This is not exactly approval from Goldman-Sachs, but it's getting close...

medUSA

legendary

Activity: 952

Merit: 1005

--Signature Designs-- http://bit.ly/1Pjbx77

Quote from: MrPalmer on December 30, 2013, 11:27:54 PM

There needs to be a viable use for BTC ....
we need to see a deeper consumer base that uses BTC for online transactions

Yes, I agree! For bitcoins to grow organically, we need to be able to buy a wider range of goods, from more online retailers to create a sustainable transactional demand for bitcoins.

medUSA

legendary

Activity: 952

Merit: 1005

--Signature Designs-- http://bit.ly/1Pjbx77

I read an article ages ago, saying that workers in Morgan Stanley and Goldman Sachs have been trading bitcoins very early on in mid 2012. Are they trading privately or for the bank? I don't know... but both banks should have known about bitcoins from the very beginning. My guess is they are still trading bitcoins now with a minute fraction of their funds on hand, but already enough to dictate bitcoins prices to some degree.

Original article (news back in mid 2012):
http://www.reuters.com/article/2012/04/01/traders-bitcoin-idUSL6E8ET5K620120401

"Workers at Morgan Stanley and Goldman Sachs in London and New York have been visiting online Bitcoin exchanges as often as 30 times a day, according to documents seen by Reuters"

MrPalmer

member

Activity: 98

Merit: 10

Quote from: empoweoqwj on December 30, 2013, 10:01:25 PM

Quote from: quone17 on December 30, 2013, 03:51:50 PM

Well, GS will certainly be trying their best to have some say in BTC going forward now, because there is money to be made in it. They have their hands in everything all the way up...

How much have they invested to date? One board member ....

Certainly interesting to see if they really invest in bitcoin in a meaningful way.

IMO - we need retailers onboard before Wall St invests. There needs to be a viable use for BTC, outside just investment banking. These guys are used to trading shares for the biggest consumer driven companies in the world. I think we need to see a deeper consumer base that uses BTC for online transactions before we'll get much investment depth from Wall St.

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: quone17 on December 30, 2013, 03:51:50 PM

Well, GS will certainly be trying their best to have some say in BTC going forward now, because there is money to be made in it. They have their hands in everything all the way up...

How much have they invested to date? One board member ....

Certainly interesting to see if they really invest in bitcoin in a meaningful way.

quone17

full member

Activity: 224

Merit: 104

Well, GS will certainly be trying their best to have some say in BTC going forward now, because there is money to be made in it. They have their hands in everything all the way up...

TsuyokuNaritai

hero member

Activity: 574

Merit: 500

TraderTimm

legendary

Activity: 2408

Merit: 1121

Just to be clear, I accept that all of the usual bad actors in the legacy financial world will be involved with Bitcoin at some point. This however doesn't mean that I'll be running to them to manage my Bitcoins in any way. Shouldn't be a problem for me personally, the only real tragedy will be the clueless newbies who see the legacy "bridge" as the only safe way to use Bitcoin.

I can't help those people, they were the same ones who no doubt yelled "ponzi" when they first read about Bitcoin in the first place, and in a way, they deserve to pay for their ignorance.

jinni

sr. member

Activity: 255

Merit: 250

Quote from: empoweoqwj on December 30, 2013, 05:46:29 AM

Quote from: medUSA on December 30, 2013, 02:30:09 AM

Hey guys, this is not good or bad news, it is just a trivial bulletin...

A Goldman Sachs board member (director) joints the board of "Circle Internet Financial",
a startup company who offers simple payment services for businesses and consumers.

No big deal... Actually, I don't see this to be of great help to the bitcoin community,
She probably just want to learn more about bitcoins by being on the board,
rather than to help the new start-up Embarrassed

Exactly. She is there to learn on behalf of GS, so they don't get lost behind with this bitcoin thing.

If you believe GS can just destroy bitcoin at a whim, I really don't why you are invested in such a flimsy idea as bitcoin Wink

Precisely. GS cannot destroy Bitcoin, and I am sure they are going to be profiting wildly from it. However, GS has the power to influence the shape of government response/legislation, and the more they are invested, the more they have an incentive to do so.

In what way they will want to influence the legislation of Bitcoin remains to be seen. But we know that regulation cannot stop Bitcoin. However, legislation can be a tool to affect short-term price movements creating good buy/sell opportunities.

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: medUSA on December 30, 2013, 02:30:09 AM

Hey guys, this is not good or bad news, it is just a trivial bulletin...

A Goldman Sachs board member (director) joints the board of "Circle Internet Financial",
a startup company who offers simple payment services for businesses and consumers.

