George Soros is now officially trading bitcoin. Good or bad?

ipanks

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Quote from: Lee_Mire on July 01, 2021, 02:24:07 AM

OK, so George Soros is now officially trading bitcoin at his investment firm Soros Fund Management. His intentions are unclear but he is well known for being a ruthless financier. Do you think this a good or bad thing for bitcoin?

If Soros is officially trading bitcoin, it seems he tempting to make money from bitcoin. Maybe that is good for bitcoin as that can influence bitcoin to Soros friends Grin

If Soros is interested in bitcoin's volatility, he wants to try to enter the crypto market and if he can make a lot of money from bitcoin, he can support bitcoin. If that can happens, bitcoin will grow more and it can reach more users out there.

Vaculin

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Winding down.

Quote from: Lee_Mire on July 01, 2021, 02:24:07 AM

OK, so George Soros is now officially trading bitcoin at his investment firm Soros Fund Management. His intentions are unclear but he is well known for being a ruthless financier. Do you think this a good or bad thing for bitcoin?

Maybe I'm going to say sorry for not knowing him but I think it is not important.
Anyway, let him experience trading so he could tell his friends that trading is the best place to stay for rich people that wanted to lose their money in a very short period of time. And hopefully, he could find trading is not an easy game like you can easily manipulate the market without knowledge about crypto.

He needs attention, then much better to welcome him.
Welcome George to trading and I hope you will find it comfortable.

Welsh

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Quote from: dkbit98 on July 02, 2021, 07:59:02 AM

Money is just a paper or number on the screen, and this can all be gone in second in some financial collapse, like in Lebanon now for example.
Money is not really control because money is controlled by only few individuals and corporations.

That's somewhat true. It can definitely be made pointless in an event of a economical collapse, but I also think its completely relevant, and contributes to the amount of control a person or corporation has up until that point.

Quote from: dkbit98 on July 02, 2021, 07:59:02 AM

You don't have to agree with me, but read and investigate how many countries Soros destroyed, and he is just using money as one of his tools for destruction and control of the people.

I'm not trying to disagree with you. You've brought up some valid points. I just think that the point stands that at the moment whilst money is relevant, it does directly correlate with control. Although, I don't know the intentions of Soros'anymore than the next guy, and I might be underestimating the significance of this. Plus, I don't doubt that someone has powerful as Soros' wants to benefit directly from his investments, and is looking for both control, and money.

dkbit98

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Quote from: Welsh on July 01, 2021, 05:16:57 PM

Money is control. Our world is run on money.

Money is just a paper or number on the screen, and this can all be gone in second in some financial collapse, like in Lebanon now for example.
Money is not really control because money is controlled by only few individuals and corporations.

Quote from: Welsh on July 01, 2021, 05:16:57 PM

Therefore off course its important. Otherwise, we would see less millionaires/billionaires tax evading. So, claiming money not being important past a certain point, I would disagree.

You don't have to agree with me, but read and investigate how many countries Soros destroyed, and he is just using money as one of his tools for destruction and control of the people.

jesselui

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The rich buy cheap and sell expensive, that's their only purpose. He will want to buy Bitcoin at these prices and sell it more expensive. It will use its power to increase its price.

Lucius

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When I see that the main news these days is what Soros or Buffett is doing, then I know that people are obviously getting terribly desperate trying to convince themselves that these two old farts will help them to pump the price of BTC. People who are with one foot in the grave are not the ones we need to look at as factors of any change in the world for the better.

All these stories about how the rich share their wealth serve only to wash the conscience of all the bad things they have done during their lives - the farther they are from Bitcoin, the better for all of us.

Tristan Bieber

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Soros is definitely not a simple financial investor. Everyone may have heard that Soros shorted the entire Southeast Asian market and triggered a financial turmoil in Asia. This happened more than once, so it may not be the same for such a person to enter the crypto market. A good thing, if he becomes the next Musk, it may not be beneficial to most retail investors, but it will also have a positive impact. If more and more giant whales participate, it may be scattered. For market manipulation, the ultimate goal of businessmen’s participation is to make a profit. If market conditions remain bad, it will also affect their interests.

dota2bestplayer

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This should be based on a short-term or long-term upward trend, because the price of BTC has such a big relationship with other projects, so more BTC capital investment can help other projects grow. I think this is closely related to both. Soros wants to make money and wants to invest, so it is good for us to let him join. But he will definitely manipulate the market, hoping that the price fluctuations at that time will not affect the sentiments of other investors.
As more and more giants join, manipulating prices will become more difficult.

