Why does this put a sour taste in my mouth-head?
https://www.bloomberg.com/news/arti...-to-be-building-a-cryptocurrency-trading-desk
https://www.bloomberg.com/news/arti...-to-be-building-a-cryptocurrency-trading-desk
Uh oh. G-Sachs?
- Thread starter Overnight
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Because you're reading too much Zerohedge and have become a GS h8r.
No. Maybe it is because GS has been involved in so many damn manipulation scams for the past decade that cryptos is the last place this firm should be meddling with. Given their past history and all.
I do not read "Zerohedge". I don't need to, to be able to feel a Spidey-sense on them getting involved in a manipulative market, after they have been accused in the past of manipulation. Didn't they admit guilt in some of this in the past by paying fines?
I don't keep careful track, but they're probably the least-fined of the bulge-bracket banks. Also, bank "fines" are often just extortion payments.
Well, I dunno'. I just think the whole crypto thing is going to be tossed a whole bag of monkey wrenches now with GS going into it.
And we can all thank the Cboe and CME for it. If they had not gotten involved, the lunacy would not have reached this level so quickly.
Those two US-regulated exchanges alone gave cryptos a prima facie legitimacy before the rest of the world had a chance to digest the paradigm of virtual currency fitting into the parochial rule-set of global finance.
It is as if none of these global bankers have ever played MMORPGs. For 30 years MMOs have shown what virtual currencies can do to a closed-loop economy. Expand this shit to the world? I weep for the future.
I'm not really surprised. They would open a tulip bulb or dog sh*t trading desk if there was enough interest and money to be made. And I wouldn't blame them if they did. It appears that bitcoin dropped about 10% perhaps partly due to this news. Who knows, maybe Goldman loaded up on shorts right before they announced that they would try to mainstream the currencies thinking that would cause some long-term holders to sell.
They could’ve been involved all along, considering the vast amount of subsidiaries and affiliates connected to the bank. It wouldn’t be surprising whatsoever, now it only becomes official.
The balance sheet banks put out can hide many many inconsistencies, and you could look straight at it and you’d never know unless you were an insider. Banking is very different than a normal company with regards to their balance sheets.