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Goldman Sachs says the price of Bitcoin is never coming back

15 points by chollida1 8y ago

jacknews 8y ago
Golden Sacks are talking bitcoin down? BUY BUY BUY! (or maybe that's what they want you to think, the sneaks. lol)
buahahaha 8y ago
Not that I disagree with them, but their forecast is based on never believing it would work in the first place. All their reasons for it continuing to fall are reasons it should not have reached its ridiculous, frenzied peak. > Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected Thanks guy; really went on a limb there with 80% of the world hesitating to jump into bitcoin because they thought it was a bubble. Very newsworthy opinion you have there. I'm glad you admit you had no idea on the timeline either. That was generous.
- sp332 8y ago
  Yeah, I might believe that it's never coming back after I see how the next Christmas rush goes.
  - tango24 8y ago
    Why would there be another Christmas rush?
    - sp332 8y ago
      * shrug * Why was there even one?
LyndsySimon 8y ago
I've heard this before - multiple times. As someone who started their involvement with Bitcoin in 2010/2011, the idea that it comprises a measurable percent of the global GDP is fantastic.
jraines 8y ago
Nowhere in the article does it say never coming back. Meanwhile their portfolio company Circle bought Poloniex, a deal that almost certainly wouldn't have happened without some assurances from friends in high places. This isn't to say it's somehow nefarious. There are many teams/analysts and "it will drop more" is the (reasonable) opinion of one.
- tango24 8y ago
  It’s been discussed here before that 9 of 10 venture capital investments fail, and so you should make 10 potential big bets to make up for the losses. So Poloneix could be one of those 9. Why do you assume there are assurances?
  - jraines 8y ago
    Just because it's more likely than not part of their due diligence, and they have the connections to do it. "Hey, before we sign off, call your ex-manager Bob at the SEC and ask Bill from the CFTC at your dinner party tonight if the hammer's coming down on this stuff." Yes, big dumb bets and Theranos-type due diligence exist, but I'm just saying my own estimation of it. "Assurances" might be too strong a word, maybe more like "not-unfavorable insider reports on regulator sentiment"
Proziam 8y ago
Meanwhile, ICE is getting involved in BTC. Timing isn't at all suspicious there. Nope.
peter-m80 8y ago
So it is time to buy again...

15 points by chollida1 8y ago

Golden Sacks are talking bitcoin down? BUY BUY BUY! (or maybe that's what they want you to think, the sneaks. lol)

Not that I disagree with them, but their forecast is based on never believing it would work in the first place. All their reasons for it continuing to fall are reasons it should not have reached its ridiculous, frenzied peak. > Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected Thanks guy; really went on a limb there with 80% of the world hesitating to jump into bitcoin because they thought it was a bubble. Very newsworthy opinion you have there. I'm glad you admit you had no idea on the timeline either. That was generous.

sp332 8y ago
Yeah, I might believe that it's never coming back after I see how the next Christmas rush goes.
- tango24 8y ago
  Why would there be another Christmas rush?
  - sp332 8y ago
    * shrug * Why was there even one?

LyndsySimon 8y ago

I've heard this before - multiple times. As someone who started their involvement with Bitcoin in 2010/2011, the idea that it comprises a measurable percent of the global GDP is fantastic.

jraines 8y ago

Nowhere in the article does it say never coming back. Meanwhile their portfolio company Circle bought Poloniex, a deal that almost certainly wouldn't have happened without some assurances from friends in high places. This isn't to say it's somehow nefarious. There are many teams/analysts and "it will drop more" is the (reasonable) opinion of one.

tango24 8y ago
It’s been discussed here before that 9 of 10 venture capital investments fail, and so you should make 10 potential big bets to make up for the losses. So Poloneix could be one of those 9. Why do you assume there are assurances?
- jraines 8y ago
  Just because it's more likely than not part of their due diligence, and they have the connections to do it. "Hey, before we sign off, call your ex-manager Bob at the SEC and ask Bill from the CFTC at your dinner party tonight if the hammer's coming down on this stuff." Yes, big dumb bets and Theranos-type due diligence exist, but I'm just saying my own estimation of it. "Assurances" might be too strong a word, maybe more like "not-unfavorable insider reports on regulator sentiment"

Proziam 8y ago

Meanwhile, ICE is getting involved in BTC. Timing isn't at all suspicious there. Nope.

peter-m80 8y ago

So it is time to buy again...