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Goldman Sachs Explores a New World: Trading Bitcoin (wsj.com)
Several readers share a report: Goldman Sachs is weighing a new trading operation dedicated to bitcoin and other digital currencies, the first blue-chip Wall Street firm preparing to deal directly in this burgeoning yet controversial market (Editor's note: the link from WSJ, which originally reported this development, could be paywalled; alternative source), according to people familiar with the matter. Goldman's effort is in its early stages and may not proceed, the people said. The firm's interest, though, could boost bitcoin's standing among investors and fuel the debate around digital currencies, which were initially viewed as havens for illicit activity but are pushing further into the mainstream investment world. China in recent weeks has banned exchanges that trade bitcoin, fearing the virtual currency could provide an avenue for capital flight. J.P. Morgan Chase & Co Chief Executive James Dimon, whose bank is the largest dealer in global currencies, last month called bitcoin a "fraud" and said he would fire any employee who traded it. Yet Japan's government has embraced bitcoin, creating regulations to legitimize its trading. India and Sweden have mused about creating their own virtual currencies, and the U.S. Federal Reserve has studied bitcoin and the technology underpinning it.
it is underwritten by illicit activity - isn't that better than gold?
It is underwritten by speculation, not activity, illicit or legitimate.
How do you know if the monetary activity you're participating in is shady? Easy, when Goldman Sachs gets in on it too, you can be certain there is an exploitable financial angle somewhere.
FAR more illicit activity is conducted in US dollars than Bitcoin.
- The Kessel run is for nerf herders. I can circumnavigate the entire Central Finite Curve in a lot less than 12 parse
How long will it be before the geniuses at the too-big-to-fail banks can find a way to totally screw up bitcoin?
CUR ALLOC 20195.....5804M