Goldman Sachs Back Group Agreed To Purchase Poloniex
It was announced yesterday that Goldman Sachs backed “Circle group” has agreed to buy Poloniex for 400 Million dollars. Personally I believe this is a wonderful thing for crypto currency. This is a large financial institution that is now going to be involved with one of the largest exchange is currently online. Personally I have been using Poloniex for a couple of years now and although my experience has not been perfect, it has been good enough for me to keep some of my coins on the platform with out worrying too much. Of course I do not keep all of my money there but it has been a very good exchange to me and I have made a decent chunk of going from Poloniex. There has been times where the site was not very responsive due to the extremely high number of people on the servers but in the last couple months I have not really noticed this. I can not imagine that they would have been able to sell for $400,000,000 if they were not up to par with their servers. There has been times where Goldman Sachs executives did not speak highly of bitcoin and crypto currency but obviously this is a change in their tune.
Is This Good Or Bad?
The price of bitcoin seemed to react in a positive way to the news and spiked over 10% in the hours following the news. I can only assume that this is going to be the point where they forced their legacy account users to fill out all of the “know your customer” stuff. That doesn’t matter to many people but for those who have appreciated the lack of require driver’s license numbers and personally information, it has been a blessing. It’s hard to say in the and exactly what this will mean for crypto currency but it is exciting news none the less. What do you think will come of all this? Do you think this is good or bad news? Thank you for reading and have a nice day!
Wow...seems to be a big news but I am not sure if good or bad. I do not like having a big financial company buying out cryptocurrency plateform. I rather keep the big boys out no matter what.
I certainly understand where you are coming from. I believe its kind of both good and bad. For people that do not think crypto is legitimate, it adds legitimacy. Overall I think it's probably good for mass adoption but I don't like the big, centralized banking powers being involved either. But no one can stop them :/
Okay I aint touching polo no more... scary with goldman!
Big Financial Firm in Crypto = Big Manipulation in Crypto.
I don't love Goldman but this is a pretty smart move:
*proprietary access to an exchange like that's dataset has to be incredibly valuable for a trading firm;
*if the trillions of dollars on the sideline in hedge funds, etfs, pensions, etc are ever allowed to enter the space, goldman who already advises many of them will be able to say "hey invest with us cause we already have a relationship and you already thing we're safe.
Follow that money as actions speak louder than words/fud.
I will probably withdraw what coins I have there. They are a good trading site, never had no problems. But I prefer to not go corporate :-)
Interesting article I wasn't aware of this. Thanks for the post. This should have profound implications that only time will reveal but with G&S 's foot this deep in the game, it will def be something to keep an eye on, they've always been the black sheep of the financial world IMO.