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Bitcoin The Almighty Buck

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.
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Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

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  • by Anonymous Coward

    Opening up into new ways to scam the world

    • Opening up into new ways to scam the world

      The players play, the house never loses.

  • 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.

    • 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)

  • Hell, that's mainstream baby, no matter who's in [google.com] or of the White House. [google.com]
  • If one of those trading accounts gets heisted....

  • turning out for you? You know, you can't drain it when there's a billionaire with a sewage pump twice the size of your drain, right? If you thought they were going to just let you go do your own thing, well, I can't even rightly call that naive. There's got to be another word for it. Maybe in German. They've got long words for bad things, right?
  • Market making something this volatile will be very risky.

    GS would not want the exposure so they must have a plan to hedge it.

  • I have never seen the value of cryptocurrency (as commonly implemented today.) 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. Decentralization doesn't matter once the currency becomes widespread. It was always destined to become the same kind of gambling that Forex trading tends to be: dump in money, wait for increase
    • > 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

    • 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.

  • Those predatory fuckers are getting in the game!
  • keeps on sucking

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