[2018-09-05] Goldman Sachs Is Reportedly Backing Off Plans for a BTC Trading Des

timerland

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Quote from: Terraformer on September 06, 2018, 04:17:18 AM

Goldman Sachs is dropping its plans to open a trading desk focused on cryptocurrencies, Business Insider reported Wednesday.

Previous reports had indicated that Goldman was hoping to set up a trading desk for bitcoin and other cryptocurrencies by the end of June. Now, Business Insider says, officials at the investment firm realized that more steps would need to be taken for a regulated bank to trade bitcoin, including factors beyond Goldman’s control.

Continue reading >> http://fortune.com/2018/09/05/goldman-sachs-bitcoin-trading-desk/

Apparently, this was the reason why markets went into a frenzy in panic dumping down to $6.5k which is the price right now? Whenever you see news like what Goldman Sachs issued back in June with their plans, you have to take the report at face value.

It is not a guarantee that they are going to pan out and actually go and do this project, but instead, it's just a plan.

This is just an example on things that could go not exactly what they are planned by even big corporations previously.

I do wonder what happened that made them make this decision, though. Seems like there were some regulatory pressure from above that made Goldman back out of this. Though, whether or not this is launched is quite over-hyped in my opinion, just like the bitcoin ETF. It's most likely not going to be something that will be of particular use to average bitcoin users. The fact that they are interested in the first place should have been the biggest news imo.

acheampong64

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Quote from: AXELNetwork on September 06, 2018, 11:15:07 AM

Quote from: Terraformer on September 06, 2018, 04:17:18 AM

Goldman Sachs is dropping its plans to open a trading desk focused on cryptocurrencies, Business Insider reported Wednesday.

Previous reports had indicated that Goldman was hoping to set up a trading desk for bitcoin and other cryptocurrencies by the end of June. Now, Business Insider says, officials at the investment firm realized that more steps would need to be taken for a regulated bank to trade bitcoin, including factors beyond Goldman’s control.

Continue reading >> http://fortune.com/2018/09/05/goldman-sachs-bitcoin-trading-desk/

They aren't "backing off" they're delaying it. Saying "backing off" indicates that they're no longer going to pursue this option but it's clear that they're delaying things to be more prepared for it, it's not a bad thing to do this.

But one fact we cannot deny is that when one says they're delaying it might mean they're gearing towards saying "no" or "they've backed off." For instance, the BTC ETF delays have proven a little sign to all of us that they're trying to back off nevertheless they're trying to get tighter rules first. My wish is that crypto didn't depend on these things to get price upsurge. These things have in deed affected the market this year.

1Referee

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Quote from: Samarkand on September 06, 2018, 11:56:58 AM

I can´t believe that they paid 400M $ for Poloniex after the bull run
of 2017. The previous Poloniex owners really cashed out at the right time.
Maybe they were already seeing the signs of the altcoin crash on the wall.

Taking over an exchange isn't something that happens in a matter of weeks. In most cases it could take almost a year before you can actually own it, especially with all the legal hassle that Poloniex had to go through in order to have the deal be approved by higher authority. I think it's pretty safe to assume that Goldman & Co fomo'd hard and contractually agreed on an amount at the very early stage, which turns out now has been a bad decision.

It was hardcore seeing Poloniex push through 100k daily BTC volumes, which equates to around 150BTC in fee income every day. I think that's what Goldman & Co were after.

But yeah, the Poloniex owners did well dumping at prime rates.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Samarkand on September 06, 2018, 11:56:58 AM

I can´t believe that they paid 400M $ for Poloniex after the bull run
of 2017. The previous Poloniex owners really cashed out at the right time.
Maybe they were already seeing the signs of the altcoin crash on the wall.

These days Poloniex gets used less and less. E.g. today Poloniex is occupying
the 27th place on the exchange list by trade volume at Coinmarketcap.
Even obscure exchanges like Allcoin, OEX or DOBI trade are reporting
a higher volume than Poloniex (if you can actually believe all self-reported volume
numbers of exchanges is another story of course).

They were one of the first all altcoin exchanges to push hard KYC rules and that probably made a lot of people leave. Personally, I used to use Polo and bittrex because there was no KYC. I wanted anonymity and didn't care about fiat, just wanted to trade coins. Then polo launched KYC, so I moved to Bittrex and not long after that it also wanted verification. I thought that If I really had to get there are much better exchanges. I can jump to one with a bigger volume and an ability to withdraw fiat. I bet that's what many people did last year.

