Topic: Goldman Sachs: "Blockchain - BTC´s underlying tech - could disrupt everything" (Read 1031 times)

At first glance of reading this (and no research on my part), it seems that this quote from Goldman Sachs was probably taking out of context... but just for the sake of conversation, let's just say that this story is true and the tweet is real.

Yes, it is true that people in the banking industry will probably lose jobs in the future do to tech and tech alone... how far this will go up the ladder is up for speculation.

Technology is growing so rapidly it is literally mind boggling to try and keep up with the latest tech and the "next big thing" to be on the market.  The thing is, is while this is always good for the consumer, it is not always best for the *economy*.  For the true anarchist, this is a nice scenario to think of because "CHAOS! L0L"... but the reality is is that unemployment is going to increase, which reduces the # of consumers, which starts slowing down the economy.

So to say that Bitcoins "underlying tech" is going to disrupt everything is just the tip of the iceberg, and people (especially government) need to start waking up to this inevitable reality.  The big question that needs to be answered by government is, "how do we ensure the citizens well being once their jobs become inapplicable?"

While I personally hate the big banks (or banks in general) as much as any one on here... I feel empathy for the workers (not the CEO's of big banks) that work for the sake of needing money.  While Bitcoin has the potential to revolutionize the monetary system and free people from the central banks, we (& government) need to figure out how to deal with the aftermath of such a revolution that could disrupt a way the economy works.

Bitcoin will not disrupt Goldman Sachs. They are smart. They will adopt the bitccoin and earn more money.

The crucial thought of this message is for me: "reduction in the billion of dollars in administrative cost". It could happen blockchain tech can save us a great amount of money.
But then again - do you think these money will be used for something else? I have a feeling it will wasted and stolen by people in charge.

a central banks cash is fiat

are you expecting us too see their fiat notes stapled

onto a clothes line or something

Yup. Suppose a central bank puts their fiat currency on the blockchain - there would be no need for retail banks at all, you'd deal directly with the central bank. Retail banks would have to increase the interest they offer to get people to continue to deposit with them (at the moment the trend is in the opposite direction with no interest paid and charges for operating the account). So yes, this is very disruptive, even if people don't use BTC but instead fiat-on-a-blockchain.

they are only realizing sht we knew 6 years ago

thats how crak addicts brains work 

How about Bitcoin's Blockchain could disrupt everything?!!

Wow sounds very good!!!!

We are famous!!! BTC Is at top

I am skeptical of this claim.

That's just a fancy way of putting it.In the end,it means the same.Why would they be bother about it if won't replace their current trends.GS is an exceptional player in the market,they can probably predict how blockchain  has the potential to take over the current system.They are taking precautions while destroying the opponents in its early phases.

Disrupt, not replace.

Stop with the idiocy.

No.

The only people that fear decentralization are those who stand to lose a lot of power should they succeed. They are afraid of a 'successful' Bitcoin as it would mean the end for them. Initially, they were dismissing it, then fighting it (e.g. stating that Bitcoin is only for criminals and whatnot) and now they've shifted their focus to the blockchain. They aren't even sure what the exact definition of a blockchain is.

This is the time you know they're frightened to face the Decentralized revolution.Goldman Sachs knows how weak their economical finances would be if most of the trades are backed by the blockchain. They're trying real hard to stop to revolution but only time will tell if they can hold on to their economical "scams" (white wash collar scams).

Lel, GS pays fines the size of BTC's entire market cap... they're terrified alright.

The technology behind Bitcoin, i.e. not Blockstream's expensive settlement token.

BTCitcoin is "secured" by 4 giant chinese chicken coops, and has been intentionally hobbled by the Corporation that hijacked it... you think these guys are idiots? Corrupt, sure, but they're not idiots.

That depends actually. If they start using centralized 'blockchains', would one consider this incorruptible? I wouldn't. Bitcoin is the 'one' that could disrupt everything for their businesses, and this is why they're focusing on the blockchain right now.

They've been scared for quite some time now and are 'actively' fighting Bitcoin, one way or another.

In the long term it will fully disrupt GS itself ...

Think you guys are misreading what he is saying,it means more profit for them and less overhead in administration fees.
So eliminate the middle man and the rich get richer. In another way of looking at it they are nibbling at the middle class well fattening their wallets. Endorsing it is fine but how they are perceiving it to be helpful is scary.

I hope this prophecy of yours will prove itself.
Its about time to take back what's ours from the banksters.
Their greatest achievement was convincing the world that they are necessary
along with rise of BTC, this is no more.     
Good promotion from those old crooks, who would thought?

 

If BTC can disrupt Goldman Sachs, that's good. Just another reason to support BTC!
They're not scared yet, but I hope they will be in a few years.
BTC was invented to giver more financial power to the people, the banks will lose.

Well the thing is their tweet makes perfect sense, they aren't sensationalizing anything, just stating the facts. With a technology like the blockchain, there is no need for systems of transfer, and this eliminates all the people that have to be paid to receive and confirm or deny transactions.