MasterCard Joins Visa, PayPal On The Crypto Payments Bandwagon

Daal said:
"Goldman Sachs hosted a private forum with Mike Novogratz, the CEO-founder of crypto firm Galaxy Digital, for employees and clients. Novogratz expounded on his thesis for bitcoin, ethereum and other digital assets as well as their macroeconomic backdrop during the 90-minute virtual event."
https://www.zerohedge.com/crypto/bi...gan-co-president-admits-well-have-be-involved

Looks like Goldman isnt doing so well, they had to ask Novo for help lol
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GS earned over $40B over the last year, they're doing just fine. Turns out they earn that kind of money because they enlist the advice of experts in pretty much every field that they're involved in. I've actually given a presentation to one of their teams at this same type of event for the little niche I work in. Knowing what you don't know and seeking to fill the gaps in your knowledge is what breeds success; thinking that it's a failure to seek to learn about something from outside experts just leads to ongoing ignorance.

Don't get me wrong, I'm not a huge fan of GS and some GS employees can be insufferable jackasses. But you thoroughly misunderstand fundamental aspects of their success if you see their continual quest for knowledge as a weakness.
 
Sig said:
GS earned over $40B over the last year, they're doing just fine. Turns out they earn that kind of money because they enlist the advice of experts in pretty much every field that they're involved in. I've actually given a presentation to one of their teams at this same type of event for the little niche I work in. Knowing what you don't know and seeking to fill the gaps in your knowledge is what breeds success; thinking that it's a failure to seek to learn about something from outside experts just leads to ongoing ignorance.

Don't get me wrong, I'm not a huge fan of GS and some GS employees can be insufferable jackasses. But you thoroughly misunderstand fundamental aspects of their success if you see their continual quest for knowledge as a weakness.
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I agree with that, my point was that it was a huge mistake to ditch the crypto desk at the bottom in 2018, that's all I'm saying
 
Daal said:
I agree with that, my point was that it was a huge mistake to ditch the crypto desk at the bottom in 2018, that's all I'm saying
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GS isn't allowed to trade for their own accounts post Volcker Rule. So those desks only exist to the extent their are customers have a need for them to structure deals in crypto. In 2018 there weren't any customers with that need, so it neither made sense for GS to pay big bucks to maintain it or for any crypto superstars that worked there to stay at what at the time was a dead desk. One nice thing about being GS is that it's pretty trivial to re-establish a desk and staff it with top folks when you need to. It's not like my company where I have to painstakingly put together a team over time as people in my network become available.
 
Sig said:
GS isn't allowed to trade for their own accounts post Volcker Rule. So those desks only exist to the extent their are customers have a need for them to structure deals in crypto. In 2018 there weren't any customers with that need, so it neither made sense for GS to pay big bucks to maintain it or for any crypto superstars that worked there to stay at what at the time was a dead desk. One nice thing about being GS is that it's pretty trivial to re-establish a desk and staff it with top folks when you need to. It's not like my company where I have to painstakingly put together a team over time as people in my network become available.
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There is a human capital shortage right now in crypto. Novo is hiring everyone, so are others. GS needs to outbid them. Novo built the business during the bad times, he paid the superstars during the bad times, now his company is already worth 10% of GS. He had the vision, GS were just tourists with no clue of what was going on, no vision. If they could roll back, I bet they would have invested a lot more. Its like not investing in IT in that 1970's/80s, makes no sense
 
Daal said:
There is a human capital shortage right now in crypto. Novo is hiring everyone, so are others. GS needs to outbid them. Novo built the business during the bad times, he paid the superstars during the bad times, now his company is already worth 10% of GS. He had the vision, GS were just tourists with no clue of what was going on, no vision. If they could roll back, I bet they would have invested a lot more. Its like not investing in IT in that 1970's/80s, makes no sense
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Correction, its actually 6% of GS, its not that easy to calculate GLXY market cap. Still, pretty good for a 3 year old company
 
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I can't wait for my Bitcoin MC. I am going to buy this:

mov0ap0qnxg61.jpg
 
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Daal said:
Correction, its actually 6% of GS, its not that easy to calculate GLXY market cap. Still, pretty good for a 3 year old company
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GLXY has a market cap of $1.7B (GLXY.TO 19.63 1.40 7.68% : Galaxy Digital Holdings Ltd. - Yahoo Finance), GS has a market cap of $104.4B. That's 1.6%. Or to look at it another way, GS earned more in profit in the month of Dec alone than GLXY's entire market cap. Still not shabby, but I don't think GS would break a sweat grabbing anyone from GLXY they wanted outside of the C level staff. Hell they could just buy GLXY with a month's worth of profits!
 
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Sig said:
GLXY has a market cap of $1.7B (GLXY.TO 19.63 1.40 7.68% : Galaxy Digital Holdings Ltd. - Yahoo Finance), GS has a market cap of $104.4B. That's 1.6%. Or to look at it another way, GS earned more in profit in the month of Dec alone than GLXY's entire market cap. Still not shabby, but I don't think GS would break a sweat grabbing anyone from GLXY they wanted outside of the C level staff. Hell they could just buy GLXY with a month's worth of profits!
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its not, its 6b. check bloomberg, most sites have the wrong cap due most of the shares being owned by Novo and not being part of the public float
 
Daal said:
its not, its 6b. check bloomberg, most sites have the wrong cap due most of the shares being owned by Novo and not being part of the public float
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ok, and whats your point? it still doesnt negate what Sig stated.
 
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