Goldman Sachs Opening Bitcoin Trading Desk

DooKey

DooKey

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It appears that one of the biggest Wall Street banks is ready to jump on the Bitcoin train with Goldman Sachs getting ready to open a Bitcoin trading desk. They aren't going to buy and sell Bitcoin directly, at least not yet, but they are going to trade contracts linked to the price of Bitcoin. I know a lot of people hate cryptocurrency, however, with this move it appears crypto is here for the long term. Everyone better get used to it.

Ms. Yared said Goldman had concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. But a number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of Bitcoin that can ever be “mined” in a complex, virtual system.
 
Probleminfected said:
People only hate it because either they missed the train, can’t get gpus, aren’t smart enough to rack in the profits or they just fear change.
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That's a lot of options for a sentence started with "only"!

I don't hate bitcoin. I just think that, like many other disruptive technologies (automobiles, commercial airlines, the Internet) Bitcoin's ultimate importance has been drastically overestimated. Bitcoin isn't going anywhere, but it isn't going to "change everything" either.

Oh, and I can't get GPUs. ;)
 
I am all for crypto that serve a purpose/product and are friendly on the environment. BTC is not friendly on the environment , its just the name people are familiar with and has a high value.
 
Probleminfected said:
People only hate it because either they missed the train, can’t get gpus, aren’t smart enough to rack in the profits or they just fear change.
Click to expand...

My personal disdain for BitCoin (in particular) is the waste of resources, but I am not one to just bitch about it. If I have my way, Texas will not be a very miner friendly state soon.

Also, I figure if Goldman-Sachs does not kill off cryptocrap, then nothing will, given their recent history.

Do I need to put a smiley emote there?
 
Contracts on a highly volatile item is like gambling at the horse races: It's fucking stupid. It's even more than fucking stupid, because with C rated securities there's property backing it up where you can sell it and at least get some of it back. With this it's just gambling on nothing backed by nothing.
 
No one missed the train.... The worlds ponzi (financial) system is 50 Trillion + Market cap right now for cryptos is 1/2 T . Folks I know everyone here can do math. Goldman is coming in at the price bottom for the year.
 
Sounds about right, crooked company to adopt crooked currency.
 
PantherBlitz said:
Didn't they also trade junk mortgage-based securities a little while ago?
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Yeah, and they paid the price and went bankrupt for their risky investments, serving as a warning to everyone else. Don't worry, nothing like that will ever happen again.
 
WorldExclusive said:
There's no reason why anyone without an established portfolio and physical assets to invest in crytpo.
Fast money come, fast money go.
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And of this is true that would pretty much be the end of crypto, all the money has been made so why bother?

Fast and easy money regardless of the mechanism isn't sustainable. Crypto currency is more enduring than that.
 
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I was on the fence on getting into cryptocurrency because of legalities.

Now I am certain cryptocurrency can't be legal.
 
After poking around a few articles I get the impression that Hold-man Sacks isn't looking to place any risk in crypto, it's more that they're looking to be paid stupid money to manage the exchanges of people who have or want investments in crypto. This is probably a way to pseudo-legitimize crypto, attract new customers, and come up with new, unregulated methods of getting and hiding money. If everything goes well and the economy packs more cash up their ass, then they might look at some investments.

P.S. Did you read the article and look at the shweeb they picked to run this operation?

P.P.S. If you didn't know, a shweeb is a high-class dweeb. Look at the second photo in the article - it could be called "Dweebs In Granite." Now go back to the first photo, and look at their boy, he is a sweet shweeb, a rare animal, almost a collector's item. He's like a KitchenAid Stand Mixer in Hot Sauce Red, he's still just an appliance, but he seems more important.
 
Probleminfected said:
People only hate it because either they missed the train, can’t get gpus, aren’t smart enough to rack in the profits or they just fear change.
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I missed the train...badly. In the beginning of this craze I thought "hmm what have I to lose?....naah it probs aint nuffing" boy did I fuck up there

edit... In the beginning there was light..and then there was not.
I was eyeing the bitcoin when it first came out. Fucking hell
 
WorldExclusive said:
There's no reason why anyone without an established portfolio and physical assets to invest in crytpo.
Fast money come, fast money go.
Click to expand...
Absolutely, there is a reason for someone with an established portfolio to invest in crypto. It's called diversification. You balance your portfolio with stable, slow growth investments, with medium risk-medium reward, and high-risk-high reward investments. Smart investors will see bitcoin as a high-risk, high reward investment, and add it to their portfolio for the potential of high earnings, but not be so invested that they can't afford to lose it all. If they are smart, they can get out before they lose it all.
 
heatlesssun said:
And of this is true that would pretty much be the end of crypto, all the money has been made so why bother?

Fast and easy money regardless of the mechanism isn't sustainable. Crypto currency is more enduring than that.
Click to expand...

Just saying that people need to build up other solid investments first before diving into risky investments.
People are using credit cards and their W2 paychecks to fund their Bitcoin investments. A good way to go bankrupt.

If a person sells a plot of land for a profit of 40K, it's less risky to invest 10% into Bitcoin.
 
jardows said:
Absolutely, there is a reason for someone with an established portfolio to invest in crypto. It's called diversification. You balance your portfolio with stable, slow growth investments, with medium risk-medium reward, and high-risk-high reward investments. Smart investors will see bitcoin as a high-risk, high reward investment, and add it to their portfolio for the potential of high earnings, but not be so invested that they can't afford to lose it all. If they are smart, they can get out before they lose it all.
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I said without, not with. We're on the same page.
 
Remember when Goldman Sachs contributed to the worst US economic crisis since the 1930's. Millions of peoples lost their homes, business closed, and millions of jobs were lost. Oh look ... now they are into bitcoin.
 
Draax said:
Remember when Goldman Sachs contributed to the worst US economic crisis since the 1930's. Millions of peoples lost their homes, business closed, and millions of jobs were lost. Oh look ... now they are into bitcoin.
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Dodd-Frank who? Time to move the nations mortgages and retirement funds over to bitcoin for yuge gainz!
 
God, I can see another government bailout coming for Goldman-Sachs. How much did it cost us last time, billions? Maybe this time we'll get lucky and Trump will still be in office and will tell them to go fuck themselves.
 
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