Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk (bloomberg.com) 55
An anonymous reader quotes a report from Bloomberg: Goldman Sachs is setting up a trading desk to make markets in digital currencies such as bitcoin, according to people with knowledge of the strategy. The bank aims to get the business running by the end of June, if not earlier, two of the people said. Another said it's still trying to work out security issues as well as how it would hold, or custody, the assets. The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies, whose wild price swings and surging values have captured the public's imagination but given pause to established institutions. Goldman Sachs is now assembling a team in New York, one of the people said. While the bank hasn't made a decision where to house the desk, one possibility is that it will operate within the fixed-income, currencies and commodities unit's systematic trading function, which conducts transactions electronically, two people said.
Goldman Sux (Score:1)
Opening up into new ways to scam the world
No (Score:2, Insightful)
*All* speculation in the world for everything that exists is speculation. The question is: Did you capitalize on it and built yourself up?
From your response I'm guessing your're a poor little dumbass that doesn't know foot from mouth and is now jealous of those who profited from intelligence.
Even if you were right (which you're not), there's no need to be mean about it.
"Speculation" is used in investing as distinct from "investment." Investment generally refers to putting money into a company based on some meaningful information and guesses about what the company is going to do and how well it is going to perform--for example, you look at the Amazon echo and Amazon financial statements and decide you should invest in Amazon. Speculation refers to primarily uneducated guessing about which way th
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Exactly. I'm not following the bitcoin herd to ride the bubble. I'm going for something much safer and putting my money in iceberg futures.
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I'm guessing your're a poor little dumbass that doesn't know foot from mouth and is now jealous of those who profited from intelligence.
Bitcoin is over now. It's gone from $20,000 to $13,000 in two days. Maybe ther'll be a rally or two but the fat lady is now clearing her throat.
Some people will have made a million, yes, but for every one of those there's a thousand others who lost a thousand bucks. It's simple math.
Were they all "intelligent"?
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Opening up into new ways to scam the world
The players play, the house never loses.
Decentralized centers (clusters, hub and spoke) (Score:2)
There are advantages to centralization, and to decentralization. It seems to me a lot of things tend to naturally move to take advantage of both with a hub-and-spoke architecture. The internet is decentralized, right? If you look at a map of fiber lines in the US, you'll see all the fattest pipes converge at a very few hundred locations, each feeding smaller sub-hubs.
Amazon needs to have their products close to consumers for fast delivery, but big centralized warehouses that have everything also make sens
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Goldman Sachs... Currency... What could possibly go wrong?
Not much. They're late to the party and Bitcoin is in its death throes now. It came and went before they could respond.
For Whom the Bell Tolls (Score:2)
Run, buddy, run. Goldman sucks, those guys who stole billions from all over the place, you guys are doomed. You know what is coming, you know what they will do, you know they will fuck you over, it is hard wired into their nature. They'll be blowing up that bridge that traps you on the other side as they strip mine you of assets. Don't say you haven't been warned, again and again and again.
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you know, with the amount of money they're able to extract via high frequency trading; just imagine what they'd be able to do with wide fluctuations in BTC prices and extremely long transaction times.
(Though the upside is big players like goldman might bring some stability to the price swings, due to the aforementioned high frequency trading algos)
Oh, hell (Score:2)
Re:Oh, hell (Score:5, Insightful)
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Wow! (Score:2)
If one of those trading accounts gets heisted....
How's that swamp draining (Score:2, Insightful)
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It is drained. Trump replaced the stuff that was hidden behind secret deals and simply made it public. I mean, look at all the leaders of the departments - they're run by industry nowadays.
The FCC is run by basically a Verizon shill. The EPA is run by what, an oil exec? Etc.
Trump said he'd drain the swamp. He didn't promise to clean it up. Everything everyone does can be traced to corruption, but it's out in the open now. Tax cuts for the rich? Well, that's plainly obvious. No need for analysts to figure ou
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The EPA is run by what, an oil exec?
Nah, you're thinking of the State Department, run by the former CEO of Exxon Mobil Rex Tillerson. The EPA is headed by Scott Pruitt, who, as Oklahoma Attorney General, sued the EPA every day before lunch.
Market making and risk (Score:1)
GS would not want the exposure so they must have a plan to hedge it.
Cryptocurrency is garbage (Score:1)
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> I have never seen the value of cryptocurrency
Bitcoin does suck as a currency due to expensive and time consuming transactions. But it does have some potential as a place to store value. IE Swiss bank accounts were all the rage, as they were a single number that didn't have to be tied to any person or company directly.
> all transactions be made public on the network and tied to a unique set of numbers corresponding to particular "wallets."
True with every use of a wallet they will lose some of their
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The way that the systems are designed require that all transactions be made public on the network and tied to a unique set of numbers corresponding to particular "wallets." There is ultimately zero anonymity with cryptocurrency long-term.
You know there are several privacy-oriented cryptocurrencies where transactions are not public? The prominent ones include Monero and Zcash, and there are other worthwhile contenders such as Zcoin. It's not like developers have been sitting on their asses since Bitcoin was launched in 2009.
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Of course (Score:2)
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I'm waiting for them to start sending people to play roulette in Vegas. I mean, $$$.
More like, they would charge people a commission to play roulette in Vegas, and get their cut whether the punters won or lost.
And the great vampire squid (Score:2)
keeps on sucking