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Sounds like a reasonable operation to set up. Goldman is ostensibly in the business of selling shovels in a gold rush so if enough of their clients are demandin
by jjxw 8y ago
Sounds like a reasonable operation to set up. Goldman is ostensibly in the business of selling shovels in a gold rush so if enough of their clients are demanding a product that gives then exposure to bitcoin then Goldman senses there's money to be made here in fees.
- atomical 8y agoThey probably feel they have an edge trading against the typical crypto trader.
- keyle 8y agoWell they certainly do, the 'market' is very inefficient.
- atomical 8y agoI doubt they are interested in providing liquidity for an unproven technology and currency though.
- pembrook 8y agoThey’re doing this so their clients can trade bitcoin in various ways and they can make fees off of it. Their prop traders won’t be trading directly against you with the bank’s money.
- forapurpose 8y ago> reasonable I'm not sure what is meant by that word, but in addition to profit there are questions of ethics, and the enlightened self-interest of wanting a reputation for integrity, a stable financial system in which people feel its safe to participate, and a society built on merit and integrity. Profit alone isn't a good guide to business decisions.
- jjxw 8y agoAgreed. To clarify, I use the term in a narrow sense limited to what I imagine to be "reasonable" from the profit seeking point of view of Goldman.
- rando444 8y agoAside from shovels, Goldman Sachs is also in the business of commodity manipulation, as showcased by their rather ridiculous aluminium scheme. Bitcoin is a commodity, and with the amount of money they have at their disposal, I can only imagine fees aren't the only thing they're going to focus on.