Beware of the Vampire Squid and Your Cryptos.
In this report i cover the early market action from London on Tuesday, August 7th, 2018. I look briefly at the precious metals, the stock market, the dollar and the oil price.
I also look at a recent update by Seeking Alpha where they tell us that sources at Bloomberg are saying that Wall Street giant Goldman Sachs is thinking of getting involved in the business of being a custodian of crypto currencies for their institutional clients.
My take from this headline is that it could be a good sign for the overall interest in the cryptos but that one also needs to be keenly aware of the dangers of dealing with Wall Street and Goldman Sachs in particular. I look at an article from Matt Taibbi of Rolling Stone magazine from 2009 where he describes Goldman Sachs as a bubble machine and a Vampire Squid.
My conclusion is that one needs to be very careful with their cryptos and if they are going to eventually invest in a crypto fund for which Goldman might be a custodian.
maneco64 store: https://teespring.com/en-GB/stores/maneco64
"Goldman Sachs considering offering custody for crypto funds: Bloomberg": https://seekingalpha.com/news/3378736-goldman-sachs-considering-offering-custody-crypto-funds-bloomberg
"The Great American Bubble Machine": https://www.rollingstone.com/politics/politics-news/the-great-american-bubble-machine-195229/
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Good morning mario, custodian and goldman sach's not two words i would associate with any sort of trust involved with them as you say, hopefully last of the really hot days today for while down on the English riviera phew! thanks for the heads up and update my friend have a good day :)
Have a good day too Andrew.
Yes. The heat is on! My daughter went to Wales for the week. She says it's cooler there.
To funny! I thought the crypto squid was maybe a virus! I guess it kinda is!
cryptocurrency is unstoppable but many people didn't understand this