Bitcoin: Wagging the Dog? By Gregory Mannarino
There are many who are still refusing to believe that it is the Wall Street Wizards who are now running the show with regard to Bitcoin via the futures exchanges, despite seeing it in real time.
Truly, It is a hard concept to grasp, although I have outlined how it is being done...
For them I have a question..
Are you willing to bet against where the futures are being bid at the CME exchange?
Here is a link: http://www.cmegroup.com/trading/equity-index/us-index/bitcoin.html
Resteemed
Buy the dip!
The volume on Bitfinex is far higher than on the CME futures, no? I believe exchanges like Bitfinex and Polo have far more influence on bitcoin than Wall St. at this point.
greg why you told people to sell their bitcoin?
I personally have not heard him say this to others although he did sell a few weeks back. I still hear his conservative guidance regarding do not risk what you cannot lose. Basically, I understand his position to be one of the tail wagging the dog in that the futures market will now drive the price point similar to the bond market driving the stock market. Hence, no one knows what it will do with certainty but it might well recover over time. I have also heard him say to look for more lucrative opportunities in other coins with admittedly shameless plugs for Steem. Did I miss something?
Shameless plug? I believe in this platform and Steem. Do you?
@hibiki21...If Gregory Mannarino sells his Bitcoins, this is the strongest sign he could give. He is not greedy. His decision was very wise. If people don't understand that, it's there mistake. Steem is great. I would buy just Steem and Ether. Perfect entry point right now.
great post Resteemed and upvoted
Great response! The only thing I would add is that I think Greg is also quite conscious of the "time value of money" combined with the opportunity cost of any given investment. Yes, we could wait for it to come up which it may or may not do, and you could eventually make money, but how much more could you have made if you put the money to use in a more profitable investment instead? Put another way, how much did you lose by not pulling out the money that was left and putting it into a more profitable investment. This is the whole idea behind a good "stop loss" plan. Keep that money working for you!
The thing I always have to remind myself is that the important thing is not how much I have gained or lost on my current investments, but "what do I have right now?" and is that the current best use?
I don’t doubt you for one minute, thanks
Greg, thank you and we did upvote and resteem
#FAKEMARKETS
Resteem and upvote always.your post always good.thanks.
Resteem and upvote always sir..........//////
Resteem and upvote done sir:)
Just googled "Does futures market affect underlying prices". Answer: Yes, yes it does. Check it out. Greg is giving a much better education than some of my MBA instructors (IMO) who INSISTED that price discovery was almost always correct due to the law of large numbers, arbitrage, etc. Much appreciated Greg!