No big deal... Actually, I don't see this to be of great help to the bitcoin community,
She probably just want to learn more about bitcoins by being on the board,
rather than to help the new start-up Embarrassed

Exactly. She is there to learn on behalf of GS, so they don't get lost behind with this bitcoin thing.

If you believe GS can just destroy bitcoin at a whim, I really don't why you are invested in such a flimsy idea as bitcoin Wink

oakpacific

hero member

Activity: 784

Merit: 1000

Quote from: marcus_of_augustus on December 30, 2013, 02:07:40 AM

Quote from: oakpacific on December 29, 2013, 09:28:46 PM

Quote from: marcus_of_augustus on December 29, 2013, 02:52:47 PM

Why would anybody want/need approval from Goldman Sachs ... haven't they overtly subverted the US legislative system and destroyed vast tracts of the economy in their wanton lust for power over others and insanely greedy, short-sighted financial rapings?

Yes, let's welcome the scourge of the planet to bitcoin .... wtf?

Because Goldman is good, not morally good of course, but good at what they do. They saw the subprime crisis coming and was able to make billions by trading against the market. Many of us believe that a systematic crisis will eventually befall on the old system, but if anyone is able to time it and trade to profit from it, it's probably GS.

Wouldn't it better to welcome the people that are morally good AND good at making money?

If anyone is able to corrupt Bitcoin to the core it is Goldman Sachs and their fellow travellers ... Silk Road will look tame by comparison ... these guys are bad news on so many levels.

Edit: it should be a good test of Bitcoin's trust no-one properties ... Wink

I am confident it can't kill Bitcoin, so if it's to do anything it will be for the positive, or futile.

And we can't stop anyone from getting involved either, so the best thing to do is to use GS as an indicator.

medUSA

legendary

Activity: 952

Merit: 1005

--Signature Designs-- http://bit.ly/1Pjbx77

Hey guys, this is not good or bad news, it is just a trivial bulletin...

A Goldman Sachs board member (director) joints the board of "Circle Internet Financial",
a startup company who offers simple payment services for businesses and consumers.

No big deal... Actually, I don't see this to be of great help to the bitcoin community,
She probably just want to learn more about bitcoins by being on the board,
rather than to help the new start-up Embarrassed

2dogs

legendary

Activity: 1267

Merit: 1000

Quote from: marcus_of_augustus on December 30, 2013, 02:07:40 AM

Wouldn't it better to welcome the people that are morally good AND good at making money?

If anyone is able to corrupt Bitcoin to the core it is Goldman Sachs and their fellow travellers ... Silk Road will look tame by comparison ... these guys are bad news on so many levels.

Edit: it should be a good test of Bitcoin's trust no-one properties ... Wink

Exactly. Wouldn't trust GS - they are the kiss of death.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Quote from: oakpacific on December 29, 2013, 09:28:46 PM

Quote from: marcus_of_augustus on December 29, 2013, 02:52:47 PM

Why would anybody want/need approval from Goldman Sachs ... haven't they overtly subverted the US legislative system and destroyed vast tracts of the economy in their wanton lust for power over others and insanely greedy, short-sighted financial rapings?

Yes, let's welcome the scourge of the planet to bitcoin .... wtf?

Because Goldman is good, not morally good of course, but good at what they do. They saw the subprime crisis coming and was able to make billions by trading against the market. Many of us believe that a systematic crisis will eventually befall on the old system, but if anyone is able to time it and trade to profit from it, it's probably GS.

Wouldn't it better to welcome the people that are morally good AND good at making money?

If anyone is able to corrupt Bitcoin to the core it is Goldman Sachs and their fellow travellers ... Silk Road will look tame by comparison ... these guys are bad news on so many levels.

Edit: it should be a good test of Bitcoin's trust no-one properties ... Wink

MrPalmer

member

Activity: 98

Merit: 10

Quote from: oakpacific on December 29, 2013, 09:28:46 PM

Quote from: marcus_of_augustus on December 29, 2013, 02:52:47 PM

Why would anybody want/need approval from Goldman Sachs ... haven't they overtly subverted the US legislative system and destroyed vast tracts of the economy in their wanton lust for power over others and insanely greedy, short-sighted financial rapings?

Yes, let's welcome the scourge of the planet to bitcoin .... wtf?

Because Goldman is good, not morally good of course, but good at what they do. They saw the subprime crisis coming and was able to make billions by trading against the market. Many of us believe that a systematic crisis will eventually befall on the old system, but if anyone is able to time it and trade to profit from it, it's probably GS.