Welsh

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Quote from: dkbit98 on July 01, 2021, 07:50:38 AM

Money is not important to you if you can have it as much as you want or print it to infinity, but you can always have more control and it seems that is what turns on some rich people.

Money is control. Our world is run on money.

Therefore off course its important. Otherwise, we would see less millionaires/billionaires tax evading. So, claiming money not being important past a certain point, I would disagree. We don't know their goals, and quite evidently, they don't just hang up their boots for a lack of a better phrase. Myself, it wouldn't be important past a certain point, since I'd probably retire, and just enjoy my life not having to worry about anything, but that's no the attitude of these individuals, and they continue to look for opportunities to earn money. I think money is, and always will be important to them.

stompix

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Official...what is official about this?
All news point to this source:

https://www.thestreet.com/crypto/news/soros-fund-management-is-trading-bitcoin

Quote

A prescient comment, as it turns out. Fitzpatrick, chief investment officer for Soros Fund Management, in recent weeks gave the internal green light to actively trade Bitcoin and perhaps other cryptocurrencies, according to two people with knowledge of the matter.

So they might have allowed their traders to trade bitcoins and those might or might not have done so.

Besides, it's the traders that work for Soros Fund Management that would do this, not Soros himself as some imply, common, the guy is 91!!! do you really think he is up at his desk at 8 am opening his laptop and putting sell and buy orders on Binance? Grin

Common, I think the guy is more concerned about waking up the next day rather than bitcoin trading.

dkbit98

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Quote from: Welsh on July 01, 2021, 07:30:24 AM

The only reason he would want to manipulate the market would be to profit off of it. This could potentially be the reason they are investing, although I don't think George Soro' has as much influence of other investors that are currently invested in Bitcoin. Therefore, he's unlikely to manipulate it significantly, unless its from volatility due to the amount invested.

Money is not important to you if you can have it as much as you want or print it to infinity, but you can always have more control and it seems that is what turns on some rich people.
For example BlackRock and Vanguard Group are two largest asset management firms in the world that own almost everything you can imagine and they are both largest stake holders in Microstrategy, holding over 23%, they also control mainstream media and big pharma industry.
Soros Fund Management owns a lot of shares of BlackRock so think about that, he controls much more than you think.

lepbagong

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Quote from: Lee_Mire on July 01, 2021, 02:24:07 AM

OK, so George Soros is now officially trading bitcoin at his investment firm Soros Fund Management. His intentions are unclear but he is well known for being a ruthless financier. Do you think this a good or bad thing for bitcoin?

actually there is no prohibition against anyone wanting to trade bitcoin because all have the same rights and obviously he has a lot of capital and fame that can affect what is said and done.
in business everything can be done with the aim of making profit and he is the same as @elonmusk with his Tesla company.

but all returned to those who have indeed become investors and often trade, for the past with the behavior of people who want to seek temporary profits. by using what one has to influence a large number of people, it is no longer the case. because it is clearly not good for crypto development. so it is returned to all investors whether they can reduce it so that it will not be influenced again later.

Welsh

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Likely irrelevant in the long term, and might result in some instability, and price swings in the short term depending on timing of investment, and how much is invested. You could argue that price swings are good for you in the short term, or not. Really does depend on the individual, and your specific goals. Although, as for the longevity of Bitcoin, it might help with exposure, and might encourage some adoption, but other than that it shouldn't have a big impact on it.

Quote from: dkbit98 on July 01, 2021, 07:29:35 AM

George Soros don't care about making more money because he has more than enough of it, but he does care about controlling everything and he is obviously not controlling Bitcoin.
All we can expect from his fund is to manipulate the market or add some more strict regulations for Bitcoin, so I don't see this as anything positive for Bitcoin and crypto.
This Soros Fund Management donated $10 million to Hillary Clinton's presidential campaign and we all know how that end up, but they, they also acquired a stake in Lehman Brothers just before their failure in 2008.

