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Wall Street Banks Are Reportedly Backing Away From Cryptocurrency (siliconangle.com)
Squeamish from the start about pursuing profits in one of the darker corners of finance, established firms this year slowed their already halting efforts to make a business out of Bitcoin mania. While none has thrown in the towel, and some continue to develop a trading infrastructure, most flinched as the value of virtual coins collapsed.
From a report: Multiple leading firms had either announced or were rumored to be entering the market earlier in the year, but few have come to fruition. The report said that "while none has thrown in the towel, and some continue to develop a trading infrastructure, most flinched as the value of virtual coins collapsed." Notable among those firms was Goldman Sachs. In May it was reported that the company was preparing to launch a bitcoin trading desk that would involve the bank using its own money to trade with clients in a variety of contracts linked to the price of bitcoin.
It was presumed that clients would include hedge funds that deal in cryptocurrencies as well as bitcoin futures contracts such as those launched by CME Group Inc. and Cboe Global Markets Inc. in 2017. Fast forward to December and no such bitcoin trading desk has been launched. In September it was reported that the plan had been abandoned, but a day later Goldman Sachs Chief Financial Officer Martin Chavez denied the report, saying that the bank's "exploration of the digital asset class is an ever-evolving process and is in response to significant client interest." He added that the report was "fake news."
It was presumed that clients would include hedge funds that deal in cryptocurrencies as well as bitcoin futures contracts such as those launched by CME Group Inc. and Cboe Global Markets Inc. in 2017. Fast forward to December and no such bitcoin trading desk has been launched. In September it was reported that the plan had been abandoned, but a day later Goldman Sachs Chief Financial Officer Martin Chavez denied the report, saying that the bank's "exploration of the digital asset class is an ever-evolving process and is in response to significant client interest." He added that the report was "fake news."
There's a legitimate reason to be annoyed with short-sellers. Short-sellers have an incentive to exaggerate bad things in a company and blow up little things into big things. Yes, a company trying to hide issues hves reasons to hate short-sellers but others have legitimate concerns also.
This. The GP cites Elon Musk / Tesla, but completely fails to consider the huge amount of overstated negative press that gets thrown around every time Tesla makes even a minor misstep. Tesla is apparently one of the most shorted companies in US history, yet seems to be (mostly) doing the right thing and, when things do look a little marginal, getting themselves out of the fix. Who has the most to gain from this exaggeration, and thus according to Occan's Razor is most likely to be the prime contributor to it? Yep, the short sellers. They have their place, but it's far from as black and white as the GP seems to think.
UNIX? They're not even circumcised! Savages!
It is now official. Wallstreet has confirmed: *BTC is dying
One more crippling bombshell hit the already beleaguered *BTC community when Walstreet confirmed that *BTC market share has dropped yet again, now down to less than a fraction of 1 percent of all servers. Coming on the heels of a recent Netcraft survey which plainly states that *BTC has lost more market share, this news serves to reinforce what we've known all along. *BTC is collapsing in complete disarray, as fittingly exemplified by failing dead last [samag.com] in the recent Sys Admin comprehensive networking test...
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