Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live • Hacker News Board

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#11

Post by coryl » Thu, Dec 07, 2017, 10:49 PM UTC

curiousgal wrote: post #8

I have been trading crypto for 5 years now and it is a wet dream for rogue traders. There was a myriad of stories about traders and even banks that tried to pull of some shady statretgy in the stocks markets that the SEC shut down, those same strategies seem to be fair game in the crypto world, you just have to have pockets that are deep enough. My point is that if you are smart and think you can beat or even keep up…

If you are short term day trading you're likely to be a victim of pump and dump groups and manipulation.

Going long on high market cap coins with a longer timeline is a relatively safer bet.

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#12

Post by curiousgal » Thu, Dec 07, 2017, 10:52 PM UTC

coryl wrote: post #11

curiousgal wrote: post #8

I have been trading crypto for 5 years now and it is a wet dream for rogue traders. There was a myriad of stories about traders and even banks that tried to pull of some shady statretgy in the stocks markets that the SEC shut down, those same strategies seem to be fair game in the crypto world, you just have to have pockets that are deep enough. My point is that if you are smart and think you can beat or even keep up…

If you are short term day trading you're likely to be a victim of pump and dump groups and manipulation. Going long on high market cap coins with a longer timeline is a relatively safer bet.

There are fees to any position you hold so even though going long is indeed the safe bet, having a longer timeline requires deep pockets.

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#13

Post by sp821543 » Thu, Dec 07, 2017, 10:53 PM UTC

baldgeek wrote: post #4

The bigger it grows the harder it will fall. The design/implementation of bitcoin as a currency is severely flawed. Projects like Ethereum, Hyperledger, and IOTA have a more long term focus. Full Disclosure: I have no positions in any crypto but have been reading a lot. Also, in the midst of two courses that go that cover crytpocurrencies and blockchain tech. 1. https://www.coursera.org/learn/cryptocurrency 2. https:…

You should take a look at IOTA's github repo.

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#14

Post by curiousgal » Thu, Dec 07, 2017, 10:53 PM UTC

bogomipz wrote: post #10

>"The decision to clear client trades will be made on a case-by-case basis, the person said." Could someone say what "clearing the trades" mean here?

Clearing the trades means both buying and selling.

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#15

Post by bcg1 » Thu, Dec 07, 2017, 10:54 PM UTC

This should give the big Wall St banks the ability to muck with crypto prices however they choose, just like they can do with gold and silver and other commodities (for example, Goldman magically closed gold positions and sold short 2 days before historic 25% price drop in 2 trading days in 2013[0])

Hopefully people will read those contracts and understand how delivery actually works and realize that COMEX or whoever can halt delivery and settle in cash if they want to, etc.

[0] - https://www.cnbc.com/id/100630626

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#16

Post by bogomipz » Thu, Dec 07, 2017, 10:55 PM UTC

curiousgal wrote: post #14

bogomipz wrote: post #10

>"The decision to clear client trades will be made on a case-by-case basis, the person said." Could someone say what "clearing the trades" mean here?

Clearing the trades means both buying and selling.

So they are the market maker?

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#17

Post by Havoc » Thu, Dec 07, 2017, 10:55 PM UTC

Key part being that they'll let client's play that game. I don't see any enthusiasm from them to put their own money into futures layered on top of what looks decidedly bubbly.

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#18

Post by mirimir » Thu, Dec 07, 2017, 10:56 PM UTC

tCfD wrote: post #7

bitcoiners in 2012: "Bitcoin will eliminate the wall street banksters!" Bitcoiners right now: "OMG Goldman is getting in, who's ready for their moon rocket?"

Expectations are rather more mixed than that.[0] Sure, the price could spike even higher after futures go on sale. But volatility will increase dramatically. And you can't count on exchanges, if the price collapses.

0) https://www.coindesk.com/bitcoin-futures-make-way-new-kind-w...

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#19

Post by baldgeek » Thu, Dec 07, 2017, 10:57 PM UTC

sp821543 wrote: post #13

baldgeek wrote: post #4

The bigger it grows the harder it will fall. The design/implementation of bitcoin as a currency is severely flawed. Projects like Ethereum, Hyperledger, and IOTA have a more long term focus. Full Disclosure: I have no positions in any crypto but have been reading a lot. Also, in the midst of two courses that go that cover crytpocurrencies and blockchain tech. 1. https://www.coursera.org/learn/cryptocurrency 2. https:…

You should take a look at IOTA's github repo.

I plan to. The blockchain is here to stay no doubt. and I skimmed over the IOTA whitepaper, definitely very interesting

Re: Goldman Sachs Plans to Clear Bitcoin Futures When They Go Live

#20

Post by topmonk » Thu, Dec 07, 2017, 10:59 PM UTC

Havoc wrote: post #17

Key part being that they'll let client's play that game. I don't see any enthusiasm from them to put their own money into futures layered on top of what looks decidedly bubbly.

Because the best way to trade is to announce your intentions 2 weeks before you execute...