Topic: Goldman Sachs with the futures - page 2. (Read 446 times)

while the bank plans to launch this project on a modest scale, starting with a limited set of derivative products without direct trading bitcoins, but offering contracts related to the real asset.

Goldman will act as an exchange broker for futures contracts that track the behavior of bitcoin. In other words, while the bank does not plan to create a platform for trade in crypto-currencies, it will start working with futures and non-deliverable forward products.

I don't like it either. I still don't think things went very well after the first futures contacts. I think they really open room for manipulation, since they can buy bitcoin to drive the price up, and then just dump to try to make it go down. This way they will be winning on the way up, since they bought low and sold high, and then they will win even further if they shorted BTC on the futures contract. A lot of people say it's not that easy, but these investors are rich as hell, and given the lack of regulation I don't see how they can't do this.

We really need ETFs and real adoption to happen. I guess we need to keep waiting for now.

Bitcoin is in a bear trend and it is the best time to buy more BTC. Like they said, buy when blood is running on the streets, and from the looks of the comments, we are in that time.

When institutions join the cryptocurrency, the market will be controlled by them. The influx of large amounts of funds will gain control of the market and the degree of freedom of the market will be affected. Of course, the addition of large amounts of funds will also make the market become More active. ,

I dont really care if large corporations are mining all the bitcoin, they will have to give up sometime soon because the supply is limited. In terms of transaction fees, I am pretty sure it will be solved before mining becomes unprofitable.

The mining aspect regardless of it getting taken over by large corporations, will get taken over by the main players at that specific time anyway, there just isn't a way to find out beforehand which of the sides is worse. In current times the competition Bitmain is facing is healthy and allows that market to become less centralized, which is something that we can only be happy with. Jihan & Co are more poison to this environment than anything else, so it will feel extra good seeing their dominance decrease in the coming years. Bitcoin made Jihan a multi billionaire and now he spits on Bitcoin like it is a slut he used and is now somewhat bored with....

Here is what I believe: It is in a bear trend and it is the best time to buy more BTC. Like they said, buy when blood is running on the streets, and from the looks of the comments, we are in that time. Buy now, thank me later!
Da good will always win???

I wish I knew. Once the corporate scum find the money river, they always shit And piss in it and wallow in it until it is so polluted and fouled by their presence that it becomes unrecognizable. The unfettered greed that is epidemic in current mankind is as incurable as Heroin addiction. We can at least know our enemy and put up resistance at any and every turn. Inevitably we’ll lose but we can at least fight. The very demons BTC was invented to combat have now fully taken control. Soon even mining will be only for the large corporations. At the very least people can stop being naive and thinking that corporations are “good” for BTC.

So, what do you suggest then? Get out of everything crypto? Short our BTC just like these "devious" wolves are doing? What?

But it is also a boon for traditional financial institutions such as Goldman sachs to enter the cryptocurrency market.
Because more and more financial attention to the market means more money flowing into the market.

This is a classic example of the naivete that exists within the general community about how the "traditional" trading community operates. The run up you saw in the underlying asset was a methodical and deliberate accumulation of the asset with the knowledge that there was no resistance to be created from the short side due to no vehicles to implement those restrictive short positions.This leads to a euphoric wave within the general public who then buy and tend to get in at the top. Hedge-funds and Institutional traders accumulated massive long positions in the underlying knowing that once futures and options became "live", they could begin to hammer the price with "lock down sales"in those vehicles. . Keep in mind this was the first time in BTC history where a participant could actively "short" the market. Much like the Japanese Stock market in the 80's, the upward trajectory of price was FALSE as there was no vehicle to resist it.  During the run up from $6,000 to $19,000 NOTHING fundamentally changed in BTC. Not usage, not technology.....NOTHING. In short, you uninformed naive BTC enthusiasts got set up like bowling pins by the likes of GSA, JPM, GCM, HSBC, Tudor Investments, and on and on. Just like they've done time and time again throughout history. BTC was an EXTREMELY easy target due to the lack of any sophistication in the user community. It was "taking candy from a baby". It still is. By the way futures are NOT derivative products. So much bad information and ignorance. How do i know these things? I spent 30 years in the belly of this beast. Watching this bullshit day in and day out. You poor bastards don't even begin to realize the level of deviance and dysfunction in this crowd. So go ahead....keep posting your high minded drivel and pretend you know what you're talking about. The wolves are at the door and you don't have a lock on it.

You are correct in saying that they do not want to get their hands dirty and they want to work with what they know. However, "derivatives" are not the real product and it seems that these institutions are making money on gambling rather than production. They are not producing anything, but simply taking advantage of others. If it is legal, it is fine but people buying futures should be aware that they are sinking the ship they are on. Anyone is free to short anything but if you are doing it to manipulate the market then I consider that unethical.

Goldman Sachs do not want to get their hands dirty and Bitcoin futures are the cheapest point of entry to Bitcoin, without having to buy a single Bitcoin. They also want a financial instrument that they can control, so they chose the tool that they are familiar with.

Do not expect the Banks to take the first move towards building a instrument that would benefit the Bitcoin community, because they will rather create a instrument that would be used to short it or to sabotage it in some way.  

why do you say that? not so long ago when others started talking about Bitcoin Futures (like GME, NASDAQ,...) everyone was excited and were saying they are helping bitcoin grow. in fact price went from $10k to $20k mainly because of this reason.
so why are you saying this new Bitcoin Futures is created to "sink bitcoin" now? what changed?

Nothing Goldman Sachs does is a "good thing". Well except of course it's a "good thing" for Goldman Sachs and their massive bonuses, paid with stolen funds. If Goldman is doing it, a LOT of people are getting hurt for their benefit. You literally cannot have a single trace of a soul to work at this place. It's Satan's investment bank.

We cannot blame them if they invested on bitcoin futures and not on the bitcoin desk. There is nothing to be sad about people who are into bitcoin futures. It may be bitcoin on the exchanges or bitcoin futures all of them are bitcoins and as long people are into bitcoin either of the two platforms will do. As long as people are buying bitcoin be it be in futures or on bitcoin desk it is still a good thing.

GSA is one of the most filthy, scummiest greed Cadres in the universe. Those people would kill their own Mothers for a few more Dollars. They are involving in futures for two reason. 1 They can charge large fees for futures transactions. 2 Futurs markets can be manipulated and stolen from rather easily by large financial institutions.....read "thieves" I know...I used to work there. GSA is actually WORSE than most people think or realize.

whether we like it or not, it is happening this way. the real question that we should be asking is how this is going to influence the market in short term. in long term nobody cares about what these dudes do about bitcoin, in the end bitcoin is THE decentralized currency of our time and will continue to appreciate over time.
but in short term we can't rule out the speculation. last futures trading created a couple of panic moments and led to some drops. it stopped after a while and people stopped even caring about them but this may reignite the same FUD again.

It's true that Goldman Sachs has decided to start bitcoin futures instead of trading into raw bitcoin but there are few reasons behind it.

The main reason is the legality of bitcoin and cryptocurrency in US. The legal areas are still unclear and the US government is playing a double standard game using their enforcement agencies. So dealing in real bitcoin can get them into a legal mess. That is the reason why they have chosen future derivatives. Where their clients will be benefitted from the price fluctuations of bitcoin but no actual bitcoins will be traded or handed over in that process. Laws will be maintained and the end goal will be achieved.

maybe they felt that they may not have a good chance competing with the current existing exchanges such as Coinbase and Gemeni which if i am not mistaken both are in US already and they are both big enough.
additionally they may have feared all the headaches of possible regulations for exchanges.