Harlot

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Strange to see a source of a tweet that existed almost one year yet they have not provided any reliable source for their news now, it will make you wonder if this news is really real or is just a group work made by news outlets to create some fire in the market. They might be teaming up and pretending that they have real juicy news when all they have along is a fake and self-made news. It hurts to say that even fake or unreliable news still has a negative effect in the market.

vy99

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Quote from: AXELNetwork on September 06, 2018, 11:15:07 AM

Quote from: Terraformer on September 06, 2018, 04:17:18 AM

Goldman Sachs is dropping its plans to open a trading desk focused on cryptocurrencies, Business Insider reported Wednesday.

Previous reports had indicated that Goldman was hoping to set up a trading desk for bitcoin and other cryptocurrencies by the end of June. Now, Business Insider says, officials at the investment firm realized that more steps would need to be taken for a regulated bank to trade bitcoin, including factors beyond Goldman’s control.

Continue reading >> http://fortune.com/2018/09/05/goldman-sachs-bitcoin-trading-desk/

They aren't "backing off" they're delaying it. Saying "backing off" indicates that they're no longer going to pursue this option but it's clear that they're delaying things to be more prepared for it, it's not a bad thing to do this.

Yup, it's funny how people with an agenda will spin things. I still see this as Goldman Sachs being serious about cryptocurrency but just waiting to make sure that they're totally ready when they launch. This doesn't mean they've soured on them.

Samarkand

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Quote from: 1Referee on September 06, 2018, 08:21:11 AM

Reportedly? No fucking news outlet has any actual source to refer to, and yet they keep echoing the same nonsense over the whole internet. Roll Eyes

...

The good old "crypto journalism". If there are no real news, they simply make
up a random story Roll Eyes

Quote from: 1Referee on September 06, 2018, 08:21:11 AM

...
If you think logically, Goldman Sachs doesn't need a trading desk, because they have Poloniex already. It makes zero sense for them to create a seperate trading desk and to have Poloniex collect dust.
...

I can´t believe that they paid 400M $ for Poloniex after the bull run
of 2017. The previous Poloniex owners really cashed out at the right time.
Maybe they were already seeing the signs of the altcoin crash on the wall.

These days Poloniex gets used less and less. E.g. today Poloniex is occupying
the 27th place on the exchange list by trade volume at Coinmarketcap.
Even obscure exchanges like Allcoin, OEX or DOBI trade are reporting
a higher volume than Poloniex (if you can actually believe all self-reported volume
numbers of exchanges is another story of course).

AXELNetwork

member

Activity: 153

Merit: 11

Quote from: Terraformer on September 06, 2018, 04:17:18 AM

Goldman Sachs is dropping its plans to open a trading desk focused on cryptocurrencies, Business Insider reported Wednesday.

Previous reports had indicated that Goldman was hoping to set up a trading desk for bitcoin and other cryptocurrencies by the end of June. Now, Business Insider says, officials at the investment firm realized that more steps would need to be taken for a regulated bank to trade bitcoin, including factors beyond Goldman’s control.

Continue reading >> http://fortune.com/2018/09/05/goldman-sachs-bitcoin-trading-desk/

They aren't "backing off" they're delaying it. Saying "backing off" indicates that they're no longer going to pursue this option but it's clear that they're delaying things to be more prepared for it, it's not a bad thing to do this.

1Referee

legendary

Activity: 2170

Merit: 1427

Reportedly? No fucking news outlet has any actual source to refer to, and yet they keep echoing the same nonsense over the whole internet. Roll Eyes

Mainstream media; Goldman Sachs backing off is the reason for Bitcoin's price to fall yesterday. What a bunch of retards. Learn how this market works you idiots.

If you think logically, Goldman Sachs doesn't need a trading desk, because they have Poloniex already. It makes zero sense for them to create a seperate trading desk and to have Poloniex collect dust. Whatever it is they will be doing with Poloniex, it's safe to say that it will be their sole focusing point.

Not knowledge, but common sense outperforms 95% of the market during this crypto bear market.

Terraformer

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Activity: 574

Merit: 251

Goldman Sachs is dropping its plans to open a trading desk focused on cryptocurrencies, Business Insider reported Wednesday.

Previous reports had indicated that Goldman was hoping to set up a trading desk for bitcoin and other cryptocurrencies by the end of June. Now, Business Insider says, officials at the investment firm realized that more steps would need to be taken for a regulated bank to trade bitcoin, including factors beyond Goldman’s control.

Continue reading >> http://fortune.com/2018/09/05/goldman-sachs-bitcoin-trading-desk/

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