How do you think this will effect the Digitex Futures Trading Platform? I think this is excellent, it shows that people are interested in Futures & they will ditch Sachs when Digitex opens offering zero commission fees.
In fact this is good news for DGTX, as it is a proof that more and more people and institutions want to trade in Bitcoin Futures. Goldman will be trading Bitcoin Futures as a lot of their clients have been pushing them to hold alternative assets like CryptoCurrencies. I think this might just also be a opportunity for DGTX to pitch to Goldman to trade some percentage of their portfolio on our platform Infact after reading this article one can be hopeful that more and more people will enter to trade Bitcoin Futures, we just need to be ready with our platform and marketing muscle.
Dan, we must write an email and a open blog addressing to Goldman Sachs about the availability of our futures exchange some time in the second half of the year and that it has no fees and is a trustless exchange. We need to have huge visibility about this email / blog we write to Goldman, inviting them to our exchange. This will help us tremendously in marketing our exchange like wild fire.
Nobody is going to ditch Goldman Sachs - they’ve added that they will start trading bitcoin futures as that’s what their customers were demanding. These customers portfolios will be with Goldman - you don’t just ditch that.
And I’m even more certain they’ll use more well established exchanges or brokers. Digitex has to establish itself first before marketing to big guns. Goldman is not going to care what digitex say, without a product they will simply ignore it. All these big firms will have bot trading which will kill everything for day traders. We don’t want to start instantly with big firms, trust me that’s not a good road early on.
I think we’ll have to wait and see the size of the commission fees Sachs will charge. If they are sizable, which they probably will be, offering a commission-free exchange to their already existing customer base may just be enough to sway over a decent amount of investors.
If I am saving 5% on a million dollar contract by switching to DGTX, the least of my concerns is the size of my Sachs portfolio, and more so the size of my wallet after ditching them & saving on fees. 5% to trade or potentially $1… the answer is clear.
I checked with someone internally, they are not having their own exchange. They will need external futures exchange to trade with their client’s money. GS is only going to help their clients manage their crypto portfolio. Mostly they might choose CBOE or other reputed exchange.
I completely agree with you my friend that Goldman Sachs is definitely not wanting to trade with us, especially when we do not have the product ready. I am just saying that we play on this news and get some mileage out of it, by associating our selves to this news. Write a open email / blog informing Goldman Sachs about our exchange and the potential features. In this way a lot of people reading the Goldman article will also come to know about DGTX.
It’s not a good idea.
The business world is completely different to the crypto world. Having been in crypto since around the time eth had just launched - this kind of blatant advertising technique while it sounds like a good idea generally is not in the crypto world.
Any crypto that feels the need to talk about it’s own price, or the moon, or just using a huge firm or person’s name simply to publicise their product does not go down well at all in this space. The fact that they’d go with an open letter to one of the biggest firms around this early is quite frankly going to look like nothing more than blatant name using. This is the last thing we want at this stage. By all means promote the product however you want when it’s ready - but not now. I think it’s a terrible idea.
Point well taken buddy. If it will act as a dampner for us, let us not use the same. However I do believe that over a period of time we will have to pitch to big investors / whales etc for them to know about the platform and use it.
I’m not really disagreeing with your idea I just think the timing is way too early for this kind of marketing at this stage.
We will absolutely need to preach the benefits of the digitex futures exchange will have of course in articles and whatnot(I assume this is some of what the blog will have) - but not as direct as this at the moment. Keep it strictly digitex and don’t compare too much with others or attempt to market to the big shots too early. When the product is actually in action we can do this sort of thing - where we can actually show the benefits rather than just talk about them. Actions ultimately speak louder than words.
For example right now there are a bunch new blockchains coming into the crypto world at the moment. They are all comparing their transaction times with Ethereum, Visa etc. But none of them are currently actually showing it - they are just words so most big time investors will just scoff at them. And generally people are extremely sceptical about investing in them or following them.
I agree with both of you for sure, I think we are all agreeing with each other Reach out to other large, reputable, & influential authority figures to promote Digitex, once it it up & running.
It makes sense seeing the barrage of other ICO’s & projects constantly emailing these figures daily with ideas - they are all swatted away. However, present to them a working & profitable product, they are more likely to listen.
I’m so glad we have such a smart & co-operative community. This is really the most valuable asset Digitex has.
Point well taken my friend and thus I said we should do what I am saying only over a period of time and not instantaneously. Let the product launch take place and then we can carpet bomb.
LOL carpet bomb, I love it