Goldman Sachs are eyeing to create their own digital asset!

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Quote from: cryptoaddictchie on August 07, 2020, 03:45:38 AM

A news just popped in about newly appointed Digital asset global head Matthew McDermott is interested and firm to embrace blockchain and digital assets.

Quote from: https://www.coindesk.com/goldman-sachs-eyes-token-bank-appoints-head-digital-assets

"We are exploring the commercial viability of creating our own fiat digital token, but it’s early days as we continue to work through the potential use cases," he said.

In addition, he also expanding their team by hiring Oli Harris as their head of strategy. Mr. Harris is known for the launching of JPMCoin last year JPMorgan's digital asset. Seems banks are coming in. I wonder if these executions will be a threat to our precious BTCitcoin.

^{Not sure if this is the right thread for this topic. If Im wrong please kindly inform me or report for moving to appropriate thread.}

Slowly each and every bank and financial institutions are going to enter the blockchain and crypto market whether they come up with their own coin or provide services like buying, selling, exchanging or investing coins in both the cases it will help the crypto market and we will move towards adoption and use of crypto will become a reality in everyday life for sure.

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Quote from: DoubleEdgeEX on August 08, 2020, 03:38:38 AM

GS is the perfect example of don´t listen what they say, just observe what they are doing. It was clear that as soon as they found a way to make money with crypto/blockchain they would miraculously change their opinion all of a sudden and jump the bandwagon. I´m just wondering if they are eyeing on a token for trading, for settlement or put out something with a real value

Being down on bitcoin and being down on crypto is not the same thing. Goldman is anti-bitcoin as an investment and as a currency, not anti-crypto which they can find a lot of use for, specifically in instantaneous settlement. A big bank being pro-crypto is not necessarily a bullish sign for bitcoin. In fact, the more the big banks get into crypto, likely the worse it will be for bitcoin as there will be better uses of crypto under their systems than bitcoin, especially given that bitcoin is so slow to adapt.

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Quote from: amishmanish on August 08, 2020, 01:04:55 AM

Quote from: jaysabi on August 07, 2020, 11:40:01 AM

In that regard, it is absolutely a competitor to Bitcoin --snip--
We all saw what happened when Bitcoin tried to solve the block size problem. It took months to make any headway in the debate and in the end literally tore the community apart and the BCH splinter group was the result. Bitcoin's only advantage at this point was being first, but it is not agile and that's its greatest weakness.

I don't think that it will be easy for the banks to come to some form of settlement too. They will simply end up being another set of "stablecoin" with a consortium of central banks. Even then, there is zero chance that everyone will settle for the same thing. The advantage with bitcoin is that everyone agrees on it. Everyone knows that the longest chain, highest network effect, highest hash-rate and best development is with bitcoin. These are all features not easy to replicate.

The only reason we all need to rely on the longest chain to verify which bitcoin ledger is legitimate is because bitcoin is decentralized and trustless. In such a system, the only way an average user can be sure of the veracity of the ledger is to use the one that has consensus. Bitcoin has forked before but every fork that doesn't have consensus has become a separate token, and "bitcoin" continues on under the fork that has consensus about it being the "true bitcoin." This would not be required in a centralized ledger because the central authority is already trusted and isn't competing with people using the the token over which chain is legitimate. So the fact that bitcoin can't be controlled and isn't instantaneous is why banks will never adopt it in my opinion. They'll develop their own system where the only purpose will be speed of transaction because the trusted central authority is a given.

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Quote from: Darker45 on August 07, 2020, 05:14:43 AM

Quote from: cryptoaddictchie on August 07, 2020, 03:45:38 AM

I wonder if these executions will be a threat to our precious BTCitcoin.

Not the least. At the end of the day, everything boils down to features.

First and foremost, as being mentioned, it might just be another stablecoin pegged on the USD. Secondly, it is a coin by Goldman Sachs which means it is centralized because it is owned by the powerful bank. Therefore, even if it uses the blockchain technology it is most likely just another fiat token built on a centralized blockchain.

That's true the coin will be very tied up to Goldman Sachs and as a banker he wants total control of it's feature to compliment his banking operations I don't consider it a threat to Bitcoin, Ripple should be the one to be concerned because there's a probability that Goldman Sachs coin will compete with XRP shares of it's market.