This is a very good point. GS's are good at one thing - making money! If they are getting involved, I suspect it's because they know exactly what they are doing, and have every intention of profiting.

Carlton Banks

legendary

Activity: 3430

Merit: 3080

Quote from: TraderTimm on December 29, 2013, 02:26:01 PM

Quote from: bryant.coleman on December 29, 2013, 10:06:12 AM

You think that this is a positive news? I don't think so. Goldman is trying to destroy Bitcoin, from the inside. Huh

More likely, they did their homework and realize that there's money to be made. Yes, there will be a lot of revenue to be had before all the old "bad" money is converted into "good" Bitcoin money. They're also hastening their own demise if they don't switch over as well.

Yep, they've gotta wake up sometime, just like everyone else. We're not unique in our ability to fathom the game-changing nature of the satoshi-model cryptocurrencies, even if the big firms see it only as a potential disruptive change right now. So moves like this can be interpreted as both acknowledgment of the potential as well as the unfurling of the infamous vampire squid tenticles.

I think it's important to recognise why this angle is being used. Likely the data mining aspect IMO. And so I'm unlikely to be using Circle services, except under circumstances where my identity is protected. Why jump from the intrusiveness of card processors straight into the arms of people with the same underlying connections (and the connections are probably not so indirect, Goldman Sachs probably has just as much representation of one kind or another at VISA and Mastercard as they do with NSA et al).

empoweoqwj

hero member

Activity: 518

Merit: 500

Quote from: jinni on December 29, 2013, 04:27:09 PM

Quote from: cr1776 on December 29, 2013, 08:47:32 AM

Quote from: jinni on December 29, 2013, 07:01:35 AM

Quote from: oakpacific on December 29, 2013, 03:41:51 AM

Time to create subprimecoin Wink

Already happened...it's called Ripple Cheesy

How long until it needs a bailout? Cheesy

Ripple is all well and good (apart from their premined coins) until we have a systemic collapse. A systemic collapse would make default ripple through Ripple just like a malignant cancer spreads to every crevice of a body, you cannot finance development with anything except innovation.

Ripple is thankfully ... dead in the water.

oakpacific

hero member

Activity: 784

Merit: 1000

Quote from: marcus_of_augustus on December 29, 2013, 02:52:47 PM

Why would anybody want/need approval from Goldman Sachs ... haven't they overtly subverted the US legislative system and destroyed vast tracts of the economy in their wanton lust for power over others and insanely greedy, short-sighted financial rapings?

Yes, let's welcome the scourge of the planet to bitcoin .... wtf?

Because Goldman is good, not morally good of course, but good at what they do. They saw the subprime crisis coming and was able to make billions by trading against the market. Many of us believe that a systematic crisis will eventually befall on the old system, but if anyone is able to time it and trade to profit from it, it's probably GS.

nastybit

newbie

Activity: 42

Merit: 0

Quote from: TraderTimm on December 29, 2013, 02:26:01 PM

Quote from: bryant.coleman on December 29, 2013, 10:06:12 AM

You think that this is a positive news? I don't think so. Goldman is trying to destroy Bitcoin, from the inside. Huh

More likely, they did their homework and realize that there's money to be made. Yes, there will be a lot of revenue to be had before all the old "bad" money is converted into "good" Bitcoin money. They're also hastening their own demise if they don't switch over as well.

Totally agree with this, if there is money to be made why stay behind and leave others do what they can do?
It was an obvious choice imho

jinni

sr. member

Activity: 255

Merit: 250

Quote from: cr1776 on December 29, 2013, 08:47:32 AM

Quote from: jinni on December 29, 2013, 07:01:35 AM

Quote from: oakpacific on December 29, 2013, 03:41:51 AM

Time to create subprimecoin Wink

Already happened...it's called Ripple Cheesy

How long until it needs a bailout? Cheesy

Ripple is all well and good (apart from their premined coins) until we have a systemic collapse. A systemic collapse would make default ripple through Ripple just like a malignant cancer spreads to every crevice of a body, you cannot finance development with anything except innovation.

marcus_of_augustus

legendary

Activity: 3920

Merit: 2349

Eadem mutata resurgo

Why would anybody want/need approval from Goldman Sachs ... haven't they overtly subverted the US legislative system and destroyed vast tracts of the economy in their wanton lust for power over others and insanely greedy, short-sighted financial rapings?

Yes, let's welcome the scourge of the planet to bitcoin .... wtf?

Topic: This is not exactly approval from Goldman-Sachs, but it's getting close... (Read 2810 times)