This...
Tin foil hat: engage.
This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.
They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.
I'm really surprised that so many people in the crypto community see this GS buy-out as a good thing.
I expected that there would be outrage at this news and I thought I'd be seeing an organized boycott of Poloniex.
I thought greedy, elite banksters like Goldman Sachs are the very antithesis of what bitcoin and cryptocurrency stand for and yet most of the community are going on about how great this is.. I don't get it..
If we thought there was market manipulation going on before, wait until we see what's ahead..
I'm with you..
F*ck Goldman Sachs and f*ck Poloniex...
Tin foil hat: engage.
This acquisition isn't about acquiring a profitable business; the $400 million price tag is irrelevant. This is about Wall Street gaining an investment foothold in the market. The cryptocurrency markets are far too illiquid for Wall Street firms with deep balance sheets to acquire positions in BTC and other coins. I've been watching firms like GS operate for a long time; they typically spend 2-5 years accumulating stocks before a significant mark-up and massive rally.
They don't have nearly enough time for that in this case. The next best thing? Buy an exchange, churn out percentage commissions, and hold the coins.
I'm really surprised that so many people in the crypto community see this GS buy-out as a good thing.
I expected that there would be outrage at this news and I thought I'd be seeing an organized boycott of Poloniex.
I thought greedy, elite banksters like Goldman Sachs are the very antithesis of what bitcoin and cryptocurrency stand for and yet most of the community are going on about how great this is.. I don't get it..
If we thought there was market manipulation going on before, wait until we see what's ahead..
closed poloniex account, from time to time a little bit of ethics does not hurt
I'm with you..
F*ck Goldman Sachs and f*ck Poloniex...