Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

bloomberg.com

Post reply on HN
Print view View original

121–130 of 487 posts

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#121

Post by user5994461 »

dmurray wrote: post #105
user5994461 wrote: post #95

Earlier quoted context omitted.

Can you transfer money to your son in the US? That should be tax evasion. Where I am from, that order would be totally illegal. ain't happening.

I don't think that is illegal or tax evasion anywhere in the world. Depending on the amount and the jurisdiction and whether the son gains ownership of the funds (rather than just the power to invest them), the firm might have to report this transaction and the son might have to pay for taxes.

It is illegal and it is tax evasion in some jurisdictions.

1) Transferring your money directly would allow to avoid inheritance tax.

2) Some jurisdictions have hard limits on what you can "donate" to your children. It can be "low" like 100k per 10 years.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#122

Post by ybrah »

coldcode wrote: post #84

At the barbers today they were all talking about having bought bitcoin recently. When barbers start trading in bitcoin its probably the peak. In 1929 some people started getting out when the shoeshine boys started giving tips.

I told myself I would sell my crypto stack when my Mom asked me what bitcoin is.

I sold it about a week ago.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#123

Post by user5994461 »

naveen99 wrote: post #106
user5994461 wrote: post #95

Earlier quoted context omitted.

Can you transfer money to your son in the US? That should be tax evasion. Where I am from, that order would be totally illegal. ain't happening.

You can transfer money to whoever you want. All you need todo is to write a check.

You're wrong on so many levels. Try writing a 100k check to someone and bank it, you'll understand that the world doesn't work like that.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#124

Post by junkscience2017 »

m777z wrote: post #90
junkscience2017 wrote: post #53

Earlier quoted context omitted.

amateurs like Coinbase might speculate, but pros like GS use the Federal Reserve as their backstop its one of those "heads I win, tails you lose" scenarios...GS will keep the profits but if things go south, their losses can just be taken out of your local school budget

Explain for those not in the know, like me. I thought Goldman repaid their TARP bailout money?

it changes the risk profile when insolvency is not a potential outcome

I'm not damning GS...any entity that has officially crossed over into too-big-to-fail should take as many crazy risks as possible...why not?

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#125

Post by user5994461 »

pishpash wrote: post #108
user5994461 wrote: post #95

Earlier quoted context omitted.

Can you transfer money to your son in the US? That should be tax evasion. Where I am from, that order would be totally illegal. ain't happening.

I read that as moving to the son's control, not literally gifting the money to him.

That could make sense, but I don't see how "closing all the accounts and moving the money to his son" would be a simple administrative change.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#126

Post by defo_nonconvex »

1undo wrote: post #13

Welp pretty much knew this would happen all along. I was hoping crypto would remain independent of banks, but nope. Not long before big banks take over crypto exchanges, develop dark pools, and manipulate it. Not much we can do now

Isn't Coinbase a dark pool? Off-chain transactions seem like order internalization to me...

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#127

Post by twohearted »

AnimalMuppet wrote: post #100
twohearted wrote: post #86

Earlier quoted context omitted.

If you consider BTC to be the stable currency then it is USD that is crashing.

If. I see no reason to consider that, though. You'd have to say that, not only the US dollar, but every paper currency is crashing, along with gold. That seems quite a stretch.

That is exactly what the cryptocrazies are stipulating. It's cryptocurrency vs fiat. Seen from the fiat perspective, it's an obvious bubble. But if you're on the cryptocurrency side, it's barely the start of a massive and inevitable shift.

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#128

Post by toomanybeersies »

sytelus wrote: post #88

In gold rush, you want to be person providing services to people chasing gold, instead of being person chasing the gold.

No man ever got rich mining gold on his own, but they certainly got rich selling blue jeans [1].

[1]: https://en.wikipedia.org/wiki/Levi_Strauss_%26_Co.#Origin_an...

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#129

Post by kgwgk »

twic wrote: post #63
workthrowaway27 wrote: post #48

Earlier quoted context omitted.

They are just making markets, so it's sort of 1 and 2. I say sort of because it means clients want to trade cryptocurrencies. They aren't necessarily high net worth individuals though. My guess is most clients are institutional, though it might be different with people wanting to trade cryptocurrencies. It's FOMO if you think not wanting to lose money to your competitors is FOMO. I'd say it's more just performing one…

It's not entirely clear to me whether "making markets" means on exchanges, or over the counter. The term normally means on an exchange; over the counter, you're a dealer rather than a market maker. If it's on exchanges, then it has nothing to do with high net worth clients, or any other kind of client, because they won't be trading with their clients specifically, they'll be trading with other market participants. if…

Dealers act as market makers quoting bid and ask prices, don’t they?

Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk

#130

Post by gooseus »

ttul wrote: post #93
sytelus wrote: post #88

In gold rush, you want to be person providing services to people chasing gold, instead of being person chasing the gold.

Today, an 80-year old client of a friend's financial services firm wrote: . "Hi. Thank you for your excellent stewardship of my retirement savings all these years. You have helped us change a lot of things, and weather some pretty terrific storms like the Fall of 2008. I am now focused on a higher risk-reward trade off, and will be entrusting my son to invest my assets into the brave new world of crypto currencies. W…

Jeez, if I were the financial adviser of someone this old and receiving this letter I would want to make sure that my client was still in his right mind and not being cleaned out by a nefarious relative or other con-person.
Post reply on HN