Goldman Sachs with the futures

[ridertiger]

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

[KingScorpio]

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

problem is that goldman sachs is a private banking cartel that secretly rules with other banks the entire united states, this is a huge issue and we need to free the people from it.

[tora]

Once these institutions start controlling price of bitcoin the market will be dominated by them.

[ridertiger]

This is the sole purpose of bitcoin, free people from cartels and institutions. We give them money to keep our money, and they control the market, making money out of thin air. I mean everyone is free to make money from their own money, but this is too much.

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

problem is that goldman sachs is a private banking cartel that secretly rules with other banks the entire united states, this is a huge issue and we need to free the people from it.

[Veterock]

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

unfortunately, if you think that no one can stop the progress, then you are very wrong)))

[bitcoinman93]

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

on the one hand, that will probably cause the price increase for bitcoin due to speculation, but on the other hand it would be really nice to see the banks like this out of bitcoin. They represent everything namakomoto was trying to ged rid of.

[ridertiger]

I could not agree more. Nakamato was trying to get rid of our dependency from the darn banks. I am hoping we will accomplish that in our lifetime.

[jemine]

This futures has really made bitcoin price down.  I think futures is not a good idea for the future of crypto currencies.  That's my own thought though.

[maichimoto]

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

they're starting with futures, but I'm pretty confident they will add also regular bitcoin investments for their clients. They will do anything that brings the profits to the company, so bitcoin it is

[slhardy]

Big banks and other institutions have no opportunity to work with cryptocurrencies because of the lack of regulation. Though there exists the a clear legal description of derivatives, what includes futures as well. Because futures have to correspond to the asset's price whatever the asset means to be, it's more easier to set up a market for bitcoin futures trading, than to initially the bitcoin as an asset.

Watch, other bank are looking for opportunities to implement crypto trading in their business models, and they will do their best to check every possible approach to make higher profits on cryptocurrency hype.

[Red-Apple]

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.

[avikz]

Have you guys heard?
Goldman Sachs will be doing futures instead of a proper bitcoin desk, which makes me sick to my stomach.
These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.
https://www.coindesk.com/goldman-sachs-to-begin-bitcoin-futures-trading-within-weeks/
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.

"It resonates with us when a client says, 'I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value,'" she told the Times.
AAAAAAND what do they choose? Friggin Futures of course.

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.

[Pursuer]

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.

[BenRickert]

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.

[Xester]

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.

[BenRickert]

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.

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.

[Herbert2020]

These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.

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?

[Kakmakr]

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.  

[ridertiger]

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. 

[BenRickert]

These people are doing everything they can to sink the great Bitcoin game, but they will fail because nothing can stand in the way of progress.

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?

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.