts of facebook users and saying its worth that much
Paypal is far faster, is accepted almost anywhere, and doesn't require you to buy some random shit token to use it. The best way to scam someone is to make them think they are smart and that other people are stupid. You've been scammed into buying something inferior to existing payment solutions.
The Current Bitcoin core dev team is the devil.
They don't do shit to improve BTC.
Very cool posts
Thanks for coming clean mr banker sir