MikeyVeez

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It can´t be considered as creating (printing) new form of money? And it isn´t against the law in most countries? This behavior could lead into a legal action in my opinion. Wink

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I guess they gonna make some kind of stablecoin which by any mean not gonna threaten bitcoin. it has always been like that, the big company only have the guts to create stablecoin because they could control it. even Libra that facebook proposed could be considered stablecoin.

What is important for me is that they aim for crypto-currency! Will it be a stable coin, or it will be a token on exchange with
additional features it's their own, they are joining crypto-community and that's all that is matter!
I remember they were against crypto-currencies, now they are getting in. They are not the only ones who are doing that,
soon we will see all the big ones joining and making crypto-market even bigger.

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Quote from: ?? on ??

I guess they gonna make some kind of stablecoin which by any mean not gonna threaten bitcoin. it has always been like that, the big company only have the guts to create stablecoin because they could control it. even Libra that facebook proposed could be considered stablecoin.

When they create a stable coin like the others, that can be a new competitor for other stable coins. But that digital asset will not threaten bitcoin because bitcoin is the king in the cryptocurrency, and the other coins should follow bitcoin.
Maybe that can be another option for people to use stable coins so that people can have saved their assets in many stable coins.
But I don't know if that project is still running or not because I don't follow their project.
I am sure that people who know bitcoin will stick with bitcoin, and will use bitcoin as their primary asset and to make money.

Thomas-s

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Quote from: ?? on ??

I guess they gonna make some kind of stablecoin which by any mean not gonna threaten bitcoin. it has always been like that, the big company only have the guts to create stablecoin because they could control it. even Libra that facebook proposed could be considered stablecoin.

Libra is a very bad example. They showed that officially and by law, cryptocurrency cannot exist. They showed that the government will do everything possible to destroy people who trying to make an official cryptocurrency

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Quote from: cryptoaddictchie on August 07, 2020, 03:45:38 AM

I wonder if these executions will be a threat to our precious BTCitcoin.

My guess the digital asset will be stable and centralized. Could such a coin be a threat to bitcoin, of course not. Even if he cooperates with many great influencers to create a digital asset, it's can't be threat for bitcoin. People trust bitcoin not because of the founders behind it, but it's because of the decentralized system. And the coin that Goldman Sachs wants to make is centralized, it's not comparable

timmmers

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A few years ago banks restricted buying cryptocurrencies, talked about cryptocurrencies in a negative light, but the situation changed. Banks are now in a very bad situation thanks to huge debt and the corona crisis. So the last step what they try is to use the new technology to survive, but they completely do not understand how it works. Cheesy

davinchi

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I think they are already involved a bit, I mean they backed Circle a company that has an app which you can use to send and receive bitcoin, like a wallet of sorts, I haven't used it in years but I remember yeeeears ago they gave out 5 bucks to everyone so I got some from them. Plus Circle bought out Poloniex as well, I know they haven't been that much popular in years but we are still talking about a top notch exchange here so I assume they must be doing good business to this day even if not as much as they used to.

So, to say that Goldman Sachs is getting interested in crypto right now would be naive, they have been interested in the crypto space for years now and for a very long years, they are the earliest constitutional investment as far as I can remember.

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From not believing, now they are all getting interested and now wants to create their own digital tokens.

Well, that’s good, it shows that the banking world is ready for advancement. And as for whether this is going to be a threat to existing cryptocurrencies like Bitcoin, well I don’t think so. People won’t be adopting bank digital tokens they are doing Bitcoin, Bitcoin will still have more rate adoption than them.

I am still yet to understand how these digital tokens of banks will work; if every banks are to create their own tokens, will it be possible to send money from your bank to a different bank, using the token that was created by your bank? I can’t tell for now.

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Quote from: mersal on August 11, 2020, 12:32:01 PM

Quote from: pixie85 on August 07, 2020, 02:12:40 PM

Facebook Libra was supposed to be something similar. Who uses Libra today? Nobody.

To me another bank launching its crypto is not an important piece of news.

AFAIK, Libra is yet to be launched by the facebook and the are facing regulation issues on most of the countries so another fiat based tokens will face the same issue if it is not going to be backed by particular fiat.And its is not really an important news because crypto investments may never consider these kind of tokens as worth to invest since its just a stable coin.

I thought the project was abandoned. They faced so much negative feedback from the government that there won't be any libra.

