[2018-09-06] Goldman Sachs CFO says bank is working on bitcoin derivative for cl

[ivanpoldark]

A top Goldman Sachs executive looked to clear the air Thursday about the bank’s cryptocurrency ambitions after reports that it was abandoning plans to open a trading desk for cryptocurrencies.

“I never thought I would hear myself use this term but I really have to describe that news as fake news,” Goldman Sachs Chief Financial Officer Martin Chavez said on stage at the TechCrunch Disrupt Conference in San Francisco.

The CFO said Goldman is working on a type of derivative for bitcoin because “clients want it.”

“The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they’re settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges,” Chavez said.

Read more: https://www.cnbc.com/2018/09/06/goldman-sachs-cfo-calls-reports-of-shutting-down-crypto-desk-fake-news.html

[figmentofmyass]

A top Goldman Sachs executive looked to clear the air Thursday about the bank’s cryptocurrency ambitions after reports that it was abandoning plans to open a trading desk for cryptocurrencies.

“I never thought I would hear myself use this term but I really have to describe that news as fake news,” Goldman Sachs Chief Financial Officer Martin Chavez said on stage at the TechCrunch Disrupt Conference in San Francisco.

it's been widely said that yesterday's dump was due to the goldman sachs rumors. the fact that they're now calling it "fake news" yet price hasn't recovered at all should tell you---the dump wasn't because of news. it was just the market being a market. price meandered weakly into a major resistance area ($7500) and bears sold into it. enough said.

The CFO said Goldman is working on a type of derivative for bitcoin because “clients want it.”

that's interesting to hear, especially after blackrock's CEO said clients had zero interest in crypto just a couple months ago.

[NeuroticFish]

that's interesting to hear, especially after blackrock's CEO said clients had zero interest in crypto just a couple months ago.

A few days ago there was a rumor that they abandon the crypto desk plans. Some say that it was one of the reasons for the last dump.
They came after one day claiming it was fake news and even more, they are working on bitcoin derivative.

I don't think that they were the victim of fake news. I don't trust them at all. They declare different things as it suits them best.
Did they plan that dump for loading up? Possibly. Is a new pump on sight? Maybe. Manipulation is at high levels, as usual.

[Kemarit]

I knew it was sort of a fake news because the media just spun the news out of control. Causing panic sellers to push the sell button immediately without waiting for any official Goldman Sachs statement. And now when everthing's clear, the price has somewhat recovered and recovery has started slowly ($6400-$6500). Goldman Sachs is under pressure from their client's to really put up some program regarding anything related to crypto. Crypto is slowly moving up, and investors are willing to pour money in the ecosystem. And these global investment banking and investment management firm perhaps will be the gateway to the needed funds in the market.

[darkangel11]

I knew it was sort of a fake news because the media just spun the news out of control. Causing panic sellers to push the sell button immediately without waiting for any official Goldman Sachs statement. And now when everthing's clear, the price has somewhat recovered and recovery has started slowly ($6400-$6500). Goldman Sachs is under pressure from their client's to really put up some program regarding anything related to crypto. Crypto is slowly moving up, and investors are willing to pour money in the ecosystem. And these global investment banking and investment management firm perhaps will be the gateway to the needed funds in the market.

This is another proof that there are two kinds of news. The one for the insiders and the one for the masses. The news for the masses should be always taken with a grain of salt.
For instance the bullish news on CNBC usually end up with either bearish price action or a fake pump that ends up in a huge dump soon after. Same with those coindesk price predictions. Every time that guy predicted a pump there was a dump, people started laughing at it in the comments so they disabled them for a while and the guy changed his predictions into the "it will be up or it will be down" style. It's all a joke.

[figmentofmyass]

I knew it was sort of a fake news because the media just spun the news out of control. Causing panic sellers to push the sell button immediately without waiting for any official Goldman Sachs statement. And now when everthing's clear, the price has somewhat recovered and recovery has started slowly ($6400-$6500). Goldman Sachs is under pressure from their client's to really put up some program regarding anything related to crypto. Crypto is slowly moving up, and investors are willing to pour money in the ecosystem. And these global investment banking and investment management firm perhaps will be the gateway to the needed funds in the market.

This is another proof that there are two kinds of news. The one for the insiders and the one for the masses. The news for the masses should be always taken with a grain of salt.
For instance the bullish news on CNBC usually end up with either bearish price action or a fake pump that ends up in a huge dump soon after. Same with those coindesk price predictions.

that's where the old trader mantra "sell the news" comes from. if you think about it, it makes sense. you have people buying in anticipation of good news, so in the "rumor" stage, price is bullish. but once the news drops, everyone has already bought and there is nothing left to do but sell. the insiders sell the news, and then the trapped bulls sell afterwards when their expectations are crushed.

i've seen this play out too many times to ever take any news seriously. 9 out of 10 times, you should sell the news whether it's good or bad.

[jjacob]

The market lost more than 10% following the 'fake' news, but has hardly moved after the clarification has come from Goldman Sachs. The movement in Bitcoin's price seem to be led by emotion more than anything else. Goldman isn't required to push up the price, but yet fake news about Godman shelving crypto plans resulted in the market crashing.

[hatshepsut93]

it's been widely said that yesterday's dump was due to the goldman sachs rumors. the fact that they're now calling it "fake news" yet price hasn't recovered at all should tell you---the dump wasn't because of news. it was just the market being a market. price meandered weakly into a major resistance area ($7500) and bears sold into it. enough said.

It wasn't, but it also helped to spread the panic, so if some noobs have sold due to believing in this fake, it has turned into a self-fulfilling prophecy. And the price hasn't bounced back, because even if those noobs have realized that the news were fake, they still might be too anxious to buy.

But the effect of the news was pretty small, maybe -$100 out of ~$900 that were lost, majority of the drop came from normal volatility. It's not even that some whales and manipulators crash the price, if I were actively trading, I'd be selling these bull traps too (which I do occasionally, but with small amounts), to buy back more during the dip. No matter how much these "experts" predict the bull run, we are still in a bear market.