

Wall Street Starts Trading BitCoin on the Sly - startupguy12
http://www.betabeat.com/2011/08/02/digital-derivatives-bitcoin-markets-wall-street-bankers/

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bproper
On Sunday night, Betabeat blundered into #bitcoin-pit, an IRC channel “for
professional trading,” and found a surprising number of Wall Street
professionals, including “Bill,” who declined to give his name but proved his
employment the next day with a furtive call from an empty conference room at
Credit Suisse. He had just sold 400 Bitcoins, he told Betabeat, which he
planned to buy back in the morning. Given that the third-largest Bitcoin
exchange, Bitomat.pl, had just accidentally deleted the 17,000 BTC it had in
deposits at the same time another popular Bitcoin service shut down—possibly
because its owner decided it was time to take the money and run—Bill was
betting the price would be right.

“Bitcoin is like Wall Street was 15 to 20 years ago when I entered,” he said.
“Fragmented markets, wide spreads, manipulation, the trading stone ages.”

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DannoHung
Which is like a huge warning to get the fuck out: They're just looking for
volatility. Not something you want in a currency.

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dspace
"He had just sold 400 Bitcoins, he told Betabeat, which he planned to buy back
in the morning."

"You can’t do more sophisticated strategies."

Which just shows that the entire finance sector is a side game of the market.
Literally a casino with slightly better predictability. They produce nothing.
They just move money around to make money. Not surprisingly, they're moving
into another side game, less functional and strategic, but less regulated.

~~~
macavity23
All true, but nonetheless good news for bitcoin, because the government is
less likely to shut it down if their Lords and Masters are making money with
it.

