Goldman Sachs says the price of Bitcoin is never coming back | Hacker News Reader

Goldman Sachs says the price of Bitcoin is never coming back

markets.businessinsider.com

15 pointschollida111 comments

Not that I disagree with them, but their forecast is based on never believing it would work in the first place. All their reasons for it continuing to fall are reasons it should not have reached its ridiculous, frenzied peak.

> Our view that cryptocurrencies would not retain value in their current incarnation remains intact and, in fact, has been borne out much sooner than we expected

Thanks guy; really went on a limb there with 80% of the world hesitating to jump into bitcoin because they thought it was a bubble. Very newsworthy opinion you have there. I'm glad you admit you had no idea on the timeline either. That was generous.

Yeah, I might believe that it's never coming back after I see how the next Christmas rush goes.

Why would there be another Christmas rush?

* shrug * Why was there even one?

Nowhere in the article does it say never coming back.

Meanwhile their portfolio company Circle bought Poloniex, a deal that almost certainly wouldn't have happened without some assurances from friends in high places.

This isn't to say it's somehow nefarious. There are many teams/analysts and "it will drop more" is the (reasonable) opinion of one.

It’s been discussed here before that 9 of 10 venture capital investments fail, and so you should make 10 potential big bets to make up for the losses. So Poloneix could be one of those 9. Why do you assume there are assurances?

Just because it's more likely than not part of their due diligence, and they have the connections to do it. "Hey, before we sign off, call your ex-manager Bob at the SEC and ask Bill from the CFTC at your dinner party tonight if the hammer's coming down on this stuff."

Yes, big dumb bets and Theranos-type due diligence exist, but I'm just saying my own estimation of it. "Assurances" might be too strong a word, maybe more like "not-unfavorable insider reports on regulator sentiment"

I've heard this before - multiple times.

As someone who started their involvement with Bitcoin in 2010/2011, the idea that it comprises a measurable percent of the global GDP is fantastic.

Meanwhile, ICE is getting involved in BTC. Timing isn't at all suspicious there. Nope.

So it is time to buy again...

Golden Sacks are talking bitcoin down?

BUY BUY BUY!

(or maybe that's what they want you to think, the sneaks. lol)

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