Goldman Will Clear Bitcoin Futures

Despite all the risk/margin worries, and volatility fearmongering, and fraud allegations, Bloomberg reports that, according to a person familiar, Goldman Sachs plans to clear bitcoin futures contracts when they go live next week.

“Given that this is a new product, as expected we are evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process,” Tiffany Galvin, a

spokeswoman for the bank, said in an emailed statement.

Shortly later a Goldman spokesman confirmed the report, stating that the bank is planning to clear bitcoin futures for some clients as the new contracts go live on exchanges in the coming days.

The bank, which helps clients buy and sell derivatives, is "evaluating the specifications and risk attributes for the bitcoin futures contracts as part of our standard due diligence process," Tiffany Galvin, the Goldman Sachs spokeswoman said

Goldman Sachs Chief Executive Officer Lloyd Blankfein said last month that it’s too early for his bank to need a bitcoin strategy and that he doesn’t consider the digital currency to be a store of value.

Blankfein said in the Bloomberg Television interview that he felt no urgency for his firm to develop a plan for dealing with bitcoin given its volatility.

Bank of America Corp. and Citigroup Inc. won’t immediately offer clearing of the products when they start trading, people briefed on those lenders’ decisions said. The Wall Street Journal reported the banks’ decisions earlier Thursday. However, we are dead ceratin that Goldman's confirmation will bring the rest quite quickly to market as the last thing banks can afford , is to lose even more market share to the bank that already controls most of it anyway.

Comments

MonetaryApostate BaBaBouy Thu, 12/07/2017 - 17:17 Permalink

I suspect those Golmanites Trump elected will be in full control eh?If you can't see what these bankers are doing to your nation, then you clearly aren't paying attention!Fake money, fake debt, fake value, fake news, fake investments, fake markets, fake history, fake leaders, fake events, fake elections, fake foods, fake medicines, yes fake everything!  https://plus.google.com/collection/QorNbB

In reply to by BaBaBouy

King of Ruperts Land Exponere Mendaces Thu, 12/07/2017 - 19:39 Permalink

Satoshi is not working for Goldman. If you pay attention, he is still out there working on "Crypto for the People". Bitcoin was crypto version 0.1

This is Goldman capitulating to Bitcoin.

This development is Bullish for Bitcoin. The headed to $1,000,000 possibility is more likely. The bigger it is, the bigger the casino, the more fleecing to be done. Perfectly legal fleecing. The kind respectable sheep opt for.

We are just entering the "euphoria stage"

Yes. This is bullish. And Uncle Sam gets a big cut. That ain't work'n. Money for nothing on your MTV. This little faggot he's got a jet airplane. This little faggot he's a millionaire.

In reply to by Exponere Mendaces

Peak Finance Thu, 12/07/2017 - 16:28 Permalink

I can't really intellectually articulate my feelings about thisBUTMy gut is telling me this Bitcoin Futures thing is going to end REALLY, REALLY fucking badly for somebody 

DetectiveStern Thu, 12/07/2017 - 16:31 Permalink

Bitcoin is bullshit. The price isn't being driven up by milleniums or hackers in their basements. The only kind of people who can move prices that much are hedge funds, banks and other big boys. Someone or multiple are pumping and dumping this shit. Once the futures are in play there's gonna be some real manipulation. Saw a good theory that someone is planning an epic short based on the idea of quantum computing coming online and rendering current bitcon encryption obsolete making bitcoin worth fuck all. 

quadraspleen DetectiveStern Thu, 12/07/2017 - 16:39 Permalink

there are only 16.7 million BTC in existence right now. Coinbase register 100k new accounts a week at the moment, possibly more. Everyone and their dog is piling in and buying tiny bits of BTC and watching their tiny investment grow ten-fold. They are then taking their profits..lots are re-investing and making more. sure, big money is in BTC, but this is just the beginning..the banks are very late to the party and shitting themselves, hence the concerted attack in the european and uk media today on the "evils of bitcoin"The futures will have no relevance to the real-world price of BTC except to burn the hands of shorters over the weekend. BTC has a long way to go yet, whether or not you believe itbuckle up.

In reply to by DetectiveStern

DetectiveStern quadraspleen Thu, 12/07/2017 - 17:14 Permalink

100k accounts investing say $1000 on average is 10 million. That is small change compared to what a big firm could put in if they could. The banks rig the price of nearly every financial asset what makes you think they won't come up with a way to do it with BTC? Agreed though I'm not really talking the next few months or whatever I'm just saying what the end game is gonna be. I'd love nothing more than a decentralised money system but while the current ones exist and they can print unlimited amounts then any new currency is open to their manipulation. 

In reply to by quadraspleen

adr DetectiveStern Thu, 12/07/2017 - 16:41 Permalink

Actually since most of the small time players are buying fractions of a Bitcoin if you bid $.19 for 1/100000 of a Bitcoin when it is trading for $18,000 you moved the price of a whole Bitcoin $1000 even though your increase was only one cent.That is why Bitponzi was developed. The ultimate early adopter pyramid scheme.Imagine where AMZN would be if you could buy one millionth of a share and bid that up fractions of a penny at a time.

In reply to by DetectiveStern

Exponere Mendaces adr Thu, 12/07/2017 - 17:54 Permalink

What a retard.You have zero understanding of the market, Blockchain, or how even bid/asks work. Nobody is moving the market with "1/100,000th" of a Bitcoin like you claim.The bids and asks are measured in LARGE amounts of Bitcoin near the last traded price.Are you drunk? Maybe take a nap and let the real professionals handle this. 

In reply to by adr

1835jackson Thu, 12/07/2017 - 16:39 Permalink

I think bit coin will become the reserve currrency or gold standard of the digital age. Banks will be "amazoned" out of the market. Every industry will be affected by this. Dollars, Yen, Yuan and Euro will still exist in the Terra Firma but will dance to bit coins tune. 

adr 1835jackson Thu, 12/07/2017 - 16:46 Permalink

It can't because the network isn't capable of handling even a fraction of real transactions. There is over a 250k transaction backlog just on Coinbase alone. When the next few days are over, nobody knows where Bitcoin will be trading. During the clearing of transactions there will probably be multiple flash crashes of $5000 or more. The full Blockchain will grow gigabytes in size and become even more difficult to process.That is why the exchange went down. To filter out the small time plays and allow big players to have their entry and exit points. Your purchase of $10 is nothing compared to one of the big players who wants to move around millions.Bitcoin is making worthless people who add nothign to the globe a lot of funny money. The world would be far better off without Cryptocurrencies and the mother of all con games, the Stock Exchange.

In reply to by 1835jackson

1835jackson adr Thu, 12/07/2017 - 16:58 Permalink

Right now, the system is clunky but we are witnessing a new era in finance. The digital and terra firma age. They are not at odds with each other but should be viewed as complimentary to one another. Bitcoin is a new market tool that the market is simply demanding. I would think that five years from now these flash crashes will become very rare. Nonetheless, very fucking interesting times!I own some bitcoin and gold and silver. I have to say I prefer the metals (maybe because I am not a kid that grew up with a smart phone glued to my hand). But to hate bitcoin and dismiss it completely is folly.  

In reply to by adr