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Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

bloomberg.com

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Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#431

Post by timq »

MadSudaca wrote: post #411
timq wrote: post #333

Earlier quoted context omitted.

Let's give that a try, from what I understand, coins are generated once for all in the genesis account and then need to be sent to other accounts. Hence that's why you send free coins, right? xrb_1fu8fcm93ifjnugkkt1nckr43trq7urqt9uyu6xgsynjjfda9xbpoe4kn4t1

That's correct. They were generated from the genesis account and then distributed through a faucet that ran for a long time. I'm distributing because I wanted to show the top poster that there are cryptocurrencies that show a lot of promise in addressing the problems s/he mentioned. Also, I'm sending very small amounts of money ($USD 5 * 0.001), so it has no impact to me financially, my time is more valuable. However…

What other coins are also promising in your opinion? I'm talking of scalable, fast and decentralized coins like raiblock seems to be.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#432

Post by timq »

MadSudaca wrote: post #410
timq wrote: post #333

Earlier quoted context omitted.

Let's give that a try, from what I understand, coins are generated once for all in the genesis account and then need to be sent to other accounts. Hence that's why you send free coins, right? xrb_1fu8fcm93ifjnugkkt1nckr43trq7urqt9uyu6xgsynjjfda9xbpoe4kn4t1

sent :) https://raiblocks.net/block/index.php?h=AAFDC0F404BFE33CCF81...

Thanks you :)

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#433

Post by athal124 »

MadSudaca wrote: post #219

There's a cryptocurrency called RaiBlocks that is working to be the best at transfer of value. The protocol uses new cryptocurrency concepts evolved over the years and I believe it can be quite revolutionary. In my opinion, bitcoin is one of the worst cryptocurrencies at the moment, and to be honest I hope to see it die soon. Create a wallet using this site https://raiwallet.com/ , paste your address here and I'll se…

Well count me in, sounds like an interesting tech xrb_3eyzz89jpcoeogypxwyeyfzn37y1zosf841g745wone8h8cxh8e8uard8kg4

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#434

Post by etr-strike »

randomsearch wrote: post #172
etr-strike wrote: post #149

Earlier quoted context omitted.

Most of us Bitcoiners are skeptical of modern monetary policy and want a risk-free store of value for our wealth. Today Bitcoin is very risky, however, we believe its fundamental properties will ultimately lead to a stable place to put our savings. Sure, it won't gain interest or dividends but it also won't be subject to inflation or central banker manipulation. The above is purely my opinion and is frequently the su…

So why bitcoin rather than another cryptocurrency? If another becomes more popular, everyone shifts to it, and the price crashes, what use was bitcoin as a store of value? The difference with other assets like cash or gold is that they have value that is supported by a clear rationale based on a central bank’s economic policies.

I chose bitcoin because for several reasons:

1. I believe in the technology approach bitcoin is taking over any other coin (I believe functionality like smart contracts should be a side chain to the main bitcoin chain).

2. It has had a firm 21m supply cap since the beginning

3. It is the most decentralized

4. It has the largest userbase -- it's a more widely adopted currency

5. It has the most proof of work behind it (most of the mining power in the world targets the bitcoin blockchain). Proof of work is what keeps the chain secure from malicious actors.

6. The ledger is public

Something like gold can't be audited. If I bought gold, I wouldn't want to store that in my house. I'd need to trust a third party to store it for me. Who's auditing that third party? Is my gold only mine on paper? Bitcoin is auditable, gold is not (for the average person).

Cash is a depreciating asset -- at best, it loses 2% per year (likely much more).

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#435

Post by notyourday »

solotronics wrote: post #175
asenna wrote: post #168

What's with all the extreme negativity with Bitcoin and its trading price on HN? I've been noticing that in all the BTC related threads recently. Yes, this is possibly getting too large too fast. Yes there is a chance this is a bubble because the barbers and shoeshine boys are talking about it. But there is also a chance that we genuinely are at the beginning of the transition from Fiat currencies to crypto (beginnin…

for me at least it is an opportunity to keep my own wealth. If I can keep my own record of wealth why would I entrust a third party that doesn't care anything about me? Perfect example is Wells Fargo opening accounts and charging people.

