Bitcoin Forum

Goldman Sachs is in the process to promote cryptocurrency trading desk. The bank is preparing to begin a new cryptocurrency market on Wall Street. It is planning to start small and provide a limited number of derivatives.

Read news here: https://coinpedia.org/news/goldman-sachs-planning-cryptocurrency-trading-desk/

I really don't know what these types of articles really serve for. If you read a bit into it, here is what it says:


Such claims really annoy me. As if their precious credit cards haven't been hacked many times before. Speaking about hacking, each time you make an online purchase with your credit card, your number and pin are being transmitted along with your private data. Unlike Bitcoin, where you keep your private key always safe by your side.

That sounds fun! We can expect to see a bullish movement on bitcoin and other altcoins by the next few days. We all know that Goldman Sachs is a well known american multinational investment bank and financial services company in New York so that will definitely give a positive big impact on cryptocurrency. Let's all hope that their plan is true and not just to manipulate the market.

 I do agree that the contents of the article are suspect once reading into it. But how many people actually read into articles. We live in a very headline driven society at the moment and my guess is that that majority of people will only read headlines. We are in an environment where 99% of coverage is negative surrounding crypto so its quite nice to see some positive fake news every now and then instead of fake news bashing the industry. I do share your concern though but at least its not another negative headline.

Do not be annoyed, they just used that line to convey how Goldman Sach's action is good to the public eyes. It also shows that people doesn't invest into btc mainly because of them thinking that btc can be hacked easily. Let it pass for now, at least crypto got another good public exposure, I am sure his plan will be the one of the key points for bitcoin to be mainstream in the future.

Oh well, this is normal, the big boys trying to get part of the cake. However crypto market may prove a big problem for their traditional clients that consider a problem loosing 10% in one day.

You can hack a credit card or bank account, but the hacked funds always get reverted or something. They're always reversible. In some cases they aren't, but those are rare.

With crypto, the transactions are not only irreversible, but they're also not illegal to steal because they're so hard to prove. It's so anonymous that anyone can steal bitcoin and get away with it if they have your private key. Bitcoin isn't linked with names or addresses.

Then again, I guess if the bank somehow creates a system within bitcoin (like how LN works), where people have to register their names in accounts, then they can only trade within that system... it would be fool-proof.

That's a good point. But on the second thought, that's how all the trouble started in the first place. People want someone else to be in responsible. Someone else they can complain to. They put their own responsibility to safely keep their funds into the hands of centralized institutions. And the centralized institutions count on this immature behavior of their customers and even abuse it to the extreme. Hence, the position of our society as a whole with respect to money. The monetary power is concentrated in the hands of the few.

Goldman Sachs already hired Justin Schmidt as head of digital asset markets to help clients gain exposure to cryptocurrencies. At least preliminarily, he will sit on the firm’s currency desk.