The only reason he would want to manipulate the market would be to profit off of it. This could potentially be the reason they are investing, although I don't think George Soro' has as much influence of other investors that are currently invested in Bitcoin. Therefore, he's unlikely to manipulate it significantly, unless its from volatility due to the amount invested.

dkbit98

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George Soros don't care about making more money because he has more than enough of it, but he does care about controlling everything and he is obviously not controlling Bitcoin.
All we can expect from his fund is to manipulate the market or add some more strict regulations for Bitcoin, so I don't see this as anything positive for Bitcoin and crypto.
This Soros Fund Management donated $10 million to Hillary Clinton's presidential campaign and we all know how that end up, but they, they also acquired a stake in Lehman Brothers just before their failure in 2008.
He does not care about Bitcoin or decentralization so beware of anything this fossil is doing.

CryptoStar19

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Quote from: Lee_Mire on July 01, 2021, 02:24:07 AM

OK, so George Soros is now officially trading bitcoin at his investment firm Soros Fund Management. His intentions are unclear but he is well known for being a ruthless financier. Do you think this a good or bad thing for bitcoin?

Naturally any firm that begins to be involved in the crypto space is a great thing for bitcoin. It is this further degree of institutional involvement that has been the defining feature of this bitcoin cycle as compared with the prior ones and over long term, this would only be further the case as bitcoin and crypto in general has become a more widely accepted investment asset.

yazher

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Quote from: Lee_Mire on July 01, 2021, 02:24:07 AM

OK, so George Soros is now officially trading bitcoin at his investment firm Soros Fund Management. His intentions are unclear but he is well known for being a ruthless financier. Do you think this a good or bad thing for bitcoin?

With the current state of the market, we really need that kind of people who can influence bitcoins even more. As you can see, when they invested in Bitcoin, you cannot say it's all bad rather it's good because this will promote the investment of bitcoin in a large audience and large followers such as Soros will technically make the flow of the market even nicer. As you can see, it's a battle of those people who have a large number of followers because it turns out that whatever they say, will affect the flow of the market.

avikz

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Quote from: Lee_Mire on July 01, 2021, 02:24:07 AM

OK, so George Soros is now officially trading bitcoin at his investment firm Soros Fund Management. His intentions are unclear but he is well known for being a ruthless financier. Do you think this a good or bad thing for bitcoin?

As per some sources, Soros Fund management LLC manages assets worth over 5.3 billion usd. So such kind of money mongers are never a good news for the crypto market. While Soros is just trying to make some more money, it will be much easier for him to manipulate the market for his own gain. With this kind of money in pocket, it's never a good news for small traders like us. We have already seen what money power can do here in case of Elon Musk, so I personally wouldn't want another billionaire to jump into crypto market for sure!

Kittygalore

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I don't know much about this Soros personality but I am pretty sure that if he is going to put a lot of money in trading, I think it will be bad for us retail investors because we are susceptible to getting caught in big waves when whales drop. But for the market, I think this is a good thing.

Yogee

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Many traders and investors in the traditional markets have been laughing at BTC calling it a bubble and that's still happening today. Some of them usually points out that if crypto is a legitimate investment then why does wealthy people like Buffet avoid it? Soros comes to the picture - their argument weakens.

Quote from: kryptqnick on July 01, 2021, 05:05:06 AM

...If there's just Elon Musk, his impact is very high. But if there are also others like Soros, if one of them goes bullish or bearish, it'll affect the market less.

I like this thought and I actually love to see them lock horns.

NotATether

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You should include the source next time you copy and paste something (including if the reddit author was you, to avoid confusion): https://www.reddit.com/r/Bitcoin/comments/obh1iz/george_soros_is_now_officially_trading_bitcoin/

Anyway, Soros is known to accumulate enormous amounts of currency and then shorting them on the pretense the currency will be devalued, when that country has a financial crisis.

For this to work, it's necessary that signs pointing to a crisis be known in advance for several months, which is easy to see with government-issued currencies (British pound sterling stands out in this regard). With cryptocurrencies there's usually no advanced warning signs that a huge downtrend such as this one will occur, the events happen in short sequence either instantaneously ("We regret to inform that Tesla will no longer accept bitcoin as a payment method" tweet) or over the course of several days ("Bitcoin mining is bad for the environment" or "US law enforcement seizes Colonial Pipeline ransom from Darkside").

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