Because it is not wealth. Bitcoin is a sea shell currency. Or tulip bulb currency.

Wells Fargo clerk issue is totally separate from this.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#436

Post by notyourday »

spookthesunset wrote: post #250
solotronics wrote: post #175

Earlier quoted context omitted.

for me at least it is an opportunity to keep my own wealth. If I can keep my own record of wealth why would I entrust a third party that doesn't care anything about me? Perfect example is Wells Fargo opening accounts and charging people.

> for me at least it is an opportunity to keep my own wealth. As long as you don't mind the value of that wealth fluctuating by very large amounts. Today that wealth might be worth $10k, but in a month it very well could be $100...

Or being unable to access it.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#437

Post by notyourday »

CrystalLangUser wrote: post #218
alexasmyths wrote: post #211

Earlier quoted context omitted.

"for me at least it is an opportunity to keep my own wealth. " This is a really poor reason to use BTC. A) BTC is supposed to be a currency - generally, a currency is not where you should be storing wealth. Currencies are not designed to be 'stores of value' - they are there to facilitate economic activity and transactions. If you want to 'store wealth' - put it in real estate, bonds or equities. Commodities. Other c…

You totally misread the parent comment. Nowhere did they state they only wanted a store of value. They were talking about the blockchain and its public recordkeeping. There's nothing like Wells Fargo doing shady things and charging you money, or BofA randomly charging you money or changing their account rules, or freezing your account... Coins have their downsides, but a public ledger for absolute truthkeeping is not…

That's not correct. Wealth is a measure of stored value, be it in producing assets or currency.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#438

Post by totalZero »

wslh wrote: post #150

I am also thinking about building a cryptocurrency trading desk inside my company, any thoughts about how to recruit in this field? I am mainly finding it difficult to get the right personality traits since there are a lot of shady and non-professional people.

I would reach out to two sorts of people. 1) traders who already trade other products, especially quant traders and traders of exotic derivatives. 2) young people who are part of trading clubs at high-tech universities where there are likely to be some computer scientists in the mix.

Basically, I would structure the desk such that the technologically savvy people are analysts to the risk savvy people, with some quants to assist them and conceive pricing/predictive tools.

Your average quant is likely to know a lot about the financial markets, and have the ability to learn about individual crypto coins, but also likely to be unaccustomed to discretionarily managing risk.

I don't know how you would find someone who has been successful in trading bitcoin, but that would probably have more to do with luck than skill anyway. Not to mention that a large component of successfully trading on a desk involves communication with others, and that is larger than just "was this guy able to make money by being long bitcoin in 2017."

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#439

Post by pashsoft »

MadSudaca wrote: post #219

There's a cryptocurrency called RaiBlocks that is working to be the best at transfer of value. The protocol uses new cryptocurrency concepts evolved over the years and I believe it can be quite revolutionary. In my opinion, bitcoin is one of the worst cryptocurrencies at the moment, and to be honest I hope to see it die soon. Create a wallet using this site https://raiwallet.com/ , paste your address here and I'll se…

Thanks in advance, xrb_3pbqi6c4bxxs8a1fkztdsotcygikchs9jdugzsh4rf81ou6n3snxbsknkwww

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#440

Post by notyourday »

mulmen wrote: post #160
fitchjo wrote: post #54

Earlier quoted context omitted.

Finding a use for the underlying technology supporting bitcoin is very different than saying bitcoin as a fiat currency is worth the value at which it is currently trading.

I'm not a financial expert but I thought the value proposition of Bitcoin is that it is not a fiat currency.

BTC has no value proposition. None what so ever. Just like sea shells as currency have no value proposition.

Blockchain technology aka shared public ledger has a value proposition.

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