Zuck probably took it all personal again just like when he was roasted at that congress hearing.

mersal

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Quote from: pixie85 on August 07, 2020, 02:12:40 PM

Facebook Libra was supposed to be something similar. Who uses Libra today? Nobody.

To me another bank launching its crypto is not an important piece of news.

AFAIK, Libra is yet to be launched by the facebook and the are facing regulation issues on most of the countries so another fiat based tokens will face the same issue if it is not going to be backed by particular fiat.And its is not really an important news because crypto investments may never consider these kind of tokens as worth to invest since its just a stable coin.

masulum

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hmph..

This is just another centralized coin, as we know mostly crypto enthusiast or crypto community hates Goldman, JPMorgan or anything that related with bank and goverment. Of course we are still need a fiat to buy something in real-life, the coin from Glodman just to keep their business keep alive. We know, Bitcoin has a chance to replace fiat, they want to join in "crypto" and trying to bring unbanked or people who active in crypto using their product again.IMO.

But, even they are using a coin, if they are can produce unlimited coin for themselves and their business, the real crypto community will keep away from this asset.

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Quote from: Reid on August 07, 2020, 02:41:07 PM

Now that's a bubble. Grin

Yeah, they should create their own digital assets all of them.
Goldman, JP, Vanguard, fidelity, etc..
That way we will see what is the real deal.

Is it Bitcoin or their newly created coins that came from nowhere and created for the reason of profit once again. Cheesy

In fact what is happening right now is bad sign for fiat currencies, it is known that when governments have such a monopoly on the creation of currency that when private institutions decide to begin to do something similar it is because fiat currencies are weak, we see this all the time when there is hyperinflation in countries and people decide to stop using their fiat currencies in favour of currencies created by banks or by other centralized institutions, the difference now is that we have bitcoin and unlike those assets bitcoin really has the potential to last for a long time.

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Quote from: DoubleEdgeEX on August 08, 2020, 03:38:38 AM

I´m just wondering if they are eyeing on a token for trading, for settlement or put out something with a real value

It will be hard to assume what kind of digital asset they will be implementing since they haven't issued yet any official statement about that matter yet I think they might create it as part of their business processes being integrated within a blockchain in order to become digitized and automated in the hope of reaping the benefits of this emerging technology. To be honest, I don't think creating a GS stablecoin will do more good for them. Imho.

DoubleEdgeEX

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GS is the perfect example of don´t listen what they say, just observe what they are doing. It was clear that as soon as they found a way to make money with crypto/blockchain they would miraculously change their opinion all of a sudden and jump the bandwagon. I´m just wondering if they are eyeing on a token for trading, for settlement or put out something with a real value

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Quote from: jaysabi on August 07, 2020, 11:40:01 AM

I doubt any banks are seriously interested in crypto as a currency, but integrating blockchain technology into their existing ecosystems to speed up settlement of fiat transactions. To the extent they are interested in their own crypto, I reckon it's as a surrogate of the dollar (therefore a stablecoin) which they can completely control, to make transfers instantaneous from all market participants in that ecosystem.

Right. Like i said in my initial comment, they are looking to have some sort of inter-institutional standards of using such stablecoins. What they are saying is that they will use the 'idea of bitcoin' and use it as their own in terms of its benefits to infrastructure as well as simplifying a lot of financial transactions and financial products.

Quote from: jaysabi on August 07, 2020, 11:40:01 AM

In that regard, it is absolutely a competitor to Bitcoin --snip--
We all saw what happened when Bitcoin tried to solve the block size problem. It took months to make any headway in the debate and in the end literally tore the community apart and the BCH splinter group was the result. Bitcoin's only advantage at this point was being first, but it is not agile and that's its greatest weakness.

I don't think that it will be easy for the banks to come to some form of settlement too. They will simply end up being another set of "stablecoin" with a consortium of central banks. Even then, there is zero chance that everyone will settle for the same thing. The advantage with bitcoin is that everyone agrees on it. Everyone knows that the longest chain, highest network effect, highest hash-rate and best development is with bitcoin. These are all features not easy to replicate.

jossiel

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Being mentioned, the JPMcoin isn't that popular.

But let's see if this digital asset which Goldman Sachs is trying to say will click just like the other altcoins that we have. I guess we will start to see the same era as the ICO but this time, it is going to be more of the institutions and not with any project that doesn't have a back up by a real company.

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