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The New York Stock Exchange Teases Plan To Launch Cryptocurrency Trading (thenextweb.com)

Posted by ryuzaki0 on from the it's-coming dept.

Wall Street's interest in integrating cryptocurrencies with their business seems to be on the rise. From a report: Intercontinental Exchange (ICE) -- the parent company of the world's largest stock exchange desk, the New York Stock Exchange (NYSE) -- is working on a Bitcoin exchange for large investors, The New York Times reports. ICE is also reportedly planning to set up swap contracts with other financial institutions, which will allow customers to own Bitcoin without an immediate trade with the backing and security of the exchange. The move follows an earlier interest in cryptocurrency trading by Nasdaq and Goldman Sachs.

4 of 68 comments (clear)

  1. So much for crypto by Train0987 · · Score: 1, Insightful

    Once Wall Street gets involved with crypto trading that'll be the end of its decentralization. It will be easily manipulated for the benefit of the banksters. Derivatives and ETF's will be introduced that have the effect of printing new crypto that only exists on paper and there will be no more gains to be had for the average person.

    1. Re:So much for crypto by Joce640k · · Score: 3, Insightful

      there will be no more gains to be had for the average person.

      Bitcon's gains ran out months ago. I can't see any "large investors" buying bitcoin these days.

      It will be easily manipulated for the benefit of the banksters.

      It's already easily manipulated by the handful of Chinese miners who have a large percentage of the coins.

      Just look at the Bitcoin price history; it goes up in stairsteps, completely unlike any normal stick price. Up, up, up in small volumes then sudden high volume trading and crash. Very obvious that people are pumping and dumping.

      The only reason Bitcoin is hanging on is because of all the shysters advertising it to the marks. Now Wall Street wants some of that action? It may be too late. As soon as pumping/dumping stops working for the Chinese they'll just cash in and retire (if they've got any sense). That moment will be the end of Bitcoin.

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    2. Re:So much for crypto by Sir+Holo · · Score: 3, Insightful

      As soon as pumping/dumping stops working for the Chinese they'll just cash in and retire (if they've got any sense). That moment will be the end of Bitcoin.

      The end of Bitcoin would be brought about by the cost to verify a transaction came to exceed transactions.

  2. How do you know an IT trend is over? by Opportunist · · Score: 3, Insightful

    First sign: Mainstream media report about it.
    Second sign: Non-techs start getting interested.
    Final nail in the coffin: The NYSE trades in it.